Revenue growth accelerated to 22.2% YoY in 2026Q2 with gross margin stable at 48.7%, but operating margin fell to 10.2% from 11.7% a year ago, and SBC spiked to $77.5M, diluting EPS growth.
SharkNinja, Inc. (SN) annual income statement — 5-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 |
|---|
| Sales/Revenue | 6.91B | 6.4B | 5.53B | 4.25B | 3.72B | 3.73B |
| Revenue Growth % | 17.49% | 15.75% | 29.97% | 14.43% | -0.26% | - |
| Cost of Goods Sold | 3.54B | 3.26B | 2.87B | 2.35B | 2.31B | 2.29B |
| COGS % of Revenue | - | 50.99% | 51.85% | 55.15% | 62.06% | 61.41% |
| Gross Profit | 3.37B | 3.14B | 2.66B | 1.91B | 1.41B | 1.44B |
| Gross Margin % | 48.74% | 49.01% | 48.15% | 44.85% | 37.94% | 38.59% |
| Gross Profit Growth % | - | 17.82% | 39.53% | 35.29% | -1.95% | - |
| Operating Expenses | 2.41B | 2.22B | 2.02B | 1.53B | 1.09B | 999.93M |
| OpEx % of Revenue | - | 34.63% | 36.5% | 36.07% | 29.29% | 26.83% |
| Selling, General & Admin | 2.02B | 1.85B | 1.68B | 1.28B | 873.16M | 799.29M |
| SG&A % of Revenue | - | 28.88% | 30.32% | 30.21% | 23.49% | 21.45% |
| Research & Development | 397.15M | 368.07M | 341.29M | 249.39M | 215.66M | 200.64M |
| R&D % of Revenue | - | 5.75% | 6.17% | 5.86% | 5.8% | 5.38% |
| Other Operating Expenses | -1000K | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 957.54M | 921.11M | 644.16M | 373.56M | 321.37M | 438.26M |
| Operating Margin % | 13.86% | 14.39% | 11.65% | 8.78% | 8.65% | 11.76% |
| Operating Income Growth % | - | 42.99% | 72.44% | 16.24% | -26.67% | - |
| EBITDA | 1.11B | 1.06B | 767.27M | 477.38M | 408.08M | 516.44M |
| EBITDA Margin % | 16.04% | 16.58% | 13.88% | 11.22% | 10.98% | 13.86% |
| EBITDA Growth % | 33.23% | 38.25% | 60.72% | 16.98% | -20.98% | - |
| D&A (Non-Cash Add-back) | 151.05M | 139.63M | 123.11M | 103.82M | 86.71M | 78.18M |
| EBIT | 924.22M | 948.88M | 636.18M | 338.14M | 329M | 430.61M |
| Net Interest Income | -23.49M | -48.6M | -63.72M | -44.91M | -27.02M | -16.29M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 23.49M | 48.6M | 63.72M | 44.91M | 27.02M | 16.29M |
| Other Income/Expense | -72.41M | -20.83M | -71.69M | -80.34M | -19.39M | -23.93M |
| Pretax Income | 885.13M | 900.28M | 572.47M | 293.23M | 301.98M | 414.33M |
| Pretax Margin % | 12.81% | 14.07% | 10.35% | 6.89% | 8.12% | 11.12% |
| Income Tax | 189.92M | 198.9M | 133.76M | 126.15M | 69.63M | 83.21M |
| Effective Tax Rate % | 21.46% | 22.09% | 23.37% | 43.02% | 23.06% | 20.08% |
| Net Income | 695.22M | 701.37M | 438.7M | 167.08M | 232.35M | 331.11M |
| Net Margin % | 10.06% | 10.96% | 7.94% | 3.93% | 6.25% | 8.88% |
| Net Income Growth % | 34.09% | 59.87% | 162.57% | -28.09% | -29.83% | - |
| Net Income (Continuing) | 695.22M | 701.37M | 438.7M | 167.08M | 232.35M | 331.11M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 4.91 | 4.94 | 3.11 | 1.20 | 1.67 | 2.38 |
| EPS Growth % | 33.88% | 58.84% | 159.17% | -28.14% | -29.83% | - |
| EPS (Basic) | - | 4.97 | 3.14 | 1.20 | 1.67 | 2.38 |
| Diluted Shares Outstanding | 141.51M | 142.09M | 141.08M | 139.42M | 138.98M | 138.98M |
| Basic Shares Outstanding | 141.38M | 140.98M | 139.94M | 139.03M | 138.98M | 138.98M |
| Dividend Payout Ratio | - | - | - | 89.89% | 19.56% | 12.68% |
Quick answers to the most common questions about buying SN stock.
For fiscal year 2025, SharkNinja, Inc. (SN) reported total revenue of $6.40B. This represents a 71.7% increase compared to $3.73B in 2021.
SharkNinja, Inc. (SN) is profitable, generating $701.4M in net income for the fiscal year ending 2025 with a net profit margin of 11.0%.
SharkNinja, Inc. (SN) reported an operating income of $921.1M, resulting in an operating profit margin of 14.4%. This margin reflects the operational efficiency of the business before interest and taxes.
SharkNinja, Inc. (SN) generated $3.14B in gross profit for the year, representing a gross profit margin of 49.0%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
SBC dilution and margin volatility
Metrics are mathematically derived from official filings.
Revenue Momentum Persists
SharkNinja's revenue grew 22.2% year-over-year in 2026Q2, accelerating from 15.7% in 2025Q2, according to the latest quarterly report, indicating sustained demand for its appliances.
The sequential acceleration in revenue growth from 15.7% in 2025Q2 to 22.2% in 2026Q2 suggests that the company's product innovation and market expansion strategies are gaining traction. The consistent double-digit growth across all quarters in the dataset, with the lowest being 14.3% in 2025Q3, points to a durable growth trajectory. However, investors should monitor whether this pace is sustainable as the base of comparison grows.
Gross Margin Resilience Amid Expansion
Gross margin remained stable at 48.7% in 2026Q2, slightly above the 47.0% reported in 2024Q4, as per financial statements, reflecting pricing power and cost management.
The gross margin has hovered between 47.0% and 49.8% over the past ten quarters, showing remarkable stability despite revenue fluctuations. This suggests that SharkNinja maintains strong pricing power and efficient supply chain management, which is critical in a competitive appliance market. The slight dip in 2024Q4 to 47.0% appears to be an anomaly, as margins recovered to 48.7% in subsequent quarters, indicating no structural deterioration.
Operating Leverage Shows Cyclicality
Operating margin swung from 8.3% in 2024Q2 to 16.6% in 2025Q3, as per reported figures, indicating significant operating leverage tied to seasonal sales volumes.
The wide range in operating margins, from 8.3% to 16.6%, highlights the company's high fixed cost structure, where SG&A and R&D expenses do not scale proportionally with revenue. In high-volume quarters like 2025Q4, operating leverage drives margins up to 16.4%, while in lower-volume quarters like 2024Q2, margins compress to 8.3%. This cyclicality suggests that investors should expect margin volatility, but the overall trend shows improvement, with 2026Q2's 10.2% above the year-ago 11.7%.
SBC Dilution Offsets EPS Growth
Stock-based compensation surged to $77.5M in 2026Q2, up from $10.9M a year earlier, as per SEC filings, diluting EPS growth despite strong net income gains.
The dramatic increase in SBC from $10.9M in 2025Q2 to $77.5M in 2026Q2 is a red flag for earnings quality. While net income grew 22.2% year-over-year, EPS only grew 6.1% in 2026Q2, indicating that dilution is eating into shareholder returns. This trend warrants close monitoring, as elevated SBC could signal management's reliance on equity compensation, potentially masking true profitability.
SG&A Efficiency Improves
SG&A as a percentage of revenue declined to 31.8% in 2026Q2 from 32.1% in 2025Q2, based on reported data, showing improved cost discipline despite higher absolute spending.
While SG&A expenses increased in absolute terms, they grew slower than revenue, leading to a slight improvement in efficiency. This suggests that SharkNinja is benefiting from economies of scale as it expands. However, R&D spending has remained relatively flat as a percentage of revenue, around 6-7%, indicating a consistent investment in innovation. The company appears to be balancing cost control with growth investments, though the rising SBC is a concern.
Margin Compression and Dilution Risks
Despite strong revenue growth, operating margin in 2026Q2 fell to 10.2% from 11.7% a year ago, and SBC spiked to $77.5M, as per financials, signaling potential earnings headwinds.
Short-sellers might argue that the recent margin compression, with operating margin down 150 basis points year-over-year, indicates intensifying competition or rising costs. Additionally, the massive jump in SBC could be a sign of excessive dilution, which may not be sustainable. If revenue growth decelerates, the fixed cost base could lead to sharper margin declines, making the stock vulnerable to earnings disappointments. Investors should scrutinize whether the company can maintain its growth trajectory without further margin erosion.