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DECKDeckers Brands

Consumer discretionary · Footwear · NYSE
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The 10-K against last year's

1007 changes: 803 added, 145 removed, 58 reworded, 1 quiet changes

10-K May 22, 2026 vs May 23, 2025
Risk FactorsRedline ↓
92.5%
of the text changed · 9,367 words now
81.1%
of the text changed · 6,316 words now
Legal ProceedingsRedline ↓
92.3%
of the text changed · 254 words now
Accounting PoliciesRedline ↓
87.1%
of the text changed · 5,817 words now

10-K 0001628280-26-037664 (2026-05-22) vs 10-K 0000910521-25-000017 (2025-05-23)

The redline

The paragraph that changed most in each section

Marked against last year's 10-K: cut words struck through, new words highlighted and underlined.

Accounting Policies 512 words changed in this paragraph; it is 31% similar to last year's version.
Standard Description Planned Period of Adoption Expected Impact on Adoption of Adoption ASU 2023-09 2024-03 - Improvements to Income Tax Disclosures The This ASU requires annual disclosures of prescribed standard categories for the components of the effective tax rate reconciliation, disaggregated disclosure of income taxes paid disaggregated by jurisdiction, and other income-tax related disclosures. The ASU is effective on a prospective basis, with retrospective application permitted, for fiscal years beginning after December 15, 2024. Early adoption is permitted. Q4 FY 2026 2028 The Company is currently evaluating the impact Disaggregation of relevant statement of comprehensive income and of the adoption of this ASU on its disclosures in Income expense captions including tabular presentation Q1 FY 2029 its annual and interim consolidated financial statements. ASU 2024-03 - Disaggregation of Income Statement Expenses (as amended by ASU 2025-01) The ASU requires disaggregated disclosure of relevant statement of comprehensive income expense captions including tabular presentation of prescribed expense categories such as statements. Expenses (as purchases of inventory, employee compensation, amended by ASU depreciation, intangible asset amortization, and 2025-01) other specific expense, gains, and losses required by existing US GAAP. The This ASU is effective on a prospective basis, with retrospective application permitted, for fiscal years beginning after December 15, 2026, and inter... Q4 interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. ASU 2025-05 - This ASU provides a practical expedient to Q1 FY 2027 The Company does not expect the adoption of Measurement of assume that current conditions as of the balance this ASU to have a material impact on its annual Credit Losses for sheet date do not change for the remaining life of consolidated financial statements and interim Accounts the asset when estimating expected credit losses condensed consolidated financial statements. Receivable and on trade accounts receivable and contract Contract Assets assets. This ASU is effective on a prospective basis for fiscal years beginning after December 15, 2025. Early adoption is permitted. ASU 2025-06 - This ASU amends recognition and disclosure Q1 FY 2029 The Company is currently evaluating the impact Internal-Use guidance for internal-use software costs, of the adoption of this ASU on its annual Software removing the previous software development consolidated financial statements and interim stage model with a more principles-based, condensed consolidated financial statements. probable-to-complete recognition threshold. This ASU is effective on either a retrospective, prospective, or modified prospective basis, for fiscal years beginning after December 15, 2027, including interim periods within those fiscal years. Early adoption is permitted. ASU 2025-09 - This ASU clarifies and improves certain aspects Q1 FY 2028 The Company is currently evaluating the impact Derivatives and of hedge accounting, including guidance on the of the adoption of this ASU on its annual Hedging (Topic assessment of similar risk exposure for groups of consolidated financial statements and interim 815): Hedge forecasted transactions related to cash flow condensed consolidated financial statements. Accounting hedges and other targeted amendments Improvements intended to better align hedge accounting with an entity’s risk management activities. This ASU is effective on a prospective basis for fiscal years beginning after December 15, 2026, including interim periods within those fiscal years. Early adoption is permitted. ASU 2025-11 - This ASU requires disclosure of events since the Q1 FY 2029 The Company is currently evaluating the impact Interim Reporting: most recent annual reporting period that have a of the adoption of this ASU on disclosures in its annual and Narrow-Scope material impact on interim results, provides a interim condensed consolidated financial Improvements comprehensive list of required interim statements. disclosures, and Q1 FY 2029 ─────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────── clarifies the form and content requirements for interim financial statements. This ASU is effective on either a prospective or retrospective basis for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. ──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────

Source: 10-K text, Note 1 – General, 10-K 0001628280-26-037664 vs 10-K text, Note 1 – GENERAL, 10-K 0000910521-25-000017

Legal Proceedings 95 words changed in this paragraph; it is 31% similar to last year's version.
From time to time, we are involved in various legal proceedings, disputes, and other claims arising in the ordinary course of business, including employment, intellectual property, and product liability claims. Although the results of these ordinary course matters cannot be predicted with certainty, we currently believe that the final outcome of these ordinary course matters will not, individually or in the aggregate, have a material adverse effect on our business, results of operations, financial condition, or cash flows. However, regardless of the merit of the claims raised or the outcome, these ordinary course matters can have an adverse impact on us as a result of legal costs, diversion of management’s time and resources, and other factors.

Source: Item 3, 10-K 0001628280-26-037664 vs Item 3, 10-K 0000910521-25-000017

Risk Factors 83 words changed in this paragraph; it is 32% similar to last year's version.
Interruptions in the supply of our products can also result from adverse events that impair our manufacturers’ operations. For example, we keep proprietary materials necessary to produce our products, such as shoe molds and other materials, in the custody of our independent manufacturers. If these independent manufacturers were to lose or damage these proprietary materials, we cannot be assured that the manufacturers would have adequate insurance to cover such loss or damage, and, in any event, the replacement of such materials would likely result in significant delays in the production of our products, which could result in a loss of sales and earnings.

Source: Item 1A, 10-K 0001628280-26-037664 vs Item 1A, 10-K 0000910521-25-000017

MD&A 82 words changed in this paragraph; it is 30% similar to last year's version.
HOKA Brand. The HOKA brand is an authentic premium line of year-round performance footwear, which offers enhanced cushioning and inherent stability with minimal weight. Originally designed for ultra-runners, the brand now appeals to world champions, taste makers, and everyday athletes. Expanded marketing and strategic marketplace presence have fueled both domestic and international sales growth of the HOKA brand, which has quickly become a leading brand within run and outdoor specialty wholesale accounts and is growing across its global marketplace. The HOKA brand’s product line includes running, trail, hiking, fitness, and lifestyle footwear offerings, as well as select apparel and accessories.

Source: Item 7, 10-K 0001628280-26-037664 vs Item 7, 10-K 0000910521-25-000017

Every change, by type

Sentences and paragraphs added, removed or reworded

Sentences and paragraphs of DECK's Risk Factors and MD&A, 10-K 2026-05-22 against 10-K 2025-05-23. Each links to the text at sec.gov.

RewordedRisk Factors
We face intense competition from both established companies and newer entrants into the market, and our failure to compete effectively could cause our market share to decline, which could harm our reputation and have a material adverse effect on our financial condition and results of operations.

Read it in 10-K 2026-05-22 at sec.gov ↗

RewordedRisk Factors
If we are unsuccessful at improving our operational and IT systems and our efforts do not result in the anticipated benefits to us or result in unanticipated disruption to our business, our financial condition and results of operations could be adversely affected, and our business may become less competitive.

Read it in 10-K 2026-05-22 at sec.gov ↗

RewordedRisk Factors
If the technology-based systems that give our customers the ability to shop or interact with us online do not function effectively, our results of operations, as well as our ability to grow our e-commerce websites globally or to retain our customer base, could be materially adversely affected.

Read it in 10-K 2026-05-22 at sec.gov ↗

RewordedRisk Factors
We rely upon independent manufacturers for most all of our production needs, and the failure of these manufacturers to manage these responsibilities would prevent us from filling customer orders, which would result in loss of sales and harm our relationships with customers.

Read it in 10-K 2026-05-22 at sec.gov ↗

RewordedRisk Factors
The tax laws applicable to our business are complex, and changes in tax laws or audits by taxing authorities could increase our worldwide tax rate and may subject us to additional tax liabilities, which may materially affect our financial position and results of operations.

Read it in 10-K 2026-05-22 at sec.gov ↗

RewordedRisk Factors
We rely upon a number of warehouse and distribution facilities to operate our business, and any damage to one of these facilities, or any disruptions caused by incorporating new facilities into our operations, could have a material adverse effect on our business.

Read it in 10-K 2026-05-22 at sec.gov ↗

RewordedRisk Factors
The process of completing any acquisitions or divestitures may be time-consuming, involve significant costs and expenses, and the expected benefits of such acquisitions or divestitures may not be realized, and our business or financial results could be negatively impacted.

Read it in 10-K 2026-05-22 at sec.gov ↗

RewordedRisk Factors
If we are found to have violated laws concerning the privacy and security of consumers’ or other individuals’ personal information, we could be subject to civil or criminal penalties, which could increase our liabilities and harm our reputation or our business.

Read it in 10-K 2026-05-22 at sec.gov ↗

Show the other 16
RewordedRisk Factors
Our ability to capitalize on growth in new international markets and to maintain the current level of operation operations in our existing international markets is subject to risks associated with international operations that could adversely affect our sales and results of operations.

Read it in 10-K 2026-05-22 at sec.gov ↗

RewordedRisk Factors
We depend on qualified talent and, if we are unable to retain or hire executive officers, key employees, and skilled talent, we may not be able to achieve our strategic objectives, and our results of operations may be adversely impacted.

Read it in 10-K 2026-05-22 at sec.gov ↗

RewordedRisk Factors
We face risks associated with strategic acquisitions and divestitures, and our failure to successfully integrate any acquired business could have a material adverse effect on our results of operations and financial condition.

Read it in 10-K 2026-05-22 at sec.gov ↗

RewordedRisk Factors
Anti-takeover provisions contained in our Amended and Restated Certificate of Incorporation (Certificate) and Amended and Restated Bylaws (Bylaws), as well as provisions of Delaware law, could impair a takeover attempt.

Read it in 10-K 2026-05-22 at sec.gov ↗

RewordedMD&A
Years Ended March 31, 2026 2025 2024 Change Amount Amount Amount % Net cash provided by operating activities $ 1,044,523 $ 1,033,184 $ 11,339 1.1% $1,181,955 $1,044,523 $137,432 13.2% Net cash used in investing activities (84,612) (75,003) (89,331) 14,328 16.0 (9,609) (12.8) Net cash used in financing activities (1,084,044) (581,334) (417,675) (163,659) (39.2) (502,710) (86.5) Effect of foreign currency exchange rates on 4,762 (1,049) 5,811 554.0 cash and cash equivalents (1,049) (5,922) 4,873 82.3 Net change in cash and cash equivalents $ 387,137 $ 520,256 $ (133,119) (25.6)% $18,061 $387,137 $(369,076) (95.3)%

Read it in 10-K 2026-05-22 at sec.gov ↗

RewordedMD&A
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” of our Annual

Read it in 10-K 2026-05-22 at sec.gov ↗

RewordedMD&A
The decrease increase in net cash used in investing provided by operating activities during the year ended March 31, 2025, 2026, compared to the prior period, was primarily due to an increase in cash proceeds from the sale of assets.

Read it in 10-K 2026-05-22 at sec.gov ↗

RewordedMD&A
The decrease increase in net cash used in investing activities during the year ended March 31, 2025, compared to the prior period, was primarily due to an increase in cash proceeds from the sale of assets. 2026,

Read it in 10-K 2026-05-22 at sec.gov ↗

RewordedMD&A
Refer to Note 10, 11, “Stockholders’ Equity,” of our consolidated financial statements in Part IV within this Annual Report for further information regarding our stock repurchase program and capital allocation strategy. to Part II, Item 5,

Read it in 10-K 2026-05-22 at sec.gov ↗

RewordedMD&A
The increase in net cash used in financing activities during the year ended March 31, 2025, compared to the prior period, was primarily due to a higher dollar value of stock repurchases, inclusive of excise taxes. 2026,

Read it in 10-K 2026-05-22 at sec.gov ↗

RewordedMD&A
The net increase in total other income, net, our effective income tax rate, compared to the prior period, was primarily due to higher interest income from higher invested cash balances. increases in net

Read it in 10-K 2026-05-22 at sec.gov ↗

RewordedMD&A
Refer to Note 6, “Revolving Credit Facilities,” of our consolidated financial statements in Part IV within this Annual Report for further information on regarding the terms of our revolving credit facilities.

Read it in 10-K 2026-05-22 at sec.gov ↗

RewordedMD&A
We have a five-year unsecured revolving credit facility, which provides for borrowings up to $400,000 (Primary Credit Facility) and contains a $25,000 sublimit for the issuance of letters of credit.

Read it in 10-K 2026-05-22 at sec.gov ↗

RewordedMD&A
Our primary source of liquidity is was net cash provided by operating activities, which is driven by our net income after non-cash adjustments and changes in operating assets and liabilities. was

Read it in 10-K 2026-05-22 at sec.gov ↗

RewordedMD&A
This discussion includes For an analysis of our financial condition and results of operations for the years ended March 31, 2025, 2024, and 2023 and year-over-year comparisons between those periods.

Read it in 10-K 2026-05-22 at sec.gov ↗

RewordedMD&A
Refer to Note 12, 13, “Reportable Operating Segments,” of our consolidated financial statements in Part IV within this Annual Report for further information on reportable operating segments.

Read it in 10-K 2026-05-22 at sec.gov ↗

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