Wolverine World Wide, Inc. (NYSE:WWW) today reported financial results for the second quarter ended July 4, 2026.

"Our team delivered another good quarter, ahead of our expectations — led again by Merrell and Saucony — along with more progress in Sweaty Betty and Wolverine," said Chris Hufnagel, President and Chief Executive Officer of Wolverine Worldwide. "We're executing our strategies, elevating our brands, and driving consistent, profitable growth. Based on our strong start to the year and the progress we're seeing across the business, we're raising our outlook for 2026."

SECOND QUARTER 2026 FINANCIAL HIGHLIGHTS

(in millions)	July 4, 2026	June 28, 2025	Y/Y Change	Constant Currency Change
Reported Segment Revenue Results:
Active Group	$388.4	$355.5	9.3%	8.5%
Work Group	$105.8	$107.5	(1.6)%	(2.1)%
Other	$12.2	$11.2	8.9%	10.7%
Total Revenue	$506.4	$474.2	6.8%	6.1%
Supplemental Revenue Information
Merrell	$175.5	$157.9	11.1%	10.3%
Saucony	$158.6	$144.3	9.9%	9.0%
Wolverine	$39.6	$37.1	6.6%	6.6%
Sweaty Betty	$40.3	$41.3	(2.4)%	(2.7)%
International	$277.2	$250.0	10.9%	9.6%
Direct-to-Consumer	$111.7	$111.6	0.1%	(0.1)%
Reported Financial Metrics
Gross Margin	46.5%	47.2%	(70) bps
Operating Expenses	$188.0	$183.3	2.6%
Operating Margin	9.3%	8.6%	70 bps
Diluted Earnings Per Share	$0.37	$0.32	15.6%
Non-GAAP Financial Metrics
Adjusted Operating Expenses	$184.9	$180.6	2.4%
Adjusted Operating Margin	10.0%	9.2%	80 bps
Adjusted Diluted Earnings Per Share	$0.40	$0.35	14.3%
Constant Currency Diluted Earnings Per Share	$0.38	$0.35	8.6%

Gross margin was 46.5% compared to 47.2% in the prior year, primarily reflecting the impact of higher U.S. tariffs, partially offset by price increases and other tariff mitigation initiatives.

BALANCE SHEET (July 4, 2026 as compared to June 28, 2025)

Cash and cash equivalents were $159 million, an increase of $18 million, or 12.4%.

Inventory was $269 million, a decrease of $55 million, or 17.0%.

Net Debt was $443 million, a decrease of $125 million, or 22.0%.

FULL-YEAR 2026 OUTLOOK

The Company's outlook reflects the impact of foreign currency and excludes any benefit from potential tariff refunds. Additionally, fiscal 2026 is a 52-week year and fiscal 2025 was a 53-week year, which will affect annual comparisons.

For fiscal year 2026, the Company currently expects:

Revenue to be approximately $1.980 billion to $2.000 billion, representing growth of approximately 5.6% to 6.7% compared to 2025, constant currency growth of approximately 4.9% to 5.9%, and constant currency growth of approximately 5.6% to 6.6% excluding the impact of the 53rd week in 2025. This compares to the previous outlook for revenue of approximately $1.960 billion to $1.985 billion.
Gross margin to be approximately 46.9%, down 40 basis points compared to 2025. This compares to the previous outlook for gross margin of approximately 46.4%.
Operating margin to be approximately 9.5%, up 150 basis points compared to 2025, and adjusted operating margin to be approximately 9.9%, up 90 basis points compared to 2025. This compares to the previous outlook for operating margin of approximately 9.2% and adjusted operating margin of approximately 9.5%.
Effective tax rate to be approximately 18.0%, unchanged from the previous outlook.
Diluted earnings per share in the range of $1.48 to $1.58 and adjusted diluted earnings per share in the range of $1.55 to $1.65. This compares to the previous outlook for diluted earnings per share in the range of $1.39 to $1.54 and adjusted diluted earnings per share in the range of $1.43 to $1.58.
Diluted weighted average shares of approximately 82.0 million, unchanged from the previous outlook.

NON-GAAP FINANCIAL MEASURES

Measures referred to in this release as "adjusted" financial results are non-GAAP measures. Adjusted financial results exclude legal settlement costs, environmental and other related costs net of recoveries, and reorganization costs. The Company also presents constant currency information, which is a non-GAAP measure that excludes the impact of fluctuations in foreign currency exchange rates. The Company calculates constant currency basis by converting the current-period local currency financial results using the prior period exchange rates and comparing these adjusted amounts to the Company's current period reported results. The Company believes providing each of these non-GAAP measures provides valuable supplemental information regarding its results of operations, consistent with how the Company evaluates performance.

The Company has provided a reconciliation of each of the above non-GAAP financial measures to the most directly comparable GAAP financial measure. The Company believes these non-GAAP measures provide useful information to both management and investors because they increase the comparability of current period results to prior period results by adjusting for certain items that may not be indicative of core operating results and enable better identification of trends in our business. The adjusted financial results are used by management to, and allow investors to, evaluate the operating performance of the Company on a comparable basis. Management does not, nor should investors, consider such non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP.

EARNINGS CALL INFORMATION

The Company will host a conference call today at 8:30 a.m. ET to discuss these results and current business trends. The conference call will be broadcast live and accessible at investors.wolverineworldwide.com under the "Events & Presentations" section. A replay of the conference call will be available on the Company’s website shortly after the conclusion of the call and will remain accessible for approximately one year.

ABOUT WOLVERINE WORLDWIDE

Wolverine World Wide, Inc. (NYSE:WWW) is a global footwear and apparel company driven by a vision to Make. Every Day. Better. Founded in 1883, the Company builds and grows iconic brands including Merrell®, Saucony®, Wolverine®, Sweaty Betty®, Chaco®, Hush Puppies®, Stride Rite®, HYTEST®, and Bates®, along with footwear licenses for Cat® and Harley-Davidson®. Headquartered in Rockford, Michigan, the Company’s products are sold in approximately 170 countries and territories worldwide. For more information, visit www.wolverineworldwide.com.

FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements, including statements regarding the Company’s plans to continue to execute its strategies and the Company's outlook for 2026 including, among other results: reported and constant currency revenue; reported gross margin; reported and adjusted operating margin; reported and adjusted net earnings; reported and adjusted diluted earnings per share; diluted weighted average shares; and effective tax rate. In addition, words such as "estimates," "anticipates," "believes," "forecasts," "step," "plans," "predicts," "focused," "projects," "outlook," "is likely," "expects," "intends," "should," "will," "confident," variations of such words, and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties, and assumptions ("Risk Factors") that are difficult to predict with regard to timing, extent, likelihood, and degree of occurrence. Risk Factors include, among others: changes in general economic conditions, geopolitical conditions, employment rates, business conditions, interest rates, tax policies, and other factors affecting consumer spending and confidence in the markets and regions in which the Company’s products are sold; increases or changes in duties, tariffs, quotas or applicable assessment in countries of import and export; the inability for any reason to effectively compete in global footwear, apparel and direct-to-consumer markets; the inability to maintain positive brand images and anticipate, understand and respond to changing footwear and apparel trends and consumer preferences; the inability to effectively manage inventory levels; foreign currency exchange rate fluctuations; currency restrictions; supply chain and capacity constraints, production and distribution disruptions, including service interruptions at shipping and receiving ports, reduction in operating hours, labor shortages, and facility closures resulting in production delays at the Company’s manufacturers, quality issues, price increases or other risks associated with foreign sourcing; the cost, including the effect of inflationary pressures, and availability of raw materials, inventories, services and labor for contract manufacturers; changes in relationships with, including the loss of, significant wholesale customers; risks related to the significant investment in, and performance of, the Company’s direct-to-consumer operations; risks related to expansion into new markets and complementary product categories; the impact of seasonality and unpredictable weather conditions; the impact of changes in general economic conditions, potential economic slowdown and/or the credit markets on the Company’s manufacturers, distributors, suppliers, joint venture partners and wholesale customers; changes in the Company’s effective tax rates; failure of licensees or distributors to meet planned annual sales goals or to make timely payments to the Company; the risks of doing business in developing countries, and politically or economically volatile areas; the ability to secure and protect owned intellectual property or use licensed intellectual property; legal compliance and litigation risks, including with respect to federal, state and local laws and regulations relating to the protection of the environment, environmental remediation and other related costs, and environmental effects on human health; risks of breach of the Company’s databases or other systems, or those of its vendors, which contain certain personal information, payment card data or proprietary information, due to cyberattack or other similar events; strategic actions, including new initiatives and ventures, acquisitions and dispositions, and the Company’s success in integrating acquired businesses; risks related to stockholder activism; the risk of impairment to goodwill and other intangibles; the success of the Company's restructuring and realignment initiatives undertaken from time to time; changes in future pension funding requirements and pension expenses; and additional factors discussed in the Company’s reports filed with the Securities and Exchange Commission and exhibits thereto. The foregoing Risk Factors, as well as other existing Risk Factors and new Risk Factors that emerge from time to time, may cause actual results to differ materially from those contained in any forward-looking statements. Given these or other risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. Furthermore, the Company undertakes no obligation to update, amend, or clarify forward-looking statements whether as a result of new information, future events or otherwise.


WOLVERINE WORLD WIDE, INC. CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (Unaudited) (In millions, except earnings per share)


	Quarter Ended						Year-To-Date Ended
	July 4, 2026			June 28, 2025			July 4, 2026			June 28, 2025
Revenue	$	506.4		$	474.2		$	964.0		$	886.5
Cost of goods sold		271.1			250.2			510.9			466.4
Gross profit		235.3			224.0			453.1			420.1
Gross margin		46.5	%		47.2	%		47.0	%		47.4	%

Selling, general and administrative expenses		187.4			182.4			370.1			354.4
Environmental and other related costs (income), net of recoveries		0.6			0.9			1.8			4.0
Operating expenses		188.0			183.3			371.9			358.4
Operating expenses as a % of revenue		37.1	%		38.7	%		38.6	%		40.4	%

Operating profit		47.3			40.7			81.2			61.7
Operating margin		9.3	%		8.6	%		8.4	%		7.0	%

Interest expense, net		7.1			8.5			13.6			16.5
Other income, net		(0.6	)		(1.4	)		(0.8	)		(2.9	)
Total other expenses		6.5			7.1			12.8			13.6
Earnings before income taxes		40.8			33.6			68.4			48.1

Income tax expense		7.9			4.6			13.1			5.9
Effective tax rate		19.5	%		13.7	%		19.2	%		12.3	%

Net earnings		32.9			29.0			55.3			42.2

Less: net earnings attributable to noncontrolling interests		1.7			2.2			3.9			3.3
Net earnings attributable to Wolverine World Wide, Inc.	$	31.2		$	26.8		$	51.4		$	38.9
Diluted earnings per share	$	0.37		$	0.32		$	0.61		$	0.47

Supplemental information:
Net earnings used to calculate diluted earnings per share	$	30.4		$	25.9		$	50.1		$	37.6
Shares used to calculate diluted earnings per share		82.0			81.1			81.9			80.9


WOLVERINE WORLD WIDE, INC. CONSOLIDATED CONDENSED BALANCE SHEETS (Unaudited) (In millions)


	July 4, 2026		June 28, 2025
ASSETS
Cash and cash equivalents	$	158.5	$	141.0
Accounts receivables, net		221.1		255.4
Inventories, net		269.3		324.5
Other current assets		87.3		88.8
Total current assets		736.2		809.7
Property, plant and equipment, net		76.7		90.6
Lease right-of-use assets		107.0		106.3
Goodwill and other indefinite-lived intangibles		608.9		614.4
Other noncurrent assets		177.9		194.1
Total assets	$	1,706.7	$	1,815.1

LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable and other accrued liabilities	$	383.7	$	465.5
Lease liabilities		37.5		36.3
Current maturities of long-term debt		—		10.0
Borrowings under revolving credit agreements		54.0		135.0
Total current liabilities		475.2		646.8
Long-term debt		547.1		563.5
Lease liabilities, noncurrent		106.8		115.7
Other noncurrent liabilities		109.2		125.5
Stockholders' equity		468.4		363.6
Total liabilities and stockholders' equity	$	1,706.7	$	1,815.1


WOLVERINE WORLD WIDE, INC. CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) (In millions)


	Year-To-Date Ended
	July 4, 2026			June 28, 2025
OPERATING ACTIVITIES
Net earnings	$	55.3		$	42.2
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Depreciation and amortization		10.5			12.5
Deferred income taxes		0.3			0.2
Stock-based compensation expense		12.4			12.6
Pension and SERP expense		—			(0.3	)
Environmental and other related costs		(4.0	)		(6.8	)
Other		(5.0	)		(5.1	)
Changes in operating assets and liabilities		(66.1	)		(94.5	)
Net cash provided by (used in) operating activities		3.4			(39.2	)

INVESTING ACTIVITIES
Additions to property, plant and equipment		(4.1	)		(11.0	)
Other		(0.5	)		(0.9	)
Net cash used in investing activities		(4.6	)		(11.9	)

FINANCING ACTIVITIES
Payments under revolving credit agreements		(256.0	)		(171.0	)
Borrowings under revolving credit agreements		235.0			236.0
Payments on long-term debt		—			(5.0	)
Cash dividends paid		(17.0	)		(16.7	)
Employee taxes paid under stock-based compensation plans		(8.5	)		(8.5	)
Proceeds from the exercise of stock options		0.2			0.5
Net cash provided by (used in) financing activities		(46.3	)		35.3

Effect of foreign exchange rate changes		(0.3	)		4.7
Decrease in cash and cash equivalents		(47.8	)		(11.1	)

Cash and cash equivalents at beginning of the year		206.3			152.1
Cash and cash equivalents at end of the quarter	$	158.5		$	141.0

The following tables contain information regarding the non-GAAP financial measures used by the Company in the presentation of its financial results:


WOLVERINE WORLD WIDE, INC. Q2 2026 RECONCILIATION TABLES RECONCILIATION OF REPORTED REVENUE TO ADJUSTED REVENUE ON A CONSTANT CURRENCY BASIS* (Unaudited) (In millions)


	GAAP Basis 2026-Q2		Foreign Exchange Impact			Constant Currency Basis 2026-Q2		GAAP Basis 2025-Q2		Reported Change	Constant Currency Change
REVENUE
Active Group	$	388.4	$	(2.7	)	$	385.7	$	355.5	9.3%	8.5%
Work Group		105.8		(0.6	)		105.2		107.5	(1.6)%	(2.1)%
Other		12.2		0.2			12.4		11.2	8.9%	10.7%
Total	$	506.4	$	(3.1	)	$	503.3	$	474.2	6.8%	6.1%


RECONCILIATION OF REPORTED OPERATING EXPENSES TO ADJUSTED OPERATING EXPENSES* (Unaudited) (In millions)


	GAAP Basis		Adjustment ⁽¹⁾			As Adjusted

Operating expenses - Fiscal 2026 Q2	$	188.0	$	(3.1	)	$	184.9

Operating expenses - Fiscal 2025 Q2	$	183.3	$	(2.7	)	$	180.6
⁽¹⁾Q2 2026 adjustments reflect $2.5 million of legal settlement costs and $0.6 million of environmental and other related costs net of recoveries. Q2 2025 adjustments reflect $1.8 million of reorganization costs and $0.9 million of environmental and other related costs net of recoveries.


RECONCILIATION OF REPORTED OPERATING MARGIN TO ADJUSTED OPERATING MARGIN* (Unaudited) (In millions)


	GAAP Basis			Adjustments ⁽¹⁾		As Adjusted

Operating Profit - Fiscal 2026 Q2	$	47.3		$	3.1	$	50.4

Operating margin		9.3	%				10.0	%

Operating Profit - Fiscal 2025 Q2	$	40.7		$	2.7	$	43.4

Operating margin		8.6	%				9.2	%
⁽¹⁾Q2 2026 adjustments reflect $2.5 million of legal settlement costs and $0.6 million of environmental and other related costs net of recoveries. Q2 2025 adjustments reflect $1.8 million of reorganization costs and $0.9 million of environmental and other related costs net of recoveries.


RECONCILIATION OF REPORTED DILUTED EPS TO ADJUSTED DILUTED EPS ON A CONSTANT CURRENCY BASIS* (Unaudited)


	GAAP Basis		Adjustments ⁽¹⁾		As Adjusted		Foreign Exchange Impact			As Adjusted EPS On a Constant Currency Basis

EPS - Fiscal 2026 Q2	$	0.37	$	0.03	$	0.40	$	(0.02	)	$	0.38

EPS - Fiscal 2025 Q2	$	0.32	$	0.03	$	0.35
⁽¹⁾Q2 2026 adjustments reflect legal settlement costs and environmental and other related costs net of recoveries. Q2 2025 adjustments reflect reorganization costs and environmental and other related costs net of recoveries.


2026 GUIDANCE RECONCILIATION TABLES RECONCILIATION OF REPORTED GUIDANCE TO ADJUSTED GUIDANCE, REPORTED DILUTED EPS GUIDANCE TO ADJUSTED DILUTED EPS GUIDANCE AND SUPPLEMENTAL INFORMATION* (Unaudited) (In millions, except earnings per share)


	GAAP Basis	Adjustments ⁽¹⁾	As Adjusted

Revenue - Fiscal 2026 Full Year	$1,980 - $2,000		$1,980 - $2,000

Gross Margin - Fiscal 2026 Full Year	46.9%		46.9%

Operating Margin - Fiscal 2026 Full Year	9.5%	0.4%	9.9%

Diluted EPS - Fiscal 2026 Full Year	$1.48 - $1.58	$0.07	$1.55 - $1.65

Fiscal 2026 Full Year Supplemental information:

Net Earnings	$125 - $133	$6	$131 - $139

Net Earnings used to calculate diluted earnings per share	$121 - $130	$6	$127 - $136

Shares used to calculate diluted earnings per share	82.0		82.0
⁽¹⁾ 2026 adjustments reflect legal settlement costs and estimated environmental and other related costs net of recoveries.

*		To supplement the consolidated condensed financial statements presented in accordance with Generally Accepted Accounting Principles ("GAAP"), the Company describes what certain financial measures would have been if legal settlement costs, environmental and other related costs net of recoveries, and reorganization costs were excluded. The Company believes these non-GAAP measures provide useful information to both management and investors by increasing comparability to the prior period by adjusting for certain items that may not be indicative of the Company's core operating business results and to better identify trends in the Company's business. The adjusted financial results are used by management to, and allow investors to, evaluate the operating performance of the Company on a comparable basis.

		The constant currency presentation, which is a non-GAAP measure, excludes the impact of fluctuations in foreign currency exchange rates. The Company believes providing constant currency information provides valuable supplemental information regarding results of operations, consistent with how the Company evaluates performance. The Company calculates constant currency by converting the current-period local currency financial results using the prior period exchange rates and comparing these adjusted amounts to the Company's current period reported results.

		Management does not, nor should investors, consider such non-GAAP financial measures in isolation from, or as a substitution for, financial information prepared in accordance with GAAP. A reconciliation of all non-GAAP measures included in this press release, to the most directly comparable GAAP measures are found in the financial tables above.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260813593009/en/

Jared Filippone, CFA

Head of Investor Relations

investor.relations@wwwinc.com