Steve Madden Announces Second Quarter 2026 Results

Steven Madden, Ltd. (Nasdaq: SHOO) (the “Company”), a leading designer and marketer of fashion-forward footwear, accessories and apparel, today announced financial results for the second quarter ended June 30, 2026.

Amounts referred to as “Adjusted” are non-GAAP measures that exclude the items defined as “Non-GAAP Adjustments” in the “Non-GAAP Reconciliation” section.

Second Quarter 2026 Results

• Revenue increased 19.1% to $665.9 million, compared to $559.0 million in the same period of 2025.

• Gross profit as a percentage of revenue was 46.5%, compared to 40.4% in the same period of 2025. Adjusted gross profit as a percentage of revenue was 46.5%, compared to 41.9% in the same period of 2025.

• Operating expenses as a percentage of revenue were 40.6%, compared to 47.2% in the same period of 2025. Adjusted operating expenses as a percentage of revenue were 39.8%, compared to 37.9% in the same period of 2025.

• Income / (loss) from operations totaled $39.3 million, or 5.9% of revenue, compared to ($40.3) million, or (7.2%) of revenue, in the same period of 2025. Adjusted income from operations totaled $44.5 million, or 6.7% of revenue, compared to $22.6 million, or 4.0% of revenue, in the same period of 2025.

• Net income / (loss) attributable to Steven Madden, Ltd. was $27.7 million, or $0.38 per diluted share, compared to ($39.5) million, or ($0.56) per diluted share, in the same period of 2025. Adjusted net income attributable to Steven Madden, Ltd. was $31.7 million, or $0.44 per diluted share, compared to $13.9 million, or $0.20 per diluted share, in the same period of 2025.

Edward Rosenfeld, Chairman and Chief Executive Officer, commented, “We delivered robust top- and bottom-line growth in the second quarter, reflecting the strength of our brands and disciplined execution across the organization. The Steve Madden brand was the highlight, continuing to gain momentum as consumers responded enthusiastically to the trend-right assortments created by Steve and his design team. Combined with strong marketing execution, our compelling product offering generated increased brand heat and fueled strong performance across both direct-to-consumer and wholesale channels.

“Based on the strong results in the second quarter and the momentum we see across our brands, we are raising our revenue and Adjusted diluted earnings per share outlook for 2026. Looking further ahead, we remain confident that our powerful brands, proven business model and talented team provide a strong foundation to deliver sustainable growth and long-term value creation for our shareholders.”

Second Quarter 2026 Channel Results

Revenue for the wholesale business in the second quarter of 2026 was $407.5 million, a 13.0% increase compared to the second quarter of 2025. Excluding Kurt Geiger, wholesale revenue increased 11.5%. Wholesale footwear revenue increased 9.0%, or 7.8% excluding Kurt Geiger. Wholesale accessories/apparel revenue increased 19.2%, or 17.5% excluding Kurt Geiger. Gross profit as a percentage of wholesale revenue was 35.2% in the second quarter of 2026, compared to 30.0% in the second quarter of 2025. Adjusted gross profit as a percentage of wholesale revenue was 35.2%, compared to 30.9% in the second quarter of 2025, due to higher average selling prices, a smaller negative impact from tariffs and a lower penetration of private label.

Direct-to-consumer revenue in the second quarter of 2026 was $255.4 million, a 30.6% increase compared to the second quarter of 2025. Excluding Kurt Geiger, direct-to-consumer revenue increased 11.1%. Gross profit as a percentage of direct-to-consumer revenue was 64.0%, compared to 58.7% in the second quarter of 2025. Adjusted gross profit as a percentage of direct-to-consumer revenue was 64.0%, compared to 61.3% in the second quarter of 2025, due to higher average selling prices, a reduction in promotional activity and a smaller negative impact from tariffs.

The Company ended the quarter with 382 Company-operated brick-and-mortar retail stores, including 92 outlets, as well as eight e-commerce websites and 164 Company-operated concessions in international markets.

Balance Sheet Highlights

As of June 30, 2026, total debt outstanding was $124.8 million and cash and cash equivalents were $94.7 million. Net debt is a non-GAAP financial measure that the Company defines as total debt less cash and cash equivalents. Net debt was $30.1 million as of June 30, 2026.

During the second quarter of 2026, the Company did not repurchase any shares of its common stock in the open market.

Quarterly Cash Dividend

The Company’s Board of Directors approved a quarterly cash dividend of $0.21 per share. The dividend is payable on September 24, 2026 to stockholders of record as of the close of business on September 11, 2026.

Board Appointment

The Company also announced that, effective October 1, 2026, its Board of Directors will expand from ten to eleven directors, and Ken Pilot will join the Board as the newly appointed director. Mr. Pilot is the Founder and Chief Executive Officer of Ken Pilot Ventures, an advisory and investment firm focused on retail, consumer and commerce technology companies. He brings more than 30 years of leadership experience across retail and consumer businesses, having served in senior executive roles at leading retailers including J.Crew, Gap Inc., Ralph Lauren, American Eagle Outfitters and ABC Carpet & Home. Mr. Pilot currently advises and invests in a number of companies focused on artificial intelligence, e-commerce infrastructure and retail technology platforms.

Mr. Rosenfeld commented, “We are pleased to welcome Ken to our Board of Directors. His decades of experience building brands and driving growth, together with his deep understanding of digital innovation and emerging technologies, will be invaluable as we continue to execute our long-term growth strategy. We look forward to benefiting from his insights and perspective.”

Fiscal 2026 Outlook

The Company now expects fiscal 2026 revenue will increase 11% to 13% compared to fiscal 2025, up from its previous guidance of 10% to 12%. The Company continues to expect fiscal 2026 diluted earnings per share (“EPS”) will be in the range of $2.55 to $2.65. The Company now expects Adjusted diluted EPS will be in the range of $2.05 to $2.15, up from its previous guidance range of $2.00 to $2.10.

Conference Call Information

Interested stockholders are invited to listen to the conference call scheduled for today, July 30, 2026, at 8:30 a.m. Eastern Time, which will include a discussion of the Company’s second quarter 2026 earnings results and updated fiscal 2026 outlook. The call will be webcast live on the Company’s website at https://investor.stevemadden.com. A webcast replay of the conference call will be available on the Company’s website or via the following webcast link https://event.choruscall.com/mediaframe/webcast.html?webcastid=BqLiaYAB beginning today at approximately 11:00 a.m. Eastern Time.

About Steve Madden

Steve Madden designs, sources and markets fashion-forward footwear, accessories and apparel. In addition to marketing products under its own brands including Steve Madden^®, Kurt Geiger London^®, Dolce Vita^®, Betsey Johnson^®, Carvela^®, Blondo^® and ATM^®, Steve Madden licenses footwear, handbags and other accessory categories for the Anne Klein^® brand. Steve Madden also designs and sources products under private label brand names for various retailers. Steve Madden’s wholesale distribution includes department stores, mass merchants, off-price retailers, shoe chains, online retailers, national chains, specialty retailers and independent stores. Steve Madden also directly operates brick-and-mortar retail stores and e-commerce websites. In addition, Steve Madden licenses certain of its brands to third parties for the marketing and sale of certain products in the apparel, accessory and home categories.

Safe Harbor Statement Under the U.S. Private Securities Litigation Reform Act of 1995

This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Examples of forward-looking statements include, among others, statements regarding revenue and earnings guidance, plans, strategies, objectives, expectations and intentions. Forward-looking statements can be identified by words such as: “may,” “will,” “expect,” “believe,” “should,” “anticipate,” “project,” “predict,” “plan,” “intend,” “estimate,” or “confident,” and similar expressions or the negative of these expressions. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they represent the Company’s current beliefs, expectations, and assumptions regarding anticipated events and trends affecting its business and industry based on information available as of the time such statements are made. Investors are cautioned that such forward-looking statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which may be outside of the Company’s control. The Company’s actual results and financial condition may differ materially from those indicated in these forward-looking statements. As such, investors should not rely upon them. Important risk factors include:

• our ability to accurately anticipate fashion trends and promptly respond to consumer demand;

• our ability to compete effectively in a highly competitive market;

• our ability to adapt our business model to rapid changes in the retail industry;

• our dependence on the hiring and retention of key personnel;

• our ability to successfully implement growth strategies and integrate acquired businesses;

• changes in trade policies, additional tariffs on product imported to the United States, retaliatory trade actions taken by other countries, and resulting trade wars;

• supply chain disruptions to product delivery systems and logistics, and our ability to properly manage inventory;

• geopolitical tensions in the regions in which we operate and any related challenging macroeconomic conditions globally that may materially adversely affect our customers, vendors, and partners, and the duration and extent to which these factors may impact our future business and operations, results of operations, and financial condition;

• our reliance on independent manufacturers to produce and deliver products in a timely manner or to meet our quality standards if we experience a supply chain disruption and we are unable to secure an alternative source of raw materials or end products;

• our dependence on one or more of our significant customers;

• quarterly fluctuations of our financial results;

• extreme or unseasonable weather conditions in locations where we or our customers and suppliers are located;

• fluctuation of our stock price if our operating results are inconsistent with our forecasts or those of analysts who follow us;

• our exposure to risks related to integrating the operations, systems, processes, reporting, supply chains, and personnel of Kurt Geiger into our business;

• our exposure to risks associated with increased indebtedness used to finance the acquisition of Kurt Geiger, including related debt service requirements;

• our ability to manage risks associated with substantial goodwill and intangible assets recorded from the acquisition of Kurt Geiger, which could subsequently become impaired upon adverse changes to the business environment in which we operate;

• disruption of our information technology systems or e-commerce platforms;

• cybersecurity risks and costs of defending against, mitigating, and responding to data security threats and breaches impacting the Company;

• our ability to effectively implement artificial intelligence and data-driven technologies across our operations, and the risks that such technologies may not perform as expected, may be subject to regulatory constraints, or may increase operational, legal, or cybersecurity risks;

• litigation or other legal proceedings could divert management resources and result in costs;

• legal, regulatory, political, and economic risks that may affect our operations in international markets;

• exposure to foreign exchange rate fluctuations;

• our ability to adequately protect our trademarks and other intellectual property rights;

• changes in economic conditions;

• additional tax liabilities resulting from audits by various taxing authorities;

• changes in U.S. and foreign tax laws that could have an adverse effect on our financial results;

• the loss of a significant license;

• the actions of our licensees and diminished brand integrity;

• the actions of our licensees or the loss of a significant licensee and diminished brand integrity;

• failure of our manufacturers, the manufacturers used by our licensees, or our licensees themselves to use acceptable labor practices or to otherwise comply with local laws and other standards;

• our ability to maintain effective internal control over our financial reporting; and

• other risks and uncertainties indicated from time to time in our filings with the Securities and Exchange Commission.

The Company does not undertake, and disclaims, any obligation to publicly update any forward-looking statement, including, without limitation, any guidance regarding revenue or earnings, whether as a result of new information, future developments, or otherwise.

STEVEN MADDEN, LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
		Three Months Ended								Six Months Ended
		June 30, 2026				June 30, 2025				June 30, 2026				June 30, 2025
Net sales		$	662,914			$	556,090			$	1,312,574			$	1,107,472
Licensing fee income			2,951				2,910				6,387				5,062
Total revenue			665,865				559,000				1,318,961				1,112,534
Cost of sales			356,206				332,973				651,882				660,240
Gross profit			309,659				226,027				667,079				452,294
Operating expenses			270,340				263,865				528,633				441,128
Change in valuation of contingent payment liability			—				2,420				385				(2,075	)
Income / (loss) from operations			39,319				(40,258	)			138,061				13,241
Gain on derivative			—				9,252				—				9,252
Interest and other (expense) / income, net			(1,257	)			(3,795	)			(4,862	)			(2,966	)
Income / (loss) before provision for income taxes			38,062				(34,801	)			133,199				19,527
Provision for income taxes			10,137				3,911				33,631				16,979
Net income / (loss)			27,925				(38,712	)			99,568				2,548
Less: net income attributable to noncontrolling interest			198				765				19				1,602
Net income / (loss) attributable to Steven Madden, Ltd.		$	27,727			$	(39,477	)		$	99,549			$	946
Basic net income / (loss) per share		$	0.39			$	(0.56	)		$	1.40			$	0.01
Diluted net income / (loss) per share		$	0.38			$	(0.56	)		$	1.38			$	0.01
Basic weighted average common shares outstanding			71,292				70,870				71,228				70,822
Diluted weighted average common shares outstanding			72,164				70,870				72,012				70,970
Cash dividends declared per common share		$	0.21			$	0.21			$	0.42			$	0.42

STEVEN MADDEN, LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
					As of
		June 30, 2026			December 31, 2025			June 30, 2025
		(Unaudited)						(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents		$	94,739		$	112,423		$	111,714
Short-term investments			—			—			140
Accounts receivable, net of allowances			80,347			91,854			86,211
Factor accounts receivable			307,387			311,563			289,942
Inventories			377,207			417,016			436,968
Prepaid expenses and other current assets			54,993			46,759			54,002
Income tax receivable and prepaid income taxes			15,088			21,084			18,799
Total current assets			929,761			1,000,699			997,776
Property and equipment, net			113,688			115,802			104,423
Operating lease right-of-use asset			235,322			235,855			220,089
Deposits and other			22,912			22,764			21,641
Deferred tax assets			3,220			3,220			2,175
Goodwill			256,341			254,518			266,602
Intangibles, net			274,818			281,419			282,372
Total Assets		$	1,836,062		$	1,914,277		$	1,895,078
LIABILITIES
Current liabilities:
Accounts payable		$	202,095		$	197,247		$	235,716
Accrued expenses and other current liabilities			202,641			258,794			181,270
Operating leases – current portion			58,588			58,827			56,179
Income taxes payable			13,681			4,488			11,419
Current portion of long-term debt			—			—			5,625
Contingent payment liability – current portion			—			—			2,979
Accrued incentive compensation			10,825			6,351			3,404
Total current liabilities			487,830			525,707			496,592
Contingent payment liability – long-term portion			15,265			14,880			17,406
Operating leases – long-term portion			193,722			193,145			189,404
Long-term debt			124,832			234,166			287,865
Deferred tax liabilities			36,628			36,142			38,574
Other liabilities			5,681			6,255			1,874
Total Liabilities			863,958			1,010,295			1,031,715
STOCKHOLDERS’ EQUITY
Total Steven Madden, Ltd. stockholders’ equity			939,603			866,388			833,230
Noncontrolling interest			32,501			37,594			30,133
Total stockholders’ equity			972,104			903,982			863,363
Total Liabilities and Stockholders’ Equity		$	1,836,062		$	1,914,277		$	1,895,078

STEVEN MADDEN, LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
		Six Months Ended
		June 30, 2026				June 30, 2025
Cash flows from operating activities:
Net income		$	99,568			$	2,548
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation			15,741				14,690
Depreciation and amortization			18,433				13,926
Amortization of debt issuance costs			887				480
Loss on disposal of fixed assets			135				1
Deferred taxes			5				—
Change in valuation of contingent payment liability			385				(2,075	)
Other operating activities			1,902				(550	)
Changes, net of acquisitions, in:
Accounts receivable			10,375				(7,197	)
Factor accounts receivable			3,033				59,110
Inventories			38,437				35,004
Prepaid expenses, income tax receivables, prepaid taxes, and other assets			(5,476	)			(7,119	)
Accounts payable, accrued expenses, and other current liabilities			(40,076	)			(34,420	)
Accrued incentive compensation			4,436				(11,721	)
Leases and other liabilities			1,478				(15,042	)
Net cash provided by operating activities			149,263				47,635
Cash flows from investing activities:
Capital expenditures			(14,411	)			(17,516	)
Maturity / sale of short-term investments			—				13,410
Acquisition of businesses			(1,328	)			(371,554	)
Other investing activities			—				(2,196	)
Net cash used in investing activities			(15,739	)			(377,856	)
Cash flows from financing activities:
Common stock repurchased and net settlements of stock awards			(8,352	)			(8,198	)
Proceeds from exercise of stock options			2,973				—
Borrowings, net of repayments			(110,000	)			300,000
Financing costs paid			—				(8,955	)
Cash dividends paid on common stock			(30,641	)			(30,435	)
Distribution of noncontrolling interest			(5,482	)			(2,946	)
Net cash (used in) / provided by financing activities			(151,502	)			249,466
Effect of exchange rate changes on cash and cash equivalents			294				2,545
Net decrease in cash and cash equivalents			(17,684	)			(78,210	)
Cash and cash equivalents – beginning of period			112,423				189,924
Cash and cash equivalents – end of period		$	94,739			$	111,714

STEVEN MADDEN, LTD. AND SUBSIDIARIES

NON-GAAP RECONCILIATION

(In thousands, except per share amounts)

(Unaudited)

The Company uses non-GAAP financial information to evaluate its operating performance and in order to represent the manner in which the Company conducts and views its business. Additionally, the Company believes the information assists investors in comparing the Company’s performance across reporting periods on a consistent basis by excluding items that are not indicative of its core business. The non-GAAP financial information is provided in addition to, and not as an alternative to, the Company’s reported results prepared in accordance with GAAP.

Table 1 – Reconciliation of GAAP gross profit to Adjusted gross profit
		Three Months Ended						Six Months Ended
		June 30, 2026			June 30, 2025			June 30, 2026				June 30, 2025
GAAP gross profit		$	309,659		$	226,027		$	667,079			$	452,294
Non-GAAP Adjustments			—			8,251			(55,090	)			8,530
Adjusted gross profit		$	309,659		$	234,278		$	611,989			$	460,824

Table 2 – Reconciliation of GAAP operating expenses to Adjusted operating expenses
		Three Months Ended								Six Months Ended
		June 30, 2026				June 30, 2025				June 30, 2026				June 30, 2025
GAAP operating expenses		$	270,340			$	263,865			$	528,633			$	441,128
Non-GAAP Adjustments			(5,201	)			(52,216	)			(7,466	)			(59,012	)
Adjusted operating expenses		$	265,139			$	211,649			$	521,167			$	382,116

Table 3 – Reconciliation of GAAP income / (loss) from operations to Adjusted income from operations
		Three Months Ended							Six Months Ended
		June 30, 2026			June 30, 2025				June 30, 2026				June 30, 2025
GAAP income / (loss) from operations		$	39,319		$	(40,258	)		$	138,061			$	13,241
Non-GAAP Adjustments			5,201			62,887				(47,239	)			65,467
Adjusted income from operations		$	44,520		$	22,629			$	90,822			$	78,708

Table 4 – Reconciliation of GAAP interest and other (expense) / income, net to Adjusted interest and other (expense) / income, net
		Three Months Ended								Six Months Ended
		June 30, 2026				June 30, 2025				June 30, 2026				June 30, 2025
GAAP interest and other (expense) / income, net		$	(1,257	)		$	(3,795	)		$	(4,862	)		$	(2,966	)
Non-GAAP Adjustments			—				840				—				840
Adjusted interest and other (expense) / income, net		$	(1,257	)		$	(2,955	)		$	(4,862	)		$	(2,126	)

Table 5 – Reconciliation of GAAP provision for income taxes to Adjusted provision for income taxes
		Three Months Ended						Six Months Ended
		June 30, 2026			June 30, 2025			June 30, 2026				June 30, 2025
GAAP provision for income taxes		$	10,137		$	3,911		$	33,631			$	16,979
Non-GAAP Adjustments			1,257			1,117			(11,426	)			1,729
Adjusted provision for income taxes		$	11,394		$	5,028		$	22,205			$	18,708

Table 6 – Reconciliation of GAAP net income / (loss) attributable to Steven Madden, Ltd. to Adjusted net income attributable to Steven Madden, Ltd.
		Three Months Ended							Six Months Ended
		June 30, 2026			June 30, 2025				June 30, 2026				June 30, 2025
GAAP net income / (loss) attributable to Steven Madden, Ltd.		$	27,727		$	(39,477	)		$	99,549			$	946
Non-GAAP Adjustments			3,944			53,357				(35,813	)			55,326
Adjusted net income attributable to Steven Madden, Ltd.		$	31,671		$	13,880			$	63,736			$	56,272
GAAP diluted net income / (loss) per share		$	0.38		$	(0.56	)		$	1.38			$	0.01
GAAP diluted weighted shares outstanding			72,164			70,870				72,012				70,970
Adjusted diluted net income per share		$	0.44		$	0.20			$	0.89			$	0.79
Adjusted diluted weighted average shares outstanding			72,164			70,911				72,012				70,970

Table 7 – Reconciliation of GAAP diluted net income per share to Adjusted diluted net income per share in fiscal 2026 outlook
		Fiscal 2026 Outlook
		Low End				High End
GAAP diluted net income per share		$	2.55			$	2.65
Non-GAAP Adjustments			(0.50	)			(0.50	)
Adjusted diluted net income per share		$	2.05			$	2.15

Non-GAAP Adjustments include the items below.

For the second quarter of 2026:

• $1.5 million pre-tax ($1.1 million after-tax) expense in connection with severances and related charges, included in operating expenses.

• $3.4 million pre-tax ($2.6 million after-tax) expense in connection with legal settlements and related fees, included in operating expenses.

• $0.3 million pre-tax ($0.3 million after-tax) expense in connection with an acquisition and formation of joint ventures, included in operating expenses.

For the second quarter of 2025:

• $8.3 million pre-tax ($6.2 million after-tax) expense in connection with the purchase accounting fair value adjustment of inventory from acquired businesses, included in cost of sales.

• $38.8 million pre-tax ($38.8 million after-tax) expense in connection with acquisition-related compensation paid to management sellers and certain employees of Kurt Geiger, as determined by the institutional shareholders as part of the sellers’ negotiated transaction waterfall, included in operating expenses.

• $8.1 million pre-tax ($8.9 million after-tax) expense in connection with an acquisition and formation of joint ventures, included in operating expenses.

• $4.7 million pre-tax ($3.6 million after-tax) expense in connection with legal settlements and related fees, included in operating expenses.

• $0.5 million pre-tax ($0.4 million after-tax) expense in connection with severances and related charges, included in operating expenses.

• $2.4 million pre-tax ($1.8 million after-tax) net expense in connection with the change in valuation of contingent payment liabilities related to the acquisitions of Almost Famous and ATM.

• $9.3 million pre-tax ($7.1 million after-tax) benefit in connection with the settlement of a foreign exchange hedging contract entered into as part of the company’s acquisition of Kurt Geiger.

• $0.8 million pre-tax ($0.6 million after-tax) expense in connection with the write-off of unamortized debt issuance costs associated with the replacement of the company’s previous revolving credit facility, included in interest and other expense, net.

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