New York, Feb 12, 2026, 19:26 ET — After-hours
Crocs, Inc. shares jumped about 19% in after-hours trading on Thursday, last at $98.46, after the casual-footwear maker reported quarterly results and laid out its 2026 outlook.
The move matters now because CROX has a habit of lurching around earnings, with investors split on whether demand is simply normalising or rolling over. Heydude, the company’s smaller brand, is still a wild card.
Crocs has leaned harder into selling direct — through its own sites and stores — while wholesale orders have been softer. The question for traders is whether that mix shift protects margins, or just hides a slowdown for a quarter or two.
Crocs said fourth-quarter revenue fell 3.2% to $958 million and adjusted (non-GAAP) diluted earnings per share were $2.29. Direct-to-consumer revenue rose 4.7% while wholesale revenue fell 14.5%; the Crocs brand grew 0.8% to $768 million as Heydude slid 16.9% to $189 million. (SEC)
The results beat IBES — a database of analyst forecasts — which showed estimates of $1.90 a share and $922.3 million in revenue, respectively. (TradingView)
Chief Executive Andrew Rees said the holiday quarter came in better than expected and said Crocs had identified about $100 million of cost savings for 2026 while still investing in both brands. The company also said it repurchased about 6.5 million shares for $577 million in 2025 and paid down $128 million of debt. (Crocs Investors)
Crocs forecast first-quarter revenue down 3.5% to 5.5% from a year earlier and adjusted EPS of $2.67 to $2.77. For full-year 2026, it projected revenue from a 1% decline to a slight gain and adjusted EPS of $12.88 to $13.35, both ahead of analyst consensus tracked by Visible Alpha, Investopedia reported. (Investopedia)
But the outlook still points to a weak start to 2026, with Heydude planned down again and North America under pressure. On the earnings call, Rees said there were “no significant price changes” implied in North America, and executives flagged tariff headwinds they are trying to offset through supply-chain work. (The Motley Fool)
Crocs filed the results in an 8-K on Thursday, which was signed by CFO Patraic Reagan and included the earnings press release as an exhibit, the filing showed. (SEC)
Needham raised its price target on Crocs to $118 from $100 and reiterated a buy rating after the report, citing the beat and the tone of the guidance. (TipRanks)
The next test is simple: whether the post-earnings jump holds into Friday’s regular session, Feb. 13, once more brokers publish notes and traders stop reacting to headlines and start digging into the mix of Crocs, Heydude, and wholesale trends.
