Crocs, Inc.

Management has combined heavy buybacks and steady deleveraging with reinvestment in distribution and digital. In February 2025, the board expanded repurchase authorization to roughly $1.3 billion and the company repurchased about $133 million in Q2 while paying down $105 million of debt.

However, the 2025 HEYDUDE impairment (trademark and goodwill) highlights that the 2022 acquisition price and integration outcomes were less than ideal. Future capital use should prioritize debt reduction and brand investment ahead of repurchases when macro risk is elevated.