Deckers Brands

Revenue is diversified across two large brands, two channels (wholesale/DTC), and geographies. FY25 sales grew 16 percent to 4.99 billion dollars; TTM through June 30, 2025 revenue was about 5.13 billion dollars.

Seasonality is moderating as HOKA’s more even flow offsets UGG’s winter skew, though fashion cycles and macro‑dependent footwear demand add variability.

Management withdrew full‑year FY26 guidance in May due to tariff uncertainty, then delivered strong Q1 FY26 growth of 17 percent with operating margin of 17.1 percent, underscoring both resilience and sensitivity to external shocks. Predictability is good for a branded footwear company, but below that of toll‑like business models.