Steven Madden (SHOO) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenue rose 29.4% YoY to $753.7M, with full-year revenue up 11% to $2.5B, driven by core footwear and the Kurt Geiger acquisition.

• Adjusted earnings exceeded guidance, supported by strong branded performance and Kurt Geiger integration.

• 2025 was challenging due to new US tariffs, but strategic focus on product and marketing drove consumer engagement.

• All lead brands (Steve Madden, Kurt Geiger, Dolce Vita) are positioned for growth in 2026.

• Net income for Q4 was $34.3M ($0.48/share) adjusted; full-year adjusted net income was $120.9M ($1.70/share).

Financial highlights

• Q4 consolidated revenue: $753.7M, up 29.4% YoY; excluding Kurt Geiger, down 1.4%.

• Q4 gross margin: 43.8% (adjusted), up from 40.4% prior year.

• Full-year 2025 revenue: $2.5B, up 11% YoY; excluding Kurt Geiger, down 6.6%.

• Full-year adjusted operating income: $175.9M (6.9% margin).

• Cash and equivalents at year-end: $112.4M; net debt: $121.7M.

Outlook and guidance

• 2026 revenue expected to grow 9%-11% YoY; Q1 2026 revenue expected up 15%-17%.

• No earnings guidance due to tariff policy uncertainty.

• Private label revenue expected to decline nearly 20% in 2026.

• Branded businesses (Steve Madden, Kurt Geiger, Dolce Vita) forecasted for mid to high single-digit growth.