STEVEN MADDEN, LTD.SHOO
STEVEN MADDEN, LTD. Segments Disclosure
Note 18 – Operating Segment Information
The Company has determined its reportable operating segments based on the internal management structure used by the Company’s Chief Operating Decision Maker (or “CODM”), who is its Chief Executive Officer, to evaluate performance and allocate resources. This structure organizes the business into distinct categories based on product types and sales channels. The Company’s reportable operating segments consist of the following:
•Wholesale Footwear. This segment designs, sources, and markets our brands and sells our products, consisting of footwear, to department stores, mass merchants, off-price retailers, shoe chains, online retailers, national chains, specialty retailers, independent stores, and clubs throughout the United States, the United Kingdom, Europe, Canada, Mexico, and through our joint ventures and international distributor network.
•Wholesale Accessories/Apparel. This segment designs, sources, and markets our brands and sells our products, primarily consisting of handbags and apparel, to department stores, mass merchants, off-price retailers, online retailers, specialty retailers, independent stores, and clubs throughout the United States, the United Kingdom, Europe, Canada, Mexico, and through our joint ventures and international distributor network.
•Direct-to-Consumer. This segment engages in the sale of footwear, handbags, apparel, and other accessories through Steve Madden, Kurt Geiger London, Dolce Vita, and Carvela full-price retail stores, Steve Madden, Kurt Geiger London, and Carvela outlet stores, directly-operated e-commerce platforms, directly-operated concessions in international markets, and also operates third-party concessions in luxury and premium department stores primarily in the UK. We operate retail locations in regional malls and shopping centers, as well as high streets in various cities across the United States, the United Kingdom, Europe, Canada, and Mexico, as well as through our joint ventures in international markets.
•Licensing. This segment engages in the licensing of the Steve Madden®, Betsey Johnson® and Kurt Geiger® trademarks for use in the sale of select apparel, accessories, and home categories as well as various other non-core products.
In addition, the Company has certain corporate-related costs (“Corporate costs” or “Corporate”) that are not directly attributable to its reportable operating segments. Accordingly, these corporate-related costs do not constitute a reportable segment. These costs are primarily associated with corporate executives, corporate finance, corporate social responsibility, legal, human resources, information technology, cybersecurity, and other shared services.
The Company’s CODM evaluates financial performance based primarily on gross profit and income from operations for each reportable operating segment. Gross profit is defined as revenue less cost of goods sold. Income from operations is defined as profit or loss from operations before interest and other income, net and income taxes. Gross profit is a key measure for assessing the efficiency of the segment in producing its products or services, focusing on the direct costs associated with production. Income from operations is a key measure for understanding the overall financial performance of each segment, taking into account both direct operational costs and indirect expenses. These measures are used together to evaluate segment performance and determine the appropriate allocation of resources to each segment.
The Company’s CODM does not evaluate the financial performance of each segment based on its respective assets or capital expenditures, and therefore, the Company does not report this information.
The following tables set forth information related to the Company's segments:
| (in thousands) | Wholesale Footwear | Wholesale Accessories/Apparel | Direct-to- Consumer | Licensing | Total(1) | ||||||||||||||||||||||||
| For the Year Ended December 31, 2025 | |||||||||||||||||||||||||||||
| Total revenue | $ | 1,035,190 | $ | 640,662 | $ | 845,666 | $ | 12,591 | $ | 2,534,109 | |||||||||||||||||||
Less: Cost of sales(2) | 688,620 | 444,430 | 351,590 | — | 1,484,640 | ||||||||||||||||||||||||
| Gross profit | 346,570 | 196,232 | 494,076 | 12,591 | 1,049,469 | ||||||||||||||||||||||||
Less: Change in valuation of contingent payment liability(2) | (259) | (4,415) | (906) | — | (5,580) | ||||||||||||||||||||||||
Less: Impairment of intangibles(2) | — | 6,300 | — | — | 6,300 | ||||||||||||||||||||||||
Less: Salaries and related expense(2) | 75,063 | 57,957 | 119,714 | 1,003 | 253,737 | ||||||||||||||||||||||||
Less: Other segment items(3) | 117,181 | 79,226 | 409,664 | 973 | 607,044 | ||||||||||||||||||||||||
| Income/(loss) from operations | $ | 154,585 | $ | 57,164 | $ | (34,396) | $ | 10,615 | $ | 187,968 | |||||||||||||||||||
(2) The significant expense categories and amounts align with segment-level information that is regularly provided to the CODM.
(3) Other segment items in the Wholesale Footwear, Wholesale Accessories/Apparel, and Direct-to-Consumer segments consist of the following: warehouse and shipping, advertising and promotion, occupancy, depreciation and amortization, certain transaction related costs, and other miscellaneous costs. Other segment items in the Licensing segment consists of advertising and promotion and other miscellaneous costs.
| (in thousands) | Wholesale Footwear | Wholesale Accessories/Apparel | Direct-to- Consumer | Licensing | Total(1) | ||||||||||||||||||||||||
| For the Year Ended December 31, 2024 | |||||||||||||||||||||||||||||
| Total revenue | $ | 1,059,440 | $ | 662,673 | $ | 550,153 | $ | 10,661 | $ | 2,282,927 | |||||||||||||||||||
Less: Cost of sales(2) | 692,839 | 449,676 | 203,480 | — | 1,345,995 | ||||||||||||||||||||||||
| Gross profit | 366,601 | 212,997 | 346,673 | 10,661 | 936,932 | ||||||||||||||||||||||||
Less: Change in valuation of contingent payment liability(2) | — | 2,722 | — | — | 2,722 | ||||||||||||||||||||||||
Less: Impairment of intangibles(2) | — | 8,635 | 1,700 | — | 10,335 | ||||||||||||||||||||||||
Less: Salaries and related expense(2) | 70,727 | 53,074 | 74,910 | 1,221 | 199,932 | ||||||||||||||||||||||||
Less: Other segment items(3) | 104,662 | 58,132 | 239,093 | 379 | 402,266 | ||||||||||||||||||||||||
| Income from operations | $ | 191,212 | $ | 90,434 | $ | 30,970 | $ | 9,061 | $ | 321,677 | |||||||||||||||||||
(2) The significant expense categories and amounts align with segment-level information that is regularly provided to the CODM.
(3) Other segment items in the Wholesale Footwear, Wholesale Accessories/Apparel, and Direct-to-Consumer segments consist of the following: warehouse and shipping, advertising and promotion, occupancy, depreciation and amortization, and other miscellaneous costs. Other segment items in the Licensing segment consists of advertising and promotion and other miscellaneous costs.
| (in thousands) | Wholesale Footwear | Wholesale Accessories/Apparel | Direct-to- Consumer | Licensing | Total(1) | ||||||||||||||||||||||||
| For the Year Ended December 31, 2023 | |||||||||||||||||||||||||||||
| Total revenue | $ | 1,048,448 | $ | 416,532 | $ | 506,494 | $ | 10,108 | $ | 1,981,582 | |||||||||||||||||||
Less: Cost of sales(2) | 677,817 | 281,364 | 189,987 | — | 1,149,168 | ||||||||||||||||||||||||
| Gross profit | 370,631 | 135,168 | 316,507 | 10,108 | 832,414 | ||||||||||||||||||||||||
Less: Impairment of intangibles(2) | — | — | 6,502 | — | 6,502 | ||||||||||||||||||||||||
Less: Salaries and related expense(2) | 65,135 | 33,312 | 69,324 | 1,193 | 168,964 | ||||||||||||||||||||||||
Less: Other segment items(3) | 100,546 | 40,428 | 210,521 | 488 | 351,983 | ||||||||||||||||||||||||
| Income from operations | $ | 204,950 | $ | 61,428 | $ | 30,160 | $ | 8,427 | $ | 304,965 | |||||||||||||||||||
(1) There were no inter-segment revenue transactions during any of the periods presented, and therefore, total segment revenue represents consolidated revenue.
(2) The significant expense categories and amounts align with segment-level information that is regularly provided to the CODM.
(3) Other segment items in the Wholesale Footwear, Wholesale Accessories/Apparel, and Direct-to-Consumer segments consist of the following: warehouse and shipping, advertising and promotion, occupancy, depreciation and amortization, and other miscellaneous costs. Other segment items in the Licensing segment consists of advertising and promotion and other miscellaneous costs.
The following table reconciles total segment income from operations to income before provision for income taxes:
| Year Ended December 31, | |||||||||||||||||
| (in thousands) | 2025 | 2024 | 2023 | ||||||||||||||
| Total segment income from operations | $ | 187,968 | $ | 321,677 | $ | 304,965 | |||||||||||
| Corporate costs | (107,197) | (96,738) | (91,743) | ||||||||||||||
| Gain on derivative | 9,252 | — | — | ||||||||||||||
| Interest and other (expense) / income - net | (12,343) | 5,538 | 7,392 | ||||||||||||||
| Income before provision for income taxes | $ | 77,680 | $ | 230,477 | $ | 220,614 | |||||||||||
The following table presents capital expenditures by segment:
| Year Ended December 31, | |||||||||||||||||
| (in thousands) | 2025 | 2024 | 2023 | ||||||||||||||
| Wholesale Footwear | $ | 3,862 | $ | 3,146 | $ | 2,790 | |||||||||||
| Wholesale Accessories/Apparel | 2,218 | 212 | 141 | ||||||||||||||
| Direct-to-Consumer | 32,588 | 19,188 | 12,061 | ||||||||||||||
Corporate(1) | 3,990 | 3,365 | 4,478 | ||||||||||||||
| Total | $ | 42,658 | $ | 25,911 | $ | 19,470 | |||||||||||
(1) Corporate does not constitute a reportable segment and includes costs not directly attributable to the segments. These costs are primarily related to expenses associated with corporate executives, corporate finance, corporate social responsibility, legal, human resources, information technology, cybersecurity, and other shared services.
The following table presents depreciation and amortization by segment:
| Year Ended December 31, | |||||||||||||||||
| (in thousands) | 2025 | 2024 | 2023 | ||||||||||||||
| Wholesale Footwear | $ | 2,182 | $ | 2,934 | $ | 2,452 | |||||||||||
| Wholesale Accessories/Apparel | 2,313 | 4,465 | 2,569 | ||||||||||||||
| Direct-to-Consumer | 18,873 | 6,953 | 4,590 | ||||||||||||||
Corporate(1) | 10,069 | 5,658 | 5,890 | ||||||||||||||
| Total | $ | 33,437 | $ | 20,010 | $ | 15,501 | |||||||||||
(1) Corporate does not constitute a reportable segment and includes costs not directly attributable to the segments. These costs are primarily related to expenses associated with corporate executives, corporate finance, corporate social responsibility, legal, human resources, information technology, cybersecurity, and other shared services.
The following table summarizes revenues by geographic area:
| Year Ended December 31, | |||||||||||||||||
| (in thousands) | 2025 | 2024 | 2023 | ||||||||||||||
Domestic(1) | $ | 1,678,075 | $ | 1,858,725 | $ | 1,601,098 | |||||||||||
| International | 856,034 | 424,202 | 380,484 | ||||||||||||||
| Total | $ | 2,534,109 | $ | 2,282,927 | $ | 1,981,582 | |||||||||||
(1) Includes revenues of $299,224, $331,939, and $272,794, respectively, for the years ended 2025, 2024, and 2023, respectively, related to sales to U.S. customers where the title is transferred outside the U.S. and the sale is recorded by the Company's international entities.
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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 | |
| 2020 | Mar 16, 2021 | |
| 2019 | Mar 2, 2020 | |
| 2018 | Feb 28, 2019 | |
| 2017 | Mar 1, 2018 | |
| 2016 | Feb 28, 2017 | |
| 2015 | Feb 26, 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.