SharkNinja (SN) Q3 2025 earnings summary

Executive summary

• Q3 net sales rose 14.3% YoY to $1,630.2 million, with broad-based growth across product categories.

• Adjusted EBITDA increased 20.7% to $316.5 million, reaching 19.4% of net sales.

• Net income rose 42.6% to $188.7 million; adjusted net income increased 25.2% to $213.4 million.

• International sales grew 25.8% and domestic sales 9.5%; Beauty and Home Environment led segments with 56.7% growth.

• FY25 net sales, adjusted EPS and adjusted EBITDA guidance increased.

Financial highlights

• Adjusted gross profit increased 16.4% to $820 million; adjusted gross margin rose 90 bps to 50.3%.

• GAAP gross margin improved 140 bps to 50.1%; operating income rose 45.8% to $262.9 million, while adjusted operating income increased 21.7% to $289 million.

• Diluted EPS was $1.33 versus $0.94; adjusted diluted EPS was $1.50 versus $1.21.

• Inventories increased 7.6% YoY to $1,158.3 million.

Outlook and guidance

• FY25 net sales growth guidance rose to 15.0%–15.5% from 13.0%–15.0%.

• Adjusted EPS guidance increased to $5.05–$5.15, with projected growth of 15.6%–17.8%.

• Adjusted EBITDA guidance increased to $1,115–$1,125 million, with projected growth of 17.2%–18.3%.

• GAAP effective tax rate outlook decreased to 23%–24%; diluted weighted average shares remain ~142.5 million.

• Capital expenditures remain guided at $180–$200 million, expected toward the lower end.