Yeti Holdings (YETI) FY2024 results: revenue $1.8 billion, up 10.3% on the year

Yeti Holdings, Inc. (YETI) reported revenue of $1.8 billion for fiscal 2024, the year ended 28 December 2024, up 10.3% on the year before. Net income was $176 million, up 3.4%, and diluted earnings per share $2.05. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2025.

Revenue

$1.8 billion

+10.3% on the year

FY2017FY2024

Operating margin

13.4%

13.6% a year earlier

FY2017FY2024

Net income

$176 million

+3.4% on the year

FY2017FY2024

Diluted EPS

$2.05

+5.7% on the year

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	1,830	1,659	1,595	+10.3%
Cost of revenue	767	716	832	+7.1%
Gross profit	1,063	943	763	+12.7%
Gross margin	58.1%	56.9%	47.9%
Research and development	21.1	15.5	15.4	+36.1%
Selling, general and administrative	818	718	637	+14.0%
Operating income	245	225	126	+8.8%
Operating margin	13.4%	13.6%	7.9%
Interest expense	n/a	0.9	4.5
Pre-tax income	233	226	116	+3.1%
Income tax	57.2	56.1	26.5	+2.0%
Effective tax rate	24.5%	24.8%	22.8%
Net income	176	170	89.7	+3.4%
Net margin	9.6%	10.2%	5.6%
Diluted EPS	$2.05	$1.94	$1.03	+5.7%

$ 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	FY2024	FY2023	FY2022	On the year
Operating cash flow	261	286	101	-8.6%
Capital expenditure	41.8	50.7	45.9	-17.4%
Free cash flow	220	235	55.0	-6.7%
Free cash flow margin	12.0%	14.2%	3.4%
Cash from investing	-131	-72.8	-56.9
Cash from financing	-209	-13.6	-123
Depreciation and amortisation	48.1	46.4	39.8	+3.7%
Share-based compensation	40.7	29.8	17.8	+36.6%
Buybacks	200	0.0	100
Diluted shares, weighted	86m	87m	87m	-1.9%
Shares outstanding at period end	83m	87m	86m	-4.6%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	740	724	526	+2.3%
Debt	78.0	82.3	90.0	-5.1%
Operating lease liabilities	73.6	76.2	55.6	-3.4%
Finance lease liabilities	1.2	3.4	5.2	-65.5%
Other liabilities	393	412	399	-4.5%
Total liabilities and equity	1,286	1,297	1,077	-0.9%
Goodwill	72.6	54.3	54.3	+33.6%
Intangible assets	172	118	99.4	+46.2%
Cash and equivalents	359	439	235	-18.3%
Receivables	120	95.8	79.4	+25.5%
Inventory	310	337	371	-8.1%
Other assets	252	253	237	-0.3%
Total assets	1,286	1,297	1,077	-0.9%

10-K for the year ended 28 December 2024, filed 24 February 2025: the filing.