Deckers Outdoor (DECK) FY2025 results: revenue $5.0 billion, up 16.3% on the year

Deckers Outdoor Corp. (DECK) reported revenue of $5.0 billion for fiscal 2025, the year ended 31 March 2025, up 16.3% on the year before. Net income was $966 million, up 27.2%, and diluted earnings per share $6.33. The figures are the company's own, from the 10-K it filed with the SEC on 23 May 2025.

Revenue

$5.0 billion

+16.3% on the year

FY2018FY2025

Operating margin

23.6%

21.6% a year earlier

FY2018FY2025

Net income

$966 million

+27.2% on the year

FY2018FY2025

Diluted EPS

$6.33

+30.2% on the year

FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ million	FY2025	FY2024	FY2023	On the year
Revenue	4,986	4,288	3,627	+16.3%
Cost of revenue	2,100	1,902	1,802	+10.4%
Gross profit	2,886	2,385	1,825	+21.0%
Gross margin	57.9%	55.6%	50.3%
Research and development	56.7	49.2	38.7	+15.3%
Selling, general and administrative	1,707	1,458	1,173	+17.1%
Operating income	1,179	928	653	+27.1%
Operating margin	23.6%	21.6%	18.0%
Interest expense	3.5	2.6	3.4	+37.2%
Income tax	277	219	149	+26.4%
Net income	966	760	517	+27.2%
Net margin	19.4%	17.7%	14.2%
Diluted EPS	$6.33	$4.86	$3.23	+30.2%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2025	FY2024	FY2023	On the year
Operating cash flow	1,045	1,033	537	+1.1%
Capital expenditure	86.2	89.4	81.0	-3.6%
Free cash flow	958	944	456	+1.5%
Free cash flow margin	19.2%	22.0%	12.6%
Cash from investing	-75.0	-89.3	-81.0
Cash from financing	-581	-418	-309
Depreciation and amortisation	69.4	57.6	47.9	+20.4%
Share-based compensation	37.9	37.3	26.9	+1.8%
Buybacks	567	415	297	+36.6%
Diluted shares, weighted	153m	156m	160m	-2.3%
Shares outstanding at period end	150m	154m	157m	-2.2%

Balance sheet

$ million	FY2025	FY2024	FY2023	On the year
Shareholders' equity	2,513	2,107	1,766	+19.2%
Debt	0.0	0.0	0.0
Operating lease liabilities	223	213	196	+4.3%
Other liabilities	835	815	595	+2.4%
Total liabilities and equity	3,570	3,136	2,556	+13.9%
Fixed assets	326	302	267	+7.8%
Goodwill	14.0	14.0	14.0	0.0%
Intangible assets	15.7	27.1	37.5	-42.0%
Cash and equivalents	1,889	1,502	982	+25.8%
Receivables	333	297	302	+12.2%
Inventory	495	474	533	+4.4%
Other assets	498	519	422	-4.2%
Total assets	3,570	3,136	2,556	+13.9%

10-K for the year ended 31 March 2025, filed 23 May 2025: the filing.