Deckers Outdoor delivered a robust QQ2 2026 performance, with total revenue of $1.431 billion, up 9% year over year, driven by continued strength in the HOKA and UGG brands. HOKA revenue rose 11% and UGG revenue rose 10% in the quarter, contributing to a first-half revenue increase of 12% and solid brand momentum across international markets. Management highlighted a strategically cautious stance for the back half of the year, citing tariff headwinds and a more cautious U.S. consumer environment, while maintaining a long-term growth blueprint centered on expanding both premium brands in international markets and advancing a balanced 50/50 mix between direct-to-consumer (DTC) and wholesale channels. The company reaffirmed FY2026 guidance, targeting ~$5.35 billion in revenue with HOKA in the low-teens growth range and UGG in the low-single to mid-single-digit range, supported by a gross margin of ~56%, SG&A around 34.5% of revenue, and an operating margin near 21.5%. The balance sheet remains exceptionally strong, with $1.41 billion in cash and no outstanding borrowings, and a $2.2 billion share-repurchase program remaining. Near-term risks include tariff dynamics, macro consumer confidence, inflation, FX, and supply chain volatility, but Deckers remains confident in its premium positioning, product cadence, and international expansion to sustain long-term profitability and value creation.