New York, Feb 13, 2026, 08:53 ET — Premarket
Crocs, Inc. (CROX) slipped 0.4% before the open Friday, landing at $98.05. That comes right after Thursday’s 19% rally, which left shares finishing at $98.46. In premarket moves, CROX has been bouncing between $97.80 and $98.50. 1
The quick jump matters—Crocs has landed in that uncomfortable stretch where investors look beyond the last quarter and start gaming out the next year. Shares rallied after a strong earnings report and a bullish profit outlook for 2026, leaving traders debating: was Thursday’s surge a genuine reset, or just a blip? 2
Chief Executive Andrew Rees said the company has “identified and actioned $100 million of cost savings in 2026” and is still putting money behind the Crocs and HeyDude brands. For 2025, Crocs flagged roughly $700 million in operating cash flow. The company also bought back 6.5 million shares for $577 million over the year and chipped away at its debt, paying down $128 million. 3
Crocs reported in an SEC filing that fourth-quarter revenue dropped 3.2% to $958 million. Direct-to-consumer sales climbed 4.7%, but wholesale business to outside retailers sank 14.5%. Adjusted earnings per share came in at $2.29 after certain exclusions. HeyDude revenue—hit by a 40.5% plunge in wholesale—fell 16.9%. For 2025, Crocs logged a diluted per-share loss of $1.50, reflecting non-cash write-downs on the HeyDude trademark ($430 million) and goodwill ($307 million). Adjusted EPS was $12.51. 4
Crocs is projecting a first-quarter revenue drop of between 3.5% and 5.5% compared to last year, with adjusted EPS coming in at $2.67 to $2.77. HeyDude sales, the company estimates, will fall somewhere in the 15% to 18% range. For the full year, Crocs anticipates revenue staying about flat, and it’s calling for adjusted EPS of $12.88 to $13.35, according to MarketWatch. 5
Stifel reiterated its Hold rating on the stock, sticking with a $90 price target. The firm’s thesis? That there’s still a push-pull between how aggressively the company promotes its products and how fast revenue can grow. Stifel also pointed out the premarket move reflects a valuation of about seven times projected 2026 earnings — a price-to-earnings ratio investors often use to size up profit expectations. 6
Stock futures in the U.S. slipped a bit before the bell, coming off a stretch packed with earnings and as traders eyed new economic numbers. Crocs, known for volatile moves when it issues guidance, remains sensitive to what’s happening across the market. 7
Still, the forecast kicks off with a sales decline for the first quarter, plus another sharp tumble at HeyDude—the brand Crocs is working to steady. Should discounting accelerate or wholesale partners remain wary with their orders, that 2026 margin boost gets tougher to secure.
The earnings release and outlook showed up in a Form 8-K filed Thursday. 8
When the bell rings at 9:30 a.m. ET, Crocs heads straight into the spotlight as investors weigh just how much of Thursday’s surge holds up. Up ahead: the company’s first-quarter results, slated for May 13, according to the Wall Street Journal’s earnings calendar. 9
