Wolverine Q4 EPS Beats, Revenues Rise 4.6% to $517.5M; 2026 Guidance Set
Wolverine’s Q4 2025 adjusted EPS was $0.45, topping estimates as revenues rose 4.6% to $517.5 million. Saucony sales surged 26.4% and Merrell grew 5.9%, driving gross margin up 340 bps to 47% while net debt fell 16.2%, and 2026 revenue guidance was set at $1.96–1.985 billion.
1. Fourth-Quarter Beat and Growth
Wolverine delivered adjusted EPS of $0.45 versus $0.44 estimates and generated $517.5 million in revenue, up 4.6% year over year (3.1% constant currency). Direct-to-consumer sales reached $160.7 million (+5.9%), and international revenues climbed 9.8% to $277.4 million.
2. Brand Performance & Margins
Saucony revenue jumped 26.4% to $125.9 million and Merrell grew 5.9% to $173.1 million, offsetting declines in Wolverine and Other brands. Gross margin expanded 340 basis points to 47% on product cost savings and full-price sales, while operating margin rose 180 basis points to 9.4%.
3. Balance Sheet & Capital Allocation
The company ended the quarter with $206.3 million in cash and net debt of $415 million, down 16.2% year over year. Wolverine repurchased 0.9 million shares for $15 million, leaving $135 million available under its existing share buyback authorization.
4. 2026 Outlook
Full-year 2026 revenues are projected at $1.96–1.985 billion, up 4.6–5.9%, with adjusted EPS of $1.35–1.50. First-quarter revenues are guided to $445–450 million (+8.5%), gross margin to 47.5% and operating margin to 6.6%, with Active Group expected to grow and Work Group to decline slightly.