$SHOO

STEVEN MADDEN, LTD.

CIK:0000913241|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Net sales	$ 662,914	$ 556,090	$ 1,312,574	$ 1,107,472
Licensing fee income	2,951	2,910	6,387	5,062
Total revenue	665,865	559,000	1,318,961	1,112,534
Cost of sales (exclusive of depreciation and amortization)	356,206	332,973	651,882	660,240
Gross profit	309,659	226,027	667,079	452,294
Operating expenses	270,340	263,865	528,633	441,128
Change in valuation of contingent payment liability	0	2,420	385	(2,075)
Income / (loss) from operations	39,319	(40,258)	138,061	13,241
Gain on derivative	0	9,252	0	9,252
Interest and other expense, net	(1,257)	(3,795)	(4,862)	(2,966)
Income / (loss) before provision for income taxes	38,062	(34,801)	133,199	19,527
Provision for income taxes	10,137	3,911	33,631	16,979
Net income / (loss)	27,925	(38,712)	99,568	2,548
Less: net income attributable to noncontrolling interest	198	765	19	1,602
Net income / (loss) attributable to Steven Madden, Ltd.	$ 27,727	$ (39,477)	$ 99,549	$ 946
Basic net income per share (in dollars per share)	$ 0.39	$ (0.56)	$ 1.40	$ 0.01
Diluted net income per share (in dollars per share)	$ 0.38	$ (0.56)	$ 1.38	$ 0.01
Basic weighted average common shares outstanding	71,292	70,870	71,228	70,822
Effect of dilutive securities – options/restricted stock	872	0	784	148
Diluted weighted average common shares outstanding	72,164	70,870	72,012	70,970
Cash dividends declared per common share	$ 0.21	$ 0.21	$ 0.42	$ 0.42

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income	$ 99,568	$ 2,548
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation	15,741	14,690
Depreciation and amortization	18,433	13,926
Amortization of debt issuance costs	887	480
Loss on disposal of fixed assets	135	1
Deferred taxes	5	0
Change in valuation of contingent payment liability	385	(2,075)
Other operating activities	1,902	(550)
Changes, net of acquisitions, in:
Accounts receivable	10,375	(7,197)
Factor accounts receivable	3,033	59,110
Inventories	38,437	35,004
Prepaid expenses, income tax receivables, prepaid taxes, and other assets	(5,476)	(7,119)
Accounts payable, accrued expenses, and other current liabilities	(40,076)	(34,420)
Accrued incentive compensation	4,436	(11,721)
Leases and other liabilities	1,478	(15,042)
Net cash provided by operating activities	149,263	47,635
Cash flows from investing activities:
Capital expenditures	(14,411)	(17,516)
Maturity / sale of short-term investments	0	13,410
Acquisition of businesses	1,328	371,554
Other investing activities	0	(2,196)
Net cash used in investing activities	(15,739)	(377,856)
Cash flows from financing activities:
Common stock purchased for treasury	(8,352)	(8,198)
Proceeds from exercise of stock options	2,973	0
Borrowings under credit facilities	127,000	395,000
Repayments under credit facilities	(237,000)	(95,000)
Financing costs paid	0	8,955
Cash dividends paid on common stock	(30,641)	(30,435)
Distribution of noncontrolling interest	(5,482)	(2,946)
Net cash (used in) / provided by financing activities	(151,502)	249,466
Effect of exchange rate changes on cash and cash equivalents	294	2,545
Net decrease in cash and cash equivalents	(17,684)	(78,210)
Cash and cash equivalents	94,739	111,714
Supplemental Cash Flow Information [Abstract]
Interest	7,726	1,961
Acquisition-related proceeds to certain sellers	$ 0	$ 38,819

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025
Current assets:
Cash and cash equivalents	$ 94,739	$ 112,423	$ 111,714
Short-term Investments	0	0	140
Accounts receivable, net of allowances of $8,140, $7,115 and $5,904	80,347	91,854	86,211
Factor accounts receivable	307,387	311,563	289,942
Inventories	377,207	417,016	436,968
Prepaid expenses and other current assets	54,993	46,759	54,002
Income tax receivable and prepaid income taxes	15,088	21,084	18,799
Total current assets	929,761	1,000,699	997,776
Property and equipment, net	113,688	115,802	104,423
Operating lease right-of-use asset	235,322	235,855	220,089
Deposits and other	22,912	22,764	21,641
Deferred tax assets	3,220	3,220	2,175
Goodwill	256,341	254,518	266,602
Intangibles, net	274,818	281,419	282,372
Total Assets	1,836,062	1,914,277	1,895,078
Current liabilities:
Accounts payable	202,095	197,247	235,716
Accrued expenses and other current liabilities	202,641	258,794	181,270
Operating leases – current portion	58,588	58,827	56,179
Income taxes payable	13,681	4,488	11,419
Current portion of long-term debt	0	0	5,625
Contingent payment liability – current portion	0	0	2,979
Accrued incentive compensation	10,825	6,351	3,404
Total current liabilities	487,830	525,707	496,592
Contingent payment liability – long-term portion	15,265	14,880	17,406
Operating leases – long-term portion	193,722	193,145	189,404
Long-term debt	124,832	234,166	287,865
Deferred tax liabilities	36,628	36,142	38,574
Other liabilities	5,681	6,255	1,874
Total Liabilities	863,958	1,010,295	1,031,715
STOCKHOLDERS’ EQUITY
Preferred stock – $0.0001 par value, 5,000 shares authorized; none issued; Series A Junior Participating preferred stock – $0.0001 par value, 60 shares authorized; none issued	0	0	0
Common stock – $0.0001 par value, 245,000 shares authorized,139,215, 138,341 and 137,961 shares issued, 73,168, 72,674 and 72,651 shares outstanding	7	7	7
Additional paid-in capital	679,991	653,607	629,071
Retained earnings	1,840,458	1,771,550	1,758,361
Accumulated other comprehensive loss	(35,520)	(29,465)	(39,782)
Treasury stock – 66,047, 65,667 and 65,310 shares at cost	(1,545,333)	(1,529,311)	(1,514,427)
Total Steven Madden, Ltd. stockholders’ equity	939,603	866,388	833,230
Noncontrolling interest	32,501	37,594	30,133
Total stockholders’ equity	972,104	903,982	863,363
Total Liabilities and Stockholders’ Equity	$ 1,836,062	$ 1,914,277	$ 1,895,078