YETI (YETI) Q4 2024 earnings summary

Executive summary

• Achieved strong top and bottom-line growth in 2024, with adjusted net sales up 9% to $1.84B and international sales rising 30% to 18% of total mix, driven by brand strength, product innovation, and global expansion.

• Expanded product portfolio with 24 new launches, record color additions, and expanded partnerships, fueling demand across categories.

• DTC sales grew 9% for the year, now 60% of total mix; international sales reached $339M, with notable momentum in Europe and Australia.

• Ended year with $359M in cash and $220M in free cash flow, supporting acquisitions and share buybacks.

• Launched YETI ID program, expanded retail footprint to 24 stores, and opened six new retail stores.

Financial highlights

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

• Adjusted operating income grew 18% to $309M; Q4 adjusted operating income up 8% to $111M.

• Adjusted EPS increased 21% to $2.73; Q4 adjusted EPS up 11% to $1.00.

• Gross margin expanded 170 bps to 58.6% for the year; Q4 gross margin at 60.2%.

• Free cash flow for FY 2024 was $220M; cash balance at year-end was $359M.

Outlook and guidance

• FY 2025 adjusted net sales expected to grow 5–7%, with stronger growth in H2, especially in drinkware.

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

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

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

• Gross margins expected to remain flat; SG&A growth slightly below sales growth.