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Visual21 Nov 2025
Data center suppliers
Latham Group (SWIM) investor relations material
Latham Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary4 Nov, 2025
Executive summary
Net sales grew 7.6% year-over-year to $161.9 million in Q3 2025, with organic growth of 4.7% and strong performance in fiberglass pools, covers, and liners, especially in the Sand States.
Net income rose 37.7% to $8.1 million for the quarter (5.0% margin), and $18.1 million for the nine months (4.1% margin), reflecting improved gross margins and operational efficiencies.
Adjusted EBITDA increased 28.5% to $38.3 million in Q3, with margin expanding to 23.7%.
Strategic focus on expanding in the Sand States, especially Florida, and partnerships with custom homebuilders drove high single-digit sales growth in those regions.
All three product lines—fiberglass pools, covers, and liners—achieved year-over-year growth, supported by acquisitions and new product launches.
Financial highlights
Q3 2025 net sales: $161.9 million, up from $150.5 million in Q3 2024; year-to-date net sales: $446.0 million, up 5.9%.
Gross margin increased 300 basis points to 35.4% in Q3, driven by acquisitions and production efficiencies.
Net income for Q3 was $8.1 million, up from $5.9 million in Q3 2024; net income margin improved to 5.0%.
Adjusted EBITDA for Q3 was $38.3 million, with a margin of 23.7%, up from 19.8% last year.
Net cash from operating activities was $51 million in Q3; cash balance at quarter-end was $70.5 million.
Outlook and guidance
2025 net sales guidance narrowed to $540–$550 million, representing 7% growth at midpoint.
Adjusted EBITDA guidance set at $92–$98 million, or 19% growth at midpoint.
CapEx estimate revised to $22–$24 million for 2025, reflecting project efficiencies.
U.S. pool starts in 2025 expected to be flat to slightly down versus 2024.
Long-term model targets $750 million in net sales and $160 million in adjusted EBITDA if U.S. pool starts return to 2019 levels.
Fiberglass market share gain acceleration?
Sand States growth strategy effectiveness?
Measure tool's impact on market share gains?
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Next Latham Group earnings date
Q4 20254 Mar, 2026
Next Latham Group earnings date
Q4 20254 Mar, 2026
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Frequently asked questions
Latham Group Inc designs, manufactures, and markets in-ground residential swimming pools and related components. The company’s product portfolio includes fiberglass and vinyl liner pools, covers, and other accessories. It serves pool builders and distributors across North America and Australia. The company is headquartered in Latham, New York, and its shares are listed on the NASDAQ.
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