Steven Madden (SHOO) FY2025 results: revenue $2.5 billion, up 11.0% on the year
Steven Madden, Ltd. (SHOO) reported revenue of $2.5 billion for fiscal 2025, the year ended 31 December 2025, up 11.0% on the year before. Net income was $49 million, down 72.1%, and diluted earnings per share $0.63. The figures are the company's own, from the 10-K it filed with the SEC on 2 March 2026.
Revenue
$2.5 billion
+11.0% on the year
FY2018FY2025
Operating margin
3.2%
9.9% a year earlier
FY2018FY2025
Net income
$49 million
-72.1% on the year
FY2018FY2025
Diluted EPS
$0.63
-73.2% on the year
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 1 new.
Q4 revenue rose 29.4%: Fourth quarter revenue was $753.7 million, up from $582.3 million a year earlier. Net sales were $749.8 million in the quarter against $578.8 million.
Q4 GAAP diluted EPS was $0.32: Fourth quarter diluted EPS on a GAAP basis was $0.32, against $0.49 a year earlier. Adjusted diluted EPS was $0.48, against $0.55.
Wholesale revenue rose 7.5%: Wholesale revenue was $433.3 million in the fourth quarter. Excluding Kurt Geiger, wholesale revenue declined 2.6%.
Direct-to-consumer revenue rose 79.9%: Direct-to-consumer revenue was $316.6 million in the fourth quarter. Excluding Kurt Geiger, direct-to-consumer revenue increased 1.6%.
Adjusted gross margin rose to 43.8%: Adjusted gross margin was 43.8%, against 40.4%. GAAP gross margin was 42.4%. Adjustments included $10.1 million of inventory purchase accounting from acquired businesses.
$ million except per share. Read moreFree 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
Last 8 years
Operating cash flow
162
198
229
-18.1%
Capital expenditure
42.7
25.9
19.5
+64.6%
Free cash flow
120
172
210
-30.6%
Free cash flow margin
4.7%
7.5%
10.6%
Cash from investing
-401
-39.5
-99.9
Cash from financing
157
-168
-201
Depreciation and amortisation
33.4
20.0
15.5
+67.1%
Share-based compensation
29.6
26.5
24.1
+11.7%
Buybacks
13.5
98.4
142
-86.3%
Dividends paid
61.0
61.0
63.2
-0.1%
Dividend per share
$0.84
$0.84
$0.84
0.0%
Diluted shares, weighted
71m
72m
75m
-1.1%
Shares outstanding at period end
73m
72m
74m
+0.7%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
866
848
830
+2.2%
Non-controlling interest
37.6
28.3
18.4
+32.9%
Debt
234
0.0
0.0
Operating lease liabilities
193
110
98.5
+75.9%
Other liabilities
583
426
401
+36.9%
Total liabilities and equity
1,914
1,412
1,348
+35.6%
Fixed assets
116
57.4
47.2
+101.8%
Goodwill
255
184
180
+38.5%
Intangible assets
281
113
126
+148.1%
Investments
0.0
13.5
15.2
Cash and equivalents
112
190
205
-40.8%
Receivables
7.1
4.7
4.8
+52.4%
Inventory
417
258
229
+61.9%
Other assets
726
592
541
+22.7%
Total assets
1,914
1,412
1,348
+35.6%
10-K for the year ended 31 December 2025, filed 2 March 2026: the filing.