STEVEN MADDEN, LTD.
For the period ended Sep 30, 2026. Filed Nov 6, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Nov 6, 2026
SHOO$39.50+1.3%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-07-31.
0001628280-26-051368
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-06.
0001628280-26-071505
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 162 previous paragraphs and 169 current paragraphs.
89 unchanged; 50 reworded; 30 added; 21 removed; 2 previous and 0 current paragraphs rearranged.
Tables are not compared: 3 previous and 3 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (30)
Current report
Consumer spending patterns continued to reflect the effects of interest rates, persistent inflationary pressures, and broader economic uncertainty. In September 2026, the U.S. Federal Reserve increased its benchmark interest rate in response to continued inflation concerns. Demand varied across channels and regions, with consumers remaining sensitive to pricing and discretionary purchases. Fluctuations in foreign currency exchange rates and uncertainty regarding global economic growth also continued to shape the operating environment and consumer sentiment.
Current report
Total revenue for the three months ended September 30, 2026 increased 15.7% to $772,606, compared to $667,875 in the comparable period in the prior year. The increase was driven by growth in both the wholesale and direct-to-consumer businesses.
Current report
Gross profit for the three months ended September 30, 2026 was $344,252, or 44.6% of total revenue, compared to $277,375, or 41.5% of total revenue, in the comparable period in the prior year. The increase in gross profit as a percentage of total revenue was primarily due to the strength of our underlying operating performance and a smaller negative impact from tariffs, partially offset by higher freight costs. The comparable period in the prior year included $12,309 related to purchase accounting fair value adjustments of inventory from the Kurt Geiger acquisition.
Current report
Operating expenses for the three months ended September 30, 2026 were $270,025, or 34.9% of total revenue, compared to $246,017, or 36.8% of total revenue, in the comparable period in the prior year. The decrease in operating expenses as a percentage of total revenue reflects leveraging of operating expenses on a higher revenue base. The third quarter of 2026 included charges of $3,933 in connection with acquisition-related costs attributable to Kurt Geiger, and $790 related to legal costs as a result of litigation settlements. The comparable period in the prior year included charges of $1,087 related to certain severances and termination benefits, $695 related to acquisition costs and the formation of joint ventures, and $803 related to legal costs as a result of litigation settlements.
Current report
Gross profit for the Wholesale Footwear segment was $119,966, or 37.2% of Wholesale Footwear revenue, for the three months ended September 30, 2026, compared to $91,684, or 34.4%, in the comparable period in the prior year. The increase in gross profit as a percentage of revenue was driven by the strength of our underlying operating performance and a smaller negative impact from tariffs, partially offset by higher freight costs. The comparable period in the prior year included $1,737 related to the purchase accounting fair value adjustment of inventory from the Kurt Geiger acquisition.
Current report
Operating expenses for the three months ended September 30, 2026 for the Wholesale Footwear segment were $57,734, or 17.9% of Wholesale Footwear revenue, compared to $51,570, or 19.3% of Wholesale Footwear revenue, in the comparable period in the prior year. The decrease in operating expenses as a percentage of Wholesale Footwear revenue reflects leveraging of operating expenses on a higher revenue base. The third quarter of 2026 included a charge of $151 in connection with acquisition-related costs attributable to Kurt Geiger. The comparable period in the prior year included $1,592 related to legal costs as a result of litigation settlements, $491 related to certain severances and termination benefits, and $17 related to acquisition costs and the formation of joint ventures.
Current report
During the three months ended September 30, 2026, we recorded an expense of $350 related to the change in the fair value of contingent payment liabilities.
Current report
Income from operations for the three months ended September 30, 2026 for the Wholesale Footwear segment totaled $61,882, or 19.2% of Wholesale Footwear revenue, compared to $40,114, or 15.0% of Wholesale Footwear revenue in the comparable period in the prior year.
Current report
Gross profit for the Wholesale Accessories/Apparel segment was $74,425, or 36.1% of Wholesale Accessories/Apparel revenue, for the three months ended September 30, 2026, compared to $52,966, or 30.1% of Wholesale Accessories/Apparel revenue, in the comparable period in the prior year. The increase in gross profit as a percentage of revenue was driven by the strength of our underlying operating performance and a smaller negative impact from tariffs, partially offset by higher freight costs. The comparable period in the prior year included a charge of $2,506 related to the purchase accounting fair value adjustment of inventory from the Kurt Geiger acquisition.
Current report
Operating expenses for the three months ended September 30, 2026 for the Wholesale Accessories/Apparel segment were $40,937, or 19.9% of Wholesale Accessories/Apparel revenue, compared to $37,363, or 21.2% of Wholesale Accessories/Apparel revenue, in the comparable period in the prior year. The decrease in operating expenses as a percentage of Wholesale Accessories/Apparel revenue reflects leveraging of operating expenses on a higher revenue base. The third quarter of 2026 included charges of $790 related to legal costs as a result of litigation settlements and earnout-related litigation and $76 in connection with acquisition-related costs attributable to Kurt Geiger. The comparable period in the prior year included charges of $780 related to legal costs as a result of litigation settlements, $122 related to certain severances and termination benefits, and $8 related to acquisition costs and the formation of joint ventures.
Current report
During the three months ended September 30, 2026, we recorded a net benefit of $554 related to the change in fair value of contingent payment liabilities.
Current report
Income from operations for the three months ended September 30, 2026 for the Wholesale Accessories/Apparel segment was $34,042, or 16.5% of Wholesale Accessories/Apparel revenue, compared to $15,603, or 8.9% of Wholesale Accessories/Apparel revenue, in the comparable period in the prior year.
Current report
Gross profit for the three months ended September 30, 2026 for the Direct-to-Consumer segment was $145,147, or 60.7% of Direct-to-Consumer revenue, compared to $129,050, or 58.3% of Direct-to-Consumer revenue, in the comparable period in the prior year. The increase in gross profit as a percentage of revenue was primarily due to a charge of $8,066 in the prior-year period related to the purchase accounting fair value adjustment of inventory from the Kurt Geiger acquisition.
Current report
Operating expenses for the three months ended September 30, 2026 for the Direct-to-Consumer segment were $142,891, or 59.7% of Direct-to-Consumer revenue, compared to $133,490, or 60.3% of Direct-to-Consumer revenue, in the comparable period in the prior year. The decrease in operating expenses as a percentage of revenue reflects leveraging of operating expenses on a higher revenue base. The third quarter of 2026 included charges of $3,706 in connection with acquisition-related costs attributable to Kurt Geiger. The prior-year period included charges of $671 related to acquisition costs and the formation of joint ventures, and $469 related to certain severances and termination benefits.
Current report
During the three months ended September 30, 2026, we recorded an expense of $1,225 related to the change in fair value of contingent payment liabilities.
Current report
Income from operations for the three months ended September 30, 2026 for the Direct-to-Consumer segment was $1,031, or 0.4% of Direct-to-Consumer revenue, compared to a loss from operations of $4,440, or (2.0%) of Direct-to-Consumer revenue, in the comparable period in the prior year.
Current report
Nine Months Ended September 30, 2026 Compared to Nine Months Ended September 30, 2025
Current report
Gross profit for the nine months ended September 30, 2026 was $1,011,331, or 48.4% of total revenue, compared to $729,669, or 41.0% of total revenue, in the comparable period in the prior year. The increase in gross profit as a percentage of total revenue was due to the refund of IEEPA tariffs, higher average selling prices, a smaller negative impact from tariffs, a higher penetration of the Direct-to-Consumer segment, and lower penetration of the private label business, partially offset by higher freight costs. The comparable period in the prior year included a charge of $20,840 related to purchase accounting fair value adjustment of inventory primarily attributable to the Kurt Geiger acquisition.
Current report
Revenue from the Wholesale Footwear segment for the nine months ended September 30, 2026 was $841,542, or 40.2% of total revenue, compared to $782,827, or 44.0% of total revenue, in the comparable period in the prior year. The increase of 7.5% was primarily driven by the acquisition of Kurt Geiger and a strong performance in the legacy branded business, partially offset by a decline in the private label business.
Current report
During the nine months ended September 30, 2026, we recorded an expense of $350 related to the change in fair value of contingent payment liabilities.
Current report
Income from operations for the nine months ended September 30, 2026 for the Wholesale Footwear segment totaled $173,012, or 20.6% of Wholesale Footwear revenue, compared to $128,107, or 16.4% of Wholesale Footwear revenue, in the comparable period in the prior year.
Current report
Income from operations for the nine months ended September 30, 2026 for the Wholesale Accessories/Apparel segment was $99,870, or 18.6% of Wholesale Accessories/Apparel revenue, compared to $43,924, or 9.6% of Wholesale Accessories/Apparel revenue, in the comparable period in the prior year.
Current report
During the nine months ended September 30, 2026, we recorded an expense of $1,225 related to the change in fair value of contingent payment liabilities.
Current report
Income from operations for the nine months ended September 30, 2026 for the Direct-to-Consumer segment was $12,647, or 1.8% of Direct-to-Consumer revenue, compared to a loss from operations of $55,002, or (10.4%) of Direct-to-Consumer revenue, in the comparable period in the prior year.
Current report
Acquisition of Spain Distribution Business
Current report
In June 2026, the Company, through its wholly owned subsidiary, KG Steve Madden, SL, acquired the Kurt Geiger and Steve Madden distribution business in Spain, Portugal, and Andorra from VIA Global Fashion House, SL (collectively, the “Spain Distribution Business”). The acquired Spain Distribution Business distributes the Company’s products primarily through the direct-to-consumer channel. The purchase price for the acquired Spain Distribution Business was $1,328.
Current report
Acquisition of Kurt Geiger
Current report
Credit Agreement
Current report
Subsequent to quarter-end and prior to issuance of our Form 10-Q on November 6, 2026, the Company made net repayments of $25,000 under its revolving credit facility. These repayments represented voluntary prepayments funded with available cash on hand. Following these repayments, no borrowings were outstanding under the revolving credit facility.
Current report
(5) Refer to Note 14 – Credit Agreement to the Condensed Consolidated Financial Statements included in this Quarterly Report for further information.
Removed paragraphs (21)
Previous report
Interest rates in the United States and certain international markets have moderated from prior peaks but remain elevated relative to historical levels, continuing to influence consumer borrowing costs and discretionary spending patterns. Consumer demand has remained mixed across channels and regions, reflecting ongoing sensitivity to pricing, inflationary pressures, and broader economic uncertainty. Foreign currency volatility and concerns regarding global economic growth have also continued to influence consumer sentiment.
Previous report
Total revenue for the three months ended June 30, 2026 increased 19.1% to $665,865, compared to $559,000 in the comparable period in the prior year. The increase was due to the acquisition of Kurt Geiger and a strong performance in the legacy branded business, partially offset by a decline in the private label business.
Previous report
Gross profit for the three months ended June 30, 2026 was $309,659, or 46.5% of total revenue, compared to $226,027, or 40.4% of total revenue, in the comparable period in the prior year. The increase in gross profit as a percentage of total revenue was due to higher average selling prices, a reduction in promotional activity, a smaller negative impact from tariffs, and a lower penetration of the private label business, partially offset by higher freight costs. The comparable period in the prior year included a charge of $8,251 related to the purchase accounting fair value adjustment of inventory from the acquisition of the Kurt Geiger business.
Previous report
Operating expenses for the three months ended June 30, 2026 were $270,340, or 40.6% of total revenue, compared to $263,865, or 47.2% of total revenue, in the comparable period in the prior year. The decrease in operating expenses as a percentage of total revenue was primarily attributable to the one-time recognition of compensation expense of $38,819 in the prior-year period resulting from the reallocation of acquisition-related sellers proceeds from institutional sellers to management sellers in excess of their respective pre-acquisition equity ownership. The prior-year period also included charges of $8,135 related to acquisition costs and the formation of international joint ventures, $4,741 related to legal costs resulting from litigation settlements, and $522 related to certain severances and termination benefits. The second quarter of 2026 included charges of $3,386 related to legal costs resulting from litigation settlements, $1,486 related to certain severances and termination benefits, and $329 related to acquisition costs and the formation of joint ventures.
Previous report
Gross profit for the Wholesale Footwear segment was $85,331, or 35.5% of Wholesale Footwear revenue, for the three months ended June 30, 2026, compared to $68,485, or 31.1%, in the comparable period in the prior year. The increase in gross profit as a percentage of revenue was due to higher average selling prices, a smaller negative impact from tariffs, and a lower penetration of the private label business, partially offset by higher freight costs. The comparable period in the prior year included $1,443 related to the purchase accounting fair value adjustment of inventory from the acquisition of the Kurt Geiger business.
Previous report
Operating expenses for the three months ended June 30, 2026 for the Wholesale Footwear segment were $54,576, or 22.7% of Wholesale Footwear revenue, compared to $43,580, or 19.8% of Wholesale Footwear revenue, in the comparable period in the prior year. The increase in operating expenses as a percentage of Wholesale Footwear revenue reflects higher incentive compensation and higher distribution and logistics expenses. The second quarter of 2026 also included charges of $1,334 related to legal costs resulting from litigation settlements, $945 related to certain severances and termination benefits, and $46 related to acquisition costs and the formation of international joint ventures. The comparable period in the prior year included $350 of costs related to certain severances and termination benefits and $8 of acquisition costs related to the formation of new international joint ventures.
Previous report
Income from operations for the three months ended June 30, 2026 for the Wholesale Footwear segment totaled $30,755, or 12.8% of Wholesale Footwear revenue, compared to $24,905, or 11.3% of Wholesale Footwear revenue in the comparable period in the prior year.
Previous report
Gross profit for Wholesale Accessories/Apparel segment was $57,940, or 34.6% of Wholesale Accessories/Apparel revenue, for the three months ended June 30, 2026, compared to $39,809, or 28.3% of Wholesale Accessories/Apparel revenue, in the comparable period in the prior year. The increase in gross profit as a percentage of revenue was due to higher average selling prices, a smaller negative impact from tariffs, and a lower penetration of the private label business, partially offset by higher freight costs. The comparable period in the prior year included a charge of $1,814 related to the purchase accounting fair value adjustment of inventory from the acquisition of the Kurt Geiger business.
Previous report
Operating expenses for the three months ended June 30, 2026 for the Wholesale Accessories/Apparel segment were $36,057, or 21.5% of Wholesale Accessories/Apparel revenue, compared to $31,480, or 22.4% of Wholesale Accessories/Apparel revenue, in the comparable period in the prior year. The decrease in operating expenses as a percentage of Wholesale Accessories/Apparel revenue reflects leveraging of operating expenses on a higher revenue base. The second quarter of 2026 also included charges of $602 related to legal costs resulting from earnout-related litigation and $322 related to certain severances and termination benefits. The comparable period in the prior year included charges of $791 related to legal costs resulting from litigation settlements and $223 related to certain severances and termination benefits.
Previous report
During the three months ended June 30, 2025, we recorded a charge of $2,420 related to the change in fair value of contingent payment liabilities.
Previous report
Income from operations for the three months ended June 30, 2026 for the Wholesale Accessories/Apparel segment was $21,883, or 13.1% of Wholesale Accessories/Apparel revenue, compared to $5,909, or 4.2% of Wholesale Accessories/Apparel revenue, in the comparable period in the prior year.
Previous report
Gross profit for the three months ended June 30, 2026 for the Direct-to-Consumer segment was $163,437, or 64.0% of Direct-to-Consumer revenue, compared to $114,823, or 58.7% of Direct-to-Consumer revenue, in the comparable period in the prior year. The increase in gross profit as a percentage of revenue was due to higher average selling prices, a reduction in promotional activity, and a smaller negative impact from tariffs, partially offset by higher freight costs. The comparable period in the prior year included a charge of $4,994 related to the purchase accounting fair value adjustment of inventory from the acquisition of the Kurt Geiger business.
Previous report
Operating expenses for the three months ended June 30, 2026 for the Direct-to-Consumer segment were $150,237, or 58.8% of Direct-to-Consumer revenue, compared to $159,157, or 81.4% of Direct-to-Consumer revenue, in the comparable period in the prior year. The decrease in operating expenses as a percentage of revenue was primarily attributable to the one-time recognition of compensation expense of $38,819 in the prior-year period resulting from the reallocation of acquisition-related sellers proceeds from institutional sellers to management sellers in excess of their respective pre-acquisition equity ownership. The prior-year period also included charges of $7,222 related to acquisition costs and the formation of international joint ventures and $1,450 related to legal costs resulting from litigation settlements. The second quarter of 2026 included charges of $922 related to legal costs as a result of litigation settlements, $277 related to acquisition costs and the formation of joint ventures, and $172 related to certain severances and termination benefits.
Previous report
Income from operations for the three months ended June 30, 2026 for the Direct-to-Consumer segment was $13,200, or 5.2% of Direct-to-Consumer revenue, compared to a loss from operations of $44,334, or (22.7)% of Direct-to-Consumer revenue, in the comparable period in the prior year.
Previous report
Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025
Previous report
Gross profit for the six months ended June 30, 2026 was $667,079, or 50.6% of total revenue, compared to $452,294, or 40.7% of total revenue, in the comparable period in the prior year. The increase in gross profit as a percentage of total revenue was due to the refund of IEEPA tariffs, the acquisition of Kurt Geiger, higher average selling prices, a smaller negative impact from tariffs, and lower penetration of the private label business, partially offset by higher freight costs. The comparable period in the prior year included a charge of $8,530 related to purchase accounting fair value adjustment of inventory from acquired businesses.
Previous report
Revenue from the Wholesale Footwear segment for the six months ended June 30, 2026 was $518,910, or 39.3% of total revenue, compared to $516,284, or 46.4% of total revenue, in the comparable period in the prior year. The increase of 0.5% was primarily driven by the acquisition of Kurt Geiger and a strong performance in the legacy branded business, partially offset by a decline in the private label business.
Previous report
Income from operations for the six months ended June 30, 2026 for the Wholesale Footwear segment totaled $111,130, or 21.4% of Wholesale Footwear revenue, compared to $87,993, or 17.0% of Wholesale Footwear revenue, in the comparable period in the prior year.
Previous report
Income from operations for the six months ended June 30, 2026 for the Wholesale Accessories/Apparel segment was $65,828, or 19.8% of Wholesale Accessories/Apparel revenue, compared to $28,321, or 10.0% of Wholesale Accessories/Apparel revenue, in the comparable period in the prior year.
Previous report
Income from operations for the six months ended June 30, 2026 for the Direct-to-Consumer segment was $11,616, or 2.5% of Direct-to-Consumer revenue, compared to a loss from operations of $50,562, or (16.4)% of Direct-to-Consumer revenue, in the comparable period in the prior year.
Previous report
Acquisition of Kurt Geiger and Credit Agreement
Reworded paragraphs (50)
Previous wording
The following discussion of our financial condition and results of operations for the three and six months ended June 30, 2026 should be read in conjunction with the unaudited Condensed Consolidated Financial Statements and notes thereto appearing elsewhere in this Quarterly Report on Form 10-Q.
Current wording
The following discussion of our financial condition and results of operations for the three and nine months ended September 30, 2026 should be read in conjunction with the unaudited Condensed Consolidated Financial Statements and notes thereto appearing elsewhere in this Quarterly Report on Form 10-Q.
Previous wording
•changes in trade policies, additional tariffs on product imported to the United States or other territories where we operate, retaliatory trade actions taken by other countries, and resulting trade wars;
Current wording
•changes in trade policies, additional tariffs on product imported to the United States, retaliatory trade actions taken by other countries, and resulting trade wars;
Previous wording
•our reliance on independent manufacturers to produce and deliver products in a timely manner or to meet our quality standards if we experience a supply chain disruption and we are unable to secure an alternative source for our products;
Current wording
•our reliance on independent manufacturers to produce and deliver products in a timely manner or to meet our quality standards if we experience a supply chain disruption and we are unable to secure an alternative source of raw materials or end products;
Previous wording
•our exposure to risks associated with indebtedness used to finance the acquisition of Kurt Geiger, including related debt service requirements;
Current wording
•our exposure to risks associated with increased indebtedness used to finance the acquisition of Kurt Geiger, including related debt service requirements;
Previous wording
•litigation or other legal proceedings could divert management resources and result in additional costs;
Current wording
•litigation or other legal proceedings could divert management resources and result in costs;
Previous wording
•the loss of a significant license;
Current wording
•the actions of our licensees or the loss of a significant licensee and diminished brand integrity;
Previous wording
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 United Kingdom. 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.
Current wording
•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 United Kingdom. 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.
Previous wording
The second quarter of 2026 continued to be shaped by an evolving macroeconomic environment, requiring ongoing flexibility across our sourcing, supply chain, and go-to-market strategies.
Current wording
During the third quarter of 2026, shifting macroeconomic conditions continued to influence our operating environment, reinforcing the importance of flexibility in our sourcing, supply chain, and go-to-market strategies.
Previous wording
Global trade policy remained a significant area of focus during the second quarter of 2026. Following the United States Supreme Court’s February 2026 decision concluding that certain tariffs imposed under the International Emergency Economic Powers Act (“IEEPA”) were not authorized, and the U.S. Court of International Trade’s (“CIT”) subsequent order directing U.S. Customs and Border Protection (“CBP”) to provide refunds of previously collected amounts, including applicable interest, the administration continued to pursue alternative trade measures, including the imposition of tariffs under Sections 301 and 122 of the Trade Act of 1974, as well as other statutory authorities that may be used to impose tariffs or other import restrictions. In addition, the ongoing review of the United States-Mexico-Canada Agreement (“USMCA”), together with developments relating to other trade agreements and international trade arrangements, has contributed to, and may continue to contribute to, uncertainty in the global trade environment. At this time, the timing, scope, and magnitude of tariff-related impacts remain uncertain and will depend on future developments in U.S. trade policy, trade agreement negotiations, judicial proceedings, and regulatory actions. In response to this evolving environment, we have continued to maintain diversified sourcing strategies, selectively adjust pricing where appropriate, and pursue cost management initiatives.
Current wording
Global trade policy developments remained a key consideration during the third quarter of 2026. Following the United States Supreme Court’s February 2026 decision concluding that certain tariffs imposed under the International Emergency Economic Powers Act (“IEEPA”) were not authorized, and the U.S. Court of International Trade’s (“CIT”) subsequent order directing U.S. Customs and Border Protection (“CBP”) to provide refunds of previously collected amounts, including applicable interest, the administration continued to advance alternative trade measures. During the quarter, temporary tariffs imposed under Section 122 of the Trade Act of 1974 expired, and new tariffs under Section 301 of the Trade Act of 1974 took effect on imports from a broad range of trading partners, subject to certain exemptions. Negotiations following the July 2026 review of the United States-Mexico-Canada Agreement (“USMCA”), along with developments involving other international trade arrangements, added to the uncertainty surrounding global trade. The timing, scope, and magnitude of future tariff-related impacts remain dependent on changes in trade policy, ongoing negotiations, judicial proceedings, and regulatory actions. We continue to navigate these conditions through diversified sourcing, selective pricing adjustments, and cost management initiatives.
Previous wording
Geopolitical developments continued to influence the global operating environment during the quarter. Ongoing conflicts in Ukraine and the Middle East, including persistent tensions involving Iran, together with broader strategic tensions between the United States and China, continued to contribute to uncertainty in global markets. These conditions have affected, and may continue to affect, supply chains, trade flows, input costs, freight markets, and broader global business operations.
Current wording
Geopolitical uncertainty remained a factor in global markets throughout the quarter. Ongoing conflicts in Ukraine and the Middle East, including renewed hostilities involving Iran and disruptions to regional energy flows, continued alongside broader strategic tensions between the United States and China. These developments have contributed to global business conditions and may continue to affect supply chains, trade flows, energy and other input costs, and freight markets.
Previous wording
The retail environment continues to evolve as consumers increasingly expect integrated shopping experiences across digital and physical channels. We remain focused on strengthening our omnichannel capabilities and enhancing the consumer experience through continued investments in e-commerce, data analytics, and digital engagement. Across the wholesale channel, customers have continued to prioritize inventory discipline and cautious buying patterns in light of ongoing economic and trade-related uncertainty.
Current wording
Consumer expectations for seamless engagement across digital and physical channels continued to shape the retail landscape. Our priorities remain centered on enhancing the consumer experience and strengthening our omnichannel capabilities through ongoing investments in e-commerce, data analytics, and digital engagement. Within the wholesale channel, continued economic and trade-related uncertainty reinforced customers’ focus on disciplined inventory management and cautious purchasing decisions.
Previous wording
While the macroeconomic environment continues to evolve, some things remain the same, including our steadfast commitment to executing the following key strategic initiatives, which are aimed at driving long-term growth and creating shareholder value:
Current wording
Despite the evolving macroeconomic environment, some things remain the same, including our steadfast commitment to executing the following key strategic initiatives, which are aimed at driving long-term growth and creating shareholder value:
Previous wording
On July 29, 2026, our Board of Directors approved a quarterly dividend of $0.21 per share payable on September 24, 2026 to stockholders of record as of the close of business on September 11, 2026.
Current wording
On November 4, 2026, our Board of Directors declared a quarterly cash dividend of $0.21 per share payable on December 24, 2026 to stockholders of record as of the close of business on December 11, 2026.
Previous wording
Total revenue for the quarter ended June 30, 2026 increased 19.1% to $665,865, compared to $559,000 in the same period of last year, primarily driven by the acquisition of Kurt Geiger and a strong performance in the legacy branded business, partially offset by a decline in the private label business. Net income attributable to Steven Madden, Ltd. was $27,727 in the second quarter of 2026, compared to a net loss of $39,477 in the same period of last year. Our effective tax rate for the second quarter of 2026 was 26.6%, compared to (11.2)% in the same period of last year. Diluted income per share was $0.38 per share on 72,164 diluted weighted average shares outstanding, compared to diluted loss per share of $0.56 per share on 70,870 diluted weighted average shares outstanding in the second quarter of the prior year.
Current wording
Total revenue for the quarter ended September 30, 2026 increased 15.7% to $772,606, compared to $667,875 in the same period of last year, driven by growth in both wholesale and direct-to-consumer businesses. Net income attributable to Steven Madden, Ltd. was $52,415 in the third quarter of 2026, compared to $20,528 in the same period of last year. Our effective tax rate for the third quarter of 2026 was 26.2%, compared to 17.4% in the same period of last year. Diluted income per share was $0.72 per share on 72,577 diluted weighted average shares outstanding, compared to $0.29 per share on 71,157 diluted weighted average shares outstanding in the third quarter of the prior year.
Previous wording
Our inventory turnover (calculated on a trailing four quarter average) for the quarter ended June 30, 2026 was 3.6 times, compared to 4.6 times at June 30, 2025. Excluding the Kurt Geiger business, our inventory turnover for the quarter ended June 30, 2026 was 4.8 times, compared to 5.2 times for the quarter ended June 30, 2025. Our total Company accounts receivable average collection days decreased to 61 days in the second quarter of 2026, compared to 71 days in the second quarter of 2025. As of June 30, 2026, we had $94,739 in cash and cash equivalents, and total stockholders’ equity of $972,104. Working capital was $441,931 as of June 30, 2026, compared to $501,184 as of June 30, 2025.
Current wording
Our inventory turnover (calculated on a trailing four quarter average) for the quarter ended September 30, 2026 was 3.8 times, compared to 4.0 times at September 30, 2025. Excluding the Kurt Geiger business, our inventory turnover for the quarter ended September 30, 2026 was 5.0 times, compared to 4.5 times for the quarter ended September 30, 2025. Our total Company accounts receivable average collection days decreased to 56 days in the third quarter of 2026, compared to 58 days in the third quarter of 2025. As of September 30, 2026, we had $71,334 in cash and cash equivalents, and total stockholders’ equity of $1,016,124. Working capital was $484,165 as of September 30, 2026, compared to $520,512 as of September 30, 2025.
Previous wording
During the three months ended June 30, 2026, we recorded no expense related to changes in the fair value of contingent payment liabilities. In the comparable period in the prior year, we recorded expense of $2,420 related to changes in the fair value of contingent payment liabilities.
Current wording
During the three months ended September 30, 2026, we recorded an expense of $1,021 related to the change in the fair value of contingent payment liabilities.
Previous wording
Income from operations for the three months ended June 30, 2026 was $39,319, or 5.9% of total revenue, compared to a loss from operations of $40,258, or (7.2)% of total revenue in the comparable period in the prior year. The effective tax rate for the three months ended June 30, 2026 was 26.6% compared to (11.2)%, in the comparable period in the prior year. The difference between the Company’s effective tax rates was primarily due to non-deductible expenses treated as discrete items related to the acquisition of the Kurt Geiger business.
Current wording
Income from operations for the three months ended September 30, 2026 was $73,206, or 9.5% of total revenue, compared to $31,358, or 4.7% of total revenue, in the comparable period in the prior year. The effective tax rate for the three months ended September 30, 2026 was 26.2% compared to 17.4% in the comparable period in the prior year. The difference between the Company’s effective tax rates was primarily due to the prior year benefiting from a reduction in non-deductible expenses related to the Kurt Geiger acquisition and the jurisdictional mix of pre-tax earnings.
Previous wording
Net income attributable to Steven Madden, Ltd. for the six months ended June 30, 2026 was $99,549, compared to $946 in the comparable period in the prior year.
Current wording
Net income attributable to Steven Madden, Ltd. for the three months ended September 30, 2026 was $52,415, compared to $20,528 in the comparable period in the prior year.
Previous wording
Revenue from the Wholesale Footwear segment for the three months ended June 30, 2026 was $240,044, or 36.0% of total revenue, compared to $220,139, or 39.4% of total revenue, in the comparable period in the prior year. The increase of 9.0% was primarily driven by strong growth in the branded business, partially offset by a decline in the private label business.
Current wording
Revenue from the Wholesale Footwear segment for the three months ended September 30, 2026 was $322,632, or 41.8% of total revenue, compared to $266,543, or 39.9% of total revenue, in the comparable period in the prior year. The increase of 21.0% was primarily driven by strong growth in the branded business.
Previous wording
Revenue from the Wholesale Accessories/Apparel segment for the three months ended June 30, 2026 was $167,461, or 25.1% of total revenue, compared to $140,449, or 25.1% of total revenue, in the comparable period in the prior year. The increase of 19.2% was primarily driven by strong growth in the branded business, partially offset by a decline in the private label business.
Current wording
Revenue from the Wholesale Accessories/Apparel segment for the three months ended September 30, 2026 was $206,105, or 26.7% of total revenue, compared to $176,152, or 26.4% of total revenue, in the comparable period in the prior year. The increase of 17.0% was primarily driven by strong growth in the branded business.
Previous wording
Revenue from the Direct-to-Consumer segment for the three months ended June 30, 2026 was $255,409, or 38.4% of total revenue, compared to $195,502, or 35.0% of total revenue, in the comparable period in the prior year period. The increase of 30.6% was primarily driven by the acquisition of Kurt Geiger and a strong Steve Madden performance in both our brick-and-mortar stores and e-commerce businesses. As of June 30, 2026, we operated 382 brick-and-mortar stores, eight e-commerce websites, and 164 concessions in international markets. As of June 30, 2025, we operated 392 brick-and-mortar stores, seven e-commerce websites, and 130 concessions in international markets.
Current wording
Revenue from the Direct-to-Consumer segment for the three months ended September 30, 2026 was $239,155, or 31.0% of total revenue, compared to $221,505, or 33.2% of total revenue, in the comparable period in the prior year. The increase of 8.0% was driven by growth in both our brick-and-mortar and e-commerce businesses. As of September 30, 2026, we operated 381 brick-and-mortar stores, eight e-commerce websites, and 190 concessions in international markets. As of September 30, 2025, we operated 397 brick-and-mortar stores, seven e-commerce websites, and 133 concessions in international markets.
Previous wording
Royalty income from the Licensing segment for the three months ended June 30, 2026 was $2,951, or 0.4% of total revenue, compared to $2,910, or 0.5% of total revenue, in the comparable period in the prior year. Operating expenses for the three months ended June 30, 2026 were $1,016, compared to $553 in the comparable period of the prior year. The current period included charges of $528 related to legal costs resulting from litigation settlements. Income from operations for the three months ended June 30, 2026 was $1,935, compared to $2,357 in the comparable period in the prior year.
Current wording
Royalty income from the Licensing segment for the three months ended September 30, 2026 was $4,714, or 0.6% of total revenue, compared to $3,675, or 0.6% of total revenue, in the comparable period in the prior year. Operating expenses for the three months ended September 30, 2026 were $642, compared to $217 in the comparable period of the prior year. Income from operations for the three months ended September 30, 2026 was $4,072, compared to $3,458 in the comparable period in the prior year.
Previous wording
Corporate does not constitute a reportable segment and includes costs not directly attributable to the segments. These expenses primarily related to corporate executives, corporate finance, corporate social responsibility, legal, human resources, information technology, cybersecurity, and other shared services. Corporate operating expenses for the six months ended June 30, 2026 were $55,625 or 4.2% of total revenue, compared to $56,693 or 5.1% of total revenue, in the comparable period in the prior year. The current period included charges of $206 related to certain severances and termination benefits and $6 related to acquisition costs and the formation of joint ventures. The comparable period in the prior year included charges of $2,614 related to acquisition costs and $686 related to certain severances and termination benefits.
Current wording
Corporate does not constitute a reportable segment and includes costs not directly attributable to the segments. These expenses primarily relate to corporate executives, corporate finance, corporate social responsibility, legal, human resources, information technology, cybersecurity, and other shared services. Corporate operating expenses for the three months ended September 30, 2026 were $27,821, or 3.6% of total revenue, compared to $23,377, or 3.5% of total revenue, in the comparable period in the prior year.
Previous wording
Total revenue for the six months ended June 30, 2026 increased 18.6% to $1,318,961, compared to $1,112,534 in the comparable period in the prior year. The increase was driven by the acquisition of Kurt Geiger and a strong performance in the legacy branded business, partially offset by a decline in the private label business.
Current wording
Total revenue for the nine months ended September 30, 2026 increased 17.5% to $2,091,567, compared to $1,780,409 in the comparable period in the prior year. The increase was driven by the acquisition of Kurt Geiger and a strong performance in the legacy branded business, partially offset by a decline in the private label business.
Previous wording
Operating expenses for the six months ended June 30, 2026 were $528,633, or 40.1% of total revenue, compared to $441,128, or 39.7% of total revenue, in the comparable period in the prior year. The increase in operating expenses as a percentage of total revenue was primarily attributable to the acquisition of Kurt Geiger, higher incentive compensation, and higher distribution and logistics expenses. The first half of 2026 also included charges of $4,226 related to legal costs resulting from litigation settlements and earnout-related litigations, $2,649 related to certain severances and termination benefits, and $591 related to acquisition costs and the formation of international joint ventures. The comparable period in the prior year included $38,819 of compensation expense resulting from the reallocation of acquisition-related sellers proceeds from institutional sellers to management sellers in excess of their respective pre-acquisition equity ownership, as well as charges of $11,322 related to acquisition costs and the formation of international joint ventures, $5,929 related to legal costs resulting from litigation settlements, and $2,943 related to certain severances and termination benefits.
Current wording
Operating expenses for the nine months ended September 30, 2026 were $798,658, or 38.2% of total revenue, compared to $687,145, or 38.6% of total revenue, in the comparable period in the prior year. The decrease in operating expenses as a percentage of total revenue was primarily due to the prior year period including $38,819 related to a one-time compensation expense resulting from the reallocation of acquisition-related sellers' proceeds from institutional sellers to management sellers in excess of their respective pre-acquisition equity ownership, as well as charges of $12,017 related to acquisition costs and the formation of joint ventures, $6,732 related to legal costs as a result of litigation settlements, and $4,030 related to certain severances and termination benefits. The current year period included a partial offset due to higher incentive compensation, distribution and logistics expenses, and a higher penetration of the Direct-to-Consumer segment. The current-year period also included charges of $5,017 related to legal costs resulting from litigation settlements and earnout-related litigation, $4,524 in connection with acquisition-related costs and the formation of international joint ventures, and $2,649 related to certain severances and termination benefits.
Previous wording
During the six months ended June 30, 2026, we recorded an expense of $385 related to the change in fair value of contingent payment liabilities. In the comparable period in the prior year, we recorded a benefit of $2,075 related to the change in fair value of contingent payment liabilities.
Current wording
During the nine months ended September 30, 2026, we recorded an expense of $1,406 related to the change in fair value of contingent payment liabilities. In the comparable period in the prior year, we recorded a benefit of $2,075 related to the change in fair value of contingent payment liabilities.
Previous wording
Income from operations for the six months ended June 30, 2026 was $138,061, or 10.5% of total revenue, compared to $13,241, or 1.2% of total revenue, in the comparable period in the prior year. The effective tax rate for the six months ended June 30, 2026 was 25.2%, compared to 87.0% in the comparable period in the prior year. The difference between the Company’s effective tax rates was primarily due to non-deductible expenses treated as discrete items related to the acquisition of the Kurt Geiger business.
Current wording
Income from operations for the nine months ended September 30, 2026 was $211,267, or 10.1% of total revenue, compared to $44,599, or 2.5% of total revenue, in the comparable period in the prior year. The effective tax rate for the nine months ended September 30, 2026 was 25.6%, compared to 47.0% in the comparable period in the prior year. The difference between the Company’s effective tax rates was primarily due to non-deductible expenses treated as discrete items related to the Kurt Geiger acquisition in the prior year.
Previous wording
Net income attributable to Steven Madden, Ltd. for the three months ended June 30, 2026 was $27,727, compared to a net loss of $39,477 in the comparable period in the prior year.
Current wording
Net income attributable to Steven Madden, Ltd. for the nine months ended September 30, 2026 was $151,964, compared to $21,474 in the comparable period in the prior year.
Previous wording
Gross profit for the six months ended June 30, 2026 for the Wholesale Footwear segment was $221,341, or 42.7% of Wholesale Footwear revenue, compared to $177,176, or 34.3% of Wholesale Footwear revenue, in the comparable period in the prior year. The increase in gross profit as a percentage of revenue was due to the refund of IEEPA tariffs, higher average selling prices, a smaller negative impact from tariffs, a lower penetration of the private label business, partially offset by higher freight costs. The comparable period in the prior year included $1,443 related to the purchase accounting fair value adjustment of inventory from the acquisition of the Kurt Geiger business.
Current wording
Gross profit for the nine months ended September 30, 2026 for the Wholesale Footwear segment was $341,307, or 40.6% of Wholesale Footwear revenue, compared to $268,860, or 34.3% of Wholesale Footwear revenue, in the comparable period in the prior year. The increase in gross profit as a percentage of revenue was due to the refund of IEEPA tariffs, higher average selling prices, a smaller negative impact from tariffs, and a lower penetration of the private label business, partially offset by higher freight costs. The comparable period in the prior year included $3,180 related to the purchase accounting fair value adjustment of inventory from the Kurt Geiger acquisition.
Previous wording
Operating expenses for the six months ended June 30, 2026 for the Wholesale Footwear segment were $110,211, or 21.2% of Wholesale Footwear revenue, compared to $89,183, or 17.3% of Wholesale Footwear revenue, in the comparable period in the prior year. The increase in operating expenses as a percentage of Wholesale Footwear revenue was due to higher incentive compensation and higher distribution and logistics expenses. The first half of 2026 also included charges of $1,545 related to certain severances and termination benefits, $1,334 related to legal costs resulting from litigation settlements, and $81 related to acquisition costs and the formation of international joint ventures. The comparable period in the prior year included costs of $946 related to certain severances and termination benefits, and $80 of acquisition costs related to the formation of new international joint ventures.
Current wording
Operating expenses for the nine months ended September 30, 2026 for the Wholesale Footwear segment were $167,945, or 20.0% of Wholesale Footwear revenue, compared to $140,753, or 18.0% of Wholesale Footwear revenue, in the comparable period in the prior year. The increase in operating expenses as a percentage of Wholesale Footwear revenue was due to higher incentive compensation and higher distribution and logistics expenses. The current-year period also included charges of $1,545 related to certain severances and termination benefits, $1,334 related to legal costs resulting from litigation settlements, and $232 in connection with acquisition-related costs and the formation of international joint ventures. The comparable period in the prior year included charges of $1,592 related to legal costs as a result of litigation settlements, $1,438 related to certain severances and termination benefits, and $97 related to acquisition costs and the formation of joint ventures.
Previous wording
Revenue from the Wholesale Accessories/Apparel segment for the six months ended June 30, 2026 was $332,242, or 25.2% of total revenue, compared to $283,622, or 25.5% of total revenue, in the comparable period in the prior year. The increase of 17.1% was primarily driven by the acquisition of Kurt Geiger and a strong performance in the legacy branded business, partially offset by a decline in the private label business.
Current wording
Revenue from the Wholesale Accessories/Apparel segment for the nine months ended September 30, 2026 was $538,347, or 25.7% of total revenue, compared to $459,774, or 25.8% of total revenue, in the comparable period in the prior year. The increase of 17.1% was primarily driven by the acquisition of Kurt Geiger and a strong performance in the legacy branded business, partially offset by a decline in the private label business.
Previous wording
Gross profit for the six months ended June 30, 2026 for the Wholesale Accessories/Apparel segment was $140,110, or 42.2% of Wholesale Accessories/Apparel revenue, compared to $87,858, or 31.0% of Wholesale Accessories/Apparel revenue, in the comparable period in the prior year. The increase in gross profit as a percentage of revenue was due to the refund of IEEPA tariffs, higher average selling prices, the acquisition of Kurt Geiger, a smaller negative impact from tariffs, and a lower penetration of the private label business, partially offset by higher freight costs. The comparable period in the prior year included a charge of $2,093 related to the purchase accounting fair value adjustment of inventory from acquired businesses.
Current wording
Gross profit for the nine months ended September 30, 2026 for the Wholesale Accessories/Apparel segment was $214,535, or 39.9% of Wholesale Accessories/Apparel revenue, compared to $140,824, or 30.6% of Wholesale Accessories/Apparel revenue, in the comparable period in the prior year. The increase in gross profit as a percentage of revenue was due to the refund of IEEPA tariffs, higher average selling prices, the acquisition of Kurt Geiger, a smaller negative impact from tariffs, and a lower penetration of the private label business, partially offset by higher freight costs. The comparable period in the prior year included a charge of $4,599 related to the purchase accounting fair value adjustment of inventory primarily attributable to the acquisition of Kurt Geiger.
Previous wording
Operating expenses for the six months ended June 30, 2026 for the Wholesale Accessories/Apparel segment were $73,897, or 22.2% of Wholesale Accessories/Apparel revenue, compared to $61,612, or 21.7% of Wholesale Accessories/Apparel revenue, in the comparable period in the prior year. The increase in operating expenses as a percentage of Wholesale Accessories/Apparel revenue was due to the acquisition of Kurt Geiger, higher incentive compensation, and higher distribution and logistics expenses. The first half of 2026 also included charges of $910 related to legal costs resulting from earnout-related litigation and $669 related to certain severances and termination benefits. The comparable period in the prior year included charges of $1,979 related to legal costs resulting from litigation settlements and $327 related to certain severances and termination benefits.
Current wording
Operating expenses for the nine months ended September 30, 2026 for the Wholesale Accessories/Apparel segment were $114,834, or 21.3% of Wholesale Accessories/Apparel revenue, compared to $98,975, or 21.5% of Wholesale Accessories/Apparel revenue, in the comparable period in the prior year. The decrease in operating expenses as a percentage of Wholesale Accessories/Apparel revenue reflects leveraging of operating expenses on a higher revenue base, partially offset by the acquisition of Kurt Geiger, higher incentive compensation, and higher distribution and logistics expenses. The current-year period included charges of $1,701 related to legal costs resulting from earnout-related litigation, $669 related to certain severances and termination benefits, and $76 in connection with acquisition-related costs. The comparable period in the prior year included charges of $2,759 related to legal costs as a result of litigation settlements, $449 related to certain severances and termination benefits, and $38 related to acquisition costs and the formation of joint ventures.
Previous wording
During the six months ended June 30, 2026, we recorded a charge of $385 related to the change in fair value of contingent payment liabilities. During the comparable period in the prior year, we recorded a benefit of $2,075 related to the change in fair value of contingent payment liabilities.
Current wording
During the nine months ended September 30, 2026, we recorded a net benefit of $169 related to the change in fair value of contingent payment liabilities. During the comparable period in the prior year, we recorded a benefit of $2,075 related to the change in fair value of contingent payment liabilities.
Previous wording
Revenue from the Direct-to-Consumer segment for the six months ended June 30, 2026 was $461,422, or 35.0% of total revenue, compared to $307,566, or 27.6% of total revenue, in the comparable period in the prior year. The increase of 50.0% was driven by the acquisition of Kurt Geiger and a strong Steve Madden performance in both our brick-and-mortar and e-commerce businesses.
Current wording
Revenue from the Direct-to-Consumer segment for the nine months ended September 30, 2026 was $700,577, or 33.5% of total revenue, compared to $529,071, or 29.7% of total revenue, in the comparable period in the prior year. The increase of 32.4% was driven by the acquisition of Kurt Geiger and a strong Steve Madden performance in both our brick-and-mortar and e-commerce businesses.
Previous wording
Gross profit for the six months ended June 30, 2026 for the Direct-to-Consumer segment was $299,241, or 64.9% of Direct-to-Consumer revenue, compared to $182,198, or 59.2% of Direct-to-Consumer revenue, in the comparable period in the prior year. The increase in gross profit as a percentage of revenue was due to the refund of IEEPA tariffs, higher average selling prices, and a reduction in promotional activity, partially offset by higher freight costs. The comparable period in the prior year included a charge of $4,994 related to the purchase accounting fair value adjustment of inventory from the acquisition of the Kurt Geiger business.
Current wording
Gross profit for the nine months ended September 30, 2026 for the Direct-to-Consumer segment was $444,388, or 63.4% of Direct-to-Consumer revenue, compared to $311,248, or 58.8% of Direct-to-Consumer revenue, in the comparable period in the prior year. The increase in gross profit as a percentage of revenue was due to the refund of IEEPA tariffs, higher average selling prices, and a reduction in promotional activity, partially offset by higher freight costs. The comparable period in the prior year included a charge of $13,060 related to the purchase accounting fair value adjustment of inventory from the Kurt Geiger acquisition.
Previous wording
Operating expenses for the six months ended June 30, 2026 for the Direct-to-Consumer segment were $287,625, or 62.3% of Direct-to-Consumer revenue, compared to $232,760, or 75.7% of Direct-to-Consumer revenue, in the comparable period in the prior year. The decrease in operating expenses as a percentage of revenue was primarily attributable to the one-time recognition of compensation expense of $38,819 in the prior-year period resulting from the reallocation of acquisition-related sellers proceeds from institutional sellers to management sellers in excess of their respective pre-acquisition equity ownership. The prior-year period also included charges of $7,692 related to acquisition costs and the formation of international joint ventures, $1,450 related to legal costs resulting from litigation settlements, and $915 related to certain severances and termination benefits. This was partially offset by higher incentive compensation and higher distribution and logistics expenses in the first half of 2026. The 2026 period also included charges of $1,454 related to legal costs resulting from litigation settlements, $504 related to acquisition costs and the formation of international joint ventures, and $229 related to certain severances and termination benefits.
Current wording
Operating expenses for the nine months ended September 30, 2026 for the Direct-to-Consumer segment were $430,516, or 61.5% of Direct-to-Consumer revenue, compared to $366,250, or 69.2% of Direct-to-Consumer revenue, in the comparable period in the prior year. The decrease in operating expenses as a percentage of revenue was primarily attributable to the one-time recognition of compensation expense of $38,819 in the prior-year period resulting from the reallocation of acquisition-related sellers' proceeds from institutional sellers to management sellers in excess of their respective pre-acquisition equity ownership. The prior-year period also included charges of $8,363 related to acquisition costs in connection with the Kurt Geiger acquisition and the formation of joint ventures, $1,453 related to legal costs as a result of litigation settlements, and $1,384 related to certain severances and termination benefits. This was partially offset by higher incentive compensation, marketing, and higher distribution and logistics expenses in the current-year period. The current-year period also included charges of $4,210 in connection with acquisition-related costs and the formation of international joint ventures, $1,454 related to legal costs resulting from litigation settlements, and $229 related to certain severances and termination benefits.
Previous wording
Royalty income from the Licensing segment for the six months ended June 30, 2026 was $6,387, or 0.5% of total revenue, compared to $5,062, or 0.5% of total revenue, in the comparable period in the prior year. Operating expenses for the six months ended June 30, 2026 were $1,275, compared to $880 in the comparable period in the prior year. The current period included charges of $528 related to legal costs resulting from litigation settlements. Income from operations for the six months ended June 30, 2026 was $5,112, compared to $4,182 in the comparable period in the prior year.
Current wording
Royalty income from the Licensing segment for the nine months ended September 30, 2026 was $11,101, or 0.5% of total revenue, compared to $8,737, or 0.5% of total revenue, in the comparable period in the prior year. Operating expenses for the nine months ended September 30, 2026 were $1,917, compared to $1,097 in the comparable period in the prior year. The current-year period included charges of $528 related to legal costs resulting from litigation settlements. Income from operations for the nine months ended September 30, 2026 was $9,184, compared to $7,640 in the comparable period in the prior year.
Previous wording
Corporate does not constitute a reportable segment and includes costs not directly attributable to the segments. These expenses primarily related to corporate executives, corporate finance, corporate social responsibility, legal, human resources, information technology, cybersecurity, and other shared services. Corporate operating expenses for the three months ended June 30, 2026 were $28,454, or 4.3% of total revenue, compared to $29,095, or 5.2% of total revenue, in the comparable period in the prior year. The current period included charges of $47 related to certain severances and termination benefits, and $6 related to acquisition costs and the formation of joint ventures.
Current wording
Corporate does not constitute a reportable segment and includes costs not directly attributable to the segments. These expenses primarily relate to corporate executives, corporate finance, corporate social responsibility, legal, human resources, information technology, cybersecurity, and other shared services. Corporate operating expenses for the nine months ended September 30, 2026 were $83,446 or 4.0% of total revenue, compared to $80,070 or 4.5% of total revenue, in the comparable period in the prior year. The current-year period included charges of $206 related to certain severances and termination benefits, and $6 related to acquisition costs and the formation of joint ventures.
Previous wording
Our primary sources of liquidity are cash flows from operations, cash, cash equivalents and borrowing capacity under our Credit Agreement. Cash and cash equivalents totaled $94,739 and $112,423 at June 30, 2026 and December 31, 2025, respectively, and of the total cash and cash equivalents as of June 30, 2026, $78,618, or approximately 83%, was held at our foreign subsidiaries, and of the total cash and cash equivalents as of December 31, 2025, $93,859, or approximately 83%, was held at our foreign subsidiaries.
Current wording
Our primary sources of liquidity are cash flows from operations, cash, cash equivalents and borrowing capacity under our Credit Agreement. Cash and cash equivalents totaled $71,334 and $112,423 at September 30, 2026 and December 31, 2025, respectively, and of the total cash and cash equivalents as of September 30, 2026, $68,735, or approximately 96%, was held at our foreign subsidiaries, and of the total cash and cash equivalents as of December 31, 2025, $93,859, or approximately 83%, was held at our foreign subsidiaries.
Showing the first 40 of 50 pairs. Open the source sections for the rest.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
•the actions of our licensees that may result in diminished brand integrity;
Previous report — wording carried elsewhere
•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