YETI Q3 net income rises to $44.4M; sales gain 4%

A $50.3 million nine-month tariff-refund benefit accompanied a $21.459 million reduction to pretax income from product recall adjustments.

Available on EDGAR 11/12/2026 - 06:17 AM EST Accepted by SEC EDGAR 11/12/2026 - 06:16 AM EST Learn about SEC filing dates

Rhea-AI Filing Summary

YETI Holdings, Inc. (YETI) reported third-quarter net sales of $509.4 million, up 4% year over year, and net income of $44.4 million, versus $39.4 million. For the first nine months, net sales were $1,373.7 million versus $1,284.8 million, and net income was $125.5 million versus $107.2 million. Gross margin increased to 57.7% for the quarter and 60.2% for nine months, from 55.9% and 57.0%, respectively.

IEEPA tariff refunds produced a $50.3 million net benefit for the nine months. YETI received $60.4 million in cash refunds during the third quarter; at October 3, 2026, receivables included $7.9 million of tariffs and $0.5 million of interest. Product recall reserve adjustments reduced income before taxes by $21.459 million for nine months. YETI repurchased 0.5 million shares for approximately $20.0 million in the third quarter, with approximately $350.0 million remaining under the program at October 3, 2026. Cash was $73.8 million and term-loan principal outstanding was $70.7 million at that date; there were no borrowings under the revolving credit facility.

4 points · 0 major

PositiveiHow this balance works

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 1 point

How the balance works

Positive

• Moderate pointNine-month net sales increased 7% to $1,373.7 million.
• Moderate pointNine-month net income was $125.541 million, versus $107.160 million.
• Moderate pointNine-month gross margin increased 320 basis points to 60.2%.
• Moderate pointIEEPA tariff refunds produced a $50.3 million nine-month net benefit. 1.6% of market cap

Negative

• Moderate pointProduct recall adjustments reduced nine-month pretax income by $21.459 million.

Filing Explained

At October 3, 2026, YETI had $350.0 million of repurchase authorization available, but it was not committed spending: the company says it has no obligation to repurchase shares and may suspend or stop the program; any shares repurchased are held as treasury stock.

Key Figures

Third-quarter net sales: $509.4 million Third-quarter net income: $44.4 million Nine-month net sales: $1,373.7 million +4 more

7 metrics

Third-quarter net sales $509.4 million Three months ended October 3, 2026; $487.8 million in the prior-year quarter.

Third-quarter net income $44.4 million Three months ended October 3, 2026; $39.4 million in the prior-year quarter.

Nine-month net sales $1,373.7 million Nine months ended October 3, 2026; $1,284.8 million in the prior-year period.

Nine-month net income $125.541 million Nine months ended October 3, 2026; $107.160 million in the prior-year period.

Nine-month gross margin 60.2% Nine months ended October 3, 2026; 57.0% in the prior-year period.

IEEPA tariff-refund net benefit $50.3 million Nine months ended October 3, 2026.

Recall-related decrease to income before taxes $21.459 million Nine months ended October 3, 2026.

Key Terms

Contract liabilities, IEEPA tariff refunds, Gross margin, Anti-dilutive, +1 more

5 terms

Contract liabilities financial

"Contract liabilities are recorded when the customer pays consideration before the transfer"

Contract liabilities are amounts a company has been paid in advance for goods or services it still owes to customers — think of them like gift cards or prepaid subscriptions the company must fulfill later. For investors, they show promised future work or deliveries that will turn into revenue over time, reveal cash already collected, and help assess whether a firm has a backlog of obligations that could affect future earnings and cash flow.

IEEPA tariff refunds regulatory

"The total net benefit of the IEEPA tariff refund was $50.3 million"

Refunds under the International Emergency Economic Powers Act (IEEPA) are repayments of import duties, fees, or penalties that were charged because of trade restrictions or sanctions put in place under emergency authority and later reversed, modified, or found inapplicable. For investors, these refunds can change a company’s past cash outflows and future cost structure—similar to getting a billed charge returned after a rule change—affecting reported earnings or cash available for other uses.

Gross margin financial

"Gross margin rate increased 180 basis points to 57.7%"

Gross margin is the difference between how much money a company makes from selling its products and how much it costs to produce them, expressed as a percentage of sales. It shows how efficiently a company is turning sales into profit before other expenses like marketing or salaries. Higher gross margin means the company keeps more money from each sale, which is a good sign of financial health.

Anti-dilutive financial

"because their effect would be anti-dilutive"

A claim, security feature, or action described as anti-dilutive prevents or does not cause a reduction in existing shareholders’ per-share values when additional shares could be issued. For example, certain convertible securities or corporate actions are treated as anti-dilutive for earnings-per-share calculations if including them would raise EPS rather than lower it; investors watch this because it affects reported per-share metrics, ownership percentages, and valuation comparisons, like keeping pie slices the same size instead of making them smaller.

Accelerated share repurchase financial

"entered into two separate accelerated share repurchase agreements"

An accelerated share repurchase is a deal where a company hires a bank to buy back a large block of its own stock immediately on the open market, with the bank later settling the exact number of shares over time. For investors it matters because the immediate reduction in shares outstanding can raise per‑share earnings and often supports the stock price, but it also uses company cash or borrowing and can change liquidity and future growth funding.

FAQ

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

What were YETI's third-quarter sales?

YETI reported $509.4 million in net sales for the three months ended October 3, 2026, compared with $487.8 million for the three months ended September 27, 2025. Net sales increased 4% year over year.

How much net income did YETI report in the third quarter?

YETI reported $44.4 million in net income for the three months ended October 3, 2026, compared with $39.4 million for the three months ended September 27, 2025.

What was the benefit from YETI's IEEPA tariff refunds?

YETI reported a $50.3 million net benefit from IEEPA tariff refunds for the nine months ended October 3, 2026. It included $47.4 million recognized as a reduction to cost of goods sold and $2.9 million of interest income.

How much did YETI's product recall adjustments affect pretax income?

Product recall adjustments decreased income before income taxes by $21.459 million for the nine months ended October 3, 2026, including a $18.198 million decrease for the three months ended October 3, 2026.

How many shares did YETI repurchase in the third quarter?

YETI repurchased 0.5 million shares on the open market for approximately $20.0 million during the third quarter of 2026, at an average repurchase price of $40.63 per share. Approximately $350.0 million remained available under the program as of October 3, 2026.

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

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

____________________________________________________________________________________________

FORM 10-Q

____________________________________________________________________________________________

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended October 3, 2026

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from           to           

Commission file number 001-38713

_____________________________________________________

YETI Holdings, Inc.

(Exact name of registrant as specified in its charter)

______________________________________________________

Delaware						45-5297111
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

7601 Southwest Parkway

Austin, Texas 78735

(Address of principal executive offices) (Zip Code)

(Registrant’s telephone number, including area code) (512) 394-9384

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, par value $0.01 per share

YETI

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  ☒  No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  ☒  No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

There were 72,731,308 shares of common stock ($0.01 par value) outstanding as of November 5, 2026.

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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical or current fact included in this Quarterly Report on Form 10-Q are forward-looking statements. Forward-looking statements include statements containing words such as “anticipate,” “assume,” “believe,” “can have,” “contemplate,” “continue,” “could,” “design,” “due,” “estimate,” “expect,” “forecast,” “goal,” “intend,” “likely,” “may,” “might,” “objective,” “plan,” “predict,” “project,” “potential,” “seek,” “should,” “target,” “will,” “would,” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operational performance or other events. For example, all statements made relating to our expectations about our share repurchase program, expected market or macroeconomic conditions, consumer demand and spending, the impacts of tariffs, tariff refunds, estimated and projected costs, expenditures, and growth rates, plans and objectives for future operations, growth, or initiatives, or strategies are forward-looking statements. All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those that are expected and, therefore, you should not unduly rely on such statements. The risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these forward-looking statements include but are not limited to: economic conditions or consumer confidence in future economic conditions; our ability to maintain and strengthen our brand and generate and maintain ongoing demand and prices for our products; our ability to successfully design, develop and market new products; our ability to accurately forecast demand for our products and our results of operations; our ability to effectively manage our growth and supply chain; our ability to expand into additional consumer markets, and our success in doing so; the success of our international expansion plans; our ability to compete effectively in the outdoor and recreation market and protect our brand; the level of consumer spending for our products, which is sensitive to general economic conditions and other factors; our ability to attract and retain skilled personnel and senior management, and to maintain the continued efforts of our management and key employees; our ability to protect our intellectual property; claims by third parties that we have infringed on their intellectual property rights; our involvement in legal or regulatory proceedings or audits; product recalls and related reserve adjustments; warranty liability, product liability, or other claims against us; problems with, or loss of, our third-party contract manufacturers and suppliers, or an inability to obtain raw materials; our ability to timely obtain shipments and deliver products; risks related to manufacturer concentrations; fluctuations in the cost and availability of raw materials, equipment, labor, and transportation and subsequent manufacturing delays or increased costs; legal, regulatory, economic, political and public health risks associated with international trade; adverse changes in international trade policies, tariffs and treaties, including increases in tariff rates and the imposition of additional tariffs; the impact of currency exchange rate fluctuations; our aspirations, disclosures, and actions related to sustainability matters; our and our suppliers’ and partners’ ability to comply with applicable laws and regulations; our relationships with our national, regional, and independent retail partners, who account for a significant portion of our sales; risks associated with our direct-to-consumer channel; substantial fixed costs related to operating retail stores; seasonal and quarterly variations in our business; financial difficulties facing our retail partners; the impact of catastrophic events or failures of our information systems, including due to cybersecurity incidents, on our operations and the operations of our manufacturing partners; the integration and use of artificial intelligence; our ability to raise additional capital on acceptable terms; the impact of our indebtedness on our ability to invest in the ongoing needs of our business; impairment to our goodwill or other intangible assets; changes in tax laws or unanticipated tax liabilities; changes to our estimates or judgments; our ability to successfully execute our share repurchase program and its impact on stockholder value and the volatility of the price of our common stock; strategic transactions targeting us; the impact of stockholder activism, takeover proposals, proxy contests or short sellers; disruptions or diversions of our management’s attention due to acquisitions or investments in other companies; and the risks and uncertainties described in detail in Part I, Item 1A of our Annual Report on Form 10-K for the year ended January 3, 2026, as such risk factors may be amended, supplemented or superseded from time to time by other reports we file with the United States Securities and Exchange Commission.

These forward-looking statements are made based upon detailed assumptions and reflect management’s current expectations and beliefs. While we believe that these assumptions underlying the forward-looking statements are reasonable, we caution that it is very difficult to predict the impact of known factors, and it is impossible for us to anticipate all factors that could affect actual results.

The forward-looking statements included herein are made only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events, or otherwise, except as required by law.

WEBSITE REFERENCES

In this Quarterly Report on Form 10-Q, we make references to our website at YETI.com. References to our website through this Form 10-Q are provided for convenience only, and the content on our website does not constitute a part of, and shall not be deemed incorporated by reference into, this Quarterly Report on Form 10-Q.

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TRADEMARKS AND SERVICE MARKS

Solely for convenience, certain trademark and service marks (the “marks”) referred to in this Quarterly Report on Form 10‑Q appear without the ® or ™ symbols, but those references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights to these marks. This Quarterly Report on Form 10-Q may also contain additional marks of other companies, which are the property of their respective owners.

Table of Contents

Table of Contents

			Page
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
Condensed Consolidated Balance Sheets			1
Condensed Consolidated Statements of Operations			2
Condensed Consolidated Statements of Comprehensive Income			3
Condensed Consolidated Statements of Equity			4
Condensed Consolidated Statements of Cash Flows			6
Notes To Unaudited Condensed Consolidated Financial Statements			7
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			16
Item 3. Quantitative and Qualitative Disclosures About Market Risk			25
Item 4. Controls and Procedures			25
PART II. OTHER INFORMATION			26
Item 1. Legal Proceedings			26
Item 1A. Risk Factors			26
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			26
Item 5. Other Information			26
Item 6. Exhibits			27
Signatures			28

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1.    Financial Statements

YETI HOLDINGS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands, except shares and par value)

			October 3, 2026						January 3, 2026
ASSETS
Current assets
Cash			$	73,820					$	188,342
Accounts receivable, net			180,057						141,424
Inventory			394,211						290,611
Prepaid expenses and other current assets			61,900						39,949
Total current assets			709,988						660,326
Property and equipment, net			148,064						142,105
Operating lease right-of-use assets			127,147						131,531
Goodwill			72,308						72,308
Intangible assets, net			226,037						219,791
Other assets			10,121						9,357
Total assets			$	1,293,665					$	1,235,418
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable			$	177,464					$	140,214
Accrued expenses and other current liabilities			163,523						135,353
Taxes payable			16,290						15,897
Accrued payroll and related costs			22,554						22,659
Current operating lease liabilities			16,307						15,044
Current maturities of long-term debt			4,349						5,172
Total current liabilities			400,487						334,339
Long-term debt, net of current portion			65,513						68,301
Operating lease liabilities, non-current			138,103						139,945
Other liabilities			45,851						42,557
Total liabilities			649,954						585,142
Commitments and contingencies (Note 9)
Stockholders’ Equity
Common stock, par value $0.01; 600,000,000 shares authorized; 90,968,444 and 72,718,483 shares issued and outstanding at October 3, 2026, respectively, and 89,952,916 and 74,992,260 shares issued and outstanding at January 3, 2026, respectively			910						900
Treasury stock, at cost; 18,249,961 shares at October 3, 2026 and 14,960,656 shares at January 3, 2026			(753,348)						(602,268)
Preferred stock, par value $0.01; 30,000,000 shares authorized; no shares issued or outstanding			—						—
Additional paid-in capital			490,097						471,770
Retained earnings			905,053						779,512
Accumulated other comprehensive income			999						362
Total stockholders’ equity			643,711						650,276
Total liabilities and stockholders’ equity			$	1,293,665					$	1,235,418

See Notes to Unaudited Condensed Consolidated Financial Statements

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YETI HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(In thousands, except per share data)

			Three Months Ended												Nine Months Ended
			October 3, 2026						September 27, 2025						October 3, 2026						September 27, 2025
Net sales			$	509,417					$	487,766					$	1,373,699					$	1,284,786
Cost of goods sold			215,629						215,244						547,176						552,973
Gross profit			293,788						272,522						826,523						731,813
Selling, general, and administrative expenses			232,820						218,169						659,599						593,765
Operating income			60,968						54,353						166,924						138,048
Interest (expense) income, net			(1,322)						(52)						(822)						551
Other (expense) income, net			(1,128)						(1,198)						(1,038)						5,951
Income before income taxes			58,518						53,103						165,064						144,550
Income tax expense			(14,145)						(13,703)						(39,523)						(37,390)
Net income			$	44,373					$	39,400					$	125,541					$	107,160
Net income per share
Basic			$	0.61					$	0.49					$	1.69					$	1.31
Diluted			$	0.60					$	0.48					$	1.66					$	1.29
Weighted-average common shares outstanding
Basic			72,958						80,396						74,321						81,909
Diluted			74,158						81,429						75,562						82,812

See Notes to Unaudited Condensed Consolidated Financial Statements

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YETI HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

(In thousands)

			Three Months Ended												Nine Months Ended
			October 3, 2026						September 27, 2025						October 3, 2026						September 27, 2025
Net income			$	44,373					$	39,400					$	125,541					$	107,160
Other comprehensive income (loss)
Foreign currency translation adjustments			120						918						637						(735)
Total comprehensive income			$	44,493					$	40,318					$	126,178					$	106,425

See Notes to Unaudited Condensed Consolidated Financial Statements

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YETI HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(Unaudited)

(In thousands, including shares)

			Three Months Ended October 3, 2026
			Common Stock												Additional Paid-In Capital						Treasury Stock												Retained Earnings						Accumulated Other Comprehensive Income						Total Stockholders’ Equity
			Shares						Amount												Shares						Amount
Balance, July 4, 2026			90,740						$	907					$	480,283					(17,758)						$	(733,245)					$	860,680					$	879					$	609,504
Stock-based compensation			—						—						10,117						—						—						—						—						10,117
Common stock issued under employee benefit plans			235						3						(2)						—						—						—						—						1
Common stock withheld related to net share settlement of stock-based compensation			(7)						—						(301)						—						—						—						—						(301)
Repurchase of common stock, including excise tax			—						—						—						(492)						(20,103)						—						—						(20,103)
Other comprehensive income			—						—						—						—						—						—						120						120
Net income			—						—						—						—						—						44,373						—						44,373
Balance, October 3, 2026			90,968						$	910					$	490,097					(18,250)						$	(753,348)					$	905,053					$	999					$	643,711
			Three Months Ended September 27, 2025
			Common Stock												Additional Paid-In Capital						Treasury Stock												Retained Earnings						Accumulated Other Comprehensive Income (Loss)						Total Stockholders’ Equity
			Shares						Amount												Shares						Amount
Balance, June 28, 2025			89,668						$	897					$	445,671					(7,548)						$	(324,824)					$	681,885					$	(897)					$	802,732
Stock-based compensation			—						—						11,093						—						—						—						—						11,093
Common stock issued under employee benefit plans			235						2						(2)						—						—						—						—						—
Common stock withheld related to net share settlement of stock-based compensation			(7)						—						(243)						—						—						—						—						(243)
Repurchase of common stock, including excise tax			—						—						—						(4,278)						(151,344)						—						—						(151,344)
Other comprehensive income			—						—						—						—						—						—						918						918
Net income			—						—						—						—						—						39,400						—						39,400
Balance, September 27, 2025			89,896						$	899					$	456,519					(11,826)						$	(476,168)					$	721,285					$	21					$	702,556

See Notes to Unaudited Condensed Consolidated Financial Statements

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YETI HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(Unaudited)

(In thousands, including shares)

			Nine Months Ended October 3, 2026
			Common Stock												Additional Paid-In Capital						Treasury Stock												Retained Earnings						Accumulated Other Comprehensive  Income						Total Stockholders’ Equity
			Shares						Amount												Shares						Amount
Balance, January 3, 2026			89,952						$	900					$	471,770					(14,961)						(602,268)						$	779,512					$	362					$	650,276
Stock-based compensation			—						—						28,425						—						—						—						—						28,425
Common stock issued under employee benefit plans			1,233						12						207						—						—						—						—						219
Common stock withheld related to net share settlement of stock-based compensation			(217)						(2)						(10,305)						—						—						—						—						(10,307)
Repurchase of common stock, including excise tax			—						—						—						(3,289)						(151,080)						—						—						(151,080)
Other comprehensive income			—						—						—						—						—						—						637						637
Net income			—						—						—						—						—						125,541						—						125,541
Balance, October 3, 2026			90,968						$	910					$	490,097					(18,250)						$	(753,348)					$	905,053					$	999					$	643,711
			Nine Months Ended September 27, 2025
			Common Stock												Additional Paid-In Capital						Treasury Stock												Retained Earnings						Accumulated Other Comprehensive Income (Loss)						Total Stockholders’ Equity
			Shares						Amount												Shares						Amount
Balance, December 28, 2024			89,189						$	892					$	405,921					(6,251)						(281,587)						$	614,125					$	756					$	740,107
Stock-based compensation			—						—						32,410						—						—						—						—						32,410
Common stock issued under employee benefit plans			755						7						(7)						—						—						—						—						—
Common stock withheld related to net share settlement of stock-based compensation			(48)						—						(1,805)						—						—						—						—						(1,805)
Repurchase of common stock, including excise tax			—						—						20,000						(5,575)						(194,581)						—						—						(174,581)
Other comprehensive loss			—						—						—						—						—						—						(735)						(735)
Net income			—						—						—						—						—						107,160						—						107,160
Balance, September 27, 2025			89,896						$	899					$	456,519					(11,826)						$	(476,168)					$	721,285					$	21					$	702,556

See Notes to Unaudited Condensed Consolidated Financial Statements

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YETI HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)

			Nine Months Ended
			October 3, 2026						September 27, 2025
Cash Flows from Operating Activities:
Net income			$	125,541					$	107,160
Adjustments to reconcile net income to cash provided by (used in) operating activities:
Depreciation and amortization			43,265						40,090
Amortization of deferred financing fees			474						481
Stock-based compensation			28,425						32,410
Deferred income taxes			815						19,211
Impairment of long-lived assets			1,707						1,194
Product recalls			21,459						—
Other			3,816						(4,473)
Changes in operating assets and liabilities:
Accounts receivable			(38,971)						(34,788)
Inventory			(103,365)						(10,159)
Prepaid expenses and other current assets			(21,841)						(6,263)
Accounts payable, accrued expenses, and other current liabilities			41,169						(36,539)
Taxes payable			2,370						(23,567)
Other			5,355						(2,918)
Net cash provided by operating activities			110,219						81,839
Cash Flows from Investing Activities:
Purchases of property and equipment			(38,502)						(31,772)
Additions of intangibles, net			(16,162)						(49,470)
Net cash used in investing activities			(54,664)						(81,242)
Cash Flows from Financing Activities:
Repayments of long-term debt			(3,164)						(3,164)
Taxes paid in connection with employee stock transactions			(10,307)						(1,805)
Proceeds from employee stock transactions			218						—
Payments of finance lease obligations			(1,313)						(14,753)
Borrowings under revolving credit facility			75,000						—
Repayments under revolving credit facility			(75,000)						—
Repurchases of common stock			(150,050)						(172,908)
Excise tax paid on repurchases of common stock			(2,899)						(1,562)
Net cash used in financing activities			(167,515)						(194,192)
Effect of exchange rate changes on cash			(2,562)						(717)
Net decrease in cash			(114,522)						(194,312)
Cash, beginning of period			188,342						358,795
Cash, end of period			$	73,820					$	164,483

See Notes to Unaudited Condensed Consolidated Financial Statements

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YETI HOLDINGS, INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 

1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Organization and Business

Headquartered in Austin, Texas, YETI Holdings, Inc. is a global designer, retailer, and distributor of innovative outdoor products. From coolers and drinkware to bags and apparel, YETI products are built to meet the unique and varying needs of diverse outdoor pursuits, whether in the remote wilderness, at the beach, or anywhere life takes you. We sell our products through our wholesale channel, including independent retailers and national and regional accounts across a wide variety of end user markets, as well as through our direct-to-consumer (“DTC”) channel, which includes our websites, YETI Authorized on the Amazon Marketplace, our corporate sales program, and our retail stores. We operate in the U.S., Canada, Australia, New Zealand, Europe, the United Kingdom, and Asia.

The terms “we,” “us,” “our,” “YETI” and the “Company” as used herein and unless otherwise stated or indicated by context, refer to YETI Holdings, Inc. and its subsidiaries.

Basis of Presentation and Principles of Consolidation

The unaudited condensed consolidated financial statements and the accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the rules of the U.S. Securities and Exchange Commission (“SEC”). Accordingly, our financial statements reflect all normal and recurring adjustments that are, in the opinion of management, necessary for a fair statement of our results of operations for the interim periods. Intercompany balances and transactions are eliminated in consolidation. Certain information and footnote disclosures normally included in the consolidated financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to applicable rules and regulations of the SEC. The consolidated balance sheet as of January 3, 2026 is derived from the audited financial statements included in our Annual Report on Form 10-K filed with the SEC for the year ended January 3, 2026, which should be read in conjunction with these unaudited consolidated financial statements and notes thereto.

Revision of Previously Issued Financial Statements

During the three months ended July 4, 2026, we identified and corrected an error in our previously issued unaudited consolidated statement of cash flows for the three months ended April 4, 2026. Borrowings and repayments under our revolving credit facility were presented on a net basis rather than on a gross basis within financing activities. The correction increased both borrowings and repayments under our revolving credit facility by $25 million in the accompanying unaudited consolidated statement of cash flows. The correction did not have any impact on total cash flows from operating activities, investing activities or financing activities. We determined that the correction was not material.

Use of Estimates

The preparation of consolidated financial statements in conformity with GAAP requires our management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses during the reporting period and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements. Estimates and assumptions about future events and their effects cannot be made with certainty. Estimates may change as new events occur, when additional information becomes available and if our operating environment changes. Actual results could differ from our estimates.

Fiscal Year End

We have a 52- or 53-week fiscal year that ends on the Saturday closest in proximity to December 31, such that each quarterly period will be 13 weeks in length, except during a 53-week year when the fourth quarter will be 14 weeks. Our fiscal year ending January 2, 2027 (“2026”) is a 52-week period. The first quarter of our fiscal year 2026 ended on April 4, 2026, the second quarter ended on July 4, 2026, and the third quarter ended on October 3, 2026. Our fiscal year ended January 3, 2026 (“2025”) was a 53-week period. Unless otherwise stated, references to particular years, quarters, months and periods refer to our fiscal years and the associated quarters, months, and periods of those fiscal years. The unaudited condensed consolidated financial results presented herein represent the three and nine months ended October 3, 2026 and September 27, 2025.

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Accounts Receivable

Accounts receivable are recorded net of estimated credit losses. Our allowance for credit losses was $1.1 million as of October 3, 2026 and $0.8 million as of January 3, 2026.

Inventory

Inventories are comprised primarily of finished goods and are carried at the lower of cost (primarily using the weighted-average cost method) or market (net realizable value). At October 3, 2026 and January 3, 2026, inventory reserves were $3.6 million and $2.8 million, respectively.

Fair Value of Financial Instruments

For financial assets and liabilities recorded at fair value on a recurring or non-recurring basis, fair value is the price we would receive to sell an asset, or pay to transfer a liability, in an orderly transaction with a market participant at the measurement date. In the absence of such data, fair value is estimated using internal information consistent with what market participants would use in a hypothetical transaction. In determining fair value, observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our market assumptions; preference is given to observable inputs. These two types of inputs create the following fair value hierarchy:

Level 1:    Quoted prices for identical instruments in active markets.

Level 2:    Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.

Level 3:    Significant inputs to the valuation model are unobservable.

Our financial instruments consist principally of cash, accounts receivable, accounts payable, and bank indebtedness. The carrying amount of cash, accounts receivable, and accounts payable approximates fair value due to the short-term maturity of these instruments. The carrying amount of our long-term bank indebtedness approximates fair value based on Level 2 inputs since our senior secured credit facility (the “Credit Facility”) carries a variable interest rate that is based on the Secured Overnight Financing Rate (“SOFR”).

Supplier Finance Program Obligations

We have a supplier finance program (“SFP”) with a financial institution which provides certain suppliers the option, at their sole discretion, to participate in the program and sell their receivables due from us for early payment. Participating eligible suppliers negotiate the terms directly with the financial institution and we have no involvement in establishing those terms nor are we a party to those agreements. Our payments associated with the invoices from the suppliers participating in the SFP are made to the financial institution according to the original invoice. The outstanding payment obligations under the SFP recorded within accounts payable in our condensed consolidated balance sheets at October 3, 2026 and January 3, 2026 were $67.4 million and $54.0 million, respectively.

Recently Adopted Accounting Pronouncements

In July 2025, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. The amendments in this update provide entities with a practical expedient when estimating expected credit losses for current accounts receivable and current contract assets accounted for under Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers. This update is effective for annual periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods, with early adoption permitted. We have prospectively adopted this ASU and applied the practical expedient which assumes that current conditions as of the balance sheet date do not change over the remaining life of the asset when estimating expected credit losses for current accounts receivable and current contract assets. The adoption had no material impact on the unaudited condensed consolidated financial statements and related disclosures.

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Recent Accounting Guidance Not Yet Adopted

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amendments in this update are intended to improve disclosures about an entity’s expenses and provide detailed information about the types of expenses, including purchases of inventory, employee compensation, depreciation, and amortization, in commonly presented expense captions on the face of financial statements. This update is effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. We are currently evaluating the ASU to determine its impact on our related disclosures.

In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The amendments in this update are intended to modernize the accounting for internal-use software costs accounted for under ASC Subtopic 350-40. The amendment removes all references to software development project stages and requires entities to start capitalizing software costs when both of the following occur: (i) funding has been committed and management authorization has been granted, and (ii) it is probable the project will be completed. This update is effective for annual periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods, with early adoption permitted. We are currently evaluating the ASU to determine its impact on our consolidated financial statements and related disclosures.

In November 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements. The amendments in this update are intended to provide further clarity about the current interim disclosure requirements and the applicability of Topic 270. This update is effective for annual periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods, with early adoption permitted. We are currently evaluating the ASU to determine its impact on our consolidated financial statements and related disclosures.

In May 2026, the FASB issued ASU 2026-02, Environmental Credits and Environmental Credit Obligations (Topic 818). The amendments in this update provide authoritative guidance for the recognition, measurement, presentation and disclosure requirements of environmental credits and environmental credit obligations. The amendments in this update apply to all entities that generate, purchase, or receive environmental credits or have regulatory compliance obligations that may be settled with environmental credits. This update is effective for annual periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods, with early adoption permitted. We are currently evaluating the ASU to determine its impact on our consolidated financial statements and related disclosures.

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2. REVENUE

Contract Balances

Accounts receivable represent an unconditional right to receive consideration from a customer and are recorded at net invoiced amounts, less an estimated allowance for credit losses.

Contract liabilities are recorded when the customer pays consideration before the transfer of a good to the customer and thus represent our obligation to transfer the good to the customer at a future date. Our contract liabilities include advance cash deposits received from customers for certain customized product orders and unredeemed gift card liabilities. As products are shipped and control transfers, we recognize contract liabilities as revenue.

The following table provides information about accounts receivable and contract liabilities at the periods indicated (in thousands):

			October 3, 2026						January 3, 2026
Accounts receivable, net			$	180,057					$	141,424
Contract liabilities			$	(12,668)					$	(9,535)

For the nine months ended October 3, 2026, we recognized $7.0 million of revenue that was previously included in the contract liability balance at the beginning of the period.

Disaggregation of Revenue

The following table disaggregates our net sales by channel, product category, and geography (based on end-consumer location) for the periods indicated (in thousands):

			Three Months Ended												Nine Months Ended
			October 3, 2026(1)						September 27, 2025						October 3, 2026(1)						September 27, 2025
Net Sales by Channel
Wholesale			$	237,260					$	199,047					$	638,850					$	551,255
Direct-to-consumer			272,157						288,719						734,849						733,531
Total net sales			$	509,417					$	487,766					$	1,373,699					$	1,284,786
Net Sales by Category
Coolers & Equipment			$	215,611					$	215,386					$	604,116					$	556,175
Drinkware			284,028						263,791						742,317						705,830
Other			9,778						8,589						27,266						22,781
Total net sales			$	509,417					$	487,766					$	1,373,699					$	1,284,786
Net Sales by Geographic Region(2)
United States			$	390,329					$	387,329					$	1,074,380					$	1,026,376
International			119,088						100,437						299,319						258,410
Total net sales			$	509,417					$	487,766					$	1,373,699					$	1,284,786

________________________

(1)Includes the impact from the recall reserve adjustment. See Note 9-Commitments and Contingencies for further discussion of our product recalls.

(2)Net sales by geographic region is based on end-consumer location.

For each of the three and nine months ended October 3, 2026 and September 27, 2025, no single customer represented over 10% of gross sales.

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3. PREPAID EXPENSES AND OTHER CURRENT ASSETS

Prepaid expenses and other current assets include the following (in thousands):

			October 3, 2026						January 3, 2026
Prepaid expenses			$	24,672					$	14,865
Prepaid taxes			19,302						15,092
IEEPA tariff refund receivable(1)			8,383						—
Other			9,543						9,992
Total prepaid expenses and other current assets			$	61,900					$	39,949

________________________

(1)See Note 9-Commitments and Contingencies for additional information about the IEEPA tariff refunds.

4. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Accrued expenses and other current liabilities consist of the following (in thousands):

			October 3, 2026						January 3, 2026
Accrued freight and other operating expenses			$	57,612					$	50,974
Product recall reserves(1)			19,538						5,371
Contract liabilities			12,668						9,535
Customer discounts, allowances, and returns			14,621						16,025
Advertising and marketing			7,522						6,463
Warranty reserve			7,160						7,545
Accrued capital expenditures			9,577						7,435
Interest payable			205						199
Other			34,620						31,806
Total accrued expenses and other current liabilities			$	163,523					$	135,353

________________________

(1)See Note 9-Commitments and Contingencies for additional information about our product recall reserves.

5. INCOME TAXES

Income tax expense was $14.1 million and $13.7 million for the three months ended October 3, 2026 and September 27, 2025, respectively. The increase in income tax expense was primarily due to higher income before income taxes. The effective tax rate for the three months ended October 3, 2026 was 24.2% compared to 25.8% for the three months ended September 27, 2025. The lower effective tax rate was primarily due to a higher tax deduction for foreign-derived deduction eligible income and the impact of a discrete tax benefit related to stock-based compensation in the three months ended October 3, 2026.

Income tax expense was $39.5 million and $37.4 million for the nine months ended October 3, 2026 and September 27, 2025, respectively. The increase in income tax expense was primarily due to higher income before income taxes. The effective tax rate for the nine months ended October 3, 2026 was 23.9% compared to 25.9% for the nine months ended September 27, 2025. The lower effective tax rate was primarily due to the impact of a discrete tax benefit related to stock-based compensation in the nine months ended October 3, 2026.

Deferred tax liabilities were $23.4 million as of October 3, 2026 and $22.3 million as of January 3, 2026. Deferred tax liabilities are presented in other liabilities on our unaudited condensed consolidated balance sheet.

The Organization for Economic Co-operation and Development enacted model rules for a new global minimum tax framework, also known as Pillar Two, and certain governments globally have enacted, or are in the process of enacting, legislation to address Pillar Two. For the nine months ended October 3, 2026, the impact of Pillar Two on our consolidated financial statements was not material.

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On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the U.S. The OBBBA includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. The effects of the OBBBA were incorporated into our income tax provision for the nine months ended October 3, 2026. There was no material impact to our income tax expense for the nine months ended October 3, 2026. We will continue to evaluate the impacts of the OBBBA and do not expect the OBBBA to have a material impact on our consolidated financial statements.

For interim periods, our income tax expense and resulting effective tax rate are based upon an estimated annual effective tax rate adjusted for the effects of items required to be treated as discrete to the period, including changes in tax laws, changes in estimated exposures for uncertain tax positions, and other items.

6. STOCK-BASED COMPENSATION

We award stock-based compensation to employees and directors under our 2024 Equity and Incentive Compensation Plan (the “2024 Plan”). The 2024 Plan was approved by the Company’s stockholders in May 2024 and replaced the 2018 Equity and Incentive Compensation Plan (the “2018 Plan”). No new awards have been or will be granted under the 2018 Plan since the 2024 Plan was approved. The 2018 Plan replaced the 2012 Equity and Performance Incentive Plan, as amended and restated on June 20, 2018 (the “2012 Plan”). No awards remain outstanding under the 2012 Plan. Awards outstanding under the 2018 Plan will continue to remain outstanding according to their terms. Shares subject to stock awards granted under the 2018 Plan (a) that expire or terminate without being exercised or (b) that are forfeited, return to the 2024 Plan.

We recognized non-cash stock-based compensation expense of $10.1 million and $11.1 million for the three months ended October 3, 2026 and September 27, 2025, respectively. For the nine months ended October 3, 2026 and September 27, 2025, we recognized non-cash stock-based compensation expense of $28.4 million and $32.4 million, respectively. At October 3, 2026, total unrecognized stock-based compensation expense of $65.6 million for all stock-based compensation plans is expected to be recognized over a weighted-average period of 2.0 years.

Stock-based activity for the nine months ended October 3, 2026 is summarized below (in thousands, except per share data):

			Stock Options												Performance-Based Restricted Stock Units												Restricted Stock Units and Deferred Stock Units
			Number of Options						Weighted Average Exercise Price						Number of PRSUs						Weighted Average Grant Date Fair Value						Number of RSUs and DSUs						Weighted Average Grant Date Fair Value
Balance, January 3, 2026			559						$	19.72					653						$	40.03					1,634						$	37.38
Granted			—						—						230						52.47						958						45.47
Exercised/released			(11)						19.19						(484)						38.17						(736)						37.57
Performance adjustment(1)			—						—						242						38.33						—						—
Forfeited/expired			—						—						(85)						44.07						(244)						40.12
Balance, October 3, 2026			548						$	19.75					556						$	45.44					1,612						$	41.69

________________________

(1)Represents additional performance-based awards issued as a result of the achievement of actual performance results above the performance targets at grant date.

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7. EARNINGS PER SHARE

Basic earnings per share is computed by dividing net income by the weighted-average number of common shares outstanding during the period. Diluted earnings per share includes the effect of all potentially dilutive securities, which includes dilutive stock options and other stock-based awards.

The following table sets forth the calculation of earnings per share and weighted-average common shares outstanding at the dates indicated (in thousands, except per share data):

			Three Months Ended												Nine Months Ended
			October 3, 2026						September 27, 2025						October 3, 2026						September 27, 2025
Net income			$	44,373					$	39,400					$	125,541					$	107,160
Weighted-average common shares outstanding—basic			72,958						80,396						74,321						81,909
Effect of dilutive securities			1,200						1,033						1,241						903
Weighted-average common shares outstanding—diluted			74,158						81,429						75,562						82,812
Earnings per share
Basic			$	0.61					$	0.49					$	1.69					$	1.31
Diluted			$	0.60					$	0.48					$	1.66					$	1.29

Effects of potentially dilutive securities are presented only in periods in which they are dilutive. For the three and nine months ended October 3, 2026, less than 0.1 million and 0.5 million shares, respectively, of common stock related to outstanding stock-based awards were excluded from the calculation of diluted earnings per share because their effect would be anti-dilutive. For the three and nine months ended September 27, 2025, outstanding stock-based awards representing 0.1 million and 0.9 million shares, respectively, of common stock were excluded from the calculation of diluted earnings per share because their effect would be anti-dilutive.

8. STOCKHOLDERS’ EQUITY

In 2024, our Board of Directors authorized the repurchase of up to $300.0 million of YETI’s common stock (the “Share Repurchase Program”), excluding fees, commissions, and excise tax due under the Inflation Reduction Act of 2022. Repurchases under the Share Repurchase Program may be made from time to time at prevailing prices in the open market, through various methods, including, but not limited to, open market, privately negotiated, or accelerated share repurchase transactions. Repurchases under the Share Repurchase Program may also be made pursuant to a plan adopted under Rule 10b5-1 promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The timing, manner, price, and actual amount of share repurchases are determined by management based on various factors, including, but not limited to, stock price, economic and market conditions, other capital allocation needs and opportunities, and corporate and regulatory considerations. YETI has no obligation to repurchase any amount of our common stock, and such repurchases may be suspended or discontinued at any time. All shares repurchased under the Share Repurchase Program are held as treasury stock.

During 2024, we entered into two separate accelerated share repurchase agreements to repurchase an aggregate of $200.0 million of YETI’s common stock. The first accelerated share repurchase agreement was completed in the second quarter of 2024 and resulted in the total repurchase of approximately 2.6 million shares. The second accelerated share repurchase agreement was entered into during the fourth quarter of 2024 and was completed in January 2025, resulting in the total repurchase of approximately 2.5 million shares, of which approximately 0.5 million shares were received during the three months ended March 29, 2025. As of December 28, 2024, approximately $100.0 million remained available for repurchases under the Share Repurchase Program.

During the first quarter of 2025, our Board of Directors approved a $350.0 million increase to the Share Repurchase Program authorization. In 2025, we repurchased approximately 8.0 million shares of YETI’s common stock on the open market for approximately $298.0 million. As of January 3, 2026, approximately $152.0 million remained available for repurchases under the Share Repurchase Program.

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In May 2026, our Board of Directors approved an approximately $348.0 million increase to the Share Repurchase Program, resulting in $500.0 million remaining available as of May 14, 2026. During the second quarter of 2026, we repurchased 2.8 million shares of YETI’s common stock on the open market for approximately $130.0 million at an average repurchase price of $46.47 per share. During the third quarter of 2026, we repurchased 0.5 million shares of YETI’s common stock on the open market for approximately $20.0 million at an average repurchase price of $40.63 per share. As of October 3, 2026, approximately $350.0 million remained available for repurchases under the Share Repurchase Program.

9. COMMITMENTS AND CONTINGENCIES

Claims and Legal Proceedings

We are involved in various claims and legal proceedings, some of which are covered by insurance. We believe that our existing claims and proceedings, and the potential losses relating to such contingencies, will not have a material adverse effect on our consolidated financial position, results of operations, or cash flows.

Product Recall Reserves

In March 2023, in collaboration with the U.S. Consumer Product Safety Commission, we announced separate voluntary recalls of our original Hopper M30 Soft Cooler, Hopper M20 Soft Backpack Cooler, and SideKick Dry gear case (the “affected products”). As a result, we established reserves as of December 31, 2022 for expected future returns and the estimated cost of recall remedies for consumers with affected products. The reserves for the estimated product recall expenses was $19.5 million and $5.4 million as of October 3, 2026 and January 3, 2026, respectively.

The product recalls, which include product recall reserves adjustments and other incurred costs, had the following effect on our income before income taxes (in thousands):

			Three Months Ended																		Nine Months Ended
			October 3, 2026						September 27, 2025												October 3, 2026						September 27, 2025
Decrease to net sales(1)			$	(8,518)					$	—											$	(10,348)					$	—
Increase to cost of goods sold(2)			(3,176)						—												(3,682)						—
Decrease to gross profit			(11,694)						—												(14,030)						—
Increase to selling, general and administrative expenses(3)			(6,504)						—												(7,429)						—
Decrease to income before income taxes			$	(18,198)					$	—											$	(21,459)					$	—

_________________________

(1)Represents product recall reserves adjustments related to estimated future recall remedies (i.e., estimated gift card elections) and estimated consumer recall-related participation rates. For the three and nine months ended October 3, 2026, the decrease to net sales of $8.5 million and $10.3 million, respectively, impacted the DTC channel, the Coolers & Equipment category, and the United States geographic region.

(2)Represents product recall reserves adjustments related to estimated costs of future product replacement remedy elections and related logistics costs, and recall-related costs.

(3)Represents product recall reserves adjustments related to estimated future other recall-related costs.

IEEPA Tariff Refunds

During 2025, the U.S. government implemented incremental tariffs on imports from many countries where our products are produced, including under the International Emergency Economic Powers Act (“IEEPA”). In February 2026, the U.S. Supreme Court found unlawful the tariffs imposed under the IEEPA. In April 2026, the U.S. Customs and Border Protection launched its Consolidated Administration and Processing of Entries portal and commenced a phased process to accept claims for potential refunds of IEEPA tariffs previously paid. We paid approximately $66.5 million in tariffs under the IEEPA during 2025 and 2026. The IEEPA tariff refunds are subject to income taxes and other adjustments and may cause us to incur additional costs.

During the second quarter of 2026, we concluded that recovery of tariffs under the IEEPA was probable. The total net benefit of the IEEPA tariff refund was $45.6 million for the second quarter of 2026, consisting of $42.6 million recognized as a reduction of cost of goods sold and $2.9 million of interest income. We also recognized additional IEEPA tariff refunds of $10.0 million as a reduction of the carrying value of inventory for IEEPA tariffs previously capitalized as cost of inventory.

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The total net benefit of the IEEPA tariff refund was $4.7 million for the third quarter of 2026, recognized as a reduction of cost of goods sold. The total net benefit of the IEEPA tariff refund for the nine months ended October 3, 2026 was $50.3 million, consisting of $47.4 million recognized as a reduction to cost of goods sold and $2.9 million of interest income.

During the second and third quarters of 2026, we received cash refund payments totaling $0.7 million and $60.4 million, respectively, for IEEPA tariffs. As of October 3, 2026, our outstanding receivables included $7.9 million of IEEPA tariffs and $0.5 million of interest.

10. SEGMENT INFORMATION

Our Chief Operating Decision Maker (“CODM”), who is our Chief Executive Officer, reviews financial information, makes operating decisions, evaluates operating performance, and allocates resources based on consolidated net income. We manage our business as one reportable operating segment that constitutes consolidated results. Our operational structure, which includes sales, research, product design, operations, marketing, and administrative functions, is focused on the entire product suite rather than individual product categories, channels, and geographies.

The following table presents segment information for net sales, segment profit, and significant expenses (in thousands):

			Three Months Ended												Nine Months Ended
			October 3, 2026						September 27, 2025						October 3, 2026						September 27, 2025
Net sales			$	509,417					$	487,766					$	1,373,699					$	1,284,786
Cost of goods sold(1)(2)			215,629						215,244						547,176						552,973
Gross profit			293,788						272,522						826,523						731,813
Selling, general, and administrative expenses
Distribution and fulfillment			87,621						84,208						235,048						216,511
Compensation and benefits(3)			53,227						50,697						157,967						146,896
Advertising and marketing			36,371						35,585						111,018						96,957
General and administrative(4)			39,646						38,654						120,564						108,080
Depreciation and amortization			9,451						9,025						27,573						25,321
Product recall(5)			6,504						—						7,429						—
Total selling, general and administrative expenses			232,820						218,169						659,599						593,765
Operating income			60,968						54,353						166,924						138,048
Interest (expense) income, net			(1,322)						(52)						(822)						551
Other (expense) income, net			(1,128)						(1,198)						(1,038)						5,951
Income before income taxes			58,518						53,103						165,064						144,550
Income tax expense			(14,145)						(13,703)						(39,523)						(37,390)
Net income			$	44,373					$	39,400					$	125,541					$	107,160

_________________________

(1)Includes depreciation expense of $5.5 million and $4.8 million for the three months ended October 3, 2026 and September 27, 2025, respectively. Includes depreciation expense of $15.7 million and $14.8 million for the nine months ended October 3, 2026 and September 27, 2025, respectively.

(2)Includes a net benefit of $4.7 million and $47.4 million related to the IEEPA tariff refunds for the three and nine months ended October 3, 2026, respectively.

(3)Represents employee compensation and benefits, including non-cash stock-based compensation expense.

(4)Includes information technology, corporate infrastructure costs, contract labor, professional fees and services, asset impairments, organizational realignment costs, and certain executive severance costs.

(5)Represents adjustments and charges associated with product recalls. See Note 9-Commitments and Contingencies for additional information about our product recall reserves.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis contains forward-looking statements within the meaning of the federal securities laws and should be read in conjunction with the disclosures we make concerning risks and other factors that may affect our business and operating results, including those described in more detail in Part I “Item 1A. Risk Factors” included in our Annual Report on Form 10-K for the year ended January 3, 2026. The information contained in this section should also be read in conjunction with our consolidated financial statements and related notes and the information contained elsewhere in this Report. See also “Cautionary Note Regarding Forward-Looking Statements” immediately prior to Part I, Item 1 in this Quarterly Report on Form 10-Q.

The terms “we,” “us,” “our,” “YETI,” and “the Company” as used herein, and unless otherwise stated or indicated by context, refer to YETI Holdings, Inc. and its subsidiaries.

Business Overview

Headquartered in Austin, Texas, YETI is a global designer, retailer, and distributor of innovative outdoor products. From coolers and drinkware to bags and apparel, YETI products are built to meet the unique and varying needs of diverse outdoor pursuits, whether in the remote wilderness, at the beach, or anywhere life takes you. By consistently delivering high-performing, exceptional products, we have built a strong following of brand loyalists throughout the world, ranging from serious outdoor enthusiasts to individuals who simply value products of uncompromising quality and design. We have an unwavering commitment to outdoor and recreation communities, and we are relentless in our pursuit of building superior products for people to confidently enjoy life outdoors and beyond.

We distribute our products through a balanced omni-channel platform, consisting of our wholesale and direct-to-consumer (“DTC”) channels. In our wholesale channel, we sell our products through select national and regional accounts and an assemblage of independent retail partners throughout the United States, Canada, Australia, New Zealand, the United Kingdom, Europe, and Japan, among others. We carefully evaluate and select retail partners that have an image and approach that are consistent with our premium brand and pricing. Our domestic national and regional specialty retailers include Dick’s Sporting Goods, REI, Academy Sports + Outdoors, Bass Pro Shops, Ace Hardware, Scheels, and Tractor Supply Company. In our international regions, our notable retailers include FGL Sports and SportChek in Canada, BCF and Rebel in Australia, and GO Outdoors in the United Kingdom. We sell our products in our DTC channel to customers through our websites and YETI Authorized on the Amazon Marketplace, as well as in our retail stores. Additionally, we offer customized products with licensed marks and original artwork primarily through our DTC channel, including our corporate sales channel, on our websites, and at select retail stores. Our corporate sales program offers customized products to corporate customers for a wide-range of events and activities and in certain instances may also offer products to re-sell.

Product Introductions and Updates

During the first quarter of 2026, within our Drinkware category, we expanded our bottles and mugs offerings with the launch of a new size of the Rambler Travel Bottle and the introduction of the redesigned Straw Mug 2.0 in two sizes. We continued to broaden our coffeeware and barware offerings with the launch of the Rambler Ceramic Stackable Lowball and the Rambler Ceramic Wine Tumbler. In our Coolers & Equipment category, we expanded our pursuit bags offerings with the introduction of the Skala Collection of Hiking Packs in eight sizes. Within our soft cooler bags offerings, we further expanded the Daytrip Collection with the launch of the Insulated Snack Box in two sizes and the Insulated Box. We also introduced new seasonal colorways across our Drinkware and Coolers & Equipment categories.

During the second quarter of 2026, within our Drinkware category, we introduced the new Rambler Water Bottle with Flip Chug Cap in two sizes. We also expanded our cookware and barware lineup with the launch of the Carbon Steel Skillet in two sizes and the introduction of the Rambler Beverage Tub. In our Coolers & Equipment category, we expanded our hard cooler offerings with the launch of the Roadie 8 and added the Insulated Backpack and a new size of the Insulated Tote Bag to our Daytrip Collection of soft cooler bags. Within our bags portfolio, we further expanded the Camino Collection with the launch of the Camino Zip Carryall Tote in two sizes. We also expanded our outdoor living offerings with the introduction of the Trailhead Field Chair and introduced new seasonal colorways across our Drinkware and Coolers & Equipment categories.

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During the third quarter of 2026, within our Drinkware category, we launched the Rambler Ceramic Mug 2.0 in one size and introduced two new sizes of the Rambler Water Bottle with Flip Chug Cap. We also expanded our cookware and barware lineup with the launch of the Carbon Steel Griddle, Carbon Steel Wok, Stainless Steel Grill Press, and Tank Beverage Tub. In our Coolers & Equipment category, we broadened our everyday bags portfolio with the introduction of the Palo Active Collection of Backpacks in three sizes and grew our Ranchero Collection with the launch of the Crossbody Bag in two sizes. Within our cases and storage offerings, we expanded our LoadOut Collection with the launch of the iPhone 18/17 Phone Case in two sizes and the GoBox Gear Case in three sizes. We also introduced the Boomer Dog Bed in two sizes, further broadening our outdoor living offerings, and introduced new seasonal colorways across our Drinkware and Coolers & Equipment categories.

Macroeconomic Conditions

Our business is exposed to and impacted by macroeconomic factors, including but not limited to uncertainty surrounding inflationary pressures, consumer confidence and purchasing behaviors, foreign currency exchange rate fluctuations, geopolitical conflicts such as the ongoing conflicts in the Middle East, and government actions and policies, including changes in interest rates and tax rates. In 2026, we have experienced inflationary pressures on certain supply chain costs and cautious consumer spending. We expect such pressures to continue. The ultimate impact of macroeconomic factors on our business and results of operations for 2026 and beyond remains uncertain.

During 2025, the U.S. government implemented incremental tariffs on imports from many countries where our products are produced, including under the International Emergency Economic Powers Act (“IEEPA”). As a result, the cost to import our products into the U.S. increased, which had a material negative impact on our gross margins and results of operations. In February 2026, the U.S. Supreme Court found unlawful the tariffs imposed under the IEEPA. Notwithstanding this decision, tariffs remain a core part of the Administration’s trade policy. If current tariff levels persist or worsen, we expect they will continue to have a negative impact on our gross margins and results of operations.

IEEPA Tariff Refunds

In April 2026, following the Supreme Court’s ruling, the U.S. Customs and Border Protection launched its Consolidated Administration and Processing of Entries portal and commenced a phased process to accept claims for potential refunds of IEEPA tariffs previously paid. We paid approximately $66.5 million in tariffs under the IEEPA during 2025 and 2026. The IEEPA tariff refunds are subject to income taxes and other adjustments and may cause us to incur additional costs.

During the second quarter of 2026, we concluded that recovery of tariffs under the IEEPA was probable. The total net benefit of the IEEPA tariff refund was $45.6 million for the second quarter of 2026, consisting of $42.6 million recognized as a reduction of cost of goods sold and $2.9 million of interest income. We also recognized additional IEEPA tariff refunds of $10.0 million as a reduction of the carrying value of inventory for IEEPA tariffs previously capitalized as cost of inventory.

The total net benefit of the IEEPA tariff refund was $4.7 million for the third quarter of 2026, recognized as a reduction of cost of goods sold. The total net benefit of the IEEPA tariff refund for the nine months ended October 3, 2026 was $50.3 million, consisting of $47.4 million recognized as a reduction to cost of goods sold and $2.9 million of interest income.

During the second and third quarters of 2026, we received cash refund payments totaling $0.7 million and $60.4 million, respectively, for IEEPA tariffs. As of October 3, 2026, our outstanding receivables included $7.9 million of IEEPA tariffs and $0.5 million of interest.

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General

Components of Our Results of Operations

Net Sales. Net sales are comprised of wholesale channel sales to our retail partners and sales through our DTC channel. Net sales in both channels reflect the impact of product returns as well as discounts for certain sales programs or promotions.

We discuss the net sales of our products in our two primary categories: Coolers & Equipment and Drinkware. Our Coolers & Equipment category includes hard coolers, soft coolers, bags, outdoor equipment, and cargo, as well as accessories and replacement parts for these products. Our Drinkware category is primarily composed of our stainless-steel drinkware products and related accessories. In addition, our Other category is primarily comprised of ice substitutes and YETI-branded gear, such as shirts, hats, and other miscellaneous products.

Gross profit. Gross profit reflects net sales less cost of goods sold, which primarily includes the purchase cost of our products from our third-party contract manufacturers, inbound freight and duties, product quality testing and inspection costs, depreciation expense of our molds, tooling, and equipment, and the cost of customizing products. We calculate gross margin as gross profit divided by net sales. Our DTC channel generally generates higher gross margin than our wholesale channel due to differentiated pricing between these channels.

Selling, general, and administrative expenses. Selling, general, and administrative (“SG&A”) expenses consist primarily of marketing and advertising costs, employee compensation and benefits costs, including non-cash stock-based compensation, distribution and fulfillment costs, depreciation and amortization expense, and general and administrative expenses. Our distribution and fulfillment costs include costs of our third-party warehousing and logistics operations, outbound freight costs, costs of operating on third-party DTC marketplaces, and credit card processing fees. Certain distribution and fulfillment costs will vary as they are dependent on our sales volume and our channel mix. Our DTC channel variable SG&A costs are generally higher as a percentage of net sales than our wholesale channel distribution costs.

Fiscal Year. We have a 52- or 53-week fiscal year that ends on the Saturday closest in proximity to December 31, such that each quarterly period will be 13 weeks in length, except during a 53-week year when the fourth quarter will be 14 weeks. Our fiscal year ending January 2, 2027 (“2026”) is a 52-week period. The first quarter of our fiscal year 2026 ended on April 4, 2026, the second quarter ended on July 4, 2026, and the third quarter ended on October 3, 2026. Our fiscal year ended January 3, 2026 (“2025”) was a 53-week period. Unless otherwise stated, references to particular years, quarters, months and periods refer to our fiscal years and the associated quarters, months, and periods of those fiscal years. The unaudited condensed consolidated financial results presented herein represent the three and nine months ended October 3, 2026 and September 27, 2025.

Results of Operations

The discussion below should be read in conjunction with the following table and our unaudited condensed consolidated financial statements and related notes contained elsewhere in this Quarterly Report on Form 10-Q. The following table sets forth selected statement of operations data, and their corresponding percentage of net sales, for the periods indicated (dollars in thousands):

			Three Months Ended																		Nine Months Ended
			October 3, 2026									September 27, 2025									October 3, 2026									September 27, 2025
Statement of Operations
Net sales			$	509,417		100		%				$	487,766		100		%				$	1,373,699		100		%				$	1,284,786		100		%
Cost of goods sold			215,629			42		%				215,244			44		%				547,176			40		%				552,973			43		%
Gross profit			293,788			58		%				272,522			56		%				826,523			60		%				731,813			57		%
Selling, general, and administrative expenses			232,820			46		%				218,169			45		%				659,599			48		%				593,765			46		%
Operating income			60,968			12		%				54,353			11		%				166,924			12		%				138,048			11		%
Interest (expense) income, net			(1,322)			—		%				(52)			—		%				(822)			—		%				551			—		%
Other (expense) income, net			(1,128)			—		%				(1,198)			—		%				(1,038)			—		%				5,951			—		%
Income before income taxes			58,518			11		%				53,103			11		%				165,064			12		%				144,550			11		%
Income tax expense			(14,145)			3		%				(13,703)			3		%				(39,523)			3		%				(37,390)			3		%
Net income			$	44,373		9		%				$	39,400		8		%				$	125,541		9		%				$	107,160		8		%

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Comparison of the Three Months Ended October 3, 2026 and September 27, 2025

						Three Months Ended
						October 3, 2026						September 27, 2025						Change
(dollars in thousands)																		$						%
Net sales						$	509,417					$	487,766					$	21,651					4		%
Gross profit						$	293,788					$	272,522					$	21,266					8		%
Gross margin (gross profit as a % of net sales)						57.7		%				55.9		%				180 basis points
Selling, general, and administrative expenses						$	232,820					$	218,169					$	14,651					7		%
SG&A as a % of net sales						45.7		%				44.7		%				100 basis points

Net Sales

Net sales increased $21.7 million, or 4%, to $509.4 million for the three months ended October 3, 2026, compared to $487.8 million for the three months ended September 27, 2025. Net sales included an unfavorable impact of $8.5 million related to a product recall reserves adjustment in the three months ended October 3, 2026. Excluding the unfavorable product recall reserves adjustment, net sales increased $30.2 million, or 6%.

Net sales in our channels were as follows:

•DTC channel net sales decreased $16.6 million, or 6%, to $272.2 million, compared to $288.7 million in the prior year quarter, and were unfavorably impacted by $8.5 million due to the product recall reserves adjustment. Excluding the $8.5 million unfavorable impact of the recall reserves adjustment, DTC channel net sales decreased $8.0 million, or 3%, primarily due to declines in US owned e-commerce and the US Amazon Marketplace, partially offset by strong growth across key international markets and growth in Corporate Sales, including in the U.S. DTC channel mix was 53% in the third quarter of 2026, compared to 59% in the third quarter of 2025.

•Wholesale channel net sales increased $38.2 million, or 19%, to $237.3 million, compared to $199.0 million in the same period last year, driven by strong growth across the U.S., Europe and Australia.

Net sales in our two primary product categories were as follows:

•Drinkware net sales increased by $20.2 million, or 8%, to $284.0 million, compared to $263.8 million in the prior year quarter, driven by international and US growth, supported by continued innovation and strength in our core product portfolio.

•Coolers & Equipment net sales increased by $0.2 million to $215.6 million, compared to $215.4 million in the same period last year, and were unfavorably impacted by $8.5 million due to the recall reserves adjustment. Excluding the $8.5 million unfavorable impact of the product recall reserves adjustment, Coolers & Equipment net sales increased $8.7 million, or 4%, reflecting continued strength across core and expanded categories, including cases & storage, hard coolers, and bags, supported by ongoing product innovation.

Net sales in our geographical regions were as follows:

•Net sales in the U.S. increased $3.0 million, or 1%, to $390.3 million, compared to $387.3 million in the prior year quarter, and were unfavorably impacted by $8.5 million due to the recall reserves adjustment. Excluding the $8.5 million unfavorable impact of the product recall reserves adjustment, US net sales increased $11.5 million, or 3%, driven by growth across Coolers & Equipment as well as Drinkware growth.

•Net sales in international locations increased $18.7 million, or 19%, to $119.1 million, compared to $100.4 million in the prior year quarter, reflecting strong growth in Europe and Australia, as well as continued expansion in Japan. Net sales in international locations represented 23% and 21% of total net sales in the third quarter of 2026 and 2025, respectively.

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Gross Profit

Gross profit increased $21.3 million, or 8%, to $293.8 million, compared to $272.5 million in the prior year quarter. Gross margin rate increased 180 basis points to 57.7% from 55.9% in the prior year quarter, primarily due to the following factors:

•lower net tariff costs, primarily driven by the net benefit from IEEPA tariff refunds, which favorably impacted gross margin by 200 basis points;

•the impact of selective price increases on certain products implemented during the first quarter of 2026, which favorably impacted gross margin by 40 basis points;

•lower inbound freight, which favorably impacted gross margin by 20 basis points; and

•other impacts, which favorably impacted gross margin by 90 basis points.

These increases were partially offset by:

•the impact of a product recall reserves adjustment, which unfavorably impacted gross margin by 130 basis points; and

•higher product costs driven by commodity inflation, which unfavorably impacted gross margin by 40 basis points.

Selling, General, and Administrative Expenses

SG&A expenses increased $14.7 million, or 7%, to $232.8 million for the three months ended October 3, 2026, compared to $218.2 million for the three months ended September 27, 2025. As a percentage of net sales, SG&A expenses increased by 100 basis points to 45.7% from 44.7% in the prior year quarter. The increase in SG&A expenses was primarily driven by:

•the impact of the product recall reserves adjustment in the current year quarter, which unfavorably impacted SG&A expenses by $6.5 million (increasing SG&A as a percent of sales by 130 basis points);

•an increase in distribution and fulfillment expenses of $3.4 million (decreasing SG&A as a percent of sales by 10 basis points) primarily due to higher outbound freight and third-party logistics fees, partially offset by lower online marketplace fees;

•an increase in marketing and advertising expenses of $0.8 million (decreasing SG&A as a percent of sales by 20 basis points);

•an increase in general and administrative expenses of $1.0 million (no impact on SG&A as a percent of sales) mainly due to higher professional fees;

•an increase in employee compensation and benefits expenses of $2.5 million (no impact on SG&A as a percent of sales), including higher incentive compensation and investments in headcount to support our international expansion, partially offset by lower non-cash stock-based compensation expense; and

•an increase in depreciation and amortization expense of $0.4 million (no impact on SG&A as a percent of sales).

Non-Operating Expenses

Interest expense, net was $1.3 million for the three months ended October 3, 2026, compared to $0.1 million for the three months ended September 27, 2025. The change versus the prior year quarter was primarily due to a decrease in interest income.

Other expense was $1.1 million for the three months ended October 3, 2026, compared to $1.2 million for the three months ended September 27, 2025. The change versus the prior year quarter was primarily due to higher foreign currency losses on intercompany balances.

Income tax expense was $14.1 million for the three months ended October 3, 2026, compared to $13.7 million for the three months ended September 27, 2025. The increase in income tax expense was primarily due to higher income before income taxes. The effective tax rate was 24.2% for the three months ended October 3, 2026 compared to 25.8% for the three months ended September 27, 2025. The lower effective tax rate was primarily due to a higher tax deduction for foreign-derived deduction eligible income and the impact of a discrete tax benefit related to stock-based compensation in the three months ended October 3, 2026.

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Nine Months Ended October 3, 2026 Compared to September 27, 2025

						Nine Months Ended												Change
						October 3, 2026						September 27, 2025
(dollars in thousands)																		$						%
Net sales						$	1,373,699					$	1,284,786					$	88,913					7		%
Gross profit						$	826,523					$	731,813					$	94,710					13		%
Gross margin (gross profit as a % of net sales)						60.2		%				57.0		%				320 basis points
Selling, general, and administrative expenses						$	659,599					$	593,765					$	65,834					11		%
SG&A as a % of net sales						48.0		%				46.2		%				180 basis points

Net Sales

Net sales increased $88.9 million, or 7%, to $1,373.7 million for the nine months ended October 3, 2026, compared to $1,284.8 million for the nine months ended September 27, 2025. Net sales included an unfavorable impact of $10.3 million related to product recall reserves adjustments in the nine months ended October 3, 2026. Excluding the unfavorable product recall reserves adjustments, net sales increased $99.3 million, or 8%.

Net sales in our two channels were as follows:

•DTC channel net sales increased $1.3 million to $734.8 million, compared to $733.5 million in the prior year period, and were unfavorably impacted by $10.3 million due to the product recall reserves adjustments. Excluding the $10.3 million unfavorable impact of the recall reserves adjustments, DTC channel net sales increased $11.7 million, or 2%, primarily due to growth in our Amazon Marketplace business, YETI websites, and YETI retail stores, partially offset by a decline in Corporate Sales, primarily reflecting cautious purchasing behavior during the first quarter of 2026. DTC channel mix was 53% and 57% for the nine months ended October 3, 2026 and September 27, 2025, respectively.

•Wholesale channel net sales increased $87.6 million, or 16%, to $638.9 million, compared to $551.3 million in the same period last year, driven by strong growth across the U.S. and our international regions, reflecting healthy consumer demand.

Net sales in our two primary product categories were as follows:

•Drinkware net sales increased by $36.5 million, or 5%, to $742.3 million, compared to $705.8 million in the prior year period, primarily due to strong growth in our international regions, as well as growth in the U.S. In our Drinkware category, growth was supported by continued innovation and strength in our core product portfolio.

•Coolers & Equipment net sales increased by $47.9 million, or 9%, to $604.1 million, compared to $556.2 million in the same period last year, and were unfavorably impacted by $10.3 million due to the product recall reserves adjustments. Excluding the $10.3 million unfavorable impact of the recall reserves adjustments, Coolers & Equipment net sales increased $58.3 million, or 10%, primarily driven by strong performance in bags, soft coolers, hard coolers, and cases & storage.

Net sales in our geographical regions were as follows:

•Net sales in the U.S. increased $48.0 million, or 5%, to $1,074.4 million, compared to $1,026.4 million in the prior year period, and were unfavorably impacted by $10.3 million due to the product recall reserves adjustments. Excluding the $10.3 million unfavorable impact of the product recall reserves adjustments, US net sales increased $58.3 million, or 6%, driven by growth in both Coolers & Equipment and Drinkware, reflecting solid consumer demand trends. Demand was strong in the wholesale channel, and in DTC, growth in Amazon Marketplace and YETI retail was more than offset by a decline in Corporate Sales and owned e-commerce.

•Net sales in international locations increased $40.9 million, or 16%, to $299.3 million compared to $258.4 million in the prior year period, reflecting strong growth in Australia and Europe, as well as growth in Japan and Canada. Performance was driven by strong growth in the wholesale channel, YETI websites, Amazon Marketplace, and Corporate Sales, reflecting increased brand awareness across key markets. Net sales in international locations represented 22% and 20% of total net sales in the first nine months of 2026 and 2025, respectively.

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Gross Profit

Gross profit increased $94.7 million to $826.5 million compared to $731.8 million in the prior year period. Gross margin rate increased 320 basis points to 60.2% from 57.0% in the same period last year, primarily due to the following factors:

•lower net tariff costs, including a net benefit from IEEPA tariff refunds of 340 basis points, partially offset by higher tariff costs, resulting in a net favorable impact to gross margin of 270 basis points;

•the impact of selective price increases on certain products implemented during the first quarter of 2026, which favorably impacted gross margin by 40 basis points;

•favorable foreign currency exchange rates, which favorably impacted gross margin by 30 basis points; and

•other impacts, which favorably impacted gross margin by 20 basis points.

These increases were partially offset by the impact of product recall reserves adjustments, which unfavorably impacted gross margin by 50 basis points.

Selling, General, and Administrative Expenses

SG&A expenses increased by $65.8 million, or 11%, to $659.6 million for the nine months ended October 3, 2026 compared to $593.8 million for the nine months ended September 27, 2025. As a percentage of net sales, SG&A expenses increased by 180 basis points to 48.0% for the nine months ended October 3, 2026 compared to 46.2% for the nine months ended September 27, 2025. The increase in SG&A expenses was primarily driven by:

•an increase in distribution and fulfillment expenses of $18.5 million (increasing SG&A as a percent of sales by 20 basis points) mainly due to higher outbound freight, third-party logistics fees, and online marketplace fees;

•an increase in marketing and advertising expenses of $14.1 million, primarily driven by a shift in the timing of our brand campaign into the second quarter of 2026 relative to the prior year’s brand campaign in the fourth quarter of 2025 (increasing SG&A as a percent of sales by 60 basis points);

•an increase in general and administrative expenses of $12.5 million (increasing SG&A as a percent of sales by 40 basis points) mainly due to higher professional fees, and growth investments in facilities and technology;

•an increase in employee compensation and benefits expenses of $11.1 million (increasing SG&A as a percent of sales by 10 basis points) primarily due to investments in headcount and higher incentive compensation, partially offset by lower non-cash stock-based compensation expense;

•the impact of the product recall reserves adjustments in the current year period, which unfavorably impacted SG&A by $7.4 million (increasing SG&A as a percent of sales by 50 basis points); and

•an increase in depreciation and amortization expense of $2.3 million (no impact on SG&A as a percent of sales) primarily related to our continued capital investments.

Non-Operating Expenses

Interest expense, net was $0.8 million for the nine months ended October 3, 2026. Interest income, net was $0.6 million for the nine months ended September 27, 2025. The change versus the prior year period was primarily due to the $2.9 million of interest income related to IEEPA tariff refunds, partially offset by a decrease in other interest income.

Other expense, net was $1.0 million for the nine months ended October 3, 2026. Other income, net was $6.0 million for the nine months ended September 27, 2025. The change versus the prior year period was primarily due to higher foreign currency losses on intercompany balances.

Income tax expense was $39.5 million for the nine months ended October 3, 2026, compared to $37.4 million for the nine months ended September 27, 2025. The increase in income tax expense was primarily due to higher income before income taxes. The effective tax rate was 23.9% for the nine months ended October 3, 2026 compared to 25.9% for the nine months ended September 27, 2025. The lower effective tax rate was primarily due to the impact of a discrete tax benefit related to stock-based compensation in the nine months ended October 3, 2026.

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Liquidity and Capital Resources

General

Our cash requirements have principally been for working capital purposes, long-term debt repayments, and capital expenditures. Our plans for cash may periodically include repurchasing shares of our common stock pursuant to our Share Repurchase Program described below. We fund our working capital, capital investments, and other cash needs from cash flows from operating activities, cash on hand, or borrowings available under our revolving credit facility (the “Revolving Credit Facility”). We believe that our current operating performance, operating plan, cash on hand, and borrowings available under our Revolving Credit Facility will be sufficient to satisfy our liquidity needs, cash requirements, and plans for cash for at least the next twelve months and foreseeable future.

Current Liquidity

As of October 3, 2026, we had a cash balance of $73.8 million, working capital (excluding cash) of $235.7 million and $300.0 million of borrowings available under the Revolving Credit Facility.

Credit Facility

Our Credit Facility provides for a $300.0 million Revolving Credit Facility and an $84.4 million term loan (the “Term Loan A”).

At October 3, 2026, we had $70.7 million principal amount of indebtedness outstanding under the Term Loan A under the Credit Facility and no outstanding borrowings under the Revolving Credit Facility. The weighted-average interest rate for borrowings under the Term Loan A and the Revolving Credit Facility was 5.55% and 5.49%, respectively, during the three months ended October 3, 2026.

The Credit Facility requires us to comply with certain covenants, including financial covenants regarding our total net leverage ratio and interest coverage ratio. Fluctuations in these ratios may increase our interest expense. Failure to comply with these covenants and certain other provisions of the Credit Facility, or the occurrence of a change of control, could result in an event of default and an acceleration of our obligations under the Credit Facility or other indebtedness that we may incur in the future. At October 3, 2026, we were in compliance with all covenants and expect to remain in compliance with all covenants under the Credit Facility.

Share Repurchase Program

In 2024, our Board of Directors authorized the repurchase of up to $300.0 million of YETI’s common stock (the “Share Repurchase Program”), excluding fees, commissions, and excise tax due under the Inflation Reduction Act of 2022. Repurchases under the Share Repurchase Program may be made from time to time at prevailing prices in the open market, through various methods, including, but not limited to, open market, privately negotiated, or accelerated share repurchase transactions. Repurchases under the Share Repurchase Program may also be made pursuant to a plan adopted under Rule 10b5-1 promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The timing, manner, price, and actual amount of share repurchases are determined by management based on various factors, including, but not limited to, stock price, economic and market conditions, other capital allocation needs and opportunities, and corporate and regulatory considerations. YETI has no obligation to repurchase any amount of our common stock, and such repurchases may be suspended or discontinued at any time. All shares repurchased under the Share Repurchase Program are held as treasury stock.

During 2024, we entered into two separate accelerated share repurchase agreements, which resulted in our repurchase of approximately 5.1 million shares of YETI’s common stock for an aggregate of $200.0 million. As of December 28, 2024, approximately $100.0 million remained available for repurchases under the Share Repurchase Program. During the first quarter of 2025, our Board of Directors approved a $350.0 million increase to the Share Repurchase Program authorization. We subsequently repurchased approximately 8.0 million shares of YETI’s common stock on the open market for approximately $298.0 million during 2025. As of January 3, 2026, approximately $152.0 million remained available for repurchases under the Share Repurchase Program.

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In May 2026, our Board of Directors approved an approximately $348.0 million increase to the Share Repurchase Program, resulting in $500.0 million remaining available as of May 14, 2026. During the second quarter of 2026, we repurchased 2.8 million shares of YETI’s common stock on the open market for approximately $130.0 million, at an average repurchase price of $46.47 per share. During the third quarter of 2026, we repurchased 0.5 million shares of YETI’s common stock on the open market for approximately $20.0 million at an average repurchase price of $40.63 per share. As of October 3, 2026, approximately $350.0 million remained available for repurchases under the Share Repurchase Program. See Note 8-Stockholders’ Equity of the Condensed Consolidated Financial Statements for additional information about the Share Repurchase Program.

Material Cash Requirements

There have been no material changes in our material cash requirements for contractual and other obligations compared to the disclosures included under “Material Cash Requirements” included in Part II, Item 7 of our Annual Report on Form 10-K for the year ended January 3, 2026 filed with the U.S. Securities and Exchange Commission (the “SEC”).

Cash Flows from Operating, Investing, and Financing Activities

The following table summarizes our cash flows from operating, investing and financing activities for the periods indicated (in thousands):

			Nine Months Ended
			October 3, 2026						September 27, 2025
Cash flows provided by (used in):
Operating activities			$	110,219					$	81,839
Investing activities			$	(54,664)					$	(81,242)
Financing activities			$	(167,515)					$	(194,192)

Operating Activities

Cash flows related to operating activities are dependent on net income, non-cash adjustments to net income, and changes in working capital. The increase in cash provided by operating activities during the nine months ended October 3, 2026 compared to cash provided by operating activities during the nine months ended September 27, 2025 is primarily due to an increase in net income, excluding non-cash expense, partially offset by an unfavorable impact from changes in working capital.

Investing Activities

The decrease in cash used in investing activities during the nine months ended October 3, 2026 was primarily due to lower purchases of intangible assets, partially offset by higher purchases of property and equipment.

Financing Activities

The decrease in cash used in financing activities during the nine months ended October 3, 2026 was primarily due to lower repurchases of common stock and lower payments of finance lease obligations, partially offset by higher taxes paid for the net share settlement of stock-based awards.

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Recent Accounting Pronouncements

For a description of recently issued and adopted accounting pronouncements, including the respective dates of adoption and expected effects on our results of operations and financial condition, see “Recently Adopted Accounting Pronouncements” in Note 1 of the Unaudited Condensed Consolidated Financial Statements.

Critical Accounting Policies and Estimates

Our unaudited condensed consolidated financial statements are prepared in accordance with GAAP. The preparation of these unaudited condensed consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, expenses and related disclosures. We evaluate our estimates and assumptions on an ongoing basis. Our estimates are based on historical experience and various other assumptions that we believe to be reasonable under the circumstances. Actual results could differ materially from those estimates. A discussion of the accounting policies that management considers critical in that they involve significant management judgments and assumptions require estimates about matters that are inherently uncertain and because they are important for understanding and evaluating our reported financial results is included in Part II, Item 7 of our Annual Report on Form 10-K for the year ended January 3, 2026 filed with the SEC. There have been no significant changes to these critical accounting policies.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

There have been no material changes to our market risk exposures or management of market risk from those disclosed in Quantitative and Qualitative Disclosures About Market Risk included under Item 7A in our Annual Report on Form 10-K for the year ended January 3, 2026.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (“Exchange Act”)) are designed to ensure that information required to be disclosed in the reports that we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms and to ensure that information required to be disclosed is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow for timely decisions regarding disclosures. Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures were effective as of October 3, 2026.

Changes in Internal Control over Financial Reporting

During the quarter ended October 3, 2026, there were no changes in our internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Inherent Limitations in Effectiveness of Controls

Our management, including our Chief Executive Officer and Chief Financial Officer, does not expect that our disclosure controls and procedures, or our internal controls, will prevent all error and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected. These inherent limitations include the realities that judgments in decision making can be faulty and that breakdowns can occur because of simple error or mistake or fraud. Additionally, controls can be circumvented by individuals or groups of persons or by an unauthorized override of the controls. Accordingly, because of the inherent limitations in our control system, misstatements in our public reports due to error or fraud may occur and not be detected.

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PART II. OTHER INFORMATION

Item 1. Legal Proceedings

We are involved in various claims and legal proceedings, some of which are covered by insurance. We believe that our existing claims and proceedings are not material.

Item 1A. Risk Factors

There have been no material changes to the risk factors contained in Part I, Item 1A of our Annual Report on Form 10-K for the year ended January 3, 2026.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Issuer Purchases of Equity Securities

The following table sets forth the repurchases of our common stock during the three months ended October 3, 2026:

Period						Total Number of Shares Purchased						Average Price Paid Per Share(1)						Total Number of Shares Purchased as Part of Publicly Announced Programs						Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (in thousands)(2)
July 5 - August 8, 2026						—						$	—					—						$	—
August 9 - September 5, 2026						96,553						41.43						96,553						366,009
September 6 - October 3, 2026						395,468						40.44						395,468						350,016
						492,021												492,021

_________________________________________

(1)Average price paid per share excludes fees, commissions, and excise tax due under the Inflation Reduction Act of 2022.

(2)In 2024, YETI’s Board of Directors approved a share repurchase program (the “Share Repurchase Program”), through which we have periodically repurchased shares of YETI’s common stock. YETI’s Board of Directors increased the Share Repurchase Program authorization in 2025 and 2026. As of October 3, 2026, $350.0 million remained available for repurchase. See Note 8-Stockholders’ Equity and Management’s Discussion and Analysis—Liquidity and Capital Resources—Share Repurchase Program for additional information about the Share Repurchase Program.

Item 5. Other Information

Insider Trading Arrangements

During the three months ended October 3, 2026, none of our officers or directors adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or constituted a “non Rule 10b5-1 trading arrangement.”

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Item 6. Exhibits

Exhibit Number						Exhibit
3.1						Amended and Restated Certificate of Incorporation of YETI Holdings, Inc. (filed as Exhibit 3.1 to the Company’s Current Report on Form 8-K on October 26, 2018 and incorporated herein by reference)
3.2						Amended and Restated Bylaws of YETI Holdings, Inc. (filed as Exhibit 3.1 to the Company's Current Report on Form 8-K on February 7, 2024 and incorporated herein by reference)
10.1*†						Non-Employee Director Compensation Policy (effective August 6, 2026)
31.1*						Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2*						Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1**						Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101*						The following unaudited financial statements from YETI Holdings, Inc.’s Quarterly Report on Form 10-Q for the fiscal quarter ended October 3, 2026, formatted in Inline eXtensible Business Reporting Language (XBRL): (i) Condensed Consolidated Balance Sheets, (ii) Condensed Consolidated Statements of Operations, (iii) Condensed Consolidated Statements of Comprehensive Income, (iv) Condensed Consolidated Statements of Equity, (v) Condensed Consolidated Statements of Cash Flows, and (vi) Notes to the Unaudited Condensed Consolidated Financial Statements
104*						Cover Page Interactive Data File (embedded within the Exhibit 101 Inline XBRL document)

* Filed herewith.

** Furnished herewith.

† Indicates a management contract or compensation plan or arrangement.

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SIGNATURES

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 thereunto duly authorized.

			YETI Holdings, Inc.
Dated: November 12, 2026			By:			/s/ Matthew J. Reintjes
						Matthew J. Reintjes
						Chair of the Board, President, and Chief Executive Officer (Principal Executive Officer)
Dated: November 12, 2026			By:			/s/ Scott C. Bomar
						Scott C. Bomar
						Senior Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer)

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