0001334036-26-000058
SEC filingCrocs Q3营收增4.6%至$1,043M、调整后EPS增26.4%，HEYDUDE恢复增长并第三次上调全年指引。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $1,042.6M | $996.3M | 4.6% |
| Gross Margin (GAAP) | 66.2% | 58.5% | +7.7 pts |
| Gross Margin (Non-GAAP) | 60.3% | 58.5% | +1.8 pts |
| Operating Income (GAAP) | $291.9M | $207.7M | 40.6% |
| Operating Income (Non-GAAP) | $232.0M | $207.7M | 11.7% |
| Net Income (GAAP) | $216.8M | $145.8M | 48.7% |
| Diluted EPS (GAAP) | $4.52 | $2.70 | 67.4% |
| Diluted EPS (Non-GAAP) | $3.69 | $2.92 | 26.4% |
| 期间 | 指标 | 指引 | 口径 |
|---|---|---|---|
| FY2026 | Revenue | up approximately 3% | N/A |
| FY2026 | Adjusted Operating Margin | expand modestly from 22.5% | Non-GAAP |
| FY2026 | Adjusted Diluted EPS | $14.45 to $14.65 | Non-GAAP |
| FY2026 | Capital Expenditures | $70 million to $80 million | N/A |
| Q4 FY2026 | Revenue | up approximately 7% to 9% | N/A |
| Q4 FY2026 | Adjusted Operating Margin | approximately 20.5% | Non-GAAP |
| Q4 FY2026 | Adjusted Diluted EPS | $3.25 to $3.45 | Non-GAAP |
本季最大变量来自非经营性项目：GAAP毛利率66.2%中含IEEPA关税退款$64.1M（非经常性，源于2026年2月20日美国最高法院裁决），剔除后调整后毛利率60.3%、同比提升180个基点；GAAP营业利润率28.0%对应调整后22.3%。SG&A $397.8M增6.0%、占营收38.2%（去年37.7%），费用增速略快于收入，是调整后利润率扩张幅度小于GAAP的主因。分部看，Crocs Brand营收$872.7M增4.4%，国际$434.4M增11.8%（其中国际DTC增24.1%）抵消北美$438.4M降2.1%；HEYDUDE营收$169.9M增6.1%，批发增14.0%驱动，DTC仅增0.1%，复苏仍偏批发端。
现金流与资本配置稳健：前三季度经营现金流$561.2M、自由现金流$507.6M；Q3回购约200万股、金额$250.0M（均价$123.32），季末剩余授权约$1.7B，并偿还$21M债务，期末总借款$1.29B、现金$163M。指引为年内第三次上调：全年营收增约3%（前值1%–2%）、调整后EPS $14.45–$14.65（前值$13.70–$14.00），并计入约$40M非GAAP净收益（关税退款与降本）；Q4营收增约7%–9%、调整后营业利润率约20.5%，隐含利润率环比回落，需关注关税退款确认时点与HEYDUDE DTC动能。