SharkNinja (SN) Q3 2025 earnings summary

Executive summary

• Achieved 14.3% year-over-year net sales growth in Q3 2025, marking the 10th consecutive quarter of double-digit organic top-line growth, with net sales reaching $1,630.2 million.

• Adjusted EBITDA grew 20.7% year-over-year to $316.5 million (19.4% margin), with record earnings per share and gross margin surpassing 50%.

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

• Outperformed a declining U.S. market, gained market share across all categories and geographies, and accelerated international growth, especially in the U.K. and Latin America.

• Launched multiple innovative products in new and existing categories, driving strong consumer engagement and viral demand.

Financial highlights

• Q3 net sales: $1.63 billion (+14.3% YoY); domestic net sales: $1.1 billion (+9.5% YoY); international net sales: $530 million (+25.8% YoY).

• Adjusted gross margin: 50.3% (+90 bps YoY); GAAP gross profit: $818 million (+17.6% YoY); adjusted EBITDA: $317 million (+20.7% YoY, 19.4% margin).

• Adjusted net income: $213 million ($1.50/diluted share, +24% YoY); net income per diluted share rose 41.5% to $1.33.

• Cash and equivalents: $264 million (up 100% YoY); total debt: $749.3 million; inventory: $1.16 billion (+7.6% YoY).

• Operating income increased 45.8% to $262.9 million; adjusted operating income up 21.7% to $289.0 million.

Outlook and guidance

• Q4 2025 net sales growth expected at ~16% YoY; adjusted EBITDA margin to increase ~200 bps YoY.

• Full-year 2025 net sales growth now guided to 15%-15.5% (up from 13%-15%); adjusted EPS $5.05-$5.15; adjusted EBITDA $1.115-$1.125 billion (+17.2%-18.3% YoY).

• GAAP effective tax rate expected at 23.0%-24.0%, below previous guidance; non-GAAP effective tax rate: 22.3%.

• Capital expenditures expected at $180-$200 million, tracking toward the lower end.