Short answer
STEVEN MADDEN, LTD. (SHOO) filed its fiscal 2025 10-K annual report with the SEC on Mar 2, 2026. It reported revenue of $2.5B (+11.0% year over year) and net income of $49M.
- Top risk flagged: Regulatory risk: U.S. Supreme Court invalidation of IEEPA tariffs on Feb 20, 2026, with a new 10% global tariff under Section 122 of Trade Act 1974 replacing them
FY2025 key financial metrics · XBRL
- Revenue
- $2.5B
- +11.0% YoY
- Net income
- $49M
- −72.1% YoY
- Operating margin
- 3.2%
- −6.7 pp YoY
- Gross margin
- 41.6%
- +0.4 pp YoY
- EPS (diluted)
- $0.63
- −73.2% YoY
- ROE
- 5.7%
- −15.1 pp YoY
- Operating cash flow
- $162M
- −18.1% YoY
Source: XBRL data from the STEVEN MADDEN, LTD. (SHOO) FY2025 10-K on SEC EDGAR. USD.
STEVEN MADDEN, LTD. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Design, source, and market fashion-forward footwear, accessories, and apparel through wholesale and direct-to-consumer channels globally
- New acquisitions in 2025: Kurt Geiger and Carvela brands via acquisition of Mercury Acquisitions Topco Limited (MATL)
- Strategic emphasis on integrated wholesaling with joint ventures and expanded direct-to-consumer footprint including 399 stores and 7 branded e-commerce sites
- Wholesale Footwear segment 40.9% revenue, Direct-to-Consumer segment 33.4%, Wholesale Accessories/Apparel 25.3% in 2025
- Global expansion in distribution through joint ventures and direct concessions across diverse international markets in Asia-Pacific, Africa, Middle East, Europe, and Americas
Management Discussion & Analysis
- Revenue $2.53B in 2025, up 11.0% YoY from $2.28B, driven by Kurt Geiger acquisition, organic decline due to tariffs
- Operating margin 3.2% vs 9.9%; net income $44.7M vs $169.4M, impacted by acquisition costs, tariffs, and higher tax rate 36.9% vs 23.7%
- Best segment: Direct-to-Consumer revenue up 53.7% to $845.7M; worst segment: Wholesale Accessories/Apparel revenue down 3.3% to $640.7M
- Cash from operations $162.2M vs $198.1M; capex $42.7M; acquisition spend $371.6M; dividends paid $61.0M; debt repayments $60.0M
- Management expects to meet all commitments next 12 months; key risks include tariff impacts, acquisition integration, and increased operating expenses
Risk Factors
- Regulatory risk: U.S. Supreme Court invalidation of IEEPA tariffs on Feb 20, 2026, with a new 10% global tariff under Section 122 of Trade Act 1974 replacing them
- Macroeconomic exposure: International revenue nearly doubled to $856M in 2025 from $424M in 2024, increasing foreign market volatility risk
- Operational vulnerability: Dependence on factoring agreements with Rosenthal and CIT to manage receivables and credit risk exposure
- Competitive risk: Direct-to-Consumer segment reported income from operations loss of $34.4M in 2025 amid growing operational costs
- Financial risk: $240M term loan maturing in 2030 with leverage covenant capped at 3.00x Total Net Leverage Ratio as of Dec 31, 2025
Generated from the filing text; verify against the original. How to read a 10-K
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