# EDGAR Filing Document

**Accession Number:** 0000913241
**File Stem:** 0001493152-25-020804
**Filing Date:** 2025-11
**Character Count:** 28289
**Document Hash:** 244b1b8ddb674b5fbc9f5ff073a14167
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-25-020804.hdr.sgml**: 20251105

**ACCESSION NUMBER**: 0001493152-25-020804

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20251105

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251105

**DATE AS OF CHANGE**: 20251105

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** STEVEN MADDEN, LTD.
- **CENTRAL INDEX KEY:** 0000913241
- **STANDARD INDUSTRIAL CLASSIFICATION:** FOOTWEAR, (NO RUBBER) [3140]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 133588231
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-23702
- **FILM NUMBER:** 251451693

**BUSINESS ADDRESS:**
- **STREET 1:** 52-16 BARNETT AVE
- **CITY:** LONG ISLAND CITY
- **STATE:** NY
- **ZIP:** 11104
- **BUSINESS PHONE:** 7184461800

**MAIL ADDRESS:**
- **STREET 1:** 52-16 BARNETT AVENUE
- **CITY:** LONG ISLAND CITY
- **STATE:** NY
- **ZIP:** 11104

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MADDEN STEVEN LTD
- **DATE OF NAME CHANGE:** 19931008

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

------

**FORM 8-K**

**CURRENT REPORT**

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report: November 5, 2025

(Date of earliest event reported)

**STEVEN MADDEN, LTD.**

(Exact name of registrant as specified in its charter)

<u>Delaware</u> <u>000-23702</u> <u>13-3588231</u> <br> (State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification No.)

<u>52-16 Barnett Avenue, Long Island City, New York</u> <u>11104</u> <br> (Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code: (718) 446-1800

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common Stock, par value $0.0001 per share | SHOO | The NASDAQ Stock Market LLC |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

**Item 2.02 Results of Operations and Financial Condition.**

On November 5, 2025, Steven Madden, Ltd. (the "Company") issued a press release, furnished as Exhibit 99.1 and incorporated into this Item 2.02 by reference, announcing the Company's financial results for the third quarter of its fiscal year ending December 31, 2025.

**Item 8.01 Other Events.**

The Company's press release on November 5, 2025 also announced that the Company's Board of Directors has declared a quarterly cash dividend of $0.21 per share on the Company's outstanding shares of common stock. The dividend is payable on December 26, 2025 to stockholders of record as of the close of business on December 15, 2025.

The full text of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K.

The information contained in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, is being furnished, and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of Section 18. Furthermore, the information contained in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be incorporated by reference into any registration statement filed by the Company under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference. The furnishing of the information in Item 2.02 of this Current Report is not intended to, and does not, constitute a determination or admission by the Company that the information in Item 2.02 of this Current Report is material or complete, or that investors should consider this information before making an investment decision with respect to any security of the Company.

**Item 9.01 Financial Statements and Exhibits.**

(d) Exhibits.

---

| | |
|:---|:---|
| Exhibit No. | Description |
| 99.1 | [Press Release, dated November 5, 2025, announcing the Company's Third Quarter 2025 Results and Declaration of a Cash Dividend.](ex99-1.htm) |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL). |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: November 5, 2025

---

| | |
|:---|:---|
| **STEVEN MADDEN, LTD.** | **STEVEN MADDEN, LTD.** |
| By: | */s/ Edward R. Rosenfeld* |
| Name: | Edward R. Rosenfeld |
| Title: | Chairman and Chief Executive Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

**Steve Madden Announces Third Quarter 2025 Results**

*~ Provides Fourth Quarter 2025 Guidance ~*

LONG ISLAND CITY, N.Y., November 5, 2025 – Steven Madden, Ltd. (Nasdaq: SHOO), a leading designer and marketer of fashion-forward footwear, accessories and apparel, today announced financial results for the third quarter ended September 30, 2025.

 **

***Amounts referred to as "Adjusted" are non-GAAP measures that exclude the items defined as "Non-GAAP Adjustments" in the "Non-GAAP Reconciliation" section.***

 

**Third Quarter 2025 Results**

 ****

● Revenue
 increased 6.9% to $667.9 million, compared to $624.7 million in the same period of 2024.

● Gross
 profit as a percentage of revenue was 41.5%, flat to the same period of 2024. Adjusted gross
 profit as a percentage of revenue was 43.4%, compared to 41.6% in the same period of 2024.

● Operating
 expenses as a percentage of revenue were 36.8%, compared to 28.6% in the same period of 2024.
 Adjusted operating expenses as a percentage of revenue were 36.4%, compared to 27.9% in the
 same period of 2024.

● Income
 from operations totaled $31.4 million, or 4.7% of revenue, compared to $74.6 million, or
 11.9% of revenue, in the same period of 2024. Adjusted income from operations totaled $46.3
 million, or 6.9% of revenue, compared to $85.4 million, or 13.7% of revenue, in the same
 period of 2024.

● Net
 income attributable to Steven Madden, Ltd. was $20.5 million, or $0.29 per diluted share,
 compared to $55.3 million, or $0.77 per diluted share, in the same period of 2024. Adjusted
 net income attributable to Steven Madden, Ltd. was $30.4 million, or $0.43 per diluted share,
 compared to $64.8 million, or $0.91 per diluted share, in the same period of 2024.

Edward Rosenfeld, Chairman and Chief Executive Officer, commented, "As anticipated, the third quarter was challenging, driven largely by the impact of new tariffs on goods imported into the United States. That said, we are pleased with underlying demand for our brands and products. Consumers have responded favorably to our Fall assortments, particularly in our flagship Steve Madden brand. The improved trend in Steve Madden, together with our tariff mitigation strategies and the contribution from our recent acquisition Kurt Geiger, position us to deliver stronger financial results beginning in the fourth quarter."

**Third Quarter 2025 Channel Results**

 ****

Revenue for the wholesale business in the third quarter of 2025 was $442.7 million, a 10.7% decrease compared to the third quarter of 2024. Excluding the recently acquired Kurt Geiger, wholesale revenue declined 19.0%. Wholesale footwear revenue decreased 10.9%, or 16.7% excluding Kurt Geiger. Wholesale accessories/apparel revenue decreased 10.3%, or 22.5% excluding Kurt Geiger. Gross profit as a percentage of wholesale revenue was 32.7% in the third quarter of 2025, compared to 35.5% in the third quarter of 2024. Adjusted gross profit as a percentage of wholesale revenue was 33.6%, compared to 35.5% in the third quarter of 2024, as a result of the impact of new tariffs on goods imported into the United States.

Direct-to-consumer revenue in the third quarter of 2025 was $221.5 million, a 76.6% increase compared to the third quarter of 2024. Excluding Kurt Geiger, direct-to-consumer revenue increased 1.5%. Gross profit as a percentage of direct-to-consumer revenue was 58.3%, compared to 64.0% in the third quarter of 2024. Adjusted gross profit as a percentage of direct-to-consumer revenue was 61.9%, compared to 64.0% in the third quarter of 2024, as a result of the impact of new tariffs on goods imported into the United States and the addition of the Kurt Geiger concessions business.

The company ended the quarter with 397 company-operated brick-and-mortar retail stores, including 99 outlets, as well as seven e-commerce websites and 133 company-operated concessions in international markets.

**Balance Sheet and Cash Flow Highlights**

As of September 30, 2025, total debt outstanding was $293.8 million, and cash, cash equivalents and short-term investments were $108.9 million, for net debt of $185.0 million.

During the third quarter of 2025, the company did not repurchase any shares of its common stock in the open market.

**Quarterly Cash Dividend**

The company's Board of Directors approved a quarterly cash dividend of $0.21 per share. The dividend is payable on December 26, 2025 to stockholders of record as of the close of business on December 15, 2025.

**Fourth Quarter 2025 Outlook**

For the fourth quarter of 2025, the company expects revenue will increase 27% to 30% compared to the same period of 2024. The company expects diluted EPS will be in the range of $0.30 to $0.35. The company expects Adjusted diluted EPS will be in the range of $0.41 to $0.46.

**Conference Call Information**

Interested stockholders are invited to listen to the conference call scheduled for today, November 5, 2025, at 8:30 a.m. Eastern Time, which will include a discussion of the company's third quarter 2025 earnings results and fourth quarter outlook. The call will be webcast live on the company's website at <u>https://investor.stevemadden.com</u>. A webcast replay of the conference call will be available on the company's website or via the following webcast link <u>https://edge.media-server.com/mmc/p/f3725r4k</u> beginning today at approximately 10:00 a.m. Eastern Time.

**About Steve Madden**

Steve Madden designs, sources and markets fashion-forward footwear, accessories and apparel. In addition to marketing products under its own brands including Steve Madden<sup>®</sup>, Kurt Geiger London<sup>®</sup>, Dolce Vita<sup>®</sup>, Betsey Johnson<sup>®</sup>, Carvela<sup>®</sup>, Blondo<sup>®</sup> and ATM<sup>®</sup>, Steve Madden licenses footwear, handbags and other accessory categories for the Anne Klein<sup>®</sup> brand. Steve Madden also designs and sources products under private label brand names for various retailers. Steve Madden's wholesale distribution includes department stores, mass merchants, off-price retailers, shoe chains, online retailers, national chains, specialty retailers and independent stores. Steve Madden also directly operates brick-and-mortar retail stores and e-commerce websites. In addition, Steve Madden licenses certain of its brands to third parties for the marketing and sale of certain products in the apparel, accessory and home categories.

**Safe Harbor Statement Under the U.S. Private Securities Litigation Reform Act of 1995**

This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Examples of forward-looking statements include, among others, statements regarding revenue and earnings guidance, plans, strategies, objectives, expectations and intentions. Forward-looking statements can be identified by words such as: "may", "will", "expect", "believe", "should", "anticipate", "project", "predict", "plan", "intend", "estimate", or "confident" and similar expressions or the negative of these expressions. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they represent the company's current beliefs, expectations, and assumptions regarding anticipated events and trends affecting its business and industry based on information available as of the time such statements are made. Investors are cautioned that such forward-looking statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which may be outside of the company's control. The company's actual results and financial condition may differ materially from those indicated in these forward-looking statements. The company does not undertake, and disclaims, any obligation to publicly update any forward-looking statement, including, without limitation, any guidance regarding revenue or earnings, whether as a result of new information, future developments, or otherwise.

**STEVEN MADDEN, LTD. AND SUBSIDIARIES**

**<u>CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS</u>**

(In thousands, except per share amounts)

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended | Three Months Ended | Nine Months Ended | Nine Months Ended |
|  | September 30, 2025 | September 30, 2024 | September 30, 2025 | September 30, 2024 |
| Net sales | $664200 | $621170 | $1771672 | $1693446 |
| Licensing fee income | 3675 | 3505 | 8737 | 7163 |
| Total revenue | 667875 | 624675 | 1780409 | 1700609 |
| Cost of sales | 390500 | 365131 | 1050740 | 999121 |
| Gross profit | 277375 | 259544 | 729669 | 701488 |
| Operating expenses | 246017 | 178915 | 687145 | 507343 |
| Change in valuation of contingent payment liability |  | (2584) | (2075) | 5616 |
| Impairment of intangibles |  | 8635 |  | 10335 |
| Income from operations | 31358 | 74578 | 44599 | 178194 |
| Gain on derivative |  |  | 9252 |  |
| Interest and other (expense) / income, net | (4947) | 1400 | (7913) | 4309 |
| Income before provision for income taxes | 26411 | 75978 | 45938 | 182503 |
| Provision for income taxes | 4593 | 19390 | 21572 | 44404 |
| Net income | 21818 | 56588 | 24366 | 138099 |
| Less: net income attributable to noncontrolling interest | 1290 | 1310 | 2892 | 3510 |
| Net income attributable to Steven Madden, Ltd. | $20528 | $55278 | $21474 | $134589 |
| Basic income per share | $0.29 | $0.78 | $0.30 | $1.88 |
| Diluted income per share | $0.29 | $0.77 | $0.30 | $1.87 |
| Basic weighted average common shares outstanding | 70906 | 70806 | 70850 | 71516 |
| Diluted weighted average common shares outstanding | 71157 | 71569 | 71022 | 72135 |
| Cash dividends declared per common share | $0.21 | $0.21 | $0.63 | $0.63 |

---

**STEVEN MADDEN, LTD. AND SUBSIDIARIES**

**<u>CONDENSED CONSOLIDATED BALANCE SHEETS</u>**

(In thousands)

---

| | | | |
|:---|:---|:---|:---|
|  | As of | As of | As of |
|  | September 30, 2025 | <br> December 31, 2024 | September 30, 2024 |
|  | (Unaudited) | | (Unaudited) |
| **<u>ASSETS</u>** |  |  |  |
| Current assets: |  |  |  |
| Cash and cash equivalents | $108722 | $189924 | $139414 |
| Short-term investments | 140 | 13484 | 11064 |
| Accounts receivable, net of allowances | 91285 | 45653 | 56297 |
| Factor accounts receivable | 333198 | 348659 | 426408 |
| Inventories | 476027 | 257625 | 268669 |
| Prepaid expenses and other current assets | 56760 | 34463 | 28041 |
| Income tax receivable and prepaid income taxes | 26582 | 4887 | 14950 |
| Total current assets | 1092714 | 894695 | 944843 |
| Property and equipment, net | 112301 | 57388 | 52906 |
| Operating lease right-of-use asset | 220656 | 139695 | 148391 |
| Deposits and other | 21363 | 22214 | 20166 |
| Deferred tax assets | 1389 | 610 | 609 |
| Goodwill | 273836 | 183737 | 181905 |
| Intangibles, net | 277268 | 113432 | 108308 |
| Total Assets | $1999527 | $1411771 | $1457128 |
| **<u>LIABILITIES</u>** |  |  |  |
| Current liabilities: |  |  |  |
| Accounts payable | $254346 | $206889 | $225586 |
| Accrued expenses and other current liabilities | 237736 | 142452 | 150067 |
| Operating leases - current portion | 55957 | 43172 | 43812 |
| Income taxes payable | 16351 | 6147 | 12435 |
| Contingent payment liability - current portion | 3221 |  | 7716 |
| Accrued incentive compensation | 4591 | 15061 | 13347 |
| Total current liabilities | 572202 | 413721 | 452963 |
| Contingent payment liability - long-term portion | 15164 | 7565 | 11200 |
| Operating leases - long-term portion | 190459 | 109816 | 118674 |
| Long-term debt | 293828 |  |  |
| Deferred tax liabilities | 39867 | 4628 | 8777 |
| Other liabilities | 1872 | 44 | 5448 |
| Total Liabilities | 1113392 | 535774 | 597062 |
| **<u>STOCKHOLDERS' EQUITY</u>** |  |  |  |
| Total Steven Madden, Ltd. stockholders' equity | 850841 | 847719 | 833923 |
| Noncontrolling interest | 35294 | 28278 | 26143 |
| Total stockholders' equity | 886135 | 875997 | 860066 |
| Total Liabilities and Stockholders' Equity | $1999527 | $1411771 | $1457128 |

---

**STEVEN MADDEN, LTD. AND SUBSIDIARIES**

**<u>CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS</u>**

(In thousands)

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | Nine Months Ended | Nine Months Ended |
|  | September 30, 2025 | September 30, 2024 |
| **Cash flows from operating activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Net income | $24366 | $138099 |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;Stock-based compensation | 22175 | 19531 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 25108 | 14736 |
| &nbsp;&nbsp;&nbsp;Amortization of debt issuance costs | 725 |  |
| &nbsp;&nbsp;&nbsp;Loss on disposal of fixed assets | 180 | 112 |
| &nbsp;&nbsp;&nbsp;Impairment of intangibles |  | 10335 |
| &nbsp;&nbsp;&nbsp;Loss on divestiture of business |  | 3199 |
| &nbsp;&nbsp;&nbsp;Change in valuation of contingent payment liability | (2075) | 5616 |
| &nbsp;&nbsp;&nbsp;Other operating activities | (413) | (48) |
| &nbsp;&nbsp;&nbsp;Changes, net of acquisitions, in: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (10962) | (15794) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Factor accounts receivable | 17184 | (108276) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | 1943 | (39064) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses, income tax receivables, prepaid taxes, and other assets | (46097) | (864) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable, accrued expenses, and other current liabilities | 48906 | 66853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued incentive compensation | (10574) | 1382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leases and other liabilities | (2836) | (1572) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 67630 | 94245 |
| **Cash flows from investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Capital expenditures | (29079) | (16642) |
| &nbsp;&nbsp;&nbsp;Purchases of short-term investments |  | (12840) |
| &nbsp;&nbsp;&nbsp;Maturity / sale of short-term investments | 13410 | 16654 |
| &nbsp;&nbsp;&nbsp;Acquisition of businesses, net of cash acquired | (371554) | (4259) |
| &nbsp;&nbsp;&nbsp;Other investing activities | (2196) | 372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (389419) | (16715) |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Common stock repurchased and net settlements of stock awards | (8367) | (95788) |
| &nbsp;&nbsp;&nbsp;Proceeds from exercise of stock options |  | 1086 |
| &nbsp;&nbsp;&nbsp;Investment of noncontrolling interest | 3500 |  |
| &nbsp;&nbsp;&nbsp;Borrowings, net of repayments | 300000 |  |
| &nbsp;&nbsp;&nbsp;Financing costs paid | (8955) |  |
| &nbsp;&nbsp;&nbsp;Cash dividends paid on common stock | (45692) | (45880) |
| &nbsp;&nbsp;&nbsp;Distribution of noncontrolling interest | (2946) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by / (used in) financing activities | 237540 | (140582) |
| &nbsp;&nbsp;&nbsp;Effect of exchange rate changes on cash and cash equivalents | 3047 | (2174) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in cash and cash equivalents | (81202) | (65226) |
| Cash and cash equivalents – beginning of period | 189924 | 204640 |
| Cash and cash equivalents – end of period | $108722 | $139414 |

---

**STEVEN MADDEN, LTD. AND SUBSIDIARIES**

**<u>NON-GAAP RECONCILIATION</u>**

(In thousands, except per share amounts)

(Unaudited)

The company uses non-GAAP financial information to evaluate its operating performance and in order to represent the manner in which the company conducts and views its business. Additionally, the company believes the information assists investors in comparing the company's performance across reporting periods on a consistent basis by excluding items that are not indicative of its core business. The non-GAAP financial information is provided in addition to, and not as an alternative to, the company's reported results prepared in accordance with GAAP.

<u>Table 1 - Reconciliation of GAAP gross profit to Adjusted gross profit</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended | Three Months Ended | Nine Months Ended | Nine Months Ended |
|  | September 30, 2025 | September 30, 2024 | September 30, 2025 | September 30, 2024 |
| GAAP gross profit | $277375 | $259544 | $729669 | $701488 |
| Non-GAAP Adjustments | 12309 | 59 | 20840 | 393 |
| Adjusted gross profit | $289684 | $259603 | $750509 | $701881 |

---

<u>Table 2 - Reconciliation of GAAP operating expenses to Adjusted operating expenses</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended | Three Months Ended | Nine Months Ended | Nine Months Ended |
|  | September 30, 2025 | September 30, 2024 | September 30, 2025 | September 30, 2024 |
| GAAP operating expenses | $246017 | $178915 | $687145 | $507343 |
| Non-GAAP Adjustments | (2585) | (4680) | (61597) | (6301) |
| Adjusted operating expenses | $243432 | $174235 | $625548 | $501042 |

---

<u>Table 3 - Reconciliation of GAAP income from operations to Adjusted income from operations</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended | Three Months Ended | Nine Months Ended | Nine Months Ended |
|  | September 30, 2025 | September 30, 2024 | September 30, 2025 | September 30, 2024 |
| GAAP income from operations | $31358 | $74578 | $44599 | $178194 |
| Non-GAAP Adjustments | 14895 | 10790 | 80360 | 22645 |
| Adjusted income from operations | 46253 | $85368 | $124959 | $200839 |

---

<u>Table 4 - Reconciliation of GAAP interest and other (expense) / income, net to Adjusted interest and other (expense) / income, net</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended | Three Months Ended | Nine Months Ended | Nine Months Ended |
|  | September 30, 2025 | September 30, 2024 | September 30, 2025 | September 30, 2024 |
| GAAP interest and other (expense) / income, net | $(4947) | $1400 | $(7913) | $4309 |
| Non-GAAP Adjustments |  |  | 840 |  |
| Adjusted interest and other (expense) / income, net | $(4947) | $1400 | $(7073) | $4309 |

---

<u>Table 5 - Reconciliation of GAAP provision for income taxes to Adjusted provision for income taxes</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended | Three Months Ended | Nine Months Ended | Nine Months Ended |
|  | September 30, 2025 | September 30, 2024 | September 30, 2025 | September 30, 2024 |
| GAAP provision for income taxes | $4593 | $19390 | $21572 | $44404 |
| Non-GAAP Adjustments | 5065 | 1238 | 6794 | 4032 |
| Adjusted provision for income taxes | $9658 | $20628 | $28366 | $48436 |

---

<u>Table 6 - Reconciliation of GAAP net income attributable to noncontrolling interest to Adjusted net income attributable to noncontrolling interest</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended | Three Months Ended | Nine Months Ended | Nine Months Ended |
|  | September 30, 2025 | September 30, 2024 | September 30, 2025 | September 30, 2024 |
| GAAP net income attributable to noncontrolling interest | $1290 | $1310 | $2892 | $3510 |
| Non-GAAP Adjustments |  | 25 |  | 155 |
| Adjusted net income attributable to noncontrolling interest | $1290 | $1335 | $2892 | $3665 |

---

<u>Table 7 - Reconciliation of GAAP net income attributable to Steven Madden, Ltd. to Adjusted net income attributable to Steven Madden, Ltd.</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended | Three Months Ended | Nine Months Ended | Nine Months Ended |
|  | September 30, 2025 | September 30, 2024 | September 30, 2025 | September 30, 2024 |
| GAAP net income attributable to Steven Madden, Ltd. | $20528 | $55278 | $21474 | $134589 |
| Non-GAAP Adjustments | 9830 | 9527 | 65155 | 18459 |
| Adjusted net income attributable to Steven Madden, Ltd. | $30358 | $64805 | $86629 | $153048 |
| GAAP diluted net income per share | $0.29 | $0.77 | $0.30 | $1.87 |
| Adjusted diluted net income per share | $0.43 | $0.91 | $1.22 | $2.12 |

---

<u>Table 8 - Reconciliation of GAAP diluted net income per share to Adjusted diluted net income per share in Q4 2025 outlook</u>

---

| | | |
|:---|:---|:---|
|  | Fourth Quarter 2025 Outlook | Fourth Quarter 2025 Outlook |
|  | Low End | High End |
| GAAP diluted net income per share | $0.30 | $0.35 |
| Non-GAAP Adjustments | 0.11 | 0.11 |
| Adjusted diluted net income per share | $0.41 | $0.46 |

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Non-GAAP Adjustments include the items below.

For the third quarter of 2025:

● $12.3
 million pre-tax ($9.2 million after-tax) expense in connection with the purchase accounting
 fair value adjustme nt of inventory from acquired businesses,
 included in cost of goods sold.

● $1.1
 million pre-tax ($0.8 million after-tax) expense in connection with severances and related
 charges, included in operating expenses.

● $0.8
 million pre-tax ($0.6 million after-tax) expense in connection with legal settlements and
 related fees, included in operating expenses.

● $0.7
 million pre-tax expense ($0.8 million after-tax benefit) in connection with acquisition costs
 and formation of joint ventures, included in operating expenses.

For the third quarter of 2024:

● $3.2
 million pre-tax ($3.7 million after-tax) expense in connection with a divestiture of a business,
 included in operating expenses.

● $1.5
 million pre-tax ($1.1 million after-tax) expense in connection with an acquisition and formation
 of joint ventures, included in operating expenses.

● $8.6
 million pre-tax ($6.6 million after-tax) expense in connection with a trademark impairment.

● $2.6
 million pre-tax ($2.0 million after-tax) benefit in connection with the change in valuation
 of a contingent consideration in connection with the acquisition of Almost Famous.

**<u>Contact</u>**

Steven Madden, Ltd.

VP of Corporate Development & Investor Relations

Danielle McCoy

718-308-2611

InvestorRelations@stevemadden.com