SharkNinja (SN) Q1 2025 earnings summary

Executive summary

• Net sales rose 14.7% year over year to $1,222.6m, with growth across all four major product categories.

• Net income increased 7.5% to $117.8m, while adjusted net income fell 16.7% to $123.8m.

• Adjusted EBITDA decreased 13.1% to $200.4m, or 16.4% of net sales.

• FY2025 outlook increased for net sales, adjusted EPS and adjusted EBITDA; capex guidance remained unchanged.

• Strong demand, supply-chain flexibility and tariff mitigation supported growth amid a challenging environment.

Financial highlights

• GAAP gross profit increased 14.5% to $603.2m, with gross margin down 10 bps to 49.3%; adjusted gross profit rose 13.2% to $613.4m, with adjusted margin down 60 bps to 50.2%.

• Adjusted operating income fell 14.4% to $173.0m; adjusted EBITDA fell 13.1% to $200.4m.

• Diluted GAAP EPS rose 6.4% to $0.83; adjusted diluted EPS declined 17.9% to $0.87.

• Cash and cash equivalents were $224.7m and total debt was $769.5m as of March 31, 2025.

Outlook and guidance

• FY2025 net sales growth guidance increased to 11%-13%, from 10%-12%.

• Adjusted diluted EPS forecast at $4.90-$5.00, implying 12%-14% year-over-year growth.

• Adjusted EBITDA forecast at $1,090m-$1,110m, implying 15%-17% year-over-year growth.

• FY2025 capital expenditure guidance remained $180m-$200m; GAAP effective tax rate forecast at 24%-25%.