Steven Madden, Ltd. (SHOO) · Nov 5, 2026 · Earnings
Miss — GAAP EPS $0.72 vs ~$0.73 consensus; revenue $772.6M vs ~$774M consensus
Steven Madden’s Q3 earnings narrowly missed consensus, but stronger wholesale growth and margins led the company to raise 2026 revenue and adjusted EPS guidance.
Steve Madden is in a growth-and-integration phase: it is expanding its core brands and wholesale business while integrating Kurt Geiger and managing tariff and freight pressure. Earlier 2026 disclosures pointed to strong lead-brand momentum, but also continuing private-label and tariff uncertainty.
The quarter itself was narrowly below the published bar. Revenue of $772.6 million was slightly below pre-release consensus of roughly $774 million, while GAAP diluted EPS of $0.72 trailed consensus near $0.73. The miss is small, but it means the headline earnings score is still a Miss rather than a beat.
| Q3 2026 | Q3 2025 | Consensus | |
|---|---|---|---|
| Revenue (Financial Highlights) | $772.6M | $667.9M | $774M |
| GAAP diluted EPS (Financial Highlights) | $0.72 | $0.29 | $0.73 |
| Adjusted diluted EPS (Financial Highlights) | $0.79 | $0.43 | |
| Wholesale revenue (Wholesale business) | $528.7M | $443.0M | |
| FY26 revenue growth (Outlook) | 12%-13% | 11%-13% | |
| FY26 adjusted diluted EPS (Outlook) | $2.15-$2.20 | $2.05-$2.15 |
The more important signal is the raised outlook. Management lifted the full-year revenue growth range by raising the floor from 11% to 12%, and raised adjusted EPS guidance to $2.15-$2.20 from $2.05-$2.15. That is a genuine improvement to the standing business view, not merely a confirmation. 〔0〕
Wholesale is doing most of the heavy lifting. Wholesale revenue rose 19.4%, with footwear up 21.0%, and wholesale gross margin expanded to 36.8% from 32.7%. That is especially meaningful because wholesale had been the more exposed channel to tariff, freight and cautious-retailer pressure.
Direct-to-consumer growth is healthy but less clean. DTC revenue increased 8.0%, but reported margin fell from the prior-year adjusted level because of higher freight, shifted markdown timing and deeper seasonal discounting. That leaves the quarter with a real tension: the wholesale engine is improving sharply, while consumer-channel profitability remains under pressure.
The balance sheet is moving in the right direction. Net debt was $48.8 million at quarter-end, with total debt down to $120.2 million, and operating cash flow reached $152.7 million through nine months. The company is still carrying acquisition-related costs, but the integration is not currently blocking cash generation.
Bottom line: This was a narrow earnings miss, but the raised full-year outlook and strong wholesale execution matter more for the business story. The result is mixed on the quarter, leaning slightly positive because management increased the earnings runway despite ongoing DTC and cost pressure.
Q4 earnings report, early 2027
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