Deckers reported a solid Q2 beat with 9% revenue growth and EPS of $1.82, but guided full-year FY26 below prior informal expectations due to a cautious U.S. consumer and ~$60M net tariff headwind. HOKA grew 11% (low teens guided) and UGG 10% (low-single to mid-single guided). International strength and wholesale expansion drove results, while DTC came under pressure from earlier wholesale shipments and a warehouse transition. Q2 revenue $1.43B (+9% y/y), EPS $1.82 (+14%), gross margin 56.2% (+30bp).
Buzzberg 분석Fiscal 2026 guidance lowered on cautious U.S.Deckers reported a solid Q2 beat with 9% revenue growth and EPS of $1.82, but guided full-year FY26 below prior informal expectations due to a cautious U.S. consumer and ~$60M net tariff headwind. HOKA grew 11% (low teens guided) and UGG 10% (low-single to mid-single guided). International strength and wholesale expansion drove results, while DTC came under pressure from earlier wholesale shipments and a warehouse transition. Q2 revenue $1.43B (+9% y/y), EPS $1.82 (+14%), gross margin 56.2% (+30bp).전체 분석 보기분석 접기
Deckers reported a solid Q2 beat with 9% revenue growth and EPS of $1.82, but guided full-year FY26 below prior informal expectations due to a cautious U.S. consumer and ~$60M net tariff headwind. HOKA grew 11% (low teens guided) and UGG 10% (low-single to mid-single guided). International strength and wholesale expansion drove results, while DTC came under pressure from earlier wholesale shipments and a warehouse transition. Q2 revenue $1.43B (+9% y/y), EPS $1.82 (+14%), gross margin 56.2% (+30bp).
HOKA low-teens growth, UGG low-single to mid-single digit growth; back-half wholesale/DTC mix shifts due to earlier pull-forward and warehouse transition.
U.S. consumer pressure from tariffs and inflation driving cautious stance; international (especially EMEA and China) remains strong.
Revenue$1.4308B
reported
EPS$1.82
reported
Gross margin56.18%
reported
Op margin22.82%
reported
이번 분기에 달라진 점
01
Guidance
Fiscal 2026 guidance lowered on cautious U.S. consumer
Guidance · revenue to $5.35B
02
Margins
Tariff headwinds to intensify in back half
Reported gross margin was 56.18%, reinforcing the quarter's better-than-guided profitability.
03
Demand
UGG DTC softness due to wholesale shift and consumer trends
Management expressed confidence in brand strength and strategy but tempered guidance with caution around U.S. consumer pressure and tariff impacts.
04
Brand
HOKA gaining U.S. road running market share
HOKA low-teens growth, UGG low-single to mid-single digit growth; back-half wholesale/DTC mix shifts due to earlier pull-forward and warehouse transition.
수요
수요
수주 및 전환
UGG DTC softness due to wholesale shift and consumer trends. Management expressed confidence in brand strength and strategy but tempered guidance with caution around U.S. consumer pressure and tariff impacts.
톤 · Measured
Management expressed confidence in brand strength and strategy but tempered guidance with caution around U.S. consumer pressure and tariff impacts.
병목
Components
Component availability is constraining production
“Additionally, our guidance assumes no meaningful deterioration of current risks and uncertainties, which include but are not limited to further updates to impose tariffs or other global trade policy, changes in consumer confidence in recess”
Deckers pulled forward European UGG wholesale shipments into Q2 ahead of a third-party warehouse transition, boosting wholesale revenue temporarily and shifting DTC pressure to back half.
“Wholesale strength was driven by strong demand from our retail partners, including earlier demand, as well as European shipments that were pulled forward related to our upcoming third-party warehouse transition.”
Deckers now expects $150M unmitigated tariff headwind in FY26, with $75-95M mitigated via pricing and factory cost-sharing, implying net ~$60M drag—roughly 1.1% of guided revenue.
“We now estimate that our mitigation efforts for this fiscal year will offset approximately $75 to $95 million of this pressure...”
HOKA's Q2 U.S. DTC showed sequential improvement from Q1, driven by better consumer adoption of product families like Mafate and upcoming Mach/ Speedgoat refreshes; Clifton and Bondi transitions being better spaced for fall 26.
“Our dTC delivering a sequential improvement from Q1 to Q2, maintaining a high-quality full-price business, a strong spring-summer 26 season order book...”