Sonos Financials

SONO

Source SEC Filings (10-K/10-Q) Updated Feb 3, 2026 Currency USD FYE September

Financial Health Signals

Financial Profile 30/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Sonos has an operating margin of -3.5%, meaning the company retains $-4 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -3.2% the prior year.

Growth

Sonos's revenue declined 4.9% year-over-year, from $1.5B to $1.4B. This contraction results in a growth score of 14/100.

Leverage

Sonos has a moderate D/E ratio of 1.32. This balance of debt and equity financing earns a leverage score of 62/100.

Liquidity

Sonos's current ratio of 1.43 indicates adequate short-term liquidity, earning a score of 37/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

Sonos has a free cash flow margin of 7.5%, earning a moderate score of 37/100. The company generates positive cash flow after capital investments, but with room for improvement.

Piotroski F-Score Neutral

4/9

Sonos passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Mixed

-2.24x

For every $1 of reported earnings, Sonos generates $-2.24 in operating cash flow ($136.9M OCF vs -$61.1M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Interest Coverage At Risk

-108.5x

Sonos earns $-108.5 in operating income for every $1 of interest expense (-$50.5M vs $465K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

This page shows Sonos (SONO) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 11 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

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Key Financial Metrics

Revenue

$1.4B

YoY-4.9%

5Y CAGR+1.7%

10Y CAGR+5.5%

Sonos generated $1.4B in revenue in fiscal year 2025. This represents a decrease of 4.9% from the prior year.

EBITDA

$11.9M

YoY+173.6%

5Y CAGR+5.2%

Sonos's EBITDA was $11.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 173.6% from the prior year.

Free Cash Flow

$108.2M

YoY-19.7%

5Y CAGR-3.4%

Sonos generated $108.2M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 19.7% from the prior year.

Net Income

-$61.1M

YoY-60.3%

Sonos reported -$61.1M in net income in fiscal year 2025. This represents a decrease of 60.3% from the prior year.

EPS (Diluted)

$-0.51

YoY-64.5%

Sonos earned $-0.51 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 64.5% from the prior year.

Cash & Debt

$174.7M

YoY+2.9%

5Y CAGR-23.8%

Sonos held $174.7M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

120M

YoY-1.3%

5Y CAGR+0.1%

Sonos had 120M shares outstanding in fiscal year 2025. This represents a decrease of 1.3% from the prior year.

Gross Margin

43.7%

YoY-1.7pp

5Y CAGR+0.6pp

10Y CAGR-1.6pp

Sonos's gross margin was 43.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 1.7 percentage points from the prior year.

Operating Margin

-3.5%

YoY-0.3pp

5Y CAGR-1.5pp

Sonos's operating margin was -3.5% in fiscal year 2025, reflecting core business profitability. This is down 0.3 percentage points from the prior year.

Net Margin

-4.2%

YoY-1.7pp

5Y CAGR-2.7pp

10Y CAGR+3.9pp

Sonos's net profit margin was -4.2% in fiscal year 2025, showing the share of revenue converted to profit. This is down 1.7 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

$280.0M

YoY-8.1%

5Y CAGR+5.5%

Sonos invested $280.0M in research and development in fiscal year 2025. This represents a decrease of 8.1% from the prior year.

Share Buybacks

$81.0M

YoY-37.2%

5Y CAGR+10.1%

Sonos spent $81.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 37.2% from the prior year.

Capital Expenditures

$28.7M

YoY-48.1%

5Y CAGR-2.8%

Sonos invested $28.7M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 48.1% from the prior year.

SONO Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$1.4B-4.9%	$1.5B-8.3%	$1.7B-5.5%	$1.8B+2.1%	$1.7B+29.4%	$1.3B
Cost of Revenue	$812.7M-1.9%	$828.7M-11.7%	$938.8M-1.8%	$956.0M+5.4%	$906.8M+20.2%	$754.4M
Gross Profit	$630.5M-8.5%	$689.4M-3.8%	$716.5M-10.0%	$796.4M-1.7%	$810.0M+41.6%	$572.0M
R&D Expenses	$280.0M-8.1%	$304.6M+1.2%	$301.0M+17.5%	$256.1M+11.3%	$230.1M+7.2%	$214.7M
SG&A Expenses	$119.8M-15.8%	$142.3M-15.6%	$168.5M-1.1%	$170.4M+11.5%	$152.8M+26.3%	$121.0M
Operating Income	-$50.5M-5.0%	-$48.0M-133.8%	-$20.5M-122.9%	$89.5M-42.2%	$155.0M+669.0%	-$27.2M
Interest Expense	$465K+5.4%	$441K-39.8%	$733K+32.8%	$552K-6.8%	$592K-60.2%	$1.5M
Income Tax	$10.6M-3.2%	$11.0M-25.0%	$14.7M+988.9%	$1.3M+180.7%	-$1.7M-5318.8%	$32K
Net Income	-$61.1M-60.3%	-$38.1M-271.3%	-$10.3M-115.2%	$67.4M-57.5%	$158.6M+888.4%	-$20.1M
EPS (Diluted)	$-0.51-64.5%	$-0.31-287.5%	$-0.08-116.3%	$0.49-56.6%	$1.13+727.8%	$-0.18

Metric	Q1'26	Q1'25	Q3'25	Q2'25	Q1'24	Q3'24	Q2'24	Q1'23
Revenue	$546K-99.9%	$545.7M+58.3%	$344.8M+32.7%	$259.8M-52.8%	$550.9M+38.7%	$397.1M+57.2%	$252.7M-58.8%	$612.9M
Cost of Revenue	$292K-99.9%	$292.2M+49.8%	$195.0M+33.5%	$146.1M-52.8%	$309.5M+50.6%	$205.5M+46.1%	$140.6M-57.4%	$330.2M
Gross Profit	$253K-99.9%	$253.5M+69.3%	$149.7M+31.8%	$113.6M-52.9%	$241.4M+26.0%	$191.6M+71.1%	$112.0M-60.4%	$282.7M
R&D Expenses	$60K-99.9%	$59.8M0.0%	$59.8M-22.8%	$77.4M-4.2%	$80.8M+8.9%	$74.2M-7.6%	$80.3M+1.4%	$79.2M
SG&A Expenses	$28K-99.9%	$28.0M-7.6%	$30.3M-8.7%	$33.2M+28.5%	$25.8M-22.2%	$33.2M-18.7%	$40.8M+2.6%	$39.8M
Operating Income	$100K-99.9%	$100.4M+3528.3%	-$2.9M+95.2%	-$61.2M-227.3%	$48.1M+282.0%	$12.6M+117.7%	-$71.0M-189.0%	$79.7M
Interest Expense	$116-99.9%	$116K-0.9%	$117K+7.3%	$109K-0.9%	$110K+3.8%	$106K-13.1%	$122K+16.2%	$105K
Income Tax	$8K-99.9%	$8.3M+222.3%	$2.6M-76.6%	$11.0M+270.9%	-$6.4M-171.8%	$8.9M+1303.1%	-$743K-106.2%	$12.0M
Net Income	$94K-99.9%	$93.8M+2875.9%	-$3.4M+95.2%	-$70.1M-239.6%	$50.2M+1254.5%	$3.7M+105.3%	-$69.7M-186.1%	$80.9M
EPS (Diluted)	$0.750.0%	$0.75+2600.0%	$-0.03+94.8%	$-0.58-245.0%	$0.40+1233.3%	$0.03+105.4%	$-0.56-187.5%	$0.64

SONO Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$823.3M-10.2%	$916.3M-8.6%	$1.0B-17.0%	$1.2B-12.1%	$1.4B+28.7%	$1.1B
Current Assets	$504.0M-8.5%	$551.1M-16.5%	$659.6M-25.2%	$882.1M-24.0%	$1.2B+28.8%	$900.9M
Cash & Equivalents	$174.7M+2.9%	$169.7M-22.9%	$220.2M-49.0%	$431.5M-42.8%	$754.4M+11.3%	$677.8M
Inventory	$171.0M-26.1%	$231.5M-33.2%	$346.5M+13.2%	$306.1M+49.2%	$205.2M+132.6%	$88.2M
Accounts Receivable	$65.8M+47.9%	$44.5M-34.1%	$67.6M-38.4%	$109.7M-38.5%	$178.3M+56.9%	$113.6M
Goodwill	$82.9M0.0%	$82.9M+3.0%	$80.4M-0.6%	$80.9M+114.5%	$37.7M+142.7%	$15.5M
Total Liabilities	$468.1M-4.0%	$487.7M+0.8%	$483.6M-15.7%	$573.5M-17.3%	$693.1M+24.5%	$556.7M
Current Liabilities	$352.4M-3.8%	$366.2M+3.4%	$354.2M-25.8%	$477.6M-20.3%	$599.3M+31.5%	$455.8M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	$0
Total Equity	$355.2M-17.1%	$428.6M-17.4%	$518.7M-18.1%	$633.4M-6.8%	$679.6M+33.2%	$510.2M
Retained Earnings	-$112.1M-120.0%	-$50.9M-298.3%	-$12.8M-117.6%	$72.7M+35.6%	$53.6M+155.7%	-$96.2M

Metric	Q1'26	Q1'25	Q3'25	Q2'25	Q1'24	Q3'24	Q2'24	Q1'23
Total Assets	$948K-99.9%	$947.9M+13.6%	$834.4M+5.3%	$792.2M-17.8%	$963.6M+5.2%	$916.3M-1.0%	$925.6M-16.6%	$1.1B
Current Assets	$640K-99.9%	$640.2M+27.2%	$503.1M+11.1%	$453.0M-26.0%	$612.5M+11.1%	$551.1M-5.5%	$582.9M-23.2%	$758.9M
Cash & Equivalents	$313K-99.9%	$312.5M+55.3%	$201.3M+16.2%	$173.2M-38.1%	$280.0M+64.9%	$169.7M-31.0%	$246.0M+44.9%	$169.7M
Inventory	$125K-99.9%	$125.3M+8.6%	$115.4M-16.6%	$138.4M-1.8%	$140.9M-39.1%	$231.5M+28.9%	$179.5M+3.8%	$173.0M
Accounts Receivable	$116K-99.9%	$116.3M+23.4%	$94.2M+133.0%	$40.4M-52.3%	$84.8M+90.5%	$44.5M-36.2%	$69.7M-13.7%	$80.8M
Goodwill	$83K-99.9%	$82.9M0.0%	$82.9M0.0%	$82.9M0.0%	$82.9M0.0%	$82.9M+1.9%	$81.3M-1.2%	$82.3M
Total Liabilities	$505K-99.9%	$504.5M+16.0%	$435.1M+6.3%	$409.3M-17.2%	$494.5M+1.4%	$487.7M+13.0%	$431.6M-16.3%	$515.6M
Current Liabilities	$388K-99.9%	$388.2M+23.0%	$315.6M+9.0%	$289.6M-22.3%	$372.5M+1.7%	$366.2M+20.8%	$303.2M-19.4%	$376.0M
Long-Term Debt	$2	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$443K-99.9%	$443.3M+11.0%	$399.3M+4.3%	$382.9M-18.4%	$469.1M+9.5%	$428.6M-13.2%	$494.0M-16.9%	$594.4M
Retained Earnings	$18K+100.1%	-$18.3M+75.4%	-$74.2M-4.8%	-$70.8M-10063.7%	-$697K+98.6%	-$50.9M-3186.1%	-$1.6M-102.3%	$68.2M

SONO Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$136.9M-27.9%	$189.9M+89.1%	$100.4M+455.3%	-$28.3M-111.2%	$253.2M+56.3%	$162.0M
Capital Expenditures	$28.7M-48.1%	$55.2M+9.9%	$50.3M+8.8%	$46.2M+1.5%	$45.5M+37.8%	$33.0M
Free Cash Flow	$108.2M-19.7%	$134.7M+168.7%	$50.1M+167.3%	-$74.5M-135.9%	$207.7M+61.1%	$129.0M
Investing Cash Flow	-$29.5M+72.0%	-$105.2M-109.3%	-$50.3M+70.9%	-$172.6M-279.2%	-$45.5M+34.3%	-$69.3M
Financing Cash Flow	-$102.3M+25.5%	-$137.3M-26.4%	-$108.6M+27.7%	-$150.3M-701.8%	$25.0M+192.2%	-$27.1M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$81.0M-37.2%	$129.0M+28.9%	$100.1M-33.3%	$150.1M+200.2%	$50.0M0.0%	$50.0M

Metric	Q1'26	Q1'25	Q3'25	Q2'25	Q1'24	Q3'24	Q2'24	Q1'23
Operating Cash Flow	$163K-99.9%	$163.3M+336.2%	$37.4M+162.8%	-$59.7M-138.2%	$156.2M+513.9%	-$37.7M+66.1%	-$111.2M-140.4%	$275.4M
Capital Expenditures	$6K-99.9%	$6.0M+25.3%	$4.8M-14.4%	$5.6M-57.6%	$13.1M-16.9%	$15.8M+54.8%	$10.2M+67.6%	$6.1M
Free Cash Flow	$157K-99.9%	$157.3M+381.4%	$32.7M+150.1%	-$65.2M-145.6%	$143.1M+367.4%	-$53.5M+55.9%	-$121.4M-145.1%	$269.3M
Investing Cash Flow	$4K+100.1%	-$4.1M+42.0%	-$7.0M+10.5%	-$7.8M+16.1%	-$9.3M+45.4%	-$17.1M+69.2%	-$55.5M-812.7%	-$6.1M
Financing Cash Flow	$23K+100.1%	-$23.4M-419.4%	-$4.5M+88.8%	-$40.4M-19.5%	-$33.8M-719.3%	-$4.1M+92.3%	-$53.9M-127.5%	-$23.7M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$25K-99.9%	$25.0M	$0-100.0%	$33.4M+23.1%	$27.2M+9636.6%	$279K-99.5%	$52.8M+124.7%	$23.5M

SONO Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	43.7%-1.7pp	45.4%+2.1pp	43.3%-2.2pp	45.5%-1.7pp	47.2%+4.1pp	43.1%
Operating Margin	-3.5%-0.3pp	-3.2%-1.9pp	-1.2%-6.3pp	5.1%-3.9pp	9.0%+11.1pp	-2.1%
Net Margin	-4.2%-1.7pp	-2.5%-1.9pp	-0.6%-4.5pp	3.9%-5.4pp	9.2%+10.8pp	-1.5%
Return on Equity	N/A	N/A	N/A	10.6%-12.7pp	23.3%	N/A
Return on Assets	-7.4%-3.3pp	-4.2%-3.1pp	-1.0%-6.6pp	5.6%-6.0pp	11.6%+13.4pp	-1.9%
Current Ratio	1.43-0.1	1.51-0.4	1.86+0.0	1.85-0.1	1.94-0.0	1.98
Debt-to-Equity	1.32+0.2	1.14+0.2	0.93+0.0	0.91-0.1	1.02+1.0	0.00
FCF Margin	7.5%-1.4pp	8.9%+5.8pp	3.0%+7.3pp	-4.3%-16.4pp	12.1%+2.4pp	9.7%

Metric	Q1'26	Q1'25	Q3'25	Q2'25	Q1'24	Q3'24	Q2'24	Q1'23
Gross Margin	46.5%0.0pp	46.5%+3.0pp	43.4%-0.3pp	43.7%-0.1pp	43.8%-4.4pp	48.3%+3.9pp	44.3%-1.8pp	46.1%
Operating Margin	18.4%0.0pp	18.4%+19.3pp	-0.9%+22.7pp	-23.6%-32.3pp	8.7%+5.6pp	3.2%+31.3pp	-28.1%-41.1pp	13.0%
Net Margin	17.2%0.0pp	17.2%+18.2pp	-1.0%+26.0pp	-27.0%-36.1pp	9.1%+8.2pp	0.9%+28.5pp	-27.6%-40.8pp	13.2%
Return on Equity	21.2%0.0pp	21.2%	N/A	N/A	10.7%+9.9pp	0.8%	N/A	13.6%
Return on Assets	9.9%0.0pp	9.9%+10.3pp	-0.4%+8.4pp	-8.8%-14.1pp	5.2%+4.8pp	0.4%+7.9pp	-7.5%-14.8pp	7.3%
Current Ratio	1.650.0	1.65+0.1	1.59+0.0	1.56-0.1	1.64+0.1	1.51-0.4	1.92-0.1	2.02
Debt-to-Equity	0.00-1.1	1.14+0.0	1.09+0.0	1.07+0.0	1.05-0.1	1.14+0.3	0.870.0	0.87
FCF Margin	28.8%0.0pp	28.8%+19.4pp	9.5%+34.6pp	-25.1%-51.1pp	26.0%+15.8pp	10.1%+58.2pp	-48.1%-92.0pp	43.9%

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Frequently Asked Questions

What is Sonos's annual revenue?

Sonos (SONO) reported $1.4B in total revenue for fiscal year 2025. This represents a -4.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Sonos's revenue growing?

Sonos (SONO) revenue declined by 4.9% year-over-year, from $1.5B to $1.4B in fiscal year 2025.

Is Sonos profitable?

No, Sonos (SONO) reported a net income of -$61.1M in fiscal year 2025, with a net profit margin of -4.2%.

What is Sonos's earnings per share (EPS)?

Sonos (SONO) reported diluted earnings per share of $-0.51 for fiscal year 2025. This represents a -64.5% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Sonos's EBITDA?

Sonos (SONO) had EBITDA of $11.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Sonos's gross margin?

Sonos (SONO) had a gross margin of 43.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Sonos's operating margin?

Sonos (SONO) had an operating margin of -3.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Sonos's net profit margin?

Sonos (SONO) had a net profit margin of -4.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Sonos's free cash flow?

Sonos (SONO) generated $108.2M in free cash flow during fiscal year 2025. This represents a -19.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Sonos's operating cash flow?

Sonos (SONO) generated $136.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Sonos's total assets?

Sonos (SONO) had $823.3M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Sonos's capital expenditures?

Sonos (SONO) invested $28.7M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Sonos spend on research and development?

Sonos (SONO) invested $280.0M in research and development during fiscal year 2025.

Does Sonos buy back shares?

Yes, Sonos (SONO) spent $81.0M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Sonos have outstanding?

Sonos (SONO) had 120M shares outstanding as of fiscal year 2025.

What is Sonos's current ratio?

Sonos (SONO) had a current ratio of 1.43 as of fiscal year 2025, which is considered adequate.

What is Sonos's debt-to-equity ratio?

Sonos (SONO) had a debt-to-equity ratio of 1.32 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Sonos's return on assets (ROA)?

Sonos (SONO) had a return on assets of -7.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Sonos's Piotroski F-Score?

Sonos (SONO) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Sonos's earnings high quality?

Sonos (SONO) has an earnings quality ratio of -2.24x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Sonos cover its interest payments?

Sonos (SONO) has an interest coverage ratio of -108.5x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Sonos?

Sonos (SONO) scores 30 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.