The revenue guidance cut signals deceleration in HOKA and UGG growth, while the EPS raise is largely a non-operational tariff refund benefit. Watch the Q3 holiday quarter for DTC comparable sales trends and HOKA's ability to sustain high-single-digit growth.
Price Chart
Executive Summary
Deckers Outdoor reported Q2 FY2027 revenue of $1.481B (+3.5% YoY) and GAAP diluted EPS of $2.31 (+27% YoY), which included a $0.28 benefit from IEEPA tariff refunds. The company raised its full-year FY2027 EPS guidance to $7.80-$7.95 (from $7.30-$7.45) but lowered its revenue guidance to $5.700-$5.725B (from $5.86-$5.91B), reflecting a challenging consumer environment and slowing growth at both HOKA (+6.8%) and UGG (+3.5%). The board also appointed Rati Sahi Levesque as a director, replacing retiring director Lauri Shanahan.
Key Financial Metrics
Key Facts
- Q2 FY2027 revenue $1.481B, +3.5% YoY (vs prior Q2 FY2026 $1.431B)
- GAAP diluted EPS $2.31, +27% YoY (vs $1.82), including $0.28 from IEEPA tariff refunds
- HOKA brand net sales +6.8% to $677.2M; UGG brand +3.5% to $786.4M
- DTC net sales -1.8%; DTC comparable net sales -6.4%
- Full-year FY2027 revenue guidance lowered to $5.700-$5.725B (from $5.86-$5.91B)
- Full-year FY2027 EPS guidance raised to $7.80-$7.95 (from $7.30-$7.45), including $0.52 tariff benefit
- Repurchased $299M of shares in Q2, $637M YTD; $4.4B remaining under authorization
- Rati Sahi Levesque appointed to board effective Dec 1, 2026; Lauri Shanahan retiring
Financial Impact
Revenue guidance cut by ~$160M at midpoint; EPS guidance raised by $0.50 at midpoint, primarily from tariff refunds and buyback accretion
Risk Factors
- DTC comparable sales declined 6.4%, signaling weakening direct consumer demand
- Revenue guidance cut implies H2 growth expectations have materially softened
- EPS guidance boost is ~$0.52 from tariff refunds — non-recurring and non-operational
- HOKA growth decelerated to +6.8% from +14.5% in the prior year Q4
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000910521-26-000028 |
| Document: deck-20261020.htm | 0000910521-26-000028 |
| Document: deckex992pressrelease-9302.htm | 0000910521-26-000028 |
| Document: 0000910521-26-000028-index-headers.html | 0000910521-26-000028 |
| Document: 0000910521-26-000028-index.html | 0000910521-26-000028 |
| Document: 0000910521-26-000028.txt | 0000910521-26-000028 |
| 8-K Data (Synthetic) | 0000910521-26-000028 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 22, 2026 4d ago | 8-K | $81.09 | awaiting T+5 | — | $80.37 (−0.89%) |
Oct 16, 2026 10d ago | Institutional Cluster | $87.24 $79.61 | ▲ +8.75% | ▲ +8.61% | $80.37 (+7.87%) |
Sep 9, 2026 6w ago | Court Ruling | $79.88 $79.71 | ▲ +0.21% | ▲ +0.84% | $80.37 (−0.61%) |
Aug 31, 2026 8w ago | Court Ruling | $84.58 $80.23 | ▲ +5.14% | ▲ +5.22% | $80.37 (+4.98%) |
Aug 27, 2026 8w ago | Court Ruling | $87.76 $85.81 | ▼ −2.22% | ▼ −2.33% | $80.37 (−8.42%) |
Jul 31, 2026 12w ago | Institutional Cluster | $96.88 $97.46 | ▲ +0.60% | ▼ −2.91% | $80.37 (−17.04%) |
Jun 26, 2026 17w ago | Court Ruling | $101.28 $106.08 | ▼ −4.74% | ▼ −3.83% | $80.37 (+20.65%) |
Jun 23, 2026 18w ago | Court Ruling | $105.70 $100.33 | ▼ −5.08% | ▼ −6.79% | $80.37 (−23.96%) |
Jun 12, 2026 19w ago | Institutional Cluster | $113.83 $109.11 | ▼ −4.15% | ▼ −4.82% | $80.37 (−29.39%) |
Feb 28, 2026 34w ago | Institutional Cluster | $114.51 $104.32 | ▼ −8.90% | ▼ −7.69% | $80.37 (−29.81%) |
US Market Status
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