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Yeti Holdings (YETI) FY2025 results: revenue $1.9 billion, up 2.1% on the year

Yeti Holdings, Inc. (YETI) reported revenue of $1.9 billion for fiscal 2025, the year ended 3 January 2026, up 2.1% on the year before. Net income was $165 million, down 5.9%, and diluted earnings per share $2.03. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2026.

Revenue
$1.9 billion
+2.1% on the year
FY2018FY2025
Operating margin
11.4%
13.4% a year earlier
FY2018FY2025
Net income
$165 million
-5.9% on the year
FY2018FY2025
Diluted EPS
$2.03
-1.0% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 8 new.

  • Fourth-quarter net sales rose 7%: Net sales rose 7% to $583.7 million; adjusted sales rose 5% after excluding prior-year recall reserves.
  • Adjusted EPS fell on tariff costs: Diluted EPS rose 17% to $0.74; adjusted EPS fell 8% to $0.92, including about $0.15 of net tariff impact.
  • Gross margin down 130 basis points: Gross margin fell 130 basis points to 58.4% in Q4; tariffs cost 310 basis points, partly offset by lower product costs and price increases.
  • Q4 adjusted operating margin 16.2%: Adjusted operating income fell 14% to $94.7 million, a 16.2% margin, including about 250 basis points of net tariff impact.
  • Wholesale sell-through ahead of shipments: US wholesale sell-through kept outpacing sales into the channel, which management attributed to a cautious retail environment.
Read the Q4 FY2025 earnings call summary

From this 10-K

YETI designs, sells and distributes outdoor products, including coolers, drinkware, bags and apparel. It is headquartered in Austin, Texas, reports as one segment, and has a 52- or 53-week fiscal year ending on the Saturday closest to December 31; its fiscal 2025 ended January 3, 2026 and ran 53 weeks.

Yeti Holdings, Inc., the 10-K for 2026

YETI designs, sells and distributes outdoor products, including coolers, drinkware, bags and apparel. It is headquartered in Austin, Texas, reports as one segment, and has a 52- or 53-week fiscal year ending on the Saturday closest to December 31; its fiscal 2025 ended January 3, 2026 and ran 53 weeks.

History

The company was founded in 2006 by Roy and Ryan Seiders, outdoorsmen who wanted equipment that could keep up with their hunting and fishing, and they developed its original hard cooler.

Products

Its Coolers & Equipment category covers hard coolers such as the Tundra, Roadie and V Series, the Hopper and Daytrip soft cooler bags, everyday, travel and pursuit bags such as the Panga and Crossroads collections, LoadOut cargo and storage products, and outdoor living products such as camp chairs, blankets and dog bowls. Its hard coolers use rotomolded or injection molded construction with up to two inches of polyurethane foam in the walls and lid. Its Drinkware category covers bottles and jugs, cups, mugs and tumblers under the Rambler, Yonder and Silo names, tableware, coffeeware, barware and containers, and cookware such as its Cast Iron Skillet, launched in 2024. Most of its drinkware is made with 18/8 stainless steel and double-wall vacuum insulation. Its Other category consists of apparel such as hats and shirts, ice substitutes and other branded products.

Sales channels

It sells in the United States, Canada, Australia, New Zealand, the United Kingdom, Europe and Japan, among other markets, through wholesale and direct-to-consumer channels. Its wholesale customers include Dick's Sporting Goods, REI, Academy Sports + Outdoors, Bass Pro Shops, Ace Hardware, Scheels and Tractor Supply Company, and at January 3, 2026 it sold through approximately 5,300 retail partners worldwide. Direct to consumers it sells on its websites, through YETI Authorized on the Amazon Marketplace and in its retail stores, and it offers customized products through a corporate sales program.

Supply chain

It does not own or operate any manufacturing facilities and uses third-party manufacturers, with many of its core products made in China, Thailand, Malaysia, Vietnam, the Philippines, Mexico and Poland. It owns the molds and tooling used to make its products. Third-party logistics providers distribute its products from facilities in Memphis, Tennessee, Salt Lake City, Utah and Sumner, Washington, and from facilities in Australia, Canada, the United Kingdom, New Zealand, Japan and the Netherlands.

People

At January 3, 2026 it employed approximately 1,390 people in twelve countries, approximately 83% of them in the United States. None of its employees is covered by a collective bargaining agreement.

From YETI's annual report on Form 10-K for the year ended 3 January 2026. The filing

Written from the 10-K filed 27 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue1,8681,8301,659+2.1%
Cost of revenue796767716+3.8%
Gross profit1,0731,063943+0.9%
Gross margin57.4%58.1%56.9%
Research and development25.221.115.5+19.4%
Selling, general and administrative859818718+5.0%
Operating income214245225-13.0%
Operating margin11.4%13.4%13.6%
Interest expense0.4n/a0.9
Pre-tax income220233226-5.4%
Income tax54.957.256.1-4.0%
Effective tax rate24.9%24.5%24.8%
Net income165176170-5.9%
Net margin8.9%9.6%10.2%
Diluted EPS$2.03$2.05$1.94-1.0%
$ 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

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow255261286-2.5%
Capital expenditure42.741.850.7+2.0%
Free cash flow212220235-3.4%
Free cash flow margin11.3%12.0%14.2%
Cash from investing-102-131-72.8
Cash from financing-321-209-13.6
Depreciation and amortisation54.248.146.4+12.7%
Share-based compensation47.740.729.8+17.1%
Buybacks2982000.0+48.9%
Diluted shares, weighted82m86m87m-4.9%
Shares outstanding at period end75m83m87m-9.6%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity650740724-12.1%
Debt73.878.082.3-5.4%
Operating lease liabilities14073.676.2+90.2%
Finance lease liabilities0.21.23.4-80.1%
Other liabilities371393412-5.6%
Total liabilities and equity1,2351,2861,297-3.9%
Goodwill72.372.654.3-0.3%
Intangible assets220172118+27.8%
Cash and equivalents188359439-47.5%
Receivables14112095.8+17.7%
Inventory291310337-6.3%
Other assets323252253+27.9%
Total assets1,2351,2861,297-3.9%

10-K for the year ended 3 January 2026, filed 27 February 2026: the filing.