Crocs Stock Closes Up 26% as HEYDUDE Rebounds and International Sales Power a Raised Full-Year Outlook

Crocs shares surged nearly 26% on Thursday after the footwear maker beat third-quarter expectations, reported a return to growth at its HEYDUDE brand and raised its full-year outlook.

The stock closed at $150.26, up $30.57, or 25.5%. About 4.9 million shares traded, more than four times the three-month average.

The gain lifted Crocs' market value to about $7.2 billion. The shares are up nearly 84% over the past 52 weeks.

Beat on sales and earnings

Crocs reported third-quarter revenue of $1.04 billion, up 4.6% and ahead of analysts' estimates of about $1 billion, according to StockStory.

Adjusted earnings rose 26% to $3.69 a share, well above the consensus estimate of $3.31.

"We delivered a strong third quarter with growth across brands, channels and geographies," Chief Executive Andrew Rees said.

International strength

The Crocs brand posted record third-quarter revenue of $873 million, up 4.4%. International sales jumped 11.8% to $434 million, more than making up for a 2.1% decline in North America.

"The Crocs Brand delivered a record third quarter with revenues up 4%, led by double-digit international revenue growth," Rees said.

HEYDUDE returns to growth

HEYDUDE, which had been a drag on results, returned to growth. Revenue rose 6.1% to $170 million, driven by a 14% gain in wholesale sales.

"HEYDUDE revenues grew 6%, marking an important milestone as we delivered on our commitment," Rees said.

Key third-quarter figures:

Revenue: $1.043 billion, up 4.6% Adjusted EPS: $3.69 vs. $3.31 estimate Crocs brand revenue: $873 million, up 4.4% HEYDUDE revenue: $170 million, up 6.1% Free cash flow: $276 million Q3 buybacks: $250 million

Outlook raised

Crocs raised its 2026 revenue growth forecast to about 3%, from 1% to 2%. It lifted its adjusted earnings forecast to $14.45 to $14.65 a share, from $13.70 to $14.00.

HEYDUDE revenue is now expected to be roughly flat for the year, compared with an earlier forecast for a decline of 2% to 4%.

For the fourth quarter, Crocs expects revenue growth of 7% to 9%. StockStory said the midpoint was about 4% above analyst expectations.

"As a result, we are raising our full-year 2026 enterprise revenue growth outlook to approximately 3%," Rees said.

Returning cash

Crocs bought back about 2 million shares for $250 million during the quarter and has spent $506 million on buybacks so far this year. About $1.7 billion remains under its repurchase authorization.

"The strength of our business model and exceptional free-cash-flow generation provides us with significant flexibility," Rees said.

Margins improve

Adjusted gross margin rose 180 basis points to 60.3%. Adjusted operating margin improved to 22.3% from 20.8%.

Reported results also included a $64 million one-time benefit from tariff refunds, which pushed GAAP earnings to $4.52 a share.

Holiday test ahead

Crocs' gains built through the session after an early jump of about 20%, giving it one of the best performances on a day when the Nasdaq fell about 1.4%.

The results eased concerns about weakening U.S. consumer demand. The company expects its fastest growth of the year in the holiday quarter.