YETI (YETI) Q4 2025 earnings summary

Executive summary

• Q4 2025 adjusted net sales reached $583.7M, up 5% year-over-year, with Drinkware up 6% and international sales up 25%; full-year 2025 net sales rose 2% to $1.87B, driven by 16% international growth.

• Drinkware accounted for 65% of Q4 sales and 58% for FY25, while Coolers & Equipment made up 33% and 40%, respectively.

• Free cash flow for FY25 was $212.1M, exceeding adjusted net income, and $297.6M was returned to shareholders via 8.2M share repurchases.

• The business is positioned for sustained multi-year growth through product innovation, global expansion, and supply chain diversification.

• Leadership transition announced: outgoing CFO Mike McMullen to be succeeded by Scott Bomar from The Home Depot.

Financial highlights

• Q4 adjusted net sales were $583.7M, up 5% year-over-year; Drinkware sales grew 6% to $380M, and Coolers & Equipment grew up to 7% to $192M.

• Q4 adjusted gross profit was $341M (58.4% of sales), down 180 bps due to tariffs; adjusted operating income declined 14% to $94.7M.

• Adjusted net income decreased 15% to $71.8M; adjusted EPS was $0.92, down from $1.00, with a $0.15 tariff impact.

• Ended Q4 with $188.3M in cash and $74M in debt; inventory down 6% year-over-year.

• $297.6M in share repurchases for FY25.

Outlook and guidance

• FY26 adjusted net sales expected to grow 6–8% year-over-year, with high single- to low double-digit growth in Coolers & Equipment and mid-single-digit growth in Drinkware.

• International sales projected to grow high teens to 20%; US growth expected in low to mid-single digits.

• Gross margin guidance of 56%–57%, down ~90 bps year-over-year due to tariffs; operating income margin expected at 14.4%.

• Adjusted EPS for 2026 guided at $2.77–$2.83, up 12%–14%; free cash flow expected between $200M–$225M.

• $100M in share repurchases planned for 2026.