Last Updated -
February 16, 2026
Explore the business model, global strategy, and market performance including insights into its position in China.
Founded in 2002 and headquartered in Broomfield, Colorado, Crocs, Inc. is a global casual footwear company best known for its molded clog silhouette and lightweight resin-based comfort designs. The group operates two brands, Crocs and HEYDUDE, spanning clogs, sandals, and relaxed everyday shoes, with a strong focus on repeatable core styles and seasonal color updates.
Crocs sells through a mix of wholesale partners and direct-to-consumer channels, including owned retail and e-commerce. Its products are sold in more than 85 countries, with international markets representing a major growth engine for the Crocs Brand.
On February 12, 2026, the company reported full-year 2025 consolidated revenue of $4.041 billion, including $3.326 billion from the Crocs Brand and $715 million from HEYDUDE. The Crocs Brand generated $1.616 billion of revenue internationally in 2025, while the company reported operating cash flow of about $700 million for the year.
Crocs, Inc. earns revenue through two brands, Crocs and HEYDUDE, selling casual footwear and related accessories through wholesale partners and direct-to-consumer channels. The company designs and markets its products while relying on a globally diversified third-party manufacturing base, with Crocs Brand production concentrated in Vietnam and HEYDUDE Brand production concentrated in China in recent years.
Crocs sells through wholesale (multi-brand retailers, mono-branded partner stores, e-tailers, distributors) and DTC (company-operated stores, brand sites, third-party marketplaces).
Based on today’s full-year 2025 segment breakdown, DTC represented about 52.1% of consolidated revenue ($2.105 billion of $4.041 billion), with wholesale at about 47.9%. Crocs Brand DTC was about 51.9% of brand revenue, while HEYDUDE Brand DTC was about 53.0%.
Crocs sits in the global comfort and casual footwear category with a distinct identity anchored in molded clogs and personalization. In 2025, the Crocs Brand stayed in growth at $3.326 billion, with international revenue of $1.616 billion offsetting a weaker North America result.
The financial model reflects this positioning. For 2025, the company reported 58.3% gross margin and 22.3% adjusted operating margin, supported by scale in core product families and a DTC mix above 50%.
China sits at the center of Crocs’ international growth story. In its February 12, 2026 results release, Crocs reported 2025 Crocs Brand international revenue of $1.616 billion, up 11.9% year over year, and Q4 international revenue of $332 million, up 14.1%.
Management put China’s momentum into concrete terms on the Q4 2025 earnings call. Crocs described China as its second-largest market, with 2025 revenue growth of 30% on top of 64% growth in 2024, and China representing about 8% of sales. The company also highlighted a strong Double Eleven shopping festival and linked part of the acceleration to line clog demand.
Crocs framed China as an underpenetrated profit pool. On the same call, management said its average market share across China and several other growth markets stands at about one-third of its share in established markets, which supports the case for sustained multi-year expansion if execution stays consistent.
Crocs enters 2026 with a plan built around international expansion, DTC execution, and a reset at HEYDUDE. Management guides 2026 enterprise revenue to be down about 1% to up slightly versus 2025. It guides the Crocs Brand to be flat to up 2%, and HEYDUDE to be down about 7% to 9%. Adjusted diluted EPS guidance is $12.88 to $13.35, alongside modest adjusted operating margin expansion from 22.3% in 2025.
The year starts softer. For Q1 2026, Crocs expects revenue down about 5.5% to 3.5% year over year, with the Crocs Brand down low single digits and HEYDUDE down 15% to 18%. Q1 adjusted diluted EPS guidance is $2.67 to $2.77.
Capital allocation stays central. In 2025, Crocs generated $659 million of free cash flow, repurchased 6.5 million shares for $577 million, and ended the year with $747 million remaining under its repurchase authorization. The company also repaid $128 million of debt, and guides $70 million to $80 million of capex for 2026.
This Company Profile was written by Dominik Diemer
Disclaimer:
All logos are the property of their respective owners and are used for illustrative purposes only.
This site is not affiliated with or endorsed by any of the featured companies.
No Financial Advice.
