Loading financials from SEC filings…
Footwear & accessories · Consumer Cyclical · Fiscal year ends Dec 31
Crocs reported revenue of $4B in the fiscal year ended Dec 2025, down 1.5% from the year before. Operating income was $150M, an operating margin of 3.7%, and net income was −$81M. Operating cash flow of $710M less capital expenditure of $51M left free cash flow of $659M. Net debt was $1.1B.
Ranks among the 7 footwear & accessories companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 2,313 | 3,555 | 3,962 | 4,102 | 4,041 |
| Cost of revenue | 893 | 1,695 | 1,752 | 1,692 | 1,684 |
| Gross profit | 1,420 | 1,860 | 2,210 | 2,410 | 2,357 |
| Research & development | 13.7 | 18.7 | 21.4 | 25.6 | 29.6 |
| Selling, general & admin | 737 | 1,010 | 1,164 | 1,364 | 1,469 |
| Operating income | 683 | 851 | 1,037 | 1,022 | 150 |
| Interest expense | 21.6 | 136 | 161 | 109 | 88.3 |
| Pre-tax income | 664 | 719 | 876 | 911 | 73.0 |
| Income tax | −61.8 | 178 | 83.7 | −39.5 | 154 |
| Net income | 726 | 540 | 793 | 950 | −81.2 |
| Diluted EPS | 11.39 | 8.71 | 12.79 | 15.88 | −1.50 |
| Diluted shares | 63.7 | 62.0 | 62.0 | 59.8 | 54.2 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 213 | 192 | 149 | 180 | 130 |
| Receivables | 183 | 296 | 306 | 258 | 278 |
| Inventory | 214 | 472 | 385 | 356 | 369 |
| Current assets | 667 | 1,026 | 911 | 872 | 886 |
| Net PP&E | 108 | 182 | 238 | 244 | 238 |
| Goodwill | 1.6 | 715 | 712 | 711 | 405 |
| Total assets | 1,545 | 4,502 | 4,644 | 4,812 | 4,175 |
| Payables | 162 | 231 | 261 | 265 | 266 |
| Deferred revenue | – | – | 7.6 | – | – |
| Current liabilities | 388 | 641 | 698 | 740 | 700 |
| Short-term debt | 0.0 | 24.4 | 23.3 | 0.0 | 0.0 |
| Long-term debt | 771 | 2,298 | 1,641 | 1,349 | 1,231 |
| Total liabilities | 1,531 | 3,684 | 3,190 | 2,976 | 2,881 |
| Shareholders' equity | 14.1 | 818 | 1,454 | 1,836 | 1,293 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 567 | 603 | 930 | 992 | 710 |
| Capital expenditure | 55.9 | 104 | 116 | 69.3 | 51.2 |
| Free cash flow | 511 | 499 | 815 | 923 | 659 |
| Depreciation & amortisation | 32.0 | 39.2 | 54.3 | 69.8 | 79.3 |
| Stock-based compensation | 38.1 | 31.3 | 29.1 | 33.1 | 36.7 |
| Acquisitions | 0.0 | 2,047 | 0.0 | 0.0 | – |
| Share buybacks | 1,000 | 0.0 | 175 | 552 | 582 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 53.7% | 11.5% | 3.5% | −1.5% |
| Operating income growth (YoY) | – | 24.5% | 21.9% | −1.4% | −85.4% |
| EPS growth (YoY) | – | −23.5% | 46.8% | 24.2% | −109.4% |
| Gross margin | 61.4% | 52.3% | 55.8% | 58.8% | 58.3% |
| Operating margin | 29.5% | 23.9% | 26.2% | 24.9% | 3.7% |
| Net margin | 31.4% | 15.2% | 20.0% | 23.2% | −2.0% |
| Return on equityBlank when equity is negative | 5153.3% | 66.0% | 54.5% | 51.8% | −6.3% |
| ROCEEBIT ÷ (assets − current liabilities) | 59.0% | 22.0% | 26.3% | 25.1% | 4.3% |
| Free cash flow margin | 22.1% | 14.0% | 20.6% | 22.5% | 16.3% |
| Cash conversion (CFO ÷ net income) | 0.78x | 1.12x | 1.17x | 1.04x | −8.75x |
| Receivable days | 29 | 30 | 28 | 23 | 25 |
| Inventory days | 87 | 102 | 80 | 77 | 80 |
| Payable days | 66 | 50 | 54 | 57 | 58 |
| Interest cover | 31.6x | 6.25x | 6.43x | 9.35x | 1.69x |
| Debt ÷ equity | 54.8x | 2.84x | 1.14x | 0.74x | 0.95x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 558 | 2,131 | 1,515 | 1,169 | 1,101 |
| Current ratio | 1.72x | 1.60x | 1.30x | 1.18x | 1.27x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.