Deckers Outdoor Corporation reported a strong Q3 FY2026, with Hoka growing 18% and UGG 5%, driven by balanced DTC and wholesale, clean marketplace, and pricing power. Management raised full-year guidance for revenue, gross margin, and EPS, citing sustained momentum and confidence in FY27. Key supply-chain insights include a lower-than-expected tariff impact ($25M net), a clean Hoka U.S. marketplace, and significant international distribution runway. Total Q3 revenue $1.96B (+7% YoY), EPS $3.33, gross margin 59.8% (above expectations).
Deckers Outdoor Corporation reported a strong Q3 FY2026, with Hoka growing 18% and UGG 5%, driven by balanced DTC and wholesale, clean marketplace, and pricing power. Management raised full-year guidance for revenue, gross margin, and EPS, citing sustained momentum and confidence in FY27. Key supply-chain insights include a lower-than-expected tariff impact ($25M net), a clean Hoka U.S. marketplace, and significant international distribution runway. Total Q3 revenue $1.96B (+7% YoY), EPS $3.33, gross margin 59.8% (above expectations).
Deckers Outdoor Corporation reported a strong Q3 FY2026, with Hoka growing 18% and UGG 5%, driven by balanced DTC and wholesale, clean marketplace, and pricing power. Management raised full-year guidance for revenue, gross margin, and EPS, citing sustained momentum and…
Total Q3 revenue $1.96B (+7% YoY), EPS $3.33, gross margin 59.8% (above expectations).
FY2026 guidance raised: revenue $5.4-5.425B, gross margin ~57%, EPS $6.80-6.85.
Hoka Q3 revenue $629M (+18%); UGG $1.3B (+5%); both brands saw sequential DTC improvement in the U.S.
Management raised full-year guidance across revenue, gross margin, and EPS, citing strong global demand, pricing power, and a clean marketplace. The tone is highly confident about continued momentum into FY27.
Management repeatedly emphasized strong brand momentum, raised guidance, and expressed optimism about future growth and market share gains.
“We now estimate a net tariff impact of approximately $25 million. This does not represent a full-year impact if tariffs remain in place moving forward.”
“One of the main reasons has been the HOKA membership program that has helped us improve revenue per customer... And the fact that there was less noise in the marketplace of outgoing styles.”
“The biggest opportunity for HOKA's expansion in the U.S. lies within the athletic specialty segment, where we're currently represented in only about a quarter of the stores we believe will be relevant for the brand moving forward.”
“On the latter note, we have little or no exposure to SACS.”
“OG revenue is assumed to be roughly flat to last year, as some orders previously planned for Q4 shipped earlier in Q3, with the total of both quarters contributing to the brand's increased outlook for the year.”
| Metric | Period | Range | Midpoint | Status |
|---|---|---|---|---|
| EPS | FY2026 | $6.80–$6.85 | $6.82 | RAISED |
| Gross margin | FY2026 | 57% | 57% | RAISED |
| Revenue | FY2026 | $5.4B–$5.425B | $5.4125B | RAISED |
| RevenueHOKA | FY2026 Q4 | 13%–14% | 13.5% | GUIDED |
| Issued | Metric | Target | Guide | Actual | Outcome |
|---|---|---|---|---|---|
| FY2026 Q4 | EPS | FY2027 Q1 | $0.82–$0.87 | $0.94 | Met / beat |
| FY2026 Q2 | EPS | FY2026 | $6.30–$6.39 | $7.02 | Met / beat |
| FY2026 Q2 | Revenue | FY2026 | $5.35B | $5.47B | Met / beat |
Foot Locker is a key wholesale partner seeing strong sell-through of Hoka, indicating healthy demand in that channel.
“Foot Locker is performing well with the brand.”
Hi. As you think about the DTC channel, any difference by brand of e-commerce and stores, and what are your plans for opening stores this year? And then just on the wholesale channel, any more color on any specific retailers that's been working, and did you have any exposure to SACS? Thank you.
On the latter note, we have little or no exposure to SACS. Both channels, retail and e-commerce, perform well. And your third question was still related to DTC, oh, on wholesale. We're very happy with really the performance of the brand across all retailers. Journey's had a good run of the brand. Foot Locker is performing well with the brand. DSG is performing well with the brand. Run Specialty continues to perform well with the brand. And we are, together with Brooks, number one, two in the Run Specialty channel. So generally, the brand is performed in a balanced way across the wholesale portfolio.
Dick's Sporting Goods (DSG) continues to be a strong retail partner for Hoka, contributing to balanced wholesale growth.
“DSG is performing well with the brand.”
Hi. As you think about the DTC channel, any difference by brand of e-commerce and stores, and what are your plans for opening stores this year? And then just on the wholesale channel, any more color on any specific retailers that's been working, and did you have any exposure to SACS? Thank you.
On the latter note, we have little or no exposure to SACS. Both channels, retail and e-commerce, perform well. And your third question was still related to DTC, oh, on wholesale. We're very happy with really the performance of the brand across all retailers. Journey's had a good run of the brand. Foot Locker is performing well with the brand. DSG is performing well with the brand. Run Specialty continues to perform well with the brand. And we are, together with Brooks, number one, two in the Run Specialty channel. So generally, the brand is performed in a balanced way across the wholesale portfolio.
Hoka has limited penetration in athletic specialty stores in the U.S. (only ~25% of target doors) and even less in Europe (less than 20%), indicating a long runway for distribution expansion. — Hoka's market share gains are still early; as it enters more athletic specialty doors, it could displace incumbent brands like Nike and Adidas in a key channel.
… HOKA brand's innovative performance products. Our aim here is to uphold Hawkeye's performance credibility by continuing to lead in this segment. In sporting goods, Hawkeye is present in roughly half of the targeted stores we consider potential distribution points. We also see more opportunities to expand shelf space and market share in existing doors as we continue to diversify our product offering. The biggest opportunity for HOKA's expansion in the U.S. lies within the athletic specialty segment, where we're currently represented in only about a quarter of the stores we believe will be relevant for the brand moving forward. Internationally, we're much earlier in the process of expanding HOKA's distribution. In Europe, we're making steady progress in building awareness and marketplace presence. We still have room for door and market share expansion in the European run specialty segment, where we continue to climb in brand ranking throughout various countries in the region. having captured around 80% of the opportunity we see for the segment. Furthermore, HOK has reached approximately 40% of the European sporting goods destinations considered relevant for the brand. It is …
Hoka's U.S. DTC business positively inflected in Q3, driven by the membership program and a cleaner marketplace with less noise from outgoing styles.