Apparel, Fashion & Lifestyle
Apparel Lifestyle
Two lifestyle footwear companies
Crocs calendar 2025 was $4.04B. Birkenstock FY2025 was €2.10B, about $2.37B at the IRS 2025 average. These are not running shoes.
Crocs Brand vs HEYDUDE
Crocs Brand $3.33B. HEYDUDE $715M, down 13.3%. The 2026 guide still has HEYDUDE down. Tariffs were a 130 bp gross-margin headwind.
Crocs BrandHEYDUDE
Birkenstock is still mostly B2B
FY2025: B2B €1.30B, DTC €795M (38% of sales). Adj. EBITDA margin was 31.8%. FY2026 revenue is guided, not charted as actual.
B2BDTC
Birkenstock by region
Americas €1.09B, EMEA €785M, APAC €222M. Americas is still more than half of sales.
AmericasEMEAAPAC
Crocs, United States versus international
Calendar 2025: United States $2.26B, international $1.78B. The 10-K does not publish a Europe or China revenue line. China had 56 Crocs Brand doors, which is not a revenue split.
United StatesInternational
Crocs Brand and HEYDUDE by channel
Calendar 2025: Crocs Brand wholesale $1.60B and DTC $1.73B. HEYDUDE wholesale $336M and DTC $379M. This is channel mix, not a brand-portfolio recap.
Crocs Brand wholesaleCrocs Brand DTCHEYDUDE wholesaleHEYDUDE DTC
Crocs Brand store fleet by format
December 31, 2025: 98 full-price, 269 outlet, 72 store-in-store (439 Crocs Brand doors). HEYDUDE had 75 company-operated stores, all outlets, omitted from the bars.
Full-priceOutletStore-in-store
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