Wolverine Worldwide delivered higher sales and stronger profitability in fiscal 2025, powered by sharp gains in its Active Group brands even as its Work business continued to contract. For the year ended 3 January 2026, Wolverine Worldwide FY2025 revenue reached $1.874bn, a 6.8% year-on-year increase, with ongoing business revenue up 7.1%.
Performance diverged by segment. Active Group sales climbed 13% to $1.408bn, while the Work Group declined 7.3% to $422.2m. Saucony was the standout brand, posting 31.1% growth to $533.1m, and Merrell advanced 8.4% to $648.9m.
Profitability improved alongside the top line. Gross margin expanded to 47.3%, and diluted earnings per share more than doubled to $1.14 from $0.55. The company also reported balance-sheet progress, ending the year with $206m in cash (up 35.6%) and net debt reduced 16.2% to $415m. Inventory increased 10.7% to $274m.
In the fourth quarter, revenue rose 4.6% to $517.5m, supported by continued strength in Active Group—particularly Saucony and Merrell. Active Group revenue increased 12.4% to $372.7m, while Work Group revenue fell 11.3% to $134m. Gross margin improved to 47% from 43.6%, driven by product cost savings, favourable mix and price increases, partially offset by higher US tariffs. Diluted EPS increased to $0.38 from $0.28.
“We exceeded our expectations across all key metrics in the fourth quarter, finishing a solid year for the Company. Our biggest brands are growing around the world, direct-to-consumer (DTC) continues to improve, earnings per share increased meaningfully YoY, and I believe we’re finding our footing where we’ve underperformed,” said Chris Hufnagel, president and chief executive officer of Wolverine Worldwide. “I am pleased with our progress in transforming the company and encouraged by the momentum we have carried into 2026. We’re focused squarely on executing our brand-building model with pace and distinction—building awesome products, telling amazing stories, and driving the business each day.”
Looking ahead, the company expects fiscal 2026 revenue between $1.96bn and $1.985bn, implying 4.6% to 5.9% growth year on year. It is guiding to gross margin of about 46%, operating margin of roughly 8.8% and diluted EPS between $1.31 and $1.46. The outlook follows Wolverine Worldwide FY2025 revenue gains and signals confidence in continued progress as the group executes its brand-led growth strategy.
