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Dec 31, 2025
Steve Madden Q4 2025 Earnings Report
Steve Madden reported strong fourth quarter 2025 revenue growth, with margin expansion but lower earnings year-over-year.
Key Takeaways
Steve Madden delivered Q4 2025 revenue of 753700000, up 29.4% year-over-year, driven by significant growth in direct-to-consumer and wholesale channels following the Kurt Geiger acquisition. Gross margin expanded to 42.4%, but operating income declined to 36172000 and net income to 23187000, reflecting higher operating expenses and acquisition-related impacts.
Revenue increased 29.4% year-over-year to 753700000.
Gross profit margin expanded to 42.4%, with adjusted gross margin at 43.8%.
Operating income declined to 36172000, representing 4.8% of revenue.
Net income attributable to Steven Madden, Ltd. was 23187000, or 0.32 per diluted share.
Revenue by Segment
Forward Guidance
For 2026, the company expects revenue growth of 9% to 11% compared to 2025 and is not providing earnings guidance due to uncertainty related to U.S. tariff policy.
Positive Outlook
- Revenue expected to grow 9% to 11% in 2026.
- Momentum in the Steve Madden brand.
- Growth opportunity in Kurt Geiger London.
- Strong product assortments and marketing resonance.
- Multiple levers for long-term value creation.
Challenges Ahead
- Pressure expected in private label business.
- Higher SG&A due to normalization of incentive compensation.
- Restoration of senior executive salaries increasing expenses.
- Uncertainty related to U.S. tariff policy.
- No earnings guidance provided for 2026.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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