Crocs posts mixed FY25 results as core brand growth offsets Heydude weakness

The Crocs brand remained the standout performer. (Source: Crocs)

By Irene Dong February 13, 2026

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US footwear group Crocs has reported a mixed set of fourth-quarter and full-year FY25 results, with strong international growth in its core brand helping offset continued weakness at Heydude.

For the fourth quarter ended December 31, consolidated revenue fell 3.2 per cent year on year to US$958 million. The decline was largely driven by softness in North America and ongoing challenges within the Heydude brand.

However, direct-to-consumer sales increased 4.7 per cent, underscoring the company’s continued pivot toward higher-margin channels.

“We ended 2025 on a strong note with a better-than-expected Holiday quarter. For the year, revenue exceeded $4 billion, led by low-double-digit international growth for the Crocs Brand,” said Andrew Rees, CEO.

“At the same time, we accelerated our strategic actions to strengthen the long-term health of both the Crocs and Heydude brands.”

International strength lifts Crocs brand

The Crocs brand remained the standout performer. Management pointed to low double-digit international revenue growth in the quarter, with overseas demand more than offsetting domestic market pressure.

In contrast, Heydude continued to underperform. Fourth-quarter revenue for the brand declined 16.9 per cent, impacted by reduced wholesale orders and ongoing efforts to recalibrate distribution and brand positioning. The weakness weighed on overall group performance and contributed to a 13.3 per cent decline in adjusted operating income for the full year.

Looking ahead, the company expects first-quarter 2026 revenue to decline between 3.5 per cent and 5.5 per cent year on year.

“We enter 2026 with greater confidence around our growth engines, which are diversified across channels, geographies, brands, and product categories,” added Rees.

“We have identified and actioned $100 million of cost savings in 2026 aimed at driving greater efficiency while providing the flexibility to continue to invest behind our brands and deepen our connection with consumers.”

While Heydude remains a drag on group results, Crocs’ accelerating international expansion and resilient direct-to-consumer performance suggest the company is increasingly anchored by the strength of its namesake brand as it moves into the new year.