v3.26.3
Reportable Operating Segments
 6 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Reportable Operating Segments Reportable Operating Segments
There have been no changes to the Company’s reportable operating segments, the measure of segment profit or
loss, or the basis of measurement from those disclosed in Note 13, “Reportable Operating Segments,” of the
Company’s consolidated financial statements in Part IV of the 2026 Annual Report. Accordingly, information
reported to the Chief Operating Decision Maker (CODM), who is the Principal Executive Officer (PEO), continues to
be organized into three reportable operating segments: HOKA brand, UGG brand, and Other brands.
The CODM continues to evaluate reportable operating segment performance and allocate resources based on net
sales, gross profit as a percentage of net sales (gross margin), and income from operations, which includes costs
directly attributable to each reportable operating segment that are regularly reviewed by the CODM. Segment
income from operations excludes unallocated enterprise and shared brand expenses, as well as total other income,
net. There are no inter-segment sales for any period presented.
The CODM does not regularly review total assets or capital expenditures by reportable operating segment.
Reportable operating segment information, with a reconciliation to the condensed consolidated statements of
comprehensive income, was as follows:
Three Months Ended September 30, 2026
HOKA
UGG
Other brands
Total
Net sales
$677,204
$786,362
$16,988
$1,480,554
Less: Cost of sales
271,873
305,379
8,190
585,442
Segment gross profit
405,331
480,983
8,798
895,112
Segment gross margin
59.9%
61.2%
51.8%
60.5%
Three Months Ended September 30, 2026
HOKA
UGG
Other brands
Total
Less:
Payroll and related costs
37,724
38,424
4,875
81,023
Advertising, marketing, and promotion
expenses
90,862
57,377
3,770
152,009
Rent and occupancy
11,867
20,998
3
32,868
Depreciation and other related costs (1)
2,841
3,646
157
6,644
Other segment items (2)
25,480
34,782
1,182
61,444
Segment SG&A expenses
168,774
155,227
9,987
333,988
Segment income from operations
$236,557
$325,756
$(1,189)
$561,124
Segment operating margin (3)
34.9%
41.4%
(7.0)%
37.9%
Three Months Ended September 30, 2025
HOKA
UGG
Other brands (4)
Total
Net sales
$634,086
$759,587
$37,167
$1,430,840
Less: Cost of sales
269,332
338,048
19,638
627,018
Segment gross profit
364,754
421,539
17,529
803,822
Segment gross margin
57.5%
55.5%
47.2%
56.2%
Less:
Payroll and related costs
32,436
38,886
4,453
75,775
Advertising, marketing, and promotion
expenses
71,581
55,704
4,910
132,195
Rent and occupancy
10,433
18,449
18
28,900
Depreciation and other related costs (1)
1,610
3,117
6
4,733
Other segment items (2)
27,397
33,110
5,439
65,946
Segment SG&A expenses
143,457
149,266
14,826
307,549
Segment income from operations
$221,297
$272,273
$2,703
$496,273
Segment operating margin (3)
34.9%
35.8%
7.3%
34.7%
Six Months Ended September 30, 2026
HOKA
UGG
Other brands
Total
Net sales
$1,380,742
$1,064,411
$54,932
$2,500,085
Less: Cost of sales
572,997
430,676
26,137
1,029,810
Segment gross profit
807,745
633,735
28,795
1,470,275
Segment gross margin
58.5%
59.5%
52.4%
58.8%
Less:
Payroll and related costs
73,872
74,520
9,633
158,025
Advertising, marketing, and promotion
expenses
153,110
80,187
10,812
244,109
Rent and occupancy
24,786
40,294
7
65,087
Depreciation and other related costs (1)
5,503
7,028
320
12,851
Other segment items (2)
58,449
51,936
2,670
113,055
Segment SG&A expenses
315,720
253,965
23,442
593,127
Segment income from operations
$492,025
$379,770
$5,353
$877,148
Segment operating margin (3)
35.6%
35.7%
9.7%
35.1%
Six Months Ended September 30, 2025
HOKA
UGG
Other brands (4)
Total
Net sales
$1,287,205
$1,024,679
$83,494
$2,395,378
Less: Cost of sales
545,504
463,816
44,330
1,053,650
Segment gross profit
741,701
560,863
39,164
1,341,728
Segment gross margin
57.6%
54.7%
46.9%
56.0%
Less:
Payroll and related costs
60,944
71,751
8,985
141,680
Advertising, marketing, and promotion
expenses
127,569
75,272
11,118
213,959
Rent and occupancy
19,479
35,666
56
55,201
Depreciation and other related costs (1)
3,083
6,074
45
9,202
Other segment items (2)
55,801
45,844
8,504
110,149
Segment SG&A expenses
266,876
234,607
28,708
530,191
Segment income from operations
$474,825
$326,256
$10,456
$811,537
Segment operating margin (3)
36.9%
31.8%
12.5%
33.9%
(1) Depreciation and other related costs generally include depreciation of property and equipment, amortization and impairment of
intangible assets or other long-lived assets, accretion, loss on disposal of assets, and other miscellaneous costs.
(2) Other segment items are comprised of other SG&A expenses, which primarily include credit card fees, sales commissions, IT
expenses, materials and supplies, travel, certain 3PL service fees, and other miscellaneous expenses.
(3) Operating margin is defined as income from operations divided by net sales.
(4) Other brands reportable operating segment for the prior period includes financial results for the phase out of the Koolaburra
brand and AHNU brand. Refer to the section titled “Reportable Operating Segments,” in Note 1, “General,” of the Company’s
consolidated financial statements in the 2026 Annual Report for further information.
A reconciliation of reportable segment income from operations to condensed consolidated statements of
comprehensive income was as follows:
Three Months Ended September 30,
Six Months Ended September 30,
2026
2025
2026
2025
Segment income from operations
$561,124
$496,273
$877,148
$811,537
Unallocated enterprise and shared brand
expenses (1)
(171,668)
(169,752)
(332,391)
(319,729)
Total other income, net
13,995
15,835
27,744
33,614
Consolidated income before income taxes
$403,451
$342,356
$572,501
$525,422
(1) To the extent that consolidated SG&A expenses exceed reportable operating segment SG&A expenses, they are recorded in
unallocated enterprise and shared brand expenses, which are costs that are managed centrally and not specific to any one
brand.