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Quarterly report [Sections 13 or 15(d)]

REVENUES

v3.25.4
REVENUES
 9 Months Ended
Dec. 27, 2025
Revenue from Contract with Customer [Abstract]
REVENUES REVENUES
Contract Balances
The following table provides information about contract assets and contract liabilities:
(In thousands) December 2025 March 2025 December 2024
Contract assets (a)
$ 1,998 $ 2,448 $ 1,757
Contract liabilities (b)
71,134 78,421 68,820
(a)Included in the other current assets line item in the Consolidated Balance Sheets.
(b)Included in the accrued liabilities line item in the Consolidated Balance Sheets.

For the three and nine months ended December 2025, the Company recognized $41.6 million and $142.2 million, respectively, of revenue, which, for the nine months ended December 2025 included the majority of the contract liability balance at the beginning of the year, and, for both periods, included amounts recorded as a contract liability and
subsequently recognized as revenue as performance obligations were satisfied within the same period, such as order deposits from customers. The change in the contract asset and contract liability balances primarily results from timing differences between the Company's satisfaction of performance obligations and the customer's payment.
Performance Obligations
As of December 2025, the Company expects to recognize $10.5 million of fixed consideration related to the future minimum guarantees in effect under its licensing agreements and expects such amounts to be recognized over time based on the contractual terms through December 2028. The variable consideration related to licensing arrangements is not disclosed as a remaining performance obligation as it qualifies for the sales-based royalty exemption. ý has also elected the practical
expedient to not disclose the transaction price allocated to remaining performance obligations for contracts with an original expected duration of one year or less.
As of December 2025, there were no arrangements with transaction price allocated to remaining performance obligations other than contracts for which the Company has applied the practical expedients and the fixed consideration related to future minimum guarantees discussed above.
Disaggregation of Revenues
The following tables disaggregate our revenues by channel and geography, which provides a meaningful depiction of how the nature, timing and uncertainty of revenues are affected by economic factors.
Three Months Ended December 2025 (a)
(In thousands) Outdoor Active
All Other (b)
Total
Channel revenues
Wholesale $ 813,446 $ 259,006 $ 164,991 $ 1,237,443
Direct-to-consumer 1,110,106 406,863 109,033 1,626,002
Royalty 2,456 5,966 3,934 12,356
Total $ 1,926,008 $ 671,835 $ 277,958 $ 2,875,801
Geographic revenues
Americas $ 945,704 $ 422,229 $ 170,725 $ 1,538,658
Europe 658,932 183,651 86,157 928,740
Asia-Pacific 321,372 65,955 21,076 408,403
Total $ 1,926,008 $ 671,835 $ 277,958 $ 2,875,801
Three Months Ended December 2024 (a)
(In thousands) Outdoor Active
All Other (b)
Total
Channel revenues
Wholesale $ 761,960 $ 282,028 $ 206,949 $ 1,250,937
Direct-to-consumer 1,013,821 428,271 123,477 1,565,569
Royalty 4,495 6,250 6,661 17,406
Total $ 1,780,276 $ 716,549 $ 337,087 $ 2,833,912
Geographic revenues
Americas $ 836,515 $ 457,417 $ 212,790 $ 1,506,722
Europe 613,356 183,665 97,221 894,242
Asia-Pacific 330,405 75,467 27,076 432,948
Total $ 1,780,276 $ 716,549 $ 337,087 $ 2,833,912
Nine Months Ended December 2025 (a)
(In thousands) Outdoor Active
All Other (b)
Total
Channel revenues
Wholesale $ 2,475,383 $ 1,029,571 $ 633,942 $ 4,138,896
Direct-to-consumer 1,917,391 1,084,692 254,443 3,256,526
Royalty 9,179 18,009 16,563 43,751
Total $ 4,401,953 $ 2,132,272 $ 904,948 $ 7,439,173
Geographic revenues
Americas $ 2,014,151 $ 1,261,677 $ 543,920 $ 3,819,748
Europe 1,599,476 658,598 294,584 2,552,658
Asia-Pacific 788,326 211,997 66,444 1,066,767
Total $ 4,401,953 $ 2,132,272 $ 904,948 $ 7,439,173
Nine Months Ended December 2024 (a)
(In thousands) Outdoor Active
All Other (b)
Total
Channel revenues
Wholesale $ 2,325,958 $ 1,104,269 $ 662,279 $ 4,092,506
Direct-to-consumer 1,764,056 1,193,738 263,667 3,221,461
Royalty 10,614 19,812 16,527 46,953
Total $ 4,100,628 $ 2,317,819 $ 942,473 $ 7,360,920
Geographic revenues
Americas $ 1,864,611 $ 1,397,707 $ 575,961 $ 3,838,279
Europe 1,467,844 673,941 294,348 2,436,133
Asia-Pacific 768,173 246,171 72,164 1,086,508
Total $ 4,100,628 $ 2,317,819 $ 942,473 $ 7,360,920
(a)In the first quarter of Fiscal 2026, ý realigned its reportable segments. The three and nine months ended December 2024 have been recast to reflect this change. Refer to Note 15 for additional information regarding the Company's reportable segments.
(b)“All Other” is included for purposes of reconciliation of revenues, but it is not considered a reportable segment. “All Other” includes the following brands: Dickies® (through the date of sale), Altra®, Smartwool®, Napapijri® and Icebreaker®.