Exhibit 99

Rocky Brands, Inc. Announces Third Quarter 2025 Results

Net Sales Increased 7.0% to $122.5 Million

Income from Operations Increased 16.5% to $11.7 Million

Net Income Increased 36.6% to $7.2 Million, or $0.96 Per Diluted Share, compared to $5.3 Million, or $0.70 Per Diluted Share

Adjusted Net Income Increased 33.4% to $7.8 Million, or $1.03 Per Diluted Share, compared to Adjusted Net Income of $5.8 Million, or $0.77 Per Diluted Share

Total Debt Decreased 7.5% Year-Over-Year

NELSONVILLE, Ohio, October 28, 2025 – Rocky Brands, Inc. (NASDAQ: RCKY) today announced financial results for its third quarter ended September 30, 2025.

Third Quarter 2025 Overview

“We delivered another quarter of solid results amidst a challenging operating environment” said Jason Brooks, Chairman, President and Chief Executive Officer. “The improvement in our top-line was led by XTRATUF as demand for the brand remains strong across our wholesale and e-commerce channels, combined with solid growth in our other work and outdoor brands including Georgia Boot, The Original Muck Boot Company and Rocky. At the same time, strong full price selling, select price increases implemented year-to-date and favorable brand and channel mix contributed to over 200 basis points of gross margin improvement in the third quarter of 2025. Looking ahead, we believe the actions we have taken, namely raising prices and diversifying our sourcing, including leveraging our manufacturing facilities in the Dominican Republic and Puerto Rico will help to offset some of the impact from the higher tariffs that will pressure margins over the next few quarters. We are confident that the strength of our brand portfolio and our enhanced supply chain will allow us to fully capture the growth opportunities we believe exist in 2026 and beyond.”

Third Quarter 2025 Review

Third quarter net sales increased 7.0% to $122.5 million compared with $114.6 million in the third quarter of 2024. Wholesale net sales for the third quarter increased 6.1% to $89.1 million compared to $84.0 million in the third quarter of 2024. Retail net sales for the third quarter increased 10.3% to $29.5 million compared to $26.8 million in the third quarter of 2024. Contract Manufacturing net sales for the third quarter increased 4.1% to $3.9 million compared to $3.8 million in the third quarter of 2024.

Gross margin in the third quarter of 2025 was $49.3 million, or 40.2% of net sales, compared to $43.6 million, or 38.1% of net sales, for the same period last year. The increase in gross margin as a percentage of net sales was attributable to an increase in both Wholesale and Retail gross margin, partially offset by a decrease in Contract Manufacturing gross margin.

Operating expenses were $37.6 million, or 30.6% of net sales, for the third quarter of 2025 compared to $33.6 million, or 29.3% of net sales, for the same period a year ago. Excluding $0.7 million of acquisition related amortization in the third quarter of 2025 and 2024, adjusted operating expenses were $36.8 million in the current year period and $32.9 million in the year ago period. As a percentage of net sales, adjusted operating expenses were 30.1% in the third quarter of 2025 compared with 28.7% in the year ago period. The increase in operating expenses was driven by higher outbound logistics costs, higher selling costs associated with the increase in our direct-to-consumer business, as well as an increase in our marketing investments compared with the year ago period.

Income from operations for the third quarter of 2025 was $11.7 million, or 9.6% of net sales, compared to $10.1 million, or 8.8% of net sales, for the same period a year ago. Adjusted income from operations for the third quarter of 2025 was $12.4 million, or 10.1% of net sales, compared to adjusted income from operations of $10.8 million, or 9.4% of net sales, a year ago.

Interest expense for the third quarter of 2025 was $2.6 million compared with $3.3 million for the prior year period. The decrease in interest expense was driven by lower debt levels as well as lower interest rates.

The Company reported third quarter net income of $7.2 million, or $0.96 per diluted share, compared to $5.3 million, or $0.70 per diluted share, in the third quarter of 2024. Adjusted net income for the third quarter of 2025 was $7.8 million, or $1.03 per diluted share, compared to $5.8 million, or $0.77 per diluted share, in the year ago period.

Balance Sheet Review

Cash and cash equivalents were $3.3 million as of September 30, 2025 compared to $3.7 million at September 30, 2024 and December 31, 2024.

As of September 30, 2025, total debt, net of unamortized debt issuance costs of $1.9 million, was $139.0 million, consisting of a $28.9 million senior term loan and $112.0 million of borrowings under the Company's senior secured asset-backed credit facility. As of September 30, 2025, total debt, net of unamortized debt issuance costs was down 7.5% from September 30, 2024, and was up 8.0% compared to December 31, 2024. The increase in debt at September 30, 2025 compared to December 31, 2024 was a result of the seasonal fluctuations of our business, with additional borrowings used to fund inventory purchases. 

Inventories as of September 30, 2025, were $193.6 million, up 12.7% compared to $171.8 million on the same date a year ago and up 16.1% compared to $166.7 million as of December 31, 2024. The increase in inventories compared with one year ago and at December 31, 2024 was primarily driven by increased tariff costs.

Conference Call Information

The Company's conference call to review third quarter 2025 results will be broadcast live over the internet today, Tuesday, October 28, 2025, at 4:30 pm Eastern Time. Investors and analysts interested in participating in the call are invited to dial (877) 704-4453 (domestic) or (201) 389-0920 (international). The conference call will also be available to interested parties through a live webcast at www.rockybrands.com. Please visit the website and select the “Investors” link at least 15 minutes prior to the start of the call to register and download any necessary software.

About Rocky Brands, Inc.

Rocky Brands, Inc. is a leading designer, manufacturer and marketer of premium quality footwear and apparel marketed under a portfolio of well recognized brand names. Brands in the portfolio include Rocky®, Georgia Boot®, Durango®, Lehigh®, The Original Muck Boot Company®, XTRATUF® and Ranger®. More information can be found at RockyBrands.com.

Safe Harbor Language

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created thereby. Those statements include, but may not be limited to, all statements regarding intent, beliefs, expectations, projections, forecasts, and plans of the Company and its management and include statements in this press release regarding the continued strength of demand for the XTRATUF brand across Wholesale and e-commerce channels (Paragraph 2), the effectiveness of the actions taken by the Company (namely rising prices and diversifying sourcing, including leveraging our manufacturing facilities in the Dominican Republic and Puerto Rico) to offset some of the impact from higher tariffs (Paragraph 2), the pressure from higher tariffs on the Company's margin over the next few quarters (Paragraph 2), and the Company's confidence that the strength of its brand portfolio and enhanced supply chain will allow the Company to capture anticipated growth opportunities in 2026 and beyond (Paragraph 2). These forward-looking statements involve numerous risks and uncertainties, including, without limitation, the various risks inherent in the Company’s business as set forth in periodic reports filed with the Securities and Exchange Commission, including the Company’s annual report on Form 10-K for the year ended December 31, 2024 (filed March 17, 2025) and quarterly reports on Form 10-Q for the quarters ended March 31, 2025 (filed May 8, 2025) and June 30, 2025 (filed August 7, 2025). One or more of these factors have affected historical results and could in the future affect the Company’s businesses and financial results in future periods and could cause actual results to differ materially from plans and projections. Therefore, there can be no assurance that the forward-looking statements included in this press release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation or warranty by the Company or any other person that the objectives and plans of the Company will be achieved. All forward-looking statements made in this press release are based on information presently available to the management of the Company. The Company assumes no obligation to update any forward-looking statements.

Rocky Brands, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(In thousands, except share amounts)

(Unaudited)

Rocky Brands, Inc. and Subsidiaries

Condensed Consolidated Statements of Operations

(In thousands, except share amounts)

(Unaudited)

Rocky Brands, Inc. and Subsidiaries

Reconciliation of GAAP Measures to Non-GAAP Measures

(In thousands, except share amounts)

(Unaudited)

Use of Non-GAAP Financial Measures

In addition to GAAP financial measures, we present the following non-GAAP financial measures: "non-GAAP adjusted operating expenses," "non-GAAP adjusted income from operations," "non-GAAP adjusted interest expense and other - net", "non-GAAP adjusted net income," and "non-GAAP adjusted net income per share." Adjusted results exclude the impact of items that management believes affect the comparability or underlying business trends in our consolidated financial statements in the periods presented. We believe that these non-GAAP measures are useful to management and investors and other users of our consolidated financial statements as an additional tool for evaluating operating performance. We believe they also provide a useful baseline for analyzing trends in our operations.

Investors should not consider these non-GAAP measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. See "Reconciliation of GAAP Measures to Non-GAAP Measures" accompanying this press release.