On this page of StockholderLetter.com we present the latest annual shareholder letter from DECKERS OUTDOOR CORP — ticker symbol DECK. Reading current and past DECK letters to shareholders can bring important insights into the investment thesis.
2025 Annual Report
Dear Stockholders, As I reflect on my first year as CEO, I am incredibly proud of the progress made by the outstanding teams across the Deckers organization in fiscal year 2025. Our commitment to our long-term strategy, guided by our consumer-first approach and unique products that blend technology and comfort, drove record breaking results. In fiscal year 2025, we delivered our highest-ever earnings per share, rising 30% above the prior year, with revenue climbing 16% year-over-year to nearly $5 billion our fifth consecutive year of double-digit growth in both areas. Anchored by the continued strength of HOKA and UGG, our disciplined marketplace management produced operating margin of 23.6%, a 200-basis-point improvement over the prior year. We leveraged our strong balance sheet to repurchase $567 million in Deckers shares in fiscal year 2025, and in May 2025 our Board of Directors approved an increase of $2.25 billion to our share repurchase program authorization, furthering our ability to continue returning capital to stockholders. HOKA and UGG remain two of the most in-demand and consumer-loved brands in the footwear industry, and both continued to capture market share as a result of our efforts to build brand awareness, elevate our products, and create meaningful connections with consumers around the world. HOKA continued to be our fastest growing brand in fiscal year 2025, with revenue increasing 24% versus the prior year to $2.2 billion. Consumers migrating toward active lifestyles presents a tremendous opportunity for HOKA, expanding its total addressable market in the US and internationally. We are seeing momentum from recent technology upgrades to our top franchises, reflecting our relentless focus on delivering disruptive innovations that resonate with consumers. UGG delivered an outstanding fiscal year 2025, growing revenue by 13% versus the prior year to $2.5 billion. The UGG brand s iconic designs and elevated presence across regions, channels, and categories led to significant gains in consumer acquisitions and retention. We are continuing to lean into our global opportunity to drive year-round wearability, grow the adoption of men s products, and extend the wins we are seeing with key styles. We are entering fiscal year 2026 with a strong foundation, underpinned by the power of our industryleading brands, best-in-class operating model, and fortified balance sheet. Despite increased macroeconomic uncertainty, our Board and leadership team remain confident in Deckers long-term growth strategy, leaning on our agile marketplace operations, disciplined cost structure, and persistent innovation that can help us outpace a constantly evolving consumer landscape. Deckers success is made possible by our remarkable employees. Our team s passion for our brands is evident daily, and I am proud of their dedicated work to build our future. I would also like to acknowledge Cindy Davis, our newly appointed Board Chair. Cindy has contributed tremendous value as a director on our Board over the past seven years, and her leadership will support the Board s oversight of our continued growth and strategic execution. We thank Mike Devine for his more than fourteen years of service to Deckers, including his incredible leadership as Chair for six years.
Deckers is in the early miles of a long-distance run. We are off to an excellent start, and we are well equipped to continue on our path of growth and value creation. I am excited about the opportunities ahead to deliver value for our consumers and stockholders over the long-term. Thank you for your ongoing interest in Deckers. Sincerely, Stefano Caroti Chief Executive Officer and President
 • shareholder letter icon 7/25/2025 Letter Continued (Full PDF)
 • stockholder letter icon 7/25/2023 DECK Stockholder Letter
 • stockholder letter icon 7/23/2024 DECK Stockholder Letter
 • stockholder letter icon More "Textiles & Apparel" Category Stockholder Letters
 • Benford's Law Stocks icon DECK Benford's Law Stock Score = 94


DECK Shareholder/Stockholder Letter Transcript:

2025
Annual
Report


Dear Stockholders,
As I reflect on my first year as CEO, I am incredibly proud of the progress made by the outstanding
teams across the Deckers organization in fiscal year 2025. Our commitment to our long-term strategy,
guided by our consumer-first approach and unique products that blend technology and comfort, drove
record breaking results.
In fiscal year 2025, we delivered our highest-ever earnings per share, rising 30% above the prior year,
with revenue climbing 16% year-over-year to nearly $5 billion     our fifth consecutive year of double-digit
growth in both areas. Anchored by the continued strength of HOKA and UGG, our disciplined
marketplace management produced operating margin of 23.6%, a 200-basis-point improvement over
the prior year. We leveraged our strong balance sheet to repurchase $567 million in Deckers shares in
fiscal year 2025, and in May 2025 our Board of Directors approved an increase of $2.25 billion to our
share repurchase program authorization, furthering our ability to continue returning capital to
stockholders.
HOKA and UGG remain two of the most in-demand and consumer-loved brands in the footwear
industry, and both continued to capture market share as a result of our efforts to build brand
awareness, elevate our products, and create meaningful connections with consumers around the
world.

HOKA continued to be our fastest growing brand in fiscal year 2025, with revenue increasing
24% versus the prior year to $2.2 billion. Consumers migrating toward active lifestyles
presents a tremendous opportunity for HOKA, expanding its total addressable market in the
US and internationally. We are seeing momentum from recent technology upgrades to our top
franchises, reflecting our relentless focus on delivering disruptive innovations that resonate
with consumers.

UGG delivered an outstanding fiscal year 2025, growing revenue by 13% versus the prior year
to $2.5 billion. The UGG brand   s iconic designs and elevated presence across regions,
channels, and categories led to significant gains in consumer acquisitions and retention. We
are continuing to lean into our global opportunity to drive year-round wearability, grow the
adoption of men   s products, and extend the wins we are seeing with key styles.
We are entering fiscal year 2026 with a strong foundation, underpinned by the power of our industryleading brands, best-in-class operating model, and fortified balance sheet. Despite increased
macroeconomic uncertainty, our Board and leadership team remain confident in Deckers    long-term
growth strategy, leaning on our agile marketplace operations, disciplined cost structure, and
persistent innovation that can help us outpace a constantly evolving consumer landscape.
Deckers    success is made possible by our remarkable employees. Our team   s passion for our brands is
evident daily, and I am proud of their dedicated work to build our future. I would also like to
acknowledge Cindy Davis, our newly appointed Board Chair. Cindy has contributed tremendous value as
a director on our Board over the past seven years, and her leadership will support the Board   s
oversight of our continued growth and strategic execution. We thank Mike Devine for his more than
fourteen years of service to Deckers, including his incredible leadership as Chair for six years.

Deckers is in the early miles of a long-distance run. We are off to an excellent start, and we are well
equipped to continue on our path of growth and value creation. I am excited about the opportunities
ahead to deliver value for our consumers and stockholders over the long-term. Thank you for your
ongoing interest in Deckers.
Sincerely,
Stefano Caroti
Chief Executive Officer and President



shareholder letter icon 7/25/2025 Letter Continued (Full PDF)
 

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