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- **Revenue Growth**: Q4 net sales +9.1% to $139.7M, full-year +6.2% to $482M. Retail sales +30.8% in Q4, +20.5% annually.
- **Margin Expansion**: Full-year gross margin +150bps to 40.9%. Retail segment GM 50.9% in Q4, offsetting wholesale tariff impact.
- **Brand Momentum**: XTRATUF e-commerce triple-digit, Muck +20%, Durango e-commerce low double digits. 2026 outlook: 6% revenue growth, 6%+ retail expansion.
- **Tariff Mitigation**: 80% tariff impact offset via manufacturing. 2026 tariffs $10M front-loaded, potential 15% admin rate.
- **Profitability**: Adjusted EPS +28.3% to $3.26 in 2025. 2026 EPS growth low teens, 2H earnings acceleration.

**【CEO Opening Remarks】**
- **Q4 2025 Highlights**: Net sales increased 9.1% to $139.7 million, with retail sales surging 30.8% to $57 million. Full-year net sales grew 6.2% to $482 million, driven by a 20.5% rise in retail sales.
- **Gross Margin Expansion**: Full-year gross margins expanded 150 basis points to 40.9%, despite $10.9 million in tariffs. Retail segment gross margins reached 50.9% in Q4.
- **Brand Momentum**: XTRATUF grew nearly triple-digit in e-commerce, Muck sales increased 20%+ (marketplace volumes doubled), and Durango e-commerce rose low double digits.
- **Tariff Mitigation**: Manufacturing flexibility offset 80% of tariff impacts, positioning for long-term margin tailwinds.

**【CFO Financial Commentary】**
- **Q4 Financials**: GAAP net income $6.5 million ($0.86 EPS), up 35% YoY. Adjusted EPS $0.94, up 28%. Operating expenses rose 8.3% to $48.1 million due to logistics, marketing, and incentives.
- **Full-Year Results**: Adjusted net income $24.5 million (+29.4%), EPS $3.26 (+28.3%). Interest expense down $10 million, cash $2.9 million, debt $122.6 million.
- **2026 Outlook**: 6% revenue growth, similar gross margins, $10 million tariffs front-loaded in H1. Marketing spend to increase, SG&A leverage 80bps. EPS growth in low teens, with 2H earnings acceleration.

**【Q&A Highlights】**
- **Retail Strength**: Q4 e-commerce growth 30+%, driven by XTRATUF fleece-lined boots and Muck's GMA deals. New website platforms boosted conversion rates.
- **Brand Growth**: XTRATUF to exceed $100 million in 2026 (vs. $32M acquisition value). Muck at $100M+ with 20%+ growth. Georgia Boot BOA series gaining traction.
- **Tariff Strategy**: Dominican Republic manufacturing advantage mitigates 80% of tariffs. 2026 tariffs modeled at $10M, with potential 15% admin rate.
- **Consumer Trends**: Spring '26 orders up across brands, benefiting from tax refunds and favorable weather.

Rocky Brands, Inc.(RCKY)-20260225-2025 Q4 Earnings call transcript

- **Revenue & Profit Growth**: 7% revenue rise to $122.5M, adjusted EPS up 34% to $1.03, driven by XTRATUF and Muck brand strength.
- **Gross Margin Expansion**: 210bps improvement to 40.2%, supported by price hikes and in-house production shift.
- **Tariff Mitigation Progress**: 50% in-house manufacturing target for 2026, reducing China reliance to 10%. Q4 2025 will bear peak tariff impact.
- **Key Brand Momentum**: XTRATUF e-commerce up double digits, Muck受益于Bone Collector合作，Durango面临延迟交货但Q4有望改善。
- **2026 Outlook**: Gross margins to recover to 39-40% in H2, with XTRATUF cold weather collection and Sesame Street collaboration driving growth.

**CEO Summary Section**
- **Revenue Growth**: Q3 2025 net sales increased 7% to $122.5 million, driven by double-digit growth in XTRATUF and Muck brands. Adjusted diluted EPS rose 34% to $1.03.
- **Gross Margin Expansion**: Gross margin improved 210 basis points to 40.2%, benefiting from brand mix, price increases, and higher retail sales (46.8% margin).
- **Tariff Mitigation**: Shifted 50% of production to in-house facilities (Dominican Republic, Puerto Rico) and diversified suppliers to Vietnam, Cambodia, and India, reducing China reliance to 10%.
- **Key Brand Momentum**: XTRATUF saw double-digit U.S. wholesale and e-commerce growth, while Muck benefited from Bone Collector collaboration and GMA feature. Durango faced delayed shipments due to Q2 price increase anticipation.

**CFO Financial Commentary**
- **Top Line**: Wholesale (+6.1%), Retail (+10.3%), and Contract Manufacturing (+4.1%) all expanded, with retail driving margin strength.
- **Expense Management**: Operating expenses rose 7.5% to $37.6 million, driven by logistics and marketing costs. Interest expense decreased 21% due to lower debt levels.
- **Balance Sheet**: Cash of $3.3 million and debt of $139 million. Inventories grew 12.7% to $193.6 million, with $17 million tied to tariffs. $10 million tariff impact expected in Q4, with remaining in 2026H1.
- **2025 Guidance**: Revenue up 4-5%, gross margins down 70bps to 38-39%, EPS up 10% to $2.80.

**Q&A Highlights**
- **Consumer Sentiment**: Cautious spending but strong sell-through in e-commerce and key accounts. Q3 e-commerce rebounded post-platform transition.
- **Supply Chain Delays**: $2-3 million in delayed shipments due to new supplier ramp-up. 2026 in-house production target: 50% vs. 2025's 30%.
- **Tariff Impact**: Q4 2025 will be most impacted, with 2026H2 gross margins expected to recover to 39-40% as tariffs flow through.
- **XTRATUF Outlook**: Cold weather collection launch and Sesame Street collaboration poised for Q4 success. Inland market expansion underway.
- **Durango Challenges**: Hispanic retail softness and sourcing delays, but improving in September.


Rocky Brands, Inc. (RCKY) Q3 2025 Earnings Call Transcript

- **Revenue Growth Accelerates**: Q2 net sales up 7.5% to $105.6M, with 2025 guidance raised to 4-5% growth.
- **Gross Margin Expansion**: 230bps improvement to 41.0%, driven by higher wholesale margins and retail sales mix.
- **XTRATUF Dominance**: Fastest-growing brand with U.S. wholesale >20% growth and lifestyle expansion into kids' and women's footwear.
- **Tariff Mitigation**: 10% production in-house now, targeting 40-50% by 2026 to offset $11M annual tariff impact.
- **EPS Beat**: Adjusted EPS tripled to $0.55, with 2025 EPS forecast increased to +10% growth.

**【CEO Summary Section】**
- **Q2 Performance Highlights**: Revenue grew 7.5% to $105.6M, with adjusted EPS tripling to $0.55. Gross margin expanded 230bps to 41.0%, driven by higher wholesale margins and retail sales mix.
- **Brand Momentum**: XTRATUF (fastest-growing brand) saw U.S. wholesale growth >20%, while Muck delivered its best Q2 since 2023. Women's Muckster II collection grew triple-digit, and XTRATUF expanded into lifestyle footwear (e.g., Sesame Street kids' line).
- **Supply Chain Shifts**: 10% of production now in Dominican Republic, targeting 40-50% in-house manufacturing by 2026. Tariff mitigation efforts reduced P&L impact, but $11M incremental tariffs remain for 2025.
- **Outdoor Category Growth**: Outdoor sales now 1/3 of total, with hiking collections outperforming expectations despite Q2 not being hunting season.

**【CFO Financial Commentary】**
- **Top Line**: Wholesale +7.1%, Retail +13.9%, Contract Manufacturing flat. Full-year revenue guidance raised to 4-5% growth vs prior low-single-digit expectation.
- **Profitability**: Operating income up 59% to $7.2M (6.8% of sales). Interest expense down 58% to $2.5M due to debt refinancing. 2025 EPS forecast increased to +10% vs 2024's $2.54.
- **Balance Sheet**: Debt reduced 13.1% to $132.5M. Inventory up 6.8% to $186.8M, driven by tariff-related stockpiling.
- **Tariff Impact**: 2025 gross margin expected to decline 70bps, but 2026+ benefits from in-house manufacturing will offset this.

**【Q&A Key Highlights】**
- **Supply Chain & Pricing**: Shift to DR/Puerto Rico factories ahead of schedule; price increases maintained retailer margins. E-commerce sales stable post-price hike, with no dramatic consumer pullback.
- **Guidance Drivers**: Strong Q3 bookings, better inventory positions for XTRATUF/Muck, and Work category recovery. Cautious on Q4 due to tariff pass-through and holiday marketing spend.
- **Outdoor vs Work Mix**: Outdoor (1/3 of sales) growing faster than Work (largest category). XTRATUF's lifestyle expansion targeting soccer moms and inland markets.
- **Debt Paydown**: Expect 10-13% debt reduction in H2, slower than prior year due to tariff-related cash flow strain.


Rocky Brands, Inc. (RCKY) Q2 2025 Earnings Call Transcript

- **Revenue resilience**: 1.1% YoY growth to $114.1M despite macro uncertainty, driven by 20.5% retail segment expansion. 
- **Margin milestone**: Record 41.2% gross margin (vs. 39.1% last year), fueled by full-price selling and retail channel strength. 
- **Tariff strategy**: 20% production shift out of China by year-end, with June price increases to offset 10% tariffs. 
- **Balance sheet strength**: Debt reduced 17.5% YoY to $128.6M; Q1 net income up 88% to $4.9M. 
- **Growth catalysts**: XTRATUF bookings +80% YoY, women's boot category surprise, and 190 new B2B accounts. 


**【CEO Summary Section】**
- Q1 2025 revenue increased 1.1% YoY to $114.1 million, driven by 20.5% growth in retail segment and strong demand for rubber boots (XTRATUF and Muck). 
- XTRATUF brand achieved 80% booking growth vs. last year, with women's styles and new collaborations (e.g., Guy Harvey, U.S. Rowing Team) leading the charge. 
- Implemented price increases on most footwear styles in early June to offset 10% U.S. tariffs on Chinese imports, while accelerating production shifts to Vietnam, India, and Dominican Republic facilities. 
- Maintained guidance for low-single-digit revenue growth despite macroeconomic uncertainty, citing strong Q1 performance and diversified sourcing strategy. 

**【CFO Financial Commentary】**
- Gross profit reached $47 million (41.2% of sales), the highest Q1 margin in company history, driven by: 
  - 390bp wholesale margin expansion from full-price selling and favorable product mix 
  - 20.5% retail sales growth (45.7% margin) 
- Operating expenses rose 3.6% YoY to $38.3 million due to higher direct-to-consumer logistics costs. 
- Net income increased 88% YoY to $4.9 million ($0.66 EPS), benefiting from $2.1 million interest expense reduction post-refinancing. 
- Inventory grew 6.3% YoY to $175.5 million, with strategic early purchases to mitigate tariff impacts. 

**【Q&A Highlights】**
- Tariff Mitigation: 
  - 20% of production shifted out of China by year-end, with 90%+ of products already re-sourced to alternative suppliers. 
  - Price increases will preserve gross profit dollars despite 110bp margin headwind. 
- Retail Channel Resilience: 
  - Key accounts report strong sell-through despite price concerns; consumers showing limited sensitivity to tariffs. 
  - B2B Lehigh segment grew 190 new accounts Q1, with no slowdown signs. 
- Inventory Management: 
  - 6-7 months of inventory buffer positions company to avoid tariff impacts through 2025. 
  - $128.6 million debt balance down 17.5% YoY, with plans to increase borrowings temporarily in Q2 for tariff mitigation. 


Rocky Brands (RCKY)-29 Apr 25-2025 Q1 Earnings call transcript

- **Q4 Strong Finish**: Retail segment sales hit $43.6M (15.3% YoY), driven by XTRATUF's 40% women/kids share and Durango's inventory optimization.
- **Profit Growth**: 2024 adjusted net income up 77% to $19M, with debt reduced 25.7% to $128.7M.
- **2025 Outlook**: Low single-digit revenue growth, 110bps tariff headwind offset by pricing and diversification.
- **Key Growth Engines**: XTRATUF expansion, MUK hunting footwear, and Lehigh B2B sales.
- **Tariff Mitigation**: Shifting production to Asia and price increases; minimal Mexico tariff impact (<2% inventory).


**【CEO Summary Section】**
- **Fourth Quarter Highlights**: Q4 2024 revenue growth driven by Durango and XTRATUF brands, with retail segment sales reaching an all-time high of $43.6 million. Direct-to-consumer (DTC) sales surged 15.3% year-over-year, fueled by strong demand in the holiday season.
- **Brand Performance**: 
  - **Durango**: Strong sell-through across key accounts, with new product launches and inventory optimization boosting performance.
  - **XTRATUF**: Double-digit growth in both wholesale and e-commerce channels, with women's and kids' products now accounting for 40% of sales.
  - **MUK**: December sales were the brand's best in years, benefiting from cold weather and digital advertising efforts.
- **Future Investments**: Planned increases in marketing spend to drive brand awareness and DTC traffic. Focus on new product launches for 2025 summer, fall, and holiday lines.

**【CFO Financial Commentary】**
- **Q4 Financials**: 
  - Revenue: $128.1 million (1.7% YoY growth), with retail segment up 15.3%.
  - Gross Profit: $53.2 million (41.5% of net sales), up 120 basis points YoY due to improved wholesale margins and higher retail mix.
  - Operating Expenses: $44.7 million (34.9% of net sales), driven by increased marketing, logistics, and incentive compensation.
- **Full Year 2024**: 
  - Adjusted Net Income: $19 million ($2.54 EPS), up 77% YoY.
  - Debt Reduction: $128.7 million in debt, down 25.7% YoY.
- **2025 Outlook**: 
  - Revenue growth expected in the low single digits, with retail segment leading.
  - Gross margin headwind of 110 basis points from tariffs, partially offset by pricing and sourcing diversification.
  - Share Repurchase Program: $7.5 million authorized to return capital to shareholders.

**【Q&A Key Takeaways】**
- **Tariff Mitigation**: Planning price increases and shifting production to Vietnam, Cambodia, and the Dominican Republic to offset 10% China tariff impact. 2025 gross margin expected to decline modestly.
- **Q1 2025 Guidance**: Flat sales YoY due to delayed spring product shipments and inventory chasing. Strong sell-through observed but cautious retailer replenishment.
- **Growth Drivers**: XTRATUF (women's/kids' expansion), MUK (camouflage hunting footwear), and Lehigh (B2B sales growth). Focus on casual footwear categories to diversify beyond work boots.
- **Mexico Tariffs**: Minimal impact (less than 2% of inventory sourced from Mexico), but potential disruption to Western boot market competitors.
- **Inventory Strategy**: Increased investment in MUK and XTRATUF inventory to capitalize on weather-driven demand, with seasonal inventory buildup expected in Q2/Q3.


Actual										0.27	0.44	1.04	1.41	1.19	0.99	0.34	1.86	1.1	0.34	0.74	1.08	-0.12	0	1.09	0.98	0.41	0.17	0.77	1.19	0.73	0.55	1.03	0.94
Forecast										0.47	-0.16	0.58	0.82	0.59	0.8267	1.3333	0.9482	1.0735	0.7967	0.17	0.6229	0.0467	-0.1771	0.56	1.0233	0.02	0.095	0.985	1.215	0.565	0.245	0.9	0.485
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-42.55%	+375.00%	+79.31%	+71.95%	+101.69%	+19.75%	-74.50%	+96.16%	+2.47%	-57.32%	+335.29%	+73.38%	-356.96%	+100.00%	+94.64%	-4.23%	+1950.00%	+78.95%	-21.83%	-2.06%	+29.20%	+124.49%	+14.44%	+93.81%

RCKY

RCKY fundamentals

RCKY Q4 2025 Earnings

Earnings Call

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RCKY

RCKY fundamentals

RCKY Q4 2025 Earnings

Earnings Call

RCKY Earnings Call Summary for Q4/20254:30 PM on Feb 24, 2026

RCKY Earnings Call Summary for Q3/20254:30 PM on Oct 28, 2025

RCKY Earnings Call Summary for Q2/20254:30 PM on Jul 29, 2025

RCKY Earnings Call Summary for Q1/20254:30 PM on Apr 29, 2025

RCKY Earnings Call Summary for Q4/20244:30 PM on Feb 25, 2025

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