Results
SharkNinja Reports Third Quarter 2026 Results
Raises Fiscal Year 2026 Outlook Across Key Metrics on Strong Operational Performance
NEEDHAM, Massachusetts, November 4, 2026 – SharkNinja, Inc. (“SharkNinja” or the “Company”) (NYSE: SN), a global product design and technology company, today announced its financial results for the third quarter ended September 30, 2026.
Highlights for the Third Quarter 2026 as compared to the Third Quarter 2025
Net sales increased 21.2% to $1,976.4 million.
6Gross margin and Adjusted Gross Margin increased 910 and 560 basis points, respectively.
Net income increased 79.3% to $338.4 million.
Adjusted Net Income increased 55.1% to $330.9 million.
Adjusted EBITDA increased 45.7% to $461.3 million, or 23.3% of net sales.
5Mark Barrocas, Chief Executive Officer, commented: “Q3 net sales grew 21.2%, marking our second consecutive quarter above 20% and our 14th consecutive quarter of double-digit growth.
Our topline strength was well balanced across Domestic and International, with tremendous performance across channels, categories, and geographies.
We believe this reflects our evolution into a Consumer Technology company operating at hyperscale, which shows up in what we make, how we market and sell, how fast we learn, and how far we reach.
The strength of our three-pillar growth strategy is reflected in our results, from our entry into water filtration with the Ninja HydraSense, to new innovation in our core franchises, to the best net sales quarter ever in our Latin America distributor markets.
Scale drives success, and success builds more scale.
It’s a positive flywheel and we are just getting started.
I have never been more excited to be in business, and we believe our advantages are poised to deliver exceptional results as we head into the holiday season.”
Three Months Ended September 30, 2026
7Net sales increased 21.2% to $1,976.4 million, compared to $1,630.2 million during the same period last year, on both a reported and constant currency basis.
Cleaning Appliances net sales increased by $24.2 million, or 4.1%, to $617.2 million, compared to $592.9 million in the prior year quarter, driven by the corded and cordless vacuums sub-categories.
Cooking and Beverage Appliances net sales increased by $160.3 million, or 36.6%, to $597.7 million, compared to $437.4 million in the prior year quarter, driven by sales of the Ninja Luxe Café espresso machine and the strength of the Ninja Crispi.
Food Preparation Appliances net sales increased by $74.9 million, or 18.3%, to $485.5 million, compared to $410.5 million in the prior year quarter, driven by strong growth in the blending sub-category.
Beauty and Home Environment Appliances net sales increased by $86.7 million, or 45.8%, to $276.1 million, compared to $189.3 million in the prior year quarter, driven by continued strength of the skincare, air purifiers, and fan product portfolios.
Geographically, Domestic net sales increased by $213.0 million, or 19.4%, for the three months ended September 30, 2026, compared to the three months ended September 30, 2025.
This increase was driven by growth within existing categories and the success of new product categories.
International net sales increased by $133.2 million, or 25.2%, for the three months ended September 30, 2026, compared to the three months ended September 30, 2025.
This increase was driven by continued growth in core categories.
Gross profit increased 43.1% to $1,170.0 million, or 59.2% of net sales, compared to $817.5 million, or 50.1% of net sales, in the prior year quarter.
Adjusted Gross Profit increased 34.8% to $1,105.7 million, or 55.9% of net sales, compared to $820.1 million, or 50.3% of net sales, in the prior year quarter.
3The increases in gross margin and Adjusted Gross Margin of 910 and 560 basis points, respectively, were primarily driven by the recognition of benefits related to refund claims for duties previously paid under the International Emergency Economic Powers Act (“IEEPA”), net of amounts payable to factory partners, as well as cost optimization efforts and favorable shifts in categories and channels, partially offset by unfavorable foreign currency and increased retailer activations.
1Gross margin benefited from $243.8 million related to refund claims for IEEPA duties, less $45.2 million payable to factory partners.
2Adjusted Gross Margin benefited from $134.3 million related to refund claims for IEEPA duties expensed in 2026.
Research and development expenses increased 27.0% to $117.9 million, or 6.0% of net sales, compared to $92.8 million, or 5.7% of net sales, in the prior year quarter.
Adjusted Research and Development Expenses increased 24.4% to $110.6 million, or 5.6% of net sales, compared to $88.9 million, or 5.5% of net sales, in the prior year quarter.
Sales and marketing expenses increased 25.9% to $460.7 million, or 23.3% of net sales, compared to $365.9 million, or 22.4% of net sales, in the prior year quarter.
Adjusted Sales and Marketing Expenses increased 25.3% to $444.6 million, or 22.5% of net sales, compared to $354.9 million, or 21.8% of net sales, in the prior year quarter.
General and administrative expenses increased 55.0% to $148.5 million, or 7.5% of net sales, compared to $95.8 million, or 5.9% of net sales, in the prior year quarter.
Adjusted General and Administrative Expenses increased 43.3% to $125.0 million, or 6.3% of net sales, compared to $87.2 million, or 5.4% of net sales, in the prior year quarter.
Operating income increased 68.5% to $442.9 million, or 22.4% of net sales, compared to $262.9 million, or 16.1% of net sales, during the prior year quarter.
Adjusted Operating Income increased 47.2% to $425.5 million, or 21.5% of net sales, compared to $289.0 million, or 17.7% of net sales, in the prior year quarter.
Net income increased 79.3% to $338.4 million, or 17.1% of net sales, compared to $188.7 million, or 11.6% of net sales, in the prior year quarter.
Net income per diluted share increased 79.7% to $2.39, compared to $1.33 in the prior year quarter.
Adjusted Net Income increased 55.1% to $330.9 million, or 16.7% of net sales, compared to $213.4 million, or 13.1% of net sales, in the prior year quarter.
Adjusted Net Income per diluted share increased 56.0% to $2.34, compared to $1.50 in the prior year quarter.
Adjusted EBITDA increased 45.7% to $461.3 million, or 23.3% of net sales, compared to $316.5 million, or 19.4% of net sales, in the prior year quarter.
Balance Sheet and Cash Flow Highlights
As of September 30, 2026, the Company had cash and cash equivalents of $487.8 million and available capacity under its revolving credit facility of $495.3 million.
Total debt, excluding unamortized deferred financing costs, was $708.8 million.
8Inventories as of September 30, 2026 increased 42.5% to $1,428.2 million, compared to $1,002.2 million as of December 31, 2025.
During the three and nine months ended September 30, 2026, the Company repurchased 293,132 and 1,301,500 ordinary shares, respectively, under its $750.0 million share repurchase program authorized by the Board of Directors on February 11, 2026 (the “Repurchase Program”) at an aggregate cost of $50.0 million and $169.7 million, respectively, at an average price of $170.57 and $130.38 per share, respectively.
Fiscal 2026 Outlook
For fiscal year 2026, SharkNinja expects:
Net sales to increase 18.0% to 19.0% compared to the prior year (above the prior expectation of 16.0% to 17.0%).
Adjusted Net Income per diluted share between $6.65 and $6.75, reflecting a 25.9% to 27.8% increase compared to the prior year (above the prior expectation of between $6.45 and $6.55, reflecting a 22.2% to 24.1% increase).
Adjusted EBITDA between $1,380 million and $1,391 million, reflecting a 21.5% to 22.5% increase compared to the prior year (above the prior expectation of between $1,357 million and $1,369 million, reflecting a 19.5% to 20.5% increase).
A GAAP effective tax rate of approximately 22.0% to 23.0%.
Diluted weighted average shares outstanding of approximately 142.0 million.
Capital expenditures in the range of $190 million to $210 million, tracking toward the midpoint of the range.
The Company’s updated outlook reflects continued operating strength together with the recognition of benefits from tariff refund claims.
4In the third quarter of 2026, SharkNinja recognized $109.6 million related to refund claims for duties previously paid under IEEPA that were expensed in fiscal 2025, compared to the Company’s original expectation of approximately $123.6 million, out of a total refund claim of approximately $247.1 million accepted by U.S. Customs and Border Protection (“CBP”).
Consistent with the treatment of the underlying expense, these refunds benefited GAAP results and cash flow but were excluded from Adjusted Gross Profit, Adjusted Gross Margin, Adjusted Operating Income, Adjusted Net Income, Adjusted EBITDA, and Adjusted Net Income per diluted share.
The Company now expects the total refund claim amount attributable to fiscal 2025 duties to be approximately $145.4 million, reflecting the amount recognized in the third quarter and an additional approximately $35.8 million expected to be recognized in the fourth quarter of 2026.
Subsequent to September 30, 2026, the Company submitted additional refund claims of approximately $35.8 million for duties previously paid under IEEPA through Phase 3 of the CBP refund process, which also primarily relate to duties previously expensed in 2025 and will be excluded from Adjusted results when recognized.
The Company’s updated outlook reflects current tariff levels, including minimum rates of 10% for Indonesia, Malaysia, and Cambodia, and 12.5% for China, Vietnam, and Thailand, assumed to persist for the remainder of 2026.
Investors and analysts interested in participating in the live call are invited to dial 1-833-461-5787 or 1-585-542-9983 and enter confirmation code 812934680.
SharkNinja is a global product design and technology company, with a diversified portfolio of 5-star rated lifestyle solutions that positively impact people’s lives in homes around the world.
Powered by two trusted, global brands, Shark and Ninja, the company has a proven track record of bringing disruptive innovation to market, and developing
one consumer product after another has allowed SharkNinja to enter multiple product categories, driving significant growth and market share gains.
Headquartered in Needham, Massachusetts with more than 4,100 associates, the company’s products are sold at key retailers, online and offline, and through distributors around the world.
For more information, please visit sharkninja.com.
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(1) Net sales in our product categories were as follows:
(2) Net sales by region, based on the billing address of customers, were as follows:
(a) Domestic consists of net sales in the United States and Canada.
Net sales from the United States represented 61.9% and 62.1% of total net sales for the three months ended September 30, 2026 and 2025, respectively; and 61.4% and 63.0% of total net sales for the nine months ended September 30, 2026 and 2025, respectively.
(b) International consists of net sales in markets outside the United States and Canada.
Net sales from the United Kingdom represented 13.6% and 14.5% of total net sales for the three months ended September 30, 2026 and 2025, respectively; and 14.4% and 14.9% of total net sales for the nine months ended September 30, 2026 and 2025, respectively.
In addition to the measures presented in our condensed consolidated financial statements, we regularly review other financial measures, defined as non-GAAP financial measures by the SEC, to evaluate our business, measure our performance, identify trends, prepare financial forecasts, and make strategic decisions.
The key non-GAAP financial measures we consider are Adjusted Gross Profit, Adjusted Gross Margin, Adjusted Operating Expenses, Adjusted Research and Development Expenses, Adjusted Sales and Marketing Expenses, Adjusted General and Administrative Expenses, Adjusted Operating Income, Adjusted Net Income, Adjusted Net Income Per Share, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, and Adjusted Effective Tax Rate.
These non-GAAP financial measures provide supplemental information regarding our operating performance on a non-GAAP basis that excludes certain gains, losses and charges of a non-cash nature or which occur relatively infrequently and/or which management considers to be unrelated to our core operations, as well as the cost of sales from (i) inventory markups that are being eliminated as a result of the transition of certain product procurement functions from a subsidiary of JS Global to SharkNinja concurrently with the separation and (ii) costs related to the transitional Sourcing Services Agreement with JS Global that was entered into in connection with the separation (collectively, the “Product Procurement Adjustment”).
Management believes that tracking and presenting these non-GAAP financial measures provides management and the investment community with valuable insight into our ongoing core operations, our ability to generate cash and the underlying business trends that are affecting our performance.
We believe that these non-GAAP measures, when used in conjunction with our GAAP financial information, also allow investors to better evaluate our financial performance in comparison to other periods and to other companies in our industry and to better understand and interpret the results of the ongoing business following the separation and distribution.
SharkNinja does not provide a reconciliation of forward-looking Adjusted Net Income and Adjusted EBITDA to GAAP net income 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 reconciliations, including, in particular, the realized and unrealized foreign currency gains or 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 net income at this time.
The amount of these deductions and additions may be material, and, therefore, could result in forward-looking GAAP net income being materially different or less than forward-looking Adjusted Net Income and Adjusted EBITDA.
We define Adjusted Gross Profit as gross profit as adjusted to exclude (i) certain items that we do not consider indicative of our ongoing operating performance following the separation, including the cost of sales from the Product Procurement Adjustment, (ii) the impact of a voluntary product recall, (iii) 2025 IEEPA tariff refund claims, and (iv) 2025 tariff refunds payable to factory partners.
We define Adjusted Gross Margin as Adjusted Gross Profit divided by net sales.
We believe that Adjusted Gross Profit and Adjusted Gross Margin are appropriate measures of our operating performance because each eliminates certain other adjustments that do not relate to the ongoing performance of our business.
The following table reconciles Adjusted Gross Profit and Adjusted Gross Margin to the most comparable GAAP measure, gross profit and gross margin, respectively, for the periods presented:
(1) Represents cost of sales incurred related to the Product Procurement Adjustment.
As a result of the separation, we purchase 100% of our inventory from one of our subsidiaries, SharkNinja (Hong Kong) Company Limited (“SNHK”), and no longer purchase inventory from a purchasing office wholly owned by JS Global.
Thus, the markup on all inventory purchased subsequent to the separation is completely eliminated in consolidation.
In connection with the separation, we paid JS Global a sourcing service fee to provide value-added sourcing services on a transitional basis under a Sourcing Services Agreement, which ended on July 31, 2025.
(2) Adjusted for gross profit impact from a voluntary product recall that was recognized during the nine months ended September 30, 2026 and the three and nine months ended September 30, 2025.
(3) Represents refund claims for IEEPA duties expensed in 2025 and related amounts payable to factory partners.
We allocated the refunds based on the period in which the underlying duties were expensed.
We exclude the net benefit because it relates to a prior year and is not indicative of our ongoing operating performance.
Refunds attributable to duties expensed in 2026 remain included in Adjusted Gross Profit.
We define Adjusted Operating Expenses as operating expenses excluding (i) share-based compensation, (ii) certain litigation costs, (iii) amortization of certain acquired intangible assets, (iv) certain transaction-related costs, and (v) the impact of a voluntary product recall.
The following table reconciles Adjusted Operating Expenses to the most comparable GAAP measure, operating expenses, for the periods presented:
(1) Represents non-cash expense related to awards issued from the SharkNinja Equity Incentive Plan.
(2) Represents litigation costs incurred and related settlements for certain patent infringement claims, false advertising claims, and any related settlement costs and recoveries, which were recorded in general and administrative expenses.
(3) Represents amortization of acquired intangible assets that we do not consider normal recurring operating expenses, as the intangible assets relate to JS Global’s acquisition of our business.
We exclude amortization charges for these acquisition-related intangible assets for purposes of calculating Adjusted Operating Expenses, although revenue is generated, in part, by these intangible assets, to eliminate the impact of these non-cash charges that are significantly impacted by the timing and valuation of JS Global’s acquisition of our business, as well as the inherent subjective nature of purchase price allocations.
(4) Represents certain costs incurred related to secondary offering transactions and transaction-related due diligence initiatives.
(5) Adjusted for operating expenses impact from a voluntary product recall that was recognized during the nine months ended September 30, 2026 and the three and nine months ended September 30, 2025.
We define Adjusted Research and Development Expenses as research and development expenses excluding (i) share-based compensation and (ii) amortization of certain acquired intangible assets.
The following table reconciles Adjusted Research and Development Expenses to the most comparable GAAP measure, research and development expenses, for the periods presented:
(1) Represents non-cash expense related to awards issued from the SharkNinja Equity Incentive Plan.
(2) Represents amortization of acquired intangible assets that we do not consider normal recurring operating expenses, as the intangible assets relate to JS Global’s acquisition of our business.
We exclude amortization charges for these acquisition-related intangible assets for purposes of calculating Adjusted Research and Development Expenses, although revenue is generated, in part, by these intangible assets, to eliminate the impact of these non-cash charges that are significantly impacted by the timing and valuation of JS Global’s acquisition of our business, as well as the inherent subjective nature of purchase price allocations.
We define Adjusted Sales and Marketing Expenses as sales and marketing expenses excluding (i) share-based compensation, (ii) amortization of certain acquired intangible assets, (iii) certain transaction-related costs and (iv) the impact of a voluntary product recall.
The following table reconciles Adjusted Sales and Marketing Expenses to the most comparable GAAP measure, sales and marketing expenses, for the periods presented:
(1) Represents non-cash expense related to awards issued from the SharkNinja Equity Incentive Plan.
(2) Represents amortization of acquired intangible assets that we do not consider normal recurring operating expenses, as the intangible assets relate to JS Global’s acquisition of our business.
We exclude amortization charges for these acquisition-related intangible assets for purposes of calculating Adjusted Sales and Marketing Expenses, although revenue is generated, in part, by these intangible assets, to eliminate the impact of these non-cash charges that are significantly impacted by the timing and valuation of JS Global’s acquisition of our business, as well as the inherent subjective nature of purchase price allocations.
(3) Represents certain costs incurred related to secondary offering transactions and transaction-related due diligence initiatives.
(4) Adjusted for sales and marketing expenses impact from a voluntary product recall that was recognized during the nine months ended September 30, 2026 and the three and nine months ended September 30, 2025.
We define Adjusted General and Administrative Expenses as general and administrative expenses excluding (i) share-based compensation, (ii) certain litigation costs, (iii) certain transaction-related costs and (iv) the impact of a voluntary product recall.
The following table reconciles Adjusted General and Administrative Expenses to the most comparable GAAP measure, general and administrative expenses, for the periods presented:
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