SharkNinja (SN) Q4 2024 earnings summary

Executive summary

• Net sales grew 29.7% year-over-year in Q4 2024 to $1.8 billion and 32% for the year, with adjusted EBITDA up 32% for both periods, driven by growth across all categories, especially Food Preparation Appliances.

• Operating income more than doubled in Q4 2024, up 103.6% to $205.1 million; full-year operating income rose 72.4% to $644.2 million.

• International business excelled, with adjusted net sales up 49% in Q4 and 50% for the year, driven by rapid expansion in Europe and Latin America.

• Net income increased 161% in Q4 2024 to $128.7 million and 162.6% for the year to $438.7 million; adjusted net income rose 49.6% in Q4 and 37.2% for the year.

• Launched 25 new products and entered four new subcategories in 2024, fueling future growth.

Financial highlights

• Q4 net sales reached nearly $1.8 billion, up 30% year-over-year; adjusted EBITDA rose 32% to $291 million.

• Adjusted EBITDA margin improved by 30 basis points in Q4; full-year margin was 17.2%.

• Adjusted net income for Q4 was $198 million ($1.40/share), up 48% per share year-over-year.

• Adjusted gross profit in Q4 increased 31% to $855 million, with gross margin expanding 40 basis points to 47.8%.

• Operating cash flow for the year was nearly $450 million; cash balance at year-end was $364 million, with net leverage at 0.4x.

Outlook and guidance

• 2025 net sales expected to grow 10%-12%; adjusted net income per share to rise 12%-15% to $4.80-$4.90.

• Adjusted EBITDA projected at $1.07-$1.09 billion, up 13%-15% year-over-year.

• Capital expenditures for 2025 guided at $180-$200 million; GAAP tax rate expected at 24%-25%.

• Q1 2025 revenue expected to grow at a high single-digit rate, with margin expansion building through the year.