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Operating Segment Information
 9 Months Ended
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 FootwearWholesale Accessories/ApparelDirect-to-ConsumerLicensingTotal
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 profit91,684 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 FootwearWholesale Accessories/ApparelDirect-to-ConsumerLicensingTotal
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 profit110,778 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 FootwearWholesale Accessories/ApparelDirect-to-ConsumerLicensingTotal
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 profit268,860 140,824 311,248 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 FootwearWholesale Accessories/ApparelDirect-to-ConsumerLicensingTotal
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 profit298,186 158,558 237,581 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,
2025202420252024
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,
2025202420252024
Wholesale Footwear$988 $682 $3,389 $2,304 
Wholesale Accessories/Apparel1,105 10 1,630 198 
Direct-to-Consumer8,882 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,
2025202420252024
Wholesale Footwear$774 $855 $1,766 $2,230 
Wholesale Accessories/Apparel874 1,154 1,813 3,445 
Direct-to-Consumer6,767 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,
2025202420252024
Domestic (1)
$411,991 $503,269 $1,230,790 $1,386,593 
International255,884 121,406 549,619 314,016 
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.