Sonos swings to $89.6M profit in FY2026 earnings

The new program has no time limit and does not require Sonos to purchase a specified number of shares.

Available on EDGAR 11/10/2026 - 04:24 PM EST Accepted by SEC EDGAR 11/10/2026 - 04:23 PM EST Learn about SEC filing dates

Rhea-AI Filing Summary

Sonos, Inc. (SONO) reported fiscal 2026 revenue of $1,546.9 million for the year ended October 3, 2026, up 7% year over year, and GAAP net income of $89.6 million, compared with a net loss of $61.1 million in fiscal 2025. Adjusted EBITDA, a non-GAAP measure, rose 39% to $183.8 million; operating cash flow was $144.7 million, up 6%, and free cash flow was $122.9 million, up 14%.

Fourth-quarter revenue grew 20% to $344.4 million. The quarter had a GAAP net loss of $5.2 million versus $37.9 million a year earlier, while Adjusted EBITDA was $6.0 million, flat year over year. Fiscal 2026 GAAP gross margin was 46.9% and included $41.2 million of IEEPA tariff refunds; Sonos excludes the non-recurring refund benefit from its non-GAAP measures.

Sonos completed its prior $150 million repurchase program in the fourth quarter, after repurchasing 8.2 million shares for $130 million during fiscal 2026. The board authorized a new common-stock repurchase program of up to $150 million. Purchases may occur through open-market, privately negotiated or other transactions, including Rule 10b5-1 plans, and may be funded from existing cash and cash equivalents or future cash flow.

4 points · 0 major

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Positive

• Moderate pointFiscal revenue reached $1,546.9 million, up 7% year over year.
• Moderate pointAdjusted EBITDA rose 39% to $183.8 million in fiscal 2026.
• Moderate pointGAAP net income reached $89.6 million, from a $61.1 million loss.
• Moderate pointOperating cash flow increased 6% to $144.7 million.

Negative

• None.

Filing Explained

Sonos’s fiscal 2026 GAAP net income of $90 million included a non-recurring tariff-refund benefit and related interest; its $150 million non-GAAP net income excludes those items, so the two figures reflect different adjustments.

8-K Event Classification

3 items: 2.02, 7.01, 9.01

3 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Fiscal 2026 revenue: $1,546.9 million GAAP net income: $89.6 million Adjusted EBITDA: $183.8 million +3 more

6 metrics

Fiscal 2026 revenue $1,546.9 million Year ended October 3, 2026; up 7% year over year

GAAP net income $89.6 million Fiscal 2026; compared with a $61.1 million net loss in fiscal 2025

Adjusted EBITDA $183.8 million Fiscal 2026; up 39% year over year

Operating cash flow $144.7 million Fiscal 2026; up 6% year over year

Fourth-quarter revenue $344.4 million Fourth quarter fiscal 2026; up 20% year over year

New common-stock repurchase program Up to $150 million Board-authorized program

Key Terms

Adjusted EBITDA, Free cash flow, Non-GAAP financial measures, Rule 10b5-1 trading plans

4 terms

Adjusted EBITDA financial

"Adjusted EBITDA margin as Adjusted EBITDA divided by revenue."

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

Free cash flow financial

"net cash from operations less purchases of property and equipment"

Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.

Non-GAAP financial measures financial

"not based on any standardized methodology prescribed by U.S. GAAP"

Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.

Rule 10b5-1 trading plans regulatory

"including through Rule 10b5-1 trading plans"

Rule 10b5-1 trading plans are written, pre-arranged instructions that allow company insiders (such as executives or directors) to automatically buy or sell their company's stock at specified times or under set conditions, like a standing instruction or automated thermostat for trades. They matter to investors because these plans provide a legal defense against insider‑trading accusations and create predictable insider trading patterns that can help signal whether sales are routine portfolio management or potentially meaningful to the company’s outlook.

Earnings Snapshot

Fiscal 2026 revenue: $1,546.9 million

Fourth quarter and fiscal 2026 ended October 3, 2026

Fiscal 2026 revenue $1,546.9 million +7% year over year

Fiscal 2026 GAAP net income $89.6 million Compared with a net loss of $61.1 million in fiscal 2025

Fiscal 2026 Adjusted EBITDA $183.8 million +39% year over year

Fourth-quarter revenue $344.4 million +20% year over year

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were SONO's fiscal 2026 results?

Sonos reported fiscal 2026 revenue of $1,546.9 million, up 7% year over year, GAAP net income of $89.6 million versus a $61.1 million loss in fiscal 2025, and Adjusted EBITDA of $183.8 million, up 39%.

What are the terms of SONO's new stock repurchase program?

The board authorized repurchases of up to $150 million, with no time limit and no obligation to purchase a specified number of shares. Sonos may use open-market, privately negotiated or other transactions, including Rule 10b5-1 plans, and may modify, suspend or discontinue the program at its discretion.

How much did tariff refunds contribute to SONO's fiscal 2026 results?

Fiscal 2026 GAAP gross margin included $41.2 million of IEEPA tariff refunds. GAAP net income included the refunds and $1.4 million of interest, while Sonos excludes the non-recurring refund benefit from its non-GAAP measures.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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0001314727FALSE00013147272026-11-102026-11-10

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported)

November 10, 2026

SONOS, INC.

(Exact name of registrant as specified in its charter)

Delaware

001-38603

03-0479476

(State or other jurisdiction of incorporation)

(Commission File Number)

(IRS Employer Identification No.)

301 Coromar Drive

Santa Barbara, California 93117

(Address of principal executive offices, including zip code)

(805) 965-3001

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2):

☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading Symbol(s)			Name of each exchange on which registered
Common Stock, $0.001 par value			SONO			The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Item 2.02 Results of Operations and Financial Condition.

On November 10, 2026, Sonos, Inc. (the "Company") issued a press release announcing its financial results for its fourth fiscal quarter and fiscal year ended October 3, 2026. A copy of the press release is furnished hereto as Exhibit 99.1 and is incorporated herein by reference.

The information contained in this Item 2.02 and in Exhibit 99.1 to this Current Report on Form 8-K is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act, regardless of any general incorporation language in such filing.

Item 7.01 Regulation FD Disclosure.

On November 10, 2026, the Company announced that its Board of Directors has authorized a common stock repurchase program of up to $150 million. The repurchase program does not have an expiration date. Under the repurchase program, the Company may purchase shares of common stock from time to time through open market repurchases, privately negotiated transactions or other means, including through Rule 10b5-1 trading plans or through the use of other techniques such as accelerated share repurchases. The timing and number of shares repurchased will depend on a variety of factors, including stock price, trading volume, and general business and market conditions. A copy of the press release announcing the common stock repurchase program is furnished hereto as Exhibit 99.2 and is incorporated herein by reference.

The information contained in this Item 7.01 and in Exhibit 99.2 to this Current Report on Form 8-K is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, nor shall it be deemed incorporated by reference in any filing under the Securities Act, or the Exchange Act, regardless of any general incorporation language in such filing.

Item 9.01     Financial Statements and Exhibits.

(d)     Exhibits.

Exhibit No.
99.1			Press release dated November 10, 2026 announcing fourth fiscal quarter and fiscal year 2026 financial results.
99.2			Press release dated November 10, 2026 announcing authorization of common stock repurchase program.
104			Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

						SONOS, INC.
Date: November 10, 2026			By:			/s/ Saori Casey
						Saori Casey Chief Financial Officer

Exhibit 99.1

Sonos Reports Fourth Quarter and Fiscal 2026 Results

Fiscal 2026 marks Sonos’ return to revenue growth, with significant GAAP Net Income improvement and Adjusted EBITDA growth of 39% year over year

Fourth quarter revenue grew double digits, with revenue, gross margin and Adjusted EBITDA above the midpoint of guidance range

Santa Barbara, CA – Nov. 10, 2026 - Sonos, Inc. (Nasdaq: SONO) today reported Fourth Quarter and Fiscal 2026 results.

“We said Fiscal 2026 would be the year Sonos returned to growth, and we delivered,” said Tom Conrad, Chief Executive Officer of Sonos. “We grew in every region, delivered meaningfully higher profitability, and brought five new products to market. Underneath it all, the system strategy is working - every product improves those our customers already own, and with Sonos 27, that will keep getting stronger every year.”

“Fiscal 2026 demonstrated how much the earning power of Sonos has structurally improved,” said Saori Casey, Chief Financial Officer of Sonos. “We grew revenue 7%, reduced Non-GAAP operating expenses 3% and grew Adjusted EBITDA 39% to $184 million, all while absorbing $56 million of higher memory costs. That’s the foundation we’re building on, and we’re actively managing the levers available to us to optimize our financial performance.”

Fiscal 2026 Financial Highlights (unaudited)*

•Revenue increased 7% year-over-year to $1,547 million

•GAAP gross margin2 of 46.9%, Non-GAAP gross margin1 of 45.5%

•GAAP net income3 increased $151 million year-over-year to $90 million, GAAP diluted earnings per share (EPS)3 increased $1.24 year-over-year to $0.73

•Non-GAAP net income1 increased 92% year-over-year to $150 million, Non-GAAP diluted EPS1 increased 92% year-over-year to $1.23

•Adjusted EBITDA1 increased 39% year-over-year to $184 million

•Returned $130 million to shareholders through repurchase of 8.2 million shares

•Cash flows provided by operating activities increased 6% to $145 million

•Free cash flow3 increased 14% year-over-year to $123 million

Fourth Quarter Fiscal 2026 Financial Highlights (unaudited)*

•Revenue increased 20% year-over-year to $344 million

•GAAP gross margin4 of 46.1%, Non-GAAP gross margin1 of 42.1%

•GAAP net loss5 improved by $33 million year-over-year to ($5) million, GAAP diluted loss per share (EPS)5 improved by $0.27 year-over-year to ($0.04)

•Non-GAAP net income1 increased $12 million year-over-year to $5 million, Non-GAAP diluted EPS1 increased $0.10 year-over-year to $0.04

•Adjusted EBITDA1 was flat year-over-year at $6 million

•Returned $35 million to shareholders through repurchase of 2.2 million shares

1

New Stock Repurchase Program

•As announced in a separate release today, the company’s Board of Directors has authorized a new common stock repurchase program of up to $150 million

•The new authorization follows the completion of the company’s prior $150 million common stock repurchase program in the fourth quarter of fiscal 2026

Guidance

The company will provide guidance on its Fourth Quarter and Fiscal 2026 earnings call.

Supplemental Earnings Presentation

The company has posted a supplemental earnings presentation accompanying its Fourth Quarter and Fiscal 2026 results to the Earnings Reports section of its investor relations website at https://investors.sonos.com/reports-and-filings/default.aspx#section=earningsreports.

Conference Call, Webcast and Transcript

The company will host a webcast of its conference call and Q&A related to its Fourth Quarter and Fiscal 2026 results on November 10, 2026, at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time). Participants may access the live webcast in listen-only mode on the Sonos investor relations website at https://investors.sonos.com/news-and-events/default.aspx.

The conference call may also be accessed by dialing (888) 330-2454 with conference ID 8641747. Participants outside the U.S. can access the call by dialing (240) 789-2714 using the same conference ID.

An archived webcast of the conference call and a transcript of the company’s prepared remarks and Q&A session will also be available at https://investors.sonos.com/reports-and-filings/default.aspx#section=earningsreports following the call.

*See “Use of Non-GAAP Measures” and reconciliations to GAAP measures below.

(1) Non-GAAP Gross Margin, Adjusted EBITDA, Non-GAAP Net Income and Non-GAAP EPS exclude the non-recurring benefit from IEEPA tariff refunds received in Q3 and Q4 of Fiscal 2026

(2) Includes $41.2 million of IEEPA tariff refunds

(3) Includes $41.2 million of IEEPA tariff refunds and $1.4 million of interest earned on IEEPA tariff refunds

(4) Includes $18.0 million of IEEPA tariff refunds

(5) Includes $18.0 million of IEEPA tariff refunds and $0.6 million of interest earned on IEEPA tariff refunds

2

Consolidated Statements of Operations and Comprehensive (Loss) Income
(unaudited, in thousands, except share and per share amounts)
						Three Months Ended												Twelve Months Ended
						October 3, 2026						September 27, 2025						October 3, 2026						September 27, 2025
Revenue						$ 344,441						$ 287,900						$ 1,546,890						$ 1,443,276
Cost of revenue						185,716						162,109						820,745						812,746
Gross profit						158,725						125,791						726,145						630,530
Operating expenses
Research and development						66,006						61,958						257,777						279,969
Sales and marketing						69,116						67,762						256,389						281,192
General and administrative						34,348						30,480						122,351						119,837
Total operating expenses						169,470						160,200						636,517						680,998
Operating (loss) income						(10,745)						(34,409)						89,628						(50,468)
Other income (expense), net
Interest income						2,508						1,528						7,950						6,934
Interest expense						(97)						(129)						(427)						(465)
Other expense, net						(1,634)						(1,322)						(1,880)						(6,498)
Total other income (expense), net						777						77						5,643						(29)
(Loss) income before (benefit from) provision for income taxes						(9,968)						(34,332)						95,271						(50,497)
(Benefit from) provision for income taxes						(4,804)						3,526						5,671						10,647
Net (loss) income						$ (5,164)						$ (37,858)						$ 89,600						$ (61,144)
(Loss) earnings per share:
Basic						$ (0.04)						$ (0.31)						$ 0.75						$ (0.51)
Diluted						$ (0.04)						$ (0.31)						$ 0.73						$ (0.51)
Weighted-average shares used in computing (loss) earnings per share:
Basic						118,312,116						120,598,219						119,475,988						120,753,102
Diluted						118,312,116						120,598,219						122,305,404						120,753,102
Total comprehensive (loss) income
Net (loss) income						(5,164)						(37,858)						89,600						(61,144)
Change in foreign currency translation adjustment						227						583						(217)						3,619
Net unrealized (loss) gain on marketable securities						(52)						43						(123)						(98)
Comprehensive (loss) income						$ (4,989)						$ (37,232)						$ 89,260						$ (57,623)

3

Consolidated Balance Sheets
(unaudited, in thousands, except par values)
						As of
						October 3, 2026						September 27, 2025
Assets
Current assets:
Cash and cash equivalents						$ 178,075						$ 174,668
Marketable securities						49,063						52,858
Accounts receivable, net						102,132						65,847
Inventories						272,972						171,020
Prepaids and other current assets						52,139						39,642
Total current assets						654,381						504,035
Property and equipment, net						55,081						72,277
Operating lease right-of-use assets						45,141						45,297
Goodwill						82,854						82,854
Intangible assets, net						61,766						75,356
Deferred tax assets						10,288						10,509
Other noncurrent assets						27,779						32,950
Total assets						$ 937,290						$ 823,278
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable						$ 255,344						$ 184,109
Accrued expenses						87,305						79,094
Accrued compensation						28,534						21,331
Deferred revenue, current						21,916						21,771
Other current liabilities						44,262						46,107
Total current liabilities						437,361						352,412
Operating lease liabilities, noncurrent						51,803						53,288
Deferred revenue, noncurrent						57,417						59,453
Deferred tax liabilities						118						126
Other noncurrent liabilities						3,009						2,774
Total liabilities						549,708						468,053
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.001 par value						121						123
Treasury stock						(53,091)						(37,398)
Additional paid-in capital						461,567						502,775
Accumulated deficit						(22,478)						(112,078)
Accumulated other comprehensive income						1,463						1,803
Total stockholders’ equity						387,582						355,225
Total liabilities and stockholders’ equity						$ 937,290						$ 823,278

4

Consolidated Statements of Cash Flows
(unaudited, dollars in thousands)
						Twelve Months Ended
						October 3, 2026						September 27, 2025
Cash flows from operating activities
Net income (loss)						$ 89,600						$ (61,144)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Stock-based compensation expense						64,890						81,564
Depreciation and amortization						47,380						62,321
Foreign currency transaction loss (gain)						2,785						2,352
Provision for excess and obsolete inventory						2,052						8,143
Restructuring and other charges						1,088						11,920
Deferred income taxes						112						8
Other						5,406						3,769
Changes in operating assets and liabilities:
Accounts receivable						(38,999)						(21,873)
Inventories						(104,005)						51,729
Other assets						(11,617)						10,483
Accounts payable and accrued expenses						83,036						(14,439)
Accrued compensation						7,530						5,232
Deferred revenue						(1,067)						(2,737)
Other liabilities						(3,525)						(459)
Net cash provided by operating activities						144,666						136,869
Cash flows from investing activities
Purchases of marketable securities						(57,597)						(57,944)
Purchases of property and equipment						(21,766)						(28,676)
Maturities of marketable securities						61,440						57,100
Net cash used in investing activities						(17,923)						(29,520)
Cash flows from financing activities
Payments for repurchase of common stock						(129,975)						(80,984)
Payments for repurchase of common stock related to shares withheld for tax in connection with vesting of RSUs						(26,831)						(25,861)
Payments for debt issuance costs						(780)						—
Proceeds from exercise of stock options						34,843						4,503
Net cash used in financing activities						(122,743)						(102,342)
Effect of exchange rate changes on cash and cash equivalents						(593)						(71)
Net increase in cash and cash equivalents						3,407						4,936
Cash and cash equivalents

5

Beginning of period						174,668						169,732
End of period						$ 178,075						$ 174,668
Supplemental disclosure
Cash paid for interest						$ 234						$ 279
Cash paid for taxes, net of refunds						$ 5,608						$ 23,945
Cash paid for amounts included in the measurement of lease liabilities, net of tenant improvement reimbursements received						$ 10,620						$ 6,629
Supplemental disclosure of non-cash investing and financing activities
Purchases of property and equipment in accounts payable and accrued expenses						$ 1,376						$ 5,055
Right-of-use assets obtained in exchange for new operating lease liabilities						$ 5,404						$ 1,491
Excise tax on share repurchases, accrued but not paid						$ 351						$ 281

Reconciliation of GAAP to Non-GAAP Cost of Revenue and Gross Profit
(unaudited, in thousands, except percentages)
						Three Months Ended												Twelve Months Ended
						October 3, 2026						September 27, 2025						October 3, 2026						September 27, 2025
Reconciliation of GAAP cost of revenue
GAAP cost of revenue						$ 185,716						$ 162,109						$ 820,745						$ 812,746
Stock-based compensation expense						1,527						1,560						5,236						6,148
Amortization of intangibles						2,608						2,608						13,410						12,360
Restructuring and other charges(1)(2)						—						—						795						3,420
IEEPA tariff refund benefit(3)						(18,014)						—						(41,168)						—
Non-GAAP cost of revenue						$ 199,595						$ 157,941						$ 842,472						$ 790,818
Reconciliation of GAAP gross profit
GAAP gross profit						$ 158,725						$ 125,791						$ 726,145						$ 630,530
Stock-based compensation expense						1,527						1,560						5,236						6,148
Amortization of intangibles						2,608						2,608						13,410						12,360
Restructuring and other charges(1)(2)						—						—						795						3,420
IEEPA tariff refund benefit(3)						(18,014)						—						(41,168)						—
Non-GAAP gross profit						$ 144,846						$ 129,959						$ 704,418						$ 652,458
GAAP gross margin						46.1%						43.7%						46.9%						43.7%
Non-GAAP gross margin						42.1%						45.1%						45.5%						45.2%
(1) Restructuring and other charges for fiscal 2026, include employee-related costs resulting from a reorganization of certain functions and organizational changes driven by new leadership, costs related to exiting a contract manufacturing partnership, and exit costs associated with the partial abandonment of office space.

6

(2) Restructuring and other charges for fiscal 2025 primarily reflect costs associated with our previous cost transformation initiatives.

(3) Tariff refunds relate to non-recurring cash received during the second half of fiscal 2026 following a U.S. Supreme Court ruling invalidating certain IEEPA tariffs, excluding associated interest.

Reconciliation of Selected Non-GAAP Financial Measures
(unaudited, dollars in thousands)
						Three Months Ended												Twelve Months Ended
						October 3, 2026						September 27, 2025						October 3, 2026						September 27, 2025
Research and Development (GAAP)						$ 66,006						$ 61,958						$ 257,777						$ 279,969
Stock-based compensation						5,911						7,134						23,780						36,414
Amortization of intangibles						20						20						81						236
Restructuring and other charges (2)(3)						-						673						4,871						12,555
Research and Development (Non-GAAP)						$ 60,075						$ 54,131						$ 229,045						$ 230,764
Sales and Marketing (GAAP)						$ 69,116						$ 67,762						$ 256,389						$ 281,192
Stock-based compensation						3,428						2,705						11,920						15,783
Restructuring and other charges (2)(3)						-						5,949						1,499						9,779
Sales and Marketing (Non-GAAP)						$ 65,688						$ 59,108						$ 242,970						$ 255,630
General and Administrative (GAAP)						34,348						30,480						122,351						119,837
Stock-based compensation						7,638						5,377						23,954						23,219
Legal and transaction related costs(1)						5,785						2,454						15,609						5,384
Amortization of intangibles						24						24						94						95
Restructuring and other charges (2)(3)						-						1,247						304						7,736
General and Administrative (Non-GAAP)						$ 20,901						$ 21,378						$ 82,390						$ 83,403
Total Operating Expenses (GAAP)						$ 169,470						$ 160,200						$ 636,517						$ 680,998
Stock-based compensation						16,977						15,216						59,654						75,416
Legal and transaction related costs (1)						5,785						2,454						15,609						5,384
Amortization of intangibles						44						44						175						331
Restructuring and other charges (2)(3)						-						7,869						6,674						30,070
Operating Expenses (Non-GAAP)						$ 146,664						$ 134,617						$ 554,405						$ 569,797
Total Operating (Loss) Income (GAAP)						$ (10,745)						$ (34,409)						$ 89,628						$ (50,468)
Stock-based compensation						18,504						16,776						64,890						81,564
Legal and transaction related costs (1)						5,785						2,454						15,609						5,384
Amortization of intangibles						2,652						2,652						13,585						12,691
Restructuring and other charges (2)(3)						-						7,869						7,469						33,490
IEEPA tariff refund benefit (4)						(18,014)						-						(41,168)						-
Operating (Loss) Income (Non-GAAP)						$ (1,818)						$ (4,658)						$ 150,013						$ 82,661
Depreciation						7,804						11,013						33,795						49,630

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Adjusted EBITDA (Non-GAAP)						$ 5,986						$ 6,355						$ 183,808						$ 132,291
Total Operating (Loss) Income (GAAP)						$ (10,745)						$ (34,409)						$ 89,628						$ (50,468)
Stock-based compensation expense						18,504						16,776						64,890						81,564
Legal and transaction related costs (1)						5,785						2,454						15,609						5,384
Amortization of intangibles						2,652						2,652						13,585						12,691
Restructuring and other charges (2)(3)						-						7,869						7,469						33,490
IEEPA tariff refund benefit (4)						(18,014)						-						(41,168)						-
Operating (Loss) Income (Non-GAAP)						$ (1,818)						$ (4,658)						$ 150,013						$ 82,661
Interest income						2,508						1,528						7,950						6,934
Interest expense						(97)						(129)						(427)						(465)
Interest attributable to IEEPA tariff refunds						(640)						-						(1,418)						-
Pre-tax (Loss) Income (Non-GAAP)						$ (47)						$ (3,259)						$ 156,118						$ 89,130
(Benefit from) provision for income taxes						(4,804)						3,526						5,671						10,647
Net income (loss) (Non-GAAP)						$	4,757					$	(6,785)					$	150,446					$	78,483
Weighted-average shares non-GAAP, diluted						121,005,043						120,598,219						122,305,404						122,944,942
Non-GAAP earnings (loss) per share, diluted						$ 0.04						$	(0.06)					$	1.23					$	0.64
(1) Legal and transaction-related costs consist of expenses related to our intellectual property ("IP") litigation against Alphabet and Google, which we do not consider representative of our underlying operating performance.
(2) Restructuring and other charges for fiscal 2026, include employee-related costs resulting from a reorganization of certain functions and organizational changes driven by new leadership, costs related to exiting a contract manufacturing partnership, and exit costs associated with the partial abandonment of office space.
(3) Restructuring and other charges for fiscal 2025 primarily reflect costs associated with our previous cost transformation initiatives.
(4) Tariff refunds relate to non-recurring cash received during the period following a U.S. Supreme Court ruling invalidating certain IEEPA tariffs, excluding associated interest.

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Reconciliation of Net (Loss) Income to Adjusted EBITDA
(unaudited, dollars in thousands except percentages)
						Three Months Ended												Twelve Months Ended
						October 3, 2026						September 27, 2025						October 3, 2026						September 27, 2025
(In thousands, except percentages)
Net (loss) income						$ (5,164)						$ (37,858)						$ 89,600						$ (61,144)
Add (deduct):
Depreciation and amortization						10,456						13,665						47,380						62,321
Stock-based compensation expense						18,504						16,776						64,890						81,564
Interest income						(2,508)						(1,528)						(7,950)						(6,934)
Interest expense						97						129						427						465
Other expense, net						1,634						1,322						1,880						6,498
(Benefit from) provision for income taxes						(4,804)						3,526						5,671						10,647
Legal and transaction related costs (1)						5,785						2,454						15,609						5,384
IEEPA tariff refund benefit (2)						(18,014)						-						(41,168)						-
Restructuring and other charges (3)(4)						—						7,869						7,469						33,490
Adjusted EBITDA						$ 5,986						$ 6,355						$ 183,808						$ 132,291
Revenue						$ 344,441						$ 287,900						$ 1,546,890						$ 1,443,276
Net (loss) income margin						(1.5)%						(13.1)%						5.8%						(4.2)%
Adjusted EBITDA margin						1.7%						2.2%						11.9%						9.2%
(1) Legal and transaction-related costs consist of expenses related to our IP litigation against Alphabet and Google, which we do not consider representative of our underlying operating performance.
(2) Tariff refunds relate to non-recurring cash received during the period following a U.S. Supreme Court ruling invalidating certain IEEPA tariffs, excluding associated interest.
(3) Restructuring and other charges for fiscal 2026, include employee-related costs resulting from a reorganization of certain functions and organizational changes driven by new leadership, costs related to exiting a contract manufacturing partnership, and exit costs associated with the partial abandonment of office space.
(4) Restructuring and other charges for fiscal 2025 primarily reflect costs associated with our previous cost transformation initiatives.

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Reconciliation of GAAP Net (Loss) Income to Non-GAAP Net Income (Loss)
(unaudited, in thousands, except share and per share amounts)
						Three Months Ended												Twelve Months Ended
						October 3, 2026						September 27, 2025						October 3, 2026						September 27, 2025
GAAP net (loss) income						$ (5,164)						$ (37,858)						$ 89,600						$ (61,144)
Stock-based compensation expense						18,504						16,776						64,890						81,564
Legal and transaction related costs (1)						5,785						2,454						15,609						5,384
Amortization of intangibles						2,652						2,652						13,585						12,691
Restructuring and other charges (2)(3)						-						7,869						7,469						33,490
Other expense, net						1,634						1,322						1,880						6,498
IEEPA tariff refund benefit, including interest (4)						(18,654)						-						(42,587)						-
Non-GAAP net income (loss)						$ 4,757						$ (6,785)						$ 150,446						$ 78,483
(Loss) earnings per share
GAAP (loss) earnings per share, diluted						$ (0.04)						$ (0.31)						$ 0.73						$ (0.51)
Non-GAAP earnings (loss) per share, diluted						$ 0.04						$ (0.06)						$ 1.23						$ 0.64
Shares used to calculate (loss) earnings per share
Weighted-average shares GAAP, diluted						118,312,116						120,598,219						122,305,404						120,753,102
Weighted-average shares non-GAAP, diluted						121,005,043						120,598,219						122,305,404						122,944,942
(1) Legal and transaction-related costs consist of expenses related to our intellectual property ("IP") litigation against Alphabet and Google, which we do not consider representative of our underlying operating performance.
(2) Restructuring and other charges for fiscal 2026, include employee-related costs resulting from a reorganization of certain functions and organizational changes driven by new leadership, costs related to exiting a contract manufacturing partnership, and exit costs associated with the partial abandonment of office space.
(3) Restructuring and other charges for fiscal 2025 primarily reflect costs associated with our previous cost transformation initiatives.
(4) Tariff refunds relate to non-recurring cash received during the period following a U.S. Supreme Court ruling invalidating certain IEEPA tariffs, including associated interest.

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Reconciliation of Cash Flows Provided by Operating Activities to Free Cash Flow
(unaudited, dollars in thousands)
						Three Months Ended												Twelve Months Ended
						October 3, 2026						September 27, 2025						October 3, 2026						September 27, 2025
Cash flows provided by operating activities						$ 499						$ 2,921						$ 144,666						$ 136,869
Less: Purchases of property and equipment						(5,085)						(5,258)						(21,766)						(28,676)
Free cash flow						$ (4,586)						$ (2,337)						$ 122,900						$ 108,193

Revenue by Product Category
(unaudited, dollars in thousands)
						Three Months Ended												Twelve Months Ended
						October 3, 2026						September 27, 2025						October 3, 2026						September 27, 2025
(In thousands)
Sonos speakers						$ 247,540						$ 206,478						$ 1,202,123						$ 1,121,808
Sonos system products						77,049						65,244						263,770						249,237
Partner products and other revenue						19,852						16,178						80,997						72,231
Total revenue						$ 344,441						$ 287,900						$ 1,546,890						$ 1,443,276

Revenue by Geographical Region
(unaudited, dollars in thousands)
						Three Months Ended												Twelve Months Ended
						October 3, 2026						September 27, 2025						October 3, 2026						September 27, 2025
Americas						$ 224,759						$ 191,900						$ 972,617						$ 922,941
Europe, Middle East and Africa						95,856						77,534						482,631						441,177
Asia Pacific						23,826						18,466						91,642						79,158
Total revenue						$ 344,441						$ 287,900						$ 1,546,890						$ 1,443,276

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Stock-based Compensation
(unaudited, dollars in thousands)
						Three Months Ended												Twelve Months Ended
						October 3, 2026						September 27, 2025						October 3, 2026						September 27, 2025
(In thousands)
Cost of revenue						$ 1,527						$ 1,560						$ 5,236						$ 6,148
Research and development						5,911						7,244						23,963						37,060
Sales and marketing						3,428						2,705						11,920						15,932
General and administrative						7,638						5,377						24,011						27,110
Total stock-based compensation expense						$ 18,504						$ 16,886						$ 65,130						$ 86,250

Amortization of Intangibles
(unaudited, dollars in thousands)
						Three Months Ended												Twelve Months Ended
						October 3, 2026						September 27, 2025						October 3, 2026						September 27, 2025
Cost of revenue						$ 2,608						$ 2,608						$ 13,410						$ 12,360
Research and development						20						20						81						236
Sales and marketing						-						-						-						-
General and administrative						24						24						94						95
Total amortization of intangibles						$ 2,652						$ 2,652						$ 13,585						$ 12,691

Use of Non-GAAP Measures

We have provided in this press release financial information that has not been prepared in accordance with generally accepted accounting principles (“U.S. GAAP”), including Adjusted EBITDA, Adjusted EBITDA margin, non-GAAP operating income (loss), free cash flow, non-GAAP gross margin, non-GAAP net income (loss), non-GAAP cost of revenue, non-GAAP gross profit and non-GAAP diluted earnings (loss) per share. These non-GAAP financial measures are not based on any standardized methodology prescribed by U.S. GAAP and are not necessarily comparable to similarly titled measures presented by other companies. We use these non-GAAP financial measures to evaluate our operating performance and trends. We believe that these non-GAAP financial measures help identify underlying trends in our business that could otherwise be masked by the effect of the expenses and other items that we exclude in these non-GAAP financial measures. Accordingly, we believe that these non-GAAP financial measures provide useful information to investors and others in understanding and evaluating our operating results, enhancing the overall understanding of our past performance and future prospects and allowing for greater transparency with respect to a key financial metric used by

12

our management in its financial and operational decision-making. Non-GAAP financial measures should not be considered in isolation of, or as an alternative to, measures prepared in accordance with U.S. GAAP. Investors are encouraged to review the reconciliation of these financial measures to their nearest U.S. GAAP financial equivalents provided in the financial statement tables above. We define Adjusted EBITDA as net income (loss) adjusted to exclude the impact of depreciation and amortization, stock-based compensation expense, interest income, interest expense, other expense (income), income taxes, restructuring and other charges, legal and transaction related fees and other items that we do not consider representative of our underlying operating performance, including, for the second half of fiscal 2026, IEEPA tariff refund benefit. We define Adjusted EBITDA margin as Adjusted EBITDA divided by revenue. We define non-GAAP operating income (loss) as total operating loss adjusted to exclude stock-based compensation expense, legal and transaction related costs, amortization of intangibles and restructuring and other charges and, for the second half of fiscal 2026, IEEPA tariff refund benefit. We define free cash flow as net cash from operations less purchases of property and equipment. We define non-GAAP gross margin as GAAP gross margin, excluding stock-based compensation, amortization of intangible assets and restructuring and other charges and, for the second half of fiscal 2026, IEEPA tariff refund benefit. We define non-GAAP cost of revenue as GAAP cost of revenue less stock-based compensation and amortization of intangibles and restructuring and other charges and, for the second half of fiscal 2026, IEEPA tariff refund benefit. We define non-GAAP gross profit as GAAP gross profit less stock-based compensation, amortization of intangibles, and restructuring and other charges and, for the second half of fiscal 2026, IEEPA tariff refund benefit. We calculate non-GAAP net income (loss) as GAAP net income (loss) less stock-based compensation, legal and transaction related fees, amortization of intangibles, other expense (income) and restructuring and other charges and, for the second half of fiscal 2026, IEEPA tariff refund benefit and interest attributable to IEEPA tariff refund benefit. We calculate non-GAAP diluted income (loss) per share as non-GAAP net income (loss) divided by non-GAAP weighted average diluted shares outstanding during the period. We do not provide a reconciliation of forward-looking non-GAAP financial measures to their comparable GAAP financial measures because we cannot do so without unreasonable effort due to unavailability of information needed to calculate reconciling items and due to the variability, complexity and limited visibility of the adjusting items that would be excluded from the non-GAAP financial measures in future periods. When planning, forecasting and analyzing future periods, we do so primarily on a non-GAAP basis without preparing a GAAP analysis as that would require estimates for items such as stock-based compensation, which is inherently difficult to predict with reasonable accuracy. Stock-based compensation expense is difficult to estimate because it depends on our future hiring and retention needs, as well as the future fair market value of our common stock, all of which are difficult to predict and subject to constant change. In addition, for purposes of setting annual guidance, it would be difficult to quantify stock-based compensation expense for the year with reasonable accuracy in the current quarter. As a result, we do not believe that a GAAP reconciliation would provide meaningful supplemental information about our outlook.

Forward Looking Statements

This press release contains forward-looking statements that involve risks and uncertainties. These forward-looking statements include statements regarding our long-term outlook, financial, growth and business strategies and opportunities, market growth and our market share, our operating model and cost structure, and other factors affecting variability in our financial results. These forward-looking statements are only predictions and may differ materially from actual results due to a variety of factors, including, but not limited to: difficulties in and effect of implementing improvements to our operating model and cost structure; the risk that restructuring and related charges may be greater than anticipated or not occur in the expected time frame;

13

local law requirements in various jurisdictions regarding elimination of positions; our ability to accurately forecast product demand and effectively forecast and manage owned and channel inventory levels; our ability to successfully introduce software updates; our ability to maintain, enhance and protect our brand image; the impact of global economic, market and political events, including tariffs, global trade tensions, continued inflationary pressures, high interest rates and, in certain markets, foreign currency exchange rate fluctuations; changes in consumer income and overall consumer spending as a result of economic or political uncertainty or conditions, including tariffs; changes in consumer spending patterns; our ability to successfully introduce new products and services and maintain or expand the success of our existing products; the success of our efforts to expand our direct-to-consumer channel; the success of our financial, growth and business strategies; our ability to compete in the market and maintain or expand market share; our ability to maintain relationships with our channel, distribution and technology partners; our ability to meet product demand and manage any product availability delays; supply chain challenges, including shipping and logistics challenges and component supply-related challenges, particularly industry-wide increases in demand for semiconductors and other components necessary for our products primarily related to the build out of new AI technologies and data centers; our ability to protect our brand and intellectual property; our use of artificial intelligence; and the other risk factors identified in our filings with the Securities and Exchange Commission (the “SEC”), including our most recent Annual Report on Form 10-K and subsequent filings. Copies of our SEC filings are available free of charge at the SEC’s website at www.sec.gov, on our investor relations website at https://investors.sonos.com/reports-and-filings/default.aspx or upon request from our investor relations department. All forward-looking statements herein reflect our opinions only as of the date of this press release, and we undertake no obligation, and expressly disclaim any obligation, to update forward-looking statements herein in light of new information or future events. Sonos and Sonos product names are trademarks or registered trademarks of Sonos, Inc. All other product names and services may be trademarks or service marks of their respective owners.

About Sonos

Sonos (Nasdaq: SONO) is a leading audio company dedicated to elevating life through sound. Sonos has built a connected system that brings together all the sounds people love, from music and movies to stories and conversations. Its portfolio of home theater speakers, components, plug-in and portable speakers, and headphones grows more powerful with every room and device added. Trusted by more than 17 million households in over 60 countries, Sonos is headquartered in Santa Barbara, California. Learn more at www.sonos.com.

Investor Contact

James Baglanis
IR@sonos.com

Press Contact

Tanya Elm

PR@sonos.com

Source: Sonos

14

Exhibit 99.2

Sonos Announces $150 Million Stock Repurchase Program
and Completion of Previous Stock Repurchase Program

Santa Barbara, CA – Nov. 10, 2026 - Sonos, Inc. (Nasdaq: SONO) today announced that its Board of Directors has authorized a common stock repurchase program of up to $150 million. The new authorization follows the completion of the company’s prior $150 million common stock repurchase program in the fourth quarter of fiscal 2026.

Under the repurchase program, Sonos may purchase shares of common stock on a discretionary basis from time to time through open market repurchases, privately negotiated transactions or other means, including through Rule 10b5-1 trading plans or through the use of other techniques such as accelerated share repurchases. The timing and number of shares repurchased will depend on a variety of factors, including stock price, trading volume, and general business and market conditions. The repurchase program has no time limit, does not obligate Sonos to acquire a specified number of shares and may be modified, suspended or discontinued at any time at the company’s discretion.

Repurchases under this program will be funded from the company’s existing cash and cash equivalents or future cash flow.

Forward-Looking Statements

This press release contains forward-looking statements that involve risks and uncertainties, such as statements regarding repurchases of our common stock under the stock repurchase program and our long-term financial and growth potential, among others. These forward-looking statements are only predictions and may differ materially from actual results due to a variety of factors, including, but not limited to: difficulties in and effect of implementing improvements to our operating model and cost structure; the risk that restructuring and related charges may be greater than anticipated or not occur in the expected time frame; local law requirements in various jurisdictions regarding elimination of positions; our ability to accurately forecast product demand and effectively forecast and manage owned and channel inventory levels; our ability to successfully introduce software updates; our ability to maintain, enhance, and protect our brand image; the impact of global economic, market, and political events, including tariffs, global trade tensions, continued inflationary pressures, high interest rates and, in certain markets, foreign currency exchange rate fluctuations; changes in consumer income and overall consumer spending as a result of economic or political uncertainty or conditions, including tariffs; changes in consumer spending patterns; our ability to successfully introduce new products and services

and maintain or expand the success of our existing products; the success of our efforts to expand our direct-to-consumer channel; the success of our financial, growth, and business strategies; our ability to compete in the market and maintain or expand market share; our ability to maintain relationships with our channel, distribution and technology partners; our ability to meet product demand and manage any product availability delays; supply chain challenges, including shipping and logistics challenges and component supply-related challenges, particularly industry-wide increases in demand for semiconductors and other components necessary for our products primarily related to the build out of new AI technologies and data centers; our ability to protect our brand and intellectual property; our use of artificial intelligence; and the other risk factors identified in our filings with the Securities and Exchange Commission (the “SEC”), including our most recent Annual Report on Form 10-K and subsequent filings. Copies of our SEC filings are available free of charge at the SEC’s website at www.sec.gov, on our investor relations website at https://investors.sonos.com/reports-and-filings/default.aspx or upon request from our investor relations department. All forward-looking statements herein reflect our opinions only as of the date of this press release, and we undertake no obligation, and expressly disclaim any obligation, to update forward-looking statements herein in light of new information or future events.

About Sonos

Sonos (Nasdaq: SONO) is a leading audio company dedicated to elevating life through sound. Sonos has built a connected system that brings together all the sounds people love, from music and movies to stories and conversations. Its portfolio of home theater speakers, components, plug-in and portable speakers, and headphones grows more powerful with every room and device added. Trusted by more than 17 million households in over 60 countries, Sonos is headquartered in Santa Barbara, California. Learn more at www.sonos.com.

Investor Contact

James Baglanis

IR@sonos.com

Press Contact

Tanya Elm

PR@sonos.com

Source: Sonos

Filing Exhibits & Attachments

5 documents

Press Releases

• EX-99.1 EX-99.1 582.5 KB
• EX-99.2 EX-99.2 8.6 KB

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• EX-101 XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 1.7 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT 21.1 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT 12.2 KB