Sonos (SONO) FY2025 results: revenue $1.4 billion, down 4.9% on the year
Sonos Inc. (SONO) reported revenue of $1.4 billion for fiscal 2025, the year ended 27 September 2025, down 4.9% on the year before. Net income was -$61 million, and diluted earnings per share $-0.51. The figures are the company's own, from the 10-K it filed with the SEC on 14 November 2025.
Revenue
$1.4 billion
-4.9% on the year
FY2018FY2025
Operating margin
-3.5%
-3.2% a year earlier
FY2018FY2025
Net income
-$61 million
FY2018FY2025
Diluted EPS
-$0.51
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Q4 revenue grew 13%: Q4 revenue was $287.9 million against $255.4 million a year earlier. The release describes the result as near the high end of the guidance range.
Q4 Adjusted EBITDA was $6.4 million: Q4 Adjusted EBITDA was $6.4 million, against a loss of $22.6 million a year earlier. Management said the figure was above the midpoint of the guidance range.
Full-year Adjusted EBITDA rose: Fiscal 2025 Adjusted EBITDA was $132.3 million against $107.9 million in fiscal 2024, while fiscal 2025 revenue was $1,443.3 million against $1,518.1 million.
Non-GAAP operating expenses fell: Non-GAAP operating expenses were $134.6 million in Q4 against $143.0 million, and $569.8 million for fiscal 2025 against $634.4 million.
Free cash flow was $108.2 million: Fiscal 2025 free cash flow was $108.2 million against $134.7 million, with operating cash flow of $136.9 million against $189.9 million. Q4 free cash flow was negative $2.3 million.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
137
190
100
-27.9%
Capital expenditure
28.7
55.2
50.3
-48.1%
Free cash flow
108
135
50.1
-19.7%
Free cash flow margin
7.5%
8.9%
3.0%
Cash from investing
-29.5
-105
-50.3
Cash from financing
-102
-137
-109
Depreciation and amortisation
62.3
52.4
49.0
+19.0%
Share-based compensation
81.6
84.3
76.9
-3.2%
Buybacks
81.0
129
100
-37.2%
Diluted shares, weighted
121m
123m
128m
-2.0%
Shares outstanding at period end
120m
122m
125m
-1.4%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
355
429
519
-17.1%
Debt
0.0
0.0
0.0
Operating lease liabilities
53.3
56.6
55.0
-5.8%
Other liabilities
415
431
429
-3.8%
Total liabilities and equity
823
916
1,002
-10.2%
Fixed assets
72.3
102
87.1
-29.2%
Goodwill
82.9
82.9
80.4
0.0%
Intangible assets
75.4
88.0
90.0
-14.4%
Cash and equivalents
175
170
220
+2.9%
Receivables
65.8
44.5
67.6
+47.9%
Inventory
171
232
347
-26.1%
Other assets
181
198
110
-8.2%
Total assets
823
916
1,002
-10.2%
10-K for the year ended 27 September 2025, filed 14 November 2025: the filing.