October 23, 2026 · NYSE: DECK · Close before the results (October 22): $85.28
Imagine a friend who runs a small shoe shop. At the end of the year she tells you proudly that her profit per owner jumped 27%. You congratulate her. Then she mentions, almost as an afterthought, that the tax office sent her a refund this year, and that two of her partners sold her their shares, so there are fewer owners splitting the pie.
Is her shop doing 27% better?
On October 22, Deckers, the company behind HOKA and UGG, reported second-quarter earnings of $2.31 per share, up from $1.82. That is 27% more per share. In the same release, a few lines down, it lowered its sales outlook for the year.
So which number tells you more about the company? It depends on what is inside the first one. We found the items, and one of them changes how you read the others.
Take that one item out, and the earnings look very different. Which item is it, and how big?
Subscribe free to keep reading. Next: the item hiding in the earnings, what management said on the call about orders that might slip or disappear, how our value for the stock changed and why, and the price at which we would look closer.