Group Reporting Changes
Dr. Martens moves to market-based reporting with US and Global Markets segments effective FY27.
- FY26 Revenue £764.9m (prior £787.6m)
- FY26 US Revenue £258.6m (prior £270.3m)
- FY26 Global Markets (ex US) Revenue £506.3m (prior £517.3m)
- FY26 Adjusted EBIT £79.3m (prior £60.7m)
- FY26 Demand Generating Spend £56.3m (prior £56.5m)
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In our FY26 results on 19 May 2026, we announced that in FY27 we would move to market-based reporting, and no longer report on a regional basis, in line with the new operating model for the business. To aid investor understanding, we are today publishing historical financial data in the new reporting structure.
Change in reportable segments
The Group has revised its reportable segments under IFRS 8 'Operating Segments' to better reflect the way the management team reviews performance, allocates resources and executes the strategy.
Effective from 1 April 2026, the Group now has two reportable segments: (1) "US" and, (2) "Global Markets (ex US)". Corporate overhead and functional costs are not allocated to these two segments and are presented separately within "Central" as an unallocated reconciling item.
Impact and re-presentation of financial data
To facilitate meaningful comparison with future reporting periods, historical comparative information has been re-presented to reflect this revised reporting structure.
The re-presentation affects only the allocation and presentation of financial information between the Group's reportable segments and unallocated Central costs. It has no impact on the Group's previously reported consolidated revenue, gross margin, profit before tax, consolidated statement of financial position or earnings per share (EPS).
From a channel perspective, we will disclose DTC:B2B revenue mix at a Group level. We are also enhancing our disclosure to include Demand Generating Spend at a Group level going forward, to aid understanding of operating costs (historic figures are included in the table below).
FY25 and FY26 re-presented historical information
| H1 FY26 | H2 FY26 | FY26 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| US | Global Markets (ex US) | Central | Total | US | Global Markets (ex US) | Central | Total | US | Global Markets (ex US) | Central | Total | |
| £m | £m | £m | £m | £m | £m | £m | £m | £m | £m | £m | £m | |
| Revenue | 107.6 | 214.4 | - | 322.0 | 151.0 | 291.9 | - | 442.9 | 258.6 | 506.3 | - | 764.9 |
| Gross margin | 62.7 | 147.6 | - | 210.3 | 95.4 | 200.3 | - | 295.7 | 158.1 | 347.9 | - | 506.0 |
| Adjusted EBIT | 16.8 | 61.7 | (75.4) | 3.1 | 43.7 | 100.8 | (68.3) | 76.2 | 60.5 | 162.5 | (143.7) | 79.3 |
| EBIT | 15.8 | 61.2 | (75.5) | 1.5 | 43.3 | 98.5 | (86.3) | 55.5 | 59.1 | 159.7 | (161.8) | 57.0 |
| Adjusted profit/(Loss) before tax | 15.8 | 60.2 | (85.4) | (9.4) | 42.6 | 99.4 | (77.6) | 64.4 | 58.4 | 159.6 | (163.0) | 55.0 |
| Profit/(Loss) before tax | 14.8 | 59.7 | (85.5) | (11.0) | 42.2 | 97.1 | (95.6) | 43.7 | 57.0 | 156.8 | (181.1) | 32.7 |
| Demand generating spend | (22.4) | (33.9) | (56.3) | |||||||||
| H1 FY25 | H2 FY25 | FY25 | ||||||||||
| US | Global Markets (ex US) | Central | Total | US | Global Markets (ex US) | Central | Total | US | Global Markets (ex US) | Central | Total | |
| £m | £m | £m | £m | £m | £m | £m | £m | £m | £m | £m | £m | |
| Revenue | 106.2 | 218.4 | - | 324.6 | 164.1 | 298.9 | - | 463.0 | 270.3 | 517.3 | - | 787.6 |
| Gross margin | 63.1 | 144.6 | - | 207.7 | 96.8 | 207.2 | - | 304.0 | 159.9 | 351.8 | - | 511.7 |
| Adjusted EBIT | 13.6 | 58.4 | (75.0) | (3.0) | 41.0 | 101.1 | (78.4) | 63.7 | 54.6 | 159.5 | (153.4) | 60.7 |
| EBIT | 12.3 | 58.4 | (85.8) | (15.1) | 40.2 | 98.9 | (87.0) | 52.1 | 52.5 | 157.3 | (172.8) | 37.0 |
| Adjusted Profit/(Loss) before tax | 12.5 | 56.8 | (85.9) | (16.6) | 40.0 | 99.5 | (88.8) | 50.7 | 52.5 | 156.3 | (174.7) | 34.1 |
| Profit/(Loss) before tax | 11.2 | 56.8 | (96.7) | (28.7) | 39.2 | 97.3 | (99.0) | 37.5 | 50.4 | 154.1 | (195.7) | 8.8 |
| Demand generating spend | (20.0) | (36.5) | (56.5) | |||||||||
| FY26 | FY25 | |||||||||||
| Revenue by market £m | H1 | H2 | FY26 | H1 | H2 | FY25 | ||||||
| US | 107.6 | 151.0 | 258.6 | 106.2 | 164.1 | 270.3 | ||||||
| Global Markets (ex US) | 214.4 | 291.9 | 506.3 | 218.4 | 298.9 | 517.3 | ||||||
| UK | 53.4 | 82.1 | 135.5 | 56.3 | 85.8 | 142.1 | ||||||
| DACH | 34.3 | 53.2 | 87.5 | 35.2 | 51.4 | 86.6 | ||||||
| Japan | 20.2 | 26.9 | 47.1 | 20.2 | 29.5 | 49.7 | ||||||
| Other Managed Markets | 90.7 | 116.6 | 207.3 | 90.1 | 120.0 | 210.1 | ||||||
| Partner Markets | 15.8 | 13.1 | 28.9 | 16.6 | 12.2 | 28.8 | ||||||
| Total | 322.0 | 442.9 | 764.9 | 324.6 | 463.0 | 787.6 |
Other reporting changes
The Group has re-categorised Mules from Sandals to Shoes, which will have the impact of reducing the previously disclosed Sandals revenue. The impact on FY26 is c.4%pts shift in revenue mix from sandals into shoes.
Investors and analysts:
Bethany Barnes, Director of Investor Relations & Corporate Communications
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