WOLVERINE WORLD WIDE INC /DE/

Previous wording

The Company’s brands are marketed in approximately 170 countries and territories at April 4, 2026, including through owned operations in the U.S., Canada, the United Kingdom and certain countries in continental Europe and Asia Pacific. In other regions (Latin America, portions of Europe and Asia Pacific, the Middle East and Africa), the Company relies on a network of third-party distributors, licensees and joint ventures. At April 4, 2026, the Company operated 126 retail stores in the U.S., United Kingdom, Ireland and Italy and 38 direct-to-consumer eCommerce sites.

Current wording

The Company is a leading global footwear and apparel company driven by a vision to Make. Every Day. Better. The Company’s brands are sold in approximately 170 countries and territories at July 4, 2026, including through owned operations in the U.S., Canada, the United Kingdom and certain countries in continental Europe and Asia Pacific. In other regions (Latin America, portions of Europe and Asia Pacific, the Middle East and Africa), the Company relies on a network of third-party distributors, licensees and joint ventures. At July 4, 2026, the Company operated 123 retail stores in the U.S., United Kingdom, Ireland and Italy and 38 direct-to-consumer eCommerce sites.

Previous wording

On February 20, 2026, the U.S. Supreme Court ruled that U.S. tariffs imposed under the International Emergency Economic Powers Act (“IEEPA”) on goods imported into the U.S. were unauthorized. The total amount of IEEPA tariffs paid by the Company as of the date of the ruling was approximately $36 million. While the process for reimbursement became available on April 20, 2026, the timing and amount of any potential refunds for previously collected tariffs remains uncertain and may be subject to further legal and regulatory developments. At this time, no loss recovery of any IEEPA tariffs paid has been recorded in the Company’s first quarter condensed consolidated financial statements. The Company will continue to monitor changes to the import and export policies of the U.S. and other countries that could impact its financial position, results of operations and cash flows.

Current wording

On February 20, 2026, the U.S. Supreme Court ruled that U.S. tariffs imposed under the International Emergency Economic Powers Act (“IEEPA”) on goods imported into the U.S. were unauthorized. In March 2026, the U.S. Court of International Trade ordered U.S. Customs and Border Protection (“CBP”) to suspend collection of the invalidated tariffs and to establish a process to refund IEEPA tariffs previously collected. The total amount of IEEPA tariffs paid by the Company as of the date of the ruling was $35.9 million. The Company has submitted refund claims through the portal established by CBP for $34.0 million, excluding interest. Beginning on July 20, 2026, the Company has received cash of $6.9 million for a portion of the refund claims, with applicable interest.

Previous wording

The Middle East represents approximately 1% of total revenue and is managed by third-party distributors. The Company is closely monitoring the ongoing conflict in the Middle East to determine the potential impacts on the Company’s business, which may include a reduction in distributor revenue and an increase in product input costs and transportation costs associated with elevated oil costs.

Current wording

The Company’s revenue from sales to customers in the Middle East represents approximately 1% of total revenue and is managed by third-party distributors. The Company is closely monitoring the ongoing conflict in the Middle East to determine the potential impacts on the Company’s business, which may include a reduction in distributor revenue and an increase in product input costs and transportation costs associated with elevated oil costs.

Previous wording

•The effective tax rates in the first quarters of 2026 and 2025 were 18.8% and 8.9%, respectively.

Current wording

•The effective tax rates in the second quarters of 2026 and 2025 were 19.5% and 13.7%, respectively.

Previous wording

•Diluted earnings per share for the first quarter of 2026 was $0.24 compared to $0.15 for the first quarter of 2025.

Current wording

•Diluted earnings per share for the second quarter of 2026 was $0.37 compared to $0.32 for the second quarter of 2025.

Previous wording

•The Company declared cash dividends of $0.10 per share in the first quarters of both 2026 and 2025.

Current wording

•The Company declared cash dividends of $0.10 per share in the second quarters of both 2026 and 2025.

Previous wording

•Cash flow used in operating activities was $83.2 million for the first quarter of 2026 compared to $83.8 million for the first quarter of 2025.

Current wording

•Cash flow provided by operating activities was $3.4 million for the first two quarters of 2026 compared to cash flow used in operating activities of $39.2 million for the first two quarters of 2025.

Previous wording

•Compared to the first quarter of 2025, inventory as of the end of the first quarter of 2026 increased $1.1 million, or 0.4%.

Current wording

•Compared to the second quarter of 2025, inventory as of the end of the second quarter of 2026 decreased $55.2 million, or 17.0%.

Previous wording

Revenue was $457.6 million for the first quarter of 2026, representing an increase of $45.3 million compared to the first quarter of 2025. The change in revenue reflected a $44.9 million, or 13.7%, increase from the Active Group, a $0.9 million, or 1.2%, increase from the Work Group, and a $0.5 million, or 4.6%, decrease from the Other category. The Active Group’s revenue increase was primarily driven by an increase of $26.1 million from Saucony® and $19.1 million from Merrell®. The Work Group’s revenue increase was primarily driven by increases of $0.9 million from HYTEST® and $0.8 million from Harley-Davidson®, partially offset by a decrease of $1.0 million from Wolverine®. The decrease in Other revenue was primarily driven by a decrease in Hush Puppies® royalty revenue. Changes in foreign exchange rates increased revenue by $15.4 million during the first quarter of 2026. Direct-to-consumer revenue increased during the first quarter of 2026 by $2.9 million, or 3.0%, compared to the first quarter of 2025.

Current wording

Revenue was $506.4 million for the second quarter of 2026, representing an increase of $32.2 million compared to the second quarter of 2025. The change in revenue reflected a $32.9 million, or 9.3%, increase from the Active Group, a $1.7 million, or 1.6%, decrease from the Work Group, and a $1.0 million, or 8.9%, increase from the Other category. The Active Group’s revenue increase was primarily driven by an increase of $17.6 million from Merrell®and $14.3 million from Saucony®. The Work Group’s revenue decrease was primarily driven by decreases of $2.3 million from Cat® and $1.9 million from Harley-Davidson®, partially offset by an increase of $2.5 million from Wolverine®. The increase in Other revenue was primarily driven by an increase in Hush Puppies® royalty revenue. Changes in foreign exchange rates increased revenue by $3.1 million during the second quarter of 2026. Direct-to-consumer revenue increased during the second quarter of 2026 by $0.1 million, or 0.1%, compared to the second quarter of 2025.

Previous wording

Operating expenses increased $8.8 million, from $175.1 million in the first quarter of 2025 to $183.9 million in the first quarter of 2026. The increase was primarily driven by higher advertising costs ($8.0 million), higher selling costs ($5.5 million), higher distribution costs ($2.2 million), and higher incentive compensation costs ($0.9 million), partially offset by lower general and administrative costs ($4.4 million), lower environmental and other related costs, net of insurance recoveries ($1.9 million) and 2025 reorganization costs that did not reoccur ($1.8 million).

Current wording

Operating expenses increased $4.7 million, from $183.3 million in the second quarter of 2025 to $188.0 million in the second quarter of 2026. The increase was primarily driven by higher selling costs ($5.1 million), higher legal settlement costs ($2.5 million), higher distribution costs ($2.0 million), and higher incentive compensation costs ($1.8 million), partially offset by lower general and administrative costs ($3.9 million), 2025 reorganization costs that did not reoccur in 2026 ($1.9 million), and lower advertising costs ($1.2 million).

Previous wording

Net interest expense was $6.5 million in the first quarter of 2026 compared to $8.0 million in the first quarter of 2025. The decrease in interest expense is primarily due to lower average principal balances of variable rate debt.

Current wording

Net interest expense was $7.1 million in the second quarter of 2026 compared to $8.5 million in the second quarter of 2025. Net interest expense was $13.6 million in the first two quarters of 2026 compared to $16.5 million in the first two quarters of 2025. The decrease in interest expense for both the quarter-to-date and year-to-date periods is primarily due to lower average principal balances of variable rate debt.

Previous wording

The effective tax rates in the first quarter of 2026 and 2025 were 18.8% and 8.9%, respectively. The increase in the effective tax rate between 2026 and 2025 was primarily related to changes in the income mix among jurisdictions with differing tax rates and the decreased impact of discrete benefits on the tax rate in the current year due to higher pretax income.

Current wording

The effective tax rates in the second quarter of 2026 and 2025 were 19.5% and 13.7%, respectively. The effective tax rates in the firsttwo quarters of 2026 and 2025 were 19.2% and 12.3%, respectively. The increase in the effective tax rates between 2026 and 2025 was primarily related to changes in the income mix among jurisdictions with differing tax rates and the decreased impact of discrete benefits on the tax rate in the current year due to higher pretax income.

Previous wording

The Company also reports “Other” and “Corporate” categories. The Other category consists of Hush Puppies® footwear and apparel, sourcing operations that include third-party commission revenues, multi-branded direct-to-consumer retail store and the Stride Rite® licensed business. The Corporate category consists of unallocated corporate expenses, such as corporate employee costs, corporate facility costs, IT costs, reorganization activities, impairment of long-lived assets and environmental and other related costs.

Current wording

The Company also reports “Other” and “Corporate” categories. The Other category consists of Hush Puppies® footwear and apparel, sourcing operations that include third-party commission revenues, multi-branded direct-to-consumer retail store and the Stride Rite® licensed business. The Corporate category consists of unallocated corporate expenses, such as corporate employee costs, corporate facility costs, IT costs, reorganization activities, and environmental and other related costs.

Previous wording

The Active Group’s revenue increased $44.9 million, or 13.7%, in the first quarter of 2026 compared to the first quarter of 2025. The revenue increase was primarily driven by increases of $26.1 million from Saucony® and $19.1 million from Merrell®. The Saucony® increase was primarily driven by strength in the EMEA wholesale channel and international third-party distributor business growth. The Merrell® increase was primarily driven by growth in the core Moab Speed franchises and new product in the lifestyle category, particularly in the wholesale channel.

Current wording

The Active Group’s revenue increased $77.8 million, or 11.4%, in the first two quarters of 2026 compared to the first two quarters of 2025. The revenue increase was primarily driven by increases of $40.4 million from Saucony®and $36.7 million from Merrell®. The Saucony® increase was primarily driven by strength in the EMEA wholesale channel. The Merrell® increase was primarily driven by strong demand across its core Moab and Moab Speed franchises, complemented by the launch of Agility Peak 6.

Previous wording

The Active Group’s operating profit increased $8.3 million, or 14.3%, in the first quarter of 2026 compared to the first quarter of 2025. The operating profit increase was due to revenue increases, partially offset by an 80 basis point decrease in gross margin and a $10.9 million increase in selling, general and administrative expenses. The decrease in gross margin in the current year period was primarily due to increased U.S. tariff costs and unfavorable product mix. The increase in selling, general and administrative expenses in the current year period was primarily due to higher advertising and selling costs.

Current wording

The Active Group’s operating profit increased $6.5 million, or 10.0%, in the second quarter of 2026 compared to the second quarter of 2025. The operating profit increase was due to revenue increases, partially offset by a 190 basis point decrease in gross margin and a $2.3 million increase in selling, general and administrative expenses. The Active Group’s operating profit increased $14.8 million, or 12.1%, in the first two quarters of 2026 compared to the first two quarters of 2025. The operating profit increase was due to revenue increases, partially offset by a 130 basis point decrease in gross margin and a $13.2 million increase in selling, general and administrative expenses. The decrease in gross margin in the current year period was primarily due to increased U.S. tariff costs and unfavorable product and customer mix, partially offset by price increases and improved full price mix. The increase in selling, general and administrative expenses in the current year periods was primarily due to higher advertising and selling costs, partially offset by lower general and administrative costs.

Previous wording

The Work Group’s operating profit decreased $0.6 million, or 8.5%, in the first quarter of 2026 compared to the first quarter of 2025. The operating profit decrease was due to a $2.1 million increase in selling, general and administrative expenses, partially offset by a 160 basis point increase in gross margin. The increase in selling, general and administrative expenses in the current year period was primarily due to higher advertising costs. The increase in gross margin in the current year period was primarily due to a favorable product mix within the international third party channel, partially offset by higher U.S. tariffs.

Current wording

The Work Group’s operating profit decreased $3.6 million, or 17.7%, in the second quarter of 2026 compared to the second quarter of 2025. The operating profit decrease was due to a 200 basis point decrease in gross margin and a $0.7 million increase in selling, general and administrative expenses. The decrease in gross margin in the current year period was primarily due to higher U.S. tariffs and unfavorable product mix, partially offset by price increases. The increase in selling, general and administrative expenses in the current year periods was primarily due to higher general and administrative costs.

Previous wording

The Other category’s revenue decreased $0.5 million, or 4.6%, in the first quarter of 2026 compared to the first quarter of 2025. The revenue decrease was primarily driven by a decrease in Hush Puppies® royalty revenue.

Current wording

The Other category’s revenue increased $1.0 million, or 8.9%, in the second quarter of 2026 compared to the second quarter of 2025. The Other category’s revenue increased $0.4 million, or 1.8%, in the first two quarters of 2026 compared to the first two quarters of 2025. The revenue increase was primarily driven by an increase in Hush Puppies® royalty revenue.

Previous wording

Other operating profit decreased $0.4 million, or 5.3%, in the first quarter of 2026 compared to the first quarter of 2025. The operating profit decrease in the first quarter of 2026 was primarily due to lower Hush Puppies®royalty income.

Current wording

Other operating profit increased $0.4 million, or 4.9%, in the second quarter of 2026 compared to the second quarter of 2025. The operating profit increased in the second quarter of 2026 primarily due to higher Hush Puppies®royalty income. Other operating profit decreased $0.1 million, or 0.6%, in the first two quarters of 2026 compared to the first two quarters of 2025.

Previous wording

Corporate expenses decreased $5.6 million in the first quarter of 2026 compared to the first quarter of 2025, primarily due to lower corporate general and administrative costs ($2.7 million), lower environmental and other related costs ($1.9 million), lower reorganization activities ($1.8 million), lower bad debt expense ($0.7 million), partially offset by higher incentive compensation costs ($0.9 million).

Current wording

Corporate expenses decreased $8.9 million in the first two quarters of 2026 compared to the first two quarters of 2025, primarily due to tariff mitigating benefits from sourcing partners recognized in 2026 ($4.3 million), lower reorganization activities ($3.7 million), lower corporate software licensing costs ($3.5 million), lower inventory reserves recorded at the corporate level ($2.4 million), and lower environmental and other related costs ($2.2 million), partially offset by higher incentive compensation costs ($2.7 million), higher legal settlement costs ($2.5 million), and higher corporate general and administrative costs ($1.8 million).

Previous wording

Cash and cash equivalents of $119.6 million as of April 4, 2026 were $13.1 million higher compared to March 29, 2025. The increase is due primarily to cash provided by operating activities of $140.6 million, proceeds from the exercise of stock options of $12.1 million, and proceeds from company owned life insurance of $2.2 million, partially offset by net repayments of debt of $73.0 million, cash dividends paid of $33.5 million, purchases of common stock of $14.5 million, employee taxes paid under stock-based compensation of $11.1 million, additions to property, plant and equipment of $8.6 million, and cash used in other investing activities of $1.5 million. The Company had $492.9 million of unborrowed under the Revolving Facility as of April 4, 2026. Cash and cash equivalents located in foreign jurisdictions totaled $92.9 million as of April 4, 2026.

Current wording

Cash and cash equivalents of $158.5 million as of July 4, 2026 were $17.5 million higher compared to June 28, 2025. The increase is due primarily to cash provided by operating activities of $182.6 million, proceeds from the exercise of stock options of $11.9 million, and proceeds from company-owned life insurance policy liquidations of $2.2 million, partially offset by net repayments of debt of $108.5 million, cash dividends paid of $33.6 million, purchases of common stock of $14.5 million, employee taxes paid under stock-based compensation of $10.7 million, additions to property, plant and equipment of $7.6 million, and payments of debt issuance costs of $3.9 million. The Company had $522.8 million of unborrowed capacity under the Revolving Facility as of July 4, 2026. Cash and cash equivalents located in foreign jurisdictions totaled $129.6 million as of July 4, 2026.

Previous wording

The Company did not repurchase shares of its common stock during the first quarter of both 2026 and 2025.

Current wording

The Company did not repurchase shares of its common stock during the first two quarters of both 2026 and 2025.

Previous wording

A detailed discussion of environmental remediation costs is found in Note 15 to the consolidated condensed financial statements. The Company has established a reserve for estimated environmental remediation costs based upon an evaluation of currently available facts with respect to each individual affected site. As of April 4, 2026, the Company had a reserve of $25.5 million, of which $11.1 million is expected to be paid in the next 12 months and is recorded as a current obligation in other accrued liabilities and the remaining $14.4 million is recorded in other liabilities and is expected to be paid over the course of up to 25 years. The Company's remediation activity at its former Tannery site and sites where the Company disposed of Tannery byproducts is ongoing. It is difficult to estimate the cost of environmental compliance and remediation given the uncertainties regarding the interpretation and enforcement of applicable environmental laws and regulations, the extent of environmental contamination and the existence of alternative cleanup methods.

Current wording

A detailed discussion of environmental remediation costs is found in Note 15 to the consolidated condensed financial statements. The Company has established a reserve for estimated environmental remediation costs based upon an evaluation of currently available facts with respect to each individual affected site. As of July 4, 2026, the Company had a reserve of $23.3 million, of which $9.5 million is expected to be paid in the next 12 months and is recorded as a current obligation in other accrued liabilities and the remaining $13.8 million is recorded in other liabilities and is expected to be paid over the course of up to 25 years. The Company's remediation activity at its former Tannery site and sites where the Company disposed of Tannery byproducts is ongoing. It is difficult to estimate the cost of environmental compliance and remediation given the uncertainties regarding the interpretation and enforcement of applicable environmental laws and regulations, the extent of environmental contamination and the existence of alternative cleanup methods.

Previous wording

On September 24 2025, the Company entered into a 2025 Replacement Facility Amendment and Reaffirmation Agreement (the “Credit Agreement”) to replace the existing revolving credit facility and term loan A facility. The Credit Agreement provides for a revolving credit facility (the “Revolving Facility”). The maturity date of the loans under the Revolving Facility is September 24, 2030. The Credit Agreement provides for a debt capacity of up to an aggregate debt amount (including existing revolver commitment amounts in addition to permitted incremental debt)not to exceed $850.0 million. The Revolving Facility allows the Company to borrow up to an aggregate amount of $600.0 million.

Current wording

On September 24, 2025, the Company entered into a 2025 Replacement Facility Amendment and Reaffirmation Agreement (the “Credit Agreement”) to replace the previous revolving credit facility and term loan A facility. The Credit Agreement provides for a revolving credit facility (the “Revolving Facility”). The maturity date of the loans under the Revolving Facility is September 24, 2030. The Credit Agreement provides for a debt capacity of up to an aggregate debt amount (including existing revolver commitment amounts in addition to permitted incremental debt)not to exceed $850.0 million. The Revolving Facility allows the Company to borrow up to an aggregate amount of $600.0 million.

Previous wording

The Company’s debt at April 4, 2026 totaled $638.9 million compared to $621.7 million at January 3, 2026. The Company expects to use the current borrowings to fund organic growth initiatives and for general corporate purposes. The increased debt position is due to higher borrowings under the Revolving Facility mainly resulting from operating cash outflows, partially offset by lower cash balances.

Current wording

The Company’s debt at July 4, 2026 totaled $601.1 million compared to $621.7 million at January 3, 2026. The Company expects to use the current borrowings to fund organic growth initiatives and for general corporate purposes. Lower debt is primarily due to repayment of borrowings under the Revolving Facility.

Previous wording

For the first quarter of 2026, an increase in net working capital represented a use of cash of $115.2 million. Working capital balances were unfavorably impacted by a decrease in other operating liabilities of $55.0 million, a decrease in accounts payable of $35.5 million, an increase in accounts receivable of $21.4 million, an increase in inventories of $7.6 million, partially offset by a decrease in other operating assets of $4.3 million. Operating cash flows included adjustments for stock-based compensation expense of $5.8 million, depreciation and amortization expense adjustment of $5.2 million, environmental and other related costs, net of cash payments and recoveries received, cash outflow of $1.9 million, and deferred income taxes of $0.2 million.

Current wording

For the first two quarters of 2026, an increase in net working capital represented a use of cash of $66.1 million. Working capital balances were unfavorably impacted by an increase in accounts receivable of $57.2 million, a decrease in other operating liabilities of $31.5 million, partially offset by an increase in accounts payable of $14.4 million, a decrease in other operating assets of $4.3 million, and a decrease in inventories of $3.9 million. Operating cash flows included adjustments for stock-based compensation expense of $12.4 million, depreciation and amortization expense adjustment of $10.5 million, other operating activities of $5.0 million, environmental and other related costs, net of cash payments and recoveries received, cash outflow of $4.0 million, and deferred income taxes of $0.3 million.

Previous wording

The Company made capital expenditures of $1.7 million and $7.6 million in the first quarter of 2026 and 2025, respectively, for corporate headquarters building improvements, eCommerce site and information system enhancements, and store openings.

Current wording

The Company made capital expenditures of $4.1 million and $11.0 million in the first two quarters of 2026 and 2025, respectively, for corporate headquarters building improvements, eCommerce site and information system enhancements, and for company owned stores.

Previous wording

The current year debt activity includes net borrowings under the Revolving Facility of $17.0 million. The Company paid $2.5 million in principal payments associated with its long-term debt during the first quarter of 2025. The Company paid $8.1 million and $7.7 million during the first quarter of 2026 and 2025, respectively, in connection with shares or units withheld to pay employee taxes related to awards under stock incentive plans. The Company received cash proceeds from the exercise of stock options of $0.2 million and $0.3 million during the first quarter of 2026 and 2025. The Company did not repurchase its sharesin the first quarter of 2026 or 2025.

Current wording

The current year debt activity includes net repayments under the Revolving Facility of $21.0 million. The Company paid $5.0 million in principal payments associated with its long-term debt during the first two quarters of 2025. The Company paid $8.5 million and $8.5 million during the first two quarters of 2026 and 2025, respectively, in connection with shares or units withheld to pay employee taxes related to awards under stock incentive plans. The Company received cash proceeds from the exercise of stock options of $0.2 million and $0.5 million during the first two quarters of 2026 and 2025. The Company did not repurchase its sharesin the first two quarters of 2026 or 2025.

Previous wording

The Company declared cash dividends of $0.10 per share duringthe first quarter of 2026 and 2025. Dividends paid in the first quarter of 2026 and 2025 totaled $8.7 million and $8.5 million, resp ectively. A quarterly dividend of $0.10 per share was declared on May 6, 2026 to stockholders of record on July 1, 2026.

Current wording

The Company declared cash dividends of $0.20 per share duringthe first two quarters of 2026 and 2025. Dividends paid in the first two quarters of 2026 and 2025 totaled $17.0 million and $16.7 million, resp ectively. A quarterly dividend of $0.10 per share was declared on August 3, 2026 to stockholders of record on October 1, 2026.