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Operating Segment Information | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Operating Segment Information | Note 14 – 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 to department stores, mass merchants, off-price retailers, shoe chains, online retailers, national chains, specialty retailers, independent stores, and clubs throughout the United States, United Kingdom, Canada, Mexico, and Europe, 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, United Kingdom, Canada, Mexico, and Europe, 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, Dolce Vita and Carvela full-price retail stores, Steve Madden, Kurt Geiger and Carvela outlet stores, directly-operated concessions in international markets, and directly-operated e-commerce websites. We operate retail locations in regional malls and shopping centers, as well as high streets in various cities across the United States, United Kingdom, Canada, Mexico, and Europe, as well as other international markets through our joint ventures. •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:
For the three months ended, |  | Wholesale Footwear |  | Wholesale Accessories/Apparel |  | Direct-to-Consumer |  | Licensing |  | Total
September 30, 2025 |  |  |  |  |  |  |  |  |  |
Total revenue(1) |  | $ | 266,543 |  |  | $ | 176,152 |  |  | $ | 221,505 |  |  | $ | 3,675 |  |  | $ | 667,875 |
Less: Cost of sales(2) |  | 174,859 |  |  | 123,186 |  |  | 92,455 |  |  | — |  |  | 390,500 |
Gross profit |  | 91,684 |  |  | 52,966 |  |  | 129,050 |  |  | 3,675 |  |  | 277,375 |
Less: Salaries and related expense(2) |  | 18,153 |  |  | 15,499 |  |  | 35,111 |  |  | 242 |  |  | 69,005 |
Less: Other segment items(3) |  | 33,417 |  |  | 21,864 |  |  | 98,379 |  |  | (25) |  |  | 153,635 |
Income/(loss) from operations |  | $ | 40,114 |  |  | $ | 15,603 |  |  | $ | (4,440) |  |  | $ | 3,458 |  |  | $ | 54,735 |
(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.
For the three months ended, |  | Wholesale Footwear |  | Wholesale Accessories/Apparel |  | Direct-to-Consumer |  | Licensing |  | Total
September 30, 2024 |  |  |  |  |  |  |  |  |  |
Total revenue(1) |  | $ | 299,315 |  |  | $ | 196,400 |  |  | $ | 125,455 |  |  | $ | 3,505 |  |  | $ | 624,675 |
Less: Cost of sales(2) |  | 188,537 |  |  | 131,437 |  |  | 45,157 |  |  | — |  |  | 365,131 |
Gross profit |  | 110,778 |  |  | 64,963 |  |  | 80,298 |  |  | 3,505 |  |  | 259,544 |
Less: Change in valuation of contingent consideration liability(2) |  | — |  |  | (2,584) |  |  | — |  |  | — |  |  | (2,584) |
Less: Impairment of intangibles(2) |  | — |  |  | 8,635 |  |  | — |  |  | — |  |  | 8,635 |
Less: Salaries and related expense(2) |  | 17,866 |  |  | 13,625 |  |  | 18,794 |  |  | 299 |  |  | 50,584 |
Less: Other segment items(3) |  | 28,657 |  |  | 14,626 |  |  | 60,005 |  |  | (22) |  |  | 103,266 |
Income from operations |  | $ | 64,255 |  |  | $ | 30,661 |  |  | $ | 1,499 |  |  | $ | 3,228 |  |  | $ | 99,643 |
(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.
For the nine months ended, |  | Wholesale Footwear |  | Wholesale Accessories/Apparel |  | Direct-to-Consumer |  | Licensing |  | Total
September 30, 2025 |  |  |  |  |  |  |  |  |  |
Total revenue(1) |  | $ | 782,827 |  |  | $ | 459,774 |  |  | $ | 529,071 |  |  | $ | 8,737 |  |  | $ | 1,780,409 |
Less: Cost of sales(2) |  | 513,967 |  |  | 318,950 |  |  | 217,823 |  |  | — |  |  | 1,050,740 |
Gross profit |  | 268,860 |  |  | 140,824 |  |  | 311,248 |  |  | 8,737 |  |  | 729,669 |
Less: Change in valuation of contingent payment liability(2) |  | — |  |  | (2,075) |  |  | — |  |  | — |  |  | (2,075) |
Less: Salaries and related expense(2) |  | 53,082 |  |  | 42,632 |  |  | 81,768 |  |  | 753 |  |  | 178,235 |
Less: Other segment items(3) |  | 87,671 |  |  | 56,343 |  |  | 284,482 |  |  | 344 |  |  | 428,840 |
Income / (loss) from operations |  | $ | 128,107 |  |  | $ | 43,924 |  |  | $ | (55,002) |  |  | $ | 7,640 |  |  | $ | 124,669 |
(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.
For the nine months ended, |  | Wholesale Footwear |  | Wholesale Accessories/Apparel |  | Direct-to-Consumer |  | Licensing |  | Total
September 30, 2024 |  |  |  |  |  |  |  |  |  |
Total revenue(1) |  | $ | 832,000 |  |  | $ | 487,252 |  |  | $ | 374,194 |  |  | $ | 7,163 |  |  | $ | 1,700,609 |
Less: Cost of sales(2) |  | 533,814 |  |  | 328,694 |  |  | 136,613 |  |  | — |  |  | 999,121 |
Gross profit |  | 298,186 |  |  | 158,558 |  |  | 237,581 |  |  | 7,163 |  |  | 701,488 |
Less: Change in valuation of contingent payment liability(2) |  | — |  |  | 5,616 |  |  | — |  |  | — |  |  | 5,616 |
Less: Impairment of intangibles(2) |  | — |  |  | 8,635 |  |  | 1,700 |  |  | — |  |  | 10,335 |
Less: Salaries and related expense(2) |  | 52,561 |  |  | 39,070 |  |  | 55,103 |  |  | 923 |  |  | 147,657 |
Less: Other segment items(3) |  | 79,316 |  |  | 41,059 |  |  | 166,214 |  |  | 316 |  |  | 286,905 |
Income from operations |  | $ | 166,309 |  |  | $ | 64,178 |  |  | $ | 14,564 |  |  | $ | 5,924 |  |  | $ | 250,975 |
(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.
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Total segment income from operations |  | $ | 54,735 |  |  | $ | 99,643 |  |  | $ | 124,669 |  |  | $ | 250,975 |
Corporate costs |  | (23,377) |  |  | (25,065) |  |  | (80,070) |  |  | (72,781) |
Gain on derivative |  | — |  |  | — |  |  | 9,252 |  |  | — |
Interest and other (expense) / income – net |  | (4,947) |  |  | 1,400 |  |  | (7,913) |  |  | 4,309 |
Income before provision for income taxes |  | $ | 26,411 |  |  | $ | 75,978 |  |  | $ | 45,938 |  |  | $ | 182,503 |
The following table presents capital expenditures by segment:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Wholesale Footwear | $ | 988 |  |  | $ | 682 |  |  | $ | 3,389 |  |  | $ | 2,304 |
Wholesale Accessories/Apparel | 1,105 |  |  | 10 |  |  | 1,630 |  |  | 198 |
Direct-to-Consumer | 8,882 |  |  | 6,033 |  |  | 20,559 |  |  | 12,277 |
Corporate(1) | 588 |  |  | 645 |  |  | 3,501 |  |  | 1,863 |
Total | $ | 11,563 |  |  | $ | 7,370 |  |  | $ | 29,079 |  |  | $ | 16,642 |
(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:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Wholesale Footwear | $ | 774 |  |  | $ | 855 |  |  | $ | 1,766 |  |  | $ | 2,230 |
Wholesale Accessories/Apparel | 874 |  |  | 1,154 |  |  | 1,813 |  |  | 3,445 |
Direct-to-Consumer | 6,767 |  |  | 1,816 |  |  | 14,179 |  |  | 4,796 |
Corporate(1) | 2,767 |  |  | 1,342 |  |  | 7,350 |  |  | 4,265 |
Total | $ | 11,182 |  |  | $ | 5,167 |  |  | $ | 25,108 |  |  | $ | 14,736 |
(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 revenue by geographic areas:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Domestic (1) |  | $ | 411,991 |  |  | $ | 503,269 |  |  | $ | 1,230,790 |  |  | $ | 1,386,593 |
International |  | 255,884 |  |  | 121,406 |  |  | 549,619 |  |  | 314,016 |
Total |  | $ | 667,875 |  |  | $ | 624,675 |  |  | $ | 1,780,409 |  |  | $ | 1,700,609 |
(1) Includes revenues of $62,449 and $221,949, respectively, for the three and nine months ended September 30, 2025 and $77,005 and $245,128, respectively, for the comparable period in 2024 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.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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