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- **Revenue Beat**: Q2 $1.43B (+9% YoY), FY26 guidance $5.35B (+9%).
- **Profit Strength**: Q2 EPS $1.82 (+14%), FY26 EPS $6.30-$6.39.
- **Tariff Mitigation**: $150M tariff headwinds offset by $75-$95M price/cost actions.
- **Brand Momentum**: HOKA +15% first-half, UGG international +38%.
- **Innovation Lead**: Mafate family 10%+ of HOKA revenue, UGG Mel franchise +100% YoY.

**【CEO Summary Section】**
- Q2 revenue grew 9% YoY to $1.43B, driven by 11% HOKA and 10% UGG growth. First-half revenue rose 12% to $2.8B.
- HOKA gained 2pts of U.S. road running market share, with 15% first-half growth. UGG international sales surged 38%, led by Europe and China.
- U.S. consumer sentiment remains cautious, but DTC channels show sequential improvement for HOKA and UGG.
- Spring '26 product launches (Mafate X, Zora Ballet Flat) are outperforming expectations, with strong sell-through rates.
- Targeting 50/50 DTC/wholesale balance, with HOKA DTC up 8% in Q2 and UGG DTC down 10% due to wholesale channel strength.

**【CFO Financial Commentary】**
- Q2 GAAP EPS of $1.82 (+14% YoY) beat estimates, driven by 56.2% gross margin (up 30bps YoY) and $282M share buybacks.
- FY26 guidance: $5.35B revenue (+9%), 56% gross margin, $6.30-$6.39 EPS. Tariffs expected to cost $150M, partially offset by $75-$95M in price/margin mitigation.
- Inventory up 7% to $836M, with strong spring '26 order books and healthy sell-through rates.
- Tax rate of 21.7% in Q2 (vs. 24% prior year) due to one-time benefits.

**【Q&A Key Highlights】**
- **Tariff Impact**: Q2 tariff headwinds delayed due to inventory timing, but FY26 back half expected to face $150M unmitigated tariff costs.
- **DTC/Wholesale Split**: Q3/Q4 DTC growth accelerating as wholesale shipments anniversary. HOKA DTC up 8% in Q2, UGG DTC down 10% due to wholesale channel strength.
- **Consumer Elasticity**: Price increases for premium brands have not hurt demand; HOKA sell-through rates remain strong despite U.S. macro uncertainty.
- **Product Innovation**: HOKA's Mafate family now 10%+ of revenue, UGG's Mel franchise up >100% YoY. Spring '26 order books reflect strong consumer interest.
- **Long-Term Growth**: HOKA targeting billions in incremental market share, UGG maintaining 50+ year legacy with 365-day product strategy.

Deckers Outdoor Corporation (DECK) Q2 2026 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

DECK

DECK fundamentals

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