At a glance
Crocs Inc is worth $5.47B. Revenue fell 1.5% to $4.04B in fiscal 2025, at a loss; over 5 years it has grown 23.9% a year. It pays no dividend; it spent $2.31B buying back its shares over FY2021–FY2025. The stock returned +38.0% over the past year with dividends reinvested and −5.2% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 72.3% in the 2020 crash (S&P 500: 33.7%) and 65.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 5 months and 10 months after the lows.
The business in plain English
Crocs, Inc. designs and sells casual footwear and accessories under two brands. The Crocs Brand centers on its molded Classic Clog, plus sandals and Jibbitz charms that let buyers personalize their shoes. Most Crocs shoes use Croslite, a proprietary material that keeps them soft and light. HEYDUDE is known for its Wally and Wendy loafers, which slip on and off easily, and is branching into sneakers, boots, sandals and dress-casual shoes.
Crocs earns money by selling to retailers and distributors (wholesale), through its own stores, and directly online through its websites and third-party marketplaces. Digital sales, which include wholesale sales to online retailers, made up 37.8% of 2025 revenue. Crocs relies solely on third-party factories outside the U.S. to make its products. It promotes its brands through social media and partnerships such as Pokémon, MLB and Hello Kitty.
In the fiscal year ended December 31, 2025, revenue totaled $4.04 billion. The Crocs Brand supplied $3.33 billion (82.3%) and HEYDUDE $715 million (17.7%). The U.S. made up 55.9% of sales. International sales rose to 48.6% of Crocs Brand revenue, up from 41.0% in 2023, and the company names six priority markets for the brand: China, India, Japan, South Korea, the U.S. and Western Europe. For HEYDUDE, the main focus is stabilizing U.S. sales.
Price history
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CROX +38.0% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Crocs Brand | $3.33B | 82.3% |
| HEYDUDE Brand | $714.8M | 17.7% |
By geography
| United States | $2.26B | 55.9% |
| International | $1.78B | 44% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $1.04B, up 4.6% from a year earlier, and net income was $216.8M (+48.6%).
- For fiscal 2025, revenue was $4.04B (-1.5% year over year; +23.9% a year from FY2020 to FY2025) with a -2% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +23.9% good |
|---|---|
| Operating margin | 3.7% weak |
| Free cash flow margin | 16.3% good |
| Return on equity (FY2025) | -6.3% weak |
| Return on assets (FY2025) | -1.9% weak |
| Net cash (cash minus debt) | $-1.13B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.39B | $312.9M | $224.9M |
| FY2021 | $2.31B | $725.7M | $511.2M |
| FY2022 | $3.55B | $540.2M | $499.0M |
| FY2023 | $3.96B | $792.6M | $814.8M |
| FY2024 | $4.10B | $950.1M | $923.1M |
| FY2025 | $4.04B | $-81.2M | $659.2M |
Valuation snapshot
| Market value | $5.47B |
|---|---|
| P/E ratio | — |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Crocs’s market value went from $504.5M at the end of 2016 to $5.47B on Oct 28, 2026, about 10.8 times as much; since the end of 2025 it is up 23%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $5.47B | +23.3% |
| 2025 | $4.44B | -30.4% |
| 2024 | $6.38B | +12.8% |
| 2023 | $5.66B | -15.5% |
| 2022 | $6.70B | -11.3% |
| 2021 | $7.55B | +78.4% |
| 2020 | $4.23B | +47.2% |
| 2019 | $2.87B | +65.6% |
| 2018 | $1.74B | +97.1% |
| 2017 | $880.6M | +74.5% |
| 2016 | $504.5M |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| CROX price data to Oct 28, 2026 | +40.0% | +38.0% | +11.7% | -5.2% | +31.4% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +40.0% |
| 2025 | -21.9% |
| 2024 | +17.3% |
| 2023 | -13.8% |
| 2022 | -15.4% |
| 2021 | +104.6% |
| 2020 | +49.6% |
| 2019 | +61.2% |
| 2018 | +105.5% |
| 2017 | +84.3% |
| 2016 | -33.0% |
| 2015 | -18.0% |
| 2014 | -21.6% |
| 2013 | +10.6% |
| 2012 | -2.6% |
| 2011 | -13.7% |
| 2010 | +197.7% |
| 2009 | +363.7% |
| 2008 | -96.6% |
| 2007 | +70.4% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 98.3% over that stretch · deepest drop along the way 98.7%, back to its old high 145.7 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 67.7% over that stretch · deepest drop along the way 72.3%, back to its old high 4.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 42.4% over that stretch · deepest drop along the way 65%, back to its old high 10 months after the low |
Insider activity
Form 4 filings from 2025-10-30 to 2026-10-30 (25 read): 4 open-market purchases ($613K) and 9 sales ($8.0M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Jun 5, 2026 | Andrew Rees Chief Executive Officer, Director | sell | $1.9M |
| Aug 10, 2026 | Andrew Rees Chief Executive Officer, Director | sell | $1.3M |
| Aug 10, 2026 | Andrew Rees Chief Executive Officer, Director | sell | $1.2M |
| Jun 5, 2026 | Andrew Rees Chief Executive Officer, Director | sell | $1.2M |
| Jun 5, 2026 | Andrew Rees Chief Executive Officer, Director | sell | $807K |
Who owns it
Large shareholders (13G filings)
| FMR LLC | 7.1% | Jun 30, 2026 |
| WIT Partners Advisory Pte. Ltd. | 5.3% | Feb 28, 2025 |
| Vanguard Capital Management | 5.1% | Mar 31, 2026 |
ETFs with the most weight in CROX
| MVPA Miller Value Partners Appreciation ETF | 6.42% |
| ZIG Acquirers Fund | 3.3% |
| GRPM Invesco S&P MidCap 400 GARP ETF | 2.43% |
| TMFM Motley Fool Mid-Cap Growth ETF | 1.96% |
| CALF Pacer US Small Cap Cash Cows ETF | 1.41% |
| DSMC Distillate Small/Mid Cash Flow ETF | 1.39% |
| JMID Janus Henderson Mid Cap Growth Alpha ETF | 1.36% |
| SFLO VictoryShares Small Cap Free Cash Flow ETF | 1.25% |
What could go wrong
- HEYDUDE may take longer to recover. In the second quarter of 2025, Crocs lowered its HEYDUDE forecast, citing a weak U.S. consumer and tariffs that hit HEYDUDE disproportionately. That prompted an accounting review of whether the brand's recorded value had fallen.
- Tastes can turn against a fashion brand. Crocs depends on a few brands and product lines, led by the Classic Clog. Shoppers may decide its styles look dated, and footwear makers, including Crocs, have seen booms followed by falling sales and losses.
- Production relies entirely on overseas contract factories. Crocs relies solely on third-party manufacturers outside the U.S. and on outside suppliers for key materials. Disruptions, a factory's labor-law violations or a need to replace a manufacturer could interrupt production and raise costs.
- Tariffs and inflation squeeze costs and shoppers. The U.S. accounted for about 56% of 2025 sales, yet the company's products are made abroad. Import tariffs can raise costs, and tariffs and inflation can squeeze shoppers' budgets and retail partners' finances.
- Debt is large relative to cash. As of June 30, 2026, Crocs had about $1.31 billion of debt, including a term loan and notes, against about $170 million of cash and investments. Debt payments could reduce flexibility if sales weaken.
- Currency swings affect reported results. International markets made up 48.6% of Crocs Brand sales in 2025. Moves in the euro, South Korean won and Chinese yuan against the dollar can reduce revenue and profit once converted into dollars.
Recent events
- Quarterly results released
- Quarterly results released; Other company announcement
- Executive or board change; Shareholder vote results
- Quarterly results released
- Quarterly results released
- Quarterly results released
For income and retirement investors
Crocs paid no dividends from fiscal 2021 through fiscal 2025, so it offers no regular income; an investor needing cash would have to sell shares. Instead, the company spent about $2.31 billion over that period on buybacks (repurchasing its own stock), including $582 million in 2025. Buybacks shrink the share count, which fell 18.5% between October 14, 2021 and July 23, 2026. Free cash flow (cash left after running and investing in the business) was $659 million in 2025, despite a net loss.
The stock has fallen hard in past downturns. It lost 98.7% between October 2007 and November 2008 and did not regain that peak until January 2021. It dropped 72.3% in the 2020 COVID crash, recovering in about five months, and fell 65% in the 2022 bear market, recovering in about 10 months. As a single stock, Crocs carries more risk than a diversified fund.
Questions investors ask
How does Crocs make money?
Crocs makes money by selling casual shoes and accessories under two brands, Crocs and HEYDUDE. It sells to retailers and distributors, through its own stores, and online through its websites and third-party marketplaces. In the fiscal year ended December 31, 2025, revenue was $4.04 billion: 82.3% from the Crocs Brand and 17.7% from HEYDUDE. Digital sales were 37.8% of revenue. Gross margin, the share of sales left after the cost of making the products, was 58.3%.
Does Crocs pay a dividend?
No. Crocs paid no dividends from fiscal 2021 through fiscal 2025. Instead, it returned cash by repurchasing its own shares (buybacks), spending about $2.31 billion over that period, including $582 million in 2025. Buybacks helped cut the share count by 18.5%, from about 58.8 million on October 14, 2021 to about 47.9 million on July 23, 2026. For an income investor, that means any return comes from share price changes, not regular cash payments.
Did Crocs make a profit in 2025?
No. Crocs reported a net loss of $81.2 million, or $1.50 per diluted share, for the fiscal year ended December 31, 2025, after earning $950.1 million in 2024. Revenue slipped 1.5% to $4.04 billion. The business still produced $149.5 million of operating income (profit from day-to-day operations) and $659.2 million of free cash flow (cash left after running and investing in the business). In the quarter ended June 30, 2026, net income was $204.9 million on revenue up 2.6% year over year.
What is going on with HEYDUDE at Crocs?
Crocs is working to stabilize HEYDUDE and return it to growth. The brand brought in $715 million, or 17.7% of company revenue, in 2025. In the second quarter of 2025, Crocs lowered its HEYDUDE forecast because stabilizing the brand looked likely to take longer, citing a weak U.S. consumer and tariffs that hit HEYDUDE products disproportionately. That set off an accounting review of whether the brand's value on the company's books had dropped. Its stated primary focus is stabilizing the U.S. market through marketing and collaborations.
How has Crocs stock performed over the long term?
Results have swung widely. As of October 28, 2026, the stock was up 40% year to date and 38% over one year. Over five years it lost an average of 5.2% a year, about 24% in total, while over 10 years it gained an average of 31.4% a year, a cumulative gain of about 1,431%. It fell 21.9% in calendar 2025. Over the three years to October 28, 2026, its biggest peak-to-trough drop was 54%.