Cash flow generation is highly erratic due to working capital swings, with operating cash flow ranging from -$32.6M in Q1 2026 to +$62.5M in Q2 2026, making the trailing twelve-month FCF margin of approximately 9.9% a more reliable indicator of underlying cash generation.
YETI Holdings, Inc. (YETI) cash flow statement — 12-year operating, investing & financing cash flows
| Metric | TTM | Jan'26 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 |
|---|
| Cash from Operations | 303.64M | 254.74M | 261.39M | 285.94M | 100.89M | 146.52M | 366.43M | 86.89M | 176.07M | 147.75M | 28.91M | 8.63M | 5.89M |
| Operating CF Margin % | - | 13.63% | 14.28% | 17.24% | 6.32% | 10.38% | 33.56% | 9.51% | 22.61% | 23.11% | 3.53% | 1.84% | 3.99% |
| Operating CF Growth % | 58.89% | -2.54% | -8.59% | 183.41% | -31.14% | -60.01% | 321.7% | -50.65% | 19.17% | 411.05% | 235.2% | 46.36% | - |
| Net Income | 178.79M | 165.39M | 175.69M | 169.88M | 89.69M | 212.6M | 155.8M | 50.43M | 57.76M | 15.4M | 48.79M | 74.22M | 14.21M |
| Depreciation & Amortization | 56.28M | 54.23M | 48.13M | 46.43M | 39.85M | 32.07M | 30.54M | 28.96M | 24.78M | 20.77M | 11.67M | 7.53M | 6.8M |
| Stock-Based Compensation | 44.68M | 47.69M | 40.72M | 29.8M | 17.8M | 15.47M | 9.01M | 52.33M | 13.25M | 13.39M | 118.42M | 624K | 233K |
| Deferred Taxes | 26.34M | 28.08M | -11.17M | 25.56M | -403K | 5.15M | -3.83M | 15.62M | 2.23M | 8.5M | -15.8M | -1.66M | 2.13M |
| Other Non-Cash Items | 17.59M | 3.47M | 25.95M | -407K | 101.05M | 4.17M | 2.98M | 3.45M | 6.33M | 2.95M | 1.28M | 722K | 298K |
| Working Capital Changes | -20.04M | -44.12M | -17.94M | 14.67M | -147.09M | -122.95M | 171.93M | -63.9M | 71.73M | 86.74M | -135.44M | -72.81M | -17.78M |
| Change in Receivables | -10.78M | -18.16M | -23.66M | -15.68M | 30.45M | -44.68M | 16.35M | -19.94M | 7.67M | -29.91M | 8.83M | -47.12M | -7.47M |
| Change in Inventory | -15.29M | 23.86M | 39.75M | 33.67M | -91.62M | -179.8M | 46.05M | -40.54M | 29.58M | 71.04M | -150.65M | -70.61M | -9.48M |
| Change in Payables | 68.93M | -27.69M | -47.02M | -15.14M | -86.24M | 112.77M | 89.13M | 6.61M | 43.74M | 27.99M | 7.89M | 36M | 9.28M |
| Cash from Investing | -110.71M | -101.84M | -131.45M | -72.82M | -56.91M | -65.76M | -22.94M | -48.69M | -31.72M | -38.72M | -55.88M | -10.9M | -4.09M |
| Capital Expenditures | -48.2M | -42.67M | -41.83M | -50.67M | -45.93M | -56.12M | -15.57M | -48.69M | -31.89M | -42.2M | -60.3M | -10.9M | -4.09M |
| CapEx % of Revenue | 2.49% | 2.28% | 2.29% | 3.05% | 2.88% | 3.98% | 1.43% | 5.33% | 4.09% | 6.6% | 7.36% | 2.32% | 2.77% |
| Acquisitions | 0 | 0 | -36.16M | 0 | 0 | 0 | 0 | 0 | 165K | -2.87M | 4.95M | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -62.5M | -59.17M | -53.45M | -22.15M | -10.98M | -9.63M | -7.38M | -16.61M | 2.17M | 6.34M | -538K | -2.05M | -271K |
| Cash from Financing | -397.13M | -321.39M | -209.22M | -13.6M | -122.63M | -23.02M | -163.19M | -45.69M | -117.99M | -72.24M | 8.01M | 33.64M | -1.14M |
| Debt Issued (Net) | 21.93M | -20.22M | -8.05M | -9.86M | -24.56M | -23.61M | -165.19M | -32.96M | -151.79M | -65.55M | 485.55M | 33.04M | -1.47M |
| Equity Issued (Net) | -414.63M | -297.78M | -200M | 0 | -100.03M | 0 | 0 | -13.52M | 36.12M | 0 | 708K | 254K | 621K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -636K | -2.52M | -2.81M | -453.91M | 0 | 0 |
| Share Repurchases | -414.85M | -297.78M | -200M | 0 | -100.03M | 0 | 0 | -13.52M | -1.97M | -2.02M | 0 | 0 | 0 |
| Other Financing | -4.43M | -3.39M | -1.17M | -3.73M | 1.96M | 589K | 1.99M | 1.43M | 205K | -3.88M | -24.34M | 346K | -294K |
| Net Change in Cash | -209.85M | -170.45M | -80.17M | 204.22M | -77.45M | 58.91M | 180.77M | -7.54M | 26.4M | 32.36M | -18.96M | 31.37M | 657K |
| Free Cash Flow | 207.41M | 212.07M | 219.55M | 213.12M | 43.98M | 80.76M | 343.48M | 38.2M | 144.18M | 105.55M | -31.39M | -2.28M | 1.8M |
| FCF Margin % | 10.71% | 11.35% | 12% | 12.85% | 2.76% | 5.72% | 31.46% | 4.18% | 18.51% | 16.51% | -3.83% | -0.49% | 1.22% |
| FCF Growth % | -1.72% | -3.41% | 3.02% | 384.54% | -45.54% | -76.49% | 799.12% | -73.5% | 36.59% | 436.32% | -1278.35% | -226.64% | - |
| FCF per Share | 2.74 | 2.60 | 2.56 | 2.44 | 0.50 | 0.91 | 3.91 | 0.44 | 1.73 | 1.26 | -0.38 | -0.03 | 0.02 |
| FCF Conversion (FCF/Net Income) | 1.16x | 1.54x | 1.49x | 1.68x | 1.12x | 0.69x | 2.35x | 1.72x | 3.05x | 9.59x | 0.60x | 0.12x | 0.41x |
| Interest Paid | 0 | 0 | 5.81M | 6.69M | 2.96M | 2.37M | 8.36M | 19.4M | 28.5M | 29.88M | 0 | 5.28M | 3.15M |
| Taxes Paid | 0 | 0 | 65.2M | 14.13M | 58.82M | 58.82M | 36.31M | 3.52M | 16.35M | 20.64M | 0 | 28.19M | 7.17M |
Quick answers to the most common questions about buying YETI stock.
YETI Holdings, Inc. (YETI) generated $254.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
YETI Holdings, Inc. (YETI) generated $212.1M 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.
YETI Holdings, Inc. (YETI) spent $42.7M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, YETI Holdings, Inc. (YETI) spent $297.8M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Working capital volatility masking core cash generation
Metrics are mathematically derived from official filings.
Earnings Quality Masked by Working Capital Swings
The relationship between net income and operating cash flow is highly volatile, with the OCF/NI ratio swinging from -6.54 in Q1 2024 to 4.24 in Q4 2024, indicating that reported earnings are a poor proxy for near-term cash generation due to massive working capital shifts.
The conversion quality is inconsistent and driven almost entirely by the timing of inventory and receivable cycles rather than underlying profitability. For instance, the strong Q2 2026 OCF of $62.5M against $71.3M of net income (0.88 ratio) was achieved despite a $37.2M working capital drag, suggesting the core business is generating cash but the cycle is currently consuming it. This pattern implies that investors should focus on trailing twelve-month figures to smooth out the quarterly noise, as single-quarter conversion metrics are unreliable for this business model.
FCF Volatility Overshadows Underlying Strength
Free cash flow has been erratic, ranging from a -$125.5M outflow in Q1 2024 to a $181.2M inflow in Q4 2024, yet the trailing twelve-month FCF margin appears to be stabilizing in the low-to-mid teens, suggesting the business is fundamentally cash-generative despite quarterly distortions.
The FCF trajectory is not linear but highly seasonal and working capital dependent. The recent Q2 2026 FCF of $48.1M (9.9% margin) represents a solid recovery from the deep negative Q1 2026, but it is still below the peak quarterly generation seen in late 2024. This indicates that while the company can generate substantial cash, its ability to do so consistently quarter-to-quarter is constrained by the inventory build and collection cycles inherent in its wholesale and DTC mix.
Working Capital as the Primary Cash Flow Driver
Working capital changes are the dominant factor in YETI's cash flow volatility, with swings from a $128.6M source in Q4 2024 to a $144.8M use in Q1 2024, indicating that inventory management and receivable collection are more critical to cash flow than net income in any given period.
The data shows a clear pattern of large working capital outflows in Q1 (likely inventory build for the spring/summer season) followed by inflows in Q4 (holiday sell-through). The $37.2M working capital use in Q2 2026, despite strong sales growth, suggests the company may be building inventory ahead of anticipated demand or experiencing slower collections from wholesale partners. This dynamic means that the company's cash flow health is heavily dependent on the accuracy of its demand forecasting and the efficiency of its supply chain.
Aggressive Buybacks Amidst Cash Flow Uncertainty
Management has deployed over $500 million toward share repurchases over the last ten quarters, including $130 million in Q2 2026 alone, which represents a significant commitment of capital given the volatile underlying free cash flow generation.
The capital allocation strategy appears to prioritize shareholder returns over building a larger cash buffer, as evidenced by the $130M buyback in a quarter where FCF was only $48.1M. This suggests management has high confidence in the durability of cash flows, but it also reduces the financial flexibility to absorb a significant operational misstep or a prolonged downturn in consumer demand. The absence of dividends and minimal acquisition activity further underscores a focus on returning capital via the equity market.
Cash Flow Statement Obscures Brand Investment
The cash flow statement likely understates the true economic cost of maintaining YETI's brand strength, as marketing expenses are fully expensed while functioning as a long-term investment in intangible value, and stock-based compensation adds a non-cash drag on reported earnings.
A significant portion of operating expenses, particularly marketing, are treated as period costs but are essential for sustaining the premium pricing power that drives gross margins. Furthermore, stock-based compensation averaging ~$10M per quarter is a real cost to shareholders via dilution, yet it is added back to calculate operating cash flow, making OCF appear stronger than the cash available to all capital providers. These factors mean the reported OCF/NI ratio may overstate the quality of earnings from a long-term economic perspective.