Steven Madden Q4 EPS Tops Estimates, Tariff Ruling Freezes FY26 Guidance
Steven Madden reported Q4 adjusted EPS of $0.48, topped estimates, and posted 29.4% Y/Y sales growth to $753.7 million, but revenue missed the $753.9 million forecast and operating income fell to $50.9 million. The company withdrew FY26 earnings guidance over U.S. tariff policy uncertainty, sending shares down over 6%.
1. Q4 Financial Results
Steven Madden posted adjusted EPS of $0.48 beating estimates and recorded fourth-quarter revenue of $753.7 million, up 29.4% year-over-year but slightly below the $753.9 million forecast. Adjusted operating income decreased to $50.9 million from $52.6 million a year earlier.
2. Channel Performance
Wholesale revenue reached $433.3 million, rising 7.5% year-over-year and down 2.6% excluding Kurt Geiger, while direct-to-consumer sales jumped 79.9% to $316.6 million. Wholesale footwear grew 11%, accessories/apparel rose 3.1%, and gross margins improved to 31.5% for wholesale and 59.8% for DTC.
3. Tariff Uncertainty and Guidance Withdrawal
Following a Supreme Court ruling on U.S. import duties, the company cited tariff policy uncertainty and withdrew FY26 earnings guidance despite projecting 9%–11% revenue growth. Management highlighted momentum in the Steve Madden brand and Kurt Geiger expansion but expects higher SG&A pressure.
4. Balance Sheet and Shareholder Returns
As of December 31, total debt stood at $234.2 million with cash and equivalents of $112.4 million. The company operates 399 stores and seven e-commerce sites and declared a quarterly dividend of $0.21 per share payable on March 20.