Total Revenue

17% increase (from $825.347M in Q1 2025 to $964.5M in Q1 2026) " "

Revenue growth is driven by strong performance in core brands and channels—building on FY 2025 trends—with robust global demand, pricing strategies, and expanded wholesale and direct-to-consumer initiatives contributing to the overall increase. " " " "

HOKA Brand

N/A (accounted for $653.1M, approximately 68% of total revenue) "

HOKA’s leading performance continues due to sustained global consumer demand and expanded distribution channels, mirroring its past momentum from FY 2025 that helped drive overall revenue growth. " " " "

UGG Brand

N/A (reported at $265.1M) "

UGG’s steady revenue reflects ongoing product innovation, strategic pricing, and brand strength, building on the incremental improvements observed in prior periods. " " " "

Other Brands

19% decline YoY (from $57.2M in Q1 2025 to $46.3M in Q1 2026) " "

Other Brands faced challenges previously from strategic shifts—such as the sale of the Sanuk brand and difficulties in the Teva segment—that resulted in lower domestic demand; however, recent quarterly trends show a sequential rebound even though YoY performance remains lower. " " "

Revenue ($USD)

Q2 2026

$890 million to $910 million "

$1,380,000,000 to $1,420,000,000 " "

raised

Gross Margin (%)

Q2 2026

Down approximately 250 basis points versus last year "

53.5% to 54% " "

no change

SG&A (% of Revenue)

Q2 2026

Expected to increase slightly faster than revenue "

Approximately 33.5% " "

no prior guidance

Diluted EPS ($USD)

Q2 2026

$0.62 to $0.67 "

$1.50 to $1.55 " "

raised

International Growth & Market Expansion

Previous calls (Q2–Q4 2025) consistently highlighted aggressive international revenue growth, expanding brand awareness, and new retail initiatives for both HOKA and UGG – with significant increases noted (e.g., 39%–50% growth, new flagship stores, and strategic wholesale expansion). " " " " "

In Q1 2026, international revenue growth accelerated with a 50% increase, strong performance by HOKA (20% increase to $653 million) and UGG outpacing U.S. growth, along with new retail openings and appointment of a global head of retail. " " "

The focus on expanding internationally is consistent and now features even bolder revenue figures and proactive retail leadership, reinforcing robust momentum.

Effective Pricing Power & Margin Management

Q2–Q4 2025 discussions emphasized effective use of pricing power – introducing higher-priced products helped improve margins in Q2, and Q3 noted high full‑price selling while Q4 outlined selective, staggered price increases to mitigate tariff and cost challenges. " " " " " " " "

In Q1 2026, price increases implemented since July were noted, yet gross margins slipped to 55.8% due to unfavorable channel mix, increased promotions, and rising costs; the company continued to leverage pricing power while managing cost headwinds. " " "

The strategy remains focused on pricing and margin management, though current sentiment is more cautious as external cost pressures intensify.

Tariff & Input Cost Pressures

While Q4 2025 mentioned anticipated tariff costs (up to $150 million) and concerns over input cost pressures with cost-sharing efforts, and Q2 2025 acknowledged uncertainty combined with freight headwinds, Q3 offered little detail. " " " "

In Q1 2026, the company provided definitive figures indicating a $185 million unmitigated tariff impact, alongside clear commentary on rising input costs and inflation pressures, prompting strategic price adjustments and cost-sharing measures. " " "

The topic has evolved from cautious anticipation to a more concrete and heightened focus on managing increased tariff and input cost pressures.

Channel Strategy (US DTC vs Wholesale)

Across Q2–Q4 2025, Deckers described a balanced channel mix – with intentions of a 50‑50 split, selective wholesale expansion, robust growth in both DTC and wholesale channels internationally, and measured inventory management to support each channel. " " " " " "

In Q1 2026, the strategy continues with strong wholesale performance both domestically and internationally, while U.S. DTC remains under pressure; expectations include achieving more balanced growth in Q2 as improvements are pursued in the DTC channel. " " " "

The underlying approach is stable; however, current sentiment shows a slight shift toward wholesale strength with a focus on improving U.S. DTC performance.

Inventory Management & Promotional Activity

Q2–Q4 2025 communications noted increased inventory in the channel, lean inventory strategies (especially for UGG), and an anticipation of more normalized, higher levels of promotional activity due to new product rollouts and model changeovers. " " " " " " " "

Q1 2026 reported a 13% increase in inventory year-over-year and acknowledged higher promotional activity compared to the previous fiscal year, partly due to tariff mitigation and planned model transitions; overall, the focus remains on balancing inventory build and promotional normalization. " " " " "

Inventory levels are deliberately rising as a strategic measure, with promotional activity now returning to more typical levels compared to the exceptional prior year.

Product Innovation & Pipeline Evolution

Q2–Q4 2025 consistently underscored a robust pipeline – with HOKA unveiling new, higher‑priced products and category‑defining updates (e.g., Bondi 9, Cielo X1, Skyward models) and UGG advancing core franchises, setting a clear roadmap into Spring/Summer 2026. " " " " " "

In Q1 2026, the company continued to emphasize product innovation with upcoming launches such as Maffate Five, Mach Seven, and additional signature models; efforts to further segment the market and enhance both DTC and wholesale propositions were highlighted. " " "

Innovation remains a steadfast priority with a strong, evolving pipeline that sustains momentum and market responsiveness, reinforcing the brands' competitive edge.

Brand Performance & Consumer Demand

In Q2–Q4 2025, both HOKA and UGG demonstrated strong revenue growth and robust consumer demand – highlighted by record quarterly sales, increased brand awareness in the U.S. and internationally, and a strategic balance across channels to capture consumer trends. " " " " " " " " "

Q1 2026 saw record quarterly revenue for HOKA and UGG delivering their largest quarters ever, a continued strong global consumer demand with notable shifts toward in‑person retail in the U.S., and an overall resilient performance in both domestic and international markets. " " "

The brands continue to excel with record results and sustained consumer demand, although there is increased attention to consumer price sensitivity and evolving shopping behaviors.

Foreign Exchange & Global Economic Uncertainty

Q2–Q4 2025 presentations mentioned mixed FX effects – with minor benefits in Q2, some negative impacts noted in Q4, and Q3 forecasting an FX headwind while underscoring broader macroeconomic uncertainties including trade policies and consumer sentiment. " " " " " " " "

In Q1 2026, favorable foreign exchange rates contributed approximately 130 basis points to gross margin and provided SG&A benefits, yet concerns persist over global economic uncertainty, tariff-related risks, and broader macro challenges affecting consumer behavior. " " " "

While FX provided a short‑term boost, ongoing global economic uncertainty and tariff concerns continue to loom, maintaining a mixed sentiment overall.

Financial Health & Strategic Share Repurchases

From Q2–Q4 2025, Deckers repeatedly highlighted its strong, debt‑free balance sheet, abundant cash (ranging from $1.23 billion to $2.2 billion), and active share repurchase programs with significant authorized amounts and frequent repurchases reinforcing capital allocation strategies. " " " "

In Q1 2026, the company maintained its strong financial position with $1.7 billion in cash, repurchased approximately $183 million worth of shares, and continued to have ample share repurchase authorization, underscoring robust profitability and disciplined capital allocation. " "

The financial health remains consistently strong with active and strategic share repurchase initiatives, reflecting a stable and positive capital return outlook.