Full-Year Revenue and Brand Mix
Enterprise revenue for FY2025 was just over $4.0 billion, with the Crocs brand at approximately $3.3 billion and HeyDude at $715 million; Crocs brand grew for the eighth consecutive year.
Strong Free Cash Flow and Capital Allocation
Generated $659 million of free cash flow in 2025, used to repay $128 million of debt and repurchase ~6.5 million shares for $577 million (~10% of shares outstanding), with $747 million remaining on the repurchase authorization.
Direct-to-Consumer and International Strength
Direct-to-consumer comprised over half of enterprise revenue and grew faster than wholesale; international Crocs revenue grew 11% for the year and DTC internationally grew 23%.
Unit Growth and ASPs
Total units sold increased 2% year-over-year to 129 million pairs; Crocs brand ASPs were roughly flat year-over-year; HeyDude ASPs rose ~4% to just under $32.
Product, Marketing and Partnerships Momentum
Successful holiday season driven by new product introductions and disruptive marketing; launched/expanded high-impact partnerships (NFL, Stranger Things, Twilight, LEGO), remained #1 footwear brand on TikTok Shop (U.S.), and teased LEGO brick clog at Paris Fashion Week.
Retail and Distribution Expansion
Ended 2025 with ~2,600 Crocs mono-branded stores and kiosks; plans to open 200–250 doors in 2026 across Tier 1 and distributor markets.
Historical Track Record and Market Position
Since IPO, Crocs has sold ~1.5 billion pairs, delivered ~14% compound annual sales growth over 20 years, and produced total shareholder return in excess of 700% since IPO.
Operational Improvements and Cost Savings
Executed a $50 million cost savings program in 2025, identified an additional $100 million of cost savings for 2026 intended to be balanced between COGS and SG&A.