Rocky Brands posts 96% profit surge despite $18.7M tariff hit; Supreme Court ruling adds uncertainty

Filed March 11, 2026 · Period ending December 31, 2025 · Compared to 10-K Mar 17, 2025 · ~2 min read

Key Changes

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  Net income nearly doubled to $22.3M ($2.96/share) in 2025 vs $11.4M ($1.52/share) in 2024, driven by 150bp gross margin expansion to 40.9% and 41% interest expense reduction from April 2024 debt refinancing.

  MD&A: Financial Results verify on EDGAR →
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  Company paid $18.7M in new IEEPA tariffs during 2025; February 2026 Supreme Court ruling declared certain IEEPA tariffs unlawful, but administration announced new tariffs on all countries, creating substantial uncertainty on future cost structure.

  MD&A: Tariffs & Notes: Subsequent Events verify on EDGAR →
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  Operating cash flow plunged 69% to $16.3M from $52.8M despite higher earnings, driven by $24M working capital use (inventory up 8.7% to $181.1M due to tariff-inflated costs, plus higher receivables).

  MD&A: Cash Flow verify on EDGAR →