SharkNinja (SN) Q4 2025 earnings summary

Executive summary

• Record FY25 net sales of $6.399B, up 15.7%; Q4 sales reached $2.101B, up 17.6%.

• Double-digit top-line growth continued for an eleventh consecutive quarter despite macroeconomic headwinds and industry declines.

• Diversification across products, channels, geographies and supply chain supported growth and resilience.

• Authorized an inaugural $750M share repurchase program for fiscal 2026.

Financial highlights

• FY25 adjusted EBITDA was $1,135.5M, up 19.4%; adjusted EPS was $5.28, up 20.8%.

• FY25 adjusted net income rose 21.6% to $749.6M; GAAP net income increased 59.9% to $701.4M.

• Q4 adjusted EBITDA rose 36.0% to $394M; adjusted EPS increased 37.9% to $1.93.

• FY25 gross margin was 49.0%, up 90 bps; adjusted gross margin was 49.4% vs. 49.1%. Q4 adjusted gross margin was 48.2% vs. 47.8%.

• Q4 adjusted EBITDA margin reached 18.8%, up from 16.3%.

Outlook and guidance

• FY26 net sales outlook: growth of 10.0%–11.0%.

• FY26 adjusted EBITDA guidance is $1.270B–$1.280B, up 11.8%–12.7%; adjusted EPS guidance is $5.90–$6.00, up 11.7%–13.6%.

• FY26 capital expenditures projected at $190M–$210M, mainly for product launches and technology.

• Tariffs are expected to pressure gross margins in the first half of 2026; cost optimization and operating expense leverage remain priorities.