Welcome to our dedicated page for Sleep Number SEC filings (Ticker: SNBR), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
Sleep Number Corporation SEC filings document its personalized sleep-products business, capital structure and public-company governance. Form 8-K disclosures cover operating results, Regulation FD investor presentations, amendments to its credit agreement, covenant and liquidity terms, financing arrangements, officer appointments, board changes and compensatory arrangements.
The company’s proxy materials describe director matters, executive compensation, equity awards and shareholder voting items. Together, the filings provide formal records for Sleep Number’s direct-to-consumer retail model, product and marketing strategy, debt obligations, internal reporting roles and governance practices.
Sleep Number Corporation (SNBR) filed an 8-K detailing its amended and extended credit agreement through 2027 and clarifying covenant terms and EBITDA definitions. The amendment raises near-term Net Leverage Ratio thresholds, including 5.25x for the quarter ended September 27, 2025, 4.50x for the quarter ending January 3, 2026, and 4.00x for each quarter thereafter.
The definition of Consolidated EBITDA now permits addbacks for approved pro forma cost actions implemented but not yet fully realized, while restructuring and other non-recurring addbacks are unchanged. The company reiterates 2025 adjusted EBITDA of about $70 million and, with roughly $40 million of structural changes, expects Consolidated EBITDA of about $110 million, supporting covenant compliance. Management plans to stabilize and modestly increase marketing in 2026 to back product launches, broaden consumer reach, and build on repeat demand.
Sleep Number (SNBR) reported a director’s Form 4 showing an acquisition of 49,746 common shares on 11/04/2025 at $0. The filing states these were Phantom Shares that converted to common stock when the reporting person ceased to be a Director. Following the transactions, the reporting person beneficially owned 98,085 shares.
The footnotes also note that 9,776 shares vested from restricted stock unit awards on 11/04/2025. The form indicates this will be the final reportable event based on recent activity.
Sleep Number (SNBR) reported a weak quarter with lower sales and losses. Net sales fell to $342.9 million, down 20% year over year, as lower volume and fewer stores weighed on results. Gross profit was $205.4 million with a 59.9% gross margin, slightly below last year’s 60.8%.
Operating loss was $40.3 million, driven in part by $39.2 million in restructuring costs. Net loss widened to $39.8 million, or $1.73 per diluted share. Sales and marketing fell in dollars but rose as a percentage of sales due to deleverage. R&D and G&A also declined year over year.
Liquidity remains tight. Cash was $1.3 million and borrowings under the credit facility were $579.5 million. For the first nine months, operating cash flow used $5.2 million and free cash flow used $17.0 million. On November 4, 2025, the company amended its credit agreement, extending maturity to December 3, 2027, adjusting pricing and covenants, and adding reporting requirements. The company was in compliance following the amendment. As of September 27, 2025, 22,790,000 common shares were outstanding.
Sleep Number (SNBR) amended its credit agreement, extending the maturity to December 3, 2027 and adjusting key terms. The revolving credit facility is reduced from $485 million to $475 million, and to $465 million on July 31, 2026. Pricing shifts to fixed grids: the Applicable Margin for Term SOFR Loans is 4.0% through December 31, 2026 and 4.25% starting January 1, 2027; the commitment fee is 0.50% through December 31, 2026 and 0.75% thereafter.
The amendment increases scheduled term-loan amortization by $1,250,000 per quarter beginning March 31, 2027 (aggregate $3,750,000). It terminates the accordion and tightens/clarifies covenants, including maximum Net Leverage Ratio stepping to 4.00x thereafter, a Liquidity minimum of $30 million until September 30, 2026 and $40 million monthly thereafter, refreshed Interest Coverage thresholds, and a new quarterly minimum EBITDA test. The company states it was in compliance following the amendment. Separately, Stephen L. Gulis, Jr. retired from the Board effective November 4, 2025.
Sleep Number Corporation filed a current report to note that it issued a press release on November 5, 2025, sharing its financial results for the fiscal third quarter ended September 27, 2025. The filing itself primarily serves as a formal notice that these quarterly results have been released to the public.
The report attaches the full earnings press release as Exhibit 99.1, where detailed financial and operating results for the third quarter can be found.
Sleep Number Corp reporting person Christopher D. Krusmark disclosed on Form 4 that on 09/05/2025 a disposition occurred when 2,908 vested restricted stock units were settled and 890 shares were withheld to cover estimated taxes, recorded as a sale at $9.73 per share. After the transaction Mr. Krusmark beneficially owned 50,644 shares directly and had 2,338.0196 shares indirectly held through a 401(k). The filing notes 27,324 restricted stock units remain outstanding and vest over time. The Form 4 was signed on 09/08/2025 by an attorney-in-fact.
Sleep Number Corp (SNBR) insider Francis K. Lee reported separation from the company on 08/15/2025 and filed a final Form 4. The filing shows that 8,230 shares vested from a restricted stock unit award on the separation date, but a portion of those vested shares were withheld to cover the reporting person's estimated tax obligation. The report records a disposition of 2,671 shares at $10.68 each, leaving 18,874 shares beneficially owned by the reporting person following the transaction. The filing also states that any remaining unvested restricted stock units were forfeited upon separation.
Schedule 13G/A disclosure: M Partners Fund LP, together with its general partner M Partners Fund (GP) LLC and managing member Ali John Mirshekari, reports collective beneficial ownership of 2,263,729 shares of Sleep Number Corporation common stock, representing 9.94% of the outstanding class based on 22,771,000 shares outstanding as reported in the company filings. The reported position reflects shared voting and shared dispositive power for all disclosed shares and no sole voting or dispositive power.
The filing includes a certification that the shares were not acquired to change or influence control of the issuer. The reporting persons identify their organization and principal business address and expressly disclaim forming a statutory group under Rule 13d-5(b)(1).
Stadium Capital Management and related entities filed Amendment No. 8 to their Schedule 13D on Sleep Number Corp. (SNBR). They collectively hold 2,616,459 shares, equal to 11.5 % of the 22.77 million shares outstanding as of 28 Jun 2025. Voting and dispositive power are entirely shared among the reporting persons; none is held solely.
Purpose. Stadium says its prior governance concerns have been addressed: the board has been reduced in size, a new CEO, Linda Findley, was hired, and a turnaround plan is underway. After extensive meetings, the group is “deeply impressed” with Findley’s strategy and execution pace and now fully supports management and the re-configured board, positioning itself as a constructive partner.
Recent activity. The group reports no transactions in the past 60 days; share count is unchanged versus prior amendment. Source of funds is primarily affiliate funds (AF) and working capital (WC). The filing signals a shift from open activism toward supportive engagement while maintaining a sizeable stake capable of influencing strategy.