Crocs, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Crocs, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,036	1,024	1,088	1,231	1,386	2,313	3,555	3,962	4,102	4,041
Cost of revenue	536	506	528	614	636	893	1,695	1,752	1,692	1,684
Gross profit	500	517	560	617	750	1,420	1,860	2,210	2,410	2,357
Research and development	11.9	13.4	14.1	11.8	10.2	13.7	18.7	21.4	25.6	29.6
Selling, general and administrative	503	495	495	488	515	737	1,010	1,164	1,364	1,469
Selling and marketing	56	59.1	68.6	83.2	101	173	261	317	378	394
Operating income	-6.15	17.3	62.9	129	214	683	851	1,037	1,022	150
Interest expense	0.84	0.87	0.96	8.64	6.74	21.6	136	161	109	88.3
Interest income	0.69	0.87	1.28	0.6	0.22	0.78	1.02	2.41	3.48	1.84
Other non-operating income	1.54	0.28	0.57	0.03	0.51	1.8	-0.34	-0.33	1.23	0.06
Pre-tax income	-7.21	18.2	65.2	119	207	664	719	876	911	73
Income tax	9.28	7.94	14.7	-0.18	-106	-61.8	178	83.7	-39.5	154
Net income	-16.5	10.2	50.4	119	313	726	540	793	950	-81.2
EBITDA	27.9	50.5	92.2	153	242	715	890	1,091	1,092	229
EPS, basic	-0.43	-0.07	-1.01	1.70	4.64	11.62	8.82	12.91	16.00	-1.50
EPS, diluted	-0.43	-0.07	-1.01	1.66	4.56	11.39	8.71	12.79	15.88	-1.50
Shares, basic (weighted)	73.4	72.3	68.4	70.4	67.4	62.5	61.2	61.4	59.4	54.2
Shares, diluted (weighted)	73.4	72.3	68.4	71.8	68.5	63.7	62	62	59.8	54.2

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	148	172	123	108	136	213	192	149	180	130
Receivables	78.3	83.5	97.6	108	150	183	296	306	258	278
Inventory	147	130	124	172	175	214	472	385	356	369
Other current assets	32.4	22.6	22.1	25.4	17.9	22.6	33.6	45.1	51.6	53.8
Total current assets	425	425	380	425	493	667	1,026	911	872	886
Property, plant and equipment	44.1	35	22.2	47.4	57.5	108	182	238	244	238
Lease right-of-use assets				182	167	161	240	287	307	339
Goodwill	1.48	1.69	1.61	1.58	1.72	1.6	715	712	711	405
Intangible assets	72.7	56.4	45.7	47.1	37.6	28.8	1,800	1,793	1,777	1,325
Other non-current assets	13.3	12.5	8.21	8.08	8.93	8.07	7.88	31.4	24.2	44
Total assets	566	544	469	739	1,119	1,545	4,502	4,644	4,812	4,175
Accounts payable	61.9	66.4	77.2	95.8	113	162	231	261	265	266
Accrued liabilities	78.3	84.5	102	109	127	167	239	286	298	301
Deferred revenue								7.57
Short-term debt	2.34	0.66	0	0	0	0	24.4	23.3	0	0
Total current liabilities	149	157	184	257	292	388	641	698	740	700
Long-term debt	0.04	0	120	205	180	771	2,298	1,641	1,349	1,231
Lease liabilities				140	146	149	215	270	283	297
Other non-current liabilities	13.5	12.3	9.45	0	4.13	2.37	2.58	2.77	3.95	3.32
Total liabilities	167	175	319	607	828	1,531	3,684	3,190	2,976	2,881
Total debt	2.38	0.66	120	205	180	771	2,322	1,664	1,349	1,231
Paid-in capital	364	373	481	496	482	496	798	827	860	897
Retained earnings	196	190	121	240	553	1,279	1,819	2,612	3,562	3,481
Treasury stock	-284	-334	-397	-546	-689	-1,684	-1,696	-1,889	-2,453	-3,040
Other comprehensive income	-55.6	-43.4	-54.7	-58.4	-56.4	-76.8	-103	-95.8	-133	-43.7
Shareholders' equity	220	186	150	132	291	14.1	818	1,454	1,836	1,293
Total equity	220	186	150	132	291	14.1	818	1,454	1,836	1,293
Total liabilities and equity	566	544	469	739	1,119	1,545	4,502	4,644	4,812	4,175
Shares outstanding	73.6	68.8	73.3	68.2	65.9	58.3	61.7	60.5	56.5	50.2

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-16.5	10.2	50.4	119	313	726	540	793	950	-81.2
Depreciation and amortization	34	33.1	29.3	24.2	27.6	32	39.2	54.3	69.8	79.3
Stock-based compensation	10.7	9.77	13.1	14.4	16.4	38.1	31.3	29.1	33.1	36.7
Deferred income tax	-0.39	-3.09	0.96	-16.3	-325	-241	-4.76	-410	-254	47.1
Change in receivables	2.41	0.62	-24.6	-15	-47	-35.1	-56.8	-13.3	42.6	-6.17
Change in inventory	20.4	23.3	-1.99	-48.2	-13.5	-43.1	-91.6	86.4	22.1	-13.8
Change in payables	-1.35	-2.71	13	6.03	23.2	34.9	41.7	37.2	3.95	0.71
Cash from operations	39.8	98.3	114	90	267	567	603	930	992	710
Capital expenditures	-22.2	-13.1	-12	-36.6	-42	-55.9	-104	-116	-69.3	-51.2
Acquisitions					0	0	-2,047	0	0
Cash from investing	-19.9	-11.5	-10.1	-36.2	-41.8	-55.9	-2,151	-116	-69.3	-51.2
Debt issued				0	0	700	0	0
Stock issued	0.42
Share buybacks	0	-50	-63.1	-147	-171	-1,000	0	-175	-552	-582
Cash from financing	-16.4	-65.4	-149	-68.6	-198	-430	1,530	-860	-886	-715
Exchange rate effect	-0.26	3.05	-4.78	-0.57	0.13	-3.95	-3.75	3.08	-6.51	5.6
Net change in cash	3.2	24.4	-49.5	-15.5	27.2	77.7	-22	-41.8	30.6	-49.8
Free cash flow	17.6	85.1	102	53.4	225	511	499	815	923	659
Interest paid	0.65	0.43	0.46	7.52	6.66	10.2	128	152	99.5	77.7
Income taxes paid	12.3	13.2	18.6	16.1	20.8	160	130	177	123	185

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $126.14 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	57.5%	Gross profit / revenue.
Operating margin	20.7%	Operating income / revenue.
EBITDA margin	22.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	18.7%	Pre-tax income / revenue.
Net margin	14.6%	Net income / revenue.
FCF margin	17.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	18.8%	Cash from operations / revenue.
Effective tax rate	21.9%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	42.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	13.6%	Net income / average total assets.
Return on invested capital (ROIC)	26.0%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	36.7%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.0%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.4%	Capital expenditures / revenue.
D&A / revenue	2.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-1.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	4.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	23.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-2.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	8.2%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	25.7%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-85.4%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-44.0%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-6.9%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-79.0%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-36.4%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-1.1%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-108.5%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-109.4%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-28.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	5.6%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	21.6%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-28.6%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	9.7%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	24.0%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-29.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	16.5%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	34.8%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-13.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-2.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	30.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-9.4%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-4.4%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-4.6%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.49x	Current assets / current liabilities.
Quick ratio	0.82x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.23x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.94x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	30.0%	Total debt / total assets.
Liabilities / assets	68.2%	Total liabilities / total assets.
Net debt	$1.14B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.23x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	10.1x	Operating income / interest expense.
Working capital	$356.6M	Current assets - current liabilities.
Goodwill and intangibles / assets	39.5%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$337.7M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.93x	Revenue / average total assets.
Fixed asset turnover	16.5x	Revenue / average property, plant and equipment.
Inventory turnover	4.43x	Cost of revenue / average inventory.
Days inventory	82 days	365 x average inventory / cost of revenue.
Receivables turnover	9.42x	Revenue / average receivables.
Days sales outstanding	39 days	365 x average receivables / revenue.
Days payables	56 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	66 days	Days inventory + days sales outstanding - days payables.
FCF conversion	118.7%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	7.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$11.96	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$81.71	Revenue / diluted weighted shares.
FCF per share	$14.20	Free cash flow / diluted weighted shares.
Operating cash flow per share	$15.37	Cash from operations / diluted weighted shares.
Book value per share	$28.79	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$7.02	Tangible book value / shares outstanding.
Cash per share	$3.54	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	91.4%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$6.05B	Share price x shares outstanding.
Enterprise value	$7.19B	Market cap + total debt - cash - short-term investments.
P/E	10.2x	Market cap / net income. Only when net income is positive.
P/S	1.49x	Market cap / revenue.
P/B	4.37x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	8.58x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	7.93x	Market cap / cash from operations, when positive.
EV/Sales	1.77x	Enterprise value / revenue.
EV/EBIT	8.55x	Enterprise value / operating income, when both are positive.
EV/EBITDA	7.79x	Enterprise value / EBITDA, when both are positive.
EV/FCF	10.2x	Enterprise value / free cash flow, when both are positive.
FCF yield	11.7%	Free cash flow / market cap.
Earnings yield	9.8%	Net income / market cap (the inverse of P/E).
Shareholder yield	10.7%	(Dividends paid + share buybacks) / market cap.

What was Crocs, Inc.'s revenue in fiscal 2025?

Crocs, Inc. reported revenue of $4.04B for fiscal 2025, 1.5% lower than the year before.

Was Crocs, Inc. profitable in fiscal 2025?

No. It reported a net loss of $81.2M.

How much free cash flow did Crocs, Inc. generate in fiscal 2025?

Cash from operations of $710.4M minus capital expenditures of $51.2M left free cash flow of $659.2M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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