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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

 

Date of Report: February 25, 2026

(Date of earliest event reported)

 

STEVEN MADDEN, LTD.

(Exact name of registrant as specified in its charter)

 

Delaware   000-23702   13-3588231

(State or other jurisdiction

of incorporation)

 

(Commission

File Number)

 

(IRS Employer

Identification No.)

 

52-16 Barnett Avenue, Long Island City, New York   11104
(Address of principal executive offices)   (Zip Code)

 

Registrant’s telephone number, including area code: (718) 446-1800

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
   
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
   
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
   
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
Common Stock, par value $0.0001 per share   SHOO   The NASDAQ Stock Market LLC

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

 

 

 

Item 2.02 Results of Operations and Financial Condition.

 

On February 25, 2026, Steven Madden, Ltd. (the “Company”) issued a press release, furnished as Exhibit 99.1 and incorporated into this Item 2.02 by reference, announcing the Company’s financial results for the fourth quarter and fiscal year ending December 31, 2025.

 

Item 8.01 Other Events.

 

The Company’s press release on February 25, 2026 also announced that the Company’s Board of Directors has declared a quarterly cash dividend of $0.21 per share on the Company’s outstanding shares of common stock. The dividend is payable on March 20, 2026 to stockholders of record as of the close of business on March 11, 2026.

 

The full text of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K.

 

The information contained in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, is being furnished, and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of Section 18. Furthermore, the information contained in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be incorporated by reference into any registration statement filed by the Company under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference. The furnishing of the information in Item 2.02 of this Current Report is not intended to, and does not, constitute a determination or admission by the Company that the information in Item 2.02 of this Current Report is material or complete, or that investors should consider this information before making an investment decision with respect to any security of the Company.

 

Item 9.01 Financial Statements and Exhibits.

 

(d) Exhibits.

 

Exhibit No.   Description
     
99.1   Press Release, dated February 25, 2026, announcing the Company’s Fourth Quarter and Full Year 2025 Results and Declaration of a Cash Dividend.
     
104   Cover Page Interactive Data File (formatted as Inline XBRL).

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Dated: February 25, 2026

 

  STEVEN MADDEN, LTD.
     
  By: /s/ Edward R. Rosenfeld
  Name: Edward R. Rosenfeld
  Title: Chairman and Chief Executive Officer

 

 

 

EX-99.1 2 ex99-1.htm EX-99.1

 

Exhibit 99.1

 

Steve Madden Announces Fourth Quarter and Full Year 2025 Results

 

~ Provides 2026 Revenue Outlook ~

 

LONG ISLAND CITY, N.Y., February 25, 2026 – Steven Madden, Ltd. (Nasdaq: SHOO), a leading designer and marketer of fashion-forward footwear, accessories and apparel, today announced financial results for the fourth quarter and full year ended December 31, 2025 and provided its 2026 revenue outlook.

 

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

 

Fourth Quarter 2025 Results

 

Revenue increased 29.4% to $753.7 million, compared to $582.3 million in the same period of 2024.
   
Gross profit as a percentage of revenue was 42.4%, compared to 40.4% in the same period of 2024. Adjusted gross profit as a percentage of revenue was 43.8%, compared to 40.4% in the same period of 2024.
   
Operating expenses as a percentage of revenue were 37.3%, compared to 32.9% in the same period of 2024. Adjusted operating expenses as a percentage of revenue were 37.0%, compared to 31.4% in the same period of 2024.
   
Income from operations totaled $36.2 million, or 4.8% of revenue, compared to $46.7 million, or 8.0% of revenue, in the same period of 2024. Adjusted income from operations totaled $50.9 million, or 6.8% of revenue, compared to $52.6 million, or 9.0% of revenue, in the same period of 2024.
   
Net income attributable to Steven Madden, Ltd. was $23.2 million, or $0.32 per diluted share, compared to $34.8 million, or $0.49 per diluted share, in the same period of 2024. Adjusted net income attributable to Steven Madden, Ltd. was $34.3 million, or $0.48 per diluted share, compared to $39.3 million, or $0.55 per diluted share, in the same period of 2024.

 

Full Year 2025 Results

 

Revenue increased 11.0% to $2,534.1 million, compared to $2,282.9 million in 2024.
   
Gross profit as a percentage of revenue was 41.4%, compared to 41.0% in 2024. Adjusted gross profit as a percentage of revenue was 42.6%, compared to 41.1% in 2024.
   
Operating expenses as a percentage of revenue were 38.2%, compared to 30.6% in 2024. Adjusted operating expenses as a percentage of revenue were 35.7%, compared to 30.0% in 2024.
   
Income from operations totaled $80.8 million, or 3.2% of revenue, compared to $224.9 million, or 9.9% of revenue, in 2024. Adjusted income from operations totaled $175.9 million, or 6.9% of revenue, compared to $253.5 million, or 11.1% of revenue, in 2024.
   
Net income attributable to Steven Madden, Ltd. was $44.7 million, or $0.63 per diluted share, compared to $169.4 million, or $2.35 per diluted share, in 2024. Adjusted net income attributable to Steven Madden, Ltd. was $120.9 million, or $1.70 per diluted share, compared to $192.4 million, or $2.67 per diluted share, in 2024.

 

Edward Rosenfeld, Chairman and Chief Executive Officer, commented, “We are pleased to have delivered above-guidance earnings results for the fourth quarter, driven by improved performance in our core Steve Madden footwear business as well as a strong contribution from the newly acquired Kurt Geiger. Looking to 2026, we are encouraged by the momentum building in our flagship Steve Madden brand and the opportunity for growth in Kurt Geiger London. That said, we expect pressure on our private label business as well as higher SG&A driven by the normalization of incentive compensation and the restoration of senior executive salaries. While we continue to face uncertainty related to tariffs, the fundamentals of our business are strong. Our product assortments and marketing campaigns are resonating with consumers, our brands are powerful and gaining relevance, and we have a sound strategy for long-term value creation with multiple levers for growth.”

 

 

 

Fourth Quarter 2025 Channel Results

 

Revenue for the wholesale business in the fourth quarter of 2025 was $433.3 million, a 7.5% increase compared to the fourth quarter of 2024. Excluding the recently acquired Kurt Geiger, wholesale revenue declined 2.6%. Wholesale footwear revenue increased 11.0%, or 5.5% excluding Kurt Geiger. Wholesale accessories/apparel revenue increased 3.1%, or decreased 13.0% excluding Kurt Geiger. Gross profit as a percentage of wholesale revenue was 30.7% in the fourth quarter of 2025, compared to 30.5% in the fourth quarter of 2024. Adjusted gross profit as a percentage of wholesale revenue was 31.5%, compared to 30.5% in the fourth quarter of 2024, driven by the addition of the Kurt Geiger business, partially offset by the impact of new tariffs on goods imported into the United States.

 

Direct-to-consumer revenue in the fourth quarter of 2025 was $316.6 million, a 79.9% increase compared to the fourth quarter of 2024. Excluding Kurt Geiger, direct-to-consumer revenue increased 1.6%. Gross profit as a percentage of direct-to-consumer revenue was 57.7%, compared to 62.0% in the fourth quarter of 2024. Adjusted gross profit as a percentage of direct-to-consumer revenue was 59.8%, compared to 62.0% in the fourth quarter of 2024, as a result of the addition of the Kurt Geiger concessions business and the impact of new tariffs on goods imported into the United States.

 

The Company ended the quarter with 399 company-operated brick-and-mortar retail stores, including 98 outlets, as well as seven e-commerce websites and 133 company-operated concessions in international markets.

 

Balance Sheet and Cash Flow Highlights

 

As of December 31, 2025, total debt outstanding was $234.2 million, and cash, cash equivalents totaled $112.4 million, for net debt of $121.7 million.

 

The Company did not repurchase any shares of its common stock in the open market in 2025. During the fourth quarter and full year 2025, the Company spent $5.2 million and $13.5 million, respectively, on shares acquired through the net settlement of employees’ stock awards.

 

Quarterly Cash Dividend

 

The Company’s Board of Directors approved a quarterly cash dividend of $0.21 per share. The dividend is payable on March 20, 2026 to stockholders of record as of the close of business on March 11, 2026.

 

2026 Outlook

 

For 2026, the Company expects revenue will increase 9% to 11% compared to 2025. Due to uncertainty related to recent developments with respect to tariff policy in the United States, the Company is not providing earnings guidance at this time.

 

Conference Call Information

 

Interested stockholders are invited to listen to the conference call scheduled for today, February 25, 2026 at 8:30 a.m. Eastern Time, which will include a discussion of the Company’s fourth quarter and fiscal year end 2025 earnings results and fiscal year 2026 revenue 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://edge.media-server.com/mmc/p/iirmqugn beginning today at approximately 10:00 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, e-commerce websites and concessions in certain international markets. 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 to 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 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

 

CONSOLIDATED STATEMENTS OF OPERATIONS

 

(In thousands, except per share amounts)

 

    Three Months Ended     Twelve Months Ended  
    December 31, 2025     December 31, 2024     December 31, 2025     December 31, 2024  
    (Unaudited)     (Unaudited)     (Unaudited)        
Net sales   $ 749,846     $ 578,820     $ 2,521,518     $ 2,272,266  
Commission and licensing fee income     3,854       3,498       12,591       10,661  
Total revenue     753,700       582,318       2,534,109       2,282,927  
Cost of sales     433,900       346,874       1,484,640       1,345,995  
Gross profit     319,800       235,444       1,049,469       936,932  
Operating expenses     280,833       191,593       967,978       698,936  
Change in valuation of contingent payment liability     (3,505 )     (2,894 )     (5,580 )     2,722  
Impairment of intangibles     6,300             6,300       10,335  
Income from operations     36,172       46,745       80,771       224,939  
Gain on derivative                 9,252        
Interest and other (expense) / income, net     (4,430 )     1,229       (12,343 )     5,538  
Income before provision for income taxes     31,742       47,974       77,680       230,477  
Provision for income taxes     7,090       10,171       28,662       54,575  
Net income     24,652       37,803       49,018       175,902  
Less: net income attributable to noncontrolling interest     1,465       3,002       4,357       6,512  
Net income attributable to Steven Madden, Ltd.   $ 23,187     $ 34,801     $ 44,661     $ 169,390  
                                 
Basic income per share   $ 0.33     $ 0.49     $ 0.63     $ 2.38  
                                 
Diluted income per share   $ 0.32     $ 0.49     $ 0.63     $ 2.35  
                                 
Basic weighted average common shares outstanding     70,941       70,555       70,873       71,274  
                                 
Diluted weighted average common shares outstanding     71,873       71,459       71,181       71,963  
                                 
Cash dividends declared per common share   $ 0.21     $ 0.21     $ 0.84     $ 0.84  

 

 

 

STEVEN MADDEN, LTD. AND SUBSIDIARIES

 

CONDENSED CONSOLIDATED BALANCE SHEETS

 

(In thousands)

 

    As of  
    December 31, 2025     December 31, 2024  
    (Unaudited)        
ASSETS            
Current assets:                
Cash and cash equivalents   $ 112,423     $ 189,924  
Short-term investments           13,484  
Accounts receivable, net of allowances     91,854       45,653  
Factor accounts receivable     311,563       348,659  
Inventories     417,016       257,625  
Prepaid expenses and other current assets     46,759       34,463  
Income tax receivable and prepaid income taxes     21,084       4,887  
Total current assets     1,000,699       894,695  
Property and equipment, net     115,802       57,388  
Operating lease right-of-use asset     235,855       139,695  
Deferred tax assets     3,220       610  
Deposits and other     22,764       22,214  
Goodwill     254,518       183,737  
Intangibles, net     281,419       113,432  
Total Assets   $ 1,914,277     $ 1,411,771  
LIABILITIES                
Current liabilities:                
Accounts payable   $ 197,247     $ 206,889  
Accrued expenses     258,794       142,452  
Operating leases - current portion     58,827       43,172  
Income taxes payable     4,488       6,147  
Accrued incentive compensation     6,351       15,061  
Total current liabilities     525,707       413,721  
Contingent payment liability - long-term portion     14,880       7,565  
Operating leases - long-term portion     193,145       109,816  
Long-term debt     234,166        
Deferred tax liabilities     36,142       4,628  
Other liabilities     6,255       44  
Total Liabilities     1,010,295       535,774  
STOCKHOLDERS’ EQUITY                
Total Steven Madden, Ltd. stockholders’ equity     866,388       847,719  
Noncontrolling interest     37,594       28,278  
Total stockholders’ equity     903,982       875,997  
Total Liabilities and Stockholders’ Equity   $ 1,914,277     $ 1,411,771  

 

 

 

STEVEN MADDEN, LTD. AND SUBSIDIARIES

 

CONDENSED STATEMENTS OF CASH FLOWS

 

(In thousands)

 

    Twelve Months Ended  
    December 31, 2025     December 31, 2024  
    (Unaudited)        
Cash flows from operating activities:                
Net income   $ 49,018     $ 175,902  
Adjustments to reconcile net income to net cash provided by operating activities                
Stock-based compensation     29,635       26,539  
Depreciation and amortization     33,437       20,010  
Amortization of debt issuance costs     1,176        
(Gain)/loss on disposal of fixed assets     (150 )     112  
Impairment of intangibles     6,300       10,335  
Deferred taxes     (4,669 )     (4,703 )
Loss on divestiture of business           3,199  
Change in valuation of contingent payment liability     (5,580 )     2,722  
Amortization of inventory step-up and other     30,679       (575 )
Changes, net of acquisitions, in:                
Accounts receivable     (10,551 )     (6,947 )
Factor accounts receivable     39,674       (31,542 )
Inventories     4,425       (30,567 )
Prepaid expenses, income tax receivables, prepaid taxes, and other assets     (8,314 )     133  
Accounts payable and accrued expenses     9,891       37,339  
Accrued incentive compensation     (8,833 )     3,118  
Leases and other liabilities     (3,939 )     (6,979 )
Net cash provided by operating activities     162,199       198,096  
                 
Cash flows from investing activities:                
Capital expenditures     (42,658 )     (25,911 )
Purchases of short-term investments           (21,405 )
Maturity/sale of short-term investments     13,553       22,139  
Acquisition of businesses     (371,554 )     (13,976 )
Other investing activities     (260 )     (340 )
Net cash used in investing activities     (400,919 )     (39,493 )
                 
Cash flows from financing activities:                
Proceeds from exercise of stock options     32       1,613  
Investment of noncontrolling interest     3,500        
Borrowings, net of repayments     240,000        
Financing costs paid     (8,955 )      
Acquisition of incremental ownership of joint ventures           (1,500 )
Distributions to noncontrolling interest earnings     (2,946 )      
Common stock repurchased and net settlements of stock awards     (13,523 )     (98,433 )
Cash dividends paid on common stock     (60,962 )     (61,039 )
Payment of contingent liability           (8,547 )
Net cash provided by/(used in) financing activities     157,146       (167,906 )
Effect of exchange rate changes on cash and cash equivalents     4,073       (5,413 )
Net change in cash and cash equivalents     (77,501 )     (14,716 )
Cash and cash equivalents – beginning of year     189,924       204,640  
Cash and cash equivalents – end of year   $ 112,423     $ 189,924  

 

 

 

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 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. The following reconciles the Company’s reported results in accordance with GAAP with the non-GAAP information that the Company also presents. Additional information regarding Non-GAAP Adjustments is presented below.

 

Table 1 - Reconciliation of GAAP gross profit to Adjusted gross profit

 

    Three Months Ended     Twelve Months Ended  
    December 31, 2025     December 31, 2024     December 31, 2025     December 31, 2024  
GAAP gross profit   $ 319,800     $ 235,444     $ 1,049,469     $ 936,932  
Non-GAAP Adjustments     10,051       42       30,891       435  
Adjusted gross profit   $ 329,851     $ 235,486     $ 1,080,360     $ 937,367  

 

Table 2 - Reconciliation of GAAP operating expenses to Adjusted operating expenses

 

    Three Months Ended     Twelve Months Ended  
    December 31, 2025     December 31, 2024     December 31, 2025     December 31, 2024  
GAAP operating expenses   $ 280,833     $ 191,593     $ 967,978     $ 698,936  
Non-GAAP Adjustments     (1,912 )     (8,736 )     (63,509 )     (15,038 )
Adjusted operating expenses   $ 278,921     $ 182,857     $ 904,469     $ 683,898  

 

Table 3 - Reconciliation of GAAP income from operations to Adjusted income from operations

 

    Three Months Ended     Twelve Months Ended  
    December 31, 2025     December 31, 2024     December 31, 2025     December 31, 2024  
GAAP income from operations   $ 36,172     $ 46,745     $ 80,771     $ 224,939  
Non-GAAP Adjustments     14,759       5,884       95,121       28,529  
Adjusted income from operations   $ 50,931     $ 52,629     $ 175,892     $ 253,468  

 

Table 4 - Reconciliation of GAAP interest and other (expense) / income, net to Adjusted interest and other (expense) / income, net

 

    Three Months Ended     Twelve Months Ended  
    December 31, 2025     December 31, 2024     December 31, 2025     December 31, 2024  
GAAP interest and other (expense) / income, net   $ (4,430 )   $ 1,229     $ (12,343 )   $ 5,538  
Non-GAAP Adjustments                 840        
Adjusted interest and other (expense) / income, net   $ (4,430 )   $ 1,229     $ (11,503 )   $ 5,538  

 

Table 5 - Reconciliation of GAAP provision for income taxes to Adjusted provision for income taxes

 

    Three Months Ended     Twelve Months Ended  
    December 31, 2025     December 31, 2024     December 31, 2025     December 31, 2024  
GAAP provision for income taxes   $ 7,090     $ 10,171     $ 28,662     $ 54,575  
Non-GAAP Adjustments     3,633       1,342       10,427       5,374  
Adjusted provision for income taxes   $ 10,723     $ 11,513     $ 39,089     $ 59,949  

 

 

 

Table 6 - Reconciliation of GAAP net income attributable to noncontrolling interest to Adjusted net income attributable to noncontrolling interest

 

    Three Months Ended     Twelve Months Ended  
    December 31, 2025     December 31, 2024     December 31, 2025     December 31, 2024  
GAAP net income attributable to noncontrolling interest   $ 1,465     $ 3,002     $ 4,357     $ 6,512  
Non-GAAP Adjustments                       155  
Adjusted net income attributable to noncontrolling interest   $ 1,465     $ 3,002     $ 4,357     $ 6,667  

 

Table 7 - Reconciliation of GAAP net income attributable to Steven Madden, Ltd. to Adjusted net income attributable to Steven Madden, Ltd.

 

    Three Months Ended     Twelve Months Ended  
    December 31, 2025     December 31, 2024     December 31, 2025     December 31, 2024  
GAAP net income attributable to Steven Madden, Ltd.   $ 23,187     $ 34,801     $ 44,661     $ 169,390  
Non-GAAP Adjustments     11,127       4,542       76,282       23,000  
Adjusted net income attributable to Steven Madden, Ltd.   $ 34,314     $ 39,343     $ 120,943     $ 192,390  
                                 
GAAP diluted income per share   $ 0.32     $ 0.49     $ 0.63     $ 2.35  
Adjusted diluted income per share   $ 0.48     $ 0.55     $ 1.70     $ 2.67  

 

Non-GAAP Adjustments include the items below.

 

For the fourth quarter of 2025:

 

$10.1 million pre-tax ($7.5 million after-tax) expense in connection with the purchase accounting fair value adjustment of inventory from acquired businesses, included in cost of goods sold.
   
$0.6 million pre-tax ($0.5 million after-tax) expense in connection with legal settlements and related fees, included in operating expenses.
   
$1.3 million pre-tax expense ($1.0 million after-tax) in connection with acquisition costs and formation of joint ventures, included in operating expenses.
   
$6.3 million pre-tax ($4.8 million after-tax) expense in connection with a trademark impairment.
   
$3.5 million pre-tax ($2.6 million after-tax) benefit in connection with the change in valuation of contingent payment liabilities related to the acquisitions of Almost Famous, ATM and Kurt Geiger.

 

For the fourth quarter of 2024:

 

$1.8 million pre-tax ($1.3 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.
   
$3.6 million pre-tax ($2.8 million after-tax) expense in connection with acquisitions, formation of joint ventures and reorganization of foreign entities, included in operating expenses.
   
$2.9 million pre-tax ($2.2 million after-tax) benefit in connection with the change in valuation of a contingent consideration liability in connection with the acquisition of Almost Famous.

 

 

 

For the full year 2025:

 

$30.9 million pre-tax ($23.2 million after-tax) expense in connection with the purchase accounting fair value adjustment of inventory from acquired businesses, included in cost of goods sold.
   
$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.
   
$13.3 million pre-tax expense ($11.4 million after-tax) in connection with acquisition costs and formation of joint ventures, included in operating expenses.
   
$7.3 million pre-tax ($5.6 million after-tax) expense in connection with legal settlements and related fees, included in operating expenses.
   
$4.0 million pre-tax ($3.1 million after-tax) expense in connection with severances and related charges, included in operating expenses.
   
$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.
   
$5.6 million pre-tax ($4.2 million after-tax) net benefit in connection with the change in valuation of contingent payment liabilities related to the acquisitions of Almost Famous, ATM and Kurt Geiger.
   
$6.3 million pre-tax ($4.8 million after-tax) expense in connection with a trademark impairment.
   
$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 expense.

 

For the full year 2024:

 

$0.4 million pre-tax ($0.3 million after-tax) expense in connection with the purchase accounting fair value adjustment of inventory from acquired businesses, included in cost of goods sold.
   
$1.8 million pre-tax ($1.3 million after-tax) expense in connection with severances and related charges, included in operating expenses.
   
$3.2 million pre-tax ($3.7 million after-tax) expense in connection with a divestiture of a business, 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.
   
$6.7 million pre-tax ($5.2 million after-tax) expense in connection with acquisitions, formation of joint ventures and reorganization of foreign entities, included in operating expenses.
   
$2.7 million pre-tax ($2.1 million after-tax) expense in connection with the change in valuation of a contingent consideration liability in connection with the acquisition of Almost Famous.
   
$10.3 million pre-tax ($7.9 million after-tax) expense in connection with trademark impairments.

 

Contact

 

Steven Madden, Ltd.

VP of Corporate Development & Investor Relations

Danielle McCoy

718-308-2611

InvestorRelations@stevemadden.com