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Traeger
Traeger (COOK) investor relations material
Traeger Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary5 Mar, 2026
Executive summary
Fiscal year 2025 revenue reached $560 million, above guidance but down 7.4% year-over-year, with adjusted EBITDA of $70 million and a margin of 12.5%.
Project Gravity delivered $20 million in 2025 cost savings, with $64–$70 million in total value expected across both phases.
Management focused on navigating tariff pressures, simplifying operations, and protecting profitability.
Strategic actions included exiting the Costco Roadshow, winding down DTC commerce, and transitioning to a distributor model in Europe.
MEATER business faced competitive and inventory challenges, with ongoing reset and integration efforts.
Financial highlights
Fourth quarter 2025 revenue was $145 million, down 13.8% year-over-year; grill revenues fell 22%, consumables rose 16%, and accessories declined 18%.
Fourth quarter gross margin was 37.4%, down 350 bps; adjusted gross margin was 39.5%.
Net loss for 2025 was $115.2 million, impacted by a $74.7 million goodwill impairment; Q4 net loss was $17 million.
Adjusted EBITDA for Q4 was $19 million, with a margin of 13.3%; full-year adjusted EBITDA was $70 million.
Cash and equivalents at year-end were $20 million; net debt declined to $384 million; liquidity was $162 million.
Outlook and guidance
Fiscal year 2026 revenue guidance: $465–$485 million; adjusted EBITDA: $50–$60 million; gross margin: 38–39%.
Free cash flow for 2026 expected to be at least $30 million, supporting further net debt reduction.
First quarter 2026 guidance: revenue of $92–$97 million, adjusted EBITDA of $3–$7 million.
Guidance excludes potential impact of new tariffs.
Sell-through expected to exceed sell-in in 2026, with inventory alignment anticipated by year-end.
Explain tariff exclusion from 2026 guidance
Project Gravity Phase 2 value capture details
MEATER sales impact on accessory revenue
Drivers of the projected 2026 revenue decline
Project Gravity role in 2026 cash generation
How will tariff pressure affect 2026 margins?
Margin impact of exiting DTC and Costco
Quantify upside from recent tariff changes
Explain sell-in and sell-through divergence
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Next Traeger earnings date
Q1 202630 Apr, 2026
Traeger
Next Traeger earnings date
Q1 202630 Apr, 2026
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Frequently asked questions
Traeger Inc designs, manufactures, and sells wood pellet grills, related accessories, and consumables. Its outdoor cooking products are marketed primarily through retail partners and direct-to-consumer channels. The company is headquartered in Salt Lake City, Utah, and its shares are listed on the NYSE.
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