Steve Madden Raises 2026 Outlook After Q3 Revenue Rises 15.7% to $772.6 Million

Steven Madden, Ltd. reported third-quarter revenue of $772.6 million on Nov. 5, 2026, up 15.7% from $667.9 million a year earlier, and raised its outlook for fiscal 2026. The footwear and accessories company announced the results in a release filed with the U.S. Securities and Exchange Commission, and held a conference call at 8:30 a.m. ET the same day.

Net income attributable to the company was $52.4 million, or $0.72 per diluted share, compared with $20.5 million, or $0.29, in the same quarter of 2025. The quarter ended Sept. 30, 2026.

Wholesale Leads the Quarter

Wholesale revenue rose 19.4% to $528.7 million. Within that channel, footwear grew 21.0% and accessories and apparel grew 17.0%, according to the company’s release.

Direct-to-consumer revenue rose 8.0% to $239.2 million. At the end of the period the company operated 381 brick-and-mortar stores, 92 of them outlets, along with eight e-commerce websites and 190 international concessions.

Chairman and CEO Edward Rosenfeld described an “outstanding third quarter” with growth across brands and channels, and singled out the Steve Madden brand as a highlight, citing trend-driven assortments and marketing. Other brands named in the release include Kurt Geiger London, Dolce Vita, Betsey Johnson, Carvela, Blondo and ATM.

Updated 2026 Guidance
Steven Madden now expects fiscal 2026 revenue growth of 12% to 13% and adjusted diluted earnings of $2.15 to $2.20 per share, compared with 11% to 13% and $2.05 to $2.15 before its Nov. 5, 2026 release.

Margins and Tariff Costs

Gross margin was 44.6%, up from 41.5% a year earlier. Operating expenses fell to 34.9% of revenue from 36.8%, and income from operations was $73.2 million, or 9.5% of revenue, compared with $31.4 million, or 4.7%.

On an adjusted basis, which excludes certain items, net income was $57.3 million, or $0.79 per diluted share, against $30.4 million, or $0.43. Adjusted operating income was $78.9 million, or 10.2% of revenue.

Wholesale gross margin rose to 36.8% from 32.7%. Compared with the prior-year adjusted wholesale gross margin of 33.6%, the company said the increase reflected strong underlying improvement as well as a smaller negative tariff impact, partially offset by higher freight expense.

Direct-to-consumer gross margin was 60.7%, up from 58.3% on a reported basis. On an adjusted basis it declined from 61.9%, which the company attributed to higher freight, a shift in the timing of markdowns and deeper discounting on seasonal product. Tariffs and trade policy remain listed among the company’s risk factors.

The quarter also included $3.9 million of pre-tax acquisition-related costs tied to Kurt Geiger, which Steven Madden acquired. The company’s filing flags integration risk and the possibility of goodwill and intangible impairment connected to that deal.

What Changed in the Full-Year Guidance

Steven Madden now expects fiscal 2026 revenue growth of 12% to 13%, compared with 11% to 13% previously. Diluted earnings per share are projected at $2.58 to $2.63, narrowed from $2.55 to $2.65.

Adjusted diluted earnings per share are now expected at $2.15 to $2.20, up from $2.05 to $2.15. Rosenfeld tied the higher outlook to year-to-date results and the continued momentum in the business.

The guidance has been revised more than once this year. Bloomberg Law reported in May that the company had raised its revenue growth outlook to 10% to 12% from 9% to 11%, and had introduced adjusted profit guidance of $2.00 to $2.10 a share.

For the first nine months, revenue was $2,091.6 million, compared with $1,780.4 million a year earlier. Adjusted diluted earnings per share were $1.68, against $1.22.

Wholesale revenue rose 19.4% to $528.7 million, with footwear up 21.0% and accessories and apparel up 17.0%.

Balance Sheet, Dividend and Next Steps

Total debt was $120.2 million and cash was $71.3 million; the company reported net debt of $48.8 million. The company did not repurchase any shares in the open market in the third quarter.

The board declared a quarterly dividend of $0.21 per share, payable Dec. 24, 2026, to shareholders of record on Dec. 11, 2026.

FashionUnited also reported the results and the revised guidance. The release says the company does not undertake any obligation to publicly update forward-looking statements, including guidance.