Risk Sleuth
CROX · 10-K filed 12 Feb 2026 · year to 31 Dec 2025

Crocs

30 named things its latest annual report says its results depend on, each in the company's own words. 18 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Wholesale customers

earns from · 47.9%named as a risk
During the years ended December 31, 2025, 2024, and 2023, 47.9%, 50.3%, and 52.0% of our consolidated revenues, respectively, were derived through our wholesale channel.Business (Item 1)

Also named by TPR

Suppliers

Largest third-party manufacturer for the Crocs Brand

depends on · approximately 45%, 50%, and 47% of our productionnamed as a risk
Our largest third-party manufacturer for the Crocs Brand, with the majority of operations in Vietnam, produced approximately 45%, 50%, and 47% of our production during the years ended December 31, 2025, 2024, and 2023, respectively, and our second largest third-party manufacturer for the Crocs Brand, primarily operating in both Vietnam and China, produced approximately 28%, 25%, and 26% of our production during the years ended December 31, 2025, 2024, and 2023, respectively.Risk factors (Item 1A)

Second largest third-party manufacturer for the Crocs Brand

depends on · approximately 28%, 25%, and 26% of our productionnamed as a risk
Our largest third-party manufacturer for the Crocs Brand, with the majority of operations in Vietnam, produced approximately 45%, 50%, and 47% of our production during the years ended December 31, 2025, 2024, and 2023, respectively, and our second largest third-party manufacturer for the Crocs Brand, primarily operating in both Vietnam and China, produced approximately 28%, 25%, and 26% of our production during the years ended December 31, 2025, 2024, and 2023, respectively.Risk factors (Item 1A)

Partners and platforms

Third-party e-commerce marketplaces

earns from · 37.8% of consolidated revenuesnamed as a risk
Our digital sales in 2025 were 37.8% of consolidated revenues, compared to 37.2% and 37.9% of consolidated revenues in 2024 and 2023, respectively.Business (Item 1)

Other companies

HEYDUDE trademark and goodwill impairment

$430.0 million for the trademark and $307.0 million for the reporting unit goodwillnamed as a risk
During the second quarter of the fiscal year ended 2025, there was a triggering event for the trademark and the reporting unit goodwill, which resulted in non-cash impairment charges of $430.0 million for the trademark and $307.0 million for the reporting unit goodwill.Risk factors (Item 1A)

Xinjiang Production and Construction Corporation (XPCC)

subject tonamed as a risk
Even if we were not subject to penalties, fines or sanctions, if products we source are linked in any way to XPCC, the XUAR, or an entity on the UFLPA entity list, our reputation could be damaged.Risk factors (Item 1A)

Places

Vietnam

concentrated in · approximately 45%, 51%, and 56%, respectively, of our Crocs Brand productionnamed as a risk
During the years ended December 31, 2025, 2024, and 2023, approximately 45%, 51%, and 56%, respectively, of our Crocs Brand production was in Vietnam.Risk factors (Item 1A)

Also named by AAPL, AMKR, ANET, ASO, BBW, CGNX, CIEN, CSW and 16 more

Vietnam

concentrated in · approximately 44%, 20%, and 5%, respectively, of our HEYDUDE Brand productionnamed as a risk
During the years ended December 31, 2025, 2024, and 2023, approximately 44%, 20%, and 5%, respectively, of our HEYDUDE Brand production was in Vietnam.Risk factors (Item 1A)

Also named by AAPL, AMKR, ANET, ASO, BBW, CGNX, CIEN, CSW and 16 more

International markets (Crocs Brand)

earns from · 48.6% of Crocs Brand revenues
Our international sales in 2025 were 48.6% of Crocs Brand revenues compared to 44.1% and 41.0% in 2024 and 2023, respectively.Business (Item 1)

Also named by ABNB, ADSK, BSX, CRWD, DOCU, DXCM, EFX, FICO and 18 more

South Korea

operates in · 95
For the Crocs Brand, we are currently focused on six Tier 1 markets: (i) China, (ii) India, (iii) Japan, (iv) South Korea, (v), the U.S., and (vi) Western Europe.Business (Item 1)

Also named by AAPL, ALAB, AMAT, BE, BWA, CPNG, ENTG, FAST and 11 more

China

concentrated innamed as a risk
Moreover, HEYDUDE depends on a limited number of third-party manufacturers that are concentrated in Vietnam and China to produce its products.Risk factors (Item 1A)

Also named by A, AA, AAOI, AAP, AAPL, AB, ADI, AEHR and 261 more

United States

earns fromnamed as a risk
This was partly due to the current and projected impact of a weak U.S. consumer and the disproportionate impact of tariffs on HEYDUDE Brand products, which became evident in the second quarter of the fiscal year ended 2025.Risk factors (Item 1A)

Also named by ABBV, ADP, AJG, AMGN, APA, AXGN, AXP, BALL and 139 more

China intellectual property protection

named as a risk
The laws of some countries, for example, China, do not protect intellectual property rights to the same extent as do U.S. laws.Risk factors (Item 1A)

Shopping malls and outlet malls

operates innamed as a risk
Many of our company-operated retail stores are located in shopping malls and outlet malls, and our success depends in part on obtaining prominent locations and the overall ability of the malls to successfully generate and maintain customer traffic.Risk factors (Item 1A)

Netherlands

operates in
As of December 31, 2025, we principally stored our finished goods inventory in company-operated warehouses and distribution and logistics facilities located in the U.S. and the Netherlands.Business (Item 1)

Also named by ANET, BKNG, CACI, COO, GILD, PCAR

Commodities and inputs

Euro

exposed to its price · approximately $9.4 million, or 0.2%named as a risk
In 2025, we experienced increases in revenues of approximately $9.4 million, or 0.2%, primarily due to favorable fluctuations in the Euro, partially offset by unfavorable fluctuations in the South Korean Won, relative to the USD.Risk factors (Item 1A)

Also named by ABBV, ABNB, ABT, ADBE, ADI, AME, AMG, AMGN and 186 more

U.S. Dollar

exposed to its price · $17.8 million and $9.0 millionnamed as a risk
An increase of 1% of the value of the U.S. Dollar relative to foreign currencies when translating our financial results would have decreased our revenues and income before taxes during the year ended December 31, 2025, by $17.8 million and $9.0 million, respectively.Market risk (Item 7A)

Also named by A, AAPL, AEHR, CSCO, FWONA, IDXX, KEYS, LECO and 4 more

Chinese Yuan

exposed to its pricenamed as a risk
For the HEYDUDE Brand, we pay the majority of our third-party manufacturers, located primarily in Vietnam and China, in Chinese Yuan and USD.Risk factors (Item 1A)

Also named by ABT, ASO, BEN, CHRW, CYRX, DORM, ESI, EXPD and 13 more

Cotton

exposed to its pricenamed as a risk
Compliance with the UFLPA could continue to affect the global supply chain, the price and scarcity of traceable cotton in the marketplace and could lead to an increase in our cost of goods sold, which may have an adverse effect on our profitability.Risk factors (Item 1A)

Also named by CAH, FPI, LULU, NKE, PVH, RL, SNEX, TSCO and 2 more

Petroleum products

exposed to its pricenamed as a risk
Increases in the price of petroleum products can increase our transportation costs and adversely affect our product margins.Risk factors (Item 1A)

Also named by LPX

Elastomer resins

depends onnamed as a risk
If the suppliers we rely on for elastomer resins were to cease production of these materials, we may not be able to obtain suitable substitute materials in time to avoid interruption of our production schedules.Risk factors (Item 1A)

South Korean Won

exposed to its pricenamed as a risk
Changes in foreign exchange rates, most significantly but not limited to the Euro, South Korean Won, and Chinese Yuan or other global currencies could have a material adverse effect on our business and financial results.Risk factors (Item 1A)

Regulators

U.S. Customs and Border Protection

subject tonamed as a risk
Additionally, our products or materials (including potentially non-cotton materials) could be held or delayed by the U.S. CBP, which would cause delays and unexpectedly and negatively affect our inventory levels.Risk factors (Item 1A)

Also named by BALL, BJ, CHRW, EXPD, FDX, FDXF, JBHT, KLAC and 12 more

Laws and programs

OECD global minimum tax (Pillar Two)

subject to · 15%named as a risk
For example, the OECD has introduced model rules for a new 15% global minimum tax framework, as well as a proposal on the allocation of profit among tax jurisdictions in which companies operate.Risk factors (Item 1A)

Also named by AAPL, APP, ARW, AXP, BAC, BALL, CB, CBRE and 15 more

Revolving Facility

$62.0 millionnamed as a risk
We had borrowings outstanding of $62.0 million under the Revolving Facility, with total borrowing capacity of approximately $937.4 million thereunder (including $0.6 million of letters of credit outstanding as of such date).Risk factors (Item 1A)

Also named by BLDR, IEX

U.S. tariffs on imports from Vietnam, China, Indonesia, India, and Cambodia

subject to · an incremental tariff of 20%, 20%, 19%, 18%, and 19%named as a risk
For example, the United States (“U.S.”) has imposed tariffs on foreign imports from multiple countries, including an incremental tariff of 20%, 20%, 19%, 18%, and 19% on all imports from Vietnam, China, Indonesia, India, and Cambodia, respectively, the countries in which our products are primarily manufactured.Risk factors (Item 1A)

Term Loan B Facility

$500.0 million outstandingnamed as a risk
As of December 31, 2025, we had $1,230.9 million in total indebtedness outstanding (net of $31.1 million of unamortized issuance costs related to the Term Loan B Facility and issuance of the Notes), including $500.0 million outstanding on the Term Loan B Facility.Risk factors (Item 1A)

General Data Protection Regulation (GDPR)

subject tonamed as a risk
These regulations may harm or alter the operations of our e-commerce business, add additional compliance costs and obligations, and subject us to significant fines and penalties for non-compliance.Risk factors (Item 1A)

Also named by A, AB, ABNB, ADBE, ADP, AGX, AIOT, AJG and 100 more

Uyghur Forced Labor Prevention Act (UFLPA)

subject tonamed as a risk
In addition, the UFLPA has induced greater supply chain compliance costs and delays to us and to our suppliers.Risk factors (Item 1A)

Also named by AMRC, ANET, ASO, DDS, FND, FSLR, LULU, MPWR and 7 more

Technology

Croslite

depends onnamed as a risk
Croslite™, our branded proprietary closed-cell resin, is the primary raw material used in the vast majority of our Crocs Brand footwear and some of our accessories.Risk factors (Item 1A)