Johnson Outdoors Reports Results for Fiscal Year 2025

Rhea-AI Summary

Johnson Outdoors (Nasdaq: JOUT) reported fiscal 2025 results for the year ended October 3, 2025. Total revenue was $592.4 million, essentially flat with fiscal 2024 ($592.8 million). The company recorded an operating loss of $16.2 million versus $43.5 million a year earlier, and a net loss of $34.3 million, or $3.35 per diluted share, compared with a $26.5 million loss, or $2.60 per share, in fiscal 2024.

Key items include a $25.9 million non-cash reserve against U.S. deferred tax assets, improved gross margin of 35.1%, cash and investments of $176.4 million, no debt, and a board-approved quarterly cash dividend paid October 24, 2025.

Positive

• Operating loss improved to $16.2M from $43.5M
• Cash and investments of $176.4M with no debt
• Gross margin improved to 35.1%

Negative

• Net loss widened to $34.3M from $26.5M
• Recorded a $25.9M non-cash reserve on U.S. deferred tax assets
• Camping & Watercraft Recreation revenue declined 13% due to Eureka exit

Key Figures

Fiscal 2025 revenue $592.4M Total revenue vs $592.8M in fiscal 2024 (essentially flat)

Operating loss 2025 $16.2M Fiscal 2025 operating loss vs $43.5M prior year

Gross margin 2025 35.1% Up from 33.9% in fiscal 2024

Net loss 2025 $34.3M Wider than $26.5M net loss in fiscal 2024

EPS 2025 -$3.35 Diluted EPS vs -$2.60 in prior year

Cash & investments $176.4M Balance as of Oct 3, 2025; up $14.4M year over year

Capital spending 2025 $16.0M Fiscal 2025 capex vs $22.0M in fiscal 2024

Tax reserve 2025 $25.9M Non-cash reserve on U.S. deferred tax assets in fiscal 2025

Market Reality Check

$43.00 Last Close

Volume Volume 58,539 is 1.38x the 20-day average, indicating elevated interest ahead of/around results. normal

Technical Price at $43.00 is trading above the 200-day MA $33.40, reflecting a pre-news uptrend.

Peers on Argus

Peers show mixed moves: ESCA +3.46%, XPOF +2.03%, MODG +0.17% vs LUCK -2.49% and JAKK -0.60%, suggesting stock-specific drivers for JOUT.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 05	Cash dividend	Neutral	+0.0%	Board-approved quarterly cash dividend with specified record and payment dates.
Nov 25	Earnings date notice	Neutral	-0.1%	Announcement of fiscal 2025 Q4 results release date and conference call.
Sep 26	Cash dividend	Neutral	-0.5%	Quarterly cash dividend declaration with payout and record dates.
Aug 01	Quarterly earnings	Positive	+8.1%	Q3 2025 net sales and net income growth with stronger gross margin.
Jul 22	Earnings date notice	Neutral	+6.2%	Scheduling of fiscal 2025 Q3 results release and webcast details.

Pattern Detected

Recent JOUT news has generally seen modest reactions, with stronger moves around detailed earnings (Q3 +8.13%) and smaller changes around dividend or scheduling announcements.

Recent Company History

Over the last six months, Johnson Outdoors has mainly reported dividends and earnings updates. Key catalysts included strong Q3 2025 results with higher net sales and income, plus continued dividend declarations on Jul 24, 2025 and Jan 22, 2026. Price reactions were strongest to the detailed Q3 earnings release, while dividend and results-scheduling updates saw minimal moves. Today’s full-year report follows that earnings trajectory, updating investors on profitability and balance sheet strength.

Market Pulse Summary

This announcement details fiscal 2025 results with essentially flat revenue at $592.4M, improved operating loss of $16.2M, and gross margin rising to 35.1%. Net loss widened to $34.3M mainly from a $25.9M non-cash tax reserve, while cash reached $176.4M and inventories declined. Investors may watch future profitability, tax reserve reversals, and segment trends in Fishing, Diving, and Camping & Watercraft.

Key Terms

goodwill impairment financial

"due primarily to a $11.2 million goodwill impairment charge in the prior year"

Goodwill impairment occurs when a company’s valued reputation or brand strength, known as goodwill, is found to be worth less than previously recorded on its financial statements. This usually happens when the company's performance declines or market conditions change, signaling that the expected benefits from acquisitions or brand value are no longer as strong. It matters to investors because it can indicate that a company's assets are less valuable than initially thought, potentially affecting its overall financial health.

deferred tax assets financial

"a $25.9 million non-cash reserve on U.S. deferred tax assets"

An item on a company’s balance sheet showing tax benefits it can use later to reduce future tax bills — think of it as an IOU from the tax system for past losses or timing differences. It matters to investors because it can boost future cash flow and apparent value if the company expects profits ahead, but those benefits vanish if the company cannot generate taxable income and the asset must be reduced.

forward-looking statements regulatory

"Certain matters discussed in this press release are “forward-looking statements,”"

Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

AI-generated analysis. Not financial advice.

RACINE, Wis., Dec. 12, 2025 (GLOBE NEWSWIRE) -- Johnson Outdoors Inc. (Nasdaq:JOUT), a leading global innovator of outdoor recreation equipment and technology, today announced operating results for the fiscal year ending October 3, 2025.

“New product successes drove positive momentum in the second half of the year, resulting in a solid finish to our 2025 fiscal year,” said Helen Johnson-Leipold, Chairman and Chief Executive Officer. “In the midst of ongoing uncertainties in the marketplace, we continue to invest and execute on our strategic priorities—innovation, operational efficiencies, and ecommerce. We are confident these are the right drivers for future company success.”

FISCAL 2025 RESULTS
After a slow start to the beginning of the fiscal year, the Company saw double-digit growth in the second half of the year.   Total revenue was essentially flat at $592.4 million versus fiscal 2024 revenue of $592.8 million.

• In Fishing, fiscal year revenue increased 2 percent driven primarily by the success of new products launched this year
• Diving sales were up 2 percent, due to modest improvements in market conditions across certain regions, as well as a favorable foreign currency translation impact on sales
• Camping and Watercraft Recreation revenue decreased 13 percent primarily due to the exit of the Eureka! brand. Excluding the impact of the Eureka! sales in the prior year, segment sales would have increased slightly year over year
  

Total Company operating loss was $16.2 million in fiscal 2025, compared to an operating loss of $43.5 million in the prior fiscal year. Gross margin increased to 35.1 percent in fiscal 2025, compared to 33.9 percent in the prior year. The improvement in gross margin between years was primarily due to improved overhead absorption and reduced inventory reserves over the prior year period. Additionally, cost savings initiatives helped offset increases in materials costs.

Operating expenses decreased from the prior year by $20.2 million due primarily to a $11.2 million goodwill impairment charge in the prior year, a decrease in promotional spending, as well as approximately $3.6 million of lower deferred compensation costs between years which is entirely offset in Other Expense.

Loss before income taxes was $9.3 million in fiscal 2025, compared to a pretax loss of $29.9 million in fiscal 2024. The improvement was mainly due to the increase in gross margin and the decrease in operating expenses discussed above.

Net loss for the fiscal year was $34.3 million, or $3.35 per diluted share, versus net loss of $26.5 million, or $2.60 per diluted share, in the last fiscal year. The Company recorded income tax expense of $25.0 million in 2025, compared to a tax benefit of $3.3 million in 2024.   In fiscal 2025, our effective income tax rate was impacted by a $25.9 million non-cash reserve on U.S. deferred tax assets. This reserve reflects the Company’s assessment of the realizability of deferred tax assets in light of recent operating losses and it may be released in future periods when profitability improves.

FOURTH QUARTER RESULTS
Due to the seasonality of the warm-weather outdoor recreation equipment industry, the Company’s fourth quarter results reflect industry-wide slowing of sales and production. Total Company net sales in the fiscal fourth quarter were $135.8 million, an increase of $30 million from the prior fiscal year fourth quarter’s sales. Operating loss of $8.2 million in the current year fourth quarter compared favorably to a loss of $42.8 million in the prior year fourth quarter. Gross margin improved over the prior year mainly due to increased sales volumes, lower promotional pricing and a decrease in reserves for inventory over the prior year fourth quarter. Loss before income taxes was $5.0 million in the current year quarter, compared to a loss of $39.7 million in the prior year fourth quarter. Net loss for the fourth quarter was $29.1 million compared to a loss of $34.3 million in fiscal 2024.

OTHER FINANCIAL INFORMATION
The Company reported cash and investments of $176.4 million as of October 3, 2025, a $14.4 million increase from the prior year, with no debt on its balance sheet. Depreciation and amortization were $20.6 million compared to $19.6 million in fiscal 2024. Capital spending totaled $16.0 million in fiscal 2025 compared with $22.0 million in fiscal 2024. In September 2025, the Company’s Board of Directors approved a quarterly cash dividend to shareholders of record as of October 10, 2025, which was payable on October 24, 2025.

“Despite an operating loss for the year, we drove positive cash flow from operations as we continued to reduce inventory levels thanks to our ongoing focus on improved operational efficiency,” said David W. Johnson, Chief Financial Officer. “Looking ahead, we will continue to strategically manage costs while at the same time making critical investments to strengthen the business.”

WEBCAST
The Company will host a conference call and audio web cast at 11:00 a.m. Eastern Time on Friday, December 12, 2025. A live listen-only web cast of the conference call may be accessed at Johnson Outdoors’ home page or here. A replay of the call will be available for 30 days on the Internet.

About Johnson Outdoors Inc.

JOHNSON OUTDOORS is a leading global innovator of outdoor recreation equipment and technologies that inspire more people to experience the awe of the great outdoors. The company designs, manufactures and markets a portfolio of winning, consumer-preferred brands across four categories: Watercraft Recreation, Fishing, Diving and Camping. Johnson Outdoors' iconic brands include: Old Town^® canoes and kayaks; Carlisle^® paddles; Minn Kota^® trolling motors, shallow water anchors and battery chargers; Cannon^® downriggers; Humminbird^® marine electronics and charts; SCUBAPRO^® dive equipment; and Jetboil^® outdoor cooking systems.

Visit Johnson Outdoors at http://www.johnsonoutdoors.com

Safe Harbor Statement

Certain matters discussed in this press release are “forward-looking statements,” intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical fact are considered forward-looking statements. These statements may be identified by the use of forward-looking words or phrases such as "anticipate,'' "believe,'' "confident," "could,'' "expect,'' "intend,'' "may,'' "planned,'' "potential,'' "should,'' "will,'' "would'' or the negative of those terms or other words of similar meaning. Such forward-looking statements are subject to certain risks and uncertainties, which could cause actual results or outcomes to differ materially from those currently anticipated. Factors that could affect actual results or outcomes include the matters described under the caption “Risk Factors” in Item 1A of the Company’s Form 10-K filed with the Securities and Exchange Commission on December 11, 2024, and the following: changes in economic conditions, consumer confidence levels and discretionary spending patterns in key markets; uncertainties stemming from political instability (and its impact on the economies in jurisdictions where the Company has operations), uncertainties stemming from changes in U.S. trade policies, tariffs, and the reaction of other countries to such changes; the global outbreaks of disease, which may affect market and economic conditions, and may have wide-ranging impacts on employees, customers and various aspects of our operations; the Company’s success in implementing its strategic plan, including its targeted sales growth platforms, innovation focus and its increasing digital presence; litigation costs related to actions of and disputes with third parties, including competitors; the Company’s continued success in its working capital management and cost-structure reductions; the Company’s success in integrating strategic acquisitions; the risk of future write-downs of goodwill or other long-lived assets; the ability of the Company’s customers to meet payment obligations; the impact of actions of the Company’s competitors with respect to product development or enhancement or the introduction of new products into the Company’s markets; movements in foreign currencies, interest rates or commodity costs; fluctuations in the prices of raw materials or the availability of raw materials or components used by the Company; any disruptions in the Company’s supply chain as a result of material fluctuations in the Company’s order volumes and requirements for raw materials and other components, or the demand for those same raw materials and components by third parties, necessary to manufacture and produce the Company’s products including related to shortages in procuring necessary raw materials and components to manufacture and produce such products; the success of the Company’s suppliers and customers and the impact of any consolidation in the industries of the Company’s suppliers and customers; the ability of the Company to deploy its capital successfully; unanticipated outcomes related to outsourcing certain manufacturing processes; unanticipated outcomes related to litigation matters; and adverse weather conditions. Shareholders, potential investors and other readers are urged to consider these factors in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements included herein are only made as of the date of this filing. The Company assumes no obligation, and disclaims any obligation, to update such forward-looking statements to reflect subsequent events or circumstances.

JOHNSON OUTDOORS INC.
(thousands, except per share amounts)
	THREE MONTHS ENDED		TWELVE MONTHS ENDED
Operating results	October 3, 2025	September 27, 2024	October 3, 2025	September 27, 2024
Net sales	$135,762	$105,874	$592,415	$592,846
Cost of sales	86,645	81,001	384,322	391,866
Gross profit	49,117	24,873	208,093	200,980
Operating expenses	57,300	67,682	224,284	244,502
Operating loss	(8,183)	(42,809)	(16,191)	(43,522)
Interest income, net	(1,138)	(1,629)	(3,559)	(4,692)
Other income, net	(2,035)	(1,500)	(3,353)	(8,968)
Loss before income taxes	(5,010)	(39,680)	(9,279)	(29,862)
Income tax expense (benefit)	24,040	(5,414)	25,015	(3,329)
Net loss	$(29,050)	$(34,266)	$(34,294)	$(26,533)
Weighted average common shares outstanding - Dilutive	10,277	10,237	10,264	10,221
Net loss per common share - Diluted	$(2.83)	$(3.35)	$(3.35)	$(2.60)
Segment Results
Net sales:
Fishing	$101,120	$72,704	$459,162	$452,341
Camping & Watercraft Recreation	11,860	13,680	58,071	66,635
Diving	22,753	19,365	75,458	73,628
Other / Eliminations	29	125	(276)	242
Total	$135,762	$105,874	$592,415	$592,846
Operating (loss) profit:
Fishing	$3,809	$(30,812)	$19,570	$(6,598)
Camping & Watercraft Recreation	(1,268)	(2,022)	918	(488)
Diving	1,411	(1,266)	1,667	(1,244)
Other / Eliminations	(12,135)	(8,709)	(38,346)	(35,192)
Total	$(8,183)	$(42,809)	$(16,191)	$(43,522)
Balance Sheet Information (End of Period)
Cash, cash equivalents, and short-term investments			$176,399	$162,039
Accounts receivable, net			50,454	40,649
Inventories, net			170,726	209,788
Total current assets			408,788	428,728
Total assets			604,103	635,212
Total current liabilities			104,640	90,444
Total liabilities			185,684	171,788
Shareholders’ equity			418,419	463,424

Johnson Outdoors Inc.
David Johnson	Patricia Penman
Chief Financial Officer	Chief Marketing Officer
262-631-6600	262-631-6600

FAQ

What were Johnson Outdoors (JOUT) total fiscal 2025 revenues and how did they compare to 2024?

Fiscal 2025 revenue was $592.4M, essentially flat versus fiscal 2024 revenue of $592.8M.

How did Johnson Outdoors (JOUT) operating results change in fiscal 2025?

Operating loss improved to $16.2M in fiscal 2025 from an operating loss of $43.5M in fiscal 2024.

Why did Johnson Outdoors (JOUT) report a larger net loss in fiscal 2025?

Net loss widened to $34.3M, driven in part by a $25.9M non-cash reserve on U.S. deferred tax assets.

What is Johnson Outdoors' (JOUT) balance sheet position at fiscal year end October 3, 2025?

The company reported $176.4M in cash and investments and stated it had no debt at year end.

How did Johnson Outdoors' (JOUT) Camping & Watercraft Recreation segment perform in fiscal 2025?

Camping & Watercraft Recreation revenue declined by 13% primarily due to the exit of the Eureka brand.

Did Johnson Outdoors (JOUT) pay a dividend in 2025 and when?

Yes; the board approved a quarterly cash dividend to shareholders of record October 10, 2025, which was paid on October 24, 2025.