SHOO

MKT CAP:$3B

Steven Madden, Ltd.

Market Cap

$3B

Consumer Cyclical·Apparel - Footwear & Accessories·🇺🇸 United States·NASDAQ

Consumer Cyc.·Apparel·🇺🇸·NASDAQ

Stock Price

$39.72-$2.48 (-5.88%)

Apr 20, 2026

Company Details

Steven Madden, Ltd. designs, sources, markets, and sells fashion-forward branded and private label footwear, accessories, and apparel for women, men, and children in the United States and internationally. Its Wholesale Footwear segment prov...

CEO

Edward R. Rosenfeld

IPO Date

Dec 13, 1993

Website

www.stevemadden.com

Key Metrics TTM

Revenue

$2.3B

+7.5% YoY

Net Income

$175M

EPS (Diluted)

$2.43

Free Cash Flow

$49M

Revenue / Share

$31.72

Gross Margin

41.2%

Operating Margin

10.3%

Net Margin

7.8%

FCF Margin

2.2%

P/S

1.2x

P/E

16.1x

Earnings Reports

Q2 2025

May 6, 2026

PENDING

Q1 2025

May 9, 2025

$554M+0.2%EPS $0.57

Q3 2024

Nov 8, 2024

$625M+13.0%EPS $0.77

Q2 2024

Aug 1, 2024

$524MEPS $0.49

Q1 2024

May 2, 2024

$552M+19.1%EPS $0.60

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 16	$325M	$121M	$36M
Q4 16	$336M	$130M	$40M
Q2 17	$374M	$139M	$42M
Q2 18	$396M	$148M	$42M
Q4 18	$410M	$152M	$25M
Q3 21	$529M	$220M	$88M
Q4 21	$578M	$238M	$79M
Q1 22	$560M	$228M	$98M
Q1 23	$464M	$195M	$47M
Q3 23	$553M	$233M	$83M
Q4 23	$520M	$215M	$40M
Q1 24	$552M	$225M	$57M
Q2 24	$524M	$217M	$47M
Q3 24	$625M	$260M	$75M
Q1 25	$554M	$226M	$53M

Valuation

Quarter	P/S	P/E
Q2 16	—	—
Q4 16	—	—
Q2 17	—	—
Q2 18	2.0x	24.5x
Q4 18	1.9x	27.4x
Q3 21	1.6x	20.0x
Q4 21	1.5x	15.8x
Q1 22	1.4x	12.8x
Q1 23	1.3x	11.5x
Q3 23	1.3x	11.6x
Q4 23	1.3x	13.3x
Q1 24	1.3x	15.5x
Q2 24	1.3x	15.7x
Q3 24	1.3x	16.5x
Q1 25	1.2x	16.1x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 16	$43M	$39M
Q4 16	$80M	$77M
Q2 17	$41M	$37M
Q2 18	$72M	$70M
Q4 18	$108M	$104M
Q3 21	$4M	$2M
Q4 21	$63M	$61M
Q1 22	-$19M	-$25M
Q1 23	-$13M	-$17M
Q3 23	-$5M	-$11M
Q4 23	$151M	$146M
Q1 24	-$16M	-$20M
Q2 24	$110M	$104M
Q3 24	$444.0K	-$7M
Q1 25	-$19M	-$29M

Capital Expenditures

Quarter	CapEx
Q2 16	$4M
Q4 16	$3M
Q2 17	$4M
Q2 18	$2M
Q4 18	$4M
Q3 21	$2M
Q4 21	$2M
Q1 22	$6M
Q1 23	$4M
Q3 23	$6M
Q4 23	$6M
Q1 24	$4M
Q2 24	$5M
Q3 24	$7M
Q1 25	$10M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 18	+26.1%	+33.1%
Q3 21	+57.2%	+48.4%
Q4 21	+54.6%	+50.2%
Q1 22	+41.4%	+30.4%
Q1 23	+13.0%	+8.3%
Q3 23	+4.5%	+6.7%
Q4 23	-10.2%	-3.9%
Q1 24	-1.3%	+7.3%
Q2 24	+12.9%	+14.2%
Q3 24	+13.0%	+17.0%
Q1 25	+6.5%	+4.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 16	$5M	1.4%
Q4 16	$5M	1.5%
Q2 17	$6M	1.5%
Q2 18	$5M	1.3%
Q4 18	$6M	1.4%
Q3 21	$6M	1.1%
Q4 21	$6M	1.0%
Q1 22	$6M	1.1%
Q1 23	$6M	1.3%
Q3 23	$6M	1.1%
Q4 23	$6M	1.2%
Q1 24	$6M	1.0%
Q2 24	$7M	1.3%
Q3 24	$7M	1.1%
Q1 25	$7M	1.3%

OpEx Breakdown

Quarter	G&A	S&M	SG&A
Q2 16	$88M	—	—
Q4 16	$30M	$43M	—
Q2 17	$100M	—	—
Q2 18	$108M	—	—
Q4 18	$326M	$70M	—
Q3 23	—	—	$146M

Revenue Segments

Quarter	First Cost	Licensing	Retail Segment	Wholesale Accessories/Apparel	Wholesale Footwear
Q3 21	$991.0K	$3M	$123M	$98M	$304M
Q4 21	—	—	$165M	$107M	$303M
Q1 22	$837.0K	$2M	$108M	$102M	$347M
Q1 23	—	$2M	$100M	$80M	$282M
Q3 23	—	$3M	$116M	$127M	$306M
Q4 23	—	—	$162M	$130M	$225M
Q1 24	—	$2M	$112M	$143M	$296M
Q2 24	—	$2M	$136M	$148M	$237M
Q3 24	—	$4M	$125M	$196M	$299M
Q1 25	—	$2M	$112M	$143M	$296M

Revenue by Geography

Quarter	Domestic Destination	Non-US
Q2 16	$297M	$28M
Q4 16	$302M	$35M
Q2 17	$342M	$32M
Q2 18	$356M	$40M
Q4 18	$365M	$46M
Q3 21	$460M	$68M
Q4 21	$512M	$67M
Q1 22	$485M	$75M
Q1 23	$378M	$86M
Q3 23	$443M	$109M
Q4 23	$418M	$102M
Q1 24	$455M	$98M
Q2 24	$429M	$95M
Q3 24	$503M	$121M
Q1 25	$451M	$103M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$170M	$10M	$180M
Q2 22	$151M	$30M	$180M
Q3 22	$139M	$9M	$148M
Q4 22	$275M	$15M	$290M
Q1 23	$210M	$14M	$224M
Q2 23	$258M	$16M	$274M
Q3 23	$192M	$15M	$206M
Q4 23	$205M	$15M	$220M
Q1 24	$132M	$12M	$143M
Q2 24	$180M	$12M	$192M
Q3 24	$139M	$11M	$150M
Q4 24	$190M	$13M	$203M
Q1 25	$145M	$2M	$147M
Q2 25	$112M	$140.0K	$112M
Q3 25	$109M	$140.0K	$109M
Q4 25	$112M	$0	$112M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 16	90M	—	—
Q4 16	84M	-6.5%	—
Q2 17	87M	+3.4%	—
Q2 18	86M	-0.4%	—
Q4 18	81M	-6.6%	-10.1%
Q3 21	81M	+1.0%	-2.9%
Q4 21	81M	-0.1%	-6.3%
Q1 22	80M	-1.9%	-7.6%
Q1 23	76M	-4.8%	-5.8%
Q3 23	74M	-2.4%	-8.9%
Q4 23	73M	-0.8%	-9.5%
Q1 24	73M	-0.9%	-8.5%
Q2 24	72M	-1.2%	-5.1%
Q3 24	72M	-0.6%	-3.4%
Q1 25	71M	-0.7%	-3.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 16	$144.0K	2K
Q4 16	$139.1K	2K
Q2 17	$154.7K	2K
Q2 18	$158.5K	2K
Q4 18	$157.8K	3K
Q3 21	$188.8K	3K
Q4 21	$165.3K	4K
Q1 22	$159.9K	4K
Q1 23	$116.0K	4K
Q3 23	$138.2K	4K
Q4 23	$123.7K	4K
Q1 24	$131.5K	4K
Q2 24	$124.7K	4K
Q3 24	$148.7K	4K
Q1 25	$115.3K	5K

Revenue / Employee