Wolverine World Wide, Inc.

Revenue was $506 million, up 7% reported and 6% on a constant-currency basis, and above the high end of outlook. Adjusted diluted EPS was $0.40, up 14% from $0.35 a year ago. Consolidated gross margin was 46.5%, down 70 basis points year over year, and adjusted operating margin was 10.0%, up 80 basis points year over year. By segment, Active Group revenue rose 8% while Work Group revenue fell 2%. Merrell revenue increased 10%, Saucony 9%, Sweaty Betty declined 3%, and Wolverine revenue grew high single digits. For 2026, revenue is now expected at $1.98 billion to $2.0 billion; adjusted EPS at $1.55 to $1.65; gross margin around 46.9%; adjusted operating margin around 9.9%; and operating free cash flow at $115 million to $130 million. Third-quarter revenue guidance is $495 million to $500 million, with adjusted EPS of $0.42 to $0.45 and gross margin around 47.4%.

Chris Hufnagel framed the quarter as evidence that the company’s brand-building playbook is working, saying results are tracking ahead of expectations and the business has now posted 7 consecutive quarters of year-over-year growth. He emphasized Merrell and Saucony as the main growth engines, while also highlighting progress at Sweaty Betty and Wolverine through cleaner distribution, sharper product, and more targeted marketing. His tone was upbeat but still cautious on the less-consistent brands, repeatedly noting there is more work to do even as momentum is improving.

Taryn Miller said Q2 performance exceeded expectations and reflected both revenue leverage and disciplined cost control. She cited revenue of $506 million, gross margin of 46.5% versus 46.4% prior guidance, adjusted operating margin of 10.0%, adjusted EPS of $0.40, and net debt of $443 million, down $125 million year over year. On guidance, she said the full-year raise reflects stronger brand performance, healthier inventories, supply chain efficiencies, and only a modest $2 million improvement in tariff assumptions; operating free cash flow guidance moved up to $115 million to $130 million, with capex still about $20 million.

Analysts focused on the running market, Saucony’s second-half acceleration, Merrell’s DTC pullback, inventory levels, and whether margin gains were mainly tariff-driven or structural. Management said running remains fiercely competitive but Saucony is seeing broad-based global momentum, better share in U.S. run specialty, and stronger visibility in the back half; they also said the higher guidance is not mainly about tariffs, but about stronger full-price selling, healthier inventories, and supply chain efficiencies. On Merrell, management said the DTC softness was intentional because marketing spend is being moved up-funnel to build awareness, and on inventory they said stock is down about 17% year over year but is sufficient to support the higher second-half revenue plan.