DECK · Q4 2026 Earnings

Cautious

Deckers Brands

Reported May 21, 2026

30-second summary

Q4 FY2026 revenue grew 9.6% to $1.119B (beat consensus of $1.09B by 2.7%) and GAAP EPS of $0.96 beat the $0.83 estimate by 15.7%, with HOKA +14.5% and UGG +9.2% both clearing the prior-quarter guides. However, Q4 EPS was down 4% YoY ($0.96 vs $1.00 PY) and operating income declined to $156.7M from $173.9M as SG&A grew 20% on 10% revenue — the consensus beat masks a YoY earnings decline. FY2027 guidance is the bigger story: revenue of $5.86–5.91B implies high-single-digit growth (7.5–8.0%) versus FY2026's 9.8%, HOKA was cut from mid-teens to low-double-digit, gross margin was guided to ~56.5% (120bps below FY2026 actual of 57.7%), and operating margin to ~21.5% (160bps below FY2026's 23.1%). FY2027 EPS of $7.30–7.45 is only +4.0–6.1% above FY2026 actual $7.02. Partially offsetting: the Board authorized an additional $3.5B for share repurchases, bringing total authorization to ~$5B, and the FY2027 EPS guide assumes repurchasing ~80% of projected FY2027 free cash flow. The Q4 print exceeds expectations; the forward setup management chose to underwrite is materially below where the Q3 raise narrative pointed.

Headline numbers

EPS

Q4 FY2026

$0.96

+15.7% vs est.

Revenue

Q4 FY2026

$1.12B

+9.6% YoY

+2.7% vs est.

Gross margin

Q4 FY2026

57.6%

Operating margin

Q4 FY2026

14.0%

Key financials

Q4 FY2026

Metric	Q4 FY2026	Q4 FY2025	YoY	Q3 FY2026	QoQ
Revenue	$1.12B	$1.02B	+9.5%	$1.96B	-42.9%
EPS	$0.96	$1.00	-4.0%	$3.33	-71.2%
Gross margin	57.6%	56.7%	+90bps	59.8%	-220bps
Operating margin	14.0%	17.0%	-300bps	31.4%	-1740bps

Guidance

Guidance is issued for both next quarter and the full year. Both may appear below.

Actuals vs prior guidance

Metric	Period	Prior guide	Actual	Δ	Result
Revenue	Q4 FY2026	—	$1.119 billion	above guidance	Beat
EPS (GAAP)	Q4 FY2026	—	$0.96	+15.7% above consensus	Beat
HOKA revenue growth	Q4 FY2026	13% to 14%	14.5%	+0.5-1.5pts above high end of guide	Beat
UGG revenue growth	Q4 FY2026	roughly flat to last year	9.2%	+9.2pts above guide	Beat

New guidance

Metric	Period	Guide	YoY
Revenue	FY2027	$5.86 billion to $5.91 billion	+7.5-8.0% YoY
EPS (GAAP)	FY2027	$7.30 to $7.45	+6.6-9.0% YoY
Gross margin	FY2027	approximately 56.5%	—
Operating margin	FY2027	approximately 21.5%	—
SG&A expenses as % of net sales	FY2027	approximately 35%	—
Effective tax rate	FY2027	approximately 23%	—
HOKA revenue growth	FY2027	low-double-digit percentage versus last year	—
UGG revenue growth	FY2027	mid-single-digit percentage versus last year	—

Segment performance

Q4 FY2026

Segment	Q4 FY2026	Q4 FY2025	YoY
HOKA	$0.671B	—	+14.5%
UGG	$0.409B	—	+9.2%
Other brands	$0.04B	$0.061B	-34.4%
Wholesale	$0.655B	—	+7.1%
Direct-to-Consumer	$0.464B	—	+13.2%
HOKA Revenue	$671.2 million	—	—
UGG Revenue	$408.6 million	—	—

Platform metrics

Q4 FY2026

Segment	Q4 FY2026	Q4 FY2025	YoY
DTC Comparable Net Sales Growth	8.2%	—	—
Wholesale Channel Growth	7.1%	—	—
DTC Channel Growth	13.2%	—	—

Other KPIs

Q4 FY2026

Segment	Q4 FY2026	Q4 FY2025	YoY
Domestic	$0.65B	$0.648B	+0.3%
International	$0.47B	$0.374B	+25.7%
International Revenue Growth	25.5%	—	—

Management tone

Q4 FY2025: guide withdrawn, $150M tariff exposure → Q1 FY2026: tariff upsized to $185M, HOKA execution issues admitted → Q2 FY2026: FY2026 reinstated at reset 21.5% op margin → Q3 FY2026: every line raised, HOKA back to mid-teens, tariff cut to $110M → Q4 FY2026: Q4 beats but FY2027 codifies the reset that Q3 appeared to be unwinding.

The Q3 reversal narrative has been partially walked back in the FY2027 guide. One quarter ago HOKA was framework-raised from low-teens to mid-teens, operating margin lifted from 21.5% to ~22.5%, and the tariff line cut to $110M — the entire "reset is permanent" thesis from Q2 was being unwound. The FY2027 guide does the opposite: HOKA goes back to low-double-digit, operating margin returns to ~21.5%, and FY2027 revenue growth of 7.5–8.0% sits below FY2026's 9.8% delivered rate. The signal is that Q3's raise was a pull-forward of FY2026 strength rather than a structural step-up in the underlying trajectory.

The gross margin guide implies the tariff math is more forward-loaded than Q3 framed. FY2026 actual gross margin landed at 57.7%, above the ~57% guide. FY2027 is guided to ~56.5% — a 120bps step-down from a metric where Q3's raised guide had already absorbed the bulk of FY2026 tariff burden. This is consistent with the Q3 watch-list item flagging Vietnam carrying into FY2027, and suggests the $110M unmitigated number management touted as reduced will re-expand or that pricing pass-through is reaching its limit.

The operating margin reset is being re-anchored at 21.5% — but explicitly as part of a sustained "low 20+" multi-year range. FY2025 delivered 23.6%; FY2026 delivered 23.1%; FY2027 is guided to 21.5%, and the FY2028–FY2030 framework holds the line at "low 20+ percent." The 200bps step-down from FY2025's peak that Q1 management put on the table is now codified as a multi-year underwriting baseline rather than a transient. With SG&A guided to ~35% of sales (vs ~33–34% historically), management is electing to invest the FY2026 margin upside back into the brand.

Answers to last quarter's watch list

Q4 HOKA growth landing at or above 13–14%. HOKA delivered +14.5% in Q4 — 50bps above the high end. The order-book visibility management referenced was validated for the quarter, but the FY2027 framework cut to low-double-digit (10–12%), reaffirmed through FY2030, suggests the visibility doesn't extend at the mid-teens rate. Status: Resolved positively for Q4, but the multi-year framework tempers the read.

Q4 gross margin holding above the FY2026 ~57% implied run-rate. Q4 gross margin came in at 57.6%, ~60bps above the FY2026 implied run-rate and well clear of the 55% bear threshold. The full Vietnam burden did not crater the margin as feared. However, FY2027 guidance at ~56.5% suggests the H2-loaded tariff thesis is materializing in FY2027 rather than Q4 FY2026. Status: Resolved positively for Q4; the underlying concern shifts to FY2027.

UGG Q4 landing at or near flat, not below. UGG delivered +9.2%, dramatically above the "roughly flat" guide. Either the Q3 pull-forward framing was wrong (the brand is structurally stronger than the Q3 deceleration implied) or the Q4 guide was set deliberately low. The FY2027 UGG framework reaffirmed at mid-single-digit — and held there through FY2030 — suggests management still views the brand as a 4–6% grower, leaving the Q4 outperformance unexplained in the release. Status: Resolved positively.

DTC comparable net sales sustaining positive growth. DTC comparable +8.2% in Q4, sustaining and slightly extending Q3's +7.3% inflection. The channel-reversal question that Q2 institutionalized has been substantively reopened — DTC growth +13.2% versus wholesale +7.1% is the cleanest signal in the print that the HOKA membership program is working. Status: Resolved positively.

Whether the FY2027 setup gets a directional frame on the Q4 call. Yes — and it's a full formal guide ($5.86–5.91B revenue, $7.30–7.45 EPS) plus a multi-year framework through FY2030, rather than directional commentary. The framework that was re-anchored, however, is HOKA low-double-digit and operating margin ~21.5%, not the mid-teens / 22.5% trajectory Q3 had pointed toward. Status: Resolved negatively — the formal guide is below the Q3 trajectory.

Share repurchase pace versus the >$1.0B FY2026 commitment. FY2026 repurchases totaled $1.075B (10.5M shares at $102.43), exceeding the >$1.0B commitment. Authorization increased by $3.5B to ~$5B total. Status: Resolved positively.

What to watch into next quarter

Q1 FY2027 revenue tracking against the implied FY2027 trajectory. No explicit Q1 guide was issued. With FY2027 revenue at $5.86–5.91B and Q1 FY2026 baseline of $964.5M, an in-line trajectory would imply Q1 FY2027 revenue of roughly $1.04–1.06B (low-double-digit if HOKA-led). A meaningful miss in Q1 FY2027 would force a same-year cut to the just-issued FY2027 guide.

Q1 FY2027 gross margin tracking against the FY2027 ~56.5% guide. Q1 is historically the tariff-pressure quarter (full burden before pricing flows). A print below 55% would signal the FY2027 56.5% guide is itself optimistic; a print above 56% would suggest the gross margin guide is conservative.

Whether HOKA Q1 FY2027 growth comes in above 12%. The framework cut to low-double-digit puts the bar at 10–12%. A mid-teens print would re-open the question of whether the FY2027–FY2030 framework is sandbagged; a low-double-digit print would confirm the deceleration is structural.

DTC comparable net sales holding positive. Two consecutive quarters of positive comp (+7.3%, +8.2%) have validated the membership program. A return to negative comps in Q1 FY2027 would reopen the channel-reversal narrative and challenge the structural-lever thesis.

Unmitigated tariff exposure update for FY2027. Q3 FY2026 had this at ~$110M for FY2026; the FY2027 gross margin guide of 56.5% implies tariff burden re-expands or pricing pass-through plateaus. Watch for an explicit FY2027 unmitigated number — its absence or expansion would be the single cleanest signal on margin trajectory.

SG&A leverage relative to the ~35% FY2027 guide. SG&A at ~35% of sales is 100–150bps above recent run-rate. With operating margin framed at "low 20+" through FY2030, the SG&A line — not gross margin — is the most actionable lever for whether FY2027's 21.5% holds at the low end of the framework or drifts lower.

Pace of repurchases against the $5B authorization and ~80% of FCF assumption. The FY2027 EPS guide is contingent on this buyback pace; a deceleration would directly pressure the $7.30–7.45 range.

Sources

Deckers Brands Q4 FY2026 press release, filed with SEC, May 21, 2026: https://www.sec.gov/Archives/edgar/data/910521/000091052126000007/deckex991pressrelease-3312.htm

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