YETI Holdings Inc

Latest Results (19.05.2026):

YETI Holdings, Inc. reported results for the fourth quarter of 2025: net sales rose 7% to $583.7 million (adjusted net sales +5%), driven by a 25% increase in international sales and 6% growth in Drinkware. GAAP diluted EPS was $0.74 (up 17%), while adjusted EPS was $0.92 (down 8%), with higher tariffs noted as a key headwind. The company generated strong cash flow for fiscal 2025 and returned nearly $300 million to shareholders through repurchases; management issued a 2026 outlook calling for mid-single to high-single percentage sales growth and continued free cash flow generation.

Sales and Category Performance

Q4 2025 net sales $583.7M (+7% YoY); Drinkware +6% to $380.0M; Coolers & Equipment +7% to $192.3M. Full-year sales $1.868B (+2%), with Coolers & Equipment up 7% for the year.

Geographic & Channel Highlights

International net sales surged 25% in Q4 to $135.9M (full year +16% to $394.4M). U.S. sales were up 2% in Q4 (adjusted U.S. sales essentially flat). DTC channel +7% in Q4 to $394.3M; Wholesale +6% to $189.4M, with U.S. wholesale softer than international.

Profitability and Margins

Q4 gross profit $340.9M (58.4% of sales), down ~130 bps vs. prior year; adjusted gross margin down ~180 bps. Operating income fell 8% to $75.5M (12.9% margin); adjusted operating income down 14% to $94.7M (16.2% adjusted margin). Management attributed large margin pressure to higher tariff costs (reported impacts of ~310 bps on Q4 gross margin).

Earnings per Share

Q4 GAAP diluted EPS $0.74 (up 17% from $0.63); adjusted EPS $0.92 (down 8% from $1.00). Company noted a ~$0.15 unfavorable net EPS impact from higher tariffs in Q4 and ~$0.35 for the full year 2025.

Cash Flow, Balance Sheet & Liquidity

Fiscal 2025 operating cash flow $254.7M and free cash flow $212.1M. Cash at year-end $188.3M; total debt (ex-finance leases/deferred fees) $73.8M; $300M revolver undrawn. Inventory decreased 6% to $290.6M.

Capital Return

Q4 repurchases: 3.1M shares for $124.9M. Fiscal 2025 repurchases totaled 8.2M shares for $297.6M under a $450M authorization; company expects ~$100M of repurchases in fiscal 2026.

2026 Outlook

For fiscal 2026: adjusted sales growth expected +6% to +8%; adjusted operating income margin ~14.4% (reflecting ~200 bps incremental tariff headwind); adjusted net income per diluted share $2.77–$2.83 (up ~12–14%); diluted shares ~76.6M; capex $60–$70M; free cash flow $200–$225M.

Key Headwinds and Strategic Notes

Management emphasized higher tariff costs as a significant near-term headwind (quantified in EPS and margin impacts) but noted supply-chain diversification, a stronger global product engine, recent innovation (including the Yonder shaker bottle), and accelerating international growth as positives supporting future profitability and scale.