Steve Madden Announces Second Quarter 2026 Results

Steve Madden Announces Second Quarter 2026 Results

~ Raises Fiscal 2026 Revenue and Adjusted Diluted EPS Guidance; Reaffirms GAAP Diluted EPS Guidance ~

~ Announces Appointment of Ken Pilot to Board of Directors ~

LONG ISLAND CITY, N.Y., July 30, 2026 – Steven Madden, Ltd. (Nasdaq: SHOO) (the “Company”), a

leading designer and marketer of fashion-forward footwear, accessories and apparel, today announced

financial results for the second quarter ended June 30, 2026.

Amounts referred to as “Adjusted” are non-GAAP measures that exclude the items defined as “Non-

GAAP Adjustments” in the “Non-GAAP Reconciliation” section.

Second Quarter 2026 Results

• Revenue increased 19.1% to $665.9 million, compared to $559.0 million in the same period of 2025.

• Gross profit as a percentage of revenue was 46.5%, compared to 40.4% in the same period of 2025.

Adjusted gross profit as a percentage of revenue was 46.5%, compared to 41.9% in the same period of

2025.

• Operating expenses as a percentage of revenue were 40.6%, compared to 47.2% in the same period of

2025. Adjusted operating expenses as a percentage of revenue were 39.8%, compared to 37.9% in the

same period of 2025.

• Income / (loss) from operations totaled $39.3 million, or 5.9% of revenue, compared to ($40.3) million,

or (7.2%) of revenue, in the same period of 2025. Adjusted income from operations totaled $44.5

million, or 6.7% of revenue, compared to $22.6 million, or 4.0% of revenue, in the same period of 2025.

• Net income / (loss) attributable to Steven Madden, Ltd. was $27.7 million, or $0.38 per diluted share,

compared to ($39.5) million, or ($0.56) per diluted share, in the same period of 2025. Adjusted net

income attributable to Steven Madden, Ltd. was $31.7 million, or $0.44 per diluted share, compared to

$13.9 million, or $0.20 per diluted share, in the same period of 2025.

Edward Rosenfeld, Chairman and Chief Executive Officer, commented, “We delivered robust top- and

bottom-line growth in the second quarter, reflecting the strength of our brands and disciplined execution

across the organization. The Steve Madden brand was the highlight, continuing to gain momentum as

consumers responded enthusiastically to the trend-right assortments created by Steve and his design team.

Combined with strong marketing execution, our compelling product offering generated increased brand heat

and fueled strong performance across both direct-to-consumer and wholesale channels.

“Based on the strong results in the second quarter and the momentum we see across our brands, we are

raising our revenue and Adjusted diluted earnings per share outlook for 2026. Looking further ahead, we

remain confident that our powerful brands, proven business model and talented team provide a strong

foundation to deliver sustainable growth and long-term value creation for our shareholders.”

Second Quarter 2026 Channel Results

Revenue for the wholesale business in the second quarter of 2026 was $407.5 million, a 13.0% increase

compared to the second quarter of 2025. Excluding Kurt Geiger, wholesale revenue increased 11.5%.

Wholesale footwear revenue increased 9.0%, or 7.8% excluding Kurt Geiger. Wholesale accessories/apparelrevenue increased 19.2%, or 17.5% excluding Kurt Geiger. Gross profit as a percentage of wholesale

revenue was 35.2% in the second quarter of 2026, compared to 30.0% in the second quarter of 2025.

Adjusted gross profit as a percentage of wholesale revenue was 35.2%, compared to 30.9% in the second

quarter of 2025, due to higher average selling prices, a smaller negative impact from tariffs and a lower

penetration of private label.

Direct-to-consumer revenue in the second quarter of 2026 was $255.4 million, a 30.6% increase compared

to the second quarter of 2025. Excluding Kurt Geiger, direct-to-consumer revenue increased 11.1%. Gross

profit as a percentage of direct-to-consumer revenue was 64.0%, compared to 58.7% in the second quarter

of 2025. Adjusted gross profit as a percentage of direct-to-consumer revenue was 64.0%, compared to 61.3%

in the second quarter of 2025, due to higher average selling prices, a reduction in promotional activity and

a smaller negative impact from tariffs.

The Company ended the quarter with 382 Company-operated brick-and-mortar retail stores, including 92

outlets, as well as eight e-commerce websites and 164 Company-operated concessions in international

markets.

Balance Sheet Highlights

As of June 30, 2026, total debt outstanding was $124.8 million and cash and cash equivalents were

$94.7 million. Net debt is a non-GAAP financial measure that the Company defines as total debt less cash

and cash equivalents. Net debt was $30.1 million as of June 30, 2026.

During the second quarter of 2026, the Company did not repurchase any shares of its common stock in the

open market.

Quarterly Cash Dividend

The Company’s Board of Directors approved a quarterly cash dividend of $0.21 per share. The dividend is

payable on September 24, 2026 to stockholders of record as of the close of business on September 11, 2026.

Board Appointment

The Company also announced that, effective October 1, 2026, its Board of Directors will expand from ten

to eleven directors, and Ken Pilot will join the Board as the newly appointed director. Mr. Pilot is the Founder

and Chief Executive Officer of Ken Pilot Ventures, an advisory and investment firm focused on retail,

consumer and commerce technology companies. He brings more than 30 years of leadership experience

across retail and consumer businesses, having served in senior executive roles at leading retailers including

J.Crew, Gap Inc., Ralph Lauren, American Eagle Outfitters and ABC Carpet & Home. Mr. Pilot currently

advises and invests in a number of companies focused on artificial intelligence, e-commerce infrastructure

and retail technology platforms.

Mr. Rosenfeld commented, “We are pleased to welcome Ken to our Board of Directors. His decades of

experience building brands and driving growth, together with his deep understanding of digital innovation

and emerging technologies, will be invaluable as we continue to execute our long-term growth strategy. We

look forward to benefiting from his insights and perspective.”Fiscal 2026 Outlook

The Company now expects fiscal 2026 revenue will increase 11% to 13% compared to fiscal 2025, up from

its previous guidance of 10% to 12%. The Company continues to expect fiscal 2026 diluted earnings per

share (“EPS”) will be in the range of $2.55 to $2.65. The Company now expects Adjusted diluted EPS will

be in the range of $2.05 to $2.15, up from its previous guidance range of $2.00 to $2.10.

Conference Call Information

Interested stockholders are invited to listen to the conference call scheduled for today, July 30, 2026, at 8:30

a.m. Eastern Time, which will include a discussion of the Company's second quarter 2026 earnings results

and updated fiscal 2026 outlook. The call will be webcast live on the Company’s website at

https://investor.stevemadden.com. A webcast replay of the conference call will be available on the

Company's website or via the following webcast link

https://event.choruscall.com/mediaframe/webcast.html?webcastid=BqLiaYAB beginning today at

approximately 11:00 a.m. Eastern Time.

About Steve Madden

Steve Madden designs, sources and markets fashion-forward footwear, accessories and apparel. In addition

to marketing products under its own brands including Steve Madden®, Kurt Geiger London®, Dolce Vita®

,

Betsey Johnson®, Carvela®, Blondo® and ATM®, Steve Madden licenses footwear, handbags and other

accessory categories for the Anne Klein® brand. Steve Madden also designs and sources products under

private label brand names for various retailers. Steve Madden’s wholesale distribution includes department

stores, mass merchants, off-price retailers, shoe chains, online retailers, national chains, specialty retailers

and independent stores. Steve Madden also directly operates brick-and-mortar retail stores and e-commerce

websites. In addition, Steve Madden licenses certain of its brands to third parties for the marketing and sale

of certain products in the apparel, accessory and home categories.

Safe Harbor Statement Under the U.S. Private Securities Litigation Reform Act of 1995

This press release contains “forward-looking statements” within the meaning of the safe harbor provisions

of the U.S. Private Securities Litigation Reform Act of 1995. Examples of forward-looking statements

include, among others, statements regarding revenue and earnings guidance, plans, strategies, objectives,

expectations and intentions. Forward-looking statements can be identified by words such as: “may,” “will,”

“expect,” “believe,” “should,” “anticipate,” “project,” “predict,” “plan,” “intend,” “estimate,” or

“confident,” and similar expressions or the negative of these expressions. Forward-looking statements are

neither historical facts nor assurances of future performance. Instead, they represent the Company’s current

beliefs, expectations, and assumptions regarding anticipated events and trends affecting its business and

industry based on information available as of the time such statements are made. Investors are cautioned

that such forward-looking statements are inherently subject to risks and uncertainties, many of which cannot

be predicted with accuracy and some of which may be outside of the Company’s control. The Company’s

actual results and financial condition may differ materially from those indicated in these forward-looking

statements. As such, investors should not rely upon them. Important risk factors include:

• our ability to accurately anticipate fashion trends and promptly respond to consumer demand;• our ability to compete effectively in a highly competitive market;

• our ability to adapt our business model to rapid changes in the retail industry;

• our dependence on the hiring and retention of key personnel;

• our ability to successfully implement growth strategies and integrate acquired businesses;

• changes in trade policies, additional tariffs on product imported to the United States, retaliatory trade actions taken by

other countries, and resulting trade wars;

• supply chain disruptions to product delivery systems and logistics, and our ability to properly manage inventory;

• geopolitical tensions in the regions in which we operate and any related challenging macroeconomic conditions globally

that may materially adversely affect our customers, vendors, and partners, and the duration and extent to which these

factors may impact our future business and operations, results of operations, and financial condition;

• our reliance on independent manufacturers to produce and deliver products in a timely manner or to meet our quality

standards if we experience a supply chain disruption and we are unable to secure an alternative source of raw materials

or end products;

• our dependence on one or more of our significant customers;

• quarterly fluctuations of our financial results;

• extreme or unseasonable weather conditions in locations where we or our customers and suppliers are located;

• fluctuation of our stock price if our operating results are inconsistent with our forecasts or those of analysts who follow

us;

• our exposure to risks related to integrating the operations, systems, processes, reporting, supply chains, and personnel

of Kurt Geiger into our business;

• our exposure to risks associated with increased indebtedness used to finance the acquisition of Kurt Geiger, including

related debt service requirements;

• our ability to manage risks associated with substantial goodwill and intangible assets recorded from the acquisition of

Kurt Geiger, which could subsequently become impaired upon adverse changes to the business environment in which we

operate;

• disruption of our information technology systems or e-commerce platforms;

• cybersecurity risks and costs of defending against, mitigating, and responding to data security threats and breaches

impacting the Company;

• our ability to effectively implement artificial intelligence and data-driven technologies across our operations, and the

risks that such technologies may not perform as expected, may be subject to regulatory constraints, or may increase

operational, legal, or cybersecurity risks;

• litigation or other legal proceedings could divert management resources and result in costs;

• legal, regulatory, political, and economic risks that may affect our operations in international markets;

• exposure to foreign exchange rate fluctuations;

• our ability to adequately protect our trademarks and other intellectual property rights;

• changes in economic conditions;

• additional tax liabilities resulting from audits by various taxing authorities;

• changes in U.S. and foreign tax laws that could have an adverse effect on our financial results;

• the loss of a significant license;

• the actions of our licensees and diminished brand integrity;

• the actions of our licensees or the loss of a significant licensee and diminished brand integrity;

• failure of our manufacturers, the manufacturers used by our licensees, or our licensees themselves to use acceptable

labor practices or to otherwise comply with local laws and other standards;

• our ability to maintain effective internal control over our financial reporting; and

• other risks and uncertainties indicated from time to time in our filings with the Securities and Exchange Commission.The Company does not undertake, and disclaims, any obligation to publicly update any forward-looking

statement, including, without limitation, any guidance regarding revenue or earnings, whether as a result of

new information, future developments, or otherwise.STEVEN MADDEN, LTD. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

(Unaudited)

Three Months Ended Six Months Ended

June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025

Net sales Total revenue Gross profit Operating expenses Change in valuation of contingent payment liability $ 662,914 $ 556,090 $ 1,312,574 $ 1,107,472

Licensing fee income 2,951 2,910 6,387 5,062

665,865 559,000 1,318,961 1,112,534

Cost of sales 356,206 332,973 651,882 660,240

309,659 226,027 667,079 452,294

528,633 270,340 — 2,420 Income / (loss) from operations Gain on derivative 39,319 (40,258) 138,061 13,241

— 9,252 — 9,252

Interest and other (expense) / income, net (1,257) (3,795) (4,862) (2,966)

Income / (loss) before provision for income taxes Provision for income taxes 263,865 10,137 441,128

385 (2,075)

38,062 (34,801) 133,199 19,527

3,911 33,631 16,979

Net income / (loss) 27,925 Less: net income attributable to noncontrolling interest 198 (38,712) 99,568 2,548

765 19 1,602

Net income / (loss) attributable to Steven Madden, Ltd. $ 27,727 $ (39,477) $ 99,549 $ 946

Basic net income / (loss) per share $ 0.39 $ (0.56) $ 1.40 $ 0.01

Diluted net income / (loss) per share $ 0.38 $ (0.56) $ 1.38 $ 0.01

Basic weighted average common shares outstanding 71,292 70,870 71,228 70,822

Diluted weighted average common shares outstanding 72,164 70,870 72,012 70,970

Cash dividends declared per common share $ 0.21 $ 0.21 $ 0.42 $ 0.42STEVEN MADDEN, LTD. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

As of

June 30, 2026 December 31, 2025 June 30, 2025

(Unaudited) (Unaudited)

ASSETS

Current assets:

Cash and cash equivalents $ 94,739 $ 112,423 $ 111,714

Short-term investments — — 140

Accounts receivable, net of allowances 80,347 91,854 86,211

Factor accounts receivable 307,387 311,563 289,942

Inventories 377,207 417,016 436,968

Prepaid expenses and other current assets 54,993 46,759 54,002

Income tax receivable and prepaid income taxes 15,088 21,084 18,799

Total current assets 929,761 1,000,699 997,776

Property and equipment, net 113,688 115,802 104,423

Operating lease right-of-use asset 235,322 235,855 220,089

Deposits and other 22,912 22,764 21,641

Deferred tax assets 3,220 3,220 2,175

Goodwill 256,341 254,518 266,602

Intangibles, net 274,818 281,419 282,372

Total Assets $ 1,836,062 $ 1,914,277 $ 1,895,078

LIABILITIES

Current liabilities:

Accounts payable $ 202,095 $ 197,247 $ 235,716

Accrued expenses and other current liabilities 202,641 258,794 181,270

Operating leases - current portion 58,588 58,827 56,179

Income taxes payable 13,681 4,488 11,419

Current portion of long-term debt — — 5,625

Contingent payment liability - current portion — — 2,979

Accrued incentive compensation 10,825 6,351 3,404

Total current liabilities 487,830 525,707 496,592

Contingent payment liability - long-term portion 15,265 14,880 17,406

Operating leases - long-term portion 193,722 193,145 189,404

Long-term debt 124,832 234,166 287,865

Deferred tax liabilities 36,628 36,142 38,574

Other liabilities 5,681 6,255 1,874

Total Liabilities 863,958 1,010,295 1,031,715

STOCKHOLDERS’ EQUITY

Total Steven Madden, Ltd. stockholders’ equity 939,603 866,388 833,230

Noncontrolling interest 32,501 37,594 30,133

Total stockholders’ equity 972,104 903,982 863,363

Total Liabilities and Stockholders’ Equity $ 1,836,062 $ 1,914,277 $ 1,895,078STEVEN MADDEN, LTD. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

Six Months Ended

June 30, 2026 June 30, 2025

Cash flows from operating activities:

Net income $ 99,568 $ 2,548

Adjustments to reconcile net income to net cash provided by operating activities:

Stock-based compensation 15,741 14,690

Depreciation and amortization 18,433 13,926

Amortization of debt issuance costs 887 480

Loss on disposal of fixed assets 135 1

Deferred taxes 5 —

Change in valuation of contingent payment liability 385 (2,075)

Other operating activities 1,902 (550)

Changes, net of acquisitions, in:

Accounts receivable 10,375 (7,197)

Factor accounts receivable 3,033 59,110

Inventories 38,437 35,004

Prepaid expenses, income tax receivables, prepaid taxes, and other assets (5,476) (7,119)

Accounts payable, accrued expenses, and other current liabilities (40,076) (34,420)

Accrued incentive compensation 4,436 (11,721)

Leases and other liabilities 1,478 (15,042)

Net cash provided by operating activities 149,263 47,635

Cash flows from investing activities:

Capital expenditures (14,411) (17,516)

Maturity / sale of short-term investments — 13,410

Acquisition of businesses (1,328) (371,554)

Other investing activities — (2,196)

Net cash used in investing activities (15,739) (377,856)

Cash flows from financing activities:

Common stock repurchased and net settlements of stock awards (8,352) (8,198)

Proceeds from exercise of stock options 2,973 —

Borrowings, net of repayments (110,000) 300,000

Financing costs paid — (8,955)

Cash dividends paid on common stock (30,641) (30,435)

Distribution of noncontrolling interest (5,482) (2,946)

Net cash (used in) / provided by financing activities Effect of exchange rate changes on cash and cash equivalents Net decrease in cash and cash equivalents (17,684) (78,210)

Cash and cash equivalents – beginning of period Cash and cash equivalents – end of period $ 94,739 $ 111,714

(151,502) 249,466

294 112,423 2,545

189,924STEVEN MADDEN, LTD. AND SUBSIDIARIES

NON-GAAP RECONCILIATION

(In thousands, except per share amounts)

(Unaudited)

The Company uses non-GAAP financial information to evaluate its operating performance and in order to represent the manner

in which the Company conducts and views its business. Additionally, the Company believes the information assists investors in

comparing the Company’s performance across reporting periods on a consistent basis by excluding items that are not indicative

of its core business. The non-GAAP financial information is provided in addition to, and not as an alternative to, the Company’s

reported results prepared in accordance with GAAP.

Table 1 - Reconciliation of GAAP gross profit to Adjusted gross profit

Three Months Ended Six Months Ended

June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025

GAAP gross profit Non-GAAP Adjustments Adjusted gross profit $ 309,659 $ 226,027 $ 667,079 $ 452,294

— 8,251 (55,090) 8,530

$ 309,659 $ 234,278 $ 611,989 $ 460,824

Table 2 - Reconciliation of GAAP operating expenses to Adjusted operating expenses

Three Months Ended June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025

Six Months Ended

GAAP operating expenses $ 270,340 $ 263,865 $ 528,633 $ 441,128

Non-GAAP Adjustments (52,216) (59,012)

Adjusted operating expenses $ 265,139 $ 211,649 $ 521,167 $ 382,116

(5,201) (7,466) Table 3 - Reconciliation of GAAP income / (loss) from operations to Adjusted income from operations

Three Months Ended Six Months Ended

June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025

GAAP income / (loss) from operations $ 39,319 $ (40,258) 5,201 62,887 $ 138,061 Non-GAAP Adjustments Adjusted income from operations $ 44,520 $ 22,629 (47,239) $ 13,241

65,467

$ 90,822 $ 78,708

Table 4 - Reconciliation of GAAP interest and other (expense) / income, net to Adjusted interest and other (expense) / income, net

Three Months Ended Six Months Ended

June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025

GAAP interest and other (expense) / income, net $ (4,862) Non-GAAP Adjustments Adjusted interest and other (expense) / income, net $ (3,795) $ (2,966)

— 840 — 840

$ (1,257) $ (1,257) $ (2,955) $ (4,862) $ (2,126)

Table 5 - Reconciliation of GAAP provision for income taxes to Adjusted provision for income taxes

Three Months Ended Six Months Ended

June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025

GAAP provision for income taxes $ 33,631 Non-GAAP Adjustments Adjusted provision for income taxes $ 10,137 $ 5,028 $ 22,205 $ 18,708

$ 3,911 $ 16,979

1,257 1,117 (11,426) 1,729

$ 11,394 Table 6 - Reconciliation of GAAP net income / (loss) attributable to Steven Madden, Ltd. to Adjusted net income attributable to Steven Madden, Ltd.

Table 7 - Reconciliation of GAAP diluted net income per share to Adjusted diluted net income per share in fiscal 2026 outlook

Fiscal 2026 Outlook

Low End High End

$ 2.55 GAAP diluted net income per share $ 2.65

Non-GAAP Adjustments (0.50) (0.50)

Adjusted diluted net income per share $ 2.05 $ 2.15

Non-GAAP Adjustments include the items below.

For the second quarter of 2026:

• $1.5 million pre-tax ($1.1 million after-tax) expense in connection with severances and related charges,

included in operating expenses.

• $3.4 million pre-tax ($2.6 million after-tax) expense in connection with legal settlements and related

fees, included in operating expenses.

• $0.3 million pre-tax ($0.3 million after-tax) expense in connection with an acquisition and formation of

joint ventures, included in operating expenses.

For the second quarter of 2025:

• $8.3 million pre-tax ($6.2 million after-tax) expense in connection with the purchase accounting fair

value adjustment of inventory from acquired businesses, included in cost of sales.

• $38.8 million pre-tax ($38.8 million after-tax) expense in connection with acquisition-related

compensation paid to management sellers and certain employees of Kurt Geiger, as determined by the

institutional shareholders as part of the sellers’ negotiated transaction waterfall, included in operating

expenses.

• $8.1 million pre-tax ($8.9 million after-tax) expense in connection with an acquisition and formation of

joint ventures, included in operating expenses.

• $4.7 million pre-tax ($3.6 million after-tax) expense in connection with legal settlements and related

fees, included in operating expenses.

• $0.5 million pre-tax ($0.4 million after-tax) expense in connection with severances and related charges,

included in operating expenses.

• $2.4 million pre-tax ($1.8 million after-tax) net expense in connection with the change in valuation of

contingent payment liabilities related to the acquisitions of Almost Famous and ATM.• $9.3 million pre-tax ($7.1 million after-tax) benefit in connection with the settlement of a foreign

exchange hedging contract entered into as part of the company's acquisition of Kurt Geiger.

• $0.8 million pre-tax ($0.6 million after-tax) expense in connection with the write-off of unamortized

debt issuance costs associated with the replacement of the company's previous revolving credit facility,

included in interest and other expense, net.

Contact

Steven Madden, Ltd.

VP of Corporate Development & Investor Relations

Danielle McCoy

718-308-2611

InvestorRelations@stevemadden.com