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and our subsidiaries.
−Removed: We are a leading designer, manufacturer and marketer of premium quality footwear and apparel marketed under a portfolio of well recognized brand names, including The Original Muck Boot Company ("Muck"), Rocky, Georgia Boot, Durango, Lehigh, XTRATUF, Ranger and the licensed brand Michelin.
+Added: We are a leading designer, manufacturer and marketer of premium quality footwear and apparel marketed under a portfolio of well recognized brand names, including The Original Muck Boot Company ("Muck"), XTRATUF, Rocky, Durango, Georgia Boot, Lehigh CustomFit ("Lehigh"), Ranger, and the licensed brand Michelin.
Our brands have a long history of representing high quality, comfortable, functional, and durable footwear and our products are organized around six target markets:
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In addition, as part of our strategy of outfitting consumers from head-to-toe, we market complementary branded apparel and accessories that we believe leverage the strength and positioning of each of our brands.
−Removed: Segment Reporting and each of our reporting segments continue to employ consistent accounting policies.
−Removed: S ee Note 19 - Segment Information of our Consolidated Financial Statements fo r further information.
The Company's portfolio of brands is organized into the following reportable segments, in which our products are distributed:
Contract Manufacturing
−Removed: We distribute Muck, Rocky, Georgia Boot, Durango, Lehigh, XTRATUF, Ranger and Michelin products through a wide range of Wholesale distribution channels throughout the world.
−Removed: Our Wholesale channels vary by product line and include sporting goods stores, outdoor retailers, independent shoe retailers, hardware stores, catalogs, mass merchants, uniform stores, farm store chains, specialty safety stores, specialty retailers and online retailers.
+Added: We distribute Muck, XTRATUF, Rocky, Durango, Georgia Boot, Lehigh, Ranger, and Michelin products through a wide range of Wholesale distribution channels throughout the world.
+Added: Our Wholesale channels vary by product line and include sporting goods stores, outdoor retailers, independent shoe retailers, hardware stores, mass merchants, uniform stores, farm store chains, specialty safety stores, specialty retailers, and online retailers.
December 31, 2025
−Removed: , our products were offered for sale at over
−Removed: retail locations in the U.S.
+Added: , our products were offered for sale in thousands of
+Added: retail locations across the U.S.
and Canada as well as several international markets, such as Europe.
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through a dedicated in-house sales team, and exclusive, as well as independent, sales representatives who carry our branded products and other non-competing products.
−Removed: Our sales force is organized around major accounts, including Boot Barn, Tractor Supply Company, Amazon and Bass Pro, and around our target markets:
+Added: Our sales force is organized around major accounts, including Amazon, Boot Barn, Tractor Supply Company, and Bass Pro, and around our target markets:
work, outdoor, western, commercial military, duty, and military.
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Our work-related products are sold primarily through work-related retailers, farm and ranch stores, specialty safety stores, independent shoe stores, hardware stores, and online retailers;
−Removed: Our outdoor products are sold primarily through sporting goods stores, outdoor specialty stores, online retailers, catalogs and mass merchants;
+Added: Our outdoor products are sold primarily through sporting goods stores, outdoor specialty stores, online retailers, and mass merchants;
Our western products are sold through western stores, work stores, specialty farm and ranch stores, online retailers, and fashion-oriented footwear retailers;
Our commercial military products are sold primarily through base exchanges, such as the Army Air Force Exchange Store (AAFES) and consumer e-commerce websites;
−Removed: Our duty products are sold primarily through uniform stores, catalog specialists and online retailers.
+Added: Our duty products are sold primarily through uniform stores, and online retailers.
We market products directly to consumers through three retail strategies:
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Consumer e-commerce websites (B2C) and third-party marketplaces;
−Removed: Brick and Mortar Stores, which include our outdoor gear and retail store.
−Removed: We sell our Lehigh brand of safety shoes along with in-house and third-party branded work product to our business customers directly through our CustomFit websites, that are tailored to the specific needs of our customers.
+Added: Our Rocky Outdoor Gear Store.
+Added: We sell our Lehigh brand of safety shoes along with in-house and third-party branded work product to our business customers directly through our CustomFit websites, which are tailored to the specific needs of our customers.
Our customers' employees order directly through their employers established CustomFit website, and the footwear is delivered directly to the customer via a common freight carrier.
−Removed: We sell our product lines on our websites at muckbootcompany.com, rockyboots.com , georgiaboot.com , durangoboot.com, lehighoutfitters.com, lehighsafetyshoes.com, xtratuf.com, a nd slipgrips.com , as well as through online third-party marketplaces.
+Added: We sell our product lines on our websites at muckbootcompany.com, xtratuf.com, rockyboots.com, durangoboot.com, georgiaboot.com, lehighoutfitters.com, lehighsafetyshoes.com, and slipgrips.com , a s well as through online third-party marketplaces.
We believe that our internet presence allows us to showcase the breadth and depth of our product lines in each of our target markets and enables us to educate our consumers about the unique technical features of our products.
−Removed: Outdoor Gear and Retail Store
+Added: Outdoor Gear Store
We operate the Rocky Outdoor Gear Store in Nelsonville, Ohio.
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Our outdoor gear store also provides an opportunity to interact with consumers to better understand their needs.
−Removed: Additionally, Lehigh has one retail store located at the Puget Sound Naval Base where we sell select product directly to customers.
Contract Manufacturing
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Our sales under such contracts are dependent on us winning the bids for these contracts.
−Removed: In 2023, we were awarded a new multi-year contract with the U.S.
−Removed: Military pursuant to which we will produce and ship a minimum number of pairs to the U.S.
−Removed: Military through 2026, with the option to extend.
−Removed: The first quarter of 2024 was the first full quarter, in which shipments were made to the U.S.
−Removed: Military under this multi-year contract.
−Removed: We expect to continue to actively bid on U.S.
−Removed: Military contracts.
Brands and Product Lines
Our products are marketed under eight well-recognized, proprietary brands:
−Removed: Muck, Rocky, Georgia Boot, Durango, Lehigh, XTRATUF and Ranger, in addition to the licensed brand Michelin.
+Added: Muck, XTRATUF, Rocky, Durango, Georgia Boot, Lehigh, and Ranger, in addition to the licensed brand Michelin.
Muck was founded in 1999 and has pioneered the premium rubber and neoprene boot category by delivering high quality, innovative, weatherproof, and comfortable products.
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Both new and existing consumer groups have welcomed line extensions from the brand as the total catalog expands beyond its core offering into premium leather and other new footwear categories.
+Added: Since the early 1950s, XTRATUF has been a leading outfitter in the commercial, sport, and recreational fishing market, having provided fishermen with capable, comfortable, and reliable footwear for use in the harshest conditions.
+Added: With roots in Alaska and continued widespread use by those who live there, the XTRATUF brand has been able to expand to other regions throughout North America and most recently in the U.K.
+Added: Fueled by the strong growth in the outdoor market, particularly white boat lifestyle and sport fishing, the brand has been adopted by non-fishermen seeking quality, functional footwear.
+Added: Our current line of XTRATUF footwear products is offered at suggested U.S.
+Added: retail price points ranging from
Rocky, established in 1979, is our premium priced line of branded footwear, apparel, and accessories.
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These products typically include many of the proprietary features and technologies that we incorporate in our hunting and outdoor products.
−Removed: We have also introduced western influenced work boots for farmers and ranchers.
+Added: We have introduced western influenced work boots for farmers and ranchers.
Most of these products are waterproof, come in soft toe and safety toe options, and utilize our proprietary comfort systems.
+Added: We also produce Rocky duty and commercial military, public service footwear targeting law enforcement professionals, military, security workers, fire industry professionals, and postal service employees, and we have established leading market share positions in these categories.
+Added: Durango Boots was established in 1966 and manufactures premium western footwear for men, women, and kids.
+Added: For over half a century, Durango has earned a reputation for building authentic western boots using exceptional materials and innovative constructions.
+Added: Our current line of Durango products is offered at suggested U.S.
+Added: retail price points ranging from
+Added: Our brand portfolio categories include work-western, farm and ranch, western-performance, premium exotics, fashion-forward, and casual wear.
+Added: Many of our western products are marketed to core western and aspirational western consumers who have an affinity and loyalty to the western lifestyle.
+Added: Such products include high-performance technologies that include our patented Dually Shank System, which provides twice the torsion stability and midfoot support, and various footbeds that offer flexibility, comfort, and support for immediate gratification.
Georgia Boot was launched in 1937 and is our moderately priced, high-quality line of work and rugged lifestyle footwear.
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Each boot is designed to meet the demands of specific trades while also integrating cutting-edge technology and materials to create the most comfortable and durable footwear that is tough enough to handle the rigors found on job sites across America.
−Removed: Durango Boots was established in 1966 and manufactures premium western footwear for men, women, and kids.
−Removed: For over half a century, Durango has earned a reputation for building authentic western boots using exceptional materials and innovative constructions.
−Removed: Our current line of Durango products is offered at suggested U.S.
−Removed: retail price points ranging from $120.00 to $655.00 .
−Removed: Our brand portfolio categories include work-western, farm and ranch, western-performance, premium exotics, fashion-forward and casual wear.
−Removed: Many of our western products are marketed to core western and aspirational western consumers who have an affinity and loyalty to the western lifestyle.
−Removed: Such products include high-performance technologies that include our patented Dually Shank System, which provides twice the torsion stability and midfoot support and various footbeds that offer flexibility, comfort, and support for immediate gratification.
The Lehigh brand was established in 1922 as a high-quality line of occupational safety footwear that later expanded into a full-service program offering.
−Removed: While still manufacturing and selling branded core product, the brand primarily focuses on providing managed programs to companies that require and provide a subsidy to their employees to wear safety footwear.
+Added: While still manufacturing and selling branded core product, the brand primarily focuses on providing managed employee programs to companies that require and provide subsidies to their employees to wear safety footwear and prescription safety eyewear.
Most of the footwear incorporates a protective toe and can include a metatarsal guard, puncture-resistant, slip-resistant outsole and special materials to combat caustic substances.
−Removed: Lehigh offers an extensive selection of styles to fit any work environment.
+Added: Lehigh offers an extensive selection of footwear styles to fit any work environment and also offers prescription safety eyewear that meets OSHA safety standards.
Lehigh’s unique business model provides companies with customizations to fit their needs and digital tools for greater visibility and control of their program.
−Removed: As the established leader in the industry, Lehigh introduced and utilizes 3DFit technology and wellness foot products as a way to elevate safety and improve productivity.
+Added: As the established leader in the industry, Lehigh introduced and utilizes 3DFit technology and wellness foot products as a way to elevate safety and improve productivity and employee satisfaction.
By providing an accurate fit, body aligning orthotics and anti-fatigue compression, Lehigh helps companies go beyond accident protection to full body wellness protection.
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retail price points ranging from
−Removed: Since the early 1950s, XTRATUF has been a leading outfitter in the commercial, sport, and recreational fishing market, having provided fishermen with capable, comfortable and reliable footwear for use in the harshest conditions.
−Removed: With roots in Alaska and continued widespread use by those who live there, the XTRATUF brand has been able to expand to other regions throughout North America and most recently in the U.K.
−Removed: Fueled by the strong growth in the outdoor market, particularly white boat lifestyle and sport fishing, the brand has been adopted by non-fishermen seeking quality, functional footwear.
−Removed: Our current line of XTRATUF footwear products is offered at suggested U.S.
−Removed: retail price points ranging from
+Added: Prescription safety eyewear has suggested retail price points of $225.00 to $315.00.
Ranger primarily serves the outdoor recreational market and offers a range of pac boots that are built for wet and cold weather that provide exceptional comfort and function at a value price.
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retail price points ranging from
−Removed: Michelin is a premier price point line of work footwear targeting specific industrial professions, primarily indoor professions.
+Added: Michelin is a premier price point line of work footwear targeting specific heavy industrial professions, that are primarily indoor.
The license to design, develop, and manufacture footwear under the Michelin name was secured in 2006.
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retail prices for the Michelin brand are from
−Removed: The license agreement for the Michelin brand expires on December 31, 2025, with the option to renew.
+Added: The license agreement for the Michelin brand expires on December 31, 2028.
Product Lines
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Our consumers demand high quality, durable products that incorporate the highest level of comfort and the most advanced technical features, and we are committed to ensuring our products reflect the most advanced designs, features, and materials available in the third-party marketplace.
−Removed: Our outdoor product lines consist of all-season sport/hunting and fishing footwear, apparel and accessories that are typically waterproof and insulated and are designed to keep outdoor enthusiasts comfortable on rugged terrain or in extreme weather conditions.
+Added: Our outdoor product lines consist of all-season sport/hunting and fishing footwear, apparel and accessories that are typically waterproof, insulated, and are designed to keep outdoor enthusiasts comfortable on rugged terrain or in extreme weather conditions.
Our western product line currently consists of authentic footwear products marketed to farmers and ranchers who generally live in rural communities in North America.
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Strong portfolio of brands.
−Removed: We believe the Muck, Rocky, Georgia Boot, Durango, Lehigh, XTRATUF, Ranger and Michelin brands are well recognized and established names that have a reputation for performance, quality and comfort in the markets they serve:
+Added: We believe the Muck, XTRATUF, Rocky, Durango, Georgia Boot, Lehigh, Ranger, and Michelin brands are well recognized and established names that have a reputation for performance, quality, and comfort in the markets they serve:
work, outdoor, western, commercial military, duty, and military.
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A key component to supporting our retail partners includes in-store point of purchase materials that add a dramatic focus to our brands and the products our retail partners carry.
−Removed: We also advertise through targeted national and local cable programs, radio advertisements and print publications aimed at audiences that share the demographic profile of our typical customers.
+Added: We also advertise through targeted connected television advertisements and print publications aimed at audiences that share the demographic profile of our typical customers.
In addition, we promote through event sponsorships which provide significant national exposure for all of our brands as well as a direct connection to our target consumer.
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Manufacturing and Sourcing
−Removed: We manufacture footwear in facilities that we own and operate in the Dominican Republic, Puerto Rico, and Chuzhou, China and source footwear, apparel and accessories from third-party facilities in China, Vietnam, India, the Dominican Republic and Mexico.
+Added: We manufacture footwear in facilities that we own and operate in the Dominican Republic, Puerto Rico, and Chuzhou, China and source footwear, apparel, and accessories from third-party facilities in Vietnam, China, the Dominican Republic, Cambodia, Puerto Rico, India, and Mexico.
We do not have long-term contracts with any of our third-party manufacturers.
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In addition, we utilize a team of procurement, quality control, and logistics employees in our China office and a third-party quality control service provider to visit factories to conduct quality control reviews of raw materials, work in process inventory and finished goods.
−Removed: We also utilize quality control personnel at our finished goods distribution facilities to conduct quality control testing on incoming sourced finished goods and raw materials and inspect random samples from our finished goods inventory from each of our manufacturing facilities to ensure that all items meet our high-quality standards.
+Added: We also utilize quality control personnel at our finished goods distribution facilities to conduct quality control testing on incoming sourced finished goods.
+Added: Random samples are selected for inspection from inbound finished goods shipments from each of our manufacturing and sourcing facilities to ensure that all items meet our high-quality standards.
Foreign Operations and Sales Outside of the U.S.
−Removed: Our products are primarily distributed in the U.S., Canada, the U.K.
−Removed: and other international markets, mainly in Europe.
+Added: Our products are primarily distributed in the U.S., Canada, the U.K., and other international markets, mainly in Europe.
We ship our products from our finished goods distribution facilities located in Ohio and Nevada.
−Removed: Certain of our retailers receive shipments directly from our manufacturing sources, including all of our U.S.
+Added: Select retailers receive shipments directly from our manufacturing sources, including all of our U.S.
Military sales, which are shipped directly from our manufacturing facility in Puerto Rico.
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Historically, we have experienced significant seasonal fluctuations in our business as many of our footwear products are used by consumers in adverse weather conditions.
−Removed: In order to meet these demands, we must manufacture and source footwear year-round to be in a position to ship advance and at-once orders for these products during the last two quarters of each year.
+Added: In order to meet these demands, we must manufacture and source footwear year-round to be able to ship advance and at-once orders for these products during the last two quarters of each year.
Accordingly, average inventory levels have been highest during the second and third quarters of each year and sales have been highest in the last two quarters of the year.
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We own numerous U.S.
−Removed: and foreign registrations for the patents and trademarks used in our business, including our major brands Muck, Rocky, Georgia Boot, Durango, Lehigh, XTRATUF, and Ranger.
+Added: and foreign registrations for the patents and trademarks used in our business, including our major brands Muck, XTRATUF, Rocky, Durango, Georgia Boot, Lehigh, and Ranger.
In addition, we license the use of third-party trademarks, including Michelin, in order to market our products.
Our license with Michelin Lifestyle Limited permits us to use the Michelin brand and related marks on our products.
−Removed: Our license agreement with Michelin Lifestyle Limited to use the Michelin name expires on December 31, 2025 , with the option to renew.
+Added: Our license agreement with Michelin Lifestyle Limited to use the Michelin name expires on December 31, 2028.
and China, our design patents are generally in effect for 15 years from the date of issuance.
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We operate in a very competitive environment.
−Removed: Product function, design, comfort, quality, technological and material improvements, brand awareness, timeliness of product delivery and pricing are all important elements of competition in the markets for our products.
+Added: Product function, design, comfort, quality, technological, and material improvements, brand awareness, product delivery timeliness and pricing are all important elements of competition in the markets for our products.
We believe that the strength of our brands, the quality of our products, and our long-term relationships with a broad range of retailers allow us to compete effectively in the footwear and apparel markets that we serve.
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Some of our product lines are susceptible to changes in both technical innovation and fashion trends.
−Removed: Therefore, the success of these products and styles are more dependent on our ability to anticipate and respond to changing product, material and design innovations, as well as fashion trends and consumer demands in a timely manner.
+Added: Therefore, the success of these products and styles are dependent on our ability to anticipate and respond to changing product, material and design innovations, as well as fashion trends and consumer demands in a timely manner.
Our inability or failure to do so could adversely affect consumer acceptance of these product lines and styles and could have a material adverse effect on our business, financial condition and results of operations.
Human Capital
−Removed: At December 31, 2024 , we had approxi mately 2,535 employees of which approximately 2,530 are full time employees.
+Added: As of December 31, 2025 , we employed over 2,200 employees.
Approximately 1,700 of ou r employees work in our manufacturing facilities in the Dominican Republic, Puerto Rico and Chuzhou, China.
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We also rely on our management team to influence growth and develop a path for success with employees on each team within our organization.
−Removed: Quarterly, our CEO and COO hold all-employee communication meetings to keep our employees apprised of recent happenings within our organization and to allow employees a forum for their voice to be heard.
+Added: Quarterly, our CEO and COO/CFO hold all-employee communication meetings to keep our employees apprised of recent happenings within our organization and to allow employees a forum for their voice to be heard.
We are committed to having a workforce which reflects a wide range of perspectives as well as varied professional and educational backgrounds.
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In addition, we make available free of charge on our corporate website, www.rockybrands.com , our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and, if applicable, amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act as soon as reasonably practicable after such reports are electronically filed with or furnished to the SEC.
+Added: Our website also contains our Corporate Governance Guidelines and Code of Business Conduct and Ethics as well as the charters of the Audit, Compensation, and Nominating and Corporate Governance committees of the Board of Directors.
Except as specifically incorporated by reference into this Annual Report on Form 10-K, information on those websites is not part of this report.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.