“Steven Madden Ltd. (NASDAQ: SHOO) delivered a mixed but acquisition-fueled performance in the fourth quarter of fiscal 2025, with consolidated revenue surging 29.4% year-over-year to $753.7 million, largely driven by the inclusion of Kurt Geiger. Adjusted earnings per share came in at $0.48, edging past analyst expectations, while GAAP net income declined to $23.2 million amid higher costs and impairments. Excluding the recent acquisition, core operations showed modest softness with a 1.4% revenue dip, and the company flagged ongoing tariff uncertainties for 2026 while projecting solid top-line growth ahead.”
Steven Madden Q4 2025 Earnings: Acquisition Lift Meets Margin Headwinds and Tariff Caution
The footwear and accessories giant Steven Madden reported fourth-quarter results that highlighted the transformative impact of its Kurt Geiger acquisition while underscoring persistent challenges in the core business and broader macro environment.
Consolidated revenue for the quarter ended December 31, 2025, reached $753.7 million , marking a substantial 29.4% increase from $582.3 million in the prior-year period. This robust growth was primarily attributable to the consolidation of Kurt Geiger, the U.K.-based luxury footwear and accessories brand acquired earlier in the year. On an organic basis—excluding Kurt Geiger—revenue actually declined 1.4% , reflecting softer demand trends in certain segments and cautious consumer spending in key markets.
Breaking down the revenue by channel and segment:
Wholesale revenue showed strength overall, boosted significantly by the Kurt Geiger contribution, though core wholesale faced headwinds from private-label pressures and inventory management at retail partners.
Direct-to-consumer (retail and e-commerce) performance remained resilient in the flagship Steve Madden brand, supported by targeted marketing and product innovation in trending categories like elevated casual footwear and handbags.
Accessories and apparel continued to gain traction, benefiting from cross-category expansion and brand extensions.
Adjusted diluted earnings per share stood at $0.48 , surpassing consensus estimates of around $0.47. This beat came despite margin compression from acquisition-related costs, higher SG&A expenses (including the normalization of incentive compensation and restored executive salaries), and a $6.3 million impairment charge related to a trademark. GAAP net income attributable to the company totaled $23.2 million , or $0.32 per diluted share , down sharply from $34.8 million, or $0.49 per share, in the year-ago quarter—a 33.3% decline .
For the full fiscal year 2025, revenue climbed 11.0% to $2,534.1 million , reflecting steady progress in brand momentum and strategic expansion. However, adjusted full-year EPS of $1.70 represented a decrease from prior levels, influenced by integration expenses and operational investments.
Key financial highlights from the quarter include:
Gross margin trends were pressured by mix shifts toward the acquired business, input cost fluctuations, and promotional activity.
Inventory levels were managed prudently, positioning the company for cleaner spring/summer 2026 assortments.
The board approved a quarterly cash dividend of $0.21 per share , payable in March 2026, underscoring confidence in cash flow generation and commitment to shareholder returns.
Looking forward, management expressed optimism about the brand portfolio’s resilience but adopted a cautious stance on profitability amid external variables. For fiscal 2026, the company guided to revenue growth of 9% to 11% compared to 2025, fueled by continued momentum in Steve Madden core products, international expansion via Kurt Geiger, and opportunities in accessories.
However, no specific earnings guidance was provided due to “uncertainty related to recent developments with respect to tariff policy in the U.S.” Executives noted expectations of ongoing pressure on the private-label business and elevated SG&A in the coming year, while emphasizing proactive strategies to mitigate tariff impacts through supply chain adjustments and pricing discipline.
The results reflect a company in transition: leveraging a strategic acquisition to accelerate scale and geographic reach while navigating a challenging retail landscape marked by consumer selectivity, inflationary remnants, and geopolitical trade risks. The Steve Madden brand remains a standout performer, with its focus on trend-right, accessible fashion continuing to resonate in a competitive market.