SharkNinja (SN) Q2 2025 earnings summary

Executive summary

• Net sales rose 15.7% year-over-year to $1,444.9M; adjusted EBITDA increased 33.2% to $223.4M, or 15.5% of net sales.

• Domestic net sales grew 13.7%, while international net sales increased 20.3%.

• Net income rose 105.1% to $139.6M; adjusted net income increased 38.4% to $137.8M.

• Strong Food Preparation, Cleaning, and Beauty & Home Environment growth partly offset a decline in Cooking & Beverage.

• Full-year 2025 sales, adjusted EBITDA, and adjusted EPS outlooks were raised.

Financial highlights

• Adjusted gross profit increased 16.3% to $714.4M; adjusted gross margin was 49.4%, up 30 basis points year-over-year.

• Adjusted operating income rose 35.1% to $193.5M; operating income increased 62.4% to $168.6M.

• GAAP diluted EPS was $0.98, up 104.2%; adjusted diluted EPS was $0.97, up 36.6%.

• Cash and cash equivalents were $188.2M; total debt was $759.4M at June 30, 2025.

• Inventory increased 25.2% year-over-year to $1,052.7M.

Outlook and guidance

• FY2025 net sales growth guidance increased to 13%–15%, from 11%–13%.

• Adjusted EBITDA guidance rose to $1,100M–$1,120M, reflecting 16%–18% growth.

• Adjusted EPS guidance increased to $5.00–$5.10, from $4.90–$5.00.

• Capital expenditures remain guided at $180M–$200M; GAAP effective tax rate expected at 24%–25%.

• Tariff assumptions: 30% for China, 20% for Vietnam, and 19% for other Southeast Asia, with impact weighted to H2.