Steve Madden Pulls Earnings Guidance After Supreme Court Tariff Ruling

The footwear giant cited renewed uncertainty around U.S. trade policy after the court's decision.

Published on Feb. 25, 2026

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Fashion accessories firm Steve Madden withdrew its earnings guidance for 2026, projecting a 9% to 11% increase in revenue but citing "uncertainty related to recent developments with respect to tariff policy in the United States." The company's move comes after the Supreme Court ruled that President Trump exceeded his authority by imposing sweeping global tariffs, a decision that could restore predictability and ease the burden of higher import costs for retailers.

Why it matters

Numerous companies had previously warned that tariffs were weighing on earnings and forward guidance. The Supreme Court's ruling could provide some relief, but the ongoing volatility in trade policy increases the likelihood that companies will pass higher import costs on to consumers, particularly in apparel and retail.

The details

Steve Madden reported full-year revenue of $2.5 billion in 2025, an 11% jump from 2024. However, the percentage of their gross profit from direct-to-consumer sales dropped 2% as a result of new business and "the impact of new tariffs on goods imported into the United States." The company is now holding off on providing earnings guidance for 2026 due to the renewed uncertainty around U.S. trade policy.

  • Steve Madden released earnings results for 2025 on February 25, 2026.
  • The Supreme Court ruled on the legality of President Trump's global tariffs on February 24, 2026.

The players

Steve Madden

A fashion accessories firm that withdrew its earnings guidance for 2026 due to uncertainty around U.S. trade policy.

President Donald Trump

The former president whose use of sweeping global tariffs was ruled unlawful by the Supreme Court.

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What they’re saying

“Clear and consistent trade policy is essential for economic growth, creating jobs and opportunities for American families. We urge the lower court to ensure a seamless process to refund the tariffs to U.S. importers. The refunds will serve as an economic boost and allow companies to reinvest in their operations, their employees and their customers.”

— National Retail Federation (Forbes)

What’s next

It remains unclear if and how the government may refund tariffs that have already been paid.

The takeaway

The Supreme Court's ruling on the legality of President Trump's global tariffs has created renewed uncertainty for retailers like Steve Madden, who are now hesitant to provide earnings guidance due to the potential impact on their business. This highlights the ongoing volatility in U.S. trade policy and the need for more predictable and consistent regulations to support economic growth and investment.