Steven Madden Raises Fiscal 2026 Revenue and Adjusted EPS Outlook

The Tip Desk · November 7, 2026 · 3 min read

Third-quarter revenue reached $772.6 million as wholesale growth accelerated and the company lifted full-year Adjusted diluted EPS to $2.15–$2.20.

Steven Madden, Ltd. (SHOO), a designer and marketer of fashion-forward footwear, accessories and apparel, raised its fiscal 2026 revenue and Adjusted diluted earnings-per-share outlook after a third quarter in which wholesale sales accelerated and operating income more than doubled from a year earlier.

Revenue increased 15.7% to $772.6 million from $667.9 million in the year-ago quarter. That year-over-year rate slowed from 19.1% in the second quarter. Gross profit as a percentage of revenue was 44.6%, compared with 41.5% a year earlier. Operating expenses as a percentage of revenue were 34.9%, versus 36.8% a year earlier.

Income from operations was $73.2 million, or 9.5% of revenue, compared with $31.4 million, or 4.7% of revenue, a year earlier. Adjusted income from operations was $78.9 million, or 10.2% of revenue. Net income attributable to Steven Madden, Ltd. was $52.4 million, or $0.72 a share, versus $20.5 million, or $0.29 a share, a year earlier. Adjusted net income was $57.3 million, or $0.79 a share.

Wholesale was the quarter’s inflection. Wholesale revenue was $528.7 million, a 19.4% increase, after a 13.0% rise in the second quarter. Wholesale footwear revenue increased 21.0% and wholesale accessories/apparel revenue increased 17.0%. Gross profit as a percentage of wholesale revenue was 36.8%, compared with 32.7% a year earlier. The company said the increase versus the prior-year Adjusted gross margin reflected strong underlying improvement as well as a smaller negative impact from tariffs, partially offset by higher freight expense.

Direct-to-consumer revenue was $239.2 million, an 8.0% increase, after a 30.6% rise in the second quarter. Gross profit as a percentage of direct-to-consumer revenue was 60.7%, compared with 58.3% a year earlier. The company said the decrease versus the prior-year Adjusted gross margin was primarily due to higher freight expense, a shift in markdown cadence and deeper discounting on seasonal product.

Chairman and Chief Executive Officer Edward Rosenfeld said the company delivered strong growth across brands and channels, with the Steve Madden brand a particular highlight as trend-right assortments and marketing continued to resonate. He said the company is raising its revenue and Adjusted diluted earnings-per-share outlook for the year based on strong year-to-date results and continued momentum.

The company now expects fiscal 2026 revenue to increase 12% to 13% compared with fiscal 2025, versus its previous guidance range of an 11% to 13% increase. It now expects fiscal 2026 diluted earnings per share to be $2.58 to $2.63, compared with a previous range of $2.55 to $2.65. Adjusted diluted EPS is now expected at $2.15 to $2.20, up from a previous range of $2.05 to $2.15.

Non-GAAP adjustments in the third quarter included $3.9 million pre-tax Kurt Geiger acquisition-related costs, $0.8 million pre-tax legal settlements and related fees, and a $1.0 million pre-tax net expense from the change in valuation of contingent payment liabilities related to acquisitions.

The company ended the quarter with 381 company-operated brick-and-mortar retail stores, including 92 outlets, eight e-commerce websites and 190 company-operated concessions in international markets. Total debt outstanding was $120.2 million and cash and cash equivalents were $71.3 million as of September 30, 2026; net debt was $48.8 million. The company did not repurchase any shares in the open market during the quarter. The board declared a quarterly cash dividend of $0.21 a share, payable December 24, 2026.