Cash flow generation remains highly seasonal, evidenced by a $338.8 million working capital outflow in 2026Q1 and a wide swing in free cash flow margins from 24.9% in 2025Q4 to -13.5% in 2026Q1.
| Cash from Operations | 532.71M | 634.13M | 446.62M | 280.6M | 204.96M | 229.15M |
| Operating CF Margin % | - | 9.91% | 8.08% | 6.6% | 5.51% | 6.15% |
| Operating CF Growth % | 500.97% | 41.98% | 59.17% | 36.9% | -10.55% | - |
| Net Income | 705M | 701.37M | 438.7M | 167.08M | 232.35M | 331.11M |
| Depreciation & Amortization | 146.13M | 139.63M | 123.11M | 103.82M | 86.71M | 78.18M |
| Stock-Based Compensation | 32.32M | 43.87M | 84.53M | 46.97M | 5.51M | 13.92M |
| Deferred Taxes | -24.53M | 38.71M | -47.37M | -41.73M | -16.65M | -15.13M |
| Other Non-Cash Items | 131.02M | 45.02M | 25.08M | 59.42M | 25.23M | 26.37M |
| Working Capital Changes | -457.24M | -334.48M | -177.43M | -54.95M | -128.19M | -205.32M |
| Change in Receivables | -405.65M | -350.48M | -299.2M | -229.65M | 519K | -77.44M |
| Change in Inventory | -58.87M | -87.27M | -204.92M | -155.81M | 53.89M | -185.47M |
| Change in Payables | 96.93M | 38.15M | 157.34M | 147.51M | -118.16M | 74.85M |
| Cash from Investing | -161.32M | -159.78M | -151.18M | -118.08M | -52.38M | -66.37M |
| Capital Expenditures | -151.95M | -146.08M | -137.69M | -122.74M | -94.43M | -60.07M |
| CapEx % of Revenue | 2.31% | 2.28% | 2.49% | 2.89% | 2.54% | 1.61% |
| Acquisitions | 0 | 0 | 0 | 0 | -66K | -4.49M |
| Investments | - | - | - | - | - | - |
| Other Investing | -9.38M | -13.7M | -13.49M | 4.67M | 42.12M | -1.8M |
| Cash from Financing | -95.09M | -77.08M | -81.22M | -234.87M | -160.17M | -54.5M |
| Debt Issued (Net) | -40.5M | -40.5M | -25.31M | 358.09M | -50.15M | -12.5M |
| Equity Issued (Net) | -20.4M | 14.82M | -61.4M | -4.32M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | -150.18M | -45.44M | -42M |
| Share Repurchases | -20.4M | 0 | -61.4M | -4.32M | 0 | 0 |
| Other Financing | -34.2M | -51.41M | 5.49M | -438.46M | -64.59M | 0 |
| Net Change in Cash | 287.08M | 413.62M | 209.61M | -64.71M | -21.83M | 107.58M |
| Free Cash Flow | 382.77M | 474.35M | 295.44M | 148.8M | 110.53M | 169.07M |
| FCF Margin % | 5.81% | 7.41% | 5.34% | 3.5% | 2.97% | 4.54% |
| FCF Growth % | 102.97% | 60.56% | 98.55% | 34.62% | -34.63% | - |
| FCF per Share | 2.69 | 3.34 | 2.09 | 1.07 | 0.80 | 1.22 |
| FCF Conversion (FCF/Net Income) | 0.54x | 0.90x | 1.02x | 1.68x | 0.88x | 0.69x |
| Interest Paid | 0 | 0 | 64.69M | 51.11M | 16.32M | 12.01M |
| Taxes Paid | 0 | 0 | 190.66M | 141.25M | 90.03M | 91.89M |
Seasonal working capital volatility
According to quarterly financial disclosures, SharkNinja's operating cash flow to net income ratio exhibits extreme volatility, swinging from a 3.80x peak in 2024Q4 to a -1.29x deficit in 2026Q1, which suggests that reported net income is a poor proxy for immediate cash generation capabilities.
The significant divergence between accounting profits and cash flow appears driven by the company's aggressive inventory management and seasonal retail cycles. Investors should monitor whether this disconnect reflects genuine operational efficiency or merely the timing of accruals that may eventually require cash settlement.
As reported in recent financial statements, SharkNinja's free cash flow margins fluctuate wildly between a 24.9% surplus in 2025Q4 and a -13.5% burn in 2026Q1, indicating that the company's ability to self-fund operations is heavily tethered to the fourth-quarter holiday sales window.
This pattern suggests that the company remains in a cash-burning state for the majority of the fiscal year, relying on year-end liquidity to bridge the gap. Such a trajectory implies that any disruption to holiday demand could rapidly strain the company's liquidity position.
Based on the provided cash flow data, working capital changes have acted as a massive drag on liquidity, with a $338.8 million outflow in 2026Q1 alone, highlighting the company's reliance on heavy inventory stocking ahead of anticipated retail demand cycles.
The recurring negative working capital swings suggest that SharkNinja is effectively financing its retail partners' inventory needs. This strategy warrants further investigation into whether the company is over-producing in anticipation of demand that may not materialize, potentially leading to future inventory write-downs.
As indicated by the company's reported figures, capital expenditures have remained disciplined, consistently representing between 1.5% and 3.9% of revenue, which suggests that the firm's outsourced manufacturing model successfully avoids the heavy fixed-asset burden typical of traditional consumer appliance manufacturers.
The low capital intensity appears to be a deliberate strategic choice to maintain agility in a fast-moving product environment. While this preserves cash, it also implies that the company's competitive moat is built on marketing and design rather than proprietary manufacturing infrastructure.
Quick answers to the most common questions about buying SN stock.
SharkNinja, Inc. (SN) generated $634.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
SharkNinja, Inc. (SN) generated $474.4M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
SharkNinja, Inc. (SN) spent $146.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.