Rocky Brands (RCKY) can be described as:

• A smaller VF Corporation (VFC) focused on a portfolio of work, outdoor, and western footwear and apparel brands.
• Similar to Wolverine World Wide (WWW), curating a portfolio of footwear and apparel brands concentrated in work, outdoor, and western markets.

• Work Footwear: Boots and shoes engineered for professional use, emphasizing safety, durability, and comfort.
• Outdoor Footwear: Performance footwear designed for hunting, hiking, and various recreational outdoor activities.
• Western Footwear: Authentic cowboy boots and western-inspired footwear known for style and craftsmanship.
• Waterproof Rubber Footwear: Durable, waterproof, and often insulated boots for demanding outdoor and work environments.
• Work & Outdoor Apparel: Garments and accessories providing protection, comfort, and functionality for work and outdoor pursuits.

Rocky Brands (RCKY) primarily sells its products to other companies through its wholesale channel, which consistently accounts for the largest portion of its net sales (over 75% in recent fiscal years).

The company maintains a diversified customer base within its wholesale operations. According to its annual reports (10-K filings), no single customer accounted for 10% or more of its net sales for the most recent fiscal years. Therefore, specific individual major customer company names are not disclosed by Rocky Brands.

Its major customers in the wholesale channel are categorized as follows:

• National and regional retailers
• Farm and fleet stores
• Sporting goods stores
• Independent footwear dealers
• Industrial and workwear channels
• Online retailers

In addition to its primary wholesale business, Rocky Brands also generates a significant portion of its revenue through its direct-to-consumer channel, selling directly to individuals via its branded e-commerce websites and catalogs.

Jason S. Brooks, Chairman and Chief Executive Officer

Jason S. Brooks has served as Chairman of Rocky Brands since May 2021 and as President and Chief Executive Officer since May 2017. He is the fourth generation of the Brooks family to lead the company, which was founded by his great-granduncles in 1932. Mr. Brooks began his career with Rocky Brands in 1997 as an independent sales representative and has held various leadership roles within the company, including President, Core Brands, President, U.S. Wholesale Sales, and Senior Vice President, U.S. Wholesale.

Thomas D. Robertson, Chief Operating Officer and Chief Financial Officer

Thomas D. Robertson has served as Chief Financial Officer of Rocky Brands since September 2023 and Chief Operating Officer since November 2022. He previously served as Executive Vice President, Chief Financial Officer and Treasurer from May 2018 to February 2023. Mr. Robertson joined the company in October 2016 as a Senior Financial Analyst. Prior to his tenure at Rocky Brands, he was an audit manager with Deloitte & Touche LLP from 2015 to 2016 and held various audit positions with Schneider Downs & Co., Inc. from 2008 to 2015, where he primarily worked with publicly-traded footwear companies.

Byron Wortham, Senior Vice President of Georgia Boot and Durango Brands

Byron Wortham has served as the Senior Vice President of Georgia Boot and Durango Brands since February 2023. Before this role, he was President, Core Brands since June 2017, and prior to that, Vice President, Brand General Manager of Durango since December 2015. Mr. Wortham began his career with Rocky Brands in January 2003 as a Sales Representative and has held several sales and management positions within the company.

Richard D. Simms, Executive Vice President, Operations

Richard D. Simms is listed as the Executive Vice President of Operations for Rocky Brands as of late 2024.

Jeremy Siegfried, Secretary

Jeremy Siegfried serves as the Secretary for Rocky Brands.

Rocky Brands, Inc. (RCKY) operates primarily in the footwear and apparel industry, offering a diverse portfolio of products across several key markets. The main product categories include outdoor footwear, work footwear, western footwear, duty/military/tactical footwear, and complementary apparel and accessories.

Here are the estimated addressable market sizes for Rocky Brands' main product categories:

• Outdoor Footwear: The global outdoor footwear market was valued at approximately USD 51.2 billion in 2025 and is projected to reach USD 101.7 billion by 2035, growing at a CAGR of 7.1% during the forecast period. Another source indicates a global market size of USD 21.01 billion in 2024, projected to reach USD 33.74 billion by 2031 at a CAGR of 7.1%. The North American outdoor footwear market is identified as the largest growing region.
• Work Footwear: The U.S. work boot market was valued at USD 24.01 billion in 2024 and is expected to reach USD 36.21 billion by 2032, growing at a CAGR of 5.26%. North America dominates the global work boots market, holding over 35% market share in 2025 and 43.9% in 2024, valued at USD 6.4 billion. The global work boots market size was estimated at US$ 17.7 billion in 2025 and is expected to reach US$ 23.14 billion by 2032, with a CAGR of 3.9%. More broadly, the global work shoe market (including boots) is projected to grow from USD 23.37 billion in 2024 to USD 35.87 billion by 2035, at a CAGR of 3.97%.
• Western Footwear (Cowboy Boots): The global cowboy boots market is projected at USD 291.3 million in 2025 and is expected to reach USD 533.43 million by 2034. The U.S. market for cowboy boots is projected at USD 95.3 million in 2025. Another estimate states the global cowboy boots market size as USD 0.29 billion in 2025, expected to reach USD 0.54 billion by 2034 with a CAGR of 7.02%. North America is projected to dominate this market due to the deep-rooted cultural significance of cowboy boots in the region.
• Duty/Military/Tactical Footwear: The global tactical footwear market was valued at USD 1.88 billion in 2024 and is expected to expand at a CAGR of 10.1% from 2025 to 2030. Another report states the global tactical footwear market was valued at USD 2.1 billion in 2024 and is expected to reach USD 5.6 billion by 2034, growing at a CAGR of 10.3%. North America held the largest revenue share in the tactical footwear market in 2024 (38.7% or 40.2%), driven by demand from law enforcement and military personnel.
• Apparel and Accessories: Rocky Brands markets complementary branded apparel and accessories. The U.S. apparel market is valued at $365.70 billion in 2025. The global apparel market is valued at $1.84 trillion in 2025.

Expected Drivers of Future Revenue Growth for Rocky Brands (RCKY)

Rocky Brands (RCKY) is anticipated to drive future revenue growth over the next 2-3 years through several key strategies:

1. Strong Performance and Demand for Key Brands: The company expects continued robust demand for its leading brands, particularly Durango and XTRATUF, which have demonstrated double-digit growth in the U.S. market and through e-commerce channels. This brand momentum, alongside positive responses to new product lines, is expected to fuel future sales. Muck boots have also shown double-digit growth in U.S. wholesale.
2. Retail Segment Expansion and E-commerce Growth: Rocky Brands' retail segment, especially its direct-to-consumer e-commerce business and the Lehigh CustomFit Platform, is a significant driver of growth. The company has seen its highest-ever sales quarter for its Retail reporting segment, indicating strong consumer demand in this channel. Management noted a 20% top-line growth in the retail segment in Q1 2025.
3. Strategic Sourcing and Manufacturing Capacity Expansion: To mitigate tariff impacts and capitalize on demand, Rocky Brands is rapidly diversifying its sourcing base, including new Asian manufacturing partners outside China and Vietnam, and increasing production at its facilities in the Dominican Republic and Puerto Rico. These actions are expected to support higher inventory levels for popular brands and ensure the company is well-positioned for future sales opportunities.
4. Price Increases: Rocky Brands plans to implement price increases on most footwear styles to offset the impact of higher tariffs. While this may lead to some demand pressure, the company is confident in its brand strength to navigate these changes. Price increases have already contributed to gross margin improvement.
5. Growth in Wholesale Bookings and Improved Industry Conditions: Despite past challenges in wholesale due to over-inventory and conservative purchasing, Rocky Brands has reported stronger wholesale orders for upcoming seasons. An anticipated improvement in overall boot sales and gradually improving consumer sentiment are expected to aid a sales growth recovery in the wholesale segment. The company expects recurring wholesale sales to return to growth.

Share Repurchases

• On March 8, 2021, Rocky Brands' board of directors approved a new share repurchase program of up to $7,500,000 of its outstanding common stock, replacing a prior program that expired in February 2021.
• A new share repurchase program of up to $7,500,000 was also announced on February 25, 2025.
• Actual share repurchases included $200.86K as of March 31, 2025, and $933.47K as of December 31, 2020.

Share Issuance

• Shares outstanding were 7,451,996 as of March 31, 2025, a slight decrease from 7,454,465 as of December 31, 2024, but an increase from 7,417,546 as of March 31, 2024.
• An insider exercised stock options for 2,400 shares and subsequently sold 6,600 shares on November 5, 2025.

Outbound Investments

• In January 2021, Rocky Brands announced a definitive agreement to acquire the performance and lifestyle footwear business of Honeywell International, Inc., for a purchase price of $230 million.
• This acquisition, which included The Original Muck Boot Company and XTRATUF footwear brands, was completed on March 15, 2021.
• The acquisition was funded through an $80-million senior secured asset-backed credit facility, a $130 million senior secured term loan facility, and cash on hand.

Capital Expenditures

• Capital expenditures for Rocky Brands were -$7.20 million in the last 12 months as of October 2025.