Crocs, Inc.CROX
Crocs, Inc. Segments Disclosure
OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION
We have two reportable operating segments: the Crocs Brand and the HEYDUDE Brand. Each of the reportable operating segments derives its revenues from the sale of footwear and accessories to external customers.
Additionally, ‘Enterprise corporate’ costs include global corporate costs associated with both brands, including legal, information technology, human resources, and finance.
Each segment’s performance is evaluated based on segment results without allocating Enterprise corporate expenses. Segment profits or losses include adjustments to eliminate inter-segment sales. Reconciling items between segment income from operations and income from operations consist of unallocated Enterprise corporate expenses. Our chief operating decision maker is Andrew Rees, Chief Executive Officer. Mr. Rees uses income from operations as a measure of profit or loss. Mr. Rees considers the performance of these measures against management expectations when making decisions about the allocation of operating and capital resources to each segment.
We do not report asset information by segment because that information is not used to evaluate performance or allocate resources between segments.
The following tables set forth information related to reportable operating segments:
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| (in thousands) | |||||||||||||||||
Crocs Brand: | |||||||||||||||||
| Revenues | $ | 3,325,807 | $ | 3,277,967 | $ | 3,012,954 | |||||||||||
Cost of sales | 1,287,447 | 1,258,727 | 1,205,670 | ||||||||||||||
Selling, general and administrative expenses | 926,681 | 837,228 | 727,954 | ||||||||||||||
Income from operations (1) | 1,111,679 | 1,182,012 | 1,079,330 | ||||||||||||||
HEYDUDE Brand: | |||||||||||||||||
Revenues | 714,840 | 824,141 | 949,393 | ||||||||||||||
Cost of sales | 394,805 | 430,893 | 531,414 | ||||||||||||||
Selling, general and administrative expenses | 251,890 | 250,406 | 205,593 | ||||||||||||||
| Asset impairments | 737,000 | 5,441 | — | ||||||||||||||
Income from operations (1) | (668,855) | 137,401 | 212,386 | ||||||||||||||
Total segment income from operations | $ | 442,824 | $ | 1,319,413 | $ | 1,291,716 | |||||||||||
Reconciliation of segment income from operations to income before income taxes: | |||||||||||||||||
Enterprise corporate costs (1) | (293,309) | (297,502) | (254,933) | ||||||||||||||
| Foreign currency gains (losses), net | 9,843 | (6,777) | (1,240) | ||||||||||||||
| Interest income | 1,844 | 3,484 | 2,406 | ||||||||||||||
| Interest expense | (88,287) | (109,264) | (161,351) | ||||||||||||||
| Other income (expense), net | 63 | 1,231 | (326) | ||||||||||||||
| Income before income taxes | $ | 72,978 | $ | 910,585 | $ | 876,272 | |||||||||||
Depreciation and amortization: (2) | |||||||||||||||||
Crocs Brand | $ | 40,387 | $ | 35,165 | $ | 31,950 | |||||||||||
HEYDUDE Brand | 23,151 | 19,353 | 14,200 | ||||||||||||||
| Enterprise corporate | 15,744 | 15,322 | 8,154 | ||||||||||||||
| Total consolidated depreciation and amortization | $ | 79,282 | $ | 69,840 | $ | 54,304 | |||||||||||
(1) In the first quarter of 2024, to reflect a change in the way management evaluates segment performance, makes operating decisions, and allocates resources, we made changes to segment profitability related to certain foreign currency amounts impacting cost of sales. These amounts have shifted costs or benefits that were previously presented in each of our reportable segments to ‘Enterprise corporate.’ We believe that the impact of these changes on prior periods is insignificant to each segment and thus have not recast prior periods.
(2) The amounts of depreciation and amortization disclosed by reportable segment and ‘Enterprise corporate’ are included within ‘Cost of sales’ and ‘Selling, general and administrative expenses.’
There were no customers who represented 10% or more of consolidated revenues during the years ended December 31, 2025, 2024, and 2023. The following table sets forth certain geographical information regarding our consolidated revenues for the periods as shown:
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| (in thousands) | |||||||||||||||||
| Location: | |||||||||||||||||
| United States | $ | 2,260,656 | $ | 2,482,218 | $ | 2,573,663 | |||||||||||
International (1) | 1,779,518 | 1,619,890 | 1,388,684 | ||||||||||||||
| Total revenues | $ | 4,040,647 | $ | 4,102,108 | $ | 3,962,347 | |||||||||||
(1) No individual international country represented 10% or more of consolidated revenues in any of the years presented.
The following table sets forth geographical information regarding property and equipment assets as of the dates shown:
| December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| (in thousands) | |||||||||||
| Location: | |||||||||||
| United States | $ | 194,714 | $ | 205,166 | |||||||
International (1) | 43,477 | 39,169 | |||||||||
| Total property and equipment, net | $ | 238,191 | $ | 244,335 | |||||||
(1) As of December 31, 2025, and 2024, property and equipment, net in the Netherlands represented approximately 10% of consolidated property and equipment, net, comprised primarily of property and equipment related to the distribution center in Dordrecht. No other individual international country represented 10% or more of consolidated property and equipment, net in any of the years presented.
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 12, 2026 | Showing above |
| 2024 | Feb 13, 2025 | |
| 2023 | Feb 15, 2024 | |
| 2022 | Feb 16, 2023 | |
| 2021 | Feb 16, 2022 | |
| 2020 | Feb 23, 2021 | |
| 2019 | Feb 27, 2020 | |
| 2018 | Feb 28, 2019 | |
| 2017 | Feb 28, 2018 | |
| 2016 | Mar 1, 2017 | |
| 2015 | Feb 29, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.