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Operating Segment Information
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Operating Segment Information
Note 18 – Operating Segment Information
The Company has determined its reportable operating segments based on the internal management structure used by the Company’s Chief Operating Decision Maker (or “CODM”), who is its Chief Executive Officer, to evaluate performance and allocate resources. This structure organizes the business into distinct categories based on product types and sales channels. The Company’s reportable operating segments consist of the following:
•Wholesale Footwear. This segment designs, sources, and markets our brands and sells our products, consisting of footwear, to department stores, mass merchants, off-price retailers, shoe chains, online retailers, national chains, specialty retailers, independent stores, and clubs throughout the United States, the United Kingdom, Europe, Canada, Mexico, and through our joint ventures and international distributor network.
•Wholesale Accessories/Apparel. This segment designs, sources, and markets our brands and sells our products, primarily consisting of handbags and apparel, to department stores, mass merchants, off-price retailers, online retailers, specialty retailers, independent stores, and clubs throughout the United States, the United Kingdom, Europe, Canada, Mexico, and through our joint ventures and international distributor network.
•Direct-to-Consumer. This segment engages in the sale of footwear, handbags, apparel, and other accessories through Steve Madden, Kurt Geiger London, Dolce Vita, and Carvela full-price retail stores, Steve Madden, Kurt Geiger London, and Carvela outlet stores, directly-operated e-commerce platforms, directly-operated concessions in international markets, and also operates third-party concessions in luxury and premium department stores primarily in the UK. We operate retail locations in regional malls and shopping centers, as well as high streets in various cities across the United States, the United Kingdom, Europe, Canada, and Mexico, as well as through our joint ventures in international markets.
•Licensing. This segment engages in the licensing of the Steve Madden®, Betsey Johnson® and Kurt Geiger® trademarks for use in the sale of select apparel, accessories, and home categories as well as various other non-core products.
In addition, the Company has certain corporate-related costs (“Corporate costs” or “Corporate”) that are not directly attributable to its reportable operating segments. Accordingly, these corporate-related costs do not constitute a reportable segment. These costs are primarily associated with corporate executives, corporate finance, corporate social responsibility, legal, human resources, information technology, cybersecurity, and other shared services.
The Company’s CODM evaluates financial performance based primarily on gross profit and income from operations for each reportable operating segment. Gross profit is defined as revenue less cost of goods sold. Income from operations is defined as profit or loss from operations before interest and other income, net and income taxes. Gross profit is a key measure for assessing the efficiency of the segment in producing its products or services, focusing on the direct costs associated with production. Income from operations is a key measure for understanding the overall financial performance of each segment, taking into account both direct operational costs and indirect expenses. These measures are used together to evaluate segment performance and determine the appropriate allocation of resources to each segment.
The Company’s CODM does not evaluate the financial performance of each segment based on its respective assets or capital expenditures, and therefore, the Company does not report this information.
The following tables set forth information related to the Company's segments:
(in thousands)Wholesale FootwearWholesale Accessories/ApparelDirect-to- ConsumerLicensing
Total(1)
For the Year Ended December 31, 2025
Total revenue$1,035,190 $640,662 $845,666 $12,591 $2,534,109 
Less: Cost of sales(2)
688,620 444,430 351,590 — 1,484,640 
Gross profit346,570 196,232 494,076 12,591 1,049,469 
Less: Change in valuation of contingent payment liability(2)
(259)(4,415)(906)— (5,580)
Less: Impairment of intangibles(2)
— 6,300 — — 6,300 
Less: Salaries and related expense(2)
75,063 57,957 119,714 1,003 253,737 
Less: Other segment items(3)
117,181 79,226 409,664 973 607,044 
Income/(loss) from operations$154,585 $57,164 $(34,396)$10,615 $187,968 
(1) There were no inter-segment revenue transactions during any of the periods presented, and therefore, total segment revenue represents consolidated revenue.
(2) The significant expense categories and amounts align with segment-level information that is regularly provided to the CODM.
(3) Other segment items in the Wholesale Footwear, Wholesale Accessories/Apparel, and Direct-to-Consumer segments consist of the following: warehouse and shipping, advertising and promotion, occupancy, depreciation and amortization, certain transaction related costs, and other miscellaneous costs. Other segment items in the Licensing segment consists of advertising and promotion and other miscellaneous costs.
(in thousands)Wholesale FootwearWholesale Accessories/ApparelDirect-to- ConsumerLicensing
Total(1)
For the Year Ended December 31, 2024
Total revenue$1,059,440 $662,673 $550,153 $10,661 $2,282,927 
Less: Cost of sales(2)
692,839 449,676 203,480 — 1,345,995 
Gross profit366,601 212,997 346,673 10,661 936,932 
Less: Change in valuation of contingent payment liability(2)
— 2,722 — — 2,722 
Less: Impairment of intangibles(2)
— 8,635 1,700 — 10,335 
Less: Salaries and related expense(2)
70,727 53,074 74,910 1,221 199,932 
Less: Other segment items(3)
104,662 58,132 239,093 379 402,266 
Income from operations$191,212 $90,434 $30,970 $9,061 $321,677 
(1) There were no inter-segment revenue transactions during any of the periods presented, and therefore, total segment revenue represents consolidated revenue.
(2) The significant expense categories and amounts align with segment-level information that is regularly provided to the CODM.
(3) Other segment items in the Wholesale Footwear, Wholesale Accessories/Apparel, and Direct-to-Consumer segments consist of the following: warehouse and shipping, advertising and promotion, occupancy, depreciation and amortization, and other miscellaneous costs. Other segment items in the Licensing segment consists of advertising and promotion and other miscellaneous costs.
(in thousands)Wholesale FootwearWholesale Accessories/ApparelDirect-to- ConsumerLicensing
Total(1)
For the Year Ended December 31, 2023
Total revenue$1,048,448 $416,532 $506,494 $10,108 $1,981,582 
Less: Cost of sales(2)
677,817 281,364 189,987 — 1,149,168 
Gross profit370,631 135,168 316,507 10,108 832,414 
Less: Impairment of intangibles(2)
— — 6,502 — 6,502 
Less: Salaries and related expense(2)
65,135 33,312 69,324 1,193 168,964 
Less: Other segment items(3)
100,546 40,428 210,521 488 351,983 
Income from operations$204,950 $61,428 $30,160 $8,427 $304,965 
(1) There were no inter-segment revenue transactions during any of the periods presented, and therefore, total segment revenue represents consolidated revenue.
(2) The significant expense categories and amounts align with segment-level information that is regularly provided to the CODM.
(3) Other segment items in the Wholesale Footwear, Wholesale Accessories/Apparel, and Direct-to-Consumer segments consist of the following: warehouse and shipping, advertising and promotion, occupancy, depreciation and amortization, and other miscellaneous costs. Other segment items in the Licensing segment consists of advertising and promotion and other miscellaneous costs.
The following table reconciles total segment income from operations to income before provision for income taxes:
Year Ended December 31,
(in thousands)202520242023
Total segment income from operations$187,968 $321,677 $304,965 
Corporate costs(107,197)(96,738)(91,743)
Gain on derivative9,252 — — 
Interest and other (expense) / income - net(12,343)5,538 7,392 
Income before provision for income taxes$77,680 $230,477 $220,614 
The following table presents capital expenditures by segment:
Year Ended December 31,
(in thousands)202520242023
Wholesale Footwear$3,862 $3,146 $2,790 
Wholesale Accessories/Apparel2,218 212 141 
Direct-to-Consumer32,588 19,188 12,061 
Corporate(1)
3,990 3,365 4,478 
Total$42,658 $25,911 $19,470 
(1) Corporate does not constitute a reportable segment and includes costs not directly attributable to the segments. These costs are primarily related to expenses associated with corporate executives, corporate finance, corporate social responsibility, legal, human resources, information technology, cybersecurity, and other shared services.
The following table presents depreciation and amortization by segment:
Year Ended December 31,
(in thousands)202520242023
Wholesale Footwear$2,182 $2,934 $2,452 
Wholesale Accessories/Apparel2,313 4,465 2,569 
Direct-to-Consumer18,873 6,953 4,590 
Corporate(1)
10,069 5,658 5,890 
Total$33,437 $20,010 $15,501 
(1) Corporate does not constitute a reportable segment and includes costs not directly attributable to the segments. These costs are primarily related to expenses associated with corporate executives, corporate finance, corporate social responsibility, legal, human resources, information technology, cybersecurity, and other shared services.
The following table summarizes revenues by geographic area:
Year Ended December 31,
(in thousands)202520242023
Domestic(1)
$1,678,075 $1,858,725 $1,601,098 
International856,034 424,202 380,484 
Total$2,534,109 $2,282,927 $1,981,582 
(1) Includes revenues of $299,224, $331,939, and $272,794, respectively, for the years ended 2025, 2024, and 2023, respectively, related to sales to U.S. customers where the title is transferred outside the U.S. and the sale is recorded by the Company's international entities.