Revenue declined sharply and gross margin compressed to 33.5% in 2026Q3 from 45.7% in 2026Q1, leaving SG&A of $34.2M above gross profit of $25.0M and pushing operating margin to -26.5%.
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 | 434.27M | 559.52M | 604.07M | 605.88M | 655.9M | 785.54M | 545.77M | 363.32M |
| Revenue Growth % | -25.49% | -7.38% | -0.3% | -7.63% | -16.5% | 43.93% | 50.22% | - |
| Cost of Goods Sold | 273.3M | 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 | 160.97M | 178.29M | 255.47M | 223.56M | 228.77M | 300.76M | 234.81M | 155.78M |
| Gross Margin % | 37.07% | 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 | 183M | 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 | 150.19M | 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 | 3M | -5.8M | 35.27M | 40.48M | 277.2M | 38.18M | 32.53M | 33.1M |
| Operating Income | -22.03M | -1.16M | -2.94M | -55.45M | -345.94M | -61.15M | 58.35M | 10.46M |
| Operating Margin % | -5.07% | -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 | 17.77M | 52.97M | 53.38M | 2.33M | -289.39M | -13.65M | 99.31M | 49.61M |
| EBITDA Margin % | 4.09% | 9.47% | 8.84% | 0.39% | -44.12% | -1.74% | 18.2% | 13.66% |
| EBITDA Growth % | -64.29% | -0.77% | 2187.23% | 100.81% | -2020.27% | -113.74% | 100.18% | - |
| D&A (Non-Cash Add-back) | 39.66M | 54.13M | 56.33M | 57.78M | 56.55M | 47.5M | 40.97M | 39.16M |
| EBIT | -37.3M | -87.97M | -2.46M | -51.14M | -353.07M | -63.63M | 65.87M | 9.99M |
| Net Interest Income | -16.12M | -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 | 16.12M | 31.35M | 33.5M | 31.27M | 27.89M | 26.65M | 34.07M | 39.46M |
| Other Income/Expense | -31.39M | -118.16M | -33.02M | -26.97M | -35.01M | -29.13M | -26.55M | -39.92M |
| Pretax Income | -53.41M | -119.32M | -35.96M | -82.42M | -380.95M | -90.28M | 31.8M | -29.47M |
| Pretax Margin % | -12.3% | -21.33% | -5.95% | -13.6% | -58.08% | -11.49% | 5.83% | -8.11% |
| Income Tax | -2.05M | -4.14M | -1.96M | 1.99M | 1.19M | 1.49M | 749K | 124K |
| Effective Tax Rate % | 3.84% | 3.47% | 5.44% | -2.41% | -0.31% | -1.65% | 2.36% | -0.42% |
| Net Income | -51.36M | -115.18M | -34.01M | -84.4M | -382.14M | -91.77M | 31.05M | -29.59M |
| Net Margin % | -11.83% | -20.59% | -5.63% | -13.93% | -58.26% | -11.68% | 5.69% | -8.15% |
| Net Income Growth % | 51.06% | -238.69% | 59.71% | 77.91% | -316.42% | -395.55% | 204.92% | - |
| Net Income (Continuing) | -51.36M | -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) | -18.60 | -43.50 | -13.50 | -34.00 | -159.50 | -39.50 | 13.00 | -12.50 |
| EPS Growth % | 51.95% | -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 | 2.76M | 2.66M | 2.55M | 2.47M | 2.39M | 2.25M | 2.35M | 2.35M |
| Basic Shares Outstanding | 2.76M | 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
Persistent operating losses
Metrics are mathematically derived from official filings.
Revenue Contraction Deepens Into 2026
Based on Traeger's reported figures, quarterly revenue fell 40.4% year over year to $74.7M in 2026Q3, following a 17.4% decline in 2026Q2, signaling that demand weakness is persisting rather than stabilizing across consecutive periods.
The revenue trajectory shows a clear shift from modest declines in 2025 to sharper contraction in 2026, suggesting that the seasonal grill category may be facing weaker consumer demand or elevated promotional pressure. Because the decline is broad across several consecutive quarters, it is difficult to attribute it to timing alone, which warrants further investigation into volume versus pricing contributions. Investors should monitor whether the 2026Q3 decline represents a trough or the start of a deeper cyclical downturn.
Gross Margin Compression Amid Volume Decline
As reported in financial statements, Traeger's gross margin compressed to 33.5% in 2026Q3 from 45.7% in 2026Q1, a drop that appears to reflect deleveraged fixed manufacturing costs alongside softer pricing realization.
Gross margin has fluctuated between roughly 31% and 46% over the period, with the 2026Q3 reading near the low end of that range. The pattern suggests that margin is highly sensitive to revenue volume, which may indicate limited pricing power when demand softens. Peer context places Traeger's gross margin well below YETI's 57.4%, which may point to a structurally less differentiated product mix.
Operating Deleverage Driving Losses
Based on Traeger's reported figures, SG&A of $34.2M in 2026Q3 exceeded gross profit of $25.0M, pushing operating margin to -26.5% and indicating that the cost base is not flexing with shrinking revenue.
Operating income has moved from small positive readings in 2024 and early 2025 to consistent losses, which suggests negative operating leverage as revenue declines outpace cost reductions. SG&A has remained elevated relative to gross profit across most recent quarters, which may reflect fixed overhead that is difficult to reduce quickly. Management's ability to right-size operating expenses will be a key variable to track.
Net Losses Outpace Operating Deterioration
According to reported financials, Traeger's 2026Q3 net loss of $28.5M and EPS of -$10.33 were materially larger than its operating loss of $19.8M, suggesting significant non-operating or below-the-line charges that warrant further investigation.
The gap between operating loss and net loss in 2026Q3 and 2025Q3 is substantial, which may indicate non-operating expenses such as interest, impairments, or tax effects, though the provided data does not itemize these. Stock-based compensation of $3.1M in 2026Q3 is modest relative to the losses, so it does not appear to be the primary driver. Investors should review the detailed footnotes to understand the composition of below-the-line items before relying on reported EPS trends.
Recovery Thesis Faces Structural Headwinds
The bull case rests on a rebound in seasonal demand, yet Traeger's 33.5% gross margin trails peer YETI's 57.4%, and consecutive operating losses may signal that volume recovery alone would not restore profitability.
A bullish reading would argue that the 2026Q3 trough reflects temporary destocking and that revenue will normalize, but the data shows margin erosion alongside volume decline, which may indicate pricing or cost structure problems beyond cyclicality. Peer B&G Foods and Clarus also show negative or weak margins, but Traeger's combination of negative operating margin and a high net loss ratio suggests balance sheet or financing costs may be a further drag. Investors should monitor whether gross margin stabilizes above 40% before assuming a durable recovery.