Operating cash flow swung from 2.12x net income in 2026Q2 to -1.29x in 2026Q1, and FCF margin ranged from 24.9% in 2025Q4 to -13.8% in 2026Q1, highlighting seasonal volatility despite modest capex of ~2.5% of revenue.
SharkNinja, Inc. (SN) cash flow statement — 5-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 |
|---|
| Cash from Operations | 817.29M | 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 % | 3548.66% | 41.98% | 59.17% | 36.9% | -10.55% | - |
| Net Income | 695.22M | 701.37M | 438.7M | 167.08M | 232.35M | 331.11M |
| Depreciation & Amortization | 189.5M | 139.63M | 123.11M | 103.82M | 86.71M | 78.18M |
| Stock-Based Compensation | 129.23M | 43.87M | 84.53M | 46.97M | 5.51M | 13.92M |
| Deferred Taxes | 23.68M | 38.71M | -47.37M | -41.73M | -16.65M | -15.13M |
| Other Non-Cash Items | 54.76M | 45.02M | 25.08M | 59.42M | 25.23M | 26.37M |
| Working Capital Changes | -396.56M | -334.48M | -177.43M | -54.95M | -128.19M | -205.32M |
| Change in Receivables | -85.77M | -350.48M | -299.2M | -229.65M | 519K | -77.44M |
| Change in Inventory | -138.34M | -87.27M | -204.92M | -155.81M | 53.89M | -185.47M |
| Change in Payables | 90.6M | 38.15M | 157.34M | 147.51M | -118.16M | 74.85M |
| Cash from Investing | -225.04M | -159.78M | -151.18M | -118.08M | -52.38M | -66.37M |
| Capital Expenditures | -202.96M | -146.08M | -137.69M | -122.74M | -94.43M | -60.07M |
| CapEx % of Revenue | 2.94% | 2.28% | 2.49% | 2.89% | 2.54% | 1.61% |
| Acquisitions | 0 | 0 | 0 | 0 | -66K | -4.49M |
| Investments | - | - | - | - | - | - |
| Other Investing | -22.08M | -13.7M | -13.49M | 4.67M | 42.12M | -1.8M |
| Cash from Financing | -264.18M | -77.08M | -81.22M | -234.87M | -160.17M | -54.5M |
| Debt Issued (Net) | -50.63M | -40.5M | -25.31M | 358.09M | -50.15M | -12.5M |
| Equity Issued (Net) | -138.78M | 14.82M | -61.4M | -4.32M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | -150.18M | -45.44M | -42M |
| Share Repurchases | -138.78M | 0 | -61.4M | -4.32M | 0 | 0 |
| Other Financing | -74.77M | -51.41M | 5.49M | -438.46M | -64.59M | 0 |
| Net Change in Cash | 326.09M | 413.62M | 209.61M | -64.71M | -21.83M | 107.58M |
| Free Cash Flow | 607.29M | 474.35M | 295.44M | 148.8M | 110.53M | 169.07M |
| FCF Margin % | 8.79% | 7.41% | 5.34% | 3.5% | 2.97% | 4.54% |
| FCF Growth % | 144.66% | 60.56% | 98.55% | 34.62% | -34.63% | - |
| FCF per Share | 4.29 | 3.34 | 2.09 | 1.07 | 0.80 | 1.22 |
| FCF Conversion (FCF/Net Income) | 0.87x | 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 |
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.
Key Metrics
Top Statement Risk
Working capital volatility and SBC dilution
Metrics are mathematically derived from official filings.
Earnings Quality Masked by Working Capital Swings
Operating cash flow swung from 2.12x net income in 2026Q2 to -1.29x in 2026Q1, per reported figures, highlighting extreme quarterly volatility in cash conversion.
The OCF/NI ratio oscillates wildly, from 3.80 in 2024Q4 to -0.94 in 2024Q2, indicating that net income is not a reliable proxy for cash generation on a quarterly basis. The primary driver appears to be working capital changes, which consistently consume cash in most quarters, suggesting that earnings quality is heavily influenced by inventory and receivables management. Investors should monitor the sustainability of cash conversion, as the gap between net income and operating cash flow is substantial and variable.
Free Cash Flow Remains Seasonally Erratic
Free cash flow margin swung from 24.9% in 2025Q4 to -13.8% in 2026Q1, as per financial statements, reflecting a pronounced seasonal pattern with strong Q4 and weak Q1.
The FCF trajectory is highly seasonal, with positive FCF in Q4 and negative in Q1 and Q2, aligning with the company's product launch cycles and inventory build-up ahead of peak demand. Despite this volatility, the cumulative FCF over the last four quarters appears positive, but the negative FCF in Q1 2026 (-$194.6M) and Q2 2025 (-$36.5M) suggests that the company requires significant cash upfront to support growth. This pattern may indicate that FCF is not yet consistently positive on a trailing twelve-month basis, warranting close attention to working capital efficiency.
Capital Expenditures Remain Modest Relative to Scale
Capital expenditures averaged roughly 2.5% of revenue over the past year, as reported in quarterly filings, indicating a light asset base that supports high incremental returns.
CapEx intensity is low, ranging from 1.5% to 4.7% of revenue, which is typical for a consumer appliances company that outsources manufacturing. This suggests that most capital spending is for growth initiatives rather than maintenance, as depreciation and amortization are consistently higher than CapEx in several quarters (e.g., 2026Q2 D&A of $78.4M vs CapEx of $83.1M). The low capital intensity implies that the company can generate strong FCF once working capital normalizes, but it also means that growth is heavily dependent on efficient inventory and receivables management.
Working Capital Swings Dominate Cash Flow
Working capital changes consumed $338.8M in 2026Q1 and $135.6M in 2026Q2, per reported data, offsetting strong operating profits and driving negative cash flow in those quarters.
The working capital line is the primary source of cash flow volatility, with negative changes in most quarters, indicating that the company is investing heavily in inventory and receivables to support its rapid revenue growth. The positive working capital contribution in Q4 (e.g., $268.0M in 2025Q4) suggests a seasonal unwind, but the persistent negative swings in other quarters imply that the company's cash conversion cycle is lengthening. This may be a deliberate strategy to secure supply chain capacity, but it also raises concerns about the efficiency of collections and inventory turnover, which investors should monitor for signs of deterioration.
Share Repurchases Absorb Cash Amid No Dividends
SharkNinja allocated $119.2M to buybacks in 2026Q2, as per SEC filings, while paying no dividends, indicating a preference for returning capital via repurchases despite volatile cash flow.
The company has consistently used cash for share repurchases, with notable amounts in 2026Q2 ($119.2M) and 2026Q1 ($18.5M), but no dividend payments. This suggests that management views the stock as undervalued or aims to offset dilution from stock-based compensation, which reached $77.5M in 2026Q2. However, the timing of buybacks during quarters with negative operating cash flow (e.g., 2026Q1) may indicate a willingness to use balance sheet cash to support the stock, which could strain liquidity if working capital needs persist.
What the Cash Flow Statement Obscures
Stock-based compensation surged to $77.5M in 2026Q2, as reported, representing a significant non-cash expense that may understate true cash costs to shareholders.
While SBC is added back to operating cash flow, it represents real dilution to existing shareholders, and the sharp increase from $10.9M in 2025Q2 to $77.5M in 2026Q2 suggests that the company is increasingly relying on equity-based compensation. This may indicate that cash compensation is being constrained to preserve liquidity, but it also means that reported operating cash flow overstates the cash available to shareholders. Additionally, the absence of acquisition activity in the data suggests that growth is organic, but the lack of disclosure on off-balance-sheet items warrants further investigation into potential lease obligations or supply chain financing arrangements.