YETI (YETI) Q4 2024 earnings summary

Executive summary

• Achieved 2024 adjusted net sales of $1.84B, up 9% year-over-year, with strong growth in Coolers & Equipment (+14%) and Drinkware (+7%).

• DTC sales grew 9% to $1.1B, now 60% of total sales; international sales rose 30% to $339M, now 18% of total business, with momentum in Europe and Australia.

• Launched 24 new products and expanded partnerships, fueling demand and opening six new retail stores.

• Ended 2024 with $359M in cash and generated $220M in free cash flow.

• Announced $350M increase to share repurchase program, with $450M remaining authorized.

Financial highlights

• Full year sales increased 9% to $1.84B; Q4 sales up 7% to $555M.

• Adjusted operating income rose 18% to $309M (16.8% margin); adjusted EPS up 21% to $2.73.

• Gross profit for the year increased 13% to $1.1B, with gross margin expanding 170 bps to 58.6%.

• Free cash flow of $220M, supporting $200M in share repurchases and three acquisitions.

• Inventory decreased 8% year-over-year to $310M.

Outlook and guidance

• 2025 adjusted net sales expected to grow 5–7%, with stronger growth in the second half, especially in drinkware.

• Adjusted EPS guidance for 2025 is $2.90–$2.95, up 6–8%, including ~$0.10 FX headwind.

• International growth forecasted in the mid-teens, domestic in mid-single digits.

• Free cash flow guidance of ~$200M; capital expenditures planned at $60–$70M.

• Adjusted operating income projected to rise 5.5–7.5% in 2025.