SharkNinja, Inc. Ordinary Shares
SN · NYSE
Next quarter
Reports Nov 4, 2026, before the open.
Consensus is $1.78 EPS for Sep 2026 across 5 estimates, ranging $1.73 to $1.81.
SN Jun 2026
- 3.92%
- -1.20%
- $1.02
- $0.98
- —
- $1.77B
Reported results
- $1.77B
- 48.73%
- $179.38M
- 10.16%
- $129.82M
- $0.92
Highlights
- Sales growth: Q2 net sales rose 22.2% year over year to $1.765 billion, or 21.6% at constant currency; the increase spanned all four product categories and both geographies.
- EPS context: Supplied consensus data lists reported EPS of $0.98 against $1.02 expected, a 3.9% miss. The earnings release reports GAAP diluted EPS of $0.92, down from $0.98 a year ago and up from $0.85 in Q1.
- Adjusted earnings: Adjusted net income increased 29.3% to $178.2 million and adjusted diluted EPS rose 29.9% to $1.26; adjusted EBITDA grew 18.6% to $264.9 million, while its margin declined 50 basis points to 15.0%.
- Category mix: Cooking and Beverage sales rose 36.5% to $499.0 million and Beauty and Home Environment rose 65.3% to $285.8 million; Cleaning grew 4.1% to $522.0 million and Food Preparation 13.3% to $458.6 million.
- International expansion: International sales grew 36.6% to $623.6 million, faster than Domestic growth of 15.5% to $1.142 billion.
- GAAP profitability: Operating income increased 6.4% to $179.4 million, but operating margin fell to 10.1% from 11.6%; net income declined 7.0% to $129.8 million.
- Raised outlook: FY2026 sales growth guidance increased to 16.0%–17.0% from 11.5%–12.5%; adjusted EPS guidance rose to $6.45–$6.55 from $6.00–$6.10, and adjusted EBITDA to $1.357–$1.369 billion from $1.290–$1.300 billion.
- Tariff refund: After quarter-end, CBP accepted $247.1 million of refund claims. SharkNinja expects to recognize the benefit in Q3; only refunds tied to 2026 tariff costs are included in the revised adjusted outlook.
- Cash and buybacks: First-half operating cash flow was $275.5 million versus an outflow of $63.9 million a year earlier. The company repurchased $119.7 million of shares in the first half; inventory was $1.144 billion at June 30, up 14.1% from year-end.
Analysis
SharkNinja’s Q2 was defined by accelerating, broad-based sales growth and a sharp increase in its adjusted earnings measures, offset by weaker GAAP earnings and margin pressure. Net sales rose 22.2% year over year to $1.765 billion, or 21.6% at constant currency, and increased 25.2% from Q1’s $1.41 billion. The supplied consensus data shows EPS of $0.98 versus $1.02 expected, a 3.9% miss; the release reports GAAP diluted EPS of $0.92, compared with $0.98 a year ago and $0.85 in Q1. Net income fell 7.0% year over year to $129.8 million, while adjusted net income rose 29.3% to $178.2 million and adjusted EBITDA increased 18.6% to $264.9 million.
Growth was led by Cooking and Beverage and Beauty and Home Environment, with International sales up 36.6%. Profit conversion was more mixed: gross margin slipped 30 basis points to 48.7%, operating margin fell 150 basis points to 10.1%, and adjusted EBITDA margin declined 50 basis points to 15.0%. Tariffs, foreign exchange and retailer activations weighed on gross margin, while higher operating expenses also outpaced sales growth. Management raised full-year guidance across sales, adjusted EPS and adjusted EBITDA, reflecting stronger operating performance and an expected tariff-refund benefit. The $247.1 million of claims accepted after quarter-end is expected to benefit Q3 GAAP results, but only the portion associated with 2026 costs flows through the revised adjusted outlook.
Broad-based sales growth
- Category leaders: Cooking and Beverage revenue increased $133.3 million, or 36.5%, to $499.0 million, supported by the Ninja Luxe Café espresso machine and Ninja Crispi. Beauty and Home Environment gained $112.9 million, or 65.3%, to $285.8 million, driven by skincare and fans.
- Established franchises: Food Preparation grew 13.3% to $458.6 million, with strength in blending. Cleaning increased 4.1% to $522.0 million, driven by carpet extractors and cordless vacuums.
- Geographic reach: International sales rose 36.6% to $623.6 million, representing 35.3% of sales, as existing categories expanded into new markets and key countries continued to grow. Domestic sales increased 15.5% to $1.142 billion.
- Quarterly pace: Revenue of $1.765 billion was up 25.2% from Q1’s $1.41 billion. Management described the year-over-year growth rate as the company’s fastest since 2024.
Margins and earnings
The growth did not translate evenly into GAAP earnings. Gross profit rose 21.5% to $860.3 million, but gross margin contracted 30 basis points to 48.7%. Tariff costs in the U.S., unfavorable currency and increased retailer activations were the primary drags; cost optimization and favorable category and channel mix partly offset them. Adjusted gross margin was 48.7%, down 70 basis points from 49.4% a year ago.
- Operating leverage: Operating expenses grew 26.2% to $681.0 million, faster than sales. Operating income increased 6.4% to $179.4 million, with margin falling to 10.1% from 11.6%; adjusted operating income rose 19.6% to $231.5 million, with adjusted margin at 13.1% versus 13.4%.
- Expense investment: Sales and marketing increased 23.4% to $441.5 million, including higher distribution, advertising and launch-related personnel costs. G&A rose 40.8% to $130.1 million, largely reflecting a $22.6 million increase in share-based compensation.
- GAAP versus adjusted: Net income fell 7.0% to $129.8 million and release-reported diluted EPS was $0.92. Adjusted net income rose 29.3% to $178.2 million, with adjusted diluted EPS of $1.26 versus $0.97 a year ago. The comparison also reflects a swing in other expense/income, from $26.0 million of income last year to $7.8 million of expense this quarter, primarily from currency remeasurement losses.
Tariff refunds and outlook
The outlook increase combines stronger underlying performance with a tariff-related benefit, so the two should be distinguished. In July, CBP accepted $247.1 million of claims for previously paid IEEPA duties. SharkNinja expects to recognize the full amount as a reduction of cost of sales and a receivable in Q3 2026; no refund was recorded in the Q2 statements. The underlying duties are expected to be split approximately evenly between costs expensed in 2025 and in the first half of 2026. Refunds related to 2025 costs benefit GAAP results and cash flow but are excluded from FY2026 adjusted measures; the 2026 portion is reflected in revised adjusted guidance, alongside an intention to reinvest in growth and offset ongoing cost pressures.
- FY2026 sales: Expected growth is now 16.0%–17.0%, versus the prior 11.5%–12.5% range.
- Adjusted earnings: Adjusted diluted EPS guidance increased to $6.45–$6.55 from $6.00–$6.10. Of the $0.45 increase, approximately $0.15 is associated with the expected net tariff-refund benefit.
- Adjusted EBITDA: The range increased to $1.357–$1.369 billion from $1.290–$1.300 billion; approximately $30 million of the $67–$69 million increase is associated with the expected net refund benefit.
- Other assumptions: The company expects a 22.0%–23.0% GAAP effective tax rate, approximately 142.5 million diluted weighted-average shares and $190–$210 million of capital expenditures. Its outlook assumes current tariff rates persist through the rest of 2026.
Cash and capital allocation
- Operating cash flow: First-half operating cash flow was $275.5 million, versus a $63.9 million outflow in the prior-year period. Inventory growth used $141.3 million of cash; management said inventory purchases were made ahead of the peak holiday selling season.
- Liquidity and debt: June 30 cash was $779.8 million, debt was $718.9 million and $489.8 million remained available on the revolving facility. Inventory stood at $1.144 billion, up 14.1% from December 31, 2025.
- Repurchases: SharkNinja bought back 1,008,368 shares for $119.7 million in the first half, including 815,233 shares for $99.7 million in Q2. The $750 million authorization had $630.3 million remaining at June 30.
Controls remediation
The 10-Q reports that disclosure controls and procedures were not effective as of June 30, 2026 because previously identified material weaknesses in internal control over financial reporting remained unresolved. The company continued remediation work, including redesigning IT controls, strengthening control activities and building internal audit capabilities, but said the weaknesses will remain until remediation is complete and controls operate effectively for a sufficient period.
