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YETI Holdings (NYSE: YETI) lifts 2026 EPS outlook after 9% Q2 sales gain

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

YETI Holdings, Inc. reported solid second quarter 2026 results with net sales up 9% to $483.9 million, driven by 16% growth in Coolers & Equipment and 19% international growth. Gross margin expanded 890 bps to 66.7%, aided by a $45.6 million IEEPA tariff refund; adjusted gross margin rose 170 bps to 59.5%.

GAAP EPS increased 54% to $0.94, including about $0.40 of net tariff benefit, while adjusted EPS grew 2% to $0.67. Adjusted operating income declined 7% and adjusted operating margin fell to 14.1% as SG&A investments outpaced sales. Free cash flow for the first half was $4.3 million.

The company repurchased 2.8 million shares for $130 million in the quarter, leaving $370 million under its authorization. Management reaffirmed 2026 sales growth of 7%–8% and raised the 2026 adjusted operating margin outlook to 14.9% and adjusted EPS guidance to $2.94–$3.00, implying 19%–21% growth.

Positive

  • Net sales grew 9% to $483.9 million, with 16% growth in Coolers & Equipment and 19% international growth, indicating broad-based demand across channels and regions.
  • Gross margin expanded 890 bps to 66.7% and adjusted gross margin rose 170 bps to 59.5%, supported by favorable operational drivers and tariff refunds.
  • GAAP EPS increased 54% to $0.94, while adjusted EPS increased 2% to $0.67, reflecting improved profitability despite higher operating expenses.
  • The company raised 2026 adjusted EPS guidance to $2.94–$3.00, up from $2.83–$2.89, and lifted the adjusted operating margin outlook to 14.9%, signaling stronger expected profitability.
  • YETI returned $130 million to shareholders via repurchase of 2.8 million shares in Q2, with $370 million remaining under its $500 million authorization.
  • Liquidity remains solid with $59.8 million of cash, $101.7 million of total debt, and $270 million of available capacity under a $300 million revolver.

Negative

  • Adjusted operating income declined 7% to $68.2 million, and adjusted operating margin fell to 14.1% from 16.4%, as operating costs grew faster than sales.
  • Adjusted net income decreased 8% to $50.7 million, and adjusted net income margin slipped to 10.5% from 12.4%, indicating weaker underlying profitability.
  • SG&A expenses increased 17% to $229.0 million, with SG&A as a percentage of sales rising 340 bps to 47.3%, driven by brand campaign timing and cost inflation.
  • Year-to-date free cash flow was only $4.3 million, as inventory and other working capital investments constrained cash generation despite higher earnings.
  • GAAP results benefited from a $45.6 million IEEPA tariff refund, including $42.6 million in cost-of-goods relief and $2.9 million of interest income, making a significant portion of margin expansion non-recurring.

Filing Explained

At July 4, YETI held $59.8 million cash, with $270 million revolver capacity available against $101.7 million debt.

For the quarter ended July 4, 2026, the completed repurchases are now part of a balance sheet showing $59.8 million of cash, $101.7 million of total debt excluding finance leases and unamortized deferred financing fees, and $270 million of available capacity under the $300 million revolving facility.

The filing therefore describes liquidity as a combination of cash on hand and available borrowing capacity, rather than cash alone.

The release highlights GAAP diluted EPS rising 54% to $0.94, while its adjusted measures exclude $34.4 million tied to 2025 tariff refunds and $2.9 million of related interest income; the headline and adjusted results therefore reflect different treatment of the refund.

The updated outlook assumes US tariff rates return to approximately 20% in the second half of 2026, making that assumption a specific item to reassess when later results are reported.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Q2 2026 Net Sales $483.9 million Net sales for the quarter ended July 4, 2026 increased 9%
Q2 2026 Gross Margin 66.7% Gross margin expanded 890 basis points, including IEEPA tariff refunds
Q2 2026 GAAP EPS $0.94 Net income per diluted share increased 54%, including ~$0.40 tariff benefit
Q2 2026 Adjusted EPS $0.67 Adjusted net income per diluted share increased 2%
IEEPA Tariff Refund Benefit $45.6 million Total net benefit in Q2 2026 including $42.6M COGS reduction and $2.9M interest
Share Repurchases Q2 2026 $130.0 million 2.8 million shares repurchased under $500 million authorization
2026 Adjusted EPS Guidance $2.94–$3.00 Raised from $2.83–$2.89, implying 19%–21% growth
Free Cash Flow H1 2026 $4.3 million Free cash flow defined as operating cash flow minus purchases of property and equipment
IEEPA tariff refunds financial
"The total net benefit of the IEEPA tariff refund was $45.6 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.
adjusted gross margin financial
"Adjusted gross margin increased 170 basis points to 59.5%"
Adjusted gross margin is a measure of how much profit a company makes from its sales after accounting for certain expenses or one-time costs, but before deducting other operating expenses. It helps investors see the company's core profitability more clearly by removing factors that might distort the usual profit picture, similar to a runner measuring their speed without considering obstacles or weather. This metric provides a clearer view of the company's ongoing financial health.
free cash flow financial
"Free cash flow | $ 4,322 | | $ (39,044)"
Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.
Revolving Credit Facility financial
"available capacity under our $300 million Revolving Credit Facility"
A revolving credit facility is a type of loan that a business can borrow from whenever it needs money, up to a set limit. It’s like having a credit card for companies—allowing them to borrow, pay back, and borrow again as needed, providing flexibility for managing cash flow or funding short-term expenses.
non-GAAP financial measures financial
"we supplement our results with non-GAAP financial measures, including adjusted gross profit"
Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.
International Emergency Economic Powers Act regulatory
"recovery of tariffs under the International Emergency Economic Powers Act (“IEEPA”) was probable"
A U.S. law that gives the president broad authority to control trade, financial transactions, and assets during a declared national emergency, such as by imposing sanctions, freezing property, or restricting exports and imports. For investors it matters because those powers can suddenly block deals, cut off access to markets or funds, and change the value of companies or securities much like an emergency brake that can stop or reroute economic activity overnight.
Net sales growth 9% Net sales increased 9% year-over-year to $483.9 million
GAAP EPS $0.94 GAAP EPS increased 54% including approximately $0.40 net tariff benefit
Adjusted EPS $0.67 Adjusted EPS increased 2% compared to the prior-year quarter
Adjusted operating income $68.2 million Adjusted operating income decreased 7% year-over-year
2026 adjusted EPS outlook $2.94–$3.00 Raised from $2.83–$2.89, now implying 19%–21% growth
Guidance

For fiscal 2026, the company maintains sales growth of 7%–8%, raises adjusted operating margin outlook to 14.9%, and lifts adjusted EPS guidance to $2.94–$3.00 with free cash flow expected at $200–$225 million.

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

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FAQ

How did YETI (YETI) perform financially in Q2 2026?
YETI delivered 9% net sales growth to $483.9 million in Q2 2026. Gross margin expanded to 66.7%, and GAAP EPS rose 54% to $0.94, while adjusted EPS increased 2% to $0.67 amid higher operating expenses.

What drove YETI (YETI) sales growth by channel and category in Q2 2026?
Wholesale sales grew 10% to $218.0 million, and DTC sales rose 7% to $265.9 million. By category, Coolers & Equipment increased 16% to $232.4 million, while Drinkware grew 2% to $241.4 million, supported by innovation and international strength.

How did tariffs impact YETI (YETI) margins and earnings in Q2 2026?
YETI recorded a total IEEPA tariff refund benefit of $45.6 million, including $42.6 million in cost-of-goods relief and $2.9 million interest. This added about $0.40 to GAAP EPS and $0.08 to adjusted EPS, significantly boosting reported margins.

What is YETI’s (YETI) updated fiscal 2026 outlook?
For 2026, YETI maintains net sales growth of 7%–8% and now targets adjusted operating margin of 14.9%. Adjusted EPS guidance was raised to $2.94–$3.00, implying 19%–21% growth, with free cash flow expected at $200–$225 million.

How much stock did YETI (YETI) repurchase in Q2 2026 and what remains?
In Q2 2026, YETI repurchased 2.8 million shares for $130.0 million under its $500 million authorization. As of July 4, 2026, approximately $370.0 million remained available for additional share repurchases.

What is YETI’s (YETI) liquidity and debt position after Q2 2026?
As of July 4, 2026, YETI held $59.8 million in cash and $101.7 million of total debt, excluding finance leases. The company also had $270 million of available capacity under its $300 million Revolving Credit Facility, supporting ongoing operations and investments.
0001670592FALSE00016705922026-08-132026-08-13



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

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

Date of Report (Date of earliest event reported): August 13, 2026

YETI Holdings, Inc.
(Exact name of registrant as specified in its charter)
Delaware

001-38713

45-5297111
(State or other jurisdiction

(Commission

(IRS Employer
of incorporation)

File Number)

Identification No.)

7601 Southwest Parkway
Austin, Texas 78735
(Address of principal executive offices, including zip code)
(Registrant's telephone number, including area code): (512) 394-9384
Not applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading symbol(s)
Name of each exchange on which registered
Common stock, par value $0.01YETINew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐

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




Item 2.02 Results of Operations and Financial Condition

On August 13, 2026, YETI Holdings, Inc. (the “Company”) issued a press release announcing its 2026 fiscal second quarter financial results. The press release is being furnished with this Current Report on Form 8-K as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit
No.Description
99.1
Press release issued by YETI Holdings, Inc., dated August 13, 2026
104Cover Page Interactive Data File, formatted in Inline Extensible Business Reporting Language (iXBRL)


SIGNATURE

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

YETI Holdings, Inc. 


Date: August 13, 2026
By:/s/   Scott C. Bomar

Scott C. Bomar
Senior Vice President, Chief Financial Officer and Treasurer




Exhibit 99.1
yetilogoimage.jpg
YETI Reports Second Quarter 2026 Results
Net Sales Increase 9%
Raises Full Year 2026 EPS Outlook
Returns $130 Million to Shareholders Through Share Repurchases
Announces Investor Day on September 17, 2026 in Austin, Texas

Austin, Texas, August 13, 2026 – YETI Holdings, Inc. (“YETI”) (NYSE: YETI) today announced its financial results for the second quarter ended July 4, 2026.

Second Quarter 2026 Highlights
•Sales increased 9%, led by 16% growth in Coolers & Equipment and 19% international growth, reflecting strong consumer demand across categories, regions, and channels
•Gross margin increased 890 basis points, including 110 basis points of favorable operational drivers and 780 basis points net tariff benefit
•Adjusted gross margin increased 170 basis points, including 110 basis points of favorable operational drivers and 60 basis points net tariff benefit
•EPS increased 54% to $0.94 and Adjusted EPS increased 2% to $0.67
•Repurchased 2.8 million shares for $130 million
•YETI will host an Investor Day on September 17, 2026, in Austin, Texas, where management will provide an update on the business and discuss its long-term strategic plan

Update on 2026 Outlook
•Maintains 2026 sales growth of 7% to 8%
•Increases 2026 adjusted operating income margin to 14.9%, up from 14.6% previously
•Raises 2026 adjusted EPS to $2.94 to $3.00, reflecting 19% to 21% growth, up from $2.83 to $2.89 or 14% to 17% growth previously

Matt Reintjes, Chair of the Board and Chief Executive Officer, commented, “YETI delivered a strong second quarter, with 9% top-line growth, and stronger-than-expected profitability. We also completed $130 million in share repurchases, reflecting the durability of our business model and the cash-generating strength of our operating platform. Our results demonstrate broad-based execution across categories, channels, and geographies, powered by the YETI brand and the expanding reach of our product portfolio. The work we’ve done over the past several years to build a more diversified, more balanced, and more repeatable growth company is showing up in the quality and consistency of our results.”

Mr. Reintjes continued, “What stood out in the quarter was the strength of brand momentum and innovation across our product platforms. Our FOUR Letters brand campaign deepened awareness and expanded the brand’s reach to new audiences, while our community activations reinforced our localized approach to building consumer engagement and trust. In an uneven consumer environment, demand across our product platforms remained strong, driven by the durability, design, and performance that differentiate YETI. We also saw continued progress across our omni-channel model, including strong wholesale sell-through, healthy DTC demand and improving trends in Corporate Sales. As expected, International reaccelerated in the quarter, as we continue unlocking a compelling long-term growth opportunity, with Europe, Asia, Australia and New Zealand validating that our brand can travel and our product platforms can translate across markets.”

Second Quarter 2026 Results

Sales increased 9% to $483.9 million, reflecting strong consumer demand across channels, accelerating growth in Coolers & Equipment, and continued momentum across international regions.

Sales by Channel
•Wholesale channel sales increased 10% to $218.0 million, driven by strong growth across the US and our international regions, reflecting healthy consumer demand.
•Direct-to-consumer (“DTC”) channel sales increased 7% to $265.9 million, primarily due to robust performance in our Amazon Marketplace business as well as growth in YETI websites and YETI retail stores.
1


Sales by Category
•Coolers & Equipment sales increased 16% to $232.4 million, primarily driven by strong performance in bags, soft coolers, cases & storage, and outdoor living, reflecting continued strength across core and expanded categories.
•Drinkware sales increased 2% to $241.4 million, primarily driven by international growth and supported by continued innovation in our Drinkware product portfolio.
Sales by Region
•US sales increased 6% to $391.0 million, primarily driven by growth in Coolers & Equipment, reflecting strong consumer demand trends. Demand was robust in the wholesale channel as well as Amazon Marketplace and YETI retail.
•International sales increased 19% to $92.9 million, reflecting strong growth in Europe and Australia, as well as growth in Canada and Japan. Performance was driven by strong growth across our key channels, reflecting increased brand awareness across key markets.

Gross profit increased 25% to $322.5 million. Gross margin increased 890 basis points to 66.7% including 110 basis points of favorable operational drivers as well as 780 basis points net tariff benefit. Operational drivers that favorably impacted gross margins by 110 basis points included continued pricing discipline, product cost management and other factors. The net tariff benefit consisted of IEEPA tariff refunds, of amounts expensed in 2025 and 2026, recorded as a reduction of cost of goods sold during the quarter, which favorably impacted gross profit by $42.6 million, and gross margin by 890 basis points. This benefit was partially offset by a 110 basis point unfavorable impact on gross margins from higher year-over-year tariff costs incurred during the quarter.

Adjusted gross profit increased 12% to $288.1 million. Adjusted gross margin increased 170 basis points to 59.5% including 110 basis points of favorable operational drivers and 60 basis point net tariff benefit. Operational drivers that favorably impacted gross margins included continued pricing discipline, product cost management and other factors. The net tariff benefit of 60 basis points consisted of IEEPA tariff refunds of amounts expensed in 2026, recorded as a reduction of cost of goods sold during the quarter, which favorably impacted adjusted gross profit by $8.2 million and adjusted gross margin by 170 basis points. This benefit was partially offset by a 110 basis point unfavorable impact on adjusted gross margin from higher year-over-year tariff costs incurred during the quarter. The IEEPA tariff refunds related to tariffs expensed in 2025 are excluded from adjusted gross profit and adjusted gross margin.

Selling, general, and administrative (“SG&A”) expenses increased 17% to $229.0 million. As a percentage of sales, SG&A expenses increased 340 basis points to 47.3%. This increase was primarily driven by a shift in the timing of our brand campaign into the second quarter relative to last year’s fourth quarter brand campaign, inflationary pressure in distribution and fulfillment costs, higher incentive compensation expense, and investments in headcount to support our international expansion, partially offset by lower non-cash stock-based compensation.

Adjusted SG&A expenses increased 19% to $219.9 million. As a percentage of sales, adjusted SG&A expenses increased 410 basis points to 45.4%. This increase was primarily driven by a shift in the timing of our brand campaign into the second quarter relative to last year’s fourth quarter brand campaign, inflationary pressure in distribution and fulfillment costs, higher incentive compensation expense, and investments in headcount to support our international expansion.

Operating income increased 51% to $93.5 million, or 19.3% of sales.

Adjusted operating income decreased 7% to $68.2 million, or 14.1% of sales.

Net income increased 39% to $71.3 million, or 14.7% of sales. Net income per diluted share increased 54% to $0.94, including an approximately $0.40 net tariff benefit. The net tariff benefit consisted of a $0.45 benefit from IEEPA tariff refunds related to tariffs expensed in 2025 and 2026, partially offset by a $0.05 unfavorable impact from higher year-over-year tariffs incurred during the quarter.

Adjusted net income decreased 8% to $50.7 million, or 10.5% of sales. Adjusted net income per diluted share increased 2% to $0.67, including an approximately $0.03 net tariff benefit. The net tariff benefit consisted of a $0.08 benefit from IEEPA tariff refunds related to tariffs expensed in 2026, partially offset by a $0.05 unfavorable impact from higher year-over-year tariffs incurred during the quarter.

2


Balance Sheet and Liquidity Review

We continued to maintain a strong liquidity position with cash of $59.8 million, $101.7 million of total debt, excluding finance leases and unamortized deferred financing fees, and $270 million of available capacity under our $300 million Revolving Credit Facility as of the end of the second quarter of 2026.

Inventory increased 5% to $359.1 million.

Capital Allocation Update

We continue to expect strong free cash flow generation and remain committed to investing in our business to drive sustainable growth and enhance long-term stockholder value, including through share repurchases.

Pursuant to our existing $500 million share repurchase authorization, in the second quarter of 2026, we repurchased 2.8 million shares for $130.0 million. As of July 4, 2026, approximately $370.0 million remained available for repurchases under our share repurchase program.

IEEPA Tariff Refunds Update

During the second quarter of 2026, we concluded that recovery of tariffs under the International Emergency Economic Powers Act (“IEEPA”) was probable. The total net benefit of the IEEPA tariff refund was $45.6 million for the second quarter of 2026, consisting of a $42.6 million net benefit recognized as a reduction of cost of goods sold and $2.9 million of interest income. Of this amount, our non-GAAP results exclude $34.4 million related to the 2025 net tariff impact and $2.9 million of interest income, resulting in a net EPS benefit of $0.08 during the second quarter of 2026.

Updated Fiscal 2026 Outlook

Mr. Reintjes concluded, “As we look ahead, we remain focused on the strategic priorities driving YETI’s long-term opportunity: strengthening the brand, expanding core categories and proven adjacencies, scaling internationally, and building the operating capabilities behind the business. We are investing in innovation, supply chain flexibility, digital capabilities, customization, and market-by-market execution — all with the goal of delivering durable growth and sustained value creation. The second quarter reinforced our confidence in the trajectory ahead. YETI is a stronger, broader, and more global company, and we remain confident in our ability to drive long-term growth and profitability, unlocking the full global potential of YETI and driving significant shareholder value.”

YETI has updated its Fiscal 2026 Outlook. This improvement reflects strong year-to-date sales results, strength in gross margins, as well as the timing of share repurchases, partially offset by continued growth investments and incremental inflationary pressures on our operations. The non-GAAP metrics of this outlook exclude the net benefit from IEEPA tariff refunds associated with tariffs expensed in 2025. This outlook assumes that US tariff rates will return to approximately 20% in the second half of 2026.

Updated
2026 Outlook		Previous
2026 Outlook
Sales growth
Up 7% to 8%Up 7% to 8%
Adjusted operating income *
Up 10% to 12%Up 8% to 10%
Adjusted operating income as a percentage of sales *
14.9%14.6%
Effective tax rate (GAAP)24%24%
Adjusted EPS *
$2.94 to $3.00
Up 19% to 21%
$2.83 to $2.89
Up 14% to 17%
Diluted weighted average shares outstanding *
75.4 million76.6 million
Capital expenditures
$60 to $70 million
$60 to $70 million
Free cash flow$200 million to $225 million$200 million to $225 million
* Updated from outlook provided in previous quarter.


3


YETI Investor Day 2026
YETI will host an Investor Day on Thursday, September 17, 2026, in Austin, Texas. The event will begin at 8:00 a.m. Central Time (9:00 a.m. Eastern Time). The Investor Day will include presentations from YETI’s leadership team, including a discussion of our long-term strategic plan.

A live webcast will be available in the investor relations section of YETI’s website, investors.yeti.com. A replay of the event and presentation materials will be available on the website following the event.

Conference Call Details
A conference call to discuss the second quarter of 2026 financial results is scheduled for today, August 13, 2026, at 8:00 a.m. Eastern Time. Investors and analysts interested in participating in the call are invited to dial 800-717-1738 (international callers, please dial 646-307-1865) approximately 10 minutes prior to the start of the call. A live audio webcast of the conference call will be available online at investors.yeti.com. A replay will be available through August 27, 2026 by dialing 844-512-2921 (international callers, 412-317-6671). The accompanying access code for this call is 11144477.

About YETI Holdings, Inc.
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. For more information, please visit www.YETI.com.

Non-GAAP Financial Measures
In addition to our results determined in accordance with GAAP, we supplement our results with non-GAAP financial measures, including adjusted gross profit, adjusted gross margin, adjusted SG&A expenses, adjusted operating income, adjusted net income, adjusted net income per diluted share (which we also refer to as adjusted EPS), free cash flow as well as adjusted gross profit, adjusted SG&A expenses, adjusted operating income and adjusted net income as a percentage of net sales.

Our management uses these non-GAAP financial measures in conjunction with GAAP financial measures to measure our profitability and to evaluate our financial performance. We believe that these non-GAAP financial measures provide meaningful supplemental information regarding the underlying operating performance of our business and are appropriate to enhance an overall understanding of our financial performance. These non-GAAP financial measures have limitations as analytical tools in that they do not reflect all of the amounts associated with our results of operations as determined in accordance with GAAP. Because of these limitations, these non-GAAP financial measures should be considered along with GAAP financial performance measures. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures. A reconciliation of the non-GAAP financial measures to such GAAP measures can be found below.
YETI does not provide a reconciliation of forward-looking non-GAAP to GAAP financial measures because such reconciliations are not available without unreasonable efforts. This is due to the inherent difficulty in forecasting with reasonable certainty certain amounts that are necessary for such reconciliation, including in particular the impacts of realized and unrealized foreign currency gains and losses reported within other expense. For the same reasons, we are unable to forecast with reasonable certainty all deductions and additions needed in order to provide forward-looking GAAP financial measures at this time. The amount of these deductions and additions may be material and, therefore, could result in forward-looking GAAP financial measures being materially different or less than forward-looking non-GAAP financial measures. See “Forward-looking statements” below.

4


Forward-looking statements
This press release 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 press release 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 regarding future expectations relating to inflationary pressures, anticipated tariff refunds, tariff rates, innovation, supply chain, global expansion initiatives, share repurchase plans, future financial performance, capital expenditures, and our expectations for opportunity, growth, and investments, including those set forth in the quotes from YETI’s President and CEO, and the 2026 financial outlook provided herein, constitute 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: (i) economic conditions or consumer confidence in future economic conditions; (ii) our ability to maintain and strengthen our brand and generate and maintain ongoing demand for our products; (iii) our ability to successfully design, develop and market new products; (iv) our ability to effectively manage our growth; (v) our ability to expand into additional consumer markets, and our success in doing so; (vi) the success of our international expansion plans; (vii) our ability to compete effectively in the outdoor and recreation market and protect our brand; (viii) the level of customer spending for our products, which is sensitive to general economic conditions and other factors; (ix) problems with, or loss of, our third-party contract manufacturers and suppliers or an inability to obtain raw materials; (x) fluctuations in the cost and availability of raw materials, equipment, labor, and transportation and subsequent manufacturing delays or increased costs; (xi) adverse changes in international trade policies, tariffs and treaties, including increases in tariff rates and the imposition of additional tariffs; (xii) our ability to accurately forecast demand for our products and our results of operations; (xiii) our relationships with our national, regional, and independent retail partners, who account for a significant portion of our sales; (xiv) risks associated with our direct-to-consumer channel; (xv) substantial fixed costs related to operating retail stores; (xvi) the impact of natural disasters and failures of our information technology on our operations and the operations of our manufacturing partners; (xvii) the integration and use of artificial intelligence; (xviii) our ability to attract and retain skilled personnel and senior management, and to maintain the continued efforts of our management and key employees; (xix) the impact of our indebtedness on our ability to invest in the ongoing needs of our business; and (xx) 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. For a more extensive list of factors that could materially affect our results, you should read our filings with the United States Securities and Exchange Commission (the “SEC”), including our Annual Report on Form 10-K for the year ended January 3, 2026, as such filings may be amended, supplemented or superseded from time to time by other reports YETI files with the SEC.

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

The forward-looking statements included here are made only as of the date hereof. YETI undertakes 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. Many of the foregoing risks and uncertainties may be exacerbated by the global business and economic environment, including ongoing geopolitical conflicts.

Solely for convenience, certain trademark and service marks referred to in this press release 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 trademarks and service marks.

Investor Relations Contact:
Arvind Bhatia, CFA
Investor.relations@yeti.com

Media Contact:
YETI Holdings, Inc. Media Hotline
Media@yeti.com
* * * * *
5


YETI HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except per share amounts)
Three Months EndedSix Months Ended
July 4,
2026		June 28,
2025		July 4,
2026		June 28,
2025
Net sales$483,868 $445,892 $864,282 $797,020 
Cost of goods sold161,344 188,323 331,547 337,729 
Gross profit322,524 257,569 532,735 459,291 
Selling, general, and administrative expenses229,006 195,545 426,779 375,596 
Operating income
93,518 62,024 105,956 83,695 
Interest income, net1,617 295 500 603 
Other (expense) income, net(889)5,773 90 7,149 
Income before income taxes
94,246 68,092 106,546 91,447 
Income tax expense
(22,929)(16,941)(25,378)(23,687)
Net income
$71,317 $51,151 $81,168 $67,760 
Net income per share
Basic$0.95 $0.62 $1.08 $0.82 
Diluted$0.94 $0.61 $1.06 $0.81 
Weighted-average shares outstanding
Basic74,685 82,732 75,002 82,665 
Diluted75,782 83,463 76,265 83,503 

6


YETI HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited) (In thousands)
July 4,
2026		January 3,
2026		June 28,
2025
ASSETS
Current assets
Cash$59,823 $188,342 $269,673 
Accounts receivable, net174,782 141,424 163,595 
Inventory359,120 290,611 342,131 
Prepaid expenses and other current assets123,301 39,949 52,771 
Total current assets717,026 660,326 828,170 
Property and equipment, net150,073 142,105 138,224 
Operating lease right-of-use assets126,341 131,531 84,732 
Goodwill72,308 72,308 72,308 
Intangible assets, net226,070 219,791 176,165 
Other assets9,901 9,357 3,445 
Total assets$1,301,719 $1,235,418 $1,303,044 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable$209,824 $140,214 $152,290 
Accrued expenses and other current liabilities139,540 135,353 116,803 
Taxes payable23,515 15,897 18,584 
Accrued payroll and related costs16,876 22,659 13,900 
Current operating lease liabilities15,491 15,044 21,054 
Current maturities of long-term debt4,348 5,172 6,331 
Total current liabilities409,594 334,339 328,962 
Long-term debt, net of current portion96,443 68,301 70,143 
Operating lease liabilities, non-current136,752 139,945 79,455 
Other liabilities49,426 42,557 21,752 
Total liabilities692,215 585,142 500,312 
Stockholders’ Equity
Common stock907 900 897 
Treasury stock, at cost(733,245)(602,268)(324,824)
Additional paid-in capital480,283 471,770 445,671 
Retained earnings860,680 779,512 681,885 
Accumulated other comprehensive income (loss)879 362 (897)
Total stockholders’ equity609,504 650,276 802,732 
Total liabilities and stockholders’ equity$1,301,719 $1,235,418 $1,303,044 

7


YETI HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited) (In thousands)
Six Months Ended
July 4,
2026		June 28,
2025
Cash Flows from Operating Activities:
Net income$81,168 $67,760 
Adjustments to reconcile net income to cash provided by (used in) operating activities:
Depreciation and amortization28,343 26,297 
Amortization of deferred financing fees317 321 
Stock-based compensation18,308 21,317 
Deferred income taxes5,225 6,968 
Impairment of long-lived assets973 — 
Product recalls
3,262 — 
Other2,651 (7,292)
Changes in operating assets and liabilities:
Accounts receivable(33,383)(40,769)
Inventory(68,008)(28,864)
Other current assets(83,354)(11,506)
Accounts payable and accrued expenses61,057 (35,560)
Taxes payable9,650 (18,572)
Other3,592 799 
Net cash provided by (used in) operating activities29,801 (19,101)
Cash Flows from Investing Activities:
Purchases of property and equipment(25,479)(19,943)
Additions of intangibles, net(14,474)(11,143)
Net cash used in investing activities(39,953)(31,086)
Cash Flows from Financing Activities:
Repayments of long-term debt(2,109)(2,109)
Taxes paid in connection with employee stock transactions(10,006)(1,563)
Proceeds from employee stock transactions218 — 
Payments of finance lease obligations
(1,268)(12,150)
Borrowings under revolving credit facility75,000 — 
Repayments under revolving credit facility(45,000)— 
Repurchases of common stock(130,047)(22,984)
Excise tax paid on repurchases of common stock(2,899)(1,562)
Net cash used in financing activities(116,111)(40,368)
Effect of exchange rate changes on cash(2,256)1,433 
Net decrease in cash(128,519)(89,122)
Cash, beginning of period188,342 358,795 
Cash, end of period$59,823 $269,673 

8


YETI HOLDINGS, INC.
Supplemental Financial Information
Disaggregated Net Sales
(Unaudited) (In thousands)

Three Months Ended
Six Months Ended
July 4,
2026		June 28,
2025		July 4,
2026		June 28,
2025
Net Sales by Channel
Wholesale$217,995 $197,296 $401,590 $352,208 
Direct-to-consumer265,873 248,596 462,692 444,812 
Total net sales
$483,868 $445,892 $864,282 $797,020 
 
Net Sale by Category
Coolers & Equipment$232,404 $200,572 $388,505 $340,789 
Drinkware241,384 236,438 458,289 442,039 
Other10,080 8,882 17,488 14,192 
Total net sales
$483,868 $445,892 $864,282 $797,020 
 
Net Sales by Geographic Region
United States
$390,965 $367,772 $684,051 $639,047 
International92,903 78,120 180,231 157,973 
Total net sales
$483,868 $445,892 $864,282 $797,020 

9


YETI HOLDINGS, INC.
Supplemental Financial Information
Reconciliation of GAAP to Non-GAAP Financial Information
(Unaudited) (In thousands)
Three Months EndedSix Months Ended
July 4,
2026		June 28,
2025		July 4,
2026		June 28,
2025
Gross profit$322,524$257,569$532,735$459,291
IEEPA tariff refunds(1)
(34,433)—(34,433)—
Transition costs(2)
———(395)
Adjusted gross profit$288,091$257,569$498,302$458,896
Selling, general, and administrative expenses$229,006$195,545$426,779$375,596
Non-cash stock-based compensation expense
(8,907)(11,173)(18,308)(21,317)
Long-lived asset impairment
——(973)—
Organizational realignment costs(3)
——(764)(994)
Stockholder matters(4)
(74)—(1,774)(2,760)
Executive transition costs(5)
——(599)—
Technology transformation costs(6)
(174)—(932)—
Adjusted selling, general, and administrative expenses$219,851$184,372$403,429$350,525
Net sales
$483,868$445,892$864,282$797,020
Gross margin66.7 %57.8 %61.6 %57.6 %
Adjusted gross margin59.5 %57.8 %57.7 %57.6 %
SG&A expenses as a % of net sales47.3 %43.9 %49.4 %47.1 %
Adjusted SG&A expenses as a % of net sales
45.4 %41.3 %46.7 %44.0 %
_________________________
(1)During the second quarter of 2026, we concluded that recovery of tariffs under the International Emergency Economic Powers Act (“IEEPA”) was probable. The total net benefit of the IEEPA tariff refund was $45.6 million for the second quarter of 2026, consisting of a $42.6 million net benefit recognized as a reduction of cost of goods sold and $2.9 million of interest income. Of this amount, our non-GAAP results exclude $34.4 million related to the 2025 net tariff impact and $2.9 million of interest income.
(2)Represents a favorable true-up of estimated disposal costs in connection with the acquisition of Mystery Ranch, LLC.
(3)Represents employee severance costs in connection with strategic organizational realignments.
(4)Represents advisory and legal fees related to a stockholder matter that resulted in a cooperation agreement signed in March 2025 and its subsequent expiration in 2026.
(5)Represents severance costs related to the departure of our former Chief Financial Officer.
(6)Represents third-party consulting fees related to certain initiatives to optimize and enhance our technology infrastructure. These expenses represent non-recurring incremental costs above the normal ongoing level of spending on technology to support operations.

10


YETI HOLDINGS, INC.
Supplemental Financial Information
Reconciliation of GAAP to Non-GAAP Financial Information
(Unaudited) (In thousands, except per share amounts)
Three Months EndedSix Months Ended
July 4,
2026		June 28,
2025		July 4,
2026		June 28,
2025
Operating income
$93,518$62,024$105,956$83,695
Adjustments:
Non-cash stock-based compensation expense(1)
8,90711,17318,30821,317
Long-lived asset impairment(1)
——973—
Organizational realignment costs(1)(2)
——764994
Transition costs(3)
———(395)
Stockholder matters(1)(4)
74—1,7742,760
Executive transition costs(1)(5)
——599—
Technology transformation costs(1)(6)
174—932—
IEEPA tariff refunds(7)
(34,433)—(34,433)—
Adjusted operating income$68,240$73,197$94,873$108,371
Net income
$71,317$51,151$81,168$67,760
Adjustments:
Non-cash stock-based compensation expense(1)
8,90711,17318,30821,317
Long-lived asset impairment(1)
——973—
Organizational realignment costs(1)(2)
——764994
Transition costs(3)
———(395)
Stockholder matters(1)(4)
74—1,7742,760
Executive transition costs(1)(5)
——599—
Technology transformation costs(1)(6)
174—932—
IEEPA tariff refunds(7)
(37,371)—(37,371)—
Other income (expense), net(8)
889(5,773)(90)(7,149)
Tax impact of adjusting items(9)
6,695(1,323)3,457(4,294)
Adjusted net income$50,685$55,228$70,514$80,993
Net sales$483,868$445,892$864,282$797,020
Operating income as a % of net sales
19.3 %13.9 %12.3 %10.5 %
Adjusted operating income as a % of net sales
14.1 %16.4 %11.0 %13.6 %
Net income as a % of net sales
14.7 %11.5 %9.4 %8.5 %
Adjusted net income as a % of net sales
10.5 %12.4 %8.2 %10.2 %
Net income per diluted share
$0.94$0.61$1.06$0.81
Adjusted net income per diluted share$0.67$0.66$0.92$0.97
Weighted average shares outstanding used to compute adjusted net income per diluted share
75,78283,46376,26583,503
_________________________
(1)These costs are reported in SG&A expenses.
(2)Represents employee severance costs in connection with strategic organizational realignments.
(3)Represents a favorable true-up of estimated disposal costs in connection with the acquisition of Mystery Ranch, LLC.
(4)Represents advisory and legal fees related to a stockholder matter that resulted in a cooperation agreement signed in March 2025 and its subsequent expiration in 2026.
(5)Represents severance costs related to the departure of our former Chief Financial Officer.
11


(6)Represents third-party consulting fees related to certain initiatives to optimize and enhance our technology infrastructure. These expenses represent non-recurring incremental costs above the normal ongoing level of spending on technology to support operations.
(7)During the second quarter of 2026, we concluded that recovery of tariffs under the International Emergency Economic Powers Act (“IEEPA”) was probable. The total net benefit of the IEEPA tariff refund was $45.6 million for the second quarter of 2026, consisting of a $42.6 million net benefit recognized as a reduction of cost of goods sold and $2.9 million of interest income. Of this amount, our non-GAAP results exclude $34.4 million related to the 2025 net tariff impact and $2.9 million of interest income.
(8)Other (income) expense, net substantially consists of realized and unrealized foreign currency gains and losses on intercompany balances that arise in the ordinary course of business.
(9)Represents the tax impact of adjustments calculated at an expected statutory tax rate of 24.5% for each of the three and six months ended July 4, 2026 and June 28, 2025.
12


YETI HOLDINGS, INC.
Supplemental Financial Information
Reconciliation of GAAP to Non-GAAP Financial Measures
(Unaudited) (In thousands)

Six Months Ended
July 4,
2026		June 28,
2025
Net cash provided by (used in) operating activities$29,801 $(19,101)
Less: Purchases of property and equipment
(25,479)(19,943)
Free cash flow
$4,322 $(39,044)


13

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