Short answer
Deckers Brands (DECK) filed its fiscal 2025 10-K annual report with the SEC on May 23, 2025. It reported revenue of $5.0B (+16.3% year over year) and net income of $966M.
- Top risk flagged: Reliance on sheepskin from Australian suppliers and Chinese tanneries exposes to supply disruption, geopolitical risks, and price volatility affecting gross margin
FY2025 key financial metrics · XBRL
- Revenue
- $5.0B
- +16.3% YoY
- Net income
- $966M
- +27.2% YoY
- Operating margin
- 23.6%
- +2.0 pp YoY
- Gross margin
- 57.9%
- +2.2 pp YoY
- EPS (diluted)
- $6.33
- −78.3% YoY
- ROE
- 38.4%
- +2.4 pp YoY
- Operating cash flow
- $1.0B
- +1.1% YoY
Source: XBRL data from the Deckers Brands (DECK) FY2025 10-K on SEC EDGAR. USD.
Deckers Brands FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: global design, marketing, distribution of footwear, apparel, accessories under five brands: UGG, HOKA, Teva, AHNU, Koolaburra
- New development: phased out Koolaburra standalone operations with planned wholesale channel exit by end of 2025; completed sale of Sanuk brand August 2024
- Strategic shift: reorganized reportable segments to brand-centric (UGG, HOKA, Other brands) from distribution channel focus in Q4 FY2025
- Notable metric: employee headcount increased 14.6% YoY to approximately 5,500 as of March 31, 2025
- Unique fact: recognized by Barron’s, TIME, Forbes, Newsweek for sustainability; published aligned ESG report following TCFD, GRI, SASB standards
Management Discussion & Analysis
- Revenue $4.99B, up 16.3% YoY (+$698M) driven by HOKA +23.6% ($2.23B), UGG +13.1% ($2.53B), Other brands down 8.6% ($221M)
- Operating margin 23.6% vs 21.6%, gross margin 57.9% vs 55.6%; income from operations $1.18B, up 27.1% YoY (+$252M)
- Best segment: UGG operating income $1.00B, up 24.6%; worst segment: Other brands $34.6M, though up 45.8%, sales declined
- SG&A $1.71B (+17.1%), driven by marketing, payroll, infrastructure; no direct capex or cash flow details disclosed; share repurchases reduced avg. shares boosting EPS
- Management sees risks from tariffs, inflation, geopolitical tensions; focus on growing DTC and international sales, marketing investments, and supply chain infrastructure
Risk Factors
- Reliance on sheepskin from Australian suppliers and Chinese tanneries exposes to supply disruption, geopolitical risks, and price volatility affecting gross margin
- Top ten customers account for 23.7% of net sales; one customer is 13.6% of trade accounts receivable, posing concentration and credit risk
- Transition of international 3PL warehouse management system in October 2025 risks operational disruption and shipment delays
- Intense competition from larger competitors with superior resources using AI, data analytics, and offshore manufacturing drives pricing pressure
- Economic downturn or inflation may reduce discretionary spending on premium UGG and HOKA products, impacting sales and profitability
Generated from the filing text; verify against the original. How to read a 10-K
Ask about this 10-K
Compare years, dig into a risk factor or check the numbers against insider trades and fund holders.