Revenue contraction remains a primary concern, with the most recent quarterly top-line falling to $94.1 million, a 34.3% decrease from the prior year.
Traeger, Inc. (COOK) annual income statement — 7-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Sales/Revenue | 484.98M | 559.52M | 604.07M | 605.88M | 655.9M | 785.54M | 545.77M | 363.32M |
| Revenue Growth % | -16.3% | -7.38% | -0.3% | -7.63% | -16.5% | 43.93% | 50.22% | - |
| Cost of Goods Sold | 309.29M | 381.23M | 348.6M | 382.32M | 427.13M | 484.78M | 310.96M | 207.54M |
| COGS % of Revenue | - | 68.14% | 57.71% | 63.1% | 65.12% | 61.71% | 56.98% | 57.12% |
| Gross Profit | 175.69M | 178.29M | 255.47M | 223.56M | 228.77M | 300.76M | 234.81M | 155.78M |
| Gross Margin % | 36.23% | 31.86% | 42.29% | 36.9% | 34.88% | 38.29% | 43.02% | 42.88% |
| Gross Profit Growth % | - | -30.21% | 14.27% | -2.28% | -23.94% | 28.09% | 50.73% | - |
| Operating Expenses | 180.37M | 179.45M | 258.41M | 279M | 574.71M | 361.91M | 176.47M | 145.32M |
| OpEx % of Revenue | - | 32.07% | 42.78% | 46.05% | 87.62% | 46.07% | 32.33% | 40% |
| Selling, General & Admin | 158.11M | 185.25M | 223.14M | 238.53M | 297.51M | 323.74M | 143.93M | 112.22M |
| SG&A % of Revenue | - | 33.11% | 36.94% | 39.37% | 45.36% | 41.21% | 26.37% | 30.89% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2M | -5.8M | 35.27M | 40.48M | 277.2M | 38.18M | 32.53M | 33.1M |
| Operating Income | -4.67M | -1.16M | -2.94M | -55.45M | -345.94M | -61.15M | 58.35M | 10.46M |
| Operating Margin % | -0.96% | -0.21% | -0.49% | -9.15% | -52.74% | -7.78% | 10.69% | 2.88% |
| Operating Income Growth % | - | 60.53% | 94.69% | 83.97% | -465.74% | -204.8% | 458.07% | - |
| EBITDA | 35.6M | 52.97M | 53.38M | 2.33M | -289.39M | -13.65M | 99.31M | 49.61M |
| EBITDA Margin % | 7.34% | 9.47% | 8.84% | 0.39% | -44.12% | -1.74% | 18.2% | 13.66% |
| EBITDA Growth % | -20.5% | -0.77% | 2187.23% | 100.81% | -2020.27% | -113.74% | 100.18% | - |
| D&A (Non-Cash Add-back) | 39.77M | 54.13M | 56.33M | 57.78M | 56.55M | 47.5M | 40.97M | 39.16M |
| EBIT | -99.96M | -87.97M | -2.46M | -51.14M | -353.07M | -63.63M | 65.87M | 9.99M |
| Net Interest Income | -16.03M | -31.35M | -33.5M | -31.27M | -27.89M | -26.65M | -34.07M | -39.46M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 16.03M | 31.35M | 33.5M | 31.27M | 27.89M | 26.65M | 34.07M | 39.46M |
| Other Income/Expense | -111.31M | -118.16M | -33.02M | -26.97M | -35.01M | -29.13M | -26.55M | -39.92M |
| Pretax Income | -115.99M | -119.32M | -35.96M | -82.42M | -380.95M | -90.28M | 31.8M | -29.47M |
| Pretax Margin % | -23.92% | -21.33% | -5.95% | -13.6% | -58.08% | -11.49% | 5.83% | -8.11% |
| Income Tax | -3.33M | -4.14M | -1.96M | 1.99M | 1.19M | 1.49M | 749K | 124K |
| Effective Tax Rate % | 2.88% | 3.47% | 5.44% | -2.41% | -0.31% | -1.65% | 2.36% | -0.42% |
| Net Income | -112.65M | -115.18M | -34.01M | -84.4M | -382.14M | -91.77M | 31.05M | -29.59M |
| Net Margin % | -23.23% | -20.59% | -5.63% | -13.93% | -58.26% | -11.68% | 5.69% | -8.15% |
| Net Income Growth % | -222.71% | -238.69% | 59.71% | 77.91% | -316.42% | -395.55% | 204.92% | - |
| Net Income (Continuing) | -112.65M | -115.18M | -34.01M | -84.4M | -382.14M | -91.77M | 31.05M | -29.59M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -40.99 | -43.50 | -13.50 | -34.00 | -159.50 | -39.50 | 13.00 | -12.50 |
| EPS Growth % | -216.8% | -222.22% | 60.29% | 78.68% | -303.8% | -403.85% | 204% | - |
| EPS (Basic) | - | -43.50 | -13.50 | -34.00 | -159.50 | -39.50 | 13.00 | -12.50 |
| Diluted Shares Outstanding | 2.75M | 2.66M | 2.55M | 2.47M | 2.39M | 2.25M | 2.35M | 2.35M |
| Basic Shares Outstanding | 2.75M | 2.66M | 2.55M | 2.47M | 2.39M | 2.25M | 2.35M | 2.35M |
| Dividend Payout Ratio | - | - | - | - | - | - | 0.81% | - |
Quick answers to the most common questions about buying COOK stock.
For fiscal year 2025, Traeger, Inc. (COOK) reported total revenue of $559.5M. This represents a 54.0% increase compared to $363.3M in 2019.
Traeger, Inc. (COOK) reported a net loss of $115.2M for the fiscal year ending 2025.
Traeger, Inc. (COOK) reported an operating income of $-1.2M, resulting in an operating profit margin of -0.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Traeger, Inc. (COOK) generated $178.3M in gross profit for the year, representing a gross profit margin of 31.9%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Liquidity and demand saturation
Metrics are mathematically derived from official filings.
Persistent Revenue Contraction Trends
As indicated by the most recent quarterly data, Traeger's revenue has experienced a significant contraction, with the 2026Q1 figure of $94.1 million representing a sharp 34.3% year-over-year decline, suggesting that the company is struggling to maintain its post-pandemic market share in the premium grill category.
The consistent downward pressure on top-line growth suggests that the company's hardware-centric model is facing significant headwinds from a cooling consumer durable cycle. Investors should monitor whether the current revenue trajectory reflects a structural saturation of the pellet grill market or merely a temporary pause in replacement cycles.
Structural Erosion of Gross Margins
According to the provided financial statements, gross margins have demonstrated notable volatility, dropping from 43.2% in 2024Q1 to 31.3% by 2025Q4, which highlights the company's limited pricing power and vulnerability to fluctuations in input costs and promotional discounting strategies within the competitive outdoor appliance sector.
The compression in gross margins appears to be a direct consequence of the company's reliance on third-party manufacturing and the necessity of aggressive discounting to move inventory. This trend warrants further investigation into whether the product mix is shifting toward lower-margin entry-level units, which would fundamentally challenge the long-term profitability of the ecosystem.
Operating Leverage Remains Elusive
Based on reported figures, Traeger has failed to achieve meaningful operating leverage, as evidenced by the 2026Q1 operating margin of -1.1%, which demonstrates that the company's fixed cost base remains disproportionately high relative to its current, diminished revenue scale and overall operational output.
The inability to scale operating income alongside gross profit suggests that the company's SG&A expenses are not sufficiently flexible to adjust to revenue volatility. This lack of operating leverage implies that the business model may require a more significant restructuring of its overhead to reach sustainable profitability.
Liquidity Risks and Margin Compression
As reported in recent filings, the combination of a negative net margin and a low cash position of $19.6 million creates a precarious financial profile, suggesting that the company may face significant liquidity constraints if the current downturn in consumer discretionary spending persists through the next cycle.
Short-term observers may focus on the potential for further margin compression if the company is forced to increase promotional activity to clear excess inventory. The current financial structure appears to leave little room for error, and the reliance on external financing or cash reserves may become a critical point of failure.