Revenue growth has normalized to 15.6% as of 2026Q1, while the company maintains pricing power with gross margins consistently hovering near the 48-49% range.
| Sales/Revenue | 6.59B | 6.4B | 5.53B | 4.25B | 3.72B | 3.73B |
| Revenue Growth % | 15.91% | 15.75% | 29.97% | 14.43% | -0.26% | - |
| Cost of Goods Sold | 3.38B | 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 | 3.21B | 3.14B | 2.66B | 1.91B | 1.41B | 1.44B |
| Gross Margin % | 48.71% | 49.01% | 48.15% | 44.85% | 37.94% | 38.59% |
| Gross Profit Growth % | - | 17.82% | 39.53% | 35.29% | -1.95% | - |
| Operating Expenses | 2.26B | 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 | 1.9B | 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 | 375.11M | 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 | -2M | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 946.81M | 921.11M | 644.16M | 373.56M | 321.37M | 438.26M |
| Operating Margin % | 14.37% | 14.39% | 11.65% | 8.78% | 8.65% | 11.76% |
| Operating Income Growth % | - | 42.99% | 72.44% | 16.24% | -26.67% | - |
| EBITDA | 1.09B | 1.06B | 767.27M | 477.38M | 408.08M | 516.44M |
| EBITDA Margin % | 16.59% | 16.58% | 13.88% | 11.22% | 10.98% | 13.86% |
| EBITDA Growth % | 43.54% | 38.25% | 60.72% | 16.98% | -20.98% | - |
| D&A (Non-Cash Add-back) | 146.13M | 139.63M | 123.11M | 103.82M | 86.71M | 78.18M |
| EBIT | 955.24M | 948.88M | 636.18M | 338.14M | 329M | 430.61M |
| Net Interest Income | -29.36M | -48.6M | -63.72M | -44.91M | -27.02M | -16.29M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 29.36M | 48.6M | 63.72M | 44.91M | 27.02M | 16.29M |
| Other Income/Expense | -44.48M | -20.83M | -71.69M | -80.34M | -19.39M | -23.93M |
| Pretax Income | 902.33M | 900.28M | 572.47M | 293.23M | 301.98M | 414.33M |
| Pretax Margin % | 13.69% | 14.07% | 10.35% | 6.89% | 8.12% | 11.12% |
| Income Tax | 197.33M | 198.9M | 133.76M | 126.15M | 69.63M | 83.21M |
| Effective Tax Rate % | 21.87% | 22.09% | 23.37% | 43.02% | 23.06% | 20.08% |
| Net Income | 705M | 701.37M | 438.7M | 167.08M | 232.35M | 331.11M |
| Net Margin % | 10.7% | 10.96% | 7.94% | 3.93% | 6.25% | 8.88% |
| Net Income Growth % | 57.74% | 59.87% | 162.57% | -28.09% | -29.83% | - |
| Net Income (Continuing) | 705M | 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) | 4.95 | 4.94 | 3.11 | 1.20 | 1.67 | 2.38 |
| EPS Growth % | 56.96% | 58.84% | 159.17% | -28.14% | -29.83% | - |
| EPS (Basic) | - | 4.97 | 3.14 | 1.20 | 1.67 | 2.38 |
| Diluted Shares Outstanding | 142.36M | 142.09M | 141.08M | 139.42M | 138.98M | 138.98M |
| Basic Shares Outstanding | 141.4M | 140.98M | 139.94M | 139.03M | 138.98M | 138.98M |
| Dividend Payout Ratio | - | - | - | 89.89% | 19.56% | 12.68% |
Supply chain tariff exposure
As reported in recent financial statements, SharkNinja's year-over-year revenue growth has decelerated from a peak of 33.2% in 2024Q3 to 15.6% by 2026Q1, reflecting the inherent difficulty of maintaining hyper-growth as the company's revenue base expands across its core cleaning and newer beauty categories.
The transition from high-double-digit growth to mid-teens suggests that the initial market penetration phase for newer product lines may be moderating. Investors should monitor whether this deceleration represents a structural ceiling in the current addressable market or merely a temporary pause before the next cycle of SKU innovation.
Based on the provided income statement data, SharkNinja has maintained gross margins consistently near the 48-49% range, demonstrating significant pricing power despite the inflationary pressures and logistics challenges that have historically plagued the broader consumer appliance sector over the last ten quarters.
This stability indicates that the company's 'premium-for-mass' strategy successfully offsets variable cost fluctuations, likely through rapid product iteration and effective retail channel management. However, the slight compression observed in 2024Q4 warrants investigation into whether promotional discounting or shifts in product mix are beginning to exert downward pressure on profitability.
According to the company's quarterly filings, operating margins exhibit extreme sensitivity to seasonal volume, fluctuating from a low of 7.3% in 2023Q4 to a peak of 16.6% in 2025Q3, which highlights the heavy reliance on high-margin holiday periods to absorb fixed operating expenses.
The lack of consistent operating margin expansion suggests that SG&A costs, particularly marketing and advertising, scale almost linearly with revenue growth. This implies that the company has yet to achieve significant economies of scale in its overhead structure, keeping the bottom line tethered to aggressive, ongoing promotional spending.
As evidenced by the provided data, EPS growth has been highly erratic, ranging from a 2.4% increase in 2026Q1 to a 160% surge in 2024Q4, largely due to the timing of stock-based compensation and the lumpy nature of quarterly net income recognition.
The significant variance in quarterly net income suggests that investors should focus on normalized annual performance rather than quarter-to-quarter fluctuations. The presence of stock-based compensation, while currently manageable, requires careful scrutiny to ensure that management incentives remain aligned with long-term shareholder value creation rather than short-term SKU volume.
While the company's rapid product development is a core strength, the data suggests a potential 'treadmill effect' where the necessity for constant new launches to drive revenue growth may eventually lead to diminishing returns on R&D and increased inventory obsolescence risks, as seen in recent margin fluctuations.
Short-sellers may focus on the company's reliance on continuous innovation to replace aging SKUs, which creates a perpetual need for high marketing spend. If the pace of consumer adoption for new categories like beauty slows, the company may face a difficult choice between sacrificing margins through deeper discounting or suffering a sharp contraction in top-line growth.
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.