Crocs, Inc.CROX

Crocs, Inc. Revenue Disclosure

10-KFiled Feb 12, 20262 min read
REVENUES
Revenues by reportable operating segment and by channel were:
Year Ended December 31,
202520242023
Crocs Brand:
North America:
Wholesale$584,677 $644,511 $652,943 
Direct-to-consumer1,124,958 1,188,911 1,124,942 
Total North America (1)
1,709,635 1,833,422 1,777,885 
International:
Wholesale1,014,697 963,035 840,594 
Direct-to-consumer601,475 481,510 394,475 
Total International1,616,172 1,444,545 1,235,069 
Total Crocs Brand$3,325,807 $3,277,967 $3,012,954 
Crocs Brand:
Total Wholesale$1,599,374 $1,607,546 $1,493,537 
Total Direct-to-consumer1,726,433 1,670,421 1,519,417 
Total Crocs Brand3,325,807 3,277,967 3,012,954 
HEYDUDE Brand:
Wholesale336,325 456,472 566,937 
Direct-to-consumer378,515 367,669 382,456 
Total HEYDUDE Brand (2)
714,840 824,141 949,393 
Total consolidated revenues$4,040,647 $4,102,108 $3,962,347 
(1) North America includes the United States and Canada.
(2) The vast majority of HEYDUDE Brand revenues are derived from North America.

Contract Liabilities

Contract liabilities consist of advance cash deposits received from wholesale customers to secure product orders in connection with selling seasons and payments received in advance of delivery. As products are shipped and control transfers, we recognize the deferred revenue in ‘Revenues’ in the consolidated statements of operations. At December 31, 2025, we did not record any deferred revenues, and at December 31, 2024, we recorded an insignificant amount of deferred revenues associated with advance customer deposits in ‘Accrued expenses and other liabilities’ in the consolidated balance sheets.

Refund Liabilities

Refund liabilities, primarily associated with product sales returns, are estimated based on an analysis of historical experience, and adjustments to our estimates are made when the expected value changes. At December 31, 2025, and 2024, $38.0 million and $34.3 million, respectively, of refund liabilities, primarily associated with product returns, were reported in ‘Accrued expenses and other liabilities’ in the consolidated balance sheets.
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Historical Timeline

Fiscal YearFiled
2025Feb 12, 2026Showing above
2024Feb 13, 2025
2023Feb 15, 2024
2022Feb 16, 2023
2021Feb 16, 2022
2020Feb 23, 2021
2019Feb 27, 2020
2018Feb 28, 2019

About Revenue Disclosures

Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.

Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.

Other Available Disclosures

Income TaxesEarnings Per ShareFair ValuePP&EGoodwill & IntangiblesLeasesSegmentsDebtCommitmentsStock CompensationNew StandardsPay vs Performance