$YETI

YETI Holdings, Inc.

CIK:0001670592|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 04, 2026	Jun. 28, 2025	Jul. 04, 2026	Jun. 28, 2025
Income Statement [Abstract]
Net sales	$ 483,868	$ 445,892	$ 864,282	$ 797,020
Cost of goods sold	161,344	188,323	331,547	337,729
Gross profit	322,524	257,569	532,735	459,291
Selling, general, and administrative expenses	229,006	195,545	426,779	375,596
Operating income	93,518	62,024	105,956	83,695
Interest income, net	1,617	295	500	603
Other (expense) income, net	(889)	5,773	90	7,149
Income before income taxes	94,246	68,092	106,546	91,447
Income tax expense	(22,929)	(16,941)	(25,378)	(23,687)
Net income	$ 71,317	$ 51,151	$ 81,168	$ 67,760
Net income per share
Basic (in dollars per share)	$ 0.95	$ 0.62	$ 1.08	$ 0.82
Diluted (in dollars per share)	$ 0.94	$ 0.61	$ 1.06	$ 0.81
Weighted-average common shares outstanding
Basic (in shares)	74,685	82,732	75,002	82,665
Diluted (in shares)	75,782	83,463	76,265	83,503

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jul. 04, 2026	Jun. 28, 2025
Cash Flows from Operating Activities:
Net income	$ 81,168	$ 67,760
Adjustments to reconcile net income to cash provided by (used in) operating activities:
Depreciation and amortization	28,343	26,297
Amortization of deferred financing fees	317	321
Stock-based compensation	18,308	21,317
Deferred income taxes	5,225	6,968
Impairment of long-lived assets	973	0
Product recalls	3,262	0
Other	2,651	(7,292)
Changes in operating assets and liabilities:
Accounts receivable	(33,383)	(40,769)
Inventory	(68,008)	(28,864)
Other current assets	(83,354)	(11,506)
Accounts payable and accrued expenses	61,057	(35,560)
Taxes payable	9,650	(18,572)
Other	3,592	799
Net cash provided by (used in) operating activities	29,801	(19,101)
Cash Flows from Investing Activities:
Purchases of property and equipment	(25,479)	(19,943)
Additions of intangibles, net	(14,474)	(11,143)
Net cash used in investing activities	(39,953)	(31,086)
Cash Flows from Financing Activities:
Repayments of long-term debt	(2,109)	(2,109)
Taxes paid in connection with employee stock transactions	(10,006)	(1,563)
Proceeds from employee stock transactions	218	0
Payments of finance lease obligations	(1,268)	(12,150)
Borrowings under revolving credit facility	75,000	0
Repayments under revolving credit facility	(45,000)	0
Repurchases of common stock	(130,047)	(22,984)
Excise tax paid on repurchases of common stock	(2,899)	(1,562)
Net cash used in financing activities	(116,111)	(40,368)
Effect of exchange rate changes on cash	(2,256)	1,433
Net decrease in cash	(128,519)	(89,122)
Cash, beginning of period	188,342	358,795
Cash, end of period	$ 59,823	$ 269,673

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jul. 04, 2026	Jan. 03, 2026
Current assets
Cash	$ 59,823	$ 188,342
Accounts receivable, net	174,782	141,424
Inventory	359,120	290,611
Prepaid expenses and other current assets	123,301	39,949
Total current assets	717,026	660,326
Property and equipment, net	150,073	142,105
Operating lease right-of-use assets	126,341	131,531
Goodwill	72,308	72,308
Intangible assets, net	226,070	219,791
Other assets	9,901	9,357
Total assets	1,301,719	1,235,418
Current liabilities
Accounts payable	209,824	140,214
Accrued expenses and other current liabilities	139,540	135,353
Taxes payable	23,515	15,897
Accrued payroll and related costs	16,876	22,659
Current operating lease liabilities	15,491	15,044
Current maturities of long-term debt	4,348	5,172
Total current liabilities	409,594	334,339
Long-term debt, net of current portion	96,443	68,301
Operating lease liabilities, non-current	136,752	139,945
Other liabilities	49,426	42,557
Total liabilities	692,215	585,142
Commitments and contingencies (Note 10)
Stockholders’ Equity
Common stock, par value $0.01; 600,000,000 shares authorized; 90,740,254 and 72,982,314 shares issued and outstanding at July 4, 2026, respectively, and 89,952,916 and 74,992,260 shares issued and outstanding at January 3, 2026, respectively	907	900
Treasury stock, at cost; 17,757,940 shares at July 4, 2026 and 14,960,656 shares at January 3, 2026	(733,245)	(602,268)
Preferred stock, par value $0.01; 30,000,000 shares authorized; no shares issued or outstanding	0	0
Additional paid-in capital	480,283	471,770
Retained earnings	860,680	779,512
Accumulated other comprehensive income	879	362
Total stockholders’ equity	609,504	650,276
Total liabilities and stockholders’ equity	$ 1,301,719	$ 1,235,418