Record Quarterly Revenue
Q3 revenue of $1.96 billion, up 7% year-over-year.
HOKA Strong Growth
HOKA Q3 revenue $629 million, up 18% YoY (+$98M); DTC +19% and wholesale +18%; brand driving mid-teens growth outlook for FY26.
UGG Record Quarter
UGG Q3 revenue $1.3 billion, up 5% YoY (+$61M); DTC +5% and wholesale +4%; Q3 was the brand's largest quarter in history.
Improved International & U.S. Performance
HOKA and UGG collectively drove Q3 revenue increases of 15% in international markets and 5% in the United States, with U.S. DTC showing positive inflection.
Outstanding Profitability and Margins
Q3 gross margin 59.8% (better than expected); updated full-year gross margin guide ~57% (raised ~100 bps versus prior guidance); operating margin guide ~22.5% (raised ~100 bps).
Record Earnings Per Share
Q3 diluted EPS of $3.33, a record for the company and up 11% YoY; raised FY26 EPS guidance to $6.80–$6.85 (up 7–8% YoY).
Share Repurchase Program and Strong Cash Position
Ended Dec 31 with $2.1 billion cash; repurchased ~$349 million in Q3 (avg $92.36), ~8 million shares YTD (>5% of shares outstanding); $1.8 billion remaining repurchase authorization and on track to repurchase >$1 billion in FY26, expected to add >$0.20 to EPS.
YTD Growth Momentum
First 9 months: total company revenue +10% YoY; HOKA revenue +16% YoY; UGG revenue +8% YoY; diluted EPS +13% YoY.
Product and Marketing Successes
Successful product launches and consumer response: UGG (Quill, Lowmel more than doubled revenue, Classic Micro, men's initiatives) and HOKA (Gaviota 6, Arahi 8, Cielo X1 3.0, Mach 7, Speedgoat 7); impactful marketing activations and ambassador programs.
Healthy Full-Price Selling and Marketplace Management
High levels of full-price sell-through across brands (e.g., top European HOKA customers average 90% sell-through), contributing to margin resilience and market share gains (HOKA gaining share in road running >$140 segment).