SharkNinja (NYSE:SN) closed fiscal 2025 with what management called an “outstanding holiday season,” citing broad-based strength across product categories, geographies, and channels that helped the company extend its streak of double-digit growth. On the company’s fourth-quarter earnings call, executives emphasized continued market share gains amid a pressured industry backdrop, a newly authorized $750 million share repurchase program, and an outlook for another year of double-digit sales growth in 2026 despite tariff-related headwinds.
Fourth-quarter results: faster growth and operating leverage
CEO Mark Barrocas said fourth-quarter net sales rose nearly 18% year-over-year, which he described as the fastest growth rate of 2025. Domestic growth accelerated to almost 16%, while international sales grew more than 21%. Barrocas also pointed to adjusted gross margin expansion of nearly 40 basis points and adjusted EBITDA growth of 36% in the quarter, attributing the results in part to the third consecutive quarter of leverage in adjusted operating expenses as a percentage of net sales.
Quigley said adjusted gross margin increased nearly 40 basis points year-over-year to 48.2% of net sales, while GAAP gross margin rose roughly 90 basis points to 47.9%. He noted the company began to see an increased impact of tariffs on domestic gross margins in the fourth quarter, which was partially offset by sales mix benefits and mitigation strategies.
Full-year 2025: record sales, EBITDA growth, and cash generation
For fiscal 2025, SharkNinja posted $6.4 billion in net sales, up nearly 16% year-over-year, with domestic net sales up 13.5% and international net sales up 20.8%, according to Quigley. Adjusted EBITDA increased more than 19% to $1.14 billion, with adjusted EBITDA margin expanding about 50 basis points to 17.7%.
Adjusted earnings per share reached $5.28, up nearly 21% year-over-year. Quigley also highlighted consistent quarterly sales growth across 2025, saying net sales increased about 15%, 16%, 14%, and 18% year-over-year through the four quarters.
On cash flow and the balance sheet, Quigley said the company generated $634 million of cash from operating activities in 2025 and ended the year with more than $777 million of cash and cash equivalents, up over 100% year-over-year. Total debt at quarter end was $739 million, and the company had nearly $490 million of remaining capacity on its $500 million revolving credit facility. Inventories totaled $1.0 billion exiting the quarter, up 11.4% year-over-year, which Quigley said reflected a “healthy position” after tariff prebuilt stock sold through.
Share gains in a weak market and diversification across categories
Management framed results against a challenging industry environment. Barrocas cited Circana data indicating the total U.S. market the company participates in declined low single digits year-over-year in 2025 (excluding SharkNinja), with mid-single-digit declines in the fourth quarter (also excluding SharkNinja). Barrocas said the company gained share across all four category groupings in 2025: cleaning, cooking and beverage, food preparation, and beauty and home environment.
Quigley broke out fourth-quarter performance by category:
- Cleaning: net sales increased 3.4% to $670 million, with carpet extraction a standout, including the Shark Stain Force Cordless Spot and Stain Cleaner.
- Cooking and beverage: net sales increased 11.7% to $667 million, with continued momentum for the Ninja Luxe Café Espresso Machine.
- Food preparation: net sales increased 28.1% to $438 million, helped by global momentum in frozen treats.
- Beauty and home environment: net sales increased 63.2% to $326 million, with strength across fans, air purifiers, and Shark beauty technology products.
Barrocas and Quigley both emphasized diversification as a key advantage, spanning consumer demographics, supply chain, marketing channels, and distribution. Barrocas said the company can now manufacture nearly 100% of its U.S. volume outside of China, describing its multi-country sourcing footprint in Southeast Asia as a benefit for predictability, cost efficiency, and risk management. He said 2026 would be the first full year of optimization following that supply chain transformation.
Capital allocation and technology investments
Barrocas announced the board authorized an inaugural $750 million share repurchase program, pointing to record cash levels and anticipated future cash flow. He said the company intends to repurchase shares opportunistically while also planning to offset dilution from stock-based compensation.
Executives also discussed technology investments. Barrocas said the company completed the final stages of a global Oracle implementation in 2025, launched Salesforce in the U.S. and Canada to support its direct-to-consumer platform, and rolled out dashboards for social media ROI. He said the company is leaning into artificial intelligence across product innovation and customer experience, including plans to embed greater AI capabilities in products, with some debuting as early as the second half of 2026 in categories such as coffee, air purification, and robotics. Barrocas said the company is on track to hire 100 new software engineers to support those efforts.
2026 outlook: double-digit sales growth, tariff headwinds, and margin focus
For 2026, Quigley guided for net sales growth of 10% to 11%, adjusted net income per diluted share of $5.90 to $6.00 (up 12% to 14%), and adjusted EBITDA of $1.27 billion to $1.28 billion (up 12% to 13%). The outlook assumes current tariff levels persist, including minimum rates of 20% for China and Vietnam and 19% for Indonesia, Thailand, Malaysia, and Cambodia. Quigley said net interest expense is expected to be flat year-over-year, the GAAP effective tax rate is expected to be approximately 22% to 23%, and capital expenditures are expected to be $190 million to $210 million.
On profitability dynamics, Quigley said the first half of 2026 would face a “decent gross margin headwind” from tariffs as they normalize through the income statement, with slight offsets from cost optimization. He also said the company expects continued operating expense leverage as it optimizes spending while continuing to invest for growth.
In Q&A, Barrocas said he views the U.S. business as capable of double-digit growth, citing momentum in direct-to-consumer, retailer support, and emerging channels such as TikTok Shop. He also said he expects the consumer environment to be generally flat versus last year, adding that SharkNinja is competing for discretionary dollars by offering “great products” at “great value.”
About SharkNinja (NYSE:SN)
SharkNinja (NYSE: SN) is a leading designer, marketer and distributor of innovative small home appliances under the Shark® and Ninja® brands. The company’s product portfolio spans floorcare, cleaning and home environment products, including upright, cordless and robotic vacuum cleaners, steam mops and air purifiers. In the kitchen category, SharkNinja offers a broad range of cooking and food preparation solutions, such as countertop ovens, air fryers, multicookers, blenders and coffee makers. Its products are positioned to deliver user-friendly performance, innovative features and durable design for everyday household tasks.
Founded in 1998 as Euro-Pro Operating LLC, the company initially focused on the European market before expanding its presence in North America.
