STEVEN MADDEN, LTD. Leases Disclosure
| As of December 31, | |||||||||||||||||
| (in thousands) | Balance Sheet Classification | 2025 | 2024 | ||||||||||||||
| Assets: | |||||||||||||||||
| Noncurrent | Operating lease right-of-use asset | $ | 235,855 | $ | 139,695 | ||||||||||||
| Liabilities: | |||||||||||||||||
| Current | Operating leases - current portion | $ | 58,827 | $ | 43,172 | ||||||||||||
| Noncurrent | Operating leases - long-term portion | 193,145 | 109,816 | ||||||||||||||
| Total operating lease liabilities | $ | 251,972 | $ | 152,988 | |||||||||||||
| Weighted-average remaining lease term | 5.6 years | 4.5 years | |||||||||||||||
| Weighted-average discount rate | 5.4 | % | 5.3 | % | |||||||||||||
| Years Ended December 31, | |||||||||||||||||
| (in thousands) | 2025 | 2024 | 2023 | ||||||||||||||
| Operating lease cost | $ | 65,152 | $ | 49,254 | $ | 41,539 | |||||||||||
| Variable lease cost | 2,610 | 4,007 | 4,532 | ||||||||||||||
| Short-term lease cost | 846 | — | — | ||||||||||||||
| Less: sublease income | 272 | 196 | 264 | ||||||||||||||
Total lease cost(1) | $ | 68,336 | $ | 53,065 | $ | 45,807 | |||||||||||
| Years Ended December 31, | |||||||||||
| (in thousands) | 2025 | 2024 | |||||||||
| Cash paid for amounts included in the measurement of lease liabilities: | |||||||||||
Operating cash flows used for operating leases(1) | $ | 65,328 | $ | 50,802 | |||||||
| Noncash transactions: | |||||||||||
| Right-of-use asset obtained in exchange for new operating lease liabilities | $ | 137,445 | $ | 62,541 | |||||||
Right-of-use asset noncash lease expense(1) | $ | 50,302 | $ | 45,629 | |||||||
| (in thousands) | |||||
| 2026 | $ | 71,155 | |||
| 2027 | 58,183 | ||||
| 2028 | 48,462 | ||||
| 2029 | 31,900 | ||||
| 2030 | 24,690 | ||||
| Thereafter | 58,573 | ||||
| Total minimum lease payments | 292,963 | ||||
| Less: imputed interest | 40,991 | ||||
| Total lease liabilities | $ | 251,972 | |||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 2, 2026 | Showing above |
| 2024 | Mar 3, 2025 | |
| 2023 | Mar 4, 2024 | |
| 2022 | Mar 1, 2023 | |
| 2021 | Mar 1, 2022 | |
| 2019 | Mar 2, 2020 | |
| 2018 | Feb 28, 2019 | |
| 2017 | Mar 1, 2018 | |
| 2016 | Feb 28, 2017 | |
| 2015 | Feb 26, 2016 | |
About Leases Disclosures
Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.
Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.