# DECKERS OUTDOOR CORP (DECK) Informational only - not investment advice. CIK: 0000910521 SIC: 3021 Rubber & Plastics Footwear SIC breadcrumb: [Manufacturing](/division/D/) > [SIC Major Group 30](/major-group/30/) > [SIC 3021 Rubber & Plastics Footwear](/industry/3021/) Latest 10-K filed: 2026-05-22 SEC page: https://www.sec.gov/edgar/browse/?CIK=910521 Filing source: https://www.sec.gov/Archives/edgar/data/910521/000162828026037664/deck-20260331.htm ## At a glance FY2026 · period end 2026-03-31 · filed 2026-05-22 · accession 0001628280-26-037664 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000910521.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 5,472,296,000 USD | 2026 | verified | | Net income | 1,024,071,000 USD | 2026 | verified | | Assets | 3,687,765,000 USD | 2026 | verified | | Free cash flow | 1,097,332,000 USD | 2026 | computed | | Net margin | 18.71% | 2026 | computed | | Operating margin | 23.08% | 2026 | computed | | Revenue YoY | +9.76% | 2026 | computed | | ROE | 40.97% | 2026 | computed | Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2026 revenue ÷ FY2025 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity. No market price, no rating, no forecast on this site. Not investment advice. ### Peer percentile fingerprint | Ratio | DECK | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Net margin | 18.7% | 6.7% | 93 | 15 | | Operating margin | 23.1% | 13.3% | 92 | 13 | | Revenue growth | 9.8% | 0.3% | 86 | 15 | | FCF margin | 20.1% | 8.1% | 100 | 15 | | ROE | 41.0% | 11.9% | 93 | 15 | | ROA | 27.8% | 4.9% | 100 | 15 | | Liabilities / equity | 0.48 | 1.14 | 7 | 15 | | Current ratio | 3.54 | 2.30 | 100 | 15 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC major-group 30 SIC Major Group 30, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 5472296000 | USD | 2026 | 2026-05-22 | | Net income | 1024071000 | USD | 2026 | 2026-05-22 | | Assets | 3687765000 | USD | 2026 | 2026-05-22 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-05-22. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000910521.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | 1,790,147,000 | 1,903,339,000 | 2,020,437,000 | 2,132,689,000 | 2,545,641,000 | 3,150,339,000 | 3,627,286,000 | 4,287,763,000 | 4,985,612,000 | 5,472,296,000 | | Net income | 5,710,000 | 114,394,000 | 264,308,000 | 276,142,000 | 382,575,000 | 451,949,000 | 516,822,000 | 759,563,000 | 966,091,000 | 1,024,071,000 | | Operating income | -1,919,000 | 222,584,000 | 327,320,000 | 338,135,000 | 504,205,000 | 564,707,000 | 652,751,000 | 927,514,000 | 1,179,092,000 | 1,262,903,000 | | Gross profit | 835,235,000 | 931,642,000 | 1,040,250,000 | 1,103,673,000 | 1,374,090,000 | 1,607,551,000 | 1,825,370,000 | 2,385,488,000 | 2,885,663,000 | 3,157,726,000 | | Diluted EPS | 0.18 | 3.58 | 8.84 | 9.62 | 13.47 | 16.26 | 3.23 | 4.86 | 6.33 | 7.02 | | Operating cash flow | 199,330,000 | 327,355,000 | 359,505,000 | 286,334,000 | 596,217,000 | 172,353,000 | 537,422,000 | 1,033,184,000 | 1,044,523,000 | 1,181,955,000 | | Capital expenditures | 44,499,000 | 34,813,000 | 29,086,000 | 32,455,000 | 32,218,000 | 51,017,000 | 81,025,000 | 89,365,000 | 86,171,000 | 84,623,000 | | Share buybacks | 12,572,000 | 149,687,000 | 161,395,000 | 190,405,000 | 99,147,000 | 356,653,000 | 297,372,000 | 414,931,000 | 567,002,000 | 1,075,100,000 | | Assets | 1,191,780,000 | 1,264,379,000 | 1,427,206,000 | 1,765,118,000 | 2,167,705,000 | 2,332,250,000 | 2,556,203,000 | 3,135,579,000 | 3,570,252,000 | 3,687,765,000 | | Stockholders' equity | 954,255,000 | 940,779,000 | 1,045,130,000 | 1,140,120,000 | 1,444,225,000 | 1,538,825,000 | 1,765,733,000 | 2,107,468,000 | 2,513,013,000 | 2,499,638,000 | | Cash and cash equivalents | 291,764,000 | 429,970,000 | 589,692,000 | 649,436,000 | 1,089,361,000 | 843,527,000 | 981,795,000 | 1,502,051,000 | 1,889,188,000 | 1,907,249,000 | | Free cash flow | 154,831,000 | 292,542,000 | 330,419,000 | 253,879,000 | 563,999,000 | 121,336,000 | 456,397,000 | 943,819,000 | 958,352,000 | 1,097,332,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | 0.32% | 6.01% | 13.08% | 12.95% | 15.03% | 14.35% | 14.25% | 17.71% | 19.38% | 18.71% | | Operating margin | -0.11% | 11.69% | 16.20% | 15.85% | 19.81% | 17.93% | 18.00% | 21.63% | 23.65% | 23.08% | | Return on equity | 0.60% | 12.16% | 25.29% | 24.22% | 26.49% | 29.37% | 29.27% | 36.04% | 38.44% | 40.97% | | Return on assets | 0.48% | 9.05% | 18.52% | 15.64% | 17.65% | 19.38% | 20.22% | 24.22% | 27.06% | 27.77% | | Liabilities / equity | 0.25 | 0.34 | 0.37 | 0.55 | 0.50 | 0.52 | 0.45 | 0.49 | 0.42 | 0.48 | | Current ratio | 5.16 | 4.81 | 4.37 | 3.97 | 3.52 | 3.23 | 3.84 | 3.39 | 3.72 | 3.54 | ## As-reported value updates No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks. ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-07-30. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000910521.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2023-Q2 | 2022-09-30 | | | 3.80 | reported discrete quarter | | 2023-Q3 | 2022-12-31 | | | 10.48 | reported discrete quarter | | 2024-Q1 | 2023-06-30 | | | 2.41 | reported discrete quarter | | 2024-Q2 | 2023-06-30 | | 63,552,000 | | reported discrete quarter | | 2024-Q2 | 2023-09-30 | 1,091,907,000 | | 6.82 | reported discrete quarter | | 2024-Q3 | 2023-09-30 | | 178,547,000 | | reported discrete quarter | | 2024-Q3 | 2023-12-31 | 1,560,307,000 | | 15.11 | reported discrete quarter | | 2024-Q4 | 2024-03-31 | 959,758,000 | 127,545,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2024-06-30 | 825,347,000 | 115,625,000 | 4.52 | reported discrete quarter | | 2025-Q2 | 2024-06-30 | | 115,625,000 | | reported discrete quarter | | 2025-Q2 | 2024-09-30 | 1,311,320,000 | | 1.59 | reported discrete quarter | | 2025-Q3 | 2024-09-30 | | 242,321,000 | | reported discrete quarter | | 2025-Q3 | 2024-12-31 | 1,827,165,000 | | 3.00 | reported discrete quarter | | 2025-Q4 | 2025-03-31 | 1,021,780,000 | 151,411,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2025-06-30 | 964,538,000 | 139,203,000 | 0.93 | reported discrete quarter | | 2026-Q2 | 2025-06-30 | | 139,203,000 | | reported discrete quarter | | 2026-Q2 | 2025-09-30 | 1,430,840,000 | | 1.82 | reported discrete quarter | | 2026-Q3 | 2025-09-30 | | 268,152,000 | | reported discrete quarter | | 2026-Q3 | 2025-12-31 | 1,957,549,000 | | 3.33 | reported discrete quarter | | 2026-Q4 | 2026-03-31 | 1,119,369,000 | 135,571,000 | | derived Q4 = FY annual - nine-month YTD | | 2027-Q1 | 2026-06-30 | 1,019,531,000 | 129,972,000 | 0.94 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from DECK's latest 10-K: [/company/DECK/business/](/company/DECK/business/). ## Risk Factors Verbatim Item 1A Risk Factors from DECK's latest 10-K: [/company/DECK/risk-factors/](/company/DECK/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/910521/000091052126000022/deck-20260630.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Published MD&A gate trimmed front/tail over-capture. Confidence: high Filing date: 2026-07-30 Report date: 2026-06-30 ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion of our financial condition and results of operations should be read together with our condensed consolidated financial statements and the related notes included in Part I, Item 1, “Financial Statements,” within this Quarterly Report, and the audited consolidated financial statements included in Part II, Item 8, “Financial Statements and Supplementary Data,” of our 2026 Annual Report, filed with the SEC on May 22, 2026, which is available free of charge on the SEC’s website at www.sec.gov and our website at ir.deckers.com. Certain statements made in this section constitute “forward-looking statements,” which are subject to numerous risks and uncertainties. Our actual results of operations may differ materially from those expressed or implied by these forward-looking statements as a result of many factors, including those set forth in the section titled “Cautionary Note Regarding Forward-Looking Statements” and Part II, Item 1A, “Risk Factors,” within this Quarterly Report. Overview We are a global leader in designing, marketing, and distributing innovative footwear, apparel, and accessories developed for both everyday casual lifestyle use and high-performance activities. We market our products primarily under three proprietary brands: HOKA, UGG, and Teva. Our brands compete across the fashion and casual lifestyle, performance, running, and outdoor markets. We believe our products are distinctive and appeal to a broad demographic. Our brands sell our products through quality domestic and international retailers and international distributors in our wholesale channel, and directly to global consumers through our DTC channel, which is comprised of an e-commerce and retail store presence. We seek to differentiate our brands and products by offering diverse lines that emphasize fashion, performance, authenticity, functionality, quality, and comfort, and products tailored to a variety of activities, seasons, and demographic groups. Financial Highlights Consolidated financial performance highlights for the three months ended June 30, 2026, compared to the prior period, were as follows: •Net sales increased 5.7% to $1,019,531. ◦Brand ▪HOKA brand net sales increased 7.7% to $703,538. ▪UGG brand net sales increased 4.9% to $278,049. ▪Other brands net sales decreased 18.1% to $37,944. ◦Channel ▪Wholesale channel net sales increased 2.2% to $666,714. ▪DTC channel net sales increased 13.0% to $352,817. ◦Geography ▪Domestic net sales increased 3.2% to $517,428. ▪International net sales increased 8.4% to $502,103. •Gross margin increased 60 basis points to 56.4%. •SG&A expenses increased 12.7% to $419,862. •Income from operations decreased 6.0% to $155,301. •Income from operations as a percentage of net sales (operating margin) decreased 190 basis points to 15.2%. •Diluted earnings per share increased 1.1% to $0.94 per share. Table of Contents                                          21 Trends and Uncertainties Impacting our Business and Industry Macroeconomic and Geopolitical Factors. We continue to be exposed to risks from evolving trade policies, including existing and proposed tariffs, and other restrictions, affecting goods imported from certain regions where we have a concentration of sourcing and manufacturing. There is significant uncertainty regarding the duration and scope of current and proposed tariff regimes, as well as the amount and timing of receipt of refunds of previously paid IEEPA tariffs. While we continue to pursue mitigation strategies, we do not expect these efforts to fully offset the incremental impact of tariffs we expect to incur during the current fiscal year, excluding the impact of any potential refunds of IEEPA tariffs. We previously paid an aggregate gross amount of approximately $120,000 in IEEPA tariffs, for which we have begun filing for refunds. The net effect that any tariff refunds may have on our condensed consolidated financial statements may be less than the gross amount of IEEPA tariffs as a result of a number of factors, including accommodations provided under cost-sharing arrangements with our independent manufacturers, income taxes payable on refunds received, and other relevant factors. As of the date of this Quarterly Report, we have not recognized any IEEPA tariff refunds or related interest in our condensed consolidated financial statements. If tariff refunds are ultimately received or otherwise become realizable, such developments may affect our future results of operations and cash flows and may be considered in connection with future business decisions. Refer to Part I, Item 1, Note 6, “Commitments and Contingencies,” within this Quarterly Report for further information on the IEEPA tariff refunds. Other Factors. Our business and industry are subject to several additional important trends and uncertainties, which have not materially changed from those described in our 2026 Annual Report. Refer to Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” of our 2026 Annual Report for further discussion. Refer to Part I, Item 1A, “Risk Factors,” of our 2026 Annual Report for detailed information on the risks and uncertainties that may cause our actual results to differ materially from our expectations. Reportable Operating Segments Overview As of June 30, 2026, our three reportable operating segments include the worldwide operations of the HOKA brand, UGG brand, and Other brands. HOKA Brand. The HOKA brand is an authentic premium line of year-round performance footwear, which offers enhanced cushioning and inherent stability with minimal weight. Originally designed for ultra-runners, the brand now appeals to world champions, tastemakers, and everyday athletes. Expansion into additional product categories, elevated marketing campaigns, and investments in brand experiences, coupled with strategic marketplace presence; have fueled both domestic and international sales growth of the HOKA brand, which has quickly become a leading brand within run and outdoor specialty wholesale accounts and is growing across its global marketplace. The HOKA brand’s product line includes running, trail, hiking, fitness, and lifestyle footwear offerings, as well as apparel and accessories. UGG Brand. The UGG brand is one of the most iconic and recognized footwear brands in our industry, which highlights our successful track record of building niche brands into lifestyle and fashion market leaders. Born on the California coast to warm surfers after they caught and rode the waves, we create iconic products and experiences that are made for people to feel comfort, softness, warmth, and confidence. With loyal consumers around the world, innovative products, and elevated storytelling, the UGG brand has proven to be a highly resilient consumer-focused line of premium footwear, apparel, and accessories that has driven both domestic and international sales growth with year-round product offerings that appeal to a growing global audience and a broad demographic. Other Brands. Other brands consist primarily of the Teva brand. The Teva brand’s products are built for a range of outdoor pursuits and include a variety of footwear options, from classic sandals and shoes to boots. The Other brands reportable operating segment includes financial results of brands for which standalone operations have been phased out in the prior fiscal year as described in the section titled “Reportable Operating Segment Overview,” in Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” of our 2026 Annual Report. Table of Contents                                          22 Use of Non-GAAP Financial Measures We disclose supplemental financial measures calculated and presented in accordance with US GAAP; however, throughout this Quarterly Report, including within our condensed consolidated financial statements, we provide certain financial information on a non-GAAP basis (non-GAAP financial measures). We provide non-GAAP financial measures and information that may assist investors in understanding our results of operations and assessing our prospects for future performance, which primarily consist of certain constant currency measures and total segment- level financial information. We believe presenting certain financial and operating measures on a constant currency basis is important as it excludes the impact of foreign currency exchange rate fluctuations that are not indicative of our core results of operations and are largely outside of our control. We calculate our constant currency non-GAAP financial measures for current period financial information, such as total net sales using the foreign currency exchange rates that were in effect during the previous comparable period, excluding the effects of foreign currency exchange rate hedges and remeasurements in the condensed consolidated financial statements. We also report comparable DTC sales on a constant currency basis for DTC operations that were open throughout the current and prior reporting periods, and we may adjust prior reporting periods to conform to current period accounting policies. The information presented on a constant currency basis, as we present such information, may not necessarily be comparable to similarly titled information presented by other companies, and may not be appropriate measures for comparing our performance relative to other companies. Constant currency measures should not be considered in isolation, or as an alternative to US dollar measures that reflect current period foreign currency exchange rates or to other financial or operating measures presented in accordance with US GAAP. We believe presenting certain segment-level operating measures, including total segment income from operations and total segment SG&A expenses, is important because it allows for an evaluation of operating performance and cost structure across brands. Our segment-level non-GAAP financial measures represent the results of operations and expenses for our individual reportable operating segments and differ from our consolidated results because they exclude certain unallocated enterprise and shared brand expenses. Our segment-level non-GAAP financial measures should not be considered in isolation, or as an alternative to consolidated financial and operating measures presented in accordance with US GAAP. Seasonality Refer to Note 1, “General,” of our condensed consolidated financial statements in Part I, Item 1 within this Quarterly Report and to Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” of our 2026 Annual Report for further information regarding the impacts of seasonality on our business. Table of Contents                                          23 Results of Operations Three Months Ended June 30, 2026, Compared to Three Months Ended June 30, 2025. Results of operations were as follows: [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/910521/000162828026037664/deck-20260331.htm Complete FY 2026 MD&A: /company/DECK/mda/fy2026/ Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Confidence: high Filing date: 2026-05-22 Report date: 2026-03-31 ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion of our financial condition and results of operations should be read together with our consolidated financial statements in Part IV within this Annual Report. This discussion includes an analysis of our financial condition and results of operations for the years ended March 31, 2026, and 2025 and year-over-year comparisons between those periods. For an analysis of our financial condition and results of operations for the years ended March 31, 2025, and 2024 and year-over-year comparisons between those periods, refer to Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” of our Annual Report on Form 10-K for the fiscal year ended March 31, 2025, filed with the SEC on May 23, 2025. Certain statements made in this section constitute “forward-looking statements,” which are subject to numerous risks and uncertainties. Our actual results of operations may differ materially from those expressed or implied by these forward-looking statements as a result of many factors, including those set forth in the section titled “Cautionary Note Regarding Forward-Looking Statements” and Part I, Item 1A, “Risk Factors,” within this Annual Report. Unless otherwise indicated, all figures herein are expressed in thousands, except per share data. References to “domestic” refer to the US. Overview We are a global leader in designing, marketing, and distributing innovative footwear, apparel, and accessories developed for both everyday casual lifestyle use and high-performance activities. We market our products primarily under three proprietary brands: HOKA, UGG, and Teva. Refer to the section below entitled “Reportable Operating Segments Overview” for information regarding the phase out of standalone operations for the Koolaburra brand and AHNU brand, and the prior sale of the Sanuk brand. Our brands compete across the fashion and casual lifestyle, performance, running, and outdoor markets. We believe our products are distinctive and appeal to a broad demographic. Our brands sell our products through quality domestic and international retailers and international distributors in our wholesale channel, and directly to global consumers through our DTC channel, which is comprised of an e‑commerce and retail store presence. We seek to differentiate our brands and products by offering diverse lines that emphasize fashion, performance, authenticity, functionality, quality, and comfort, and products tailored to a variety of activities, seasons, and demographic groups. Independent third-party contractors manufacture all of our products. Financial Highlights Consolidated financial performance highlights for fiscal year 2026 (current period), compared to fiscal year 2025 (the prior period), were as follows: •Net sales increased 9.8% to $5,472,296. ◦Brand ▪HOKA brand net sales increased 15.9% to $2,587,330. ▪UGG brand net sales increased 8.2% to $2,738,758. ▪Other brands net sales decreased 33.9% to $146,208. ◦Channel ▪Wholesale channel net sales increased 12.3% to $3,208,107. ▪DTC channel net sales increased 6.3% to $2,264,189. ◦Geography ▪Domestic net sales increased 0.2% to $3,191,518. ▪International net sales increased 26.8% to $2,280,778. •Gross profit as a percentage of net sales (gross margin) decreased 20 basis points to 57.7%. Table of Contents                                                                                                                                                        33 •SG&A expenses increased 11.0% to $1,894,823. •Income from operations increased 7.1% to $1,262,903. •Income from operations as a percentage of net sales (operating margin) decreased 50 basis points to 23.1%. •Diluted earnings per share increased 10.9% to $7.02 per share. Trends And Uncertainties Impacting Our Business And Industry Our business and industry are subject to several important trends and uncertainties, including the following: Macroeconomic and Geopolitical Factors •Macroeconomic factors, including inflationary pressures, increased tariffs, rising supply chain costs, high interest rates, foreign currency exchange rate volatility, escalating global conflicts, changes in discretionary spending, and recession risks, are creating a complex and challenging environment for our business and industry that may continue to pressure our results of operations, including our gross margin. For example, prolonged or escalating conflicts in the Middle East could disrupt our supply chain and increase energy, transportation, and commodity costs, as well as cause shipping delays. While these factors did not materially impact our results of operations during the current period, they could negatively affect us in future periods. •We are exposed to risks from evolving trade policies, including higher tariffs and restrictions affecting goods imported from certain regions where we have a concentration of sourcing and manufacturing. Recent judicial, regulatory, and administrative developments regarding tariffs imposed under the International Emergency Economic Powers Act and other authorities have increased uncertainty related to both our future duty costs and potential recovery of previously paid duties. The US Customs and Border Protection have announced a phased process for submitting refund requests; however, the availability, timing, and amount of any refunds remain uncertain. As of March 31, 2026, we have not recognized any amounts related to potential tariff refunds or other recoveries. We continue to monitor developments and pursue mitigation strategies, including selective pricing actions, inventory and sourcing management, supplier diversification, and negotiating cost-sharing arrangements; however, we may be unable to offset tariff-related cost impacts, which could materially and adversely affect our gross margin and demand for our products. Brand and Omnichannel Strategy •We are focused on increasing global consumer awareness, cultural relevance, and adoption of our brands, which has contributed positively to our results of operations. Our global brand growth strategy seeks to drive adoption through product innovation and marketing investments across geographies and channels, while enhancing the customer experience through category expansion and loyalty-driven engagement. •We continue to manage marketplace inventory through product segmentation and differentiation. During the current period, promotional activity slightly increased compared to exceptionally low levels in the prior period; however, we continued to achieve high levels of full-price sell through by aligning product assortments with marketplace demand. These efforts contributed to largely maintaining our gross margin compared to the prior period, even as the retail environment became more promotional. We may not realize similar gross margin benefits in our fiscal year ending March 31, 2027 (next fiscal year) due to various factors, including the macroeconomic and geopolitical factors discussed above and the potential impact from our pricing strategies. •Our long-term strategy is to grow our DTC channel to represent a larger portion of our total net sales by differentiating the consumer experience relative to the wholesale channel and driving consumer acquisition and retention. We are investing in e-commerce platform upgrades, data analytics, consumer experience initiatives, and selective global retail store expansion. We expect growth in our DTC channel’s net sales to continue to positively impact our gross margin; however, as we also seek to expand distribution with wholesale partners to drive brand awareness and Table of Contents                                                                                                                                                        34 market share, our wholesale channel may represent a larger portion of our net sales in certain periods, which could pressure gross margin in those periods. •We are pursuing growth strategies for the HOKA brand and UGG brand to grow international sales to represent a larger portion of our total net sales. We continue to selectively expand our HOKA brand presence through additional wholesale partner locations and targeted DTC channel retail store expansion. We are also investing in regions that provide influential market presence to build brand awareness, including through the launch of our US HOKA brand loyalty program during fiscal year 2026. We expect to continue investing in the UGG brand and HOKA brand global loyalty programs. •We continue to take actions to reposition the Teva brand, including refocusing certain wholesale channel distribution toward outdoor and premium retail partners and emphasizing brand messaging around its outdoor-adventure heritage. Our efforts to reposition the Teva brand and our future results of operations remain uncertain. In particular, macroeconomic pressure on value‑oriented domestic wholesale consumers may continue to adversely affect Teva brand performance. Supply Chain •To support our growth, we continue to invest in our global distribution network, including our warehouses and DCs, as well as 3PLs. We also continue to diversify our independent manufacturers and the regions in which they operate; however, we maintain a significant concentration of sourcing and manufacturing in Southeast Asia. In addition, we are currently transitioning one of our international 3PLs to a new partner, which may create temporary operational risks. We expect to continue upgrading our global distribution network to continue meeting customer and consumer demand. Reportable Operating Segments Overview As of March 31, 2026, our three reportable operating segments include the worldwide operations of the HOKA brand, UGG brand, and Other brands. HOKA Brand. The HOKA brand is an authentic premium line of year-round performance footwear, which offers enhanced cushioning and inherent stability with minimal weight. Originally designed for ultra-runners, the brand now appeals to world champions, tastemakers, and everyday athletes. Expansion into additional product categories, elevated marketing campaigns, and investments in brand experiences, coupled with strategic marketplace presence have fueled both domestic and international sales growth of the HOKA brand, which has quickly become a leading brand within run and outdoor specialty wholesale accounts and is growing across its global marketplace. The HOKA brand’s product line includes running, trail, hiking, fitness, and lifestyle footwear offerings, as well as apparel and accessories. We believe demand for HOKA brand products will continue to be driven by the following: •Leading performance product innovation, a deep connection to culture and community, category expansion into apparel and lifestyle, and key franchise management, including consumer led product flow and strategic product lifecycle cadence. •Increased global brand awareness and new consumer adoption through enhanced global marketing activations and online consumer acquisition, including building a connected ecosystem through social media platforms, e-commerce, and retail. •Thoughtful and strategic distribution choices, allowing the HOKA brand access and introduction to a broader, more diverse, consumer base. •Strategic investment in scaling lifestyle footwear, apparel, and accessories. UGG Brand. The UGG brand is one of the most iconic and recognized brands in our industry, which highlights our successful track record of building niche brands into consumer-focused fashion lifestyle market leaders. Born on the California coast to warm surfers after they caught and rode the waves, we create iconic products and experiences that are made for people [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2026 MD&A: /company/DECK/mda/fy2026/ All MD&A years: /company/DECK/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2025 MD&A](/company/DECK/mda/fy2025/): filed 2025-05-23; accession 0000910521-25-000017 (https://www.sec.gov/Archives/edgar/data/910521/000091052125000017/deck-20250331.htm) - [FY 2024 MD&A](/company/DECK/mda/fy2024/): filed 2024-05-24; accession 0000910521-24-000017 (https://www.sec.gov/Archives/edgar/data/910521/000091052124000017/deck-20240331.htm) - [FY 2023 MD&A](/company/DECK/mda/fy2023/): filed 2023-05-26; accession 0000910521-23-000016 (https://www.sec.gov/Archives/edgar/data/910521/000091052123000016/deck-20230331.htm) - [FY 2022 MD&A](/company/DECK/mda/fy2022/): filed 2022-05-27; accession 0000910521-22-000017 (https://www.sec.gov/Archives/edgar/data/910521/000091052122000017/deck-20220331.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 3021 Rubber & Plastics Footwear) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index - [TCU](/indicator/TCU/): Capacity Utilization: Total Index - [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities - [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate - [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private - [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/DECK.md · JSON record: /company/DECK.json · verified financials: /company/DECK/financials.json / /company/DECK/financials.csv · machine TOC for the whole site: /llms.txt