Saucony Hits a Record $533 Million as Wolverine Worldwide Closes Q4 With 4.6% Growth

Wolverine Worldwide closed Q4 2025 with solid topline growth and a standout quarter for Saucony, as the running brand’s double digit surge helped lift group margins and underline where the portfolio’s momentum now sits.

Q4 2025 Revenue and Margins

Group revenue for Q4 2025 rose 4.6% year over year to $517.5 million, supported by strong performance in the Active Group led by Saucony and Merrell. Active Group revenue climbed 12.4% to $372.7 million, while the Work Group declined 11.3% to $134 million, reflecting the ongoing reset in work and heritage channels.

Gross margin in the quarter improved to 47.0%, up from 43.6% a year earlier, helped by lower product costs, a higher mix of full price sales, and price increases that more than offset higher U.S. tariffs. Diluted EPS rose to $0.38 from $0.28, while adjusted diluted EPS reached $0.45, up 13% from $0.40.

Saucony’s Breakout Year

Within the portfolio, Saucony delivered the sharpest acceleration. For the full year 2025, Saucony sales climbed to roughly $533 million, a 31.1% year on year increase that marked a record year for the brand. In Q4 alone, Saucony revenue jumped about 24% to 27%, with growth broad‑based across categories, regions, and channels.

Performance running, still the majority of the business, was up more than 20%, while lifestyle grew even faster. Direct to consumer posted mid teens growth in the brand’s biggest DTC quarter, and wholesale delivered double digit gains on the back of strong sell through at retail. Management highlighted the Endorphin collection and newer launches like Endorphin Azura as key innovation drivers at U.S. retail.

Merrell and the Rest of the Portfolio

Outdoor brand Merrell also contributed, generating high single digit growth for 2025 and helping underpin the Active Group’s 6.8% to 7.0% full year revenue increase to about $1.874 billion for Wolverine Worldwide overall.

By contrast, the Wolverine work and heritage namesake brand saw revenue decline about 11% in Q4 amid a continuing U.S. marketplace recalibration, even as retail sell through improved and market share in core boots strengthened. The split highlights a portfolio increasingly led by performance and outdoor running (Saucony, Merrell), while work and heritage categories remain in reset mode.

Full Year 2025 and Balance Sheet

For the full year 2025, Wolverine Worldwide generated revenue of roughly $1.874 billion, up about 6.8% to 7% versus 2024. Full year gross margin expanded to 47.3% from 44.3%, reflecting the same drivers seen in Q4: lower product costs and more full price sell through.

Operating free cash flow reached about $126 million, above the company’s $90 million midpoint guidance. Cash and equivalents ended the year near $206 million, up roughly $54 million or 35% to 36%, while net debt fell to about $415 million, an improvement of roughly $81 million.

2026 Outlook

Looking ahead to fiscal 2026, Wolverine Worldwide guides for revenue between roughly $1.96 billion and $1.985 billion, implying growth of about 4% to 5% on a reported basis. At the brand level, management expects Saucony to again post outsized growth in the low to mid teens, with gains across both performance and lifestyle, supported by continued franchise refreshes and marketing spend.

For footwear and sportswear watchers, the message is clear: Saucony has shifted into breakout brand territory inside the Wolverine portfolio, marrying performance running credibility with lifestyle appeal at a time when those two categories are among the fastest growing in the market. As work and heritage lines adjust, the group’s growth engine is increasingly anchored in technical running and outdoor, where product innovation and cultural relevance are driving both wholesale and DTC demand.