Slides
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Q3 2026 Investor Presentation
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This presentation includes estimates, projections, and statements relating to our business plans, commitments, objectives, and expected operating results that are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements, which express management’s current views concerning future events or results, use words like “anticipate,” “assume,” “believe,” “confident,” “continue,” “estimate,” “expect,” “future,” “intend,” “plan,” “project,” “strive,” and future or conditional tense verbs like “could,” “may,” “might,” “should,” “will,” “would,” and similar expressions or variations. These statements include, but are not limited to, statements regarding our financial condition, brand and liquidity outlook, and expectations regarding our future financial results, share repurchases, our strategy, plans, objectives, expectations (financial or otherwise) and intentions, growth potential, statements regarding future financial outlook and future profitability, cash flows, and brand strength, anticipated product portfolio and our ability to deliver sustained, highly profitable growth and create significant shareholder value. These statements involve known and unknown risks, uncertainties, and other factors, which may cause our actual results, performance, or achievements to be materially different from any future results, performances, or achievements expressed or implied by the forward- looking statements. These risks and uncertainties include the factors described in our most recent Annual Report on Form 10-K under the heading "Risk Factors" and our subsequent filings with the Securities and Exchange Commission. Readers are encouraged to review that section and all other disclosures appearing in our filings with the Securities and Exchange Commission. All information in this document speaks only as of October 29, 2026 . We do not undertake any obligation to update publicly any forward-looking statements, whether as a result of the receipt of new information, future events, or otherwise, except as required by applicable law. Forward Looking Statement 2
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Crocs, Inc. Reports Strong Third Quarter 2026 Results 3 “We delivered a strong third quarter with growth across brands, channels and geographies, while expanding margins year over year through disciplined execution of our brand strategies. The Crocs Brand delivered a record third quarter with revenues up 4%, led by double-digit international revenue growth and continued momentum across our product diversification strategy. HEYDUDE revenues grew 6%, marking an important milestone as we delivered on our commitment stated earlier in the year to return the brand to growth. These results reflect strong execution against our strategic priorities and reinforce our confidence in the trajectory of both brands. As a result, we are raising our full-year 2026 enterprise revenue growth outlook to approximately 3%. The strength of our business model and exceptional free-cash-flow generation provides us with significant flexibility to invest behind our brands while returning meaningful capital to shareholders. During the quarter, we returned $250 million to shareholders through share repurchases while continuing to strengthen our balance sheet through debt paydown.” Andrew Rees, Chief Executive Officer
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Investment Thesis 4
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Investment Thesis 1. Based on management estimates. 2 Diversified sources of growth across brands, categories, channels, and regions 3 Compelling value with assortments <$100 appealing to a broad consumer demographic 4 Durable, profitable growth with best-in- class margins and cash flow generation 1 Global leader in casual footwear with two iconic brands and a $280B+ TAM(1) 5 Track record of delivering healthy TSR over time supported by experienced management team 5
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Our Diversified Growth Flywheel By Brand(1)... We are diversifying our revenue streams across multiple pillars... 1. Metrics represent Q3 2026 TTM 2. Metrics represent Full-Year 2025, as we only disclose revenue by product annually 3. Crocs Brand Only By Product(2)... By Geography(1)(3)... By Channel(1)... 6 61% 39% 83% 17% 49% 51% 45% 55%
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Decade-long Track Record: Returning Value to Shareholders 7 $86 $50 $63 $147 $171 $1,000 $175 $551 $577 $501 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Q3 YTD $— $200 $400 $600 $800 $1,000 $1,200 ~$3.3B repurchased since 2015 ~27.3M cumulative shares(2) ~37% reduction in share count(2) We have taken our powerful value creation engine and returned meaningful cash to shareholders via repurchase for >10 years. Share Repurchases Since 2015 ($M) 1. “Current” share repurchases includes Q2’26 and Q3’26 total dollars repurchased. 2. “Cumulative shares” and “reduction in share count” calculated as: difference in share count from Q3’26 share count as of October 22, 2026 and 2015 Non-GAAP weighted average diluted common shares outstanding. Please reference historical Crocs, Inc press releases for previously reported Non-GAAP weighted average diluted common shares outstanding figures for each respective fiscal year. (1) Acquisition of HEYDUDE
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Scale Outside of Clogs Through New Category Expansion Gain Share in Large Addressable Markets Around the World Create Compelling Consumer Experiences Across Channels Fuel Consumer Engagement With Disruptive Digital and Social Marketing Drive Brand Relevance Through Icon Iterations 1 2 3 4 5 Crocs Brand: Five-Pillar Growth Strategy 8
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Stabilize Then Accelerate North America, While Planting Seeds Internationally Build the Core, and Thoughtfully Add More Ignite Our Community Through Core Consumer Focus 1 2 3 HEYDUDE Brand: Three-Pillar Growth Strategy 9
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Financial Results 10
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1. Revenue growth on a constant currency basis, which is a Non-GAAP Financial Measure. See further details in Appendix. 2. See reconciliation to GAAP equivalents in Appendix. Q3 2026 Financial Results Crocs, Inc. Crocs Brand HEYDUDE Brand Revenues(1) $1,043M $873M $170M +5% vs. LY +4% vs. LY +6% vs. LY Adjusted Gross Margin(2) 60.3% 63.4% 45.8% +180bps vs. LY +160bps vs. LY +350bps vs. LY Adjusted SG&A as % of Revenue(2) 38.1% +40bps vs. LY Adjusted Operating Income(2) $232M +12% vs. LY Adjusted Operating Margin(2) 22.3% +150bps vs. LY Adjusted Diluted EPS(2) $3.69 +26% vs. LY 11
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• Crocs Brand delivered a record third quarter led by International revenue up double-digits — including International DTC up 24% supported by growth in all Tier-1 markets: China, India Japan, South Korea, and Western Europe • Reinforced Clog innovation as key enabler to growth through Crafted, Crocband, Mellow and Echo • Strong global response to Lifestyle franchise, led by innovation such as Ballet Flat, expansion of Mellow Closed Heal, and new seasonal silhouettes • Sandals business continued to grow double-digits led by Miami and Saturday franchises • Expanded consumer reach through partnerships: Dinoco Cars, Yu-Gi-Oh! and Pendleton — Dinoco Cars was a top-selling global partnership, while Yu-Gi-Oh! and Pendleton haloed the Classic and Crafted • Continued social commerce leadership globally with strong momentum in key markets, maintaining the #1 Footwear Brand position on TikTok Shop across the U.S., U.K., Japan and Malaysia Q3 Revenues $873M year-over-year growth of +4% North America $438M (2%) vs. LY Direct-to-Consumer $510M +8% vs. LY Crocs Brand Highlights: Q3(1) Wholesale $362M Flat vs. LY International $434M +12% vs. LY 12 1. Revenue growth on a constant currency basis, which is a Non-GAAP Financial Measure. See further details in Appendix
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Q3 Revenues $170M year-over-year growth of +6% Direct-to- Consumer $91M Up Slightly vs. LY HEYDUDE Brand Highlights: Q3(1) Wholesale $79M +14% vs. LY 1. Revenue growth on a constant currency basis, which is a Non-GAAP Financial Measure. See further details in Appendix. 13 • HEYDUDE returned to growth with revenues up +6%, supported by improved ASPs, inventory management, and cost efficiencies • Wholesale revenues grew +14%, reflecting progress in building deeper strategic relationships and increased order volumes with partners expanding commitment to the brand • Strengthened core assortment through Stretch Sox and Jersey, while broadening consumer reach through innovation, led by strong demand for the Braided Wally and HEY20 • Continued to diversify assortment with Sandals outperforming expectations, and momentum across Work; Boots and Slippers creating further growth opportunities into Q4 and 2027 • Deepened engagement with core consumers through targeted marketing and partnerships with Burlebo and Buc-ee’s — Burlebo expanded on Q2 success while Buc-ee’s sold out in 24hrs
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Financial Outlook 14
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Third Consecutive Full Year 2026 Guidance Raise Guidance: Q4 and Full Year 2026 15 1. Reflects current currency rates as of 10/26/2026 2. See reconciliation to GAAP equivalents in Appendix Q4 2026(1) Full Year 2026(1) Total Revenue % Change +7% to +9% Approximately +3% Revenue % Change +6% to +8% Approximately +4% Revenue % Change +10% to +12% Approximately Flat Adjusted Operating Margin(2) Approximately 20.5% >22.5% Adjusted Effective Tax Rate(2) 18% Adjusted Diluted EPS(2) $3.25 to $3.45 $14.45 to $14.65 Capital Expenditures $70 million to $80 million
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Repurchase Shares Debt Paydown opportunistically repurchase shares under our total available ~$1.7B buyback authorization maintain our net leverage target range of 1.0x to 1.5x(1) committed to redeploying best- in-class gross margins to accretive investments Invest in Our Brands Capital Allocation Priorities 16 1. Our forward-looking net leverage target represents a non-GAAP financial measure that excludes or otherwise has been adjusted for special items from our U.S. GAAP financial statements. We consider these items to be necessary adjustments for purposes of evaluating our ongoing business performance and are often considered non-recurring. Such adjustments are subjective and involve significant management judgment. We are unable to reconcile this forward-looking adjusted measure to its nearest U.S. GAAP measure because we are unable to predict the timing of the adjustments with a reasonable degree of certainty. By their very nature, special and other non-core items are difficult to anticipate with precision because they are generally associated with unexpected and unplanned events that impact our company and its financial results. Therefore, we are unable to provide a reconciliation of this long-term target without reasonable efforts.
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Appendix 17
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APPENDIX Non-GAAP Reconciliation In addition to financial measures presented on the basis of accounting principles generally accepted in the United States of America (“GAAP”), we present "Non-GAAP gross profit," “Non-GAAP gross margin,” “Non-GAAP gross margin by brand,” "Non-GAAP selling, general, and administrative expenses,” “Non-GAAP selling, general and administrative expenses as a percent of revenues,” “Non-GAAP income from operations,” “Non-GAAP operating margin,” “Non-GAAP income before income taxes,” “Non-GAAP income tax expense,” “Non-GAAP effective tax rate,” “Non-GAAP net income,” and “Non-GAAP basic and diluted net income per common share," which are non-GAAP financial measures. We also present future period guidance for “Non-GAAP operating margin,” “Non-GAAP effective tax rate,” “Non-GAAP diluted earnings per share,” and “Free cash flow.” We also present a long-term target for ‘Net leverage.’ Non-GAAP results exclude the impact of items that management believes affect the comparability or underlying business trends in our condensed consolidated financial statements in the periods presented. We also present certain information related to our current period results of operations through “constant currency,” which is a non-GAAP financial measure and should be viewed as a supplement to our results of operations and presentation of reportable segments under GAAP. Constant currency represents current period results that have been retranslated using exchange rates used in the prior year comparative period to enhance the visibility of the underlying business trends excluding the impact of foreign currency exchange rate fluctuations. Management uses non-GAAP results to assist in comparing business trends from period to period on a consistent basis in communications with the board of directors, stockholders, analysts, and investors concerning our financial performance. We believe that these non-GAAP measures, in addition to corresponding GAAP measures, are useful to investors and other users of our condensed consolidated financial statements as an additional tool for evaluating operating performance and trends by providing meaningful information about operations compared to our peers by excluding the impacts of various differences. The calculation of our non-GAAP financial metrics may vary from company to company. As a result, our calculation of these metrics may not be comparable to similarly titled metrics used by other companies. Management believes Non-GAAP gross profit, Non-GAAP gross margin, and Non-GAAP gross margin by brand are useful performance measures for investors because they provide investors with a means of comparing these measures between periods without the impact of certain expenses that we believe are not indicative of our routine cost of sales. Our routine cost of sales includes core product costs and distribution expenses primarily related to receiving, inspecting, warehousing, and packaging product and transportation costs associated with delivering products from distribution centers. Costs not indicative of our routine cost of sales may or may not be recurring in nature and include costs to expand and transition to new distribution centers. Management believes Non-GAAP selling, general and administrative expenses and Non-GAAP selling, general and administrative expenses as a percent of revenues are useful performance measures for investors because they provide a more meaningful comparison to prior periods and may be indicative of the level of such expenses to be incurred in future periods. These measures exclude the impact of certain expenses not related to our normal operations that are expected to be non-recurring in nature, such as impairment charges. Non-GAAP income from operations and Non-GAAP operating margin reflect the impact of Non-GAAP gross profit and Non-GAAP selling, general, and administrative expenses, as discussed above. We believe these are useful performance measures for investors because they provide a basis to compare performance in the period to prior periods. Non-GAAP income before income taxes reflects the impact of Non-GAAP income from operations, as discussed above. We believe this is a useful performance measure for investors because it provides a basis to compare performance in the period to prior periods. Management believes Non-GAAP income tax expense is a useful performance measure for investors because it provides a basis to compare our tax rates to historical tax rates, and because the adjustment is necessary in order to calculate Non-GAAP net income. Management believes Non-GAAP effective tax rate is a useful performance measure for investors because it provides an ongoing effective tax rate that they can use for historical comparisons and forecasting. Management believes Non-GAAP net income is a useful performance measure for investors because it focuses on underlying operating results and trends and improves the comparability of our results to prior periods. This measure reflects the impact of Non-GAAP gross profit, Non-GAAP selling, general, and administrative expenses, and Non-GAAP income tax expense, as described above. Management believes Non-GAAP basic and diluted net income per common share are useful performance measures for investors because they focus on underlying operating results and trends and improve the comparability of our results to prior periods. These measures reflect the impact of Non-GAAP gross profit, Non-GAAP selling, general, and administrative expenses, and Non-GAAP income tax expense, as described above. Management believes Net leverage is a useful performance measure for investors because it provides a measure of our financial strength and liquidity. Free cash flow is calculated as ‘Cash provided by operating activities’ less ‘Purchases of property, equipment, and software.’ Management believes free cash flow is useful for investors because it provides a clear measure of our ability to generate cash for discretionary uses such as funding growth opportunities, repurchasing shares, and reducing debt. For the three and nine months ended September 30, 2026 management believes it is helpful to evaluate our results excluding the impacts of various adjustments relating to special or non-recurring items. Investors should not consider these non-GAAP measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Our forward-looking guidance for consolidated “adjusted operating margin” and “adjusted diluted earnings per share” represents non-GAAP financial measures that excludes or otherwise has been adjusted for special items from our U.S. GAAP financial statements. We consider these items to be necessary adjustments for purposes of evaluating our ongoing business performance and are often considered non-recurring. Such adjustments are subjective and involve significant management judgment. While we are able to estimate full year non-GAAP adjustments, we are unable to reconcile forward-looking adjusted measures to their nearest U.S. GAAP measure quarter-by-quarter because we are unable to predict the timing of these adjustments with a reasonable degree of certainty. By their very nature, special and other non-core items are difficult to anticipate with precision because they are generally associated with unexpected and unplanned events that impact our company and its financial results. Therefore, we are unable to provide a reconciliation of these measures for the guidance related to the fourth quarter of 2026 without unreasonable efforts. 18
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Non-GAAP Gross Profit and Gross Margin Reconciliation: Non-GAAP Reconciliation APPENDIX Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 (in thousands) GAAP revenues $ 1,042,583 $ 996,301 $ 3,143,508 $ 3,083,007 GAAP gross profit $ 689,734 $ 583,008 $ 1,913,386 $ 1,833,393 IEEPA tariff refunds (1) (64,071) — (64,071) — Distributor takeback costs (2) — — 4,356 — Distribution centers (3) 3,053 — 6,786 — Other 25 — 143 — Total adjustments (60,993) — (52,786) — Non-GAAP gross profit $ 628,741 $ 583,008 $ 1,860,600 $ 1,833,393 GAAP gross margin 66.2 % 58.5 % 60.9 % 59.5 % Non-GAAP gross margin 60.3 % 58.5 % 59.2 % 59.5 % (1) These refunds, resulting from the February 20, 2026, United States Supreme Court Ruling, are non-recurring. (2) Relates to the takeback of a distributor in Malaysia. (3) Relates to the transition away from a third-party logistics provider for the HEYDUDE Brand, software transition costs at our Crocs Brand distribution center in Dayton, Ohio, and other distribution center related transition costs. 19
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Non-GAAP Gross Margin Reconciliation By Brand: Crocs Brand Non-GAAP Reconciliation APPENDIX Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 (in thousands) GAAP Crocs Brand gross margin 68.6 % 61.8 % 63.7 % 62.3 % Non-GAAP adjustments: IEEPA tariff refunds (1) (5.3) % — % (1.7) % — % Distributor takeback costs (2) — % — % 0.1 % — % Distribution centers (3) 0.1 % — % 0.1 % — % Other less than 0.1% — % less than 0.1% — % Non-GAAP Crocs Brand gross margin 63.4 % 61.8 % 62.2 % 62.3 % 20 Crocs Brand: (1) These refunds, resulting from the February 20, 2026, United States Supreme Court Ruling, are non-recurring. (2) Relates to the takeback of a distributor in Malaysia. (3) Relates to software transition costs at our Crocs Brand distribution center in Dayton, Ohio and other distribution center related transition costs.
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Non-GAAP Gross Margin Reconciliation By Brand: HEYDUDE Brand Non-GAAP Reconciliation APPENDIX 21 Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 GAAP HEYDUDE Brand gross margin 55.1 % 42.3 % 47.4 % 46.6 % Non-GAAP adjustments: IEEPA tariff refunds (1) (10.6) % — % (3.6) % — % Distribution centers (2) 1.3 % — % 0.8 % — % Non-GAAP HEYDUDE Brand gross margin 45.8 % 42.3 % 44.6 % 46.6 % HEYDUDE Brand: (1) These refunds, resulting from the February 20, 2026, United States Supreme Court Ruling, are non-recurring. (2) Relates to the transition away from a third-party logistics provider.
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Non-GAAP Selling, General and Administrative Reconciliation: Non-GAAP Reconciliation (Cont'd) APPENDIX Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 (in thousands) GAAP revenues $ 1,042,583 $ 996,301 $ 3,143,508 $ 3,083,007 GAAP selling, general and administrative expenses $ 397,807 $ 375,348 $ 1,134,937 $ 1,830,275 Impairment of indefinite-lived trademark (1) — — — (430,000) Impairment of goodwill (2) — — — (307,000) Charges incurred in connection with cost savings initiatives (790) — (5,373) — Impairment of leasehold improvement assets (3) — — (3,301) — Severance costs (4) (261) — 999 Other — — 38 — Total adjustments (1,051) — (7,637) (737,000) Non-GAAP selling, general and administrative expenses (5) $ 396,756 $ 375,348 $ 1,127,300 $ 1,093,275 GAAP selling, general and administrative expenses as a percent of revenues 38.2 % 37.7 % 36.1 % 59.4 % Non-GAAP selling, general and administrative expenses as a percent of revenues 38.1 % 37.7 % 35.9 % 35.5 % (1) Represents a prior year impairment of the HEYDUDE indefinite-lived trademark. (2) Represents a prior year impairment of the HEYDUDE Brand reporting unit goodwill. (3) Represents impairment charges for certain HEYDUDE leasehold improvement assets. (4) Represents operational workforce reduction charges incurred in connection with cost savings initiatives in the three months ended September 30, 2026. Additionally, the nine months ended September 30, 2026, includes a change in estimate for severance costs recorded as of December 31, 2025. (5) Non-GAAP selling, general and administrative expenses are presented gross of tax. 22
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Non-GAAP Income from Operations and Operating Margin Reconciliation: Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 (in thousands) GAAP revenues $ 1,042,583 $ 996,301 $ 3,143,508 $ 3,083,007 GAAP income from operations $ 291,927 $ 207,660 $ 778,449 $ 3,118 Non-GAAP gross profit adjustments (1) (60,993) — (52,786) — Non-GAAP selling, general and administrative expenses adjustments (2) 1,051 — 7,637 737,000 Non-GAAP income from operations $ 231,985 $ 207,660 $ 733,300 $ 740,118 GAAP operating margin 28.0 % 20.8 % 24.8 % 0.1 % Non-GAAP operating margin 22.3 % 20.8 % 23.3 % 24.0 % Non-GAAP Reconciliation (Cont'd) APPENDIX (1) See 'Non-GAAP gross profit and gross margin reconciliation' above for more details. (2) See 'Non-GAAP selling, general and administrative expenses and selling, general and administrative expenses as a percent of revenues reconciliation' above for more details. 23
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Non-GAAP Income Tax Expense and Effective Tax Rate Reconciliation: Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 (in thousands) GAAP income from operations $ 291,927 $ 207,660 $ 778,449 $ 3,118 GAAP income (loss) before income taxes 277,434 189,428 720,201 (54,240) Non-GAAP income from operations (1) $ 231,985 $ 207,660 $ 733,300 $ 740,118 GAAP non-operating income (expense): Foreign currency gains (losses), net 1,276 2,957 (2,651) 8,264 Interest income 3,343 531 4,261 1,235 Interest expense (19,059) (21,711) (59,427) (67,000) Other (expense) income, net (53) (9) (431) 143 Non-GAAP income before income taxes $ 217,492 $ 189,428 $ 675,052 $ 682,760 GAAP income tax expense $ 60,679 $ 43,612 $ 161,003 $ 132,123 Tax effect of non-GAAP operating adjustments (11,446) — (9,040) 29,942 Impact of intra-entity IP transactions (2) (11,423) (11,626) (33,706) (43,900) Non-GAAP income tax expense $ 37,810 $ 31,986 $ 118,257 $ 118,165 GAAP effective income tax rate 21.9 % 23.0 % 22.4 % (243.6) % Non-GAAP effective income tax rate 17.4 % 16.9 % 17.5 % 17.3 % Non-GAAP Reconciliation (Cont'd) APPENDIX (1) See ‘Non-GAAP income from operations and operating margin reconciliation’ above for more details. (2) In the fourth quarter of 2024, and previously in 2023, 2021, and 2020, we made changes to our international legal structure, including an intra-entity transaction related to certain intellectual property rights, primarily to align with current and future international operations. The transactions resulted in a step-up in the tax basis of intellectual property rights and correlated increases in foreign deferred tax assets based on the fair value of the transferred intellectual property rights. This adjustment represents the current period impact of these transactions. 24
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Non-GAAP Net Income Per Share Reconciliation: Non-GAAP Reconciliation (Cont'd) APPENDIX Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 (in thousands, except per share data) Numerator: GAAP net income (loss) $ 216,755 $ 145,816 $ 559,198 $ (186,363) Non-GAAP gross profit adjustments (1) (60,993) — (52,786) — Non-GAAP selling, general and administrative expenses adjustments (2) 1,051 — 7,637 737,000 Non-GAAP interest income adjustment (3) (2,688) — (2,688) — Tax effect of non-GAAP adjustments (4) 22,869 11,626 42,746 13,958 Non-GAAP net income $ 176,994 $ 157,442 $ 554,107 $ 564,595 Denominator: GAAP weighted average common shares outstanding - basic 47,413 53,641 48,925 55,169 Plus: GAAP dilutive effect of stock options and unvested restricted stock units 541 348 493 — GAAP weighted average common shares outstanding - diluted 47,954 53,989 49,418 55,169 GAAP weighted average common shares outstanding - basic 55,169 Plus: dilutive effect of stock options and unvested restricted stock units 368 Non-GAAP weighted average common shares outstanding - diluted 55,537 GAAP net income (loss) per common share: Basic $ 4.57 $ 2.72 $ 11.43 $ (3.38) Diluted $ 4.52 $ 2.70 $ 11.32 $ (3.38) Non-GAAP net income per common share: Basic $ 3.73 $ 2.94 $ 11.33 $ 10.23 Diluted $ 3.69 $ 2.92 $ 11.21 $ 10.17 (1) See 'Non-GAAP gross profit and gross margin reconciliation' above for more information. (2) See 'Non-GAAP selling, general and administrative expenses and selling, general and administrative expenses as a percent of revenues reconciliation' above for more information. (3) Relates to interest on IEEPA tariff refunds received during the three months ended September 30, 2026. (4) See ‘Non-GAAP income tax expense (benefit) and effective tax rate reconciliation’ above for more information. 25
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Free Cash Flow Reconciliation: APPENDIX Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 (in thousands) Cash provided by operating activities $ 290,421 $ 239,336 $ 561,189 $ 457,901 Purchases of property, equipment, and software (14,886) (13,174) (53,615) (45,120) Free cash flow $ 275,535 $ 226,162 $ 507,574 $ 412,781 Non-GAAP Reconciliation (Cont'd) 26
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Fourth Quarter and Full Year 2026 Guidance Reconciliation: APPENDIX Non-GAAP Reconciliation (Cont'd) Full Year 2026: Approximately: Non-GAAP operating margin reconciliation: GAAP operating margin >23.5% Non-GAAP adjustments (1) (1.0)% Non-GAAP operating margin >22.5% Non-GAAP effective tax rate reconciliation: GAAP effective tax rate 23% Non-GAAP adjustments (2) (5)% Non-GAAP effective tax rate 18% Non-GAAP diluted earnings per share reconciliation: GAAP diluted earnings per share $14.71 to $14.91 Non-GAAP adjustments (1)(2) $(0.26) Non-GAAP diluted earnings per share $14.45 to $14.65 27 (1) During 2026, we expect to incur a non-GAAP net benefit of $40 million, primarily associated with IEEPA tariff refunds and our cost reduction initiatives. This estimate does not include the receipt of potential IEEPA tariff refunds, as we are not able to predict the timing quarter-by-quarter. We plan to recognize IEEPA tariff refunds when they are realized or considered realizable, in accordance with the gain contingency model. (2) In the fourth quarter of 2024, and previously in 2023, 2021, and 2020, we made changes to our international legal structure, including an intra-entity transaction related to certain intellectual property rights, primarily to align with current and future international operations. The transactions resulted in a step-up in the tax basis of intellectual property rights and correlated increases in foreign deferred tax assets based on the fair value of the transferred intellectual property rights. This adjustment represents the full year 2026 impact of these transactions. Fourth Quarter 2026: Approximately: Non-GAAP operating margin reconciliation: GAAP operating margin 19.5% Non-GAAP adjustments (1) 1.0% Non-GAAP operating margin 20.5% Non-GAAP diluted earnings per share reconciliation: GAAP diluted earnings per share $3.04 to $3.24 Non-GAAP adjustments (1)(2) $0.21 Non-GAAP diluted earnings per share $3.25 to $3.45
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Revenues by Segment, Channel, and Geography APPENDIX Three Months Ended September 30, Nine Months Ended September 30, % Change Constant Currency % Change (1) Favorable (Unfavorable) 2026 2025 2026 2025 Q3 2026-2025 YTD 2026-2025 Q3 2026-2025 YTD 2026-2025 ($ in thousands) Crocs Brand: North America: Wholesale $ 137,226 $ 144,353 $ 428,172 $ 481,563 (4.9) % (11.1) % (4.8) % (11.2) % Direct-to-consumer (2) 301,143 303,352 814,856 791,789 (0.7) % 2.9 % (0.6) % 2.9 % Total North America (3) 438,369 447,705 1,243,028 1,273,352 (2.1) % (2.4) % (2.0) % (2.4) % International: Wholesale 225,139 220,003 821,514 824,276 2.3 % (0.3) % 2.4 % (2.1) % Direct-to-consumer 209,213 168,521 576,032 459,799 24.1 % 25.3 % 23.8 % 22.9 % Total International 434,352 388,524 1,397,546 1,284,075 11.8 % 8.8 % 11.7 % 6.8 % Total Crocs Brand $ 872,721 $ 836,229 $ 2,640,574 $ 2,557,427 4.4 % 3.3 % 4.4 % 2.3 % Crocs Brand: Wholesale $ 362,365 $ 364,356 $ 1,249,686 $ 1,305,839 (0.5) % (4.3) % (0.4) % (5.5) % Direct-to-consumer 510,356 471,873 1,390,888 1,251,588 8.2 % 11.1 % 8.2 % 10.2 % Total Crocs Brand 872,721 836,229 2,640,574 2,557,427 4.4 % 3.3 % 4.4 % 2.3 % HEYDUDE Brand: Wholesale 79,087 69,402 245,053 279,855 14.0 % (12.4) % 14.1 % (12.9) % Direct-to-consumer 90,775 90,670 257,881 245,725 0.1 % 4.9 % 0.2 % 4.9 % Total HEYDUDE Brand (4) 169,862 160,072 502,934 525,580 6.1 % (4.3) % 6.2 % (4.6) % Total consolidated revenues $ 1,042,583 $ 996,301 $ 3,143,508 $ 3,083,007 4.6 % 2.0 % 4.6 % 1.1 % 28 (1) Reflects year over year change as if the current period results were in constant currency, which is a non-GAAP financial measure. See ‘Reconciliation of GAAP Measures to Non-GAAP Measures’ above for more information. (2) Results for the three months ended September 30, 2026 , include an approximate (2.7%) change compared to the same period in 2025, reflecting the partial period impact of a business model change which we began implementing during the third quarter. (3) North America includes the United States and Canada. (4) The vast majority of HEYDUDE Brand revenues are derived from North America.