New York, Feb 12, 2026, 19:26 ET — Trading after the bell
Shares of Crocs, Inc. surged roughly 19% in after-hours action on Thursday, changing hands most recently at $98.46. The casual-footwear company posted its quarterly numbers and shared its outlook heading into 2026.
This time, CROX is back in the spotlight—shares tend to swing hard after earnings, and the debate isn’t settled. Investors can’t agree: Is demand for Crocs just cooling off, or is something worse coming? Heydude, which is still the unpredictable part of the story, hasn’t cleared things up.
Crocs is pushing more product through its own websites and shops, dialing back reliance on wholesale, where demand has lagged. The main question on traders’ minds: does this channel shift actually shield margins, or is it just a temporary cover for weaker momentum?
Crocs reported a 3.2% drop in fourth-quarter revenue, bringing in $958 million, with adjusted (non-GAAP) diluted EPS at $2.29. Direct-to-consumer sales climbed 4.7%, but wholesale tumbled 14.5%. The Crocs brand managed a 0.8% uptick to $768 million; Heydude, on the other hand, slumped 16.9% to $189 million.
That topped the IBES numbers, where analysts had been looking for $1.90 per share on $922.3 million in revenue.
Chief Executive Andrew Rees said results for the holiday quarter topped expectations, adding that Crocs has mapped out roughly $100 million in cost cuts for 2026, even as it plans to keep putting money into both brands. The company disclosed it bought back around 6.5 million shares for $577 million in 2025 and reduced debt by $128 million.
Crocs is guiding for a first-quarter revenue drop of 3.5% to 5.5% from a year ago, with adjusted EPS pegged between $2.67 and $2.77. Looking further out, the company sees 2026 revenue anywhere from a 1% dip to a modest uptick, and expects adjusted EPS to land between $12.88 and $13.35—both ahead of Visible Alpha estimates, according to Investopedia.
The early read on 2026 isn’t inspiring—Heydude is set to decline once more, and North American demand looks shaky. Rees told analysts on the call that “no significant price changes” are baked in for North America. Executives also highlighted tariff pressures they’re working to counter by tweaking the supply chain. The Motley Fool
Crocs submitted its 8-K on Thursday, the document signed by CFO Patraic Reagan and attaching the earnings release as an exhibit, according to the filing.
Needham bumped its price target on Crocs up to $118 from $100, sticking with its buy call after earnings. The firm pointed to the solid results and what it described as upbeat guidance.
The real test comes next: Will Thursday’s post-earnings pop stick around when Friday’s regular session hits, Feb. 13? More broker notes will drop, traders will move past the headlines, and attention will shift to what’s actually happening with Crocs, Heydude, and wholesale trends.
