SharkNinja announced its financial results for the fourth quarter and the year ended December 31, 2025.

SharkNinja, Inc. ("SharkNinja" or the "Company") (NYSE: SN), a global product design and technology company, today announced its financial results for the fourth quarter and year ended December 31, 2025. SharkNinja reports its financial performance in accordance with accounting principles generally accepted in the United States of America ("GAAP") and as adjusted on a non-GAAP basis. Please see "Non-GAAP Financial Measures" below for additional information and reconciliations of the non-GAAP financial measures to the most comparable GAAP financial measures.

Highlights for the Fourth Quarter 2025 as compared to the Fourth Quarter 2024

Net sales increased 17.6% to $2,101.4 million.

Gross margin and Adjusted Gross Margin increased 90 and 40 basis points, respectively.

Net income increased 98.3% to $255.2 million. Adjusted Net Income increased 38.9% to $274.5 million.

Adjusted EBITDA increased 36.0% to $395.3 million, or 18.8% of net sales.

Highlights for the Year Ended 2025 as compared to the Year Ended 2024

Net sales increased 15.7% to $6,399.2 million.

Gross margin and Adjusted Gross Margin increased 90 and 30 basis points, respectively.

Net income increased 59.9% to $701.4 million. Adjusted Net Income increased 21.6% to $749.6 million.

Adjusted EBITDA increased 19.4% to $1,135.5 million, or 17.7% of net sales.

Mark Barrocas, Chief Executive Officer, commented: "SharkNinja delivered exceptional fourth quarter results, capping off our strongest year to date with 17.6% net sales growth and remarkable momentum across our entire portfolio. Our three-pillar growth strategy continues to drive outstanding net sales growth as we expand categories with breakthrough innovations, capture meaningful market share in our diversified existing businesses, and drive International growth in more markets than ever before. The strength of our execution was evident with broad-based momentum across all four product categories, highlighted by the extraordinary 63.2% growth in Beauty and Home Environment Appliances. Our disciplined approach, combined with ongoing cost optimization and supply chain flexibility, enabled us to deliver 40 basis points of Adjusted Gross Margin improvement while investing in our future growth initiatives.

"Looking at 2025 as a whole, we achieved 15.7% net sales growth to $6.4 billion while significantly expanding our global footprint and launching game-changing products that resonated with consumers worldwide. As we enter 2026, I'm incredibly excited about the year ahead. We have a robust pipeline of innovations that will scale to new retailers and markets, plus an exciting roadmap of new product launches. Our recent investments in software capabilities, direct-to-consumer re-platforming, and global expansion position us well to capitalize on the tremendous opportunities in front of us. With our proven innovation engine, expanding omni-channel presence worldwide, and unwavering commitment to solving consumer problems with 5-star products, we are confident SharkNinja can deliver another year of strong, profitable growth. Today, the leadership team and I are thrilled to announce that our Board of Directors has authorized a $750 million share repurchase program. We are excited about the potential that our record levels of cash and cash equivalents and our anticipated future cash flow could have to drive shareholder value for years."

Three Months Ended December 31, 2025

Net sales increased 17.6% to $2,101.4 million, compared to $1,787.2 million during the same period last year, or 16.2% on a constant currency basis. The increase in net sales resulted from growth across all four product categories, led by Beauty and Home Environment Appliances, which grew more than 63% compared to the same period last year.

Cleaning Appliances net sales increased by $21.9 million, or 3.4%, to $669.9 million, compared to $648.0 million in the prior year quarter, driven by strength in the carpet extractor and robotics sub-categories.

Cooking and Beverage Appliances net sales increased by $70.0 million, or 11.7%, to $667.3 million, compared to $597.3 million in the prior year quarter, driven by sales momentum of the Ninja Luxe Café espresso machine, partially offset by a decline in the outdoor grill and kitchenware sub-categories.

Food Preparation Appliances net sales increased by $96.1 million, or 28.1%, to $438.0 million, compared to $342.0 million in the prior year quarter, driven by strong sales of the frozen drinks sub-category.

Beauty and Home Environment Appliances net sales increased by $126.3 million, or 63.2%, to $326.2 million, compared to $199.9 million in the prior year quarter, driven by strength of fans and air purifiers, as well as strong performance from the launch of face masks in 2025.

Geographically, Domestic net sales increased by $185.8 million, or 15.7%, for the three months ended December 31, 2025 compared to the prior year quarter. This increase was driven by growth within existing categories and the success of new product categories. International net sales increased by $128.4 million, or 21.4%, for the three months ended December 31, 2025 compared to the prior year quarter. This increase was driven by continued global expansion and the successful introduction of new product categories across the international markets.

Gross profit increased 20.0% to $1,007.6 million, or 47.9% of net sales, compared to $839.5 million, or 47.0% of net sales, in the prior year quarter. Adjusted Gross Profit increased 18.4% to $1,012.0 million, or 48.2% of net sales, compared to $854.7 million, or 47.8% of net sales in the prior year quarter. The increase in gross margin and Adjusted Gross Margin of 90 and 40 basis points, respectively, was driven by Domestic cost optimization efforts, partially offset by the impact of tariffs, and by International cost optimization efforts and favorable channel mix.

Research and development expenses increased 13.1% to $98.2 million, or 4.7% of net sales, compared to $86.8 million, or 4.9% of net sales, in the prior year quarter. This increase was primarily driven by incremental personnel-related expenses of $6.5 million due to increased headcount to support new product categories and market expansion as well as an increase in prototypes and testing expenses of $4.3 million.

Sales and marketing expenses increased 8.0% to $458.7 million, or 21.8% of net sales, compared to $424.6 million, or 23.8% of net sales, in the prior year quarter. This increase was primarily attributable to increases of $23.0 million in delivery and distribution costs driven by higher volumes and $14.4 million in personnel-related expenses to support new product launches and expansion into new markets, partially offset by a decrease of $7.4 million in advertising-related expenses.

General and administrative expenses decreased 13.0% to $106.9 million, or 5.1% of net sales, compared to $123.0 million, or 6.9% of net sales in the prior year quarter. This decrease was primarily driven by a decrease of $26.5 million in personnel-related expenses, partially offset by increases of $10.4 million in legal fees and $1.5 million in transaction-related costs.

Operating income increased 67.6% to $343.8 million, or 16.4% of net sales, compared to $205.1 million, or 11.5% of net sales, in the prior year quarter. Adjusted Operating Income increased 43.2% to $367.3 million, or 17.5% of net sales, compared to $256.5 million, or 14.4% of net sales, in the prior year quarter.

Net income increased 98.3% to $255.2 million, or 12.1% of net sales, compared to $128.7 million, or 7.2% of net sales, in the prior year quarter. Net income per diluted share increased 97.8% to $1.80, compared to $0.91 in the prior year quarter.

Adjusted Net Income increased 38.9% to $274.5 million, or 13.1% of net sales, compared to $197.6 million, or 11.1% of net sales, in the prior year quarter. Adjusted Net Income per diluted share increased 37.9% to $1.93, compared to $1.40 in the prior year quarter.

Adjusted EBITDA increased 36.0% to $395.3 million, or 18.8% of net sales, compared to $290.5 million, or 16.3% of net sales in the prior year quarter.

Year Ended December 31, 2025

Net sales increased 15.7% to $6,399.2 million, compared to $5,528.6 million during the prior year, or 14.5% on a constant currency basis. The increase in net sales resulted from growth across all four product categories, led by Beauty and Home Environment Appliances, which grew more than 45%.

Cleaning Appliances net sales increased by $142.2 million, or 6.9%, to $2,205.8 million, compared to $2,063.5 million in the prior year, driven by the carpet extraction and cordless vacuums sub-categories.

Cooking and Beverage Appliances net sales increased by $98.7 million, or 5.7%, to $1,816.3 million, compared to $1,717.7 million in the prior year, driven by sales of our Ninja Luxe Café espresso machine and the strength of Ninja Crispi, offset by declines in the core air fryer and outdoor grill sub-categories.

Food Preparation Appliances net sales increased by $372.0 million, or 31.6%, to $1,550.7 million, compared to $1,178.7 million in the prior year, driven by strong sales of our frozen drinks sub-category.

Beauty and Home Environment Appliances net sales increased by $257.6 million, or 45.3%, to $826.3 million, compared to $568.7 million in the prior year, driven by strength of fans and air purifiers, as well as strong performance from the launch of face masks in 2025.

Geographically, Domestic net sales increased by $510.9 million, or 13.5%, for the year ended December 31, 2025 compared to the year ended December 31, 2024. This increase was driven by growth within existing categories and the success of new product categories. International net sales increased by $359.6 million, or 20.8%, for the year ended December 31, 2025 compared to the year ended December 31, 2024. This increase was driven by continued global expansion and the successful introduction of new product categories across the international markets.

Gross profit increased 17.8% to $3,136.5 million, or 49.0% of net sales, compared to $2,662.0 million, or 48.1% of net sales, in the prior year. Adjusted Gross Profit increased 16.4% to $3,159.8 million, or 49.4% of net sales, compared to $2,715.1 million, or 49.1% of net sales, in the prior year. The increase in gross margin and Adjusted Gross Margin of 90 and 30 basis points, respectively, was driven by Domestic cost optimization efforts, as well as a decline in the amounts owed under a contractual sourcing service fee paid to JS Global for supply chain services that ended July 31, 2025, partially offset by the impact of tariffs, and by International cost optimization efforts and favorable channel mix.

Research and development expenses increased 7.8% to $368.1 million, or 5.8% of net sales, compared to $341.3 million, or 6.2% of net sales, in the prior year. This increase was primarily driven by incremental personnel-related expenses of $38.8 million resulting from increased headcount to support new product categories and market expansion, as well as an increase of $4.4 million in prototypes and testing expenses related to these initiatives. The overall increase was partially offset by a decrease of $12.2 million in professional and consulting fees and a decrease of $3.3 million in consumer insight initiatives.

Sales and marketing expenses increased 17.3% to $1,458.0 million, or 22.8% of net sales, compared to $1,243.1 million, or 22.5% of net sales, in the prior year. This increase was primarily attributable to increases of $66.1 million in delivery and distribution costs driven by higher volumes, $64.5 million in personnel-related expenses to support new product launches and new markets, $47.6 million in advertising-related expenses, $16.5 million in professional and consulting fees and $9.5 million in depreciation and amortization expense.

General and administrative expenses decreased 10.0% to $390.1 million, or 6.1% of net sales, compared to $433.4 million, or 7.8% of net sales in the prior year. This decrease was primarily driven by a decrease of $36.8 million in personnel-related expenses, including a $43.1 million decrease in share-based compensation, a decrease of $32.3 million in legal fees, including a decrease of $36.0 million in litigation-related costs, and a decrease of $3.5 million in professional and consulting fees, offset by an increase of $13.2 million in credit card processing and merchant fees, an increase of $12.3 million in technology support costs associated with cloud computing solutions, and an increase of $5.9 million in transaction-related costs.

Operating income increased 42.9% to $920.3 million, or 14.4% of net sales, compared to $644.2 million, or 11.7% of net sales, in the prior year. Adjusted Operating Income increased 21.9% to $1,022.9 million, or 16.0% of net sales, compared to $839.5 million, or 15.2% of net sales, in 2024.

Net income increased 59.9% to $701.4 million, or 11.0% of net sales, compared to $438.7 million, or 7.9% of net sales, in the prior year. Net income per diluted share increased 58.8% to $4.94, compared to $3.11 in the prior year.

Adjusted Net Income increased 21.6% to $749.6 million, or 11.7% of net sales, compared to $616.2 million, or 11.1% of net sales, in the prior year. Adjusted Net Income per diluted share increased 20.8% to $5.28, compared to $4.37 in the prior year.

Adjusted EBITDA increased 19.4% to $1,135.5 million, or 17.7% of net sales, compared to $951.1 million, or 17.2% of net sales, in the prior year.

Balance Sheet and Cash Flow Highlights

As of December 31, 2025, the Company had cash and cash equivalents of $777.3 million and available capacity under its revolving credit facility of $489.1 million. Total debt, excluding unamortized deferred financing costs, was $739.1 million as of December 31, 2025.

Inventories as of December 31, 2025 increased 11.4% to $1,002.2 million, compared to $900.0 million as of December 31, 2024.

Share Repurchase Program

Today, the Company announced that its Board of Directors authorized a share repurchase program of up to $750 million of the Company's outstanding ordinary shares. The Company expects to begin implementing the program in fiscal 2026. Repurchases may be made at management's discretion from time to time on the open market, through privately negotiated transactions, or by other means, including through the use of trading plans intended to qualify under Rule 10b5-1 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), in accordance with applicable securities laws and other restrictions, including Rule 10b-18 under the Exchange Act. The share repurchase program has no expiration date and may be modified, suspended for periods or discontinued at any time and does not obligate the Company to repurchase any shares. The timing and total amount of stock repurchases will depend upon business, economic and market conditions, corporate and regulatory requirements, prevailing stock prices, and other considerations. We do not expect to incur debt to fund the share repurchase program.

Fiscal 2026 Outlook

For fiscal year 2026, SharkNinja expects:

Net sales to increase 10.0% to 11.0% compared to the prior year.

Adjusted Net Income per diluted share between $5.90 and $6.00, reflecting a 11.7% to 13.6% increase compared to the prior year.

Adjusted EBITDA between $1,270 million and $1,280 million, reflecting a 11.8% to 12.7% increase compared to the prior year.

A GAAP effective tax rate of approximately 22.0% to 23.0%.

Diluted weighted average shares outstanding of approximately 143.5 million.

Capital expenditures in the range of $190 million to $210 million primarily to support investments in new product launches and technology.

Uncertainty and instability of the current operating environment, geopolitical landscape, and global economies, including changes in tariff rates, could affect this outlook and our future results.

Conference Call Details

A conference call to discuss the fourth quarter 2025 financial results and fiscal 2026 outlook is scheduled for today, February 11, 2026, at 8:30 a.m. Eastern Time.

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