Financial Analysis

Commitments and Contingencies Purchase Obligations. There were no material changes outside the ordinary course of business during the three months ended June 30, 2026 , to the Companys purchase obligations disclosed in the 2026 Annual Report . Contingencies. Except as noted below, there were no material changes outside the ordinary course of business during the three months ended June 30, 2026 , to the Companys contingencies disclosed in Note 8, Commitments and Contingencies, in the Companys consolidated financial statements in Part IV of the 2026 Annual Report . Tariff Refunds . In February 2026, the US Supreme Court invalidated tariffs imposed under the International Emergency Economic Power Act ( IEEPA ). In March 2026, the US Court of International Trade subsequently issued an order directing US Customs and Border Protection ( CBP ) to refund IEEPA tariffs that were previously collected. In April 2026, CBP released the Consolidated Administration and Processing Entries ( CAPE ) functionality to facilitate a phased approach to process IEEPA tariff refunds. Subsequent to June 30, 2026 , the Company began filing for refunds of previously paid IEEPA tariffs pursuant to the CAPE Phase 2 administrative refund process announced in June 2026. The Company previously paid an aggregate gross amount of approximately $120,000 in IEEPA tariffs. The net effect that any tariff refunds may have on the Companys condensed consolidated financial statements may be less than the gross amount o …

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Net sales by channel were as follows: Three Months Ended June 30, 2026 2025 Wholesale $ 666,714 $ 652,364 Direct-to-Consumer 352,817 312,174 Total $ 1,019,531 $ 964,538 Net sales by geography were as follows: Three Months Ended June 30, 2026 2025 Domestic $ 517,428 $ 501,258 International 502,103 463,280 Total $ 1,019,531 $ 964,538

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Fair Value Measurements The Company measures certain financial assets and liabilities at fair value on a recurring basis. Refer to Note 4, Fair Value Measurements, in the Companys consolidated financial statements in Part IV of the 2026 Annual Report for further information on the Companys fair value accounting policies. A ssets and liabilities that are measured on a recurring basis at fair value in the condensed consolidated balance sheets are as follows: As of Measured Using June 30, 2026 Level 1 Level 2 Level 3 Assets: Cash equivalents: Money-market funds $ 1,108,291 $ 1,108,291 $ $ Other current assets: Designated Derivative Contracts asset 10,977 10,977 Other assets: Non-qualified deferred compensation asset 27,483 27,483 Total assets measured at fair value $ 1,146,751 $ 1,135,774 $ 10,977 $ As of Measured Using June 30, 2026 Level 1 Level 2 Level 3 Liabilities: Other accrued expenses: Non-qualified deferred compensation liability $ (2,696) $ (2,696) $ $ Other long-term liabilities: Non-qualified deferred compensation liability (36,626) (36,626) Total liabilities measured at fair value $ (39,322) $ (39,322) $ $ As of Measured Using March 31, 2026 Level 1 Level 2 Level 3 Assets: Cash equivalents: Money-market funds $ 1,462,683 $ 1,462,683 $ $ Other current assets: Designated Derivative Contracts asset 7,316 7,316 Non-Designated Derivative Contracts asset 370 370 Other assets: Non-qualified deferred compensation asset 22,845 22,845 Total assets measured at fair value $ 1,4 …

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Income Taxes Income tax expense and the effective income tax rate were as follows: Three Months Ended June 30, 2026 2025 Income tax expense $ 39,078 $ 43,863 Effective income tax rate 23.1 % 24.0 % The tax provisions during the three months ended June 30, 2026 , and 2025 , were computed using the estimated effective income tax rate applicable to each of the domestic and foreign taxable jurisdictions for the current fiscal year ending March 31, 2027 ( current fiscal year ), and prior fiscal year , respectively, and were adjusted for discrete items that occurred within the periods presented above. During the three months ended June 30, 2026 , the net change in the effective income tax rate, compared to the prior period , was primarily due to non-recurring discrete tax expense for unrecognized tax benefits in the prior period and changes in jurisdictional mix of worldwide income before taxes .

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Leases The Company enters into operating lease contracts , which primarily relate to retail stores, showrooms, offices, and distribution facilities. There were no material changes outside the ordinary course of business during the three months ended June 30, 2026 , to the Companys operating lease terms disclosed in the 2026 Annual Report . Supplemental information for amounts presented in the condensed consolidated statements of cash flows related to operating leases was as follows: Three Months Ended June 30, 2026 2025 Non-cash operating activities (1) Operating lease assets obtained in exchange for lease liabilities $ 120,130 $ 45,271 Reductions to operating lease assets for reductions to lease liabilities (157) (2,652) (1) Amounts disclosed include non-cash additions or reductions resulting from lease remeasurements, as well as adjustments for tenant improvement allowances. Non-cash additions in the current period are primarily the result of a lease extension for a warehouse and DC , as well as continued investments in the Companys global retail store footprint and showrooms . …

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Recent Accounting Pronouncements . Other than outlined below, there have been no developments with respect to recently issued accounting standards ( ASU s) relative to those disclosed in the 2026 Annual Report , including the expected dates of adoption and impact on disclosures in the Companys annual consolidated financial statements and interim condensed consolidated financial statements . Standard Description Impact on Adoption ASU 2025-05 - Measurement of Credit Losses for Accounts Receivable and Contract Assets This ASU provides a practical expedient to assume that current conditions as of the balance sheet date do not change for the remaining life of the asset when estimating expected credit losses on trade accounts receivable and contract assets. This ASU is effective on a prospective basis for fiscal years beginning after December 15, 2025. Early adoption is permitted. The ASU was effective for the Company as of April 1, 2026, but the Company did not elect the practical expedient, as such, this ASU did not impact the Companys interim condensed consolidated financial statements. …

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Revenue Recognition and Business Concentrations Disaggregated Revenue . Refer to Note 10, Reportable Operating Segments, for further information on the Companys disaggregation of revenue by reportable operating segments . Channel Concentration. Net sales by channel were as follows: Three Months Ended June 30, 2026 2025 Wholesale $ 666,714 $ 652,364 Direct-to-Consumer 352,817 312,174 Total $ 1,019,531 $ 964,538 Geographic Concentration. Net sales by geography were as follows: Three Months Ended June 30, 2026 2025 Domestic $ 517,428 $ 501,258 International 502,103 463,280 Total $ 1,019,531 $ 964,538 Sales Return Asset and Liability. Sales returns are a refund asset for the right to recover the inventory and a refund liability for the stand-ready right of return. The refund asset for the right to recover the inventory is recorded in other current assets and the related refund liability is recorded in other accrued expenses in the condensed consolidated balance sheets . The following tables summarize changes in the estimated sales returns for the periods presented: Sales Return Asset Sales Return Liability Balance, March 31, 2026 $ 27,729 $ (80,055) Net additions to sales return liability (1) 7,415 (39,046) Actual returns (16,619) 60,420 Balance, June 30, 2026 $ 18,525 $ (58,681) Sales Return Asset Sales Return Liability Balance, March 31, 2025 $ 21,120 $ (63,462) Net additions to sales return liability (1) 7,369 (40,888) Actual returns (13,556) 55,508 Balance, June 30, 2025 $ 14 …

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Reportable Operating Segments There have been no changes to the Companys reportable operating segments , the measure of segment profit or loss, or the basis of measurement from those disclosed in Note 13, Reportable Operating Segments, in the Companys consolidated financial statements in Part IV of the 2026 Annual Report . Accordingly, i nformation reported to the Chief Operating Decision Maker ( CODM ), who is the Principal Executive Officer ( PEO ), continues to be organized into three reportable operating segments : HOKA brand, UGG brand, and Other brands . The CODM continues to evaluate reportable operating segment performance and allocate resources based on net sales, gross profit as a percentage of net sales ( gross margin ), and income from operations, which includes costs directly attributable to each reportable operating segment that are regularly reviewed by the CODM . Segment income from operations excludes unallocated enterprise and shared brand expenses, as well as total other income, net . There is no inter-segment sales for any period presented. The accounting policies applicable to the Companys reportable operating segments are consistent with those described in Note 1, General, in the Companys consolidated financial statements in Part IV of the 2026 Annual Report . The CODM does not regularly review total assets or capital expenditures by reportable operating segment. Reportable operating segment information, with a reconciliation to the condensed consolidate …

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Stockholders Equity Stock Repurchase Program ( amounts in thousands, except share and per share data) . The C ompanys Board of Directors ( Board ) has approved a stock repurchase program which authorizes the Company to repurchase shares of its common stock in the open market or in privately negotiated transactions, subject to market conditions, applicable legal requirements, and other factors (collectively, the stock repurchase program ). The Board last approved an additional authorization of $3,500,000 on May 20, 2026, to repurchase shares of the Companys common stock under the same conditions as the prior stock repurchase program . As of June 30, 2026 , the aggregate remaining authorization under the stock repurchase program is $4,711,416 . The stock repurchase program does not obligate the Company to acquire any amount of common stock and may be suspended at any time at the Companys discretion. The credit agreements governing the Companys revolving credit facilities allow it to make stock repurchases under this program, so long as it does not exceed certain leverage ratios. As of June 30, 2026 , the Company has not exceeded the stated leverage ratios, and no defaults have occurred under these credit agreements . Stock repurchase activity under the stock repurchase program was as follows: Three Months Ended June 30, 2026 2025 Total number of shares repurchased (1) 3,258,352 1,665,902 Weighted average price per share $ 103.79 $ 109.84 Dollar value of shares repurchased (2) ( …

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