SharkNinja (SN) Q4 2025 earnings summary

Executive summary

• Achieved record financial results in 2025, with net sales of $6.4 billion, strong growth across product categories and geographies, and double-digit top-line growth for the eleventh consecutive quarter.

• Maintained resilience and scalability through diversification in products, channels, geographies, and supply chain.

• Announced a $750 million inaugural share repurchase program to begin in fiscal 2026, reflecting strong cash position and operational discipline.

Financial highlights

• Net sales reached $6.4 billion in 2025, up 15.7% year-over-year; Q4 net sales grew 17.6% to $2.1 billion.

• Adjusted EBITDA for 2025 was $1.14 billion, up 19.4% year-over-year, with margin expansion and Q4 adjusted EBITDA margin at 18.8%.

• Adjusted EPS hit a record $5.28, up nearly 21% year-over-year; Q4 adjusted EPS grew 38% to $1.93.

• Gross margin improved 90 basis points to 49.0%; adjusted gross margin up 30 basis points to 49.4%.

• Ended 2025 with $777 million in cash and equivalents, up over 100% year-over-year; total debt at $739 million.

Outlook and guidance

• 2026 net sales expected to grow 10%-11%; adjusted EPS guidance of $5.90-$6.00, up 11.7%-14% year-over-year.

• Adjusted EBITDA projected at $1.27-$1.28 billion, up 11.8%-13% year-over-year.

• Capital expenditures for 2026 expected between $190 million-$210 million, mainly for new product launches and technology.

• Tariff headwinds anticipated to impact gross margins in the first half of 2026, with ongoing cost optimization and operating expense leverage.