0001628280-26-012995 | 10-K | XBRL Viewer

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Derivative Instruments (Table 2) - Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Derivatives, Fair Value [Line Items]
Forward contracts	$ 302	$ 2,175
Forward contracts	$ 2,328	$ 816

Summary of Significant Accounting Policies - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) store	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Property, Plant and Equipment [Line Items]
Advertising Expense	$ 133,598	$ 101,954	$ 89,435
Defined Benefit Plan Maximum Percentage To Be Matched Of Employees Compensation	6.00%
Defined Contribution Plan, Cost	$ 4,218	2,658	2,301
Number of Stores \| store	399
Defined Benefit Plan Matching Contribution Percentage Of Employees Contributions	50.00%
Production and Distribution Costs	$ 133,575	97,958	97,100
Accumulated other comprehensive loss	(29,465)	(48,291)	(29,046)
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax	$ (28,029)	$ (49,270)	$ (28,201)
Minimum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Lessor, Operating Lease, Term of Contract	1 year
Lessor, Operating Lease, Renewal Term	1 year
Finite-Lived Intangible Asset, Useful Life	10 years
Maximum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	27 years 6 months
Lessor, Operating Lease, Term of Contract	12 years
Lessor, Operating Lease, Renewal Term	10 years
Finite-Lived Intangible Asset, Useful Life	20 years

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net income	$ 49,018	$ 175,902	$ 173,975
Adjustments to reconcile net income to net cash provided by operating activities
Stock-based compensation	29,635	26,539	24,148
Depreciation and amortization	33,437	20,010	15,501
Amortization of debt issuance costs	1,176	0	0
(Gain)/loss on disposal of fixed assets	(150)	112	204
Impairment of intangibles	6,300	10,335	6,520
Deferred taxes	(4,669)	(4,703)	6,105
Loss on divestiture of business	0	3,199	0
Accrued interest on note receivable – related party	0	0	8
Note receivable - related party	0	0	409
Change in valuation of contingent payment liability	(5,580)	2,722	0
Amortization of inventory step-up and other	30,679	(575)	(23)
Changes, net of acquisitions, in:
Accounts receivable	(10,551)	(6,947)	(1,308)
Factor accounts receivable	39,674	(31,542)	(18,647)
Inventories	4,425	(30,567)	25,303
Prepaid expenses, income tax receivables, prepaid taxes, and other assets	(8,314)	133	(1,060)
Accounts payable and accrued expenses	9,891	37,339	7,052
Accrued incentive compensation	(8,833)	3,118	280
Leases and other liabilities	(3,939)	(6,979)	(8,061)
Payment of contingent liability	0	0	(1,153)
Net cash provided by operating activities	162,199	198,096	229,237
Cash flows from investing activities:
Acquisition of businesses	(371,554)	(13,976)	(75,271)
Capital expenditures	(42,658)	(25,911)	(19,470)
Purchases of short-term investments	0	(21,405)	(25,688)
Maturity/sale of short-term investments	13,553	22,139	25,872
Other investing activities	(260)	(340)	(5,335)
Net cash used in investing activities	(400,919)	(39,493)	(99,892)
Cash flows from financing activities:
Borrowings under credit facilities	467,500	0	0
Repayments under credit facilities	(227,500)	0	0
Cash dividends paid on common stock	(60,962)	(61,039)	(63,177)
Common stock repurchased and net settlements of stock awards	(13,523)	(98,433)	(142,348)
Financing costs paid	(8,955)	0	0
Investment of noncontrolling interest	3,500	0	4,486
Distributions to noncontrolling interest earnings	2,946	0	1,102
Proceeds from exercise of stock options	32	1,613	1,205
Acquisition of incremental ownership of joint ventures	0	(1,500)	0
Payment of contingent liability	0	(8,547)	0
Net cash provided by / (used in) financing activities	157,146	(167,906)	(200,936)
Effect of exchange rate changes on cash and cash equivalents	4,073	(5,413)	1,518
Net change in cash and cash equivalents	(77,501)	(14,716)	(70,073)
Cash and cash equivalents – beginning of year	189,924	204,640	274,713
Cash and cash equivalents – end of year	112,423	189,924	204,640
Supplemental disclosure of cash flow information:
Cash paid during the year for interest	$ 11,699	$ 0	$ 0

Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Consolidated Statements of Changes in Stockholders' Equity [Abstract]
Other Comprehensive Income (Loss), before Reclassifications, before Tax	$ 907	$ (632)	$ 223
Cash dividends declared per common share	$ 0.84	$ 0.84	$ 0.84

Income Taxes Income Taxes (Table 4) (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Unrecognized Tax Benefits	$ 761	$ 0	$ 238	$ 1,145
Deferred tax assets
Receivable allowances	8,585	8,073
Inventory	12,096	7,748
Accrued expenses	7,437	484
Deferred compensation	6,199	5,858
Net operating loss carryforwards	8,531	4,208
Lease liability	60,295	34,706
Other	4,318	2,435
Gross deferred tax assets before valuation allowance	107,461	63,512
Less: valuation allowance	3,459	3,051	$ 3,715	$ 3,948
Gross deferred tax assets after valuation allowance	104,002	60,461
Deferred tax liabilities
Depreciation and amortization	(26,104)	(22,547)
Unremitted earnings of foreign subsidiaries	(3,208)	(3,041)
Right-of-use asset	(56,100)	(31,234)
Amortization of goodwill	(7,747)	(7,655)
Indefinite-lived intangibles	(43,765)	0
Gross deferred tax liabilities	(136,924)	(64,477)
Net deferred tax liabilities	$ (32,922)	$ (4,016)

Stock-Based Compensation (Detail) - (Table 3) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average fair value	$ 6.36	$ 10.90	$ 8.45
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility	38.50%	47.40%	48.10%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Minimum	33.60%	34.10%	37.30%
Risk free interest rate	4.30%	4.60%	4.70%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum	3.60%	4.00%	3.70%
Dividend yield	3.30%	2.00%	2.50%
Weighted average fair value	$ 6.77	$ 13.22	$ 10.12
Minimum \| Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term	3 years	3 years	3 years
Maximum \| Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term	4 years	4 years	5 years

Net Income Per Share of Common Stock - Schedule of Net Income / (Loss) Per Share of Common Stock (Details) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Basic net income per share	$ 0.63	$ 2.38	$ 2.34
Earnings Per Share, Diluted	$ 0.63	$ 2.35	$ 2.30
Basic weighted average common shares outstanding	70,873	71,274	73,337
Effect of dilutive securities – options/restricted stock	308	689	1,228
Weighted Average Number of Shares Outstanding, Diluted	71,181	71,963	74,565

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

Credit Agreement (Details) - USD ($) $ in Thousands		12 Months Ended
Credit Agreement (Details) - USD ($) $ in Thousands	May 06, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Amortization of debt issuance costs		$ 1,176	$ 0	$ 0
Repayments of Long-Term Debt		227,500	0	$ 0
Kurt Geiger
Debt Instrument [Line Items]
Debt Issuance Costs, Gross	$ 8,954	6,716
Amortization of debt issuance costs		1,176
Kurt Geiger \| Term Loan Facility
Debt Instrument [Line Items]
Debt Issuance Costs, Net		2,238
Line Of Credit, Noncurrent Borrowing Capacity		240,000	0
Debt Issuance Costs, Noncurrent, Net		5,834	0
Long-Term Line of Credit, Noncurrent		234,166	0
Commitment letter, senior secured credit facilities	300,000
Kurt Geiger \| Revolving Credit Facility
Debt Instrument [Line Items]
Long-Term Debt		2,200
Commitment letter, senior secured credit facilities	250,000
Line of Credit Facility, Potential Increase In Maximum Borrowing Capacity	$ 275,000
Kurt Geiger \| Revolving Credit Facility \| Long-Term Debt
Debt Instrument [Line Items]
Commitment letter, senior secured credit facilities		0	0
Kurt Geiger \| Revolving Credit Facility \| Other Noncurrent Assets
Debt Instrument [Line Items]
Commitment letter, senior secured credit facilities		1,945	$ 0
Kurt Geiger \| Credit Agreement
Debt Instrument [Line Items]
Long-Term Debt		240,000
Long-Term Debt, Current Maturities		0
Long-Term Debt, Maturity, Year Two		0
Long-Term Debt, Maturity, Year Three		0
Long-Term Debt, Maturity, Year Four		0
Long-Term Debt, Maturity, Year Five		$ 240,000
Kurt Geiger \| Line of Credit
Debt Instrument [Line Items]
Line Of Credit, Fronting Fee Percentage	0.125%
Line Of Credit, Covenant Terms, Minimum Total Net Leverage Ratio	3.00
Line Of Credit, Covenant Terms, Maximum Consolidated Fixed Charge Coverage Ratio	1.25
Kurt Geiger \| Line of Credit \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.00%
Kurt Geiger \| Line of Credit \| Fed Funds Effective Rate Overnight Index Swap Rate
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	0.50%
Minimum \| Kurt Geiger \| Line of Credit
Debt Instrument [Line Items]
Line of Credit Facility, Commitment Fee Percentage	0.25%
Line Of Credit, Participation Fee Percentage	1.75%
Maximum \| Kurt Geiger \| Line of Credit
Debt Instrument [Line Items]
Line of Credit Facility, Commitment Fee Percentage	0.35%
Line Of Credit, Participation Fee Percentage	2.50%

Operating Leases (Details) Table 2 - USD ($) $ in Thousands	12 Months Ended
Operating Leases (Details) Table 2 - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating Lease, Cost	$ 65,152	$ 49,254	$ 41,539
Variable Lease, Cost	2,610	4,007	4,532
Short-term Lease, Cost	846	0	0
Sublease Income	272	196	264
Lease, Cost	$ 68,336	$ 53,065	$ 45,807

Summary of Significant Accounting Policies - Summary of Significant Accounting Policies (Table) (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Other Comprehensive Income (Loss), before Reclassifications, before Tax

$ (1,436)

$ 979

$ (845)

Schedule of Accumulated Other Comprehensive Loss

The accumulated balances for each component of other comprehensive loss attributable to the Company were as follows:


	Years Ended December 31,
(in thousands)	2025		2024		2023
Currency translation adjustment	$	(28,029)	$	(49,270)	$	(28,201)
Cash flow hedges, net of tax	(1,436)		979		(845)

Accumulated other comprehensive loss	$	(29,465)	$	(48,291)	$	(29,046)

- Definition

Amount after tax, before reclassification adjustments of other comprehensive income (loss).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
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-Section 45
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Fair Value Measurement

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurement

Note 5 – Fair Value Measurements

The Company follows ASC Topic 820, “Fair Value Measurement” (“ASC 820”), which establishes a framework for measuring fair value and requires disclosures about fair value measurements. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. It emphasizes that fair value should reflect the assumptions market participants would use in pricing an asset or liability. ASC 820 also establishes a three-tier fair value hierarchy that prioritizes the inputs used in valuation methodologies. A brief description of the fair value hierarchy is as follows:

•Level 1: Observable inputs such as quoted prices in active markets for identical assets or liabilities.

•Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly.

•Level 3: Significant unobservable inputs; inputs to the valuation methodology based on unobservable prices or valuation techniques that are significant to the fair value measurement.

The Company’s financial assets and liabilities subject to fair value measurements as of December 31, 2025 and 2024 were as follows:


	December 31, 2025								December 31, 2024
(in thousands)	Fair value		Level 1		Level 2		Level 3		Fair value		Level 1		Level 2		Level 3
Assets:
Forward contracts	$	302	$	—	$	302	$	—	$	2,175	$	—	$	2,175	$	—
Total assets	$	302	$	—	$	302	$	—	$	2,175	$	—	$	2,175	$	—
Liabilities:
Contingent payment liability(1)(2)	$	14,880	$	—	$	—	$	14,880	$	7,565	$	—	$	—	$	7,565
Forward contracts	2,328		—		2,328		—		816		—		816		—
Total liabilities	$	17,208	$	—	$	2,328	$	14,880	$	8,381	$	—	$	816	$	7,565

(1) As of December 31, 2025, $14,880 was recorded in Contingent payment liability - long-term portion.

(2) As of December 31, 2024, $7,565 was recorded in Contingent payment liability - long-term portion.

The Company uses derivative instruments, specifically, forward foreign exchange contracts, to manage the risk associated with the volatility of future cash flows. Fair value of these instruments is based on observable market transactions of spot and forward rates. Refer to Note 12 – Derivative Instruments for further information.

The following table provides a reconciliation of the beginning and ending balances for the contingent payment liabilities included within Level 3 of the fair value hierarchy for the years ended December 31, 2025 and 2024:


	December 31, 2025		December 31, 2024
Balance at beginning of year	$	7,565	$	13,300
Adjustments(1)(2)	(5,580)		2,722
Acquisitions	12,895		90
Payments(3)	—		(8,547)
Balance at end of period	$	14,880	$	7,565

(1) In the 2025 period, amounts consisted of adjustments of $5,580 which were related to the change in valuation of the contingent payment liabilities in connection with the acquisitions of Kurt Geiger, Almost Famous, and ATM. The adjustments to Kurt Geiger were recorded in income from operations in the Consolidated Statements of Operations and allocated to the Wholesale Footwear, Wholesale Accessories/Apparel, and Direct-to-Consumer segments. Adjustments to Almost Famous and ATM were recorded in income from operations in the Consolidated Statements of Operations for the Wholesale Accessories/Apparel segment.

(2) In the 2024 period, amounts consisted of adjustments of $2,722, which were related to the change in valuation of the contingent payment liabilities in connection with the acquisitions of Almost Famous and ATM. These adjustments were recorded in income from operations in the Consolidated Statements of Operations for the Wholesale Accessories/Apparel segment.

(3) For the 2024 period, the payment of $8,547 was related to the contingent payment liability in connection with the acquisition of Almost Famous and was measured based upon actual EBIT performance for the related performance period. The payment was included as cash used in financing activities in the Consolidated Statement of Cash Flows for the year ended December 31, 2024.

As of December 31, 2025 and 2024, the fair value of the contingent payment liability related to the acquisition of Almost Famous $3,225 and $7,475, respectively. The fair value was determined using a Monte Carlo simulation model, which estimates the probability of various financial outcomes during the measurement period. The model utilized discount rates of 16.0% and 17.5% as of December 31, 2025 and December 31, 2024, respectively.

As of December 31, 2025 and 2024, the fair value of the contingent payment liability related to the acquisition of ATM was $55 and $90 respectively. The fair value was determined using a Monte Carlo simulation model, utilizing a discount rate of 11.4% and 12.6%.

As of December 31, 2025, the fair value of the contingent payment liability related to the acquisition of Mercury Acquisitions Topco Limited was $11,600. The fair value was based on a probability-weighted expected return method that considers the expected future payments. See Note 4 – Acquisitions, Purchases and Sales of Joint Ventures, and Divestitures for further information.

The fair values of reporting units tested for goodwill and other intangibles are measured on a non-recurring basis and are determined using Level 3 inputs, including forecasted cash flows, discount rates, and implied royalty rates. Refer to Note 4 – Acquisitions, Purchases and Sales of Joint Ventures, and Divestitures and Note 7 – Goodwill and Other Intangible Assets for further information.

The fair values of lease right-of-use assets and fixed assets related to company-owned retail stores are measured on a non-recurring basis and are determined using Level 3 inputs, including estimated discounted future cash flows associated with the assets using sales trends, market rents, and market participant assumptions. Refer to Note 2 – Summary of Significant Accounting Policies for further information.

The carrying value of certain financial instruments such as cash equivalents, short-term investments, accounts receivable, factor accounts receivable, and accounts payable approximates their fair values due to the short-term nature of their underlying terms. Fair value of the notes receivable held by the Company approximates their carrying value based upon their imputed or actual interest rate, which approximates applicable current market interest rates. Some assets are not measured at fair value on an ongoing basis but are subject to fair value adjustments only in certain circumstances (non-recurring). These assets can include long-lived assets that have been reduced to fair value when impaired. Assets that are written down to fair value when impaired are not subsequently adjusted to fair value unless further impairment occurs.

The carrying amount of the term loan facility, which bears interest at a variable rate, approximates fair value as the interest rate adjusts with changes in market conditions. The estimated fair value of the term loan was determined using Level 2 inputs based on current market interest rates and credit spreads for instruments with similar terms and maturities. Refer to Note 16 – Credit Agreement for further information.

Fair value measurements associated with assets acquired and liabilities assumed in business combinations are disclosed separately in Note 4 – Acquisitions, Purchases and Sales of Joint Ventures, and Divestitures. These measurements primarily utilize Level 3 inputs due to the use of significant unobservable assumptions, as described therein.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Credit Agreement

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Credit Agreement

Note 16 – Credit Agreement

On May 6, 2025, the Company entered into an Amended and Restated Credit Agreement (the “Credit Agreement”) with various lenders and Citizens Bank, as administrative agent (in such capacity, the “Agent”), which provides for a term loan facility in the amount of $300,000 and a revolving credit facility with a total capacity of $250,000. The Credit Agreement amends and restates in its entirety the previous credit agreement, dated as of July 22, 2020, among the Company, the various lenders party thereto and Citizens Bank, as administrative agent.

The Credit Agreement provides for a term loan facility and a revolving credit facility scheduled to mature on May 6, 2030. The Company may from time to time increase the revolving commitments and/or request incremental term loans in an aggregate principal amount of up to $275,000 if certain conditions are satisfied, including (i) the absence of any default under the Credit Agreement, and (ii) the Company obtaining the consent of the lenders participating in each such increase.

Borrowings in U.S. Dollars under the Credit Agreement generally bear interest at a variable rate equal to, at the Company’s election, (i) Term SOFR for the applicable interest period plus a specified margin, which is based upon the Company’s Total Net Leverage Ratio (as defined in the Credit Agreement) or (ii) the base rate (which is the highest of (a) the prime rate announced by Citizens Bank or its parent company, (b) the sum of the federal funds rate plus 0.50%, or (c) the sum of the Daily SOFR Rate plus 1%) plus a specified margin, which is based upon the Company’s Total Net Leverage Ratio. At the Company’s option, borrowings under the Credit Agreement can be made in Euros, Pounds Sterling and other freely available currency or currencies (other than U.S. Dollars) from time to time approved by the Agent and the lenders in accordance with the terms of the Credit Agreement, and such borrowings would bear interest at a variable rate equal to, at the Company’s election, (i) the Alternative Currency Daily Rate (as defined in the Credit Agreement) plus a specified margin, which is based upon the Company’s Total Net Leverage Ratio or (ii) the Alternative Currency Term Rate (as defined in the Credit Agreement) plus a specified margin, which is based upon the Company’s Total Net Leverage Ratio.

Under the Credit Agreement, the Company must also pay (i) a commitment fee to the Agent, for the account of each revolving lender, which shall accrue at a rate per annum ranging from 0.25% to 0.35% of the average daily unused portion of the revolving credit facility, depending on the Company’s Total Net Leverage Ratio, (ii) a letter of credit participation fee to the Agent, for the account of each revolving lender, ranging from 1.75% to 2.50% per annum, based upon the Company’s Total Net Leverage Ratio, multiplied by the average daily amount available to be drawn under the applicable letter of credit, and (iii) a letter of credit fronting fee to each issuer of a letter of credit under the Credit Agreement, which shall accrue at a rate of 0.125% per annum.

The Credit Agreement contains various restrictions and covenants applicable to the Company and its subsidiaries, including the requirements that the borrowers not permit (i) the Total Net Leverage Ratio as of the end of any fiscal quarter to be greater than 3.00 to 1.00 and (ii) the Consolidated Fixed Charge Coverage Ratio (as defined in the Credit Agreement) as of the end of any fiscal quarter to be less than 1.25 to 1.00. As of December 31, 2025, all financial covenants associated with the Credit Agreement were within the prescribed thresholds.

The Credit Agreement requires various subsidiaries of the Company to guarantee obligations arising from time to time under the Credit Agreement, as well as obligations arising in respect of certain cash management and hedging transactions. Subject to customary exceptions and limitations, all of the borrowings under the Credit Agreement are secured by a lien on all or substantially all of the assets of the Company and each subsidiary guarantor. Certain additional subsidiaries of the Company may from time to time become borrowers or guarantors pursuant to the Credit Agreement.

The Credit Agreement also contains customary events of default. If an event of default under the Credit Agreement occurs and is continuing, then the Agent may, and at the request of the required lenders shall, terminate the loan commitments under the Credit Agreement, declare any outstanding obligations under the Credit Agreement to be immediately due and payable and/or require that the Company adequately cash collateralize outstanding letter of credit obligations. In addition, if, among other things, the Company or, with certain exceptions, a subsidiary thereof becomes the subject of voluntary or involuntary proceedings under any bankruptcy, insolvency or similar law, then the loan commitments under the Credit Agreement will automatically terminate, any outstanding obligations under the Credit Agreement will automatically become immediately due and payable, and the cash collateral required under the Credit Agreement for any outstanding letter of credit obligations will automatically become immediately due and payable.

The Company used the term loan facility, and a portion of the revolving credit facility, to fund the transaction and the transaction-related expenses. The Company also has used, and intends to continue to use, the revolving credit facility for general corporate purposes.

During the year ended December 31, 2025, the Company incurred total debt issuance costs of $8,954 in connection with the Credit Agreement, including $6,716 allocated to the term loan facility and $2,238 allocated to the revolving credit facility. Debt issuance costs associated with the term loan are presented as a direct reduction from the carrying amount of the related facility within long-term debt on the Company’s Consolidated Balance Sheets and are amortized to interest expense using the effective interest method. Debt issuance costs associated with the revolving credit facility are presented within deposits and other on the Company’s Consolidated Balance Sheets and are amortized to interest expense on straight-line basis over the five-year term of the facility. The remaining unamortized debt issuance costs under each facility on the Company’s Consolidated Balance Sheets are summarized in the tables below. During the year ended December 31, 2025, $1,176 related to the amortization of debt issuance costs was included in interest expense in the Company’s Consolidated Statements of Operations. As of December 31, 2025, the Company had $2,200 in letters of credit outstanding related to the Company's revolver.

Term Loan Facility

The following table presents details of the term loan facility as of December 31, 2025 and 2024:


	December 31, 2025		December 31, 2024





Long-term debt – noncurrent portion
Gross carrying amount of term loan	$	240,000	$	—
Less: unamortized debt issuance costs	5,834		—
Long-term debt	$	234,166	$	—

Revolving Credit Facility

The following table presents details of the revolving credit facility as of December 31, 2025 and 2024:


	Balance Sheet Classification	December 31, 2025		December 31, 2024
Outstanding borrowings	Long-term debt	$	—	$	—
Unamortized debt issuance costs	Deposits and other	1,945		—

Future Maturities of Long-term Debt

The following table presents the future maturities related to our long-term debt as of December 31, 2025:


2026	$	—
2027	—
2028	—
2029	—
2030	240,000
	$	240,000

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
-Paragraph 1B
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
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-Publisher FASB
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Operating Leases (Tables)

12 Months Ended

Dec. 31, 2025

Operating Leases [Abstract]

Operating Lease, Supplemental Balance Sheet

The following table presents the lease-related assets and liabilities recorded on the Company's Consolidated Balance Sheets as of December 31, 2025 and 2024:


		As of December 31,
(in thousands)	Balance Sheet Classification	2025			2024
Assets:
Noncurrent	Operating lease right-of-use asset	$	235,855		$	139,695

Liabilities:
Current	Operating leases - current portion	$	58,827		$	43,172
Noncurrent	Operating leases - long-term portion	193,145			109,816
Total operating lease liabilities		$	251,972		$	152,988

Weighted-average remaining lease term		5.6 years			4.5 years
Weighted-average discount rate		5.4		%	5.3		%

Lease, Cost [Table Text Block]

The following table presents the composition of lease costs during the years ended December 31, 2025, 2024, and 2023:


	Years Ended December 31,
(in thousands)	2025		2024		2023
Operating lease cost	$	65,152	$	49,254	$	41,539
Variable lease cost	2,610		4,007		4,532
Short-term lease cost	846		—		—
Less: sublease income	272		196		264
Total lease cost(1)	$	68,336	$	53,065	$	45,807

(1) Included in operating expenses in the Company’s Consolidated Statements of Operations.

Schedule of Leases Supplemental Cash Flows [Table Text Block]

The following table presents supplemental cash and non-cash information related to the Company's operating leases during the years ended December 31, 2025 and 2024:


	Years Ended December 31,
(in thousands)	2025		2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used for operating leases(1)	$	65,328	$	50,802
Noncash transactions:
Right-of-use asset obtained in exchange for new operating lease liabilities	$	137,445	$	62,541
Right-of-use asset noncash lease expense(1)	$	50,302	$	45,629

(1) Included in leases and other liabilities in the Consolidated Statement of Cash Flows.

Lessee, Operating Lease, Liability, Maturity

Future Minimum Lease Payments

The following table presents future minimum lease payments for each of the next five years and the total for the remaining years as of December 31, 2025:


(in thousands)
2026	$	71,155
2027	58,183
2028	48,462
2029	31,900
2030	24,690
Thereafter	58,573
Total minimum lease payments	292,963
Less: imputed interest	40,991
Total lease liabilities	$	251,972

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Accumulated Other Comprehensive Loss

The accumulated balances for each component of other comprehensive loss attributable to the Company were as follows:


	Years Ended December 31,
(in thousands)	2025		2024		2023
Currency translation adjustment	$	(28,029)	$	(49,270)	$	(28,201)
Cash flow hedges, net of tax	(1,436)		979		(845)

Accumulated other comprehensive loss	$	(29,465)	$	(48,291)	$	(29,046)

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

The following weighted average assumptions were used for stock options granted during 2025, 2024, and 2023:

Years Ended December 31,

2025

2024

2023

Volatility

33.6% to 38.5%

34.1% to 47.4%

37.3% to 48.1%

Risk free interest rate

3.6% to 4.3%

4.0% to 4.6%

3.7% to 4.7%

Expected life in years

3.0 to 4.0

3.0 to 5.0

Dividend yield

3.3%

2.0%

2.5%

Weighted average fair value

$6.77

$13.22

$10.12

Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs

For the years ended December 31, 2025, 2024, and 2023, the total share-based compensation costs were as follows:


	Years Ended December 31,
(in thousands)	2025		2024		2023
Restricted stock	$	23,184	$	22,281	$	21,301
Stock options	2,059		2,459		2,597
Performance-based	4,392		1,799		250
Total	$	29,635	$	26,539	$	24,148

Nonvested Restricted Stock Shares Activity

The following table summarizes restricted stock activity during the years ended December 31, 2024 and 2025:


(in thousands except per share data)	Number of Shares	Weighted Average Fair Value at Grant Date
Outstanding at January 1, 2024	1,290	$	35.44
Granted	728	42.23
Vested	(451)	34.56
Forfeited	(24)	36.29
Outstanding at December 31, 2024	1,543	$	38.89
Granted	805	32.64
Vested	(645)	38.34
Forfeited	(51)	35.54
Outstanding at December 31, 2025	1,652	$	36.16

Additional information pertaining to restricted stock activity was as follows:


	Years Ended December 31,
(in thousands except per share data)	2025		2024		2023
Weighted-average grant date fair value of awards granted	$	32.64	$	42.23	$	33.38
Total fair value of awards vested	$	24,729	$	15,574	$	26,168

Schedule of Share-Based Compensation, Employee Stock Purchase Plan, Activity

The following table summarizes the number of shares of common stock authorized for issuance under the 2019 Plan, the number of stock-based awards granted (net of expired or cancelled awards) under the 2019 Plan and the number of shares of common stock available for the grant of stock-based awards under the 2019 Plan:


(in thousands)
Common stock authorized			19,000
Stock-based awards, including restricted stock and stock options granted, net of expired or cancelled awards			(11,107)
Common stock available for grant of stock-based awards as of December 31, 2025			7,893

Schedule of Stock Options Roll Forward

Stock Options

Activity relating to stock options granted under the Company’s plans during the year ended December 31, 2024 and 2025 was as follows:


(in thousands except per share data)	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at January 1, 2024	1,118	$	35.62
Granted	233	41.32
Exercised	(73)	32.76
Expired	(2)	46.47
Forfeited	(8)	34.54
Outstanding at December 31, 2024	1,268	$	36.82	2.7 years	$	7,611
Vested and Exercisable at December 31, 2024	1,116	$	36.24	2.4 years	$	7,371
Outstanding at January 1, 2025	1,268	36.82
Granted	263	25.13
Exercised	(339)	28.33
Expired	(33)	36.10

Outstanding at December 31, 2025	1,159	$	36.67	2.7 years	$	6,406
Vested and Exercisable at December 31, 2025	985	$	38.29	2.0 years	$	3,919

As of December 31, 2025, $930 of total unrecognized compensation cost related to non-vested stock option awards is expected to be recognized on a straight-line basis over a weighted-average period of 1.2 years.

Additional information pertaining to the Company's stock option plan was as follows:


	Years Ended December 31,
(in thousands except per share data)	2025		2024		2023
Weighted-average grant date fair value of awards granted	$	6.36	$	10.90	$	8.45
Cash received from the exercise of stock options	$	32	$	1,613	$	1,205
Intrinsic value of stock options exercised	$	4,699	$	791	$	16,335
Tax benefits realized on exercise of stock options	$	709	$	39	$	1,285

Fair Value Measurement (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities

The Company’s financial assets and liabilities subject to fair value measurements as of December 31, 2025 and 2024 were as follows:


	December 31, 2025								December 31, 2024
(in thousands)	Fair value		Level 1		Level 2		Level 3		Fair value		Level 1		Level 2		Level 3
Assets:
Forward contracts	$	302	$	—	$	302	$	—	$	2,175	$	—	$	2,175	$	—
Total assets	$	302	$	—	$	302	$	—	$	2,175	$	—	$	2,175	$	—
Liabilities:
Contingent payment liability(1)(2)	$	14,880	$	—	$	—	$	14,880	$	7,565	$	—	$	—	$	7,565
Forward contracts	2,328		—		2,328		—		816		—		816		—
Total liabilities	$	17,208	$	—	$	2,328	$	14,880	$	8,381	$	—	$	816	$	7,565

(1) As of December 31, 2025, $14,880 was recorded in Contingent payment liability - long-term portion.

(2) As of December 31, 2024, $7,565 was recorded in Contingent payment liability - long-term portion.

December 31, 2025 and 2024:


	December 31, 2025		December 31, 2024
Balance at beginning of year	$	7,565	$	13,300
Adjustments(1)(2)	(5,580)		2,722
Acquisitions	12,895		90
Payments(3)	—		(8,547)
Balance at end of period	$	14,880	$	7,565

Acquisitions, Purchases and Sales of Joint Ventures, and Divestitures (Tables)

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Business Combination, Recognized Asset Acquired and Liability Assumed

The following table summarizes the Company’s preliminary allocation of the purchase price to the estimated fair values of the assets acquired and liabilities assumed as of the Acquisition Date.


Balance Sheet Classification	Fair Value
Cash and cash equivalents	$	18,899
Accounts receivable	31,644
Inventories	180,552
Operating lease right-of-use asset	75,825
Prepaid expenses and other current assets	9,777
Income tax receivable and prepaid income taxes	3,350
Property and equipment	39,320
Intangibles	176,867
Accounts payable	(32,868)
Accrued expenses	(47,079)
Income taxes payable	(761)
Operating leases – current portion	(8,603)
Operating leases – long-term portion	(68,251)
Deferred tax liabilities	(34,207)
Other liabilities	(5,655)
Total fair value excluding goodwill	338,810
Goodwill	64,538
Net assets acquired	$	403,348

Business Combination, Intangible Asset, Acquired, Finite-Lived

The components of intangible assets acquired in connection with the Kurt Geiger acquisition were as follows:

Intangible Asset

Estimated
Lives

Amortization
Method

Estimated Fair
Value

Trademark

Indefinite

N/A

126,286

Customer relationships

15-20 years

Straight-line

50,581

Total intangible assets

176,867

The fair values of the intangible assets were estimated using valuation techniques deemed appropriate for the nature of the asset and, for customer relationships, the underlying relationships, as summarized below:

▪Trademark: valued using the multi-period excess earnings method (“MPEEM”), an income approach with significant assumptions used in the valuation including projected revenue, margins, contributory asset charges, long-term growth rate, and discount rate.

▪Customer relationships (direct-to-consumer): valued using a replacement cost method, with significant assumptions used in the valuation included historical marketing spend, estimated time to rebuild customer relationships, developer profit margin, and discount rate.

▪Customer relationships (wholesale): valued using a distributor method, which is an income-based approach with significant assumptions used in the valuation included projected revenues and margins, contributory asset charges, customer attrition, and discount rate.

▪Customer relationships (concessions): valued using a with-and-without method, which is an income-based approach with significant assumptions used in the valuation including projected revenues and margins, probability of customer retention, and discount rate.

The fair values for inventories, property and equipment, operating lease right-of-use asset and intangibles were based on significant inputs that are not observable in the market and thus represent a Level 3 measurement in the fair value hierarchy.

Business Combination, Intangible Asset, Acquired, Indefinite-Lived

The components of intangible assets acquired in connection with the Kurt Geiger acquisition were as follows:

Intangible Asset

Estimated
Lives

Amortization
Method

Estimated Fair
Value

Trademark

Indefinite

N/A

126,286

Customer relationships

15-20 years

Straight-line

50,581

Total intangible assets

176,867

Business Combination, Pro Forma Information

The pro forma financial information, as presented below, is for informational purposes only and is not indicative of the results of operations that would have been achieved if the acquisition had taken place on January 1, 2024, nor are they indicative of future operating results.


	Years Ended December 31,
	2025		2024
Total revenue	$	2,685,441	$	2,803,286
Net income(1)	$	122,116	$	126,547

(1)Supplemental pro forma earnings for the year ended December 31, 2025 were adjusted to exclude non-recurring expenses incurred in 2025, including $38,819 of acquisition-related compensation cost, $10,726 of transaction costs, and $23,233 of expense related to the fair value adjustment to acquisition-date inventory; as well as to exclude a gain of $7,058 related to the settlement of a foreign exchange forward contract entered into in connection with the acquisition of Kurt Geiger. Supplemental pro forma earnings for the year ended December 31, 2024 were adjusted to include these items.

Operating Leases (Details) Table 4 - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
2026	$ 71,155
2027	58,183
2028	48,462
2029	31,900
2030	24,690
Thereafter	58,573
Lessee, Operating Lease, Liability, Payments, Due	292,963
Less: imputed interest	40,991
Operating Lease, Liability	$ 251,972	$ 152,988

Nature of Operations	12 Months Ended
Nature of Operations	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations	Note 1 – Nature of Operations Steven Madden, Ltd. and its subsidiaries (collectively, the “Company”, “we”, or “our”) design, source, and market fashion-forward branded and private label footwear, accessories, and apparel. The Company distributes its products through the wholesale channel to department stores, mass merchants, off-price retailers, shoe chains, online retailers, national chains, specialty retailers, independent stores, and clubs throughout the United States, the United Kingdom, Europe, Canada, and Mexico. Additionally, the Company operates in other international markets through its joint ventures in South Africa, the Middle East, Israel, Australia, various countries in Europe, Latin America, and certain countries in Asia, and through special distribution arrangements in various European countries, North Africa, South and Central America, and various countries within the Asia-Pacific region. The Company also distributes its products through its direct-to-consumer channel, which includes company-operated retail stores, third-party concessions in international markets, and e-commerce platforms, in the United States, the United Kingdom, Europe, Canada, Mexico, South Africa, the Middle East, Israel, Latin America, and the Asia-Pacific region. The Company’s product offerings include a diverse range of contemporary styles, designed to establish or capitalize on market trends, complemented by core product offerings. The Company is recognized for its design creativity and ability to deliver trend-right products with high quality at accessible price points, efficiently and with speed-to-market. The Company operates in four reportable segments: Wholesale Footwear, Wholesale Accessories/Apparel, Direct-to-Consumer, and Licensing. Refer to Note 18 – Operating Segment Information for further information. As of December 31, 2025, the Company operated 399 brick-and-mortar stores, seven e-commerce platforms, and 133 concessions in international markets.

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Derivatives, Reporting of Derivative Activity	Derivative Instruments The Company uses derivative instruments to manage its exposure to cash flow variability from foreign currency risk. Derivatives are recorded at fair value and included in prepaid expenses and other current assets or accrued expenses on the Consolidated Balance Sheets. The Company applies cash flow hedge accounting for its derivative instruments. Net gains and losses from these derivative instruments are recorded in accumulated other comprehensive loss and reclassified to earnings in future periods when the related economic transactions impact earnings. Refer to Note 12 – Derivative Instruments for further information.
Nature of Operations	Note 1 – Nature of Operations Steven Madden, Ltd. and its subsidiaries (collectively, the “Company”, “we”, or “our”) design, source, and market fashion-forward branded and private label footwear, accessories, and apparel. The Company distributes its products through the wholesale channel to department stores, mass merchants, off-price retailers, shoe chains, online retailers, national chains, specialty retailers, independent stores, and clubs throughout the United States, the United Kingdom, Europe, Canada, and Mexico. Additionally, the Company operates in other international markets through its joint ventures in South Africa, the Middle East, Israel, Australia, various countries in Europe, Latin America, and certain countries in Asia, and through special distribution arrangements in various European countries, North Africa, South and Central America, and various countries within the Asia-Pacific region. The Company also distributes its products through its direct-to-consumer channel, which includes company-operated retail stores, third-party concessions in international markets, and e-commerce platforms, in the United States, the United Kingdom, Europe, Canada, Mexico, South Africa, the Middle East, Israel, Latin America, and the Asia-Pacific region. The Company’s product offerings include a diverse range of contemporary styles, designed to establish or capitalize on market trends, complemented by core product offerings. The Company is recognized for its design creativity and ability to deliver trend-right products with high quality at accessible price points, efficiently and with speed-to-market. The Company operates in four reportable segments: Wholesale Footwear, Wholesale Accessories/Apparel, Direct-to-Consumer, and Licensing. Refer to Note 18 – Operating Segment Information for further information. As of December 31, 2025, the Company operated 399 brick-and-mortar stores, seven e-commerce platforms, and 133 concessions in international markets.
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of Steven Madden, Ltd. and its wholly-owned subsidiaries. Additionally, the Company consolidates the accounts of the following joint ventures, in which it holds a controlling financial interest: SM Dolce Limited (Hong Kong), SM Distribution Israel L.P. (Israel), SM Distribution Singapore Pte. Ltd. (Singapore), SM Distribution Malaysia Sdn. Bhd. (Malaysia), SM Distribution Latin America S. de R.L. (Latin America), Madden Operations Ltd. (Israel), Steve Madden South Africa Proprietary Limited (South Africa), SM Fashion Australia Pty Ltd. (Australia), AG SM Holdings Limited (Middle East), SM Fashion d.o.o. Beograd (Serbia), MG Distribution Hong Kong Limited (China, Hong Kong, and Macau), and BA Brand Holdings LLC (United States). The interests of non-controlling shareholders in these consolidated entities are presented as net income attributable to noncontrolling interest in the Consolidated Statements of Operations and as noncontrolling interest in the Consolidated Balance Sheets. All intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of financial statements in accordance with accounting principles generally accepted in the United States (“GAAP”) requires management to make estimates and assumptions that affect the following: the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities as of the balance sheet date, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from these estimates. Significant areas involving management estimates include inventory valuation, goodwill and other intangible assets valuation, assets acquired and liabilities assumed in business combinations, and variable consideration as part of revenue recognition, including chargebacks, markdown allowances, discounts, returns, and compliance-related deductions. The Company estimates variable consideration by analyzing several performance indicators for its major customers, including retailers’ inventory levels, sell-through rates, and gross margin levels. Management continuously evaluates these factors to estimate anticipated chargebacks and allowances.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consist of cash balances and highly liquid investments with an original maturity of three months or less as of the date of purchase.
Inventories	Inventories Inventories consist of finished goods, both on hand and in transit, and are recorded at the lower of cost (determined using the first-in, first-out method) or net realizable value.
Property and Equipment, Net	Property and Equipment, Net Property and equipment, net is recorded at cost less accumulated depreciation and amortization including the impact of impairments and disposals. Depreciation and amortization is calculated using the straight-line method over estimated useful lives ranging from three to 27.5 years. Leasehold improvements are amortized on a straight-line basis over the shorter of their estimated useful lives or the remaining lease term. Refer to Note 6 – Property and Equipment for further information. Impairment of Long-Lived Assets Long-lived assets, including property and equipment and operating lease right-of-use ("ROU") assets, are assessed for impairment whenever events or changes in circumstances suggest that the carrying amount may not be recoverable. Recoverability is evaluated by comparing the asset or asset group’s carrying value to the Company’s best estimate of undiscounted future cash flows. If the carrying value is in excess of the estimated undiscounted future cash flows, the Company will measure any impairment loss by comparing the carrying value of the asset or asset group to its fair value. When estimating future cash flows, the Company considers various factors, including macroeconomic trends, consumer spending, capital investments, promotional activities, and advertising expenditures. As these estimates require significant judgment, actual results may differ, potentially leading to future impairments. Fair value is generally determined using a discounted cash flow (“DCF”) model or market approach, depending on the availability of market data and the nature of the asset. Under the DCF model, significant assumptions include estimates of future cash flows and discount rates, which reflect the risks associated with the expected future cash flows. When sufficient market data is available, the Company may apply a market approach by considering comparable market transactions, quoted market prices for similar assets, or appraisals when available.
Goodwill and Intangible Assets	Impairment of Goodwill and Other Intangible Assets The Company's goodwill and other indefinite-lived intangible assets are not amortized but are tested for impairment annually at the beginning of the third quarter, or more frequently if events or circumstances indicate potential impairment. In accordance with applicable accounting guidance, impairment may be assessed using a qualitative evaluation of relevant factors, including historical and expected financial performance, macroeconomic and industry conditions, and the legal and regulatory environment. If qualitative factors suggest it is more likely than not that the fair value of an intangible asset or reporting unit is lower than its carrying amount, a quantitative impairment test is performed. As part of its ongoing assessment, the Company periodically conducts a quantitative impairment analysis instead of a qualitative assessment. If the fair value of an intangible asset or reporting unit is less than its carrying amount, an impairment loss is recognized, limited to the intangible asset or reporting unit's carrying value. Refer to Note 7 – Goodwill and Other Intangible Assets for further information. Finite-lived intangible assets are amortized on a straight-line basis over their estimated useful lives, typically ranging from 10 to 20 years, and are reviewed for impairment when indicators of impairment are present.
Comprehensive Loss	Comprehensive Loss Comprehensive loss represents net earnings plus all other non-owner changes in equity, including foreign currency translation adjustments and unrealized gains or losses on cash flow hedges.
Revenue Recognition	Revenue Recognition The Company recognizes revenue when it satisfies performance obligations identified under customer contracts, typically upon the transfer of control in accordance with the contractual terms and conditions of the sale. Most of the Company’s revenue is recognized at a point in time when the product is shipped to the customer. Revenue is measured as the amount of consideration the Company expects to receive in exchange for goods, including estimates for variable consideration. Variable consideration primarily includes markdown allowances, co-op advertising programs, and product returns. Revenue recognition policy by segment is described below. Refer to Note 18 – Operating Segment Information for disaggregated revenue by segment. Wholesale Footwear and Wholesale Accessories/Apparel Segments. The Company generates revenue through the design, sourcing, and sale of branded and private label footwear, accessories, and apparel to both domestic and international customers who then sell the products to end consumers. The Company recognizes revenue when it satisfies performance obligations identified under the terms of customer contracts, typically upon the transfer of control of merchandise in accordance with contractual terms and conditions of the sale. Direct-to-Consumer Segment. The Company generates revenue from the direct sale of branded footwear, apparel, and accessories to end consumers through Company-operated retail stores, concession locations, and e-commerce channels. Revenue from retail stores and concessions is recognized at the point of sale when control of the merchandise transfers to the end consumer, which is generally at the time of purchase in stores. Revenue from e-commerce transactions is recognized when control of the product transfers to the end consumer, typically upon delivery. Licensing Segment. The Company licenses various trademarks under agreements that allow licensees to manufacture, market, and sell select apparel, accessories, home goods, and other non-core products. License agreements require royalty and, in most cases, advertising fee payments, both of which are based on the greater of a minimum or a percentage of net revenues. For license agreements where the sales-based royalty exceeds the contractual minimum, revenue is recognized as licensed products are sold, based on reports from licensees. For agreements where the contractual minimum fee is not exceeded, revenue is recognized ratably over the contract period. Minimum guaranteed royalties are generally earned and received quarterly. Variable Consideration The Company provides markdown allowances and participates in co-op advertising programs to support retail sales of its products. These costs are deducted from gross sales to arrive at net sales in the Company’s Consolidated Statements of Operations. Markdown Allowances. The Company provides markdown allowances to certain of its retailer customers, which are recorded as a reduction of revenue in the period in which the branded footwear and accessories/apparel revenues are recognized. The Company estimates its markdown allowances by reviewing several performance indicators, including retailers' inventory levels, sell-through rates, and gross margin levels. Co-op Advertising Programs. Under co-op advertising programs, the Company agrees to reimburse the retailer for a portion of the costs incurred by the retailer to advertise and promote some of the Company's products. The Company estimates the costs of co-op advertising programs based on the terms of the agreements with its retailer customers. Rights of Return. The Company’s Direct-to-Consumer segment accepts returns within 30 days from the date of sale (in-store) or delivery (online) for unworn merchandise that can be resold. Returns from wholesale customers are generally not accepted, except for the Company’s Blondo® and Dolce Vita® product lines. The Company estimates returns based on historical trends and current market conditions, which have historically not been material. In cases where wholesale customers return damaged products, the Company typically recovers costs from the responsible third-party factory. Taxes Collected from Customers The Company accounts for certain taxes collected from its customers in accordance with the accounting guidance that allows for either gross presentation (included in revenue and costs) or net presentation (excluded from revenue). Taxes within the scope of this accounting guidance include all taxes assessed by government authorities that are both imposed on and concurrent with revenue-producing transactions and collected by the entity from customers, such as sales taxes, use taxes, value-added taxes, and certain excise taxes. The Company has elected to present such amounts on a net basis and excludes these amounts from revenue.
Cost of Sales	Cost of Sales Cost of sales includes expenses directly associated with the procurement and landed cost of inventory and costs incurred to bring finished products to the Company’s distribution centers, customers’ freight forwarders, and Company-operated retail locations (excluding depreciation and amortization). These costs include finished product costs, purchase commissions, letter of credit fees, brokerage fees, sample expenses, custom duties, inbound freight, royalty payments on licensed products, and packaging and labeling costs. For concession arrangements, fees paid to concession partners, which are typically calculated as a percentage of sales, are recorded within operating expenses. These fees represent selling and occupancy-related costs associated with the sales channel and are not considered costs of inventory. The Company’s gross margins may not be directly comparable to those of other industry participants, as certain companies may classify distribution, warehousing, or similar costs differently.
Employee Benefit Plan	Employee Benefit Plan The Company maintains a tax-qualified 401(k) plan, which is available to each of the Company's eligible employees who elect to participate after meeting certain length-of-service and age requirements. The Company matches 50% of employees' contributions up to a maximum of 6% of eligible compensation, with vesting occurring over a specified period. Total matching contributions for the years ended December 31, 2025, 2024, and 2023 were approximately $4,218, $2,658, and $2,301, respectively.
Income Tax	Income Taxes The Company accounts for income taxes using the asset and liability method, recognizing deferred tax assets and liabilities for the expected future tax consequences of temporary differences between financial reporting and tax bases of assets and liabilities, as well as for operating losses and tax credit carryforwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates applicable to taxable income for the periods in which these assets and liabilities are expected to be realized or settled. The Company records a valuation allowance to reduce deferred tax assets to the amount that is more likely than not to be realized. The Company recognizes tax benefits from uncertain tax positions only if it is more likely than not that the tax position will be sustained upon examination by taxing authorities, based on its technical merits. Recognized tax benefits are then measured based on the largest benefit that has a greater than 50% likelihood of being realized upon settlement. Refer to Note 14 – Income Taxes for further information.
Equity-based Compensation	Share-based Compensation The Company recognizes compensation costs for share-based awards when employees provide services in exchange for equity instruments. The Company’s share-based compensation awards include the following: Restricted stock awards. Compensation costs for restricted stock awards is measured based on the closing fair market value of the Company’s common stock on the date of grant. Stock options. Compensation costs for stock options is determined at the grant date, measured based on the fair value as calculated using the Black-Scholes-Merton (“BSM”) option-pricing model. The BSM option-pricing model incorporates various assumptions, including expected volatility, estimated option life, and interest rates. Performance-based share awards. The Company grants performance-based share awards to certain individuals, the vesting of which is contingent on the achievement of Company or individual performance goals. The Company estimates the probable outcome of the performance conditions, based on actual performance against these goals quarterly and adjusts the share-based compensation expense accordingly. Shares are distributed upon completion of the service and performance periods. Compensation costs for performance-based awards is measured based on the closing fair market value of the Company’s common stock on the date of grant. Transaction Incentive Plan. The Company maintains a transaction incentive plan (“TIP”) in connection with its acquisition of Kurt Geiger. The TIP provides for potential cash payments to certain participants based on the achievement of specified performance targets over multiple annual measurement periods and a cumulative measurement period. The TIP is accounted for as a liability-classified share-based compensation award under ASC 718, Compensation – Stock Compensation. Compensation cost is recognized only when achievement of the applicable performance condition is deemed probable, based on management’s assessment of expected performance against the established targets. When achievement of a performance condition is considered probable, the Company recognizes compensation expense over the remaining requisite service period for the applicable measurement period, with a corresponding liability recorded in accrued incentive compensation or other liabilities, as appropriate. The liability is remeasured at each reporting date based on the Company’s current assessment of the probability of achieving the performance conditions and the estimated amount of the ultimate payout. Compensation cost is adjusted prospectively for changes in the estimated probability of achievement or expected payout amount. If achievement of a performance condition is no longer considered probable, previously recognized compensation cost is reversed. Cash payments made under the TIP are recorded as reductions of the related liability. The Company recognizes share-based compensation costs net of estimated forfeitures. The Company estimates forfeiture rates based on historical data. Share-based compensation costs are recognized over the award’s requisite service period and are included in operating expenses in the Consolidated Statements of Operations. Refer to Note 8 – Share-Based Compensation for further information.
Recently Issued Accounting Pronouncements Not Yet Adopted	Note 3 – Recent Accounting Pronouncements Recently Issued Accounting Pronouncements Adopted In August 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-05, "Business Combinations—Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement," which is intended to provide guidance for the formation of a joint venture, including the initial measurement of assets and liabilities, the formation date, and basis of accounting. This standard was effective for all joint venture formations with a formation date on or after January 1, 2025. The Company adopted ASU 2023-05 for the year ended December 31, 2025. The adoption did not have any impact on the Company's consolidated financial statements. In December 2023, the FASB issued ASU No. 2023-09, "Income Taxes (Topic 740)," which is intended to provide greater transparency in various income tax components that affect the rate reconciliation based on the applicable taxing jurisdictions, as well as the qualitative and quantitative aspects of those components. This standard was effective for annual reporting periods beginning on or after December 15, 2024, with early adoption permitted. The Company adopted ASU 2023-09 for the year ended December 31, 2025, and applied it retrospectively to all prior periods presented. The adoption of ASU 2023-09 did not have an impact on the Company's consolidated financial statements, but did require increased disclosures within the notes to its consolidated financial statements. Refer to Note 14 – Income Taxes for further information. Recently Issued Accounting Pronouncements Not Yet Adopted In November 2024, the FASB issued ASU No. 2024-03, "Income Statement - Reporting Comprehensive Income -Expense Disaggregation Disclosures (Subtopic 220-40)," which requires disaggregation of certain expense captions into specified categories in disclosures. This new standard is effective for annual reporting periods beginning after December 15, 2026, with early adoption permitted. Adoption of this ASU can be applied using either a prospective or a retrospective approach. The Company is currently evaluating the impact of ASU 2024-03. The Company does not expect that this ASU will have a material impact on its consolidated financial statements, but it will require increased disclosures within the notes to its consolidated financial statements. In July 2025, the FASB issued ASU 2025-05, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets," which introduces a practical expedient for estimating credit losses on current accounts receivable and contract assets. The ASU is effective for fiscal years beginning after December 15, 2025, and interim periods within those annual reporting periods. ASU 2025-05 should be applied prospectively. The Company does not expect the application of this standard to have a material impact on its financial statements and related disclosures. In September 2025, the FASB issued ASU 2025-06, "Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software," which removes references to project stages, and requires capitalization of software costs to begin when management has authorized and committed to funding the software project, and it is probable that the project will be completed and the software will be used to perform the intended function. The ASU is effective for fiscal years beginning after December 15, 2027, and interim periods within those annual reporting periods. Adoption of this ASU can be applied using either a prospective or a retrospective approach. The Company is currently evaluating the impact the adoption of the standard will have on its consolidated financial statements. In September 2025, the FASB issued ASU 2025-07, "Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract," which (1) refines the scope of Topic 815 to clarify which contracts are subject to derivative accounting and (2) provides clarification under Topic 606 related to share-based payments from a customer in a revenue contract. The ASU is effective for fiscal years beginning after December 15, 2026, and interim periods within those annual reporting periods. Adoption of this ASU can be applied using either a prospective or a retrospective approach. The Company is currently evaluating the impact the adoption of the standard will have on its consolidated financial statements. In November 2025, the FASB issued ASU 2025-09, "Derivatives and Hedging (Topic 815): Hedge Accounting Improvements," which includes amendments to more closely align hedge accounting with the economics of an entity’s risk management activities. This new standard is effective for annual reporting periods beginning after December 15, 2026, with early adoption permitted. ASU 2025-09 should be applied prospectively. The Company is currently evaluating the impact the adoption of the standard will have on its consolidated financial statements. In December 2025, the FASB issued ASU No. 2025-11, "Interim Reporting (Topic 270): Narrow-Scope Improvements." The ASU clarifies interim disclosure requirements and the applicability of Topic 270. The objective of the amendments is to provide clarity about the current interim disclosure requirements. The ASU is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. Adoption of this ASU can be applied using either a prospective or a retrospective approach. The Company is currently evaluating the impact the adoption of the standard will have on its consolidated financial statements. In December 2025, the FASB issued ASU No. 2025-12, "Codification Improvements." The ASU addresses 33 items in the Accounting Standards Codification with intent to clarify, correct errors, or make minor improvements. The ASU is effective for interim reporting periods within annual reporting periods beginning after December 15, 2026, with early adoption permitted. The adoption method of this ASU may vary, on an issue-by-issue basis. The Company is currently evaluating the impact the adoption of the standard will have on its consolidated financial statements. The Company has considered all new accounting pronouncements and has concluded that there are no additional pronouncements that may have a material impact on its results of operations, financial condition, and cash flows.
Lessor, Leases	Leases The Company leases office space, sample production space, warehouses, showrooms, storage units, and retail stores under operating leases. The Company’s portfolio of leases is primarily related to real estate. Since most of its leases do not provide a readily determinable implicit rate, the Company estimates its incremental borrowing rate to discount the lease payments based on information available at lease commencement. Some of the Company’s retail store leases provide for variable lease payments based on sales volumes at the leased locations. Because these variable lease payments cannot be measured at lease inception, they are excluded from the initial measurement of the ROU assets and lease liabilities and instead are expensed as incurred in accordance with Accounting Standards Codification (ASC) Topic 842, “Leases.” The Company's leases have initial terms ranging from 1 to 12 years and may have renewal or early termination options ranging from 1 to 10 years. Many of the retail store leases provide for contingent rental payments if gross sales exceed certain targets. In addition, many of the leases contain rent escalation clauses to compensate for increases in operating costs and real estate taxes. Rent expense is calculated by amortizing total base rental payments (net of any rental abatements, construction allowances, and other rental concessions), on a straight-line basis, over the lease term. When renewal or termination options are deemed reasonably certain, they are included in the determination of the lease term and calculation of the ROU asset and lease liability.
Investment, Policy	Short-Term Investments Short-term investments consist of securities which the Company expects to convert into cash within one year, including time deposits with original maturities greater than three months but less than or equal to one year.
Advertising Costs	Advertising Costs Advertising costs are expensed as incurred and are included within operating expenses in the Consolidated Statements of Operations.
Shipping and Handling Cost	Warehouse and Shipping Costs The Company includes warehouse and shipping costs in operating expenses in the Consolidated Statements of Operations.

Net Income/(Loss) Per Share of Common Stock (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of Weighted Average Number of Shares


	Years Ended December 31,
(in thousands except per share data)	2025		2024		2023
Net income attributable to Steven Madden, Ltd.	$	44,661	$	169,390	$	171,554

Basic net income per share	$	0.63	$	2.38	$	2.34
Diluted net income per share	$	0.63	$	2.35	$	2.30

Weighted average common shares outstanding:
Basic	70,873		71,274		73,337
Effect of dilutive securities:
Stock awards and options to purchase shares of common stock	308		689		1,228
Diluted	71,181		71,963		74,565

Nature of Operations (Details)	12 Months Ended
Nature of Operations (Details)	Dec. 31, 2025 segment store
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments \| segment	4
Number of Stores	399
Number of E-Commerce Websites	7
Number of concessions in international markets	133

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Operating Segment Information (Detail) - Table 1 - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Total revenue	$ 2,534,109	$ 2,282,927	$ 1,981,582
Cost of sales (exclusive of depreciation and amortization)	1,484,640	1,345,995	1,149,168
Gross profit	1,049,469	936,932	832,414
Change In Valuation of Contingent Payment Liability	(5,580)	2,722	0
Impairment of intangibles	6,300	10,335	6,520
Income from operations	80,771	224,939	213,222
Wholesale Footwear
Total revenue	1,035,190	1,059,440	1,048,448
Cost of sales (exclusive of depreciation and amortization)	688,620	692,839	677,817
Gross profit	346,570	366,601	370,631
Change In Valuation of Contingent Payment Liability	(259)	0
Impairment of intangibles	0	0	0
Labor and Related Expense	75,063	70,727	65,135
Segment Reporting, Other Segment Item, Amount	117,181	104,662	100,546
Income from operations	154,585	191,212	204,950
Wholesale Accessories/Apparel
Total revenue	640,662	662,673	416,532
Cost of sales (exclusive of depreciation and amortization)	444,430	449,676	281,364
Gross profit	196,232	212,997	135,168
Change In Valuation of Contingent Payment Liability	(4,415)	2,722
Impairment of intangibles	6,300	8,635	0
Labor and Related Expense	57,957	53,074	33,312
Segment Reporting, Other Segment Item, Amount	79,226	58,132	40,428
Income from operations	57,164	90,434	61,428
Direct-to-Consumer
Total revenue	845,666	550,153	506,494
Cost of sales (exclusive of depreciation and amortization)	351,590	203,480	189,987
Gross profit	494,076	346,673	316,507
Change In Valuation of Contingent Payment Liability	(906)	0
Impairment of intangibles	0	1,700	6,502
Labor and Related Expense	119,714	74,910	69,324
Segment Reporting, Other Segment Item, Amount	409,664	239,093	210,521
Income from operations	(34,396)	30,970	30,160
Licensing
Total revenue	12,591	10,661	10,108
Cost of sales (exclusive of depreciation and amortization)	0	0	0
Gross profit	12,591	10,661	10,108
Change In Valuation of Contingent Payment Liability	0	0
Impairment of intangibles	0	0	0
Labor and Related Expense	1,003	1,221	1,193
Segment Reporting, Other Segment Item, Amount	973	379	488
Income from operations	10,615	9,061	8,427
Total Segment
Total revenue	2,534,109	2,282,927	1,981,582
Cost of sales (exclusive of depreciation and amortization)	1,484,640	1,345,995	1,149,168
Gross profit	1,049,469	936,932	832,414
Change In Valuation of Contingent Payment Liability	(5,580)	2,722
Impairment of intangibles	6,300	10,335	6,502
Labor and Related Expense	253,737	199,932	168,964
Segment Reporting, Other Segment Item, Amount	607,044	402,266	351,983
Income from operations	$ 187,968	$ 321,677	$ 304,965

Stock-Based Compensation (Detail) - (Table 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Stock-based compensation	$ 29,635	$ 26,539	$ 24,148
Restricted Stock
Allocated Share-based Compensation Expense	23,184	22,281	21,301
Stock Options
Allocated Share-based Compensation Expense	2,059	2,459	2,597
Performance-based
Allocated Share-based Compensation Expense	$ 4,392	$ 1,799	$ 250

Stock-Based Compensation (Detail) - USD ($)

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

May 06, 2025

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Proceeds from Stock Options Exercised

$ 32,000

$ 1,613,000

$ 1,205,000

Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value

$ 4,699,000

$ 791,000

$ 16,335,000

Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross

263,000

233,000

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number

1,652,000

1,543,000

1,290,000

Granted (in shares)

805,000

728,000

Weighted average grant date fair value (in Dollars per share)

$ 32.64

$ 42.23

$ 33.38

Performance shares vested (in shares)

645,000

451,000

Vested (in Dollars per share)

$ 38.34

$ 34.56

$ 42.00

Stock-Based Compensation

Note 8 – Share-Based Compensation

In February 2019, the Company's Board of Directors approved the Steven Madden, Ltd. 2019 Incentive Compensation Plan (the “2019 Plan”), under which non-qualified stock options, stock appreciation rights, performance shares, restricted stock, other stock-based awards and performance-based awards may be granted to employees, consultants, and non-employee directors. The 2019 Plan is the successor to the Company's Amended and Restated 2006 Stock Incentive Plan, as amended (the 2006 Plan"), the term of which expired on April 6, 2019. The Company's stockholders approved the 2019 Plan at the Company's annual meeting of stockholders held on May 24, 2019.


(in thousands)
Common stock authorized			19,000
Stock-based awards, including restricted stock and stock options granted, net of expired or cancelled awards			(11,107)
Common stock available for grant of stock-based awards as of December 31, 2025			7,893

In addition, vested and unvested options to purchase 1 share of common stock and 67 shares of unvested restricted stock awarded under the 2006 Plan were outstanding as of December 31, 2025.

For the years ended December 31, 2025, 2024, and 2023, the total share-based compensation costs were as follows:


	Years Ended December 31,
(in thousands)	2025		2024		2023
Restricted stock	$	23,184	$	22,281	$	21,301
Stock options	2,059		2,459		2,597
Performance-based	4,392		1,799		250
Total	$	29,635	$	26,539	$	24,148

The Company calculates an estimated forfeiture rate annually based on historical forfeitures and expectations about future forfeitures. Share-based compensation is included in operating expenses in the Company’s Consolidated Statements of Operations.

Restricted Stock Awards

The following table summarizes restricted stock activity during the years ended December 31, 2024 and 2025:


(in thousands except per share data)	Number of Shares	Weighted Average Fair Value at Grant Date
Outstanding at January 1, 2024	1,290	$	35.44
Granted	728	42.23
Vested	(451)	34.56
Forfeited	(24)	36.29
Outstanding at December 31, 2024	1,543	$	38.89
Granted	805	32.64
Vested	(645)	38.34
Forfeited	(51)	35.54
Outstanding at December 31, 2025	1,652	$	36.16

Additional information pertaining to restricted stock activity was as follows:


	Years Ended December 31,
(in thousands except per share data)	2025		2024		2023
Weighted-average grant date fair value of awards granted	$	32.64	$	42.23	$	33.38
Total fair value of awards vested	$	24,729	$	15,574	$	26,168

As of December 31, 2025, the Company had $42,611 of total unrecognized compensation cost related to restricted stock awards granted under the 2019 Plan and the 2006 Plan. This cost is expected to be recognized on a straight-line basis over a weighted average period of 3.1 years. The Company determines the fair value of its restricted stock awards based on the market price of its common stock on the date of grant.

Stock Options

Activity relating to stock options granted under the Company’s plans during the year ended December 31, 2024 and 2025 was as follows:


(in thousands except per share data)	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at January 1, 2024	1,118	$	35.62
Granted	233	41.32
Exercised	(73)	32.76
Expired	(2)	46.47
Forfeited	(8)	34.54
Outstanding at December 31, 2024	1,268	$	36.82	2.7 years	$	7,611
Vested and Exercisable at December 31, 2024	1,116	$	36.24	2.4 years	$	7,371
Outstanding at January 1, 2025	1,268	36.82
Granted	263	25.13
Exercised	(339)	28.33
Expired	(33)	36.10

Outstanding at December 31, 2025	1,159	$	36.67	2.7 years	$	6,406
Vested and Exercisable at December 31, 2025	985	$	38.29	2.0 years	$	3,919

Additional information pertaining to the Company's stock option plan was as follows:


	Years Ended December 31,
(in thousands except per share data)	2025		2024		2023
Weighted-average grant date fair value of awards granted	$	6.36	$	10.90	$	8.45
Cash received from the exercise of stock options	$	32	$	1,613	$	1,205
Intrinsic value of stock options exercised	$	4,699	$	791	$	16,335
Tax benefits realized on exercise of stock options	$	709	$	39	$	1,285

The Company uses the Black-Scholes-Merton option-pricing model to estimate the fair value of options granted, which requires several assumptions. The expected term of the options represents the estimated period of time until exercise and is based on the historical experience of similar awards. Expected volatility is based on the historical volatility of the Company’s common stock. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of the grant. The dividend yield is based on the Company's annualized dividend per share amount divided by the Company's stock price. New shares are issued upon option exercise.

The following weighted average assumptions were used for stock options granted during 2025, 2024, and 2023:

Years Ended December 31,

2025

2024

2023

Volatility

33.6% to 38.5%

34.1% to 47.4%

37.3% to 48.1%

Risk free interest rate

3.6% to 4.3%

4.0% to 4.6%

3.7% to 4.7%

Expected life in years

3.0 to 4.0

3.0 to 5.0

Dividend yield

3.3%

2.0%

2.5%

Weighted average fair value

$6.77

$13.22

$10.12

Performance-Based Awards

The Company issues performance-based awards to certain employees, the vesting of which is subject to the employee’s continuing employment and the Company's achievement of certain performance goals. In the first quarters of 2025 and 2024, the Company issued 150 and 86 performance shares (at target), with a weighted average grant date fair value of $26.05 and $41.63, that are eligible to be earned over a three-year performance period from January 1, 2025 through December 31, 2027 and January 1, 2024 through December 31, 2026, respectively. During the year ended December 31, 2025, the Company estimated that the probable outcome of the performance conditions, based on performance through such date, was that the performance shares will be earned at 185% of the target level. The corresponding expense for the year ended December 31, 2025 is reflected in stock-based compensation under performance-based awards.

As of December 31, 2025, $7,130 of total unrecognized compensation cost related to non-vested share awards is expected to be recognized using the accelerated attribution method over a weighted-average period of 1.7 years.

In the year ended December 31, 2023, 12 performance shares vested at a weighted average exercise price of $42.00. No shares vested in the periods ended December 31, 2025 and 2024.

Transaction Incentive Plan ("TIP") Award

In connection with the Kurt Geiger acquisition, the Company implemented a Transaction Incentive Plan (“TIP”) under which each participant was issued six classes of “Growth Shares” in SML UK Holding Ltd. Each class is subject to a graded vesting schedule based on the achievement of specified EBITA performance targets over five separate annual measurement periods beginning July 1, 2025, or a cumulative measurement period from July 1, 2025 to June 30, 2030, as well as certain conditions of continued employment through the applicable vesting dates. Upon achievement, the Growth Shares will be settled in cash, and thus, are liability-classified and will be remeasured at fair value at each reporting date until settlement.

The total grant-date fair value of each class of Growth Shares of $10,590 was determined using a Monte Carlo simulation model, which incorporates assumptions regarding the Company’s forecasted financial performance, risk-free interest rates, expected volatility, and other relevant market inputs. The Company recognizes compensation expense for Growth Shares if and when the Company concludes that it is probable that the performance condition will be achieved.

For the year ended December 31, 2025, no compensation expense was recognized.

Restricted Stock

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized

$ 42,611,000

Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition

3 years 1 month 6 days

Allocated Share-based Compensation Expense

$ 23,184,000

$ 22,281,000

$ 21,301,000

Employee Stock Option

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized

$ 930,000

Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition

1 year 2 months 12 days

Allocated Share-based Compensation Expense

$ 2,059,000

$ 2,459,000

$ 2,597,000

Performance-based

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized

$ 7,130,000

Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition

1 year 8 months 12 days

Granted (in shares)

150,000

86,000

Weighted average grant date fair value (in Dollars per share)

$ 26.05

$ 41.63

Performance shares vested (in shares)

12,000

Allocated Share-based Compensation Expense

$ 4,392,000

$ 1,799,000

$ 250,000

Share-Based Compensation Arrangement by Share-Based Payment Award, Award Requisite Service Period

3 years

Performance shares target level

18500.00%

Transaction Incentive Plan (TIP)

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Allocated Share-based Compensation Expense

$ 0

Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount

$ 10,590,000

Commitments, Contingencies and Other	12 Months Ended
Commitments, Contingencies and Other	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments, Contingencies and Other	Note 15 – Commitments, Contingencies, and Other Legal Proceedings The Company is involved in various legal matters in the ordinary course of business, including contractual disputes, employment-related matters, distribution issues, product liability claims, intellectual property infringement, and other matters. After consulting with legal counsel, management believes that any potential liabilities arising from these matters are not expected to have a material effect on the Company's financial position or results of operations. In accordance with company policy, management will disclose the amount or range of reasonably possible losses that exceed recorded amounts or expected cash flows. Letters of Credit As of December 31, 2025, the Company had $503 in letters of credit outstanding unrelated to the Company's Credit Agreement. Employee Agreements The Company has employment agreements with certain executives in the normal course of business which provide compensation and certain other benefits. These agreements also provide for severance payments under certain circumstances. License Agreements In January 2018, the Company entered into a license agreement with Nine West Development LLC, subsequently acquired by WHP Global, for the right to manufacture, market, and sell women's fashion footwear and handbags under the Anne Klein®, AK Sport®, AK Anne Klein Sport®, and the Lion Head Design® trademarks. The agreement requires that the Company pay the licensor a royalty equal to a percentage of net revenues and a minimum royalty in the event that specified net sales targets are not achieved. The license agreement will expire on December 31, 2026 and has various terms and renewal options, provided that minimum sales levels, and certain other conditions are achieved. Future minimum royalty and advertising payments under all of the Company's license agreements are $6,000 for 2026. Royalty expenses are recognized in cost of sales in the Company's Consolidated Statements of Operations. Other Commitments Other off-balance sheet commitments amounted to $387,158 as of December 31, 2025, including inventory purchase commitments of $334,641, and employment commitments of $52,517. Concentrations of Credit Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash and cash equivalents and accounts receivables from trade customers. The Company maintains cash and cash equivalents with various major financial institutions. Cash balances may at times exceed federally insured limits. The Company monitors the creditworthiness of these institutions and has not experienced any losses related to such balances. The Company sells its wholesale merchandise primarily to major department stores, specialty stores, and e-commerce platforms, and extends credit based on an evaluation of each customer's financial capacity and condition. Credit risk with respect to accounts receivables is mitigated through factoring arrangements with third-party financial institutions that generally assume credit risk of credit-approved receivables, subject to the terms of the respective agreements. While these arrangements reduce exposure to credit losses, the Company may retain certain risks, including those related to receivable eligibility. As of December 31, 2025, approximately 29.5% of the Company’s total accounts receivable balance was attributable to two customers. As of December 31, 2024, approximately 53.0% of the Company’s total accounts receivable balance was attributable to three customers. As of December 31, 2023, approximately 41.2% of the Company’s total accounts receivable balance was attributable to three customers. See Note 17 – Factoring Agreements for further information. Sales with Major Customers For the year ended December 31, 2025, the Company had no customer who accounted for more than 10% of total revenue. For the year ended December 31, 2024, the Company had one customer who accounted for 11.8% of total revenue. For the year ended December 31, 2023, the Company did not have any customers who accounted for more than 10% of total revenue. Revenues attributable to these customers were reported within the Wholesale Footwear and Wholesale Accessories/Apparel segments. Supplier Concentration The Company sources its products primarily through arrangements with independent third-party manufacturers. During the years ended December 31, 2025, 2024, and 2023, the Company did not have any significant purchase concentrations with any individual supplier. A substantial portion of the Company’s product purchases is sourced from vendors located in Asia. Total product purchases from vendors located in China for the years ended December 31, 2025, 2024, and 2023, were 56.1%, 76.6%, and 78.7%, respectively. Total product purchases from vendors located in Cambodia for the years ended December 31, 2025, 2024, and 2023, were 24.6%, 13.8%, and 9.9%, respectively. The Company’s sourcing activities are subject to risks associated with international trade, including changes in tariffs, trade policies, and regional economic conditions. Management monitors its supplier and geographic exposures and periodically evaluates opportunities to diversify sourcing. For further discussion of related risks, see Item 1A. “Risk Factors.”

Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]
Markdown Allowance	$ 36,220	$ 33,923	$ 31,299	$ 25,687
Markdown Allowance Additions	64,658	59,626	62,534
Markdown Allowance Deductions	(62,361)	(57,002)	(56,922)
Accounts Receivable, Allowance for Credit Loss, Recovery	6,885	4,492	3,557
Accounts Receivable, Allowance for Credit Loss, Writeoff	(4,440)	(4,650)	(6,450)
Allowance for Doubtful Accounts Receivable	7,115	4,670	4,828	7,721
Valuation Allowance, Deferred Tax Asset, Additions	408	1,142	432
Valuation Allowance, Deferred Tax Asset, Deductions	0	(1,806)	(665)
Less: valuation allowance	$ 3,459	$ 3,051	$ 3,715	$ 3,948

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The following table provides a rollforward of the carrying amount of goodwill by reporting unit as of December 31, 2025 and 2024:


(in thousands)	Wholesale Footwear		Wholesale Accessories/Apparel		Direct-to-Consumer		Net Carrying Amount
Balance at January 1, 2024	$	90,663	$	73,625	$	15,715	$	180,003
Acquisitions and divestitures(1)(2)	—		1,958		3,807		5,765
Translation	(662)		—		(1,369)		(2,031)
Balance at December 31, 2024	90,001		75,583		18,153		183,737
Acquisitions(3)(4)(5)	13,186		6,629		48,237		68,052
Translation	1,191		1		1,537		2,729
Balance at December 31, 2025	$	104,378	$	82,213	$	67,927	$	254,518

(1) During 2024, the Company acquired ATM and recorded goodwill of $2,195, of which $1,317 was recorded in the Wholesale Accessories/Apparel segment and $878 was recorded in the Direct-to-Consumer segment. Refer to Note 4 – Acquisitions, Purchases and Sales of Joint Ventures, and Divestitures for further information.

(2) During 2024, the Company completed the sale of our GREATS business, which was previously included within our Direct-to-Consumer reporting unit. Goodwill decreased $700 related to the divestiture. Refer to Note 4 – Acquisitions, Purchases and Sales of Joint Ventures, and Divestitures for further information.

(3) During 2025, the Company completed the acquisition of the SM Distribution Malaysia Sdn. Bhd., which resulted in the recognition of goodwill of $1,829 allocated to the Direct-to-Consumer segment. Refer to Note 4 – Acquisitions, Purchases and Sales of Joint Ventures, and Divestitures for further information.

(4) During 2025, the Company completed the acquisition of the SM Fashion Australia Pty Ltd., which resulted in the recognition of goodwill of $1,393 allocated to the Direct-to-Consumer and Wholesale Footwear segments. Refer to Note 4 – Acquisitions, Purchases and Sales of Joint Ventures, and Divestitures for further information.

(5) During 2025, the Company completed the acquisition of Mercury Acquisitions Topco Limited, which resulted in the recognition of goodwill of $64,538, of which $12,908 was allocated to the Wholesale Footwear, $6,454 allocated to Wholesale Accessories/Apparel, and $45,176 allocated to the Direct-to-Consumer segments. Refer to Note 4 – Acquisitions, Purchases and Sales of Joint Ventures, and Divestitures for further information.

Schedule of Indentifiable Intangible Assets

The following tables summarize the Company’s other intangible assets as of December 31, 2025 and 2024:


	As of December 31, 2025
(in thousands)	Estimated Lives	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Trademarks	10-20 years	$	16,075	$	(16,075)	$	—
Customer relationships(1)	10-20 years	112,744		(35,127)		77,617
Re-acquired rights	2 years	1,450		(1,450)		—
Total finite-lived other intangible assets		130,269		(52,652)		77,617
Re-acquired right	indefinite	25,469		—		25,469
Trademarks(1)(2)	indefinite	178,333		—		178,333
Total indefinite-lived other intangible assets		203,802		—		203,802
Total other intangible assets		$	334,071	$	(52,652)	$	281,419

(1) During 2025, the Company acquired trademarks of $126,286 and customer relationships of $50,581 in connection with its acquisition of Mercury Acquisitions Topco Limited. Refer to Note 4 – Acquisitions, Purchases and Sales of Joint Ventures, and Divestitures for further information.

(2) During 2025, the Company recognized a charge of $6,300 related to the impairment of a trademark. See below for further information.


	As of December 31, 2024
(in thousands)	Estimated Lives	Gross Carrying Amount(1)		Accumulated Amortization		Net Carrying Amount
Trademarks(1)(2)	10-20 years	$	16,075	$	(16,075)	$	—
Customer relationships(1)(3)	10-20 years	61,585		(30,216)		31,369
Re-acquired rights	2 years	1,450		(659)		791
Total finite-lived other intangible assets		79,110		(46,950)		32,160
Re-acquired right	indefinite	24,292		—		24,292
Trademarks(3)	indefinite	56,980		—		56,980
Total indefinite-lived other intangible assets		81,272		—		81,272
Total other intangible assets		$	160,382	$	(46,950)	$	113,432

(1) During 2024, the Company recognized an impairment charge of $1,700 and completed the sale of its GREATS business. As part of the divestiture, the remaining carrying amounts of the intangible assets of GREATS, which included a trademark and customer relationships, were written off. See below for further information.

(2) During 2024, the Company recognized an impairment charge of $8,635 related to its Almost Famous trademark. See below for further information.

(3) During 2024, the Company acquired a trademark of $6,300 and customer relationships of $1,500, in connection with its acquisition of ATM. Refer to Note 4 – Acquisitions, Purchases and Sales of Joint Ventures, and Divestitures for further information.

Schedule of Intangible Assets, Future Amortization Expense

The estimated future amortization expense for intangibles as of December 31, 2025 was as follows:


(in thousands)
2026	$	5,789
2027	5,535
2028	5,499
2029	5,403
2030	4,317
Thereafter	51,074
Total	$	77,617

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Stock-Based Compensation (Detail) - (Table 4) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding, beginning balance	1,268	1,118
Outstanding, beginning balance (in Dollars per share)	$ 36.82	$ 35.62
Granted	(263)	(233)
Granted (in Dollars per share)	$ 25.13	$ 41.32
Exercised	(339)	(73)
Exercised (in Dollars per share)	$ 28.33	$ 32.76
Expired (in shares)	(33)	(2)
Expired (in Dollars per share)	$ 36.10	$ 46.47
Forfeited		(8)
Forfeited (in Dollars per share)		$ 34.54
Outstanding, ending balance	1,159	1,268
Outstanding, ending balance (in Dollars per share)	$ 36.67	$ 36.82
Outstanding, weighted average remaining contractual term (in years)	2 years 8 months 12 days	2 years 8 months 12 days
Outstanding, aggregate intrinsic value (in Dollars)	$ 6,406	$ 7,611
Vested and Exercisable, ending balance	985	1,116
Vested and Exercisable, ending balance (in Dollars per share)	$ 38.29	$ 36.24
Vested and Exercisable, weighted average remaining contractual term (in years)	2 years	2 years 4 months 24 days
Vested and Exercisable, ending balance (in Dollars)	$ 3,919	$ 7,371
Vested	645	451

Acquisitions, Purchases and Sales of Joint Ventures, and Divestitures - Summary of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands		8 Months Ended	12 Months Ended
	May 06, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Oct. 20, 2023
Business Combination [Line Items]
Goodwill		$ 254,518	$ 183,737	$ 180,003
Trademarks
Business Combination [Line Items]
Finite-Lived Intangible Assets Acquired			6,300
Customer Relationships
Business Combination [Line Items]
Finite-Lived Intangible Assets Acquired			$ 1,500
Maximum
Business Combination [Line Items]
Finite-Lived Intangible Asset, Useful Life		20 years
Maximum \| Trademarks
Business Combination [Line Items]
Finite-Lived Intangible Asset, Useful Life		20 years	20 years
Maximum \| Customer Relationships
Business Combination [Line Items]
Finite-Lived Intangible Asset, Useful Life		20 years			20 years
Kurt Geiger
Business Combination [Line Items]
Cash and cash equivalents	$ 18,899
Business Combination, Recognized Asset Acquired, Receivable, Current	31,644
Inventories	180,552
Operating lease right-of-use asset	75,825
Prepaid expenses and other current assets	9,777
Income tax receivable and prepaid income taxes	3,350
Property and equipment, net	39,320
Intangibles, net	176,867
Accounts payable	(32,868)
Accrued expenses	(47,079)
Income taxes payable	(761)
Operating leases – current portion	(8,603)
Operating leases – long-term portion	(68,251)
Deferred tax liabilities	(34,207)
Other liabilities	(5,655)
Goodwill	64,538
Business Combination, Recognized Asset Acquired to Liability Assumed, Excess (Less), and Goodwill	403,348
Business Combination, Acquiree's Revenue since Acquisition Date, Actual		$ 402,822
Kurt Geiger \| Customer Relationships
Business Combination [Line Items]
Finite-Lived Intangible Assets Acquired	$ 50,581
Kurt Geiger \| Maximum \| Customer Relationships
Business Combination [Line Items]
Finite-Lived Intangible Asset, Useful Life	20 years

Stock-Based Compensation

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Note 8 – Share-Based Compensation


(in thousands)
Common stock authorized			19,000
Stock-based awards, including restricted stock and stock options granted, net of expired or cancelled awards			(11,107)
Common stock available for grant of stock-based awards as of December 31, 2025			7,893

In addition, vested and unvested options to purchase 1 share of common stock and 67 shares of unvested restricted stock awarded under the 2006 Plan were outstanding as of December 31, 2025.

For the years ended December 31, 2025, 2024, and 2023, the total share-based compensation costs were as follows:


	Years Ended December 31,
(in thousands)	2025		2024		2023
Restricted stock	$	23,184	$	22,281	$	21,301
Stock options	2,059		2,459		2,597
Performance-based	4,392		1,799		250
Total	$	29,635	$	26,539	$	24,148

Restricted Stock Awards

The following table summarizes restricted stock activity during the years ended December 31, 2024 and 2025:


(in thousands except per share data)	Number of Shares	Weighted Average Fair Value at Grant Date
Outstanding at January 1, 2024	1,290	$	35.44
Granted	728	42.23
Vested	(451)	34.56
Forfeited	(24)	36.29
Outstanding at December 31, 2024	1,543	$	38.89
Granted	805	32.64
Vested	(645)	38.34
Forfeited	(51)	35.54
Outstanding at December 31, 2025	1,652	$	36.16

Additional information pertaining to restricted stock activity was as follows:


	Years Ended December 31,
(in thousands except per share data)	2025		2024		2023
Weighted-average grant date fair value of awards granted	$	32.64	$	42.23	$	33.38
Total fair value of awards vested	$	24,729	$	15,574	$	26,168

Stock Options

Activity relating to stock options granted under the Company’s plans during the year ended December 31, 2024 and 2025 was as follows:


(in thousands except per share data)	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at January 1, 2024	1,118	$	35.62
Granted	233	41.32
Exercised	(73)	32.76
Expired	(2)	46.47
Forfeited	(8)	34.54
Outstanding at December 31, 2024	1,268	$	36.82	2.7 years	$	7,611
Vested and Exercisable at December 31, 2024	1,116	$	36.24	2.4 years	$	7,371
Outstanding at January 1, 2025	1,268	36.82
Granted	263	25.13
Exercised	(339)	28.33
Expired	(33)	36.10

Outstanding at December 31, 2025	1,159	$	36.67	2.7 years	$	6,406
Vested and Exercisable at December 31, 2025	985	$	38.29	2.0 years	$	3,919

Additional information pertaining to the Company's stock option plan was as follows:


	Years Ended December 31,
(in thousands except per share data)	2025		2024		2023
Weighted-average grant date fair value of awards granted	$	6.36	$	10.90	$	8.45
Cash received from the exercise of stock options	$	32	$	1,613	$	1,205
Intrinsic value of stock options exercised	$	4,699	$	791	$	16,335
Tax benefits realized on exercise of stock options	$	709	$	39	$	1,285

The following weighted average assumptions were used for stock options granted during 2025, 2024, and 2023:

Years Ended December 31,

2025

2024

2023

Volatility

33.6% to 38.5%

34.1% to 47.4%

37.3% to 48.1%

Risk free interest rate

3.6% to 4.3%

4.0% to 4.6%

3.7% to 4.7%

Expected life in years

3.0 to 4.0

3.0 to 5.0

Dividend yield

3.3%

2.0%

2.5%

Weighted average fair value

$6.77

$13.22

$10.12

Performance-Based Awards

In the year ended December 31, 2023, 12 performance shares vested at a weighted average exercise price of $42.00. No shares vested in the periods ended December 31, 2025 and 2024.

Transaction Incentive Plan ("TIP") Award

For the year ended December 31, 2025, no compensation expense was recognized.

Income Taxes Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]

The components of income before provision for income taxes were as follows:


	Years Ended December 31,
(in thousands)	2025		2024		2023
United States	$	44,165	$	131,859	$	131,343
Foreign	33,515		98,618		89,271
Income before provision for income taxes	$	77,680	$	230,477	$	220,614

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

The components of provision for income taxes were as follows:


	Years Ended December 31,
(in thousands)	2025		2024		2023
Current:
Federal	$	9,246	$	32,894	$	18,491
State and local	2,300		6,326		3,594
Foreign	21,785		20,058		18,449
Provision for income taxes - current	33,331		59,278		40,534
Deferred:
Federal	1,509		(4,558)		5,229
State and local	(697)		(465)		682
Foreign	(5,481)		320		194
Provision for income taxes - deferred	(4,669)		(4,703)		6,105
Provision for income taxes	$	28,662	$	54,575	$	46,639

Schedule of Reconciliation of Effective Tax Rate

A reconciliation between income taxes computed at the federal statutory rate and the effective tax rate is as follows:


	Years Ended December 31,
(in thousands)	2025				2024				2023
	Amount		Percent		Amount		Percent		Amount		Percent

Income before provision for income taxes	$	77,680			$	230,477			$	220,614

U.S. Federal statutory tax rate	16,313		21.0	%	48,400		21.0	%	46,329		21.0	%
State and local income taxes, net of federal benefit	1,225		1.6	%	4,720		2.0	%	3,608		1.6	%
Foreign tax effects:
Hong Kong
Foreign rate differential	(2,192)		(2.8	%)	(2,630)		(1.1	%)	(2,137)		(1.0	%)
Other	(49)		(0.1	%)	(1,040)		(0.5	%)	(665)		(0.3	%)
United Kingdom
Foreign rate differential	(1,789)		(2.3	%)	—		—	%	—		—	%
Top up payment	9,705		12.5	%	—		—	%	—		—	%
Other	113		0.1	%	—		—	%	—		—	%
Canada	880		1.1	%	643		0.3	%	1,922		0.9	%
Other foreign jurisdictions	2,777		3.6	%	3,317		1.4	%	2,129		1.0	%
Effect of cross-border tax laws:
FDII	(1,006)		(1.3	%)	(1,084)		(0.5	%)	(246)		0.1	%
Other	(34)		—	%	—		—	%	—		—	%
Nontaxable or nondeductible items:
Share-based compensation	1,478		1.9	%	1,413		0.6	%	(3,821)		(1.7	%)
Transaction costs	1,014		1.3	%	—		—	%	—		—	%

Other	957		1.2	%	1,483		0.6	%	461		0.2	%
Changes in unrecognized tax benefits
Other adjustments:
Other	(730)		(0.9	%)	(647)		(0.3	%)	(941)		(0.4	%)
Provision for income taxes and effective tax rate	$	28,662	36.9	%	$	54,575	23.7	%	$	46,639	21.1	%

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

The components of deferred tax assets and liabilities were as follows:


	As of December 31,
(in thousands)	2025		2024
Deferred tax assets
Receivable allowances	$	8,585	$	8,073
Inventory	12,096		7,748

Accrued expenses	7,437		484
Deferred compensation	6,199		5,858

Net operating loss carryforwards	8,531		4,208
Lease liability	60,295		34,706
Other	4,318		2,435
Gross deferred tax assets before valuation allowance	107,461		63,512
Less: valuation allowance	3,459		3,051
Gross deferred tax assets after valuation allowance	104,002		60,461

Deferred tax liabilities
Depreciation and amortization	(26,104)		(22,547)
Unremitted earnings of foreign subsidiaries	(3,208)		(3,041)
Right-of-use asset	(56,100)		(31,234)
Amortization of goodwill	(7,747)		(7,655)
Indefinite-lived intangibles	(43,765)		—
Gross deferred tax liabilities	(136,924)		(64,477)

Net deferred tax liabilities	$	(32,922)	$	(4,016)

Summary of Unrecognized Tax Benefits [Table Text Block]

A reconciliation of the beginning and ending amount of unrecognized tax benefits were as follows:


	Years Ended December 31,
(in thousands)	2025		2024		2023
Beginning Balance	$	—	$	238	$	1,145
Additions for tax positions of prior years	761		—		—

Reductions for tax positions of prior years	—		(238)		(907)

Ending Balance	$	761	$	—	$	238

Schedule of Cash Flow, Supplemental Disclosures

The following summarizes the Company's income taxes paid (net of refunds received) for the years presented below:


	Years Ended December 31,
(in thousands)	2025		2024		2023
Federal	$	20,917	$	23,564	$	20,780
State and local	5,602		3,676		4,027
Foreign	19,799		23,906		20,718
Income taxes paid (net of refunds received)	$	46,318	$	51,146	$	45,525

The following summarizes the jurisdictions that exceeded 5% of the Company's total income taxes paid (net of refunds) for the years presented below:


	Years Ended December 31,
(in thousands)	2025		2024		2023
State
California	$	3,124	*		*
Foreign
Hong Kong	$	7,195	$	11,050	$	8,292
Mexico	*		$	4,994	$	4,672
Canada	*		*		$	3,213
Netherlands	$	2,432	*		$	2,404
South Africa	$	3,765	$	4,203	*
United Kingdom	$	3,633	*		*

* Jurisdiction below the threshold for the period presented.

Goodwill and Intangible Assets (Detail) - (Table 3) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
2026	$ 5,789
2027	5,535
2028	5,499
2029	5,403
2030	4,317
Thereafter	51,074
Total	$ 77,617	$ 32,160

Fair Value Measurement (Table) (Details) $ in Thousands	12 Months Ended
Fair Value Measurement (Table) (Details) $ in Thousands	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Assets:
Forward contracts	$ 302	$ 2,175
Liabilities:
Forward contracts	2,328	816
Change in valuation of contingent payment liability	(5,580)	2,722	$ 0
Contingent payment liability - long-term portion	14,880	7,565
Almost Famous
Liabilities:
Contingent consideration	$ 3,225	$ 7,475
Almost Famous \| Trademarks \| Measurement Input, Discount Rate
Liabilities:
Level 3 Unobservable Inputs for Estimating Contingent Payment Liability	0.160	0.175
Level 3
Liabilities:
Contingent consideration	$ 14,880	$ 7,565	$ 13,300
Change in valuation of contingent payment liability	(5,580)	2,722
Asset Acquisition, Contingent Consideration, Liability	12,895	90
Transfer out of Level 3(2)	0	8,547
Fair Value [Member]
Assets:
Forward contracts	302	2,175
Total assets	302	2,175
Liabilities:
Contingent consideration	14,880	7,565
Forward contracts	2,328	816
Total liabilities	17,208	8,381
Estimate of Fair Value Measurement [Member] \| Level 1
Assets:
Forward contracts	0	0
Total assets	0	0
Liabilities:
Contingent consideration	0	0
Total liabilities	0	0
Estimate of Fair Value Measurement [Member] \| Level 2
Assets:
Forward contracts	302	2,175
Total assets	302	2,175
Liabilities:
Contingent consideration	0	0
Forward contracts	2,328	816
Total liabilities	2,328	816
Estimate of Fair Value Measurement [Member] \| Level 3
Assets:
Forward contracts	0	0
Total assets	0	0
Liabilities:
Contingent consideration	14,880	7,565
Total liabilities	14,880	7,565
Forward Contracts \| Estimate of Fair Value Measurement [Member] \| Level 1
Liabilities:
Forward contracts	0	0
Forward Contracts \| Estimate of Fair Value Measurement [Member] \| Level 3
Liabilities:
Forward contracts	$ 0	$ 0

Goodwill and Intangible Assets (Detail) - (Table 1) - USD ($) $ in Thousands		12 Months Ended
	May 06, 2025	Dec. 31, 2025	Dec. 31, 2024
Goodwill [Roll Forward]
Goodwill, Beginning Balance		$ 183,737	$ 180,003
Acquisitions		68,052	5,765
Translation		2,729	(2,031)
Goodwill, Ending Balance		254,518	183,737
Wholesale Accessories/Apparel
Goodwill [Roll Forward]
Acquisitions			1,317
Direct-to-Consumer
Goodwill [Roll Forward]
Acquisitions			878
ATM
Goodwill [Roll Forward]
Acquisitions			2,195
SM Distribution Malaysia Sdn. Bhd
Goodwill [Roll Forward]
Acquisitions		1,829
SM Fashion Australia Pty Ltd
Goodwill [Roll Forward]
Acquisitions		1,393
Kurt Geiger
Goodwill [Roll Forward]
Acquisitions	$ 64,538
Goodwill, Ending Balance	64,538
Kurt Geiger \| Wholesale Footwear
Goodwill [Roll Forward]
Acquisitions	12,908
Kurt Geiger \| Direct-to-Consumer
Goodwill [Roll Forward]
Acquisitions	45,176
Kurt Geiger \| Wholesale Accessories/Apparel
Goodwill [Roll Forward]
Acquisitions	$ 6,454
Greats Brand Inc. \| Direct-To-Consumer Reporting Unit
Goodwill [Roll Forward]
Goodwill, written off related to sale of business unit		700
Wholesale Footwear
Goodwill [Roll Forward]
Goodwill, Beginning Balance		90,001	90,663
Acquisitions		13,186	0
Translation		1,191	(662)
Goodwill, Ending Balance		104,378	90,001
Wholesale Accessories/Apparel
Goodwill [Roll Forward]
Goodwill, Beginning Balance		75,583	73,625
Acquisitions		6,629	1,958
Translation		1	0
Goodwill, Ending Balance		82,213	75,583
Direct-to-Consumer
Goodwill [Roll Forward]
Goodwill, Beginning Balance		18,153	15,715
Acquisitions		48,237	3,807
Translation		1,537	(1,369)
Goodwill, Ending Balance		$ 67,927	$ 18,153

Acquisitions, Purchases and Sales of Joint Ventures, and Divestitures - Intangible Assets (Details) - USD ($) $ in Thousands		12 Months Ended
	May 06, 2025	Dec. 31, 2024	Dec. 31, 2025	Oct. 20, 2023
Minimum
Business Combination [Line Items]
Finite-Lived Intangible Asset, Useful Life			10 years
Maximum
Business Combination [Line Items]
Finite-Lived Intangible Asset, Useful Life			20 years
Trademarks
Business Combination [Line Items]
Finite-Lived Intangible Assets Acquired		$ 6,300
Trademarks \| Minimum
Business Combination [Line Items]
Finite-Lived Intangible Asset, Useful Life		10 years	10 years
Trademarks \| Maximum
Business Combination [Line Items]
Finite-Lived Intangible Asset, Useful Life		20 years	20 years
Customer Relationships
Business Combination [Line Items]
Finite-Lived Intangible Assets Acquired		$ 1,500
Customer Relationships \| Minimum
Business Combination [Line Items]
Finite-Lived Intangible Asset, Useful Life		10 years	10 years
Customer Relationships \| Maximum
Business Combination [Line Items]
Finite-Lived Intangible Asset, Useful Life			20 years	20 years
Kurt Geiger
Business Combination [Line Items]
Intangibles, net	$ 176,867
Kurt Geiger \| Trademarks
Business Combination [Line Items]
Indefinite-Lived Intangible Assets Acquired	126,286
Kurt Geiger \| Customer Relationships
Business Combination [Line Items]
Finite-Lived Intangible Assets Acquired	$ 50,581
Kurt Geiger \| Customer Relationships \| Minimum
Business Combination [Line Items]
Finite-Lived Intangible Asset, Useful Life	15 years
Kurt Geiger \| Customer Relationships \| Maximum
Business Combination [Line Items]
Finite-Lived Intangible Asset, Useful Life	20 years

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Note 7 – Goodwill and Other Intangible Assets

The following table provides a rollforward of the carrying amount of goodwill by reporting unit as of December 31, 2025 and 2024:


(in thousands)	Wholesale Footwear		Wholesale Accessories/Apparel		Direct-to-Consumer		Net Carrying Amount
Balance at January 1, 2024	$	90,663	$	73,625	$	15,715	$	180,003
Acquisitions and divestitures(1)(2)	—		1,958		3,807		5,765
Translation	(662)		—		(1,369)		(2,031)
Balance at December 31, 2024	90,001		75,583		18,153		183,737
Acquisitions(3)(4)(5)	13,186		6,629		48,237		68,052
Translation	1,191		1		1,537		2,729
Balance at December 31, 2025	$	104,378	$	82,213	$	67,927	$	254,518

The following tables summarize the Company’s other intangible assets as of December 31, 2025 and 2024:


	As of December 31, 2025
(in thousands)	Estimated Lives	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Trademarks	10-20 years	$	16,075	$	(16,075)	$	—
Customer relationships(1)	10-20 years	112,744		(35,127)		77,617
Re-acquired rights	2 years	1,450		(1,450)		—
Total finite-lived other intangible assets		130,269		(52,652)		77,617
Re-acquired right	indefinite	25,469		—		25,469
Trademarks(1)(2)	indefinite	178,333		—		178,333
Total indefinite-lived other intangible assets		203,802		—		203,802
Total other intangible assets		$	334,071	$	(52,652)	$	281,419

(2) During 2025, the Company recognized a charge of $6,300 related to the impairment of a trademark. See below for further information.


	As of December 31, 2024
(in thousands)	Estimated Lives	Gross Carrying Amount(1)		Accumulated Amortization		Net Carrying Amount
Trademarks(1)(2)	10-20 years	$	16,075	$	(16,075)	$	—
Customer relationships(1)(3)	10-20 years	61,585		(30,216)		31,369
Re-acquired rights	2 years	1,450		(659)		791
Total finite-lived other intangible assets		79,110		(46,950)		32,160
Re-acquired right	indefinite	24,292		—		24,292
Trademarks(3)	indefinite	56,980		—		56,980
Total indefinite-lived other intangible assets		81,272		—		81,272
Total other intangible assets		$	160,382	$	(46,950)	$	113,432

(2) During 2024, the Company recognized an impairment charge of $8,635 related to its Almost Famous trademark. See below for further information.

The gross carrying amount and accumulated amortization of certain intangible assets as of December 31, 2025 and 2024, include the impact of impairment and changes in foreign currency exchange rates.

Evaluation of Impairment

The Company evaluates goodwill and indefinite-lived intangible assets for impairment at least annually, as of the beginning of the third quarter, and whenever events or changes in circumstances indicate that it is more likely than not that the fair value of a reporting unit or indefinite-lived intangible asset is less than its carrying amount. The Company generally performs a qualitative assessment in evaluating impairment, although it may elect to perform a quantitative impairment test if deemed necessary.

Quantitative impairment tests of goodwill and indefinite-lived intangible assets were performed as of July 1, 2025. The Company estimated the fair values of its reporting units using the discounted cash flow method, an income approach, which incorporates significant assumptions including projected revenues, margins, and discount rates. The fair values of indefinite-lived intangible assets were estimated using the multi-period excess earnings method, an income approach. Significant assumptions used in the valuations included projected revenues, margins, contributory asset charges, long-term growth rates, and discount rates. Based on the results of the quantitative tests performed, the Company concluded that the fair values of its reporting units and indefinite-lived intangible assets exceeded their respective carrying amounts. Accordingly, no impairment charges were recognized. The Company’s estimates of fair value are sensitive to changes in key assumptions, including discount rates and projected financial results. Although management believes the assumptions used were reasonable, changes in these assumptions or in underlying market conditions could result in different fair value measurements in future periods.

Qualitative impairment assessments were performed as of July 1, 2024, which indicated that it was more likely than not that the fair values of the Company’s reporting units and indefinite-lived intangible assets exceeded their respective carrying amounts.

In fiscals 2025, 2024, and 2023, no impairment charges were recognized for goodwill or indefinite-lived intangible assets in connection with the annual impairment evaluations. Impairment charges recognized during these periods were associated with specific events and circumstances and are described separately below.

During the fourth quarter of 2025, the Company recognized a $6,300 non-cash impairment charge related to an indefinite-lived trademark intangible asset. The impairment charge was driven by updated financial projections reflecting reduced revenue and earnings expectations for the associated brand. The impairment charge was included within impairment of intangibles in the Company’s Consolidated Statements of Operations for the year ended December 31, 2025 and recognized in the Wholesale Accessories/Apparel segment.

During 2024 and 2023, the Company recognized non-cash impairment charges totaling $8,220 related to the GREATS® trademark. These impairments were driven by changes in expectations regarding the brand’s performance, including revisions to projected financial results and a reassessment of the trademark’s useful life. These impairment charges were recorded within impairment of intangibles in the Company’s Consolidated Statements of Operations for the year ended December 31, 2024 and recognized in the Direct-to-Consumer segment.

During 2024, the Company recognized a non-cash impairment charge of $8,635 related to the Almost Famous trademark intangible asset. The impairment resulted from the Company’s decision to discontinue use of the brand and transition its marketing and sales efforts to another brand. The impairment charge was included within impairment of intangibles in the Company’s Consolidated Statements of Operations for the year ended December 31, 2024 and recognized in the Wholesale Accessories/Apparel segment.

Amortization

The amortization of intangible assets amounted to $5,900, $4,413, and $2,082 for 2025, 2024, and 2023 and is included in operating expenses in the Company's Consolidated Statements of Operations. The estimated future amortization expense for intangibles as of December 31, 2025 was as follows:


(in thousands)
2026	$	5,789
2027	5,535
2028	5,499
2029	5,403
2030	4,317
Thereafter	51,074
Total	$	77,617

Operating Segment Information (Detail) - Table 2 - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Revenues	$ 2,534,109	$ 2,282,927	$ 1,981,582
Change In Valuation of Contingent Payment Liability	(5,580)	2,722	0
Wholesale Accessories/Apparel
Segment Reporting Information [Line Items]
Revenues	640,662	662,673	416,532
Change In Valuation of Contingent Payment Liability	(4,415)	2,722
Total Segment
Segment Reporting Information [Line Items]
Revenues	2,534,109	2,282,927	1,981,582
Change In Valuation of Contingent Payment Liability	(5,580)	2,722
Domestic [Member]
Segment Reporting Information [Line Items]
Revenues	1,678,075	1,858,725	1,601,098
International [Member]
Segment Reporting Information [Line Items]
Revenues	856,034	424,202	380,484
Domestic (Non-US Title) [Member]
Segment Reporting Information [Line Items]
Revenues	$ 299,224	$ 331,939	$ 272,794

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

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-Publisher FASB
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Dec. 31, 2025	Feb. 25, 2026	Jun. 30, 2025
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	0-23702
Entity Registrant Name	STEVEN MADDEN, LTD.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	13-3588231
Entity Address, Address Line One	52-16 Barnett Avenue,
Entity Address, Address Line Two	Long Island City
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	11104
City Area Code	718
Local Phone Number	446-1800
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	SHOO
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 1,713,156,667
Entity Common Stock, Shares Outstanding		72,911,811
Documents Incorporated by Reference	Part III incorporates certain information by reference from the registrant's definitive proxy statement for the registrant's 2026 Annual Meeting of Stockholders to be filed no later than 120 days after the end of the registrant’s fiscal year ended December 31, 2025.
Amendment Flag	false
Entity Central Index Key	0000913241
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY

Acquisitions, Purchases and Sales of Joint Ventures, and Divestitures - Narrative (Details) $ in Thousands			1 Months Ended			12 Months Ended
	May 06, 2025 USD ($)	Oct. 20, 2023 USD ($)	Nov. 30, 2024 USD ($)	Aug. 31, 2024 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Aug. 31, 2025 USD ($)	Jan. 31, 2025 USD ($)	Oct. 31, 2024 USD ($)	Aug. 13, 2024 USD ($)	Jun. 30, 2024 USD ($)	May 15, 2024	Dec. 31, 2020
Business Combination [Line Items]
Goodwill						$ 254,518	$ 183,737	$ 180,003
Contingent payment liability - long-term portion						14,880	7,565
Loss on divestiture of business						0	3,199	$ 0
Acquistion Related Fair Value Adjustment						23,233
Acquisition Related Foreign exchange net of tax						7,058
Greats Brand Inc. \| Direct-To-Consumer Reporting Unit
Business Combination [Line Items]
Goodwill, written off related to sale of business unit						700
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Greats Brand Inc.
Business Combination [Line Items]
Disposal group, including discontinued operation, consideration												$ 4,020
Loss on divestiture of business						3,199
SM Fashion d.o.o. Beograd
Business Combination [Line Items]
Equity Method Investment, Ownership Percentage														50.01%
SM Fashion Australia Pty Ltd
Business Combination [Line Items]
Goodwill										$ 1,393
Equity Method Investment, Ownership Percentage										50.10%
Equity Method Investment, Aggregate Cost										$ 1,899
SM Distribution Malaysia
Business Combination [Line Items]
Goodwill										$ 1,829
Equity Method Investment, Ownership Percentage										51.00%
Equity Method Investment, Aggregate Cost										$ 5
SM Distribution Malaysia \| SM Distribution Malaysia
Business Combination [Line Items]
Equity Method Investment, Ownership Percentage										49.00%
SM Distribution Malaysia \| SM Distribution Malaysia
Business Combination [Line Items]
Equity Method Investment, Ownership Percentage										2.00%
SM Distribution Latin America S. de R.L.
Business Combination [Line Items]
Equity Method Investment, Ownership Percentage													51.00%
Equity Method Investment, Aggregate Cost													$ 4,131
SM Distribution Singapore Pte. Ltd.
Business Combination [Line Items]
Equity Method Investment, Ownership Percentage											51.00%
Equity Method Investment, Aggregate Cost											$ 1,020
SM Distribution China Co. Ltd.
Business Combination [Line Items]
Equity Method Investment, Ownership Percentage				100.00%											51.00%
Equity Method Investment, Aggregate Cost				$ 1,500
Equity Ownership Percentage Acquired				49.00%
MG Distribution Hong Kong Limited
Business Combination [Line Items]
Equity Method Investment, Ownership Percentage									50.00%
Equity Method Investment, Aggregate Cost									$ 3,500
Kurt Geiger
Business Combination [Line Items]
Business acquisition, consideration transferred	$ 390,453
Contingent consideration	12,895
Goodwill	64,538
Business Combination, Acquisition-Related Cost, Expense						10,726
Debt Issuance Costs, Gross	8,954					6,716
Acquisition-Related Proceeds To Sellers	38,819
Business Combination, Deferred Acquisition Related Proceeds To Sellers	12,895
Contingent payment liability - long-term portion						11,600
Business Combination, Contingent Consideration, Range of Outcomes, Maximum, Amount						$ 16,600
Accounts payable acquired	32,868
Inventories	180,552
Intangibles, net	176,867
Business Combination, Contingent Consideration, Payment Period						5 years
Kurt Geiger \| Term Loan Facility
Business Combination [Line Items]
Commitment letter, senior secured credit facilities	300,000
Kurt Geiger \| Revolving Credit Facility
Business Combination [Line Items]
Commitment letter, senior secured credit facilities	$ 250,000
Almost Famous
Business Combination [Line Items]
Contingent consideration						$ 3,225	$ 7,475
Acquisition of businesses		$ 73,228
Almost Famous \| Trademarks \| Measurement Input, Discount Rate
Business Combination [Line Items]
Level 3 Unobservable Inputs for Estimating Contingent Payment Liability						0.160	0.175
ATM
Business Combination [Line Items]
Acquisition of businesses			$ 9,783
ATM \| Measurement Input, Discount Rate
Business Combination [Line Items]
Level 3 Unobservable Inputs for Estimating Contingent Payment Liability						0.114	0.126
Gina Group
Business Combination [Line Items]
Acquisition of businesses					$ 4,259

Share Repurchases (Notes)	12 Months Ended
Share Repurchases (Notes)	Dec. 31, 2025
Share Repurchase Program [Abstract]
Treasury Stock	Note 10 – Share Repurchase Program The Company's Board of Directors authorized a share repurchase program (the “Share Repurchase Program”), effective as of January 1, 2004. The Share Repurchase Program does not have a fixed expiration or termination date and may be modified or terminated by the Board of Directors at any time. On several occasions the Board of Directors has increased the amount authorized for repurchase of the Company's common stock. On May 8, 2023, the Board of Directors approved an increase in the Company's share repurchase authorization of approximately $189,900, bringing the total authorization to $250,000. The Share Repurchase Program permits the Company to effect repurchases from time to time through a combination of open market repurchases or as part of privately negotiated transactions at such prices and times that are determined to be in the best interest of the Company. During the year ended December 31, 2025, no shares of the Company's common stock were repurchased under the Share Repurchase Program. During the year ended December 31, 2024, 2,090 shares, excluding net settlements of employee stock awards, were repurchased under the Share Repurchase Program, at a weighted average price per share of $43.15, for an aggregate purchase price of approximately $90,153. As of December 31, 2025, approximately $85,310 remained available for future repurchases under the Share Repurchase Program. The Steven Madden, Ltd. Amended and Restated 2006 Stock Incentive Plan (as further amended, the "2006 Plan"), which expired on April 6, 2019, and the Steven Madden, Ltd. 2019 Incentive Compensation Plan, as amended (the "2019 Plan"), both provide the Company with the right to deduct or withhold, or require employees to remit to the Company, an amount sufficient to satisfy any applicable tax withholding and/or option cost obligations applicable to stock-based compensation awards. To the extent permitted, employees may elect to satisfy all or part of such withholding obligations by tendering to the Company previously owned shares or by having the Company withhold shares having a fair market value equal to the employee's withholding tax obligation and/or option cost. During the year ended December 31, 2025 and 2024, an aggregate of 576 and 211 shares, respectively, were withheld in connection with the settlement of vested restricted stock to satisfy tax-withholding requirements and option costs, at an average price per share of $40.03 and $42.84, respectively, for an aggregate purchase price of approximately $23,081 and $9,058, respectively.

Income Taxes Income Taxes (Table 2) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Current:
Federal	$ 9,246	$ 32,894	$ 18,491
State and local	2,300	6,326	3,594
Foreign	21,785	20,058	18,449
Current Income Tax Expense (Benefit)	33,331	59,278	40,534
Deferred:
Federal	1,509	(4,558)	5,229
State and local	(697)	(465)	682
Foreign	(5,481)	320	194
Deferred Income Tax Expense (Benefit)	(4,669)	(4,703)	6,105
Provision for income taxes	$ 28,662	$ 54,575	$ 46,639

Acquisitions, Purchases and Sales of Joint Ventures, and Divestitures - Summary of Pro Forma Information (Details) - Kurt Geiger - USD ($) $ in Thousands	8 Months Ended	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2025	Dec. 31, 2024
Asset Acquisition [Line Items]
Total revenue		$ 2,685,441	$ 2,803,286
Net income		$ 122,116	$ 126,547
Business Combination, Acquiree's Earnings (Loss) since Acquisition Date, Actual	$ (50,644)

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

Note 14 – Income Taxes

The components of income before provision for income taxes were as follows:


	Years Ended December 31,
(in thousands)	2025		2024		2023
United States	$	44,165	$	131,859	$	131,343
Foreign	33,515		98,618		89,271
Income before provision for income taxes	$	77,680	$	230,477	$	220,614

The components of provision for income taxes were as follows:


	Years Ended December 31,
(in thousands)	2025		2024		2023
Current:
Federal	$	9,246	$	32,894	$	18,491
State and local	2,300		6,326		3,594
Foreign	21,785		20,058		18,449
Provision for income taxes - current	33,331		59,278		40,534
Deferred:
Federal	1,509		(4,558)		5,229
State and local	(697)		(465)		682
Foreign	(5,481)		320		194
Provision for income taxes - deferred	(4,669)		(4,703)		6,105
Provision for income taxes	$	28,662	$	54,575	$	46,639

A reconciliation between income taxes computed at the federal statutory rate and the effective tax rate is as follows:


	Years Ended December 31,
(in thousands)	2025				2024				2023
	Amount		Percent		Amount		Percent		Amount		Percent

Income before provision for income taxes	$	77,680			$	230,477			$	220,614

U.S. Federal statutory tax rate	16,313		21.0	%	48,400		21.0	%	46,329		21.0	%
State and local income taxes, net of federal benefit	1,225		1.6	%	4,720		2.0	%	3,608		1.6	%
Foreign tax effects:
Hong Kong
Foreign rate differential	(2,192)		(2.8	%)	(2,630)		(1.1	%)	(2,137)		(1.0	%)
Other	(49)		(0.1	%)	(1,040)		(0.5	%)	(665)		(0.3	%)
United Kingdom
Foreign rate differential	(1,789)		(2.3	%)	—		—	%	—		—	%
Top up payment	9,705		12.5	%	—		—	%	—		—	%
Other	113		0.1	%	—		—	%	—		—	%
Canada	880		1.1	%	643		0.3	%	1,922		0.9	%
Other foreign jurisdictions	2,777		3.6	%	3,317		1.4	%	2,129		1.0	%
Effect of cross-border tax laws:
FDII	(1,006)		(1.3	%)	(1,084)		(0.5	%)	(246)		0.1	%
Other	(34)		—	%	—		—	%	—		—	%
Nontaxable or nondeductible items:
Share-based compensation	1,478		1.9	%	1,413		0.6	%	(3,821)		(1.7	%)
Transaction costs	1,014		1.3	%	—		—	%	—		—	%

Other	957		1.2	%	1,483		0.6	%	461		0.2	%
Changes in unrecognized tax benefits
Other adjustments:
Other	(730)		(0.9	%)	(647)		(0.3	%)	(941)		(0.4	%)
Provision for income taxes and effective tax rate	$	28,662	36.9	%	$	54,575	23.7	%	$	46,639	21.1	%

The changes between the Company’s effective tax rate for the years ended December 31, 2025 and 2024 were primarily due to non-deductible expenses related to the acquisition of the Kurt Geiger business. The changes between the Company’s effective tax rate for the years ended December 31, 2024, and 2023, were due to lower tax benefits related to equity-based awards and in pre-tax income in jurisdictions with higher tax rates.

The Company's effective tax rate includes the effects of state and local income taxes, net of the federal income tax benefit, which are primarily attributable to California and New York, where the Company has significant business activities. These states have higher effective tax rates compared to other jurisdictions where the Company operates, and together, they account for more than half of the Company's total state tax expense.

The following summarizes the Company's income taxes paid (net of refunds received) for the years presented below:


	Years Ended December 31,
(in thousands)	2025		2024		2023
Federal	$	20,917	$	23,564	$	20,780
State and local	5,602		3,676		4,027
Foreign	19,799		23,906		20,718
Income taxes paid (net of refunds received)	$	46,318	$	51,146	$	45,525

The following summarizes the jurisdictions that exceeded 5% of the Company's total income taxes paid (net of refunds) for the years presented below:


	Years Ended December 31,
(in thousands)	2025		2024		2023
State
California	$	3,124	*		*
Foreign
Hong Kong	$	7,195	$	11,050	$	8,292
Mexico	*		$	4,994	$	4,672
Canada	*		*		$	3,213
Netherlands	$	2,432	*		$	2,404
South Africa	$	3,765	$	4,203	*
United Kingdom	$	3,633	*		*

* Jurisdiction below the threshold for the period presented.

The components of deferred tax assets and liabilities were as follows:


	As of December 31,
(in thousands)	2025		2024
Deferred tax assets
Receivable allowances	$	8,585	$	8,073
Inventory	12,096		7,748

Accrued expenses	7,437		484
Deferred compensation	6,199		5,858

Net operating loss carryforwards	8,531		4,208
Lease liability	60,295		34,706
Other	4,318		2,435
Gross deferred tax assets before valuation allowance	107,461		63,512
Less: valuation allowance	3,459		3,051
Gross deferred tax assets after valuation allowance	104,002		60,461

Deferred tax liabilities
Depreciation and amortization	(26,104)		(22,547)
Unremitted earnings of foreign subsidiaries	(3,208)		(3,041)
Right-of-use asset	(56,100)		(31,234)
Amortization of goodwill	(7,747)		(7,655)
Indefinite-lived intangibles	(43,765)		—
Gross deferred tax liabilities	(136,924)		(64,477)

Net deferred tax liabilities	$	(32,922)	$	(4,016)

The Company applies the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse.

The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities (including the impact of available carryback and carryforward periods), projected future taxable income, and tax‑planning strategies in making this assessment.

The Company’s increase in valuation allowance of $408 is due to an increase of net operating loss deferred tax assets in various foreign subsidiaries, which resulted in an aggregate valuation allowance of $3,459 for the year ended December 31, 2025.

A reconciliation of the beginning and ending amount of unrecognized tax benefits were as follows:


	Years Ended December 31,
(in thousands)	2025		2024		2023
Beginning Balance	$	—	$	238	$	1,145
Additions for tax positions of prior years	761		—		—

Reductions for tax positions of prior years	—		(238)		(907)

Ending Balance	$	761	$	—	$	238

For the years ended December 31, 2025 and 2023 the total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate is approximately $761 and $238, in the aggregate, respectively. There were no unrecognized tax benefits that, if recognized, would affect the tax rate in 2024. The Company recognizes interest and penalties, if any, related to uncertain income tax positions in income tax expense. Accrued interest and penalties on unrecognized tax benefits and interest and penalty expense are immaterial to the consolidated financial statements for all periods presented. It is reasonably possible that the unrecognized tax benefits will decrease in the next twelve months.

The Company’s consolidated financial statements provide for any related tax liability on amounts that may be repatriated from foreign operations, aside from undistributed earnings of certain of the Company’s foreign subsidiaries that are intended to be indefinitely reinvested in operations outside the U.S. The deferred tax liability of $3,208 as of December 31, 2025 reflects the withholding tax on amounts that may be repatriated from foreign operations.

The Company files income tax returns in the U.S. for federal, state, and local purposes, and in certain foreign jurisdictions. The Company's tax years for 2022 through 2024 remain open to examination by most taxing authorities.

On August 16, 2022, the Inflation Reduction Act of 2022 (“IRA”) was signed into law, which contains certain revisions to the Internal Revenue Code, including a 15% corporate minimum income tax for tax years beginning after December 31, 2022. While the 15% corporate minimum income tax has no effect on the Company’s results of operations in the near term, the Company will continue to evaluate its impact on future years. The IRA also assesses a 1% excise tax on repurchases of corporate stock which impacts the Company’s stock repurchases effective January 1, 2023. The excise tax recorded as an incremental cost in treasury stock on the Company's Consolidated Balance Sheets was $0 and $752 for the years ended December 31, 2025 and 2024, respectively.

The Organization for Economic Cooperation and Development (“OECD”) has implemented the global minimum tax rate of at least 15% for large multinational companies as of 2024 (“Pillar Two”). Under Pillar Two, a top-up tax will be required for any jurisdiction that has enacted Pillar Two and whose effective tax rate falls below the 15% global minimum rate. Additionally, the OECD issued administrative guidance providing transition and safe harbor rules around the implementation of the global minimum tax under Pillar Two. Under the safe harbor, companies would be excluded from Pillar Two requirements provided certain criteria are met. Based on the Company's analysis, the enactment of Pillar Two legislation does not have a material effect on the Company’s financial position. The Company will continue to monitor and reflect the impact of such legislative changes in future periods, as appropriate.

On July 4, 2025, the One Big Beautiful Bill Act (the “OBBBA”) was signed into law, which includes a broad range of tax reform provisions as well as the extension of certain Tax Cuts and Job Act provisions that were set to expire. We have accounted for the OBBBA tax law changes, which did not have a material impact on our effective tax rate in 2025.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Derivative Instruments Derivative (Tables)

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The notional amounts of the Company’s outstanding derivative instruments as of December 31, 2025 and 2024 were as follows:


	As of December 31,
(in thousands)	2025		2024
Derivative instruments designated as accounting hedges:
Foreign exchange contracts	$	113,473	$	90,031

Fair Value, by Balance Sheet Grouping

The fair value of the Company’s outstanding derivative instruments as of December 31, 2025 and 2024 were as follows:


		As of December 31,
(in thousands)	Balance Sheet Classification	2025		2024
Assets:
Forward contracts	Other current assets	$	302	$	2,175

Liabilities:
Forward contracts	Other current liabilities	$	2,328	$	816

Schedule of Derivative Instruments

The following table presents the pretax impact of (loss)/gains from the Company's designated derivative instruments on its Consolidated Financial Statements for the years ended December 31, 2025, 2024, and 2023:


	Years Ended December 31,
(in thousands)	2025		2024		2023
Cash flow hedges:
Foreign exchange contracts	$	(3,322)	$	2,456	$	(852)

Operating Segment Information (Tables)

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment


(in thousands)	Wholesale Footwear		Wholesale Accessories/Apparel		Direct-to- Consumer		Licensing		Total(1)
For the Year Ended December 31, 2025
Total revenue	$	1,035,190	$	640,662	$	845,666	$	12,591	$	2,534,109
Less: Cost of sales(2)	688,620		444,430		351,590		—		1,484,640
Gross profit	346,570		196,232		494,076		12,591		1,049,469
Less: Change in valuation of contingent payment liability(2)	(259)		(4,415)		(906)		—		(5,580)
Less: Impairment of intangibles(2)	—		6,300		—		—		6,300
Less: Salaries and related expense(2)	75,063		57,957		119,714		1,003		253,737
Less: Other segment items(3)	117,181		79,226		409,664		973		607,044
Income/(loss) from operations	$	154,585	$	57,164	$	(34,396)	$	10,615	$	187,968

(1) There were no inter-segment revenue transactions during any of the periods presented, and therefore, total segment revenue represents consolidated revenue.

(2) The significant expense categories and amounts align with segment-level information that is regularly provided to the CODM.

(3) Other segment items in the Wholesale Footwear, Wholesale Accessories/Apparel, and Direct-to-Consumer segments consist of the following: warehouse and shipping, advertising and promotion, occupancy, depreciation and amortization, certain transaction related costs, and other miscellaneous costs. Other segment items in the Licensing segment consists of advertising and promotion and other miscellaneous costs.


(in thousands)	Wholesale Footwear		Wholesale Accessories/Apparel		Direct-to- Consumer		Licensing		Total(1)
For the Year Ended December 31, 2024
Total revenue	$	1,059,440	$	662,673	$	550,153	$	10,661	$	2,282,927
Less: Cost of sales(2)	692,839		449,676		203,480		—		1,345,995
Gross profit	366,601		212,997		346,673		10,661		936,932
Less: Change in valuation of contingent payment liability(2)	—		2,722		—		—		2,722
Less: Impairment of intangibles(2)	—		8,635		1,700		—		10,335
Less: Salaries and related expense(2)	70,727		53,074		74,910		1,221		199,932
Less: Other segment items(3)	104,662		58,132		239,093		379		402,266
Income from operations	$	191,212	$	90,434	$	30,970	$	9,061	$	321,677

(1) There were no inter-segment revenue transactions during any of the periods presented, and therefore, total segment revenue represents consolidated revenue.

(2) The significant expense categories and amounts align with segment-level information that is regularly provided to the CODM.

(3) Other segment items in the Wholesale Footwear, Wholesale Accessories/Apparel, and Direct-to-Consumer segments consist of the following: warehouse and shipping, advertising and promotion, occupancy, depreciation and amortization, and other miscellaneous costs. Other segment items in the Licensing segment consists of advertising and promotion and other miscellaneous costs.


(in thousands)	Wholesale Footwear		Wholesale Accessories/Apparel		Direct-to- Consumer		Licensing		Total(1)
For the Year Ended December 31, 2023
Total revenue	$	1,048,448	$	416,532	$	506,494	$	10,108	$	1,981,582
Less: Cost of sales(2)	677,817		281,364		189,987		—		1,149,168
Gross profit	370,631		135,168		316,507		10,108		832,414

Less: Impairment of intangibles(2)	—		—		6,502		—		6,502
Less: Salaries and related expense(2)	65,135		33,312		69,324		1,193		168,964
Less: Other segment items(3)	100,546		40,428		210,521		488		351,983
Income from operations	$	204,950	$	61,428	$	30,160	$	8,427	$	304,965

(1) There were no inter-segment revenue transactions during any of the periods presented, and therefore, total segment revenue represents consolidated revenue.

(2) The significant expense categories and amounts align with segment-level information that is regularly provided to the CODM.

(3) Other segment items in the Wholesale Footwear, Wholesale Accessories/Apparel, and Direct-to-Consumer segments consist of the following: warehouse and shipping, advertising and promotion, occupancy, depreciation and amortization, and other miscellaneous costs. Other segment items in the Licensing segment consists of advertising and promotion and other miscellaneous costs.

Reconciliation of Operating Profit (Loss) from Segments to Consolidated

The following table reconciles total segment income from operations to income before provision for income taxes:


	Year Ended December 31,
(in thousands)	2025		2024		2023
Total segment income from operations	$	187,968	$	321,677	$	304,965
Corporate costs	(107,197)		(96,738)		(91,743)
Gain on derivative	9,252		—		—
Interest and other (expense) / income - net	(12,343)		5,538		7,392
Income before provision for income taxes	$	77,680	$	230,477	$	220,614

Segment, Reconciliation of Other Items from Segments to Consolidated

The following table presents capital expenditures by segment:


	Year Ended December 31,
(in thousands)	2025		2024		2023
Wholesale Footwear	$	3,862	$	3,146	$	2,790
Wholesale Accessories/Apparel	2,218		212		141
Direct-to-Consumer	32,588		19,188		12,061

Corporate(1)	3,990		3,365		4,478
Total	$	42,658	$	25,911	$	19,470

(1) Corporate does not constitute a reportable segment and includes costs not directly attributable to the segments. These costs are primarily related to expenses associated with corporate executives, corporate finance, corporate social responsibility, legal, human resources, information technology, cybersecurity, and other shared services.

The following table presents depreciation and amortization by segment:


	Year Ended December 31,
(in thousands)	2025		2024		2023
Wholesale Footwear	$	2,182	$	2,934	$	2,452
Wholesale Accessories/Apparel	2,313		4,465		2,569
Direct-to-Consumer	18,873		6,953		4,590

Corporate(1)	10,069		5,658		5,890
Total	$	33,437	$	20,010	$	15,501

Revenue from External Customers by Geographic Areas

The following table summarizes revenues by geographic area:


	Year Ended December 31,
(in thousands)	2025		2024		2023
Domestic(1)	$	1,678,075	$	1,858,725	$	1,601,098
International	856,034		424,202		380,484
Total	$	2,534,109	$	2,282,927	$	1,981,582

(1) Includes revenues of $299,224, $331,939, and $272,794, respectively, for the years ended 2025, 2024, and 2023, respectively, related to sales to U.S. customers where the title is transferred outside the U.S. and the sale is recorded by the Company's international entities.

Operating Segment Information (Details) - Table 3 - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Operating Income (Loss)	$ 80,771	$ 224,939	$ 213,222
Interest and other (expense) / income - net	(12,343)	5,538	7,392
Income before provision for income taxes	77,680	230,477	220,614
Change In Valuation of Contingent Payment Liability	(5,580)	2,722	0
Impairment of intangibles	6,300	10,335	6,520
Wholesale Footwear
Segment Reporting Information [Line Items]
Operating Income (Loss)	154,585	191,212	204,950
Change In Valuation of Contingent Payment Liability	(259)	0
Impairment of intangibles	0	0	0
Wholesale Accessories/Apparel
Segment Reporting Information [Line Items]
Operating Income (Loss)	57,164	90,434	61,428
Change In Valuation of Contingent Payment Liability	(4,415)	2,722
Impairment of intangibles	6,300	8,635	0
Direct-to-Consumer
Segment Reporting Information [Line Items]
Operating Income (Loss)	(34,396)	30,970	30,160
Change In Valuation of Contingent Payment Liability	(906)	0
Impairment of intangibles	0	1,700	6,502
Licensing
Segment Reporting Information [Line Items]
Operating Income (Loss)	10,615	9,061	8,427
Change In Valuation of Contingent Payment Liability	0	0
Impairment of intangibles	0	0	0
Total Segment
Segment Reporting Information [Line Items]
Operating Income (Loss)	187,968	321,677	304,965
Change In Valuation of Contingent Payment Liability	(5,580)	2,722
Impairment of intangibles	6,300	10,335	6,502
Segment Reporting, Reconciling Item, Corporate Nonsegment
Segment Reporting Information [Line Items]
Operating Income (Loss)	$ (107,197)	$ (96,738)	$ (91,743)

Net Income Per Share of Common Stock

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Net Income Per Share of Common Stock

Note 11 – Net Income Per Share of Common Stock

Basic net income per share is based on the weighted average number of shares of common stock outstanding during the period, which does not include unvested restricted common stock subject to forfeiture of 1,652, 1,543, and 1,290 shares for the years ended December 31, 2025, 2024, and 2023, respectively. Diluted net income per share reflects: (a) the potential dilution assuming shares of common stock were issued upon the exercise of outstanding in-the-money options and the assumed proceeds, which are deemed to be the proceeds from the exercise plus compensation cost not yet recognized attributable to future services using the treasury method, were used to purchase shares of the Company’s common stock at the average market price during the period; (b) the vesting of granted non-vested restricted stock awards for which the assumed proceeds upon vesting are deemed to be the amount of compensation cost not yet recognized attributable to future services using the treasury stock method, to the extent dilutive; and (c) issued performance-based awards to the extent that the underlying performance conditions (i) have been satisfied as of the end of the reporting period or (ii) would be considered satisfied if the end of the reporting period were the end of the related contingency period and the result would be dilutive.


	Years Ended December 31,
(in thousands except per share data)	2025		2024		2023
Net income attributable to Steven Madden, Ltd.	$	44,661	$	169,390	$	171,554

Basic net income per share	$	0.63	$	2.38	$	2.34
Diluted net income per share	$	0.63	$	2.35	$	2.30

Weighted average common shares outstanding:
Basic	70,873		71,274		73,337
Effect of dilutive securities:
Stock awards and options to purchase shares of common stock	308		689		1,228
Diluted	71,181		71,963		74,565

For the year ended December 31, 2025, there were no options to purchase shares of common stock excluded from the calculation of diluted net income per share. For the year ended December 31, 2024 and 2023, options to purchase approximately 24 and 10 shares of common stock in each period have been excluded from the calculation of diluted net income per share, as the result would have been anti-dilutive. For the years ended December 31, 2025, 2024, and 2023, 124, 5, and 39, shares of common stock have been excluded from the calculation of diluted net income per share as the result would have been anti-dilutive.

The Company had certain contingently issuable performance-based awards outstanding that did not meet the performance conditions for the years ended December 31, 2025, 2024, and 2023 and, therefore, were excluded from the calculation of diluted net income per common share for those years. The number of potentially dilutive shares that could be issued upon vesting for these performance-based awards was immaterial as of December 31, 2025, 2024, and 2023. These amounts were also excluded from the computation of weighted average potentially dilutive securities.

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Risk Management and Strategy The Company employs a comprehensive, cross-departmental approach to continuously assess, identify, and manage potential cybersecurity risks, with direct involvement from the Board of Directors, primarily through the Audit Committee of the Board, and senior management. Collaboration is required between our employees, the information technology (“IT”) security team, which is led by our Chief Information Security Officer (“CISO”), the Information Security Steering Committee ("ISSC”), which is chaired by our CISO and comprised of executive and senior representatives from key corporate functions and is overseen by the Board of Directors, and the Core Cyber Incident Response Team ("CIRT"), which is led by our CISO and includes members from ISSC and our technology teams. The Company’s cybersecurity policies, standards, processes, and practices are integrated into the Company’s overall risk management program and we regularly consider cybersecurity risks in the context of material risks to the Company. Our cybersecurity risk management program categorizes cybersecurity risks into five areas: identify, protect, detect, respond, and recover. We regularly assess the cybersecurity threat landscape, employing a layered cybersecurity strategy that emphasizes prevention, detection, and mitigation through a variety of technical and operational measures. As a part of our cybersecurity risk management program, our information security program is tailored to address identified risks, while aligning with pertinent business requirements. We foster a shared responsibility for the Company’s cybersecurity with all of our employees, conducting periodic phishing simulation campaigns and providing regular, mandatory cybersecurity training to enhance awareness and readiness against potential cyber threats. As part of the Company's information security program, all global employees are required to complete annual training on information security awareness, including cybersecurity, global data privacy requirements, and information technology compliance measures. Certain roles require additional role-based, specialized cybersecurity training to ensure proactive preparation and effective coordination in the event of a security incident. We engage a third-party to conduct annual tabletop exercises to members of our ISSR and CIRT units. During this exercise, we rehearse our incident response plan, as well as identify and prioritize opportunities for improvement within our cybersecurity program and associated security controls, through a customized simulation specifically tailored to our current environment, processes, and procedures. Furthermore, job function–specific training and testing exercises are delivered by an external partner and aligned with specific job responsibilities. For example, IT personnel receive additional training related to privileged access, while finance personnel receive targeted training and random testing designed to mitigate risks related to phishing, deepfake, and business email compromise. To protect our data and information systems, we maintain Company-wide cybersecurity policies and procedures regarding encryption standards, antivirus protection, remote access, multifactor authentication, confidential information, and internet, social media, email, and wireless device usage. Our IT security team reviews and updates such policies and procedures to adapt to evolving cybersecurity landscapes, industry best practices, and regulatory and statutory updates. Our CISO conducts thorough reviews of these updates to ensure their continued relevance and effectiveness in safeguarding the Company’s assets and business interests. Key members of our leadership team and our technology teams undergo annual cyber incident tabletop exercises. As part of our broader cybersecurity risk management framework, the Company maintains compliance with PCI DSS standards. This program governs the security of our payment processing environment, ensuring that credit card data is handled through encrypted channels and segmented networks to mitigate the risk of unauthorized access or data exfiltration. We continually seek to update our IT security, encompassing end-user training, layered defenses, critical asset identification and protection, enhanced monitoring and alerting, and engagement with third-party experts to evaluate the efficacy of our security measures. We engage reputable third parties to assist in the monitoring, protection, detection, and potential remediation of cybersecurity threats and incidents. We also regularly evaluate cybersecurity risks associated with our use of third-party service providers, conducting an annual review of hosted applications and assessing their cybersecurity preparedness. Risks from cybersecurity threats, including as a result of previous cybersecurity events encountered by the Company and known events encountered by third parties with a connection to the Company, have not materially affected our Company, including our business strategy, results of operations, or financial condition. The Company did not experience a material third-party information security breach in the last three years.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	The Company employs a comprehensive, cross-departmental approach to continuously assess, identify, and manage potential cybersecurity risks, with direct involvement from the Board of Directors, primarily through the Audit Committee of the Board, and senior management. Collaboration is required between our employees, the information technology (“IT”) security team, which is led by our Chief Information Security Officer (“CISO”), the Information Security Steering Committee ("ISSC”), which is chaired by our CISO and comprised of executive and senior representatives from key corporate functions and is overseen by the Board of Directors, and the Core Cyber Incident Response Team ("CIRT"), which is led by our CISO and includes members from ISSC and our technology teams. The Company’s cybersecurity policies, standards, processes, and practices are integrated into the Company’s overall risk management program and we regularly consider cybersecurity risks in the context of material risks to the Company. Our cybersecurity risk management program categorizes cybersecurity risks into five areas: identify, protect, detect, respond, and recover. We regularly assess the cybersecurity threat landscape, employing a layered cybersecurity strategy that emphasizes prevention, detection, and mitigation through a variety of technical and operational measures. As a part of our cybersecurity risk management program, our information security program is tailored to address identified risks, while aligning with pertinent business requirements.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Governance Management Our Chief Information Security Officer (CISO) is primarily responsible for evaluating and managing the Company’s significant cybersecurity risks, as well as developing and implementing the related risk management policies and procedures. The CISO directs the Company’s information security and cybersecurity risk management programs, providing quarterly status reports to both the Information Security Steering Committee (ISSC) and the Audit Committee of the Board of Directors. With more than 25 years of experience across technology, cybersecurity operations, and engineering functions, the CISO holds a bachelor’s degree in computer information science, a master’s degree in technology management, a CISO Certificate from Carnegie Mellon University, and maintains ISC2 CISSP certification. Other members of the management team support our CISO in overseeing cybersecurity risk management through participation in the ISSC, which is chaired by the CISO and includes the Chief Executive Officer, Chief Financial Officer & Executive Vice President of Operations, Chief Information Officer, General Counsel, President of Direct-to-Consumer and Global Digital, Privacy Counsel, and the Vice President of Internal Audit. The ISSC regularly reviews and discusses comprehensive quarterly and annual reports presented by the CISO and IT security team, facilitating informed, collaborative, and consensus-based guidance on information security for the Company. Our Cybersecurity Incident Response Team (CIRT) operates as a dedicated frontline unit tasked with the rapid detection, assessment, and containment of potential threats. The CIRT employs a structured escalation framework to ensure material risks are identified and communicated with velocity. Upon identifying a potential threat, the CIRT conducts an immediate severity assessment. Any significant events are escalated to the ISSC to evaluate potential business, financial, or reputational impacts. In coordination with the ISSC, the CIRT ensures that the Audit Committee of the Board of Directors is promptly notified of any incidents deemed to have a material impact on the Company’s operations or financial condition. Board of Directors The Audit Committee of the Board of Directors has responsibility for oversight of information and cybersecurity risks and assessment of cyber threats and defenses, and it oversees management to ensure that the processes designed, implemented, and maintained with respect to such risks are functioning as intended and adapted when necessary to respond to changes in our strategy, as well as emerging risks. Given the importance of information security and cybersecurity to our stakeholders, our Audit Committee reviews quarterly reports from our CISO regarding the Company’s cybersecurity strategies for mitigating known risks, any newly identified risks, existing projects, and key performance insights and engages in discussions with management based on such reports and other recent developments. Over the past three years, we have not identified any cybersecurity threats that have materially affected, or that we believe are reasonably likely to materially affect our business strategy, results of operations, or financial condition. However, despite our best efforts, cybersecurity risks cannot be fully eliminated, and there can be no assurance that we have not experienced, or will not experience, cybersecurity incidents, including incidents that may not be immediately detected. For additional information about these risks, see Part I, Item 1A, "Risk Factors" in this Annual Report on Form 10-K.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Audit Committee of the Board of Directors has responsibility for oversight of information and cybersecurity risks and assessment of cyber threats and defenses, and it oversees management to ensure that the processes designed, implemented, and maintained with respect to such risks are functioning as intended and adapted when necessary to respond to changes in our strategy, as well as emerging risks.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Given the importance of information security and cybersecurity to our stakeholders, our Audit Committee reviews quarterly reports from our CISO regarding the Company’s cybersecurity strategies for mitigating known risks, any newly identified risks, existing projects, and key performance insights and engages in discussions with management based on such reports and other recent developments.
Cybersecurity Risk Role of Management [Text Block]	Our Chief Information Security Officer (CISO) is prim
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our Chief Information Security Officer (CISO) is primarily responsible for evaluating and managing the Company’s significant cybersecurity risks, as well as developing and implementing the related risk management policies and procedures. The CISO directs the Company’s information security and cybersecurity risk management programs, providing quarterly status reports to both the Information Security Steering Committee (ISSC) and the Audit Committee of the Board of Directors. With more than 25 years of experience across technology, cybersecurity operations, and engineering functions, the CISO holds a bachelor’s degree in computer information science, a master’s degree in technology management, a CISO Certificate from Carnegie Mellon University, and maintains ISC2 CISSP certification. Other members of the management team support our CISO in overseeing cybersecurity risk management through participation in the ISSC, which is chaired by the CISO and includes the Chief Executive Officer, Chief Financial Officer & Executive Vice President of Operations, Chief Information Officer, General Counsel, President of Direct-to-Consumer and Global Digital, Privacy Counsel, and the Vice President of Internal Audit. The ISSC regularly reviews and discusses comprehensive quarterly and annual reports presented by the CISO and IT security team, facilitating informed, collaborative, and consensus-based guidance on information security for the Company. Our Cybersecurity Incident Response Team (CIRT) operates as a dedicated frontline unit tasked with the rapid detection, assessment, and containment of potential threats. The CIRT employs a structured escalation framework to ensure material risks are identified and communicated with velocity. Upon identifying a potential threat, the CIRT conducts an immediate severity assessment. Any significant events are escalated to the ISSC to evaluate potential business, financial, or reputational impacts. In coordination with the ISSC, the CIRT ensures that the Audit Committee of the Board of Directors is promptly notified of any incidents deemed to have a material impact on the Company’s operations or financial condition
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	arily responsible for evaluating and managing the Company’s significant cybersecurity risks, as well as developing and implementing the related risk management policies and procedures. The CISO directs the Company’s information security and cybersecurity risk management programs, providing quarterly status reports to both the Information Security Steering Committee (ISSC) and the Audit Committee of the Board of Directors. With more than 25 years of experience across technology, cybersecurity operations, and engineering functions, the CISO holds a bachelor’s degree in computer information science, a master’s degree in technology management, a CISO Certificate from Carnegie Mellon University, and maintains ISC2 CISSP certification.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Recent Accounting Pronouncements

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Recent Accounting Pronouncements

Note 2 – Summary of Significant Accounting Policies

Principles of Consolidation

The consolidated financial statements include the accounts of Steven Madden, Ltd. and its wholly-owned subsidiaries. Additionally, the Company consolidates the accounts of the following joint ventures, in which it holds a controlling financial interest: SM Dolce Limited (Hong Kong), SM Distribution Israel L.P. (Israel), SM Distribution Singapore Pte. Ltd. (Singapore), SM Distribution Malaysia Sdn. Bhd. (Malaysia), SM Distribution Latin America S. de R.L. (Latin America), Madden Operations Ltd. (Israel), Steve Madden South Africa Proprietary Limited (South Africa), SM Fashion Australia Pty Ltd. (Australia), AG SM Holdings Limited (Middle East), SM Fashion d.o.o. Beograd (Serbia), MG Distribution Hong Kong Limited (China, Hong Kong, and Macau), and BA Brand Holdings LLC (United States).

The interests of non-controlling shareholders in these consolidated entities are presented as net income attributable to noncontrolling interest in the Consolidated Statements of Operations and as noncontrolling interest in the Consolidated Balance Sheets.

All intercompany balances and transactions have been eliminated in consolidation.

Use of Estimates

The preparation of financial statements in accordance with accounting principles generally accepted in the United States (“GAAP”) requires management to make estimates and assumptions that affect the following: the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities as of the balance sheet date, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from these estimates.

Significant areas involving management estimates include inventory valuation, goodwill and other intangible assets valuation, assets acquired and liabilities assumed in business combinations, and variable consideration as part of revenue recognition, including chargebacks, markdown allowances, discounts, returns, and compliance-related deductions. The Company estimates variable consideration by analyzing several performance indicators for its major customers, including retailers’ inventory levels, sell-through rates, and gross margin levels. Management continuously evaluates these factors to estimate anticipated chargebacks and allowances.

Cash and Cash Equivalents

Cash and cash equivalents consist of cash balances and highly liquid investments with an original maturity of three months or less as of the date of purchase.

Short-Term Investments

Short-term investments consist of securities which the Company expects to convert into cash within one year, including time deposits with original maturities greater than three months but less than or equal to one year.

Inventories

Inventories consist of finished goods, both on hand and in transit, and are recorded at the lower of cost (determined using the first-in, first-out method) or net realizable value.

Property and Equipment, Net

Property and equipment, net is recorded at cost less accumulated depreciation and amortization including the impact of impairments and disposals. Depreciation and amortization is calculated using the straight-line method over estimated useful lives ranging from three to 27.5 years. Leasehold improvements are amortized on a straight-line basis over the shorter of their estimated useful lives or the remaining lease term. Refer to Note 6 – Property and Equipment for further information.

Impairment of Long-Lived Assets

Long-lived assets, including property and equipment and operating lease right-of-use ("ROU") assets, are assessed for impairment whenever events or changes in circumstances suggest that the carrying amount may not be recoverable. Recoverability is evaluated by comparing the asset or asset group’s carrying value to the Company’s best estimate of undiscounted future cash flows. If the carrying value is in excess of the estimated undiscounted future cash flows, the Company will measure any impairment loss by comparing the carrying value of the asset or asset group to its fair value.

When estimating future cash flows, the Company considers various factors, including macroeconomic trends, consumer spending, capital investments, promotional activities, and advertising expenditures. As these estimates require significant judgment, actual results may differ, potentially leading to future impairments.

Fair value is generally determined using a discounted cash flow (“DCF”) model or market approach, depending on the availability of market data and the nature of the asset. Under the DCF model, significant assumptions include estimates of future cash flows and discount rates, which reflect the risks associated with the expected future cash flows. When sufficient market data is available, the Company may apply a market approach by considering comparable market transactions, quoted market prices for similar assets, or appraisals when available.

Impairment of Goodwill and Other Intangible Assets

The Company's goodwill and other indefinite-lived intangible assets are not amortized but are tested for impairment annually at the beginning of the third quarter, or more frequently if events or circumstances indicate potential impairment.

In accordance with applicable accounting guidance, impairment may be assessed using a qualitative evaluation of relevant factors, including historical and expected financial performance, macroeconomic and industry conditions, and the legal and regulatory environment. If qualitative factors suggest it is more likely than not that the fair value of an intangible asset or reporting unit is lower than its carrying amount, a quantitative impairment test is performed. As part of its ongoing assessment, the Company periodically conducts a quantitative impairment analysis instead of a qualitative assessment. If the fair value of an intangible asset or reporting unit is less than its carrying amount, an impairment loss is recognized, limited to the intangible asset or reporting unit's carrying value. Refer to Note 7 – Goodwill and Other Intangible Assets for further information.

Finite-lived intangible assets are amortized on a straight-line basis over their estimated useful lives, typically ranging from 10 to 20 years, and are reviewed for impairment when indicators of impairment are present.

Comprehensive Loss

Comprehensive loss represents net earnings plus all other non-owner changes in equity, including foreign currency translation adjustments and unrealized gains or losses on cash flow hedges. The accumulated balances for each component of other comprehensive loss attributable to the Company were as follows:


	Years Ended December 31,
(in thousands)	2025		2024		2023
Currency translation adjustment	$	(28,029)	$	(49,270)	$	(28,201)
Cash flow hedges, net of tax	(1,436)		979		(845)

Accumulated other comprehensive loss	$	(29,465)	$	(48,291)	$	(29,046)

Amounts reclassified from accumulated other comprehensive loss into operating income in the Consolidated Statements of Operations during 2025, 2024, and 2023 were immaterial.

Advertising Costs

Advertising costs are expensed as incurred and are included within operating expenses in the Consolidated Statements of Operations. For the years ended December 31, 2025, 2024, and 2023, advertising costs were $133,598, $101,954, and $89,435, respectively.

Revenue Recognition

The Company recognizes revenue when it satisfies performance obligations identified under customer contracts, typically upon the transfer of control in accordance with the contractual terms and conditions of the sale. Most of the Company’s revenue is recognized at a point in time when the product is shipped to the customer. Revenue is measured as the amount of consideration the Company expects to receive in exchange for goods, including estimates for variable consideration. Variable consideration primarily includes markdown allowances, co-op advertising programs, and product returns. Revenue recognition policy by segment is described below. Refer to Note 18 – Operating Segment Information for disaggregated revenue by segment.

Wholesale Footwear and Wholesale Accessories/Apparel Segments. The Company generates revenue through the design, sourcing, and sale of branded and private label footwear, accessories, and apparel to both domestic and international customers who then sell the products to end consumers. The Company recognizes revenue when it satisfies performance obligations identified under the terms of customer contracts, typically upon the transfer of control of merchandise in accordance with contractual terms and conditions of the sale.

Direct-to-Consumer Segment. The Company generates revenue from the direct sale of branded footwear, apparel, and accessories to end consumers through Company-operated retail stores, concession locations, and e-commerce channels. Revenue from retail stores and concessions is recognized at the point of sale when control of the merchandise transfers to the end consumer, which is generally at the time of purchase in stores. Revenue from e-commerce transactions is recognized when control of the product transfers to the end consumer, typically upon delivery.

Licensing Segment. The Company licenses various trademarks under agreements that allow licensees to manufacture, market, and sell select apparel, accessories, home goods, and other non-core products. License agreements require royalty and, in most cases, advertising fee payments, both of which are based on the greater of a minimum or a percentage of net revenues. For license agreements where the sales-based royalty exceeds the contractual minimum, revenue is recognized as licensed products are sold, based on reports from licensees. For agreements where the contractual minimum fee is not exceeded, revenue is recognized ratably over the contract period. Minimum guaranteed royalties are generally earned and received quarterly.

Variable Consideration

The Company provides markdown allowances and participates in co-op advertising programs to support retail sales of its products. These costs are deducted from gross sales to arrive at net sales in the Company’s Consolidated Statements of Operations.

Markdown Allowances. The Company provides markdown allowances to certain of its retailer customers, which are recorded as a reduction of revenue in the period in which the branded footwear and accessories/apparel revenues are

recognized. The Company estimates its markdown allowances by reviewing several performance indicators, including retailers' inventory levels, sell-through rates, and gross margin levels.

Co-op Advertising Programs. Under co-op advertising programs, the Company agrees to reimburse the retailer for a portion of the costs incurred by the retailer to advertise and promote some of the Company's products. The Company estimates the costs of co-op advertising programs based on the terms of the agreements with its retailer customers.

Rights of Return. The Company’s Direct-to-Consumer segment accepts returns within 30 days from the date of sale (in-store) or delivery (online) for unworn merchandise that can be resold. Returns from wholesale customers are generally not accepted, except for the Company’s Blondo® and Dolce Vita® product lines. The Company estimates returns based on historical trends and current market conditions, which have historically not been material. In cases where wholesale customers return damaged products, the Company typically recovers costs from the responsible third-party factory.

Taxes Collected from Customers

The Company accounts for certain taxes collected from its customers in accordance with the accounting guidance that allows for either gross presentation (included in revenue and costs) or net presentation (excluded from revenue). Taxes within the scope of this accounting guidance include all taxes assessed by government authorities that are both imposed on and concurrent with revenue-producing transactions and collected by the entity from customers, such as sales taxes, use taxes, value-added taxes, and certain excise taxes. The Company has elected to present such amounts on a net basis and excludes these amounts from revenue.

Cost of Sales

Cost of sales includes expenses directly associated with the procurement and landed cost of inventory and costs incurred to bring finished products to the Company’s distribution centers, customers’ freight forwarders, and Company-operated retail locations (excluding depreciation and amortization). These costs include finished product costs, purchase commissions, letter of credit fees, brokerage fees, sample expenses, custom duties, inbound freight, royalty payments on licensed products, and packaging and labeling costs.

For concession arrangements, fees paid to concession partners, which are typically calculated as a percentage of sales, are recorded within operating expenses. These fees represent selling and occupancy-related costs associated with the sales channel and are not considered costs of inventory.

The Company’s gross margins may not be directly comparable to those of other industry participants, as certain companies may classify distribution, warehousing, or similar costs differently.

Warehouse and Shipping Costs

The Company includes warehouse and shipping costs in operating expenses in the Consolidated Statements of Operations. For the years ended December 31, 2025, 2024, and 2023, total warehouse and shipping costs were $133,575, $97,958, and $97,100, respectively. Since the Company's standard terms of sales are “FOB Steve Madden warehouse,” wholesale customers are typically responsible for any shipping costs. Shipping costs incurred by the Company for wholesale customers were not considered significant. Costs associated with distribution activities, warehousing, and outbound freight to customers are accounted for as fulfillment activities and reflected as operating expenses in the Consolidated Statements of Operations.

Employee Benefit Plan

The Company maintains a tax-qualified 401(k) plan, which is available to each of the Company's eligible employees who elect to participate after meeting certain length-of-service and age requirements. The Company matches 50% of employees' contributions up to a maximum of 6% of eligible compensation, with vesting occurring over a specified period. Total matching contributions for the years ended December 31, 2025, 2024, and 2023 were approximately $4,218, $2,658, and $2,301, respectively.

Derivative Instruments

The Company uses derivative instruments to manage its exposure to cash flow variability from foreign currency risk. Derivatives are recorded at fair value and included in prepaid expenses and other current assets or accrued expenses on the

Consolidated Balance Sheets. The Company applies cash flow hedge accounting for its derivative instruments. Net gains and losses from these derivative instruments are recorded in accumulated other comprehensive loss and reclassified to earnings in future periods when the related economic transactions impact earnings. Refer to Note 12 – Derivative Instruments for further information.

Income Taxes

The Company accounts for income taxes using the asset and liability method, recognizing deferred tax assets and liabilities for the expected future tax consequences of temporary differences between financial reporting and tax bases of assets and liabilities, as well as for operating losses and tax credit carryforwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates applicable to taxable income for the periods in which these assets and liabilities are expected to be realized or settled. The Company records a valuation allowance to reduce deferred tax assets to the amount that is more likely than not to be realized.

The Company recognizes tax benefits from uncertain tax positions only if it is more likely than not that the tax position will be sustained upon examination by taxing authorities, based on its technical merits. Recognized tax benefits are then measured based on the largest benefit that has a greater than 50% likelihood of being realized upon settlement. Refer to Note 14 – Income Taxes for further information.

Share-based Compensation

The Company recognizes compensation costs for share-based awards when employees provide services in exchange for equity instruments. The Company’s share-based compensation awards include the following:

Restricted stock awards. Compensation costs for restricted stock awards is measured based on the closing fair market value of the Company’s common stock on the date of grant.

Stock options. Compensation costs for stock options is determined at the grant date, measured based on the fair value as calculated using the Black-Scholes-Merton (“BSM”) option-pricing model. The BSM option-pricing model incorporates various assumptions, including expected volatility, estimated option life, and interest rates.

Performance-based share awards. The Company grants performance-based share awards to certain individuals, the vesting of which is contingent on the achievement of Company or individual performance goals. The Company estimates the probable outcome of the performance conditions, based on actual performance against these goals quarterly and adjusts the share-based compensation expense accordingly. Shares are distributed upon completion of the service and performance periods. Compensation costs for performance-based awards is measured based on the closing fair market value of the Company’s common stock on the date of grant.

Transaction Incentive Plan. The Company maintains a transaction incentive plan (“TIP”) in connection with its acquisition of Kurt Geiger. The TIP provides for potential cash payments to certain participants based on the achievement of specified performance targets over multiple annual measurement periods and a cumulative measurement period.

The TIP is accounted for as a liability-classified share-based compensation award under ASC 718, Compensation – Stock Compensation. Compensation cost is recognized only when achievement of the applicable performance condition is deemed probable, based on management’s assessment of expected performance against the established targets.

When achievement of a performance condition is considered probable, the Company recognizes compensation expense over the remaining requisite service period for the applicable measurement period, with a corresponding liability recorded in accrued incentive compensation or other liabilities, as appropriate. The liability is remeasured at each reporting date based on the Company’s current assessment of the probability of achieving the performance conditions and the estimated amount of the ultimate payout.

Compensation cost is adjusted prospectively for changes in the estimated probability of achievement or expected payout amount. If achievement of a performance condition is no longer considered probable, previously recognized compensation cost is reversed. Cash payments made under the TIP are recorded as reductions of the related liability.

The Company recognizes share-based compensation costs net of estimated forfeitures. The Company estimates forfeiture rates based on historical data. Share-based compensation costs are recognized over the award’s requisite service

period and are included in operating expenses in the Consolidated Statements of Operations. Refer to Note 8 – Share-Based Compensation for further information.

Leases

The Company leases office space, sample production space, warehouses, showrooms, storage units, and retail stores under operating leases. The Company’s portfolio of leases is primarily related to real estate. Since most of its leases do not provide a readily determinable implicit rate, the Company estimates its incremental borrowing rate to discount the lease payments based on information available at lease commencement.

Some of the Company’s retail store leases provide for variable lease payments based on sales volumes at the leased locations. Because these variable lease payments cannot be measured at lease inception, they are excluded from the initial measurement of the ROU assets and lease liabilities and instead are expensed as incurred in accordance with Accounting Standards Codification (ASC) Topic 842, “Leases.”

The Company's leases have initial terms ranging from 1 to 12 years and may have renewal or early termination options ranging from 1 to 10 years. Many of the retail store leases provide for contingent rental payments if gross sales exceed certain targets. In addition, many of the leases contain rent escalation clauses to compensate for increases in operating costs and real estate taxes. Rent expense is calculated by amortizing total base rental payments (net of any rental abatements, construction allowances, and other rental concessions), on a straight-line basis, over the lease term. When renewal or termination options are deemed reasonably certain, they are included in the determination of the lease term and calculation of the ROU asset and lease liability.

Reclassifications

Certain reclassifications were made to prior years' amounts to conform to the current years' presentation.

Note 3 – Recent Accounting Pronouncements

Recently Issued Accounting Pronouncements Adopted

In August 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-05, "Business Combinations—Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement," which is intended to provide guidance for the formation of a joint venture, including the initial measurement of assets and liabilities, the formation date, and basis of accounting. This standard was effective for all joint venture formations with a formation date on or after January 1, 2025. The Company adopted ASU 2023-05 for the year ended December 31, 2025. The adoption did not have any impact on the Company's consolidated financial statements.

In December 2023, the FASB issued ASU No. 2023-09, "Income Taxes (Topic 740)," which is intended to provide greater transparency in various income tax components that affect the rate reconciliation based on the applicable taxing jurisdictions, as well as the qualitative and quantitative aspects of those components. This standard was effective for annual reporting periods beginning on or after December 15, 2024, with early adoption permitted. The Company adopted ASU 2023-09 for the year ended December 31, 2025, and applied it retrospectively to all prior periods presented. The adoption of ASU 2023-09 did not have an impact on the Company's consolidated financial statements, but did require increased disclosures within the notes to its consolidated financial statements. Refer to Note 14 – Income Taxes for further information.

Recently Issued Accounting Pronouncements Not Yet Adopted

In November 2024, the FASB issued ASU No. 2024-03, "Income Statement - Reporting Comprehensive Income -Expense Disaggregation Disclosures (Subtopic 220-40)," which requires disaggregation of certain expense captions into specified categories in disclosures. This new standard is effective for annual reporting periods beginning after December 15, 2026, with early adoption permitted. Adoption of this ASU can be applied using either a prospective or a retrospective approach. The Company is currently evaluating the impact of ASU 2024-03. The Company does not expect that this ASU will have a material impact on its consolidated financial statements, but it will require increased disclosures within the notes to its consolidated financial statements.

In July 2025, the FASB issued ASU 2025-05, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets," which introduces a practical expedient for estimating credit losses on current accounts receivable and contract assets. The ASU is effective for fiscal years beginning after December 15, 2025, and interim periods within those annual reporting periods. ASU 2025-05 should be applied prospectively. The Company does

not expect the application of this standard to have a material impact on its financial statements and related disclosures.

In September 2025, the FASB issued ASU 2025-06, "Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software," which removes references to project stages, and requires capitalization of software costs to begin when management has authorized and committed to funding the software project, and it is probable that the project will be completed and the software will be used to perform the intended function. The ASU is effective for fiscal years beginning after December 15, 2027, and interim periods within those annual reporting periods. Adoption of this ASU can be applied using either a prospective or a retrospective approach. The Company is currently evaluating the impact the adoption of the standard will have on its consolidated financial statements.

In September 2025, the FASB issued ASU 2025-07, "Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract," which (1) refines the scope of Topic 815 to clarify which contracts are subject to derivative accounting and (2) provides clarification under Topic 606 related to share-based payments from a customer in a revenue contract. The ASU is effective for fiscal years beginning after December 15, 2026, and interim periods within those annual reporting periods. Adoption of this ASU can be applied using either a prospective or a retrospective approach. The Company is currently evaluating the impact the adoption of the standard will have on its consolidated financial statements.

In November 2025, the FASB issued ASU 2025-09, "Derivatives and Hedging (Topic 815): Hedge Accounting Improvements," which includes amendments to more closely align hedge accounting with the economics of an entity’s risk management activities. This new standard is effective for annual reporting periods beginning after December 15, 2026, with early adoption permitted. ASU 2025-09 should be applied prospectively. The Company is currently evaluating the impact the adoption of the standard will have on its consolidated financial statements.

In December 2025, the FASB issued ASU No. 2025-11, "Interim Reporting (Topic 270): Narrow-Scope Improvements." The ASU clarifies interim disclosure requirements and the applicability of Topic 270. The objective of the amendments is to provide clarity about the current interim disclosure requirements. The ASU is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. Adoption of this ASU can be applied using either a prospective or a retrospective approach. The Company is currently evaluating the impact the adoption of the standard will have on its consolidated financial statements.

In December 2025, the FASB issued ASU No. 2025-12, "Codification Improvements." The ASU addresses 33 items in the Accounting Standards Codification with intent to clarify, correct errors, or make minor improvements. The ASU is effective for interim reporting periods within annual reporting periods beginning after December 15, 2026, with early adoption permitted. The adoption method of this ASU may vary, on an issue-by-issue basis. The Company is currently evaluating the impact the adoption of the standard will have on its consolidated financial statements.

The Company has considered all new accounting pronouncements and has concluded that there are no additional pronouncements that may have a material impact on its results of operations, financial condition, and cash flows.

Stock-Based Compensation (Detail) - (Table 6) - USD ($)	12 Months Ended
Stock-Based Compensation (Detail) - (Table 6) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Weighted-average grant date fair value of awards granted	$ 6.36	$ 10.90	$ 8.45
Proceeds from Stock Options Exercised	$ 32,000	$ 1,613,000	$ 1,205,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value	4,699,000	791,000	16,335,000
Share-based Payment Arrangement, Exercise of Option, Tax Benefit	$ 709,000	$ 39,000	$ 1,285,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Non-vested at January 1	1,543,000	1,290,000
Non-vested at January 1 (in Dollars per share)	$ 38.89	$ 35.44
Granted (in shares)	805,000	728,000
Granted (in Dollars per share)	$ 32.64	$ 42.23	$ 33.38
Vested	645,000	451,000
Vested (in Dollars per share)	$ 38.34	$ 34.56	$ 42.00
Non-vested at June 30	1,652,000	1,543,000	1,290,000
Non-vested at June 30 (in Dollars per share)	$ 36.16	$ 38.89	$ 35.44
Forfeited	(51,000)	(24,000)
Forfeitures (in dollars per share)	$ 35.54	$ 36.29
Total fair value of awards vested	$ 24,729,000	$ 15,574,000	$ 26,168,000
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested	645,000	451,000
Performance-based
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Granted (in shares)	150,000	86,000
Granted (in Dollars per share)	$ 26.05	$ 41.63
Vested	0	0	12,000
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance shares target level	18500.00%
Vested	0	0	12,000

Income Taxes Income Taxes (Table 3) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Effective Income Tax Rate Reconciliation [Line Items]
Income before provision for income taxes	$ 77,680	$ 230,477	$ 220,614
Amount
U.S. Federal statutory tax rate	16,313	48,400	46,329
State and local income taxes, net of federal benefit	1,225	4,720	3,608
Other	(730)	(647)	(941)
Effect of cross-border tax laws:
FDII	(1,006)	(1,084)	(246)
Other	(34)	0	0
Nontaxable or nondeductible items:
Share-based compensation	1,478	1,413	(3,821)
Transaction costs	1,014	0	0
Other	957	1,483	461
Provision for income taxes	$ 28,662	$ 54,575	$ 46,639
Effective Income Tax Rate Reconciliation, Percent [Abstract]
U.S. Federal statutory tax rate	21.00%	21.00%	21.00%
State and local income taxes, net of federal benefit	1.60%	2.00%	1.60%
Other	(0.90%)	(0.30%)	(0.40%)
Effect of cross-border tax laws:
FDII	1.30%	0.50%	0.10%
Other	0.00%	0.00%	0.00%
Nontaxable or nondeductible items:
Share-based compensation	1.90%	0.60%	(1.70%)
Transaction costs	1.30%	0.00%	0.00%
Other	1.20%	0.60%	0.20%
Provision for income taxes and effective tax rate	36.90%	23.70%	21.10%
Indefinite-lived intangibles	$ (43,765)	$ 0
Hong Kong
Amount
Foreign rate differential	(2,192)	(2,630)	$ (2,137)
Other	$ (49)	$ (1,040)	$ (665)
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Foreign rate differential	(2.80%)	(1.10%)	(1.00%)
Other	(0.10%)	(0.50%)	(0.30%)
United Kingdom
Amount
Foreign rate differential	$ (1,789)	$ 0	$ 0
Other	113	0	0
Top up payment	$ 9,705	$ 0	$ 0
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Foreign rate differential	(2.30%)	0.00%	0.00%
Other	0.10%	0.00%	0.00%
Top up payment	12.50%	0.00%	0.00%
Canada
Amount
Foreign rate differential	$ 880	$ 643	$ 1,922
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Foreign rate differential	1.10%	0.30%	0.90%
Other foreign jurisdictions
Amount
Foreign rate differential	$ 2,777	$ 3,317	$ 2,129
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Foreign rate differential	3.60%	1.40%	1.00%

Income Taxes Income taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Unrecognized Tax Benefit [Roll Forward]
Beginning Balance	$ 0	$ 238	$ 1,145
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions	761	0	0
Reductions for tax positions of prior years	0	238	907
Ending Balance	761	0	238
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount	408
Less: valuation allowance	3,459	3,051	3,715	$ 3,948
Deferred Tax Liabilities, Undistributed Foreign Earnings	3,208	3,041
Deferred Income Tax Expense (Benefit)	(4,669)	(4,703)	$ 6,105
Excise and Sales Taxes	$ 0	$ 752

Acquisitions, Purchases and Sales of Joint Ventures, and Divestitures (Details) - USD ($) $ in Thousands		12 Months Ended
	Oct. 20, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	May 06, 2025
Business Combination [Line Items]
Goodwill		$ 254,518	$ 183,737	$ 180,003
Change in valuation of contingent payment liability		(5,580)	$ 2,722	$ 0
Kurt Geiger
Business Combination [Line Items]
Cash and cash equivalents					$ 18,899
Inventories					180,552
Operating lease right-of-use asset					75,825
Prepaid expenses and other current assets					9,777
Income tax receivable and prepaid income taxes					3,350
Property and equipment, net					39,320
Intangibles, net					176,867
Accounts payable acquired					32,868
Business Combination, Recognized Liability Assumed, Accrued Expenses, Current					47,079
Business Combination, Recognized Liability Assumed, Income Taxes Payable					761
Business Combination, Recognized Liability Assumed, Lease Obligation, Current					8,603
Business Combination, Recognized Liability Assumed, Lease Obligation, Noncurrent					68,251
Business Combination, Recognized Liability Assumed, Deferred Tax Liability					34,207
Business Combination, Recognized Asset Acquired to Liability Assumed, Excess (Less)					338,810
Goodwill					64,538
Business Combination, Recognized Asset Acquired to Liability Assumed, Excess (Less), and Goodwill					$ 403,348
Change in valuation of contingent payment liability		$ (1,295)
Almost Famous
Business Combination [Line Items]
Acquisition of businesses	$ 73,228

Preferred Stock (Details) $ / shares in Thousands	12 Months Ended
Preferred Stock (Details) $ / shares in Thousands	Dec. 31, 2025 $ / shares shares
Class of Stock [Line Items]
Preferred stock issued (in shares)	0
Preferred Stock
Class of Stock [Line Items]
Preferred Stock, Shares Authorized	5,000,000
Preferred Class B
Class of Stock [Line Items]
Preferred Stock, Shares Authorized	60,000
Preferred Stock, Dividend Payment Rate, Variable	1
Preferred Stock, Voting Rights	1
Preferred Stock, Liquidation Preference Per Share \| $ / shares	$ 1
Preferred stock issued (in shares)	0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
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Reference 6: http://www.xbrl.org/2003/role/recommendedDisclosureRef
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-URI https://asc.fasb.org/1943274/2147483014/272-10-45-3

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Paragraph 13
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
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-Section 50
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-Subparagraph (e)
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Subparagraph (h)
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (c)
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
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-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

The per share liquidation preference (or restrictions) of nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) that has a preference in involuntary liquidation considerably in excess of the par or stated value of the shares. The liquidation preference is the difference between the preference in liquidation and the par or stated values of the share.

+ References + Details

Fair Value Measurement (Details) $ in Thousands	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)
Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Contingent consideration	$ 14,880	$ 7,565
Almost Famous
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Contingent consideration	$ 3,225	$ 7,475
Almost Famous \| Trademarks \| Measurement Input, Discount Rate
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Level 3 Unobservable Inputs for Estimating Contingent Payment Liability	0.160	0.175
ATM \| Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Contingent consideration	$ 55	$ 90
ATM \| Measurement Input, Discount Rate
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Level 3 Unobservable Inputs for Estimating Contingent Payment Liability	0.114	0.126

Property and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Capitalized Computer Software, Amortization	$ 3,555	$ 3,171	$ 3,762
Depreciation	$ 23,982	$ 15,597	$ 13,419
Minimum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Maximum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	27 years 6 months
Computer equipment and software \| Minimum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Computer equipment and software \| Maximum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	10 years

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Auditor Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Firm ID	42
Auditor Location	New York, New York

Goodwill and Intangible Assets (Detail) - (Table 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Oct. 20, 2023
Finite-Lived Intangible Assets, Gross	$ 130,269	$ 79,110
Finite-Lived Intangible Assets, Accumulated Amortization	(52,652)	(46,950)
Total	77,617	32,160
Indefinite-lived Intangible Assets (Excluding Goodwill)	203,802	81,272
Intangible Assets, Gross (Including Goodwill)	334,071	160,382
Intangible Assets, Net (Including Goodwill)	281,419	113,432
Impairment of intangibles	6,300	10,335	$ 6,520
Re-acquired right
Indefinite-lived Intangible Assets (Excluding Goodwill)	25,469	24,292
Trademarks
Indefinite-lived Intangible Assets (Excluding Goodwill)	178,333	56,980
Trademarks \| Greats Brand Inc.
Impairment of intangibles		1,700
Trademarks
Finite-Lived Intangible Assets, Gross	16,075	16,075
Finite-Lived Intangible Assets, Accumulated Amortization	(16,075)	(16,075)
Total	0	0
Finite-Lived Intangible Assets Acquired		6,300
Customer Relationships
Finite-Lived Intangible Assets, Gross	112,744	61,585
Finite-Lived Intangible Assets, Accumulated Amortization	(35,127)	(30,216)
Total	$ 77,617	31,369
Finite-Lived Intangible Assets Acquired		1,500
Reacquired Rights
Finite-Lived Intangible Asset, Useful Life	2 years
Finite-Lived Intangible Assets, Gross	$ 1,450	1,450
Finite-Lived Intangible Assets, Accumulated Amortization	(1,450)	(659)
Total	$ 0	$ 791
Minimum
Finite-Lived Intangible Asset, Useful Life	10 years
Minimum \| Trademarks
Finite-Lived Intangible Asset, Useful Life	10 years	10 years
Minimum \| Customer Relationships
Finite-Lived Intangible Asset, Useful Life	10 years	10 years
Maximum
Finite-Lived Intangible Asset, Useful Life	20 years
Maximum \| Trademarks
Finite-Lived Intangible Asset, Useful Life	20 years	20 years
Maximum \| Customer Relationships
Finite-Lived Intangible Asset, Useful Life	20 years			20 years

Net Income Per Share of Common Stock (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	1,652	1,543	1,290
Employee Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0	24	10
Restricted Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	124	5	39

Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Allowances for accounts receivable (in dollars)	$ 7,115	$ 4,670
Preferred stock-issued	0
Common stock par value	$ 0.0001
Common stock, shares authorized	245,000,000
Common stock, shares issued	138,341,000	137,248,000
Common stock, shares outstanding	72,674,000	72,157,000
Treasury stock, shares	65,667,000	65,091,000
Preferred Class A
Preferred stock-par value	$ 0.0001
Preferred stock- shares authorized	5,000,000
Preferred stock-issued	0
Preferred Class B
Preferred stock-par value	$ 0.0001
Preferred stock- shares authorized	60,000
Preferred stock-issued	0

Property and Equipment (Notes)

12 Months Ended

Dec. 31, 2025

Property and Equipment [Abstract]

Property and Equipment

Note 6 – Property and Equipment

The major classes of assets and total accumulated depreciation and amortization were as follows:


		As of December 31,
(in thousands)	Average Useful Life	2025		2024
Land and building	27.5 (Building)	$	6,854	$	1,322
Leasehold improvements	Lesser of remaining lease or asset life	115,174		94,820
Machinery and equipment	10 years	13,561		12,935
Furniture and fixtures	3 to 5 years	51,886		18,415
Computer equipment and software	3 to 10 years	111,654		90,530
Construction in progress		4,392		3,784
		303,521		221,806
Less: impairments and disposals		10,845		11,696
Less: accumulated depreciation and amortization		176,874		152,722
Property and equipment, net		$	115,802	$	57,388

Depreciation and amortization expense related to property and equipment included in operating expenses was $23,982, $15,597, and $13,419 in 2025, 2024, and 2023, respectively, and includes computer software amortization expense of $3,555, $3,171, and $3,762, respectively. There were no impairment charges recorded for the years ended December 31, 2025 and 2024.

Derivative Instruments (Table 4) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) from Components Excluded from Assessment of Cash Flow Hedge Effectiveness, Net	$ (3,322)	$ 2,456	$ (852)
Gain on derivative	$ 9,252	$ 0	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 815
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-Name Accounting Standards Codification
-Section 55
-Paragraph 182
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480401/815-10-55-182

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4D

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)(4)
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-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4D

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4D

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4D

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)(6)
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-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4D

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
-Section 50
-Paragraph 4D
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4D

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4A
-Subparagraph (b)(2)
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4CCC

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Operating Leases (Details) - USD ($) $ in Thousands	12 Months Ended
Operating Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating Leases [Abstract]
Rent expense	$ 84,997	$ 61,693	$ 53,713

Acquisitions, Purchases and Sales of Joint Ventures, and Divestitures

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Acquisitions & Sale of Minority Noncontrolling Interest

Note 4 – Acquisitions, Purchases and Sales of Joint Ventures, and Divestitures

Acquisitions

Acquisition of Kurt Geiger

On May 6, 2025 (the “Acquisition Date”), the Company, through its wholly owned subsidiary, SML UK Holding Ltd, completed the acquisition of the entire issued share capital of Mercury Acquisitions Topco Limited (“MATL”) for an aggregate preliminary purchase price of $403,348, which includes cash consideration of $390,453 paid at closing and $12,895 of contingent consideration as described further below, pursuant to the terms of the sale and purchase deed. The purchase price included payments made by the Company for the settlement of MATL’s previously outstanding third-party bank debt and the reimbursement of certain seller-incurred transaction costs, in accordance with Accounting Standards Codification (“ASC”) Topic 805, Business Combinations (“ASC 805”). The equity interests of MATL were previously held by various institutional shareholders, including the Fifth Cinven Fund, Bain & Company, Inc., and Squam Lake Investors X LP (BGPI), as well as certain management shareholders.

MATL is the ultimate parent company of the Kurt Geiger business (“Kurt Geiger”), which operates primarily in the UK, U.S., and Europe. Kurt Geiger designs and sells footwear and accessories under its own brands – including Kurt Geiger London, KG Kurt Geiger, and Carvela – through retail stores, e-commerce, and wholesale partnerships, and operates third party concessions in luxury and premium department stores primarily in the UK. Kurt Geiger was founded in 1963 and is headquartered in London, United Kingdom.

The acquisition aligns with the Company’s strategic objectives of expanding its international footprint, non-footwear categories, and direct-to-consumer business, and the Company believes the acquisition strengthens the Company's portfolio of brands.

The acquisition was funded through a combination of debt financing and cash on hand. In connection with the debt financing, effective May 6, 2025, the Company amended and restated its original Credit Agreement in its entirety, replacing it with a new term loan facility in the amount of $300,000 and a new revolving credit facility with a total capacity of $250,000. For further information, see Note 16 – Credit Agreement.

As a result of the acquisition, MATL became a wholly-owned subsidiary of the Company. Accordingly, the results of MATL have been included in the Company’s consolidated financial statements since the Acquisition Date. Results of MATL are allocated to the Company’s existing reportable segments (Wholesale Footwear, Wholesale Accessories/Apparel, Direct-to-Consumer, and Licensing) based on the sales channel and product category that generated the revenue. For the period beginning with the Acquisition Date and ended December 31, 2025, MATL contributed revenue of $402,822 and had net loss of $50,644.

Preliminary Purchase Price Allocation

The acquisition was accounted for in accordance with ASC 805. As such, we have applied acquisition accounting, which requires, among other things, that the assets acquired and liabilities assumed be recognized at their estimated acquisition-date fair values. The following table summarizes the Company’s preliminary allocation of the purchase price to the estimated fair values of the assets acquired and liabilities assumed as of the Acquisition Date.


Balance Sheet Classification	Fair Value
Cash and cash equivalents	$	18,899
Accounts receivable	31,644
Inventories	180,552
Operating lease right-of-use asset	75,825
Prepaid expenses and other current assets	9,777
Income tax receivable and prepaid income taxes	3,350
Property and equipment	39,320
Intangibles	176,867
Accounts payable	(32,868)
Accrued expenses	(47,079)
Income taxes payable	(761)
Operating leases – current portion	(8,603)
Operating leases – long-term portion	(68,251)
Deferred tax liabilities	(34,207)
Other liabilities	(5,655)
Total fair value excluding goodwill	338,810
Goodwill	64,538
Net assets acquired	$	403,348

The Company is in the process of finalizing its purchase price allocation for the acquisition. While the Company has substantially completed its valuation procedures, the purchase price allocation remains preliminary with respect to the valuation of certain assets, including acquired inventory and identifiable intangible assets. The Company expects to finalize the purchase price allocation during the measurement period, not to exceed one year from the Acquisition Date as permitted under ASC 805. Any changes to the preliminary estimates of fair value during the measurement period will be recorded as adjustments to those assets and liabilities with a corresponding adjustment to goodwill in the period in which the adjustments are determined.

We used the following valuation techniques for the following significant accounts in which carrying value did not approximate fair value: (i) inventories were valued primarily using an income approach with significant assumptions including estimated selling price of the inventory, less the costs to dispose of, and sell the inventory, as well as a reasonable profit allowance for the selling effort; (ii) property and equipment were valued primarily using the replacement cost approach with significant assumptions including replacement cost, asset useful lives, remaining service potential, and adjustments related to

obsolescence and (iii) operating lease right-of-use asset was valued primarily using an income approach where each lease was evaluated to determine whether the contractual lease terms were favorable or unfavorable relative to current market conditions with significant assumptions including estimated market rental rates, discount rates, remaining lease terms, and property-specific economic factors (e.g., square footage).

Intangible Assets

The components of intangible assets acquired in connection with the Kurt Geiger acquisition were as follows:

Intangible Asset

Estimated
Lives

Amortization
Method

Estimated Fair
Value

Trademark

Indefinite

N/A

126,286

Customer relationships

15-20 years

Straight-line

50,581

Total intangible assets

176,867

Goodwill

In connection with the Kurt Geiger acquisition, the Company recognized $64,538 of goodwill, which represents the excess of the purchase price over the fair values of the net assets acquired and liabilities assumed. Goodwill recognized as part of the acquisition is primarily attributable to expected synergies, the assembled workforce, the expansion of the Company’s international footprint, and opportunities to grow complementary product categories. The goodwill arising from this acquisition is not expected to be deductible for income tax purposes. The goodwill has been allocated to the Company’s Wholesale Footwear, Wholesale Accessories/Apparel, and Direct-to-Consumer reporting units and may be adjusted in the event of any adjustments within the measurement period.

Transactions Related to the Business Combination

In accordance with ASC 805, the following transactions were identified in connection with the acquisition of Kurt Geiger.

▪Acquisition-Related Costs: Acquisition-related costs were expensed as incurred. During the year ended December 31, 2025, the Company recognized $10,726 of such costs, which were related to financial advisory, legal, accounting and other professional fees and were included within operating expenses in the Company’s Consolidated Statements of Operations.

▪Debt Issuance Costs: As part of the debt financing in connection with the acquisition, the Company incurred $8,954 of debt issuance costs, which were capitalized in accordance with ASC Topic 470, Debt (“ASC 470”). See Note 16 – Credit Agreement for more information.

▪Acquisition-Related Proceeds to Certain Sellers: In connection with the acquisition, the Company paid approximately $38,819 to management sellers and other key employees of the Company. These amounts were determined by the institutional sellers and represented a reallocation of proceeds from institutional sellers to management sellers in excess of their respective pre-acquisition equity ownership. While required to be accounted for as compensation under U.S. GAAP, these amounts do not represent additional cash paid at closing, but rather a recharacterization of a portion of the total proceeds. The Company determined that these payments represent compensation in accordance with ASC Topic 710, Compensation – General (“ASC 710”), rather than purchase consideration. Given the absence of any future service or performance conditions, the Company recognized the full amount within operating expenses in the Company's Consolidated Statements of Operations during 2025.

▪Deferred Acquisition-Related Proceeds to Certain Sellers: As part of the acquisition, certain management sellers deferred a portion of their proceeds for their equity interests. These deferred payments represent contingent consideration under ASC 805, as payment is contingent upon the achievement of specified EBITA targets in each of the five years following the acquisition. The Company recognized a liability of $12,895 related to the estimated fair value of the contingent consideration as of Acquisition Date. In accordance with ASC 805, the liability has been remeasured each reporting period. As of December 31, 2025, the Company recognized a liability of $11,600, which is included within contingent payment liability - long-term portion on the Company's Consolidated Balance Sheets. During the year ended December 31, 2025, the change in fair value of the contingent consideration was $(1,295), which is included within change in valuation of contingent payment liability in the Company’s Consolidated Statements of Operations. The maximum consideration which can be paid over the consideration period of five years is approximately $16,600 and there are no minimum payments required. See Note 5 – Fair Value Measurements for more information.

▪Transaction Incentive Plan: In connection with the acquisition, the Company implemented a Transaction Incentive Plan (“TIP”) to secure management sellers’ commitment to closing the transaction, encourage the retention of management sellers and other key employees, and incentivize long-term operating performance. Institutional sellers do not participate in the TIP. Under the TIP, each participant was issued six classes of shares (which we refer to as "Growth Shares") in SML UK Holding Ltd, with each class subject to a graded vesting schedule based on the achievement of specified EBITA performance targets over five separate annual measurement periods beginning July 1, 2025 and a cumulative measurement period from July 1, 2025 to June 30, 2030, with certain conditions tied to continued employment through the applicable vesting dates. Any payouts based on the satisfaction of the performance and service conditions will be made following the end of each applicable annual performance period, subject to a review and approval process in accordance with the terms of the TIP. Given the exclusion of institutional sellers from participation and the presence of certain service conditions, the Company determined that the TIP represents compensation for post-combination services, rather than deferred purchase consideration. See Note 2 – Summary of Significant Accounting Policies and Note 8 – Share-Based Compensation for further information.

Pro Forma Financial Information

The following unaudited pro forma financial information for the year ended December 31, 2025 and 2024 combines the historical results of Steven Madden, Ltd. and Mercury Acquisitions Topco Limited, assuming that the companies were combined as of January 1, 2024. The pro forma financial information includes various adjustments to reflect business combination accounting effects, including depreciation and amortization charges from acquired tangible and intangible assets, interest expense from the debt financing related to funding the acquisition, acquisition-related transaction costs, acquisition-related compensation costs, and tax-related effects. The pro forma financial information, as presented below, is for informational purposes only and is not indicative of the results of operations that would have been achieved if the acquisition had taken place on January 1, 2024, nor are they indicative of future operating results.


	Years Ended December 31,
	2025		2024
Total revenue	$	2,685,441	$	2,803,286
Net income(1)	$	122,116	$	126,547

ATM

In November 2024, the Company acquired the ATM Collection (“ATM”), an elevated basics apparel brand, for a total purchase price of $9,783. Since acquisition, the results of ATM have been included within the Wholesale Accessories/Apparel and Direct-to-Consumer segments.

Hosiery Business

In March 2024, Daniel M. Friedman & Associates, Inc. acquired the Steve Madden and Betsey Johnson hosiery division ("hosiery business") of Gina Group LLC (“Gina”) for cash consideration of $4,259. The results of the hosiery business have been included in the consolidated financial statements since the date of acquisition within the Wholesale Accessories/Apparel segment.

Almost Famous

In October 2023, Daniel M. Friedman & Associates, Inc. acquired substantially all of the assets and certain liabilities of Turn On Products Inc. d/b/a Almost Famous for cash consideration of $73,228 and a future payment contingent on the Almost Famous business achieving certain earnings before interest and tax ("EBIT") targets. The results of the business have been included in the consolidated financial statements since the date of acquisition within the Wholesale Accessories/Apparel segment.

Joint Ventures

Greater China Joint Venture

In August 2025, the Company, through its subsidiary, Madden Asia Holding Limited, entered into a joint venture agreement with Glamear Trading Limited, a leading distributor of luxury and retail goods in the Greater China region. The Company acquired a 50% controlling financial interest in the newly formed entity, MG Distribution Hong Kong Limited, through a capital contribution of $3,500. This joint venture was formed to expand the distribution of the Company’s products across China, Hong Kong, and Macau. The results of this joint venture are included within the Direct-to-Consumer segment.

Australia Joint Venture

In January 2025, the Company, through its subsidiary, Madden Asia Holding Limited, entered into a joint venture agreement with GFN Two Pty Ltd., a leading distributor of luxury and retail goods in Australia and New Zealand. The Company acquired a 50.1% controlling financial interest in the newly formed entity, SM Fashion Australia Pty Ltd., through a capital contribution of $1,899. The acquisition resulted in the recognition of goodwill of $1,393. This joint venture was formed to expand the distribution of the Company’s products across Australia and New Zealand through wholesale and direct-to-consumer channels. The results of this joint venture are included within the Wholesale Footwear, Wholesale Accessories/Apparel, and Direct-to-Consumer segments.

Malaysia Joint Venture

In January 2025, the Company, through its subsidiary, Madden Asia Holding Limited, entered into an agreement with Envico Enterprise Sdn. Bhd., a leading distributor of luxury and retail goods in Southeast Asia, to acquire an additional 2.0% equity interest in SM Distribution Malaysia Sdn. Bhd. for cash consideration of $5. This joint venture was originally formed in July 2022, at which time the Company held a 49.0% non-controlling interest. With the acquisition of the additional 2.0% interest, the Company now holds a 51.0% controlling financial interest and has consolidated the joint venture’s financial results beginning in the first quarter of 2025. The acquisition resulted in the recognition of goodwill of $1,829. This joint venture engages in the distribution of the Company's products across Malaysia through the direct-to-consumer channel. The results of this joint venture are included within the Direct-to-Consumer segment.

SM Fashion d.o.o. Beograd

In May 2024, the Company, through its subsidiary, Madden Europe Holding BV, formed a joint venture ("SM Fashion d.o.o. Beograd") with Milija Babovic, the exclusive distributor of the Company's products in various countries throughout Southeastern Europe. In connection with the transaction, the Company acquired 50.01% controlling financial interest in SM Fashion d.o.o. Beograd and paid a nominal contribution. Since the date of acquisition, the Company has consolidated SM Fashion d.o.o. Beograd into its financial results in accordance with ASC Topic 810 “Consolidation” ("ASC 810"). The other member's interest is reflected in net income attributable to noncontrolling interests in the Consolidated Statements of Operations and noncontrolling interests in the Consolidated Balance Sheets.

SM Distribution Latin America S. de R.L

In June 2024, the Company, through its subsidiary, Madden Asia Holding Limited, formed a joint venture ("SM Distribution Latin America S. de R.L.") with Steve International Inc. SM Distribution Latin America S. de R.L. is the exclusive distributor of the Company's products in various countries throughout Latin America. In connection with the transaction, the Company acquired a 51.0% controlling financial interest in SM Distribution Latin America S. de R.L. and paid a contribution of $4,131. Since the date of acquisition, the Company has consolidated SM Distribution Latin America S. de R.L. into its financial results in accordance with ASC 810. The other member's interest is reflected in net income attributable to noncontrolling interests in the Consolidated Statements of Operations and noncontrolling interests in the Consolidated Balance Sheets.

SM Distribution Singapore Pte. Ltd.

In October 2024, the Company, through its subsidiary, Madden Asia Holding Limited, formed a joint venture (“SM Distribution Singapore Pte. Ltd.”) with Luxury Ventures Pte. Ltd., a well-known distributor of luxury and retail goods throughout Southeast Asia. The JV was established with the purpose of distributing Steve Madden’s products primarily via retail and e-commerce channels throughout Singapore. In connection with the transaction, the Company acquired a 51.0% controlling financial interest in SM Distribution Singapore Pte. Ltd. and paid a contribution of $1,020. Since the date of acquisition, the Company has consolidated SM Distribution Singapore Pte. Ltd. into its financial results in accordance with ASC 810. The other member's interest is reflected in net income attributable to noncontrolling interests in the Consolidated Statements of Operations and noncontrolling interests in the Consolidated Balance Sheets.

SM Distribution China Co., Ltd.

In August 2024, the Company acquired the remaining 49.0% interest in SM Distribution China Co., Ltd. from non-controlling shareholder, Shanghai Shenlian Brand Management Partnership Enterprise Limited Partnership, for $1,500. This transaction increased our total investment in SM Distribution China Co., Ltd. from 51.0% to 100.0%. SM Distribution China Co., Ltd. was initially formed in 2019. SM Distribution China Co. Ltd is consolidated in net income attributable to Steven Madden, Ltd. in the Consolidated Statements of Operations and total Steven Madden, Ltd. stockholders’ equity in the Consolidated Balance Sheets.

Divestitures

GREATS Business

In August 2024, the Company completed the sale of substantially all of the assets and liabilities related to one of its subsidiaries, Greats Brand Inc. ("GREATS"), to an unrelated third party, Unified Commerce Group Ltd. ("UCG"), in exchange for a minority interest in UCG with an estimated fair value of approximately $4,020. This non-cash item is excluded from our Statement of Cash Flows.

The Company determined that GREATS met the definition of a business under ASC 805. The transaction resulted in the deconsolidation of GREATS from the Company’s consolidated financial statements and the recognition of a loss on sale in the amount of $3,199, which was included within operating expenses in the Consolidated Statements of Operations for the year ended December 31, 2024.

- Definition

The entire disclosure for business combination.

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+ Details

Operating Leases (Notes)

12 Months Ended

Dec. 31, 2025

Operating Leases [Abstract]

Leases

Note 13 – Leases

The following table presents the lease-related assets and liabilities recorded on the Company's Consolidated Balance Sheets as of December 31, 2025 and 2024:


		As of December 31,
(in thousands)	Balance Sheet Classification	2025			2024
Assets:
Noncurrent	Operating lease right-of-use asset	$	235,855		$	139,695

Liabilities:
Current	Operating leases - current portion	$	58,827		$	43,172
Noncurrent	Operating leases - long-term portion	193,145			109,816
Total operating lease liabilities		$	251,972		$	152,988

Weighted-average remaining lease term		5.6 years			4.5 years
Weighted-average discount rate		5.4		%	5.3		%

The following table presents the composition of lease costs during the years ended December 31, 2025, 2024, and 2023:


	Years Ended December 31,
(in thousands)	2025		2024		2023
Operating lease cost	$	65,152	$	49,254	$	41,539
Variable lease cost	2,610		4,007		4,532
Short-term lease cost	846		—		—
Less: sublease income	272		196		264
Total lease cost(1)	$	68,336	$	53,065	$	45,807

(1) Included in operating expenses in the Company’s Consolidated Statements of Operations.

The following table presents supplemental cash and non-cash information related to the Company's operating leases during the years ended December 31, 2025 and 2024:


	Years Ended December 31,
(in thousands)	2025		2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used for operating leases(1)	$	65,328	$	50,802
Noncash transactions:
Right-of-use asset obtained in exchange for new operating lease liabilities	$	137,445	$	62,541
Right-of-use asset noncash lease expense(1)	$	50,302	$	45,629

(1) Included in leases and other liabilities in the Consolidated Statement of Cash Flows.

Future Minimum Lease Payments

The following table presents future minimum lease payments for each of the next five years and the total for the remaining years as of December 31, 2025:


(in thousands)
2026	$	71,155
2027	58,183
2028	48,462
2029	31,900
2030	24,690
Thereafter	58,573
Total minimum lease payments	292,963
Less: imputed interest	40,991
Total lease liabilities	$	251,972

Rent expense for the years ended December 31, 2025, 2024, and 2023 was approximately $84,997, $61,693, and $53,713, respectively.

Stock-Based Compensation (Detail) - (Table 1) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	May 24, 2019
Share-Based Payment Arrangement [Abstract]
Common stock authorized			19,000
Stock-based awards, including restricted stock and stock options granted, net of expired or cancelled	(11,107)
Common stock available for grant of stock-based awards as of June 30, 2012	7,893
Vested and unvested options to purchase, common stock (in shares)	1
Unvested restricted stock awarded (in shares)	67
Vested	645	451

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2025

Property and Equipment [Abstract]

Property, Plant and Equipment [Table Text Block]

The major classes of assets and total accumulated depreciation and amortization were as follows:


		As of December 31,
(in thousands)	Average Useful Life	2025		2024
Land and building	27.5 (Building)	$	6,854	$	1,322
Leasehold improvements	Lesser of remaining lease or asset life	115,174		94,820
Machinery and equipment	10 years	13,561		12,935
Furniture and fixtures	3 to 5 years	51,886		18,415
Computer equipment and software	3 to 10 years	111,654		90,530
Construction in progress		4,392		3,784
		303,521		221,806
Less: impairments and disposals		10,845		11,696
Less: accumulated depreciation and amortization		176,874		152,722
Property and equipment, net		$	115,802	$	57,388

Subsequent Events (Policies)	12 Months Ended
Subsequent Events (Policies)	Dec. 31, 2025
Subsequent Events [Abstract]
Subsequent Events, Policy	Note 20 – Subsequent Events On February 20, 2026, the U.S. Supreme Court struck down certain tariffs imposed under the International Emergency Economic Powers Act (IEEPA). Following the Supreme Court decision, the U.S. Administration announced a new 10% global tariff under Section 122 of the Trade Act of 1974, subject to certain carveouts. It is unclear, as of the filing date, what impact these decisions will have on our future financial results, including whether we will be able to obtain refunds of amounts previously paid for the IEEPA tariffs or any fluctuations of the level of replacement tariffs imposed or the addition of any new tariffs through other means.

Operating Leases (Details) Table 1 - USD ($) $ in Thousands	12 Months Ended
Operating Leases (Details) Table 1 - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease right-of-use asset	$ 235,855	$ 139,695
Operating leases - current portion	58,827	43,172
Operating leases - long-term portion	193,145	109,816
Lease Liability	$ 251,972	$ 152,988
Operating Lease, Weighted Average Remaining Lease Term	5 years 7 months 6 days	4 years 6 months
Operating Lease, Weighted Average Discount Rate, Percent	5.40%	5.30%
Short-term Lease, Cost	$ 846	$ 0	$ 0

Goodwill and Intangible Assets Goodwill and Intangible Assets (Narrative) (Details) - USD ($)	12 Months Ended			24 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024
Goodwill [Line Items]
Impairment of intangibles	$ 6,300,000	$ 10,335,000	$ 6,520,000
Amortization	5,900,000	4,413,000	2,082,000
Impairment charges for goodwill and other intangibles	0	0	0
Impairment of intangibles	$ 6,300,000	10,335,000	$ 6,520,000
Greats Brand Inc. \| Trademarks
Goodwill [Line Items]
Impairment of intangibles				$ 8,220,000
Almost Famous \| Trademarks
Goodwill [Line Items]
Impairment of intangibles		$ 8,635,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Income Taxes Income Taxes (Table 1) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income (Loss) from Continuing Operations before Income Taxes, Domestic	$ 44,165	$ 131,859	$ 131,343
Income (Loss) from Continuing Operations before Income Taxes, Foreign	33,515	98,618	89,271
Income before provision for income taxes	77,680	230,477	220,614
Unrecognized Tax Benefits	$ 761	$ 0	$ 238	$ 1,145

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Summary of Significant Accounting Policies

Note 2 – Summary of Significant Accounting Policies

Principles of Consolidation

All intercompany balances and transactions have been eliminated in consolidation.

Use of Estimates

Cash and Cash Equivalents

Cash and cash equivalents consist of cash balances and highly liquid investments with an original maturity of three months or less as of the date of purchase.

Short-Term Investments

Inventories

Inventories consist of finished goods, both on hand and in transit, and are recorded at the lower of cost (determined using the first-in, first-out method) or net realizable value.

Property and Equipment, Net

Impairment of Long-Lived Assets

Impairment of Goodwill and Other Intangible Assets

Comprehensive Loss


	Years Ended December 31,
(in thousands)	2025		2024		2023
Currency translation adjustment	$	(28,029)	$	(49,270)	$	(28,201)
Cash flow hedges, net of tax	(1,436)		979		(845)

Accumulated other comprehensive loss	$	(29,465)	$	(48,291)	$	(29,046)

Amounts reclassified from accumulated other comprehensive loss into operating income in the Consolidated Statements of Operations during 2025, 2024, and 2023 were immaterial.

Advertising Costs

Revenue Recognition

Variable Consideration

recognized. The Company estimates its markdown allowances by reviewing several performance indicators, including retailers' inventory levels, sell-through rates, and gross margin levels.

Taxes Collected from Customers

Cost of Sales

The Company’s gross margins may not be directly comparable to those of other industry participants, as certain companies may classify distribution, warehousing, or similar costs differently.

Warehouse and Shipping Costs

Employee Benefit Plan

Derivative Instruments

Income Taxes

Share-based Compensation

Restricted stock awards. Compensation costs for restricted stock awards is measured based on the closing fair market value of the Company’s common stock on the date of grant.

period and are included in operating expenses in the Consolidated Statements of Operations. Refer to Note 8 – Share-Based Compensation for further information.

Leases

Reclassifications

Certain reclassifications were made to prior years' amounts to conform to the current years' presentation.

Note 3 – Recent Accounting Pronouncements

Recently Issued Accounting Pronouncements Adopted

Recently Issued Accounting Pronouncements Not Yet Adopted

not expect the application of this standard to have a material impact on its financial statements and related disclosures.

Consolidated Statements of Changes in Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive (Loss)	Treasury Stock	Non-Controlling Interest
Common Stock, Shares, Outstanding, Beginning Balance at Dec. 31, 2022		76,796
Balance at Dec. 31, 2022	$ 843,863	$ 8	$ 520,441	$ 1,571,123	$ (35,709)	$ (1,224,310)	$ 12,310
Treasury Stock, Common, Shares at Dec. 31, 2022						57,660
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share repurchases and net settlement of awards under stock plan (in shares)		(3,730)				(3,730)
Share repurchases and net settlement of restricted stock awards	(133,628)	$ (1)				$ (133,627)
Exercise of stock options (in Shares)		254				1,400
Exercise and net settlement of stock options			41,566
Exercise and net settlement of stock options	(7,515)					$ 49,081
Issuance of fully vested restricted stock (in Shares)		361
Stock-based compensation	24,148		24,148
Foreign currency translation adjustment	7,611				7,292		319
Cash flow hedge	(629)				(629)
Dividends, Common Stock, Cash	(63,177)			(63,177)
Distributions to noncontrolling interests, net	(1,102)						(1,102)
Investment of noncontrolling interest	4,486						4,486
Net income	173,975						2,421
Common Stock, Shares, Outstanding, Ending Balance at Dec. 31, 2023		73,681
Balance at Dec. 31, 2023	848,032	$ 7	586,155	1,679,500	(29,046)	$ (1,407,018)	18,434
Treasury Stock, Common, Shares at Dec. 31, 2023						62,790
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share repurchases and net settlement of awards under stock plan (in shares)		(2,280)				(2,280)
Share repurchases and net settlement of restricted stock awards	$ (98,321)					$ (98,321)
Exercise of stock options (in Shares)	73	52				21
Exercise and net settlement of stock options	$ (1,502)		(2,392)			$ (890)
Issuance of fully vested restricted stock (in Shares)		704
Stock-based compensation	26,539		26,539
Foreign currency translation adjustment	(21,993)				(21,069)		(924)
Cash flow hedge	(1,824)				(1,824)
Dividends, Common Stock, Cash	(61,039)			(61,039)
Distributions to noncontrolling interests, net	4,949						4,949
Divestiture of business	102						102
Acquisition of incremental ownership of joint ventures	(1,500)		(705)				(795)
Net income	$ 175,902						6,512
Common Stock, Shares, Outstanding, Ending Balance at Dec. 31, 2024	72,157	72,157
Balance at Dec. 31, 2024	$ 875,997	$ 7	614,381	1,787,851	(48,291)	$ (1,506,229)	28,278
Treasury Stock, Common, Shares at Dec. 31, 2024	65,091					65,091
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share repurchases and net settlement of awards under stock plan (in shares)		(288)				(288)
Share repurchases and net settlement of restricted stock awards	$ (10,930)					$ (10,930)
Exercise of stock options (in Shares)	339	51				288
Exercise and net settlement of stock options	$ (2,561)		(9,591)			$ (12,152)
Issuance of fully vested restricted stock (in Shares)		754
Stock-based compensation	29,635		29,635
Foreign currency translation adjustment	23,633				21,241		2,392
Cash flow hedge	(2,415)				(2,415)
Dividends, Common Stock, Cash	(60,962)			(60,962)
Distributions to noncontrolling interests, net	5,513						5,513
Net income	$ 49,018						4,357
Common Stock, Shares, Outstanding, Ending Balance at Dec. 31, 2025	72,674	72,674
Balance at Dec. 31, 2025	$ 903,982	$ 7	$ 653,607	$ 1,771,550	$ (29,465)	$ (1,529,311)	37,594
Treasury Stock, Common, Shares at Dec. 31, 2025	65,667					65,667
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders	$ 2,946						$ 2,946

Operating Segment Information (Details) - Table 4 - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Payments to Acquire Property, Plant, and Equipment	$ 42,658	$ 25,911	$ 19,470
Depreciation, Depletion and Amortization	33,437	20,010	15,501
Segment Reporting, Reconciling Item, Corporate Nonsegment
Segment Reporting Information [Line Items]
Payments to Acquire Property, Plant, and Equipment	3,990	3,365	4,478
Depreciation, Depletion and Amortization	10,069	5,658	5,890
Wholesale Footwear
Segment Reporting Information [Line Items]
Payments to Acquire Property, Plant, and Equipment	3,862	3,146	2,790
Depreciation, Depletion and Amortization	2,182	2,934	2,452
Wholesale Accessories/Apparel
Segment Reporting Information [Line Items]
Payments to Acquire Property, Plant, and Equipment	2,218	212	141
Depreciation, Depletion and Amortization	2,313	4,465	2,569
Direct-to-Consumer
Segment Reporting Information [Line Items]
Payments to Acquire Property, Plant, and Equipment	32,588	19,188	12,061
Depreciation, Depletion and Amortization	$ 18,873	$ 6,953	$ 4,590

- Definition

The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.

+ References + Details

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 49,018	$ 175,902	$ 173,975
Other comprehensive income:
Foreign currency translation adjustment, Pre-tax	23,633	(21,993)	7,611
Foreign currency translation adjustment, Tax	0	0	0
Foreign currency translation adjustment, Net	23,633	(21,993)	7,611
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax	(3,322)	2,456	(852)
Other Comprehensive Income (Loss), before Reclassifications, before Tax	907	(632)	223
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax	(2,415)	1,824	(629)
Total Other Comprehensive Income (Loss), Pre-tax	20,311	(19,537)	6,759
Total Other Comprehensive Income (Loss), Tax	907	(632)	223
Total Other Comprehensive Income(Loss), Net	21,218	(20,169)	6,982
Comprehensive income	70,236	155,733	180,957
Less: comprehensive income attributable to noncontrolling interests	6,749	5,588	2,740
Comprehensive income attributable to Steven Madden, Ltd.	$ 63,487	$ 150,145	$ 178,217

Derivative Instruments (Table 1) - Notional Amount (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Foreign exchange contracts	$ 113,473	$ 90,031

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 112,423	$ 189,924
Short-term investments	0	13,484
Accounts receivable, net of allowances of $7,115 and $4,670	91,854	45,653
Factor accounts receivable	311,563	348,659
Inventories	417,016	257,625
Prepaid expenses and other current assets	46,759	34,463
Income tax receivable and prepaid income taxes	21,084	4,887
Total current assets	1,000,699	894,695
Property and equipment, net	115,802	57,388
Operating lease right-of-use asset	235,855	139,695
Deferred tax assets	3,220	610
Deposits and other	22,764	22,214
Goodwill	254,518	183,737
Intangibles, net	281,419	113,432
Total Assets	1,914,277	1,411,771
Current liabilities:
Accounts payable	197,247	206,889
Accrued expenses	258,794	142,452
Operating leases - current portion	58,827	43,172
Income taxes payable	4,488	6,147
Accrued incentive compensation	6,351	15,061
Total current liabilities	525,707	413,721
Contingent payment liability - long-term portion	14,880	7,565
Operating leases - long-term portion	193,145	109,816
Long-term debt	234,166	0
Deferred tax liabilities	36,142	4,628
Other liabilities	6,255	44
Total Liabilities	1,010,295	535,774
Commitments, contingencies and other (Note 15)
STOCKHOLDERS’ EQUITY
Common stock – $0.0001 par value, 245,000 shares authorized, 138,341 and 137,248 shares issued, 72,674 and 72,157 shares outstanding	7	7
Additional paid-in capital	653,607	614,381
Retained earnings	1,771,550	1,787,851
Accumulated other comprehensive loss	(29,465)	(48,291)
Treasury stock – 65,667 and 65,091 shares at cost	(1,529,311)	(1,506,229)
Total Steven Madden, Ltd. stockholders’ equity	866,388	847,719
Noncontrolling interest	37,594	28,278
Total stockholders’ equity	903,982	875,997
Total Liabilities and Stockholders’ Equity	1,914,277	1,411,771
Preferred Stock
STOCKHOLDERS’ EQUITY
Preferred stock – $0.0001 par value, 5,000 shares authorized; none issued; Series A Junior Participating preferred stock – $0.0001 par value, 60 shares authorized; none issued	$ 0	$ 0

Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2025

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

Valuation and Qualifying Accounts

Note 19 – Valuation and Qualifying Accounts


(in thousands)	Balance at Beginning of Year		Additions		Deductions		Balance at End of Year
Year ended December 31, 2025
Markdown, chargeback, co-op advertising allowances, and return reserves	$	33,923	$	64,658	$	(62,361)	$	36,220
Allowance for doubtful accounts	$	4,670	$	6,885	$	(4,440)	$	7,115
Deferred tax asset valuation allowance	$	3,051	$	408	$	—	$	3,459
Year ended December 31, 2024
Markdown, chargeback, co-op advertising allowances, and return reserves	$	31,299	$	59,626	$	(57,002)	$	33,923
Allowance for doubtful accounts	$	4,828	$	4,492	$	(4,650)	$	4,670
Deferred tax asset valuation allowance	$	3,715	$	1,142	$	(1,806)	$	3,051
Year ended December 31, 2023
Markdown, chargeback, co-op advertising allowances, and return reserves	$	25,687	$	62,534	$	(56,922)	$	31,299
Allowance for doubtful accounts	$	7,721	$	3,557	$	(6,450)	$	4,828
Deferred tax asset valuation allowance	$	3,948	$	432	$	(665)	$	3,715

Factoring Agreements	12 Months Ended
Factoring Agreements	Dec. 31, 2025
Due To and From Factor [Abstract]
Factoring Agreements	Note 17 – Factoring Agreements On July 22, 2020, the Company and certain of its subsidiaries (collectively, the “Madden Entities”) entered into an Amended and Restated Deferred Purchase Factoring Agreement (the “Rosenthal Factoring Agreement”) with Rosenthal & Rosenthal, Inc. ("Rosenthal"). Pursuant to the Rosenthal Factoring Agreement, Rosenthal serves as the collection agent with respect to certain receivables of the Madden Entities and is entitled to receive a base commission of the gross invoice amount of each receivable assigned for collection, plus certain additional fees and expenses, subject to certain minimum annual commissions. Rosenthal will generally assume the credit risk resulting from a customer’s financial inability to make payment of credit-approved receivables, which are classified as Factor Receivables. The initial term of the Rosenthal Factoring Agreement was twelve months, subject to automatic renewal for additional twelve-month periods, and the Rosenthal Factoring Agreement may be terminated at any time by Rosenthal or the Madden Entities on 60 days' notice and upon the occurrence of certain other events. The Madden Entities have pledged all of their rights under the Rosenthal Factoring Agreement to the Agent under the Credit Agreement to secure obligations arising under the Credit Agreement. On April 3, 2023, the Madden Entities entered into a Credit Approved Receivables Purchasing Agreement (the “CIT Factoring Agreement”) with CIT Group/Commercial Services, Inc. (“CIT”). Pursuant to the CIT Factoring Agreement, in addition to Rosenthal, CIT serves as a non-exclusive collection agent with respect to certain of the Madden Entities’ receivables and will generally assume the credit risk resulting from a customer’s financial inability to make payment with respect to credit approved receivables. Additionally, CIT shall compensate the Madden Entities for 50% of the losses sustained for limiting or revoking a credit line during production for any made-to-order goods that have work-in-progress coverage. For its services, CIT is entitled to receive (1) a base fee of the gross face amount of each receivable assigned for collection having standard payment terms, (2) certain additional fees for receivables with non-standard payment terms or arising from sales to customers outside of the United States, and (3) reimbursement for certain expenses incurred in connection with the CIT Factoring Agreement. The Company, on behalf of the Madden Entities, and CIT may each terminate the CIT Factoring Agreement at any time by giving the other party at least 60 days’ notice. CIT may also terminate the CIT Factoring Agreement immediately upon the occurrence of certain events. The Madden Entities have pledged all of their right, title, and interest in and to monies due and to become due under the CIT Factoring Agreement in favor of the Agent to secure obligations arising under or in connection with the Credit Agreement. On October 23, 2023, the Company and Daniel M. Friedman & Associates, Inc. (“DMFA”), a wholly-owned subsidiary of the Company, entered into a Notification Factoring Rider to the Credit Approved Receivables Purchasing Agreement (“Notification Factoring Rider”) with CIT, which amended and supplemented the CIT Factoring Agreement. The Notification Factoring Rider enables certain receivables generated from assets acquired by DMFA from Turn On Products Inc. d/b/a Almost Famous (“Post-Acquisition Receivables”), which assets were acquired by DMFA on October 20, 2023, to be subject to the CIT Factoring Agreement. The Notification Factoring Rider modified the CIT Factoring Agreement to require, in respect of certain Post-Acquisition Receivables, payment to CIT of a base fee of the gross face amount of such Post-Acquisition Receivables assigned to CIT for collection. CIT will generally assume the credit risk resulting from a customer’s financial inability to make payment with respect to certain credit approved Post-Acquisition Receivables. The Company or DMFA may terminate the Notification Factoring Rider, separately from the CIT Factoring Agreement, by giving CIT at least 10 days’ prior written notice of termination. As with monies due and to become due under the CIT Factoring Agreement generally, monies due and to become due to the Company and DMFA under the Notification Factoring Rider are pledged in favor of the Agent to secure obligations under or in connection with the Credit Agreement.

Preferred Stock (Notes)	12 Months Ended
Preferred Stock (Notes)	Dec. 31, 2025
Preferred Stock [Abstract]
Preferred Stock	Note 9 – Preferred Stock The Company has authorized 5,000 shares of preferred stock. The Board of Directors has designated 60 shares of such preferred stock as Series A Junior Participating Preferred Stock (“Series A Preferred”). Holders of the shares of Series A Preferred are entitled to dividends equal to 1 times dividends declared or paid on the Company's common stock. Each share of Series A Preferred entitles the holder to 1 vote on all matters submitted to the holders of common stock. The Series A Preferred has a liquidation preference of $1 per share and is not redeemable by the Company. No shares of preferred stock have been issued.

Operating Segment Information

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Operating Segment Information

Note 18 – Operating Segment Information

The Company has determined its reportable operating segments based on the internal management structure used by the Company’s Chief Operating Decision Maker (or “CODM”), who is its Chief Executive Officer, to evaluate performance and allocate resources. This structure organizes the business into distinct categories based on product types and sales channels. The Company’s reportable operating segments consist of the following:

•Wholesale Footwear. This segment designs, sources, and markets our brands and sells our products, consisting of footwear, to department stores, mass merchants, off-price retailers, shoe chains, online retailers, national chains, specialty retailers, independent stores, and clubs throughout the United States, the United Kingdom, Europe, Canada, Mexico, and through our joint ventures and international distributor network.

•Wholesale Accessories/Apparel. This segment designs, sources, and markets our brands and sells our products, primarily consisting of handbags and apparel, to department stores, mass merchants, off-price retailers, online retailers, specialty retailers, independent stores, and clubs throughout the United States, the United Kingdom, Europe, Canada, Mexico, and through our joint ventures and international distributor network.

•Direct-to-Consumer. This segment engages in the sale of footwear, handbags, apparel, and other accessories through Steve Madden, Kurt Geiger London, Dolce Vita, and Carvela full-price retail stores, Steve Madden, Kurt Geiger London, and Carvela outlet stores, directly-operated e-commerce platforms, directly-operated concessions in international markets, and also operates third-party concessions in luxury and premium department stores primarily in the UK. We operate retail locations in regional malls and shopping centers, as well as high streets in various cities across the United States, the United Kingdom, Europe, Canada, and Mexico, as well as through our joint ventures in international markets.

•Licensing. This segment engages in the licensing of the Steve Madden®, Betsey Johnson® and Kurt Geiger® trademarks for use in the sale of select apparel, accessories, and home categories as well as various other non-core products.

In addition, the Company has certain corporate-related costs (“Corporate costs” or “Corporate”) that are not directly attributable to its reportable operating segments. Accordingly, these corporate-related costs do not constitute a reportable segment. These costs are primarily associated with corporate executives, corporate finance, corporate social responsibility, legal, human resources, information technology, cybersecurity, and other shared services.

The Company’s CODM evaluates financial performance based primarily on gross profit and income from operations for each reportable operating segment. Gross profit is defined as revenue less cost of goods sold. Income from operations is defined as profit or loss from operations before interest and other income, net and income taxes. Gross profit is a key measure for assessing the efficiency of the segment in producing its products or services, focusing on the direct costs associated with production. Income from operations is a key measure for understanding the overall financial performance of each segment, taking into account both direct operational costs and indirect expenses. These measures are used together to evaluate segment performance and determine the appropriate allocation of resources to each segment.

The Company’s CODM does not evaluate the financial performance of each segment based on its respective assets or capital expenditures, and therefore, the Company does not report this information.

The following tables set forth information related to the Company's segments:


(in thousands)	Wholesale Footwear		Wholesale Accessories/Apparel		Direct-to- Consumer		Licensing		Total(1)
For the Year Ended December 31, 2025
Total revenue	$	1,035,190	$	640,662	$	845,666	$	12,591	$	2,534,109
Less: Cost of sales(2)	688,620		444,430		351,590		—		1,484,640
Gross profit	346,570		196,232		494,076		12,591		1,049,469
Less: Change in valuation of contingent payment liability(2)	(259)		(4,415)		(906)		—		(5,580)
Less: Impairment of intangibles(2)	—		6,300		—		—		6,300
Less: Salaries and related expense(2)	75,063		57,957		119,714		1,003		253,737
Less: Other segment items(3)	117,181		79,226		409,664		973		607,044
Income/(loss) from operations	$	154,585	$	57,164	$	(34,396)	$	10,615	$	187,968

(1) There were no inter-segment revenue transactions during any of the periods presented, and therefore, total segment revenue represents consolidated revenue.

(2) The significant expense categories and amounts align with segment-level information that is regularly provided to the CODM.


(in thousands)	Wholesale Footwear		Wholesale Accessories/Apparel		Direct-to- Consumer		Licensing		Total(1)
For the Year Ended December 31, 2024
Total revenue	$	1,059,440	$	662,673	$	550,153	$	10,661	$	2,282,927
Less: Cost of sales(2)	692,839		449,676		203,480		—		1,345,995
Gross profit	366,601		212,997		346,673		10,661		936,932
Less: Change in valuation of contingent payment liability(2)	—		2,722		—		—		2,722
Less: Impairment of intangibles(2)	—		8,635		1,700		—		10,335
Less: Salaries and related expense(2)	70,727		53,074		74,910		1,221		199,932
Less: Other segment items(3)	104,662		58,132		239,093		379		402,266
Income from operations	$	191,212	$	90,434	$	30,970	$	9,061	$	321,677

(1) There were no inter-segment revenue transactions during any of the periods presented, and therefore, total segment revenue represents consolidated revenue.

(2) The significant expense categories and amounts align with segment-level information that is regularly provided to the CODM.

(3) Other segment items in the Wholesale Footwear, Wholesale Accessories/Apparel, and Direct-to-Consumer segments consist of the following: warehouse and shipping, advertising and promotion, occupancy, depreciation and amortization, and other miscellaneous costs. Other segment items in the Licensing segment consists of advertising and promotion and other miscellaneous costs.


(in thousands)	Wholesale Footwear		Wholesale Accessories/Apparel		Direct-to- Consumer		Licensing		Total(1)
For the Year Ended December 31, 2023
Total revenue	$	1,048,448	$	416,532	$	506,494	$	10,108	$	1,981,582
Less: Cost of sales(2)	677,817		281,364		189,987		—		1,149,168
Gross profit	370,631		135,168		316,507		10,108		832,414

Less: Impairment of intangibles(2)	—		—		6,502		—		6,502
Less: Salaries and related expense(2)	65,135		33,312		69,324		1,193		168,964
Less: Other segment items(3)	100,546		40,428		210,521		488		351,983
Income from operations	$	204,950	$	61,428	$	30,160	$	8,427	$	304,965

(1) There were no inter-segment revenue transactions during any of the periods presented, and therefore, total segment revenue represents consolidated revenue.

(2) The significant expense categories and amounts align with segment-level information that is regularly provided to the CODM.

(3) Other segment items in the Wholesale Footwear, Wholesale Accessories/Apparel, and Direct-to-Consumer segments consist of the following: warehouse and shipping, advertising and promotion, occupancy, depreciation and amortization, and other miscellaneous costs. Other segment items in the Licensing segment consists of advertising and promotion and other miscellaneous costs.

The following table reconciles total segment income from operations to income before provision for income taxes:


	Year Ended December 31,
(in thousands)	2025		2024		2023
Total segment income from operations	$	187,968	$	321,677	$	304,965
Corporate costs	(107,197)		(96,738)		(91,743)
Gain on derivative	9,252		—		—
Interest and other (expense) / income - net	(12,343)		5,538		7,392
Income before provision for income taxes	$	77,680	$	230,477	$	220,614

The following table presents capital expenditures by segment:


	Year Ended December 31,
(in thousands)	2025		2024		2023
Wholesale Footwear	$	3,862	$	3,146	$	2,790
Wholesale Accessories/Apparel	2,218		212		141
Direct-to-Consumer	32,588		19,188		12,061

Corporate(1)	3,990		3,365		4,478
Total	$	42,658	$	25,911	$	19,470

The following table presents depreciation and amortization by segment:


	Year Ended December 31,
(in thousands)	2025		2024		2023
Wholesale Footwear	$	2,182	$	2,934	$	2,452
Wholesale Accessories/Apparel	2,313		4,465		2,569
Direct-to-Consumer	18,873		6,953		4,590

Corporate(1)	10,069		5,658		5,890
Total	$	33,437	$	20,010	$	15,501

The following table summarizes revenues by geographic area:


	Year Ended December 31,
(in thousands)	2025		2024		2023
Domestic(1)	$	1,678,075	$	1,858,725	$	1,601,098
International	856,034		424,202		380,484
Total	$	2,534,109	$	2,282,927	$	1,981,582

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Net sales	$ 2,521,518	$ 2,272,266	$ 1,971,474
Commission and licensing fee income	12,591	10,661	10,108
Total revenue	2,534,109	2,282,927	1,981,582
Cost of sales (exclusive of depreciation and amortization)	1,484,640	1,345,995	1,149,168
Gross profit	1,049,469	936,932	832,414
Operating expenses	(967,978)	(698,936)	(612,672)
Change In Valuation of Contingent Payment Liability	(5,580)	2,722	0
Impairment of intangibles	6,300	10,335	6,520
Income from operations	80,771	224,939	213,222
Gain on derivative	9,252	0	0
Interest and other (expense) / income - net	(12,343)	5,538	7,392
Income before provision for income taxes	77,680	230,477	220,614
Provision for income taxes	28,662	54,575	46,639
Net income	49,018	175,902	173,975
Less: net income attributable to noncontrolling interest	$ 4,357	$ 6,512	$ 2,421
Earnings Per Share [Abstract]
Basic net income per share	$ 0.63	$ 2.38	$ 2.34
Diluted net income per share	$ 0.63	$ 2.35	$ 2.30
Basic weighted average common shares outstanding	70,873	71,274	73,337
Effect of dilutive securities – options/restricted stock	308	689	1,228
Diluted weighted average common shares outstanding	71,181	71,963	74,565
Cash dividends declared per common share	$ 0.84	$ 0.84	$ 0.84
Non-Controlling Interest
Net income	$ 4,357	$ 6,512	$ 2,421
Retained Earnings
Net income	$ 44,661	$ 169,390	$ 171,554

Operating Leases (Details) Table 3 - USD ($) $ in Thousands	12 Months Ended
Operating Leases (Details) Table 3 - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
Operating Lease, Payments	$ 65,328	$ 50,802
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	137,445	62,541
Amortization of Leased Asset	$ 50,302	$ 45,629

Income Taxes Income Taxes (Table 5) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Paid, by Individual Jurisdiction [Line Items]
Federal	$ 20,917	$ 23,564	$ 20,780
State and local	5,602	3,676	4,027
Foreign	19,799	23,906	20,718
Income taxes	46,318	51,146	45,525
California
Income Tax Paid, by Individual Jurisdiction [Line Items]
State and local	3,124
Hong Kong
Income Tax Paid, by Individual Jurisdiction [Line Items]
State and local	7,195	11,050	8,292
Mexico
Income Tax Paid, by Individual Jurisdiction [Line Items]
State and local		4,994	4,672
Canada
Income Tax Paid, by Individual Jurisdiction [Line Items]
State and local			3,213
Netherlands
Income Tax Paid, by Individual Jurisdiction [Line Items]
State and local	2,432		$ 2,404
South Africa
Income Tax Paid, by Individual Jurisdiction [Line Items]
State and local	3,765	$ 4,203
United Kingdom
Income Tax Paid, by Individual Jurisdiction [Line Items]
State and local	$ 3,633

Compensation Related Costs, Share Based Payments (Policies)	12 Months Ended
	Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]
Performance-Based Awards	Performance-Based Awards The Company issues performance-based awards to certain employees, the vesting of which is subject to the employee’s continuing employment and the Company's achievement of certain performance goals. In the first quarters of 2025 and 2024, the Company issued 150 and 86 performance shares (at target), with a weighted average grant date fair value of $26.05 and $41.63, that are eligible to be earned over a three-year performance period from January 1, 2025 through December 31, 2027 and January 1, 2024 through December 31, 2026, respectively. During the year ended December 31, 2025, the Company estimated that the probable outcome of the performance conditions, based on performance through such date, was that the performance shares will be earned at 185% of the target level. The corresponding expense for the year ended December 31, 2025 is reflected in stock-based compensation under performance-based awards. As of December 31, 2025, $7,130 of total unrecognized compensation cost related to non-vested share awards is expected to be recognized using the accelerated attribution method over a weighted-average period of 1.7 years. In the year ended December 31, 2023, 12 performance shares vested at a weighted average exercise price of $42.00. No shares vested in the periods ended December 31, 2025 and 2024.
Transaction Incentive Plan	Transaction Incentive Plan ("TIP") Award In connection with the Kurt Geiger acquisition, the Company implemented a Transaction Incentive Plan (“TIP”) under which each participant was issued six classes of “Growth Shares” in SML UK Holding Ltd. Each class is subject to a graded vesting schedule based on the achievement of specified EBITA performance targets over five separate annual measurement periods beginning July 1, 2025, or a cumulative measurement period from July 1, 2025 to June 30, 2030, as well as certain conditions of continued employment through the applicable vesting dates. Upon achievement, the Growth Shares will be settled in cash, and thus, are liability-classified and will be remeasured at fair value at each reporting date until settlement. The total grant-date fair value of each class of Growth Shares of $10,590 was determined using a Monte Carlo simulation model, which incorporates assumptions regarding the Company’s forecasted financial performance, risk-free interest rates, expected volatility, and other relevant market inputs. The Company recognizes compensation expense for Growth Shares if and when the Company concludes that it is probable that the performance condition will be achieved. For the year ended December 31, 2025, no compensation expense was recognized.

Derivative Instruments (Details) - USD ($) $ in Thousands	12 Months Ended
Derivative Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Derivative Instruments [Abstract]
Foreign exchange contracts	$ 113,473	$ 90,031
Forward contracts	302	2,175
Forward contracts	2,328	$ 816
Gain (Loss) on Foreign Currency Derivatives Recorded in Earnings, Net	$ 0

Property and Equipment Table (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Land and building	$ 6,854	$ 1,322
Leasehold Improvements, Gross	115,174	94,820
Machinery and Equipment, Gross	13,561	12,935
Furniture and Fixtures, Gross	51,886	18,415
Computer equipment	111,654	90,530
Construction in Progress, Gross	4,392	3,784
Property, Plant and Equipment, Gross	303,521	221,806
Impairment charges	10,845	11,696
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	176,874	152,722
Property and equipment, net	115,802	57,388
Depreciation	$ 23,982	$ 15,597	$ 13,419
Minimum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Maximum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	27 years 6 months
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	10 years
Furniture and fixtures \| Minimum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Furniture and fixtures \| Maximum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	5 years
Computer equipment and software \| Minimum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Computer equipment and software \| Maximum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	10 years
Building
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	27 years 6 months

Share Repurchases Share Repurchase Program (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	May 08, 2023
Equity, Class of Treasury Stock [Line Items]
Share Repurchase Program, Remaining Authorized, Amount			$ 189,900
Share Repurchase Program, Authorized, Amount	$ 85,310		$ 250,000
Treasury Stock Acquired, Average Cost Per Share	$ 40.03	$ 42.84
Treasury Stock, Value, Acquired, Cost Method		$ 90,153
Shares Paid for Tax Withholding for Share Based Compensation	576	211
Payments Related to Tax Withholding for Share-based Compensation	$ 23,081	$ 9,058
Common Stock
Equity, Class of Treasury Stock [Line Items]
Stock Repurchased During Period, Shares	0	2,090
Treasury Stock Acquired, Average Cost Per Share		$ 43.15

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

Commitments, Contingencies and Other Commitments, Contingencies and Other (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Loss Contingencies [Line Items]
Letters of credit outstanding	$ 503
Contractual Obligation, Due in Second Year	6,000
Purchase Commitment, Remaining Minimum Amount Committed	$ 387,158
Commitments, Contingencies and Other	Note 15 – Commitments, Contingencies, and Other Legal Proceedings The Company is involved in various legal matters in the ordinary course of business, including contractual disputes, employment-related matters, distribution issues, product liability claims, intellectual property infringement, and other matters. After consulting with legal counsel, management believes that any potential liabilities arising from these matters are not expected to have a material effect on the Company's financial position or results of operations. In accordance with company policy, management will disclose the amount or range of reasonably possible losses that exceed recorded amounts or expected cash flows. Letters of Credit As of December 31, 2025, the Company had $503 in letters of credit outstanding unrelated to the Company's Credit Agreement. Employee Agreements The Company has employment agreements with certain executives in the normal course of business which provide compensation and certain other benefits. These agreements also provide for severance payments under certain circumstances. License Agreements In January 2018, the Company entered into a license agreement with Nine West Development LLC, subsequently acquired by WHP Global, for the right to manufacture, market, and sell women's fashion footwear and handbags under the Anne Klein®, AK Sport®, AK Anne Klein Sport®, and the Lion Head Design® trademarks. The agreement requires that the Company pay the licensor a royalty equal to a percentage of net revenues and a minimum royalty in the event that specified net sales targets are not achieved. The license agreement will expire on December 31, 2026 and has various terms and renewal options, provided that minimum sales levels, and certain other conditions are achieved. Future minimum royalty and advertising payments under all of the Company's license agreements are $6,000 for 2026. Royalty expenses are recognized in cost of sales in the Company's Consolidated Statements of Operations. Other Commitments Other off-balance sheet commitments amounted to $387,158 as of December 31, 2025, including inventory purchase commitments of $334,641, and employment commitments of $52,517. Concentrations of Credit Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash and cash equivalents and accounts receivables from trade customers. The Company maintains cash and cash equivalents with various major financial institutions. Cash balances may at times exceed federally insured limits. The Company monitors the creditworthiness of these institutions and has not experienced any losses related to such balances. The Company sells its wholesale merchandise primarily to major department stores, specialty stores, and e-commerce platforms, and extends credit based on an evaluation of each customer's financial capacity and condition. Credit risk with respect to accounts receivables is mitigated through factoring arrangements with third-party financial institutions that generally assume credit risk of credit-approved receivables, subject to the terms of the respective agreements. While these arrangements reduce exposure to credit losses, the Company may retain certain risks, including those related to receivable eligibility. As of December 31, 2025, approximately 29.5% of the Company’s total accounts receivable balance was attributable to two customers. As of December 31, 2024, approximately 53.0% of the Company’s total accounts receivable balance was attributable to three customers. As of December 31, 2023, approximately 41.2% of the Company’s total accounts receivable balance was attributable to three customers. See Note 17 – Factoring Agreements for further information. Sales with Major Customers For the year ended December 31, 2025, the Company had no customer who accounted for more than 10% of total revenue. For the year ended December 31, 2024, the Company had one customer who accounted for 11.8% of total revenue. For the year ended December 31, 2023, the Company did not have any customers who accounted for more than 10% of total revenue. Revenues attributable to these customers were reported within the Wholesale Footwear and Wholesale Accessories/Apparel segments. Supplier Concentration The Company sources its products primarily through arrangements with independent third-party manufacturers. During the years ended December 31, 2025, 2024, and 2023, the Company did not have any significant purchase concentrations with any individual supplier. A substantial portion of the Company’s product purchases is sourced from vendors located in Asia. Total product purchases from vendors located in China for the years ended December 31, 2025, 2024, and 2023, were 56.1%, 76.6%, and 78.7%, respectively. Total product purchases from vendors located in Cambodia for the years ended December 31, 2025, 2024, and 2023, were 24.6%, 13.8%, and 9.9%, respectively. The Company’s sourcing activities are subject to risks associated with international trade, including changes in tariffs, trade policies, and regional economic conditions. Management monitors its supplier and geographic exposures and periodically evaluates opportunities to diversify sourcing. For further discussion of related risks, see Item 1A. “Risk Factors.”
Other Commitment	$ 52,517
Supply Commitment, Remaining Minimum Amount Committed	$ 334,641
Cost of Goods and Service, Product and Service Benchmark \| Geographic Concentration Risk \| CHINA
Loss Contingencies [Line Items]
Concentration Risk, Percentage	56.10%	76.60%	78.70%
Cost of Goods and Service, Product and Service Benchmark \| Geographic Concentration Risk \| CAMBODIA
Loss Contingencies [Line Items]
Concentration Risk, Percentage	24.60%	13.80%	9.90%
Three customers \| Accounts Receivable \| Customer Concentration Risk
Loss Contingencies [Line Items]
Concentration Risk, Percentage		53.00%	41.20%
One customer \| Sales Revenue, Net \| Customer Concentration Risk
Loss Contingencies [Line Items]
Concentration Risk, Percentage	10.00%	11.80%
Two Customers \| Accounts Receivable \| Customer Concentration Risk
Loss Contingencies [Line Items]
Concentration Risk, Percentage	29.50%

Derivative Instruments (Notes)

12 Months Ended

Dec. 31, 2025

Derivative Instruments [Abstract]

Derivative Instruments

Note 12 – Derivative Instruments

The Company uses derivative instruments, specifically, forward foreign exchange contracts, to manage the risk associated with the volatility of future cash flows. The forward foreign exchange contracts are used to mitigate the impact of exchange rate fluctuations on certain forecasted inventory purchases and are designated as cash flow hedges.

The notional amounts of the Company’s outstanding derivative instruments as of December 31, 2025 and 2024 were as follows:


	As of December 31,
(in thousands)	2025		2024
Derivative instruments designated as accounting hedges:
Foreign exchange contracts	$	113,473	$	90,031

The fair value of the Company’s outstanding derivative instruments as of December 31, 2025 and 2024 were as follows:


		As of December 31,
(in thousands)	Balance Sheet Classification	2025		2024
Assets:
Forward contracts	Other current assets	$	302	$	2,175

Liabilities:
Forward contracts	Other current liabilities	$	2,328	$	816


	Years Ended December 31,
(in thousands)	2025		2024		2023
Cash flow hedges:
Foreign exchange contracts	$	(3,322)	$	2,456	$	(852)

As of December 31, 2025, the current maturity dates of the Company’s derivative instruments range from January 2026 to December 2026.

For the years ended December 31, 2025 and 2024, the Company's hedging activities were deemed effective, with no ineffectiveness recognized in the Consolidated Statements of Operations. Gains and losses from these hedging activities are recorded in cost of sales in the Consolidated Statements of Operations.

During 2025, the Company settled certain foreign exchange forward contracts that were entered into to hedge foreign exchange rate risk surrounding a portion of the purchase price in connection with the Kurt Geiger acquisition. The settlement resulted in a gain of $9,252, which was recorded as gain on derivative in the Company's Consolidated Statements of Operations for the year ended December 31, 2025.