The beat-and-raise quarter with strong brand momentum (Saucony +20%, Merrell +13%) and margin expansion supports a positive near-term bias. Monitor the Q2 print for sustained DTC improvement and tariff headwind evolution, as gross margin guidance of 46.4% implies ~90 bps of compression for the full year.
Price Chart
Executive Summary
Wolverine Worldwide reported Q1 2026 revenue of $457.6M (+11.0% YoY) and GAAP diluted EPS of $0.24, both exceeding expectations. The company raised its full-year 2026 EPS guidance to $1.39-$1.54 (from $1.31-$1.46) and improved its operating margin outlook, driven by strong growth at Merrell (+12.7%) and Saucony (+20.1%), while maintaining its revenue guidance range of $1.960B-$1.985B.
Key Financial Metrics
Key Facts
- Q1 2026 revenue of $457.6M, up 11.0% YoY (7.3% constant currency), exceeding the $449.6M consensus
- GAAP diluted EPS of $0.24, up 60% YoY from $0.15; adjusted diluted EPS of $0.25, up 31.6% YoY
- Raised FY2026 EPS guidance to $1.39-$1.54 (GAAP) from $1.31-$1.46; adjusted EPS guidance raised to $1.43-$1.58 from $1.35-$1.50
- Gross margin held flat at 47.6% YoY; operating margin expanded 230 bps to 7.4%
- Active Group revenue grew 13.7% (9.3% constant currency), led by Saucony (+20.1%) and Merrell (+12.7%)
- Net debt reduced 14.1% YoY to $519M; cash and equivalents of $119.6M
- FY2026 revenue guidance unchanged at $1.960B-$1.985B; gross margin outlook improved to ~46.4% from ~46.0%
Financial Impact
Revenue beat consensus by ~$8M (1.8%); EPS of $0.24 vs $0.22 consensus (+9.1% beat); full-year EPS guidance raised by $0.08 at midpoint
Risk Factors
- Higher U.S. tariffs continue to pressure gross margins; FY2026 gross margin guided down 90 bps to 46.4%
- Work Group segment revenue growth was only 1.2% (0.1% constant currency), indicating ongoing softness in industrial footwear
- Direct-to-consumer revenue grew just 3.0% (-0.2% constant currency), suggesting limited traction in owned retail
- Operating cash flow was negative $83.2M in Q1, driven by seasonal working capital build; free cash flow was negative $84.9M
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-034777 |
| Document: www-20260514.htm | 0001628280-26-034777 |
| Document: 0001628280-26-034777-index-headers.html | 0001628280-26-034777 |
| Document: 0001628280-26-034777-index.html | 0001628280-26-034777 |
| Document: 0001628280-26-034777.txt | 0001628280-26-034777 |
| 8-K Data (Synthetic) | 0001628280-26-034777 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
May 14, 2026 23w ago | 8-K | $15.22 $18.92 | ▲ +24.31% | ▲ +20.72% | $20.11 (+32.13%) |
Mar 25, 2026 30w ago | DEFA14A | $16.37 $16.85 | ▲ +2.91% | ▼ −11.04% | $20.11 (+22.85%) |
Feb 26, 2026 34w ago | 8-K | $19.86 $16.17 | ▼ −18.57% | ▼ −26.32% | $20.11 (+1.27%) |
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