After several years of upward momentum, some analysts are growing concerned about Ugg and Hoka parent company Deckers Brands after its latest earnings report on Thursday.

One of those voices is Tom Nikic, senior analyst at Needham, who said the Goleta, Calif.-based company is “poised” for negative reaction by investors despite a second quarter 2026 revenue beat .

And he isn’t wrong. On Friday, shares for Deckers Brands were down over 13 percent to $88.83 a share.

“The issues largely stem from the Ugg brand , which saw a major deterioration of DTC trends, overshadowing positivity around Hoka (accelerating DTC trends, solid wholesale order books, etc.),” Nikic wrote in a research note. “Though we feel better about Hoka than we did earlier in the year, we’re getting concerned a

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