5 Revealing Analyst Questions From Deckers’s Q1 Earnings Call

Deckers’ first quarter performance was driven by continued momentum across its leading brands, HOKA and UGG, as management pointed to strong consumer adoption of new product lines and full price sell-through, particularly in direct-to-consumer (DTC) channels. CEO Stefano Caroti cited innovative product pipelines and disciplined inventory management as key factors, emphasizing that “high levels of full price sell through underscored our continued focus on quality sales.” Management also highlighted that the quarter benefited from robust global demand and effective product launches, especially for updated HOKA and UGG franchises.

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Deckers (DECK) Q1 CY2026 Highlights:

• Revenue: $1.12 billion vs analyst estimates of $1.09 billion (9.6% year-on-year growth, 2.9% beat)

• Adjusted EPS: $0.96 vs analyst estimates of $0.83 (15.2% beat)

• Adjusted EBITDA: $177.5 million vs analyst estimates of $152.9 million (15.9% margin, 16.1% beat)

• Operating Margin: 14%, down from 17.4% in the same quarter last year

• Locations: 209.5 at quarter end, up from 179 in the same quarter last year

• Constant Currency Revenue rose 7.7% year on year, in line with the same quarter last year

• Same-Store Sales rose 8.2% year on year (-1.6% in the same quarter last year)

• Market Capitalization: $15.88 billion

While we enjoy listening to the management’s commentary, our favorite part of earnings calls is the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions From Deckers’s Q1 Earnings Call

• Laurent Vasilescu (BNP Paribas) asked about the confidence behind HOKA’s double-digit growth outlook, especially considering shipment timing. CFO Steven Fasching emphasized strong global trends and clarified that timing-related fluctuations do not reflect underlying business strength.

• Paul Lejuez (Citi) questioned the visibility of HOKA’s wholesale order book and the role of lifestyle offerings. CEO Stefano Caroti pointed to strong spring sell-throughs and early signs that lifestyle products like the Mafate SP2 and Bondi 7 are gaining traction.

• Jay Sole (UBS) inquired about the evolution of UGG’s seasonal mix and the potential for more HOKA retail store openings. Caroti confirmed plans to expand HOKA’s retail presence, especially in key cities, and expects UGG’s spring and summer categories to outpace traditional fall/winter products.

• Blake Anderson (Jefferies) sought clarity on medium-term operating margin expectations and input cost pressures. Fasching reiterated that margin pressures are due primarily to inflation and higher materials, while also noting Deckers’ pricing power and commitment to full price selling.

• Adrienne Yih-Tennant (Barclays) asked about international strategy and inventory positioning. Caroti explained that international markets remain underpenetrated, with ongoing tests for retail expansion, while Fasching noted that disciplined inventory management supports full price sales and future order strength.