Yeti Holdings (YETI) FY2023 results: revenue $1.7 billion, up 4.0% on the year

Yeti Holdings, Inc. (YETI) reported revenue of $1.7 billion for fiscal 2023, the year ended 30 December 2023, up 4.0% on the year before. Net income was $170 million, up 89.4%, and diluted earnings per share $1.94. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2024.

Revenue

$1.7 billion

+4.0% on the year

FY2016FY2023

Operating margin

13.6%

7.9% a year earlier

FY2016FY2023

Net income

$170 million

+89.4% on the year

FY2016FY2023

Diluted EPS

$1.94

+88.3% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	1,659	1,595	1,411	+4.0%
Cost of revenue	716	832	595	-14.0%
Gross profit	943	763	816	+23.6%
Gross margin	56.9%	47.9%	57.8%
Research and development	15.5	15.4	13.7	+0.6%
Selling, general and administrative	718	637	541	+12.7%
Operating income	225	126	275	+78.4%
Operating margin	13.6%	7.9%	19.5%
Interest expense	0.9	4.5	3.3	-78.9%
Pre-tax income	226	116	268	+94.5%
Income tax	56.1	26.5	55.8	+111.7%
Effective tax rate	24.8%	22.8%	20.8%
Net income	170	89.7	213	+89.4%
Net margin	10.2%	5.6%	15.1%
Diluted EPS	$1.94	$1.03	$2.40	+88.3%

$ million except per share.

Free 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	286	101	147	+183.4%
Capital expenditure	50.7	45.9	56.1	+10.3%
Free cash flow	235	55.0	90.4	+328.0%
Free cash flow margin	14.2%	3.4%	6.4%
Cash from investing	-72.8	-56.9	-65.8
Cash from financing	-13.6	-123	-23.0
Depreciation and amortisation	46.4	39.8	32.1	+16.5%
Share-based compensation	29.8	17.8	15.5	+67.4%
Buybacks	0.0	100	0.0
Dividends paid	n/a	n/a	0.0
Diluted shares, weighted	87m	87m	89m	+0.2%
Shares outstanding at period end	87m	86m	88m	+0.6%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	724	526	518	+37.4%
Debt	82.3	90.0	112	-8.6%
Operating lease liabilities	76.2	55.6	55.9	+36.9%
Finance lease liabilities	3.4	5.2	7.3	-33.7%
Other liabilities	412	399	403	+3.1%
Total liabilities and equity	1,297	1,077	1,096	+20.5%
Goodwill	54.3	54.3	54.3	0.0%
Intangible assets	118	99.4	95.3	+18.3%
Cash and equivalents	439	235	312	+87.0%
Receivables	95.8	79.4	110	+20.6%
Inventory	337	371	319	-9.2%
Other assets	253	237	206	+6.7%
Total assets	1,297	1,077	1,096	+20.5%

10-K for the year ended 30 December 2023, filed 26 February 2024: the filing.