Revenue growth has decelerated to 2.11% while operating margins contracted to 3.3% as SG&A expenses outpaced gross profit growth.
| Sales/Revenue | 1.9B | 1.87B | 1.83B | 1.66B | 1.6B | 1.41B | 1.09B | 913.73M | 778.83M | 639.24M | 818.91M | 468.95M | 147.73M |
| Revenue Growth % | 3.16% | 2.11% | 10.32% | 3.98% | 13.06% | 29.24% | 19.48% | 17.32% | 21.84% | -21.94% | 74.63% | 217.44% | - |
| Cost of Goods Sold | 816.61M | 795.81M | 766.59M | 715.53M | 831.82M | 594.88M | 462.92M | 438.42M | 420.48M | 365.41M | 416.62M | 250.25M | 80.54M |
| COGS % of Revenue | - | 42.59% | 41.89% | 43.14% | 52.14% | 42.16% | 42.4% | 47.98% | 53.99% | 57.16% | 50.88% | 53.36% | 54.52% |
| Gross Profit | 1.08B | 1.07B | 1.06B | 943.19M | 763.4M | 816.11M | 628.8M | 475.31M | 358.35M | 273.83M | 402.29M | 218.7M | 67.19M |
| Gross Margin % | 56.97% | 57.41% | 58.11% | 56.86% | 47.86% | 57.84% | 57.6% | 52.02% | 46.01% | 42.84% | 49.12% | 46.64% | 45.48% |
| Gross Profit Growth % | - | 0.88% | 12.73% | 23.55% | -6.46% | 29.79% | 32.29% | 32.64% | 30.87% | -31.93% | 83.95% | 225.52% | - |
| Operating Expenses | 876.85M | 859.13M | 817.91M | 717.73M | 637.04M | 541.17M | 414.57M | 385.54M | 256.19M | 209.87M | 314.08M | 90.79M | 41.52M |
| OpEx % of Revenue | - | 45.98% | 44.7% | 43.27% | 39.93% | 38.35% | 37.97% | 42.19% | 32.89% | 32.83% | 38.35% | 19.36% | 28.1% |
| Selling, General & Admin | 876.85M | 833.93M | 817.91M | 717.73M | 637.04M | 541.17M | 414.57M | 385.54M | 280.97M | 230.63M | 325.75M | 90.79M | 41.52M |
| SG&A % of Revenue | - | 44.63% | 44.7% | 43.27% | 39.93% | 38.35% | 37.97% | 42.19% | 36.08% | 36.08% | 39.78% | 19.36% | 28.1% |
| Research & Development | 0 | 25.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 1.35% | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 204.32M | 213.56M | 245.38M | 225.46M | 126.36M | 274.94M | 214.23M | 89.77M | 102.16M | 63.97M | 88.21M | 127.91M | 25.67M |
| Operating Margin % | 10.77% | 11.43% | 13.41% | 13.59% | 7.92% | 19.49% | 19.62% | 9.82% | 13.12% | 10.01% | 10.77% | 27.28% | 17.37% |
| Operating Income Growth % | - | -12.97% | 8.83% | 78.42% | -54.04% | 28.34% | 138.64% | -12.12% | 59.7% | -27.48% | -31.04% | 398.34% | - |
| EBITDA | 259.38M | 267.79M | 293.51M | 271.89M | 166.21M | 307.01M | 244.77M | 118.73M | 126.93M | 84.74M | 99.88M | 135.44M | 32.47M |
| EBITDA Margin % | 13.67% | 14.33% | 16.04% | 16.39% | 10.42% | 21.76% | 22.42% | 12.99% | 16.3% | 13.26% | 12.2% | 28.88% | 21.98% |
| EBITDA Growth % | -10.88% | -8.76% | 7.95% | 63.59% | -45.86% | 25.43% | 106.16% | -6.46% | 49.8% | -15.16% | -26.26% | 317.13% | - |
| D&A (Non-Cash Add-back) | 55.05M | 54.23M | 48.13M | 46.43M | 39.85M | 32.07M | 30.54M | 28.96M | 24.78M | 20.77M | 11.67M | 7.53M | 6.8M |
| EBIT | 204.32M | 213.56M | 245.38M | 226.89M | 120.64M | 274.94M | 214.23M | 89.77M | 102.16M | 63.97M | 88.21M | 127.91M | 25.67M |
| Net Interest Income | -1.87M | -443K | 660K | -942K | -4.47M | -3.34M | -9.15M | -21.78M | -31.28M | -32.61M | -21.68M | -6.08M | -3.52M |
| Interest Income | 295K | 0 | 1.21M | 668K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 2.16M | 443K | 548K | 1.61M | 4.47M | 3.34M | 9.15M | 21.78M | 31.28M | 32.61M | 21.68M | 6.08M | 3.52M |
| Other Income/Expense | 4.9M | 6.72M | -12.53M | 488K | -10.18M | -6.53M | -9.03M | -22.51M | -32.54M | -31.91M | -22.92M | -12.55M | -3.74M |
| Pretax Income | 209.23M | 220.28M | 232.85M | 225.95M | 116.18M | 268.41M | 205.2M | 67.26M | 69.61M | 32.06M | 65.28M | 115.36M | 21.92M |
| Pretax Margin % | 11.02% | 11.79% | 12.72% | 13.62% | 7.28% | 19.02% | 18.8% | 7.36% | 8.94% | 5.02% | 7.97% | 24.6% | 14.84% |
| Income Tax | 50.6M | 54.89M | 57.16M | 56.06M | 26.48M | 55.81M | 49.4M | 16.82M | 11.85M | 16.66M | 16.5M | 41.14M | 7.71M |
| Effective Tax Rate % | 24.18% | 24.92% | 24.55% | 24.81% | 22.8% | 20.79% | 24.07% | 25.01% | 17.03% | 51.96% | 25.27% | 35.66% | 35.19% |
| Net Income | 158.63M | 165.39M | 175.69M | 169.88M | 89.69M | 212.6M | 155.8M | 50.43M | 57.76M | 15.4M | 47.98M | 74.22M | 14.21M |
| Net Margin % | 8.36% | 8.85% | 9.6% | 10.24% | 5.62% | 15.07% | 14.27% | 5.52% | 7.42% | 2.41% | 5.86% | 15.83% | 9.62% |
| Net Income Growth % | -10.1% | -5.86% | 3.42% | 89.41% | -57.81% | 36.46% | 208.92% | -12.69% | 275.06% | -67.9% | -35.36% | 422.32% | - |
| Net Income (Continuing) | 158.63M | 165.39M | 175.69M | 169.88M | 89.69M | 212.6M | 155.8M | 50.43M | 57.76M | 15.4M | 48.79M | 74.22M | 14.21M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.19M | 0 | 0 |
| EPS (Diluted) | 2.07 | 2.03 | 2.05 | 1.94 | 1.03 | 2.40 | 1.77 | 0.58 | 0.69 | 0.18 | 0.57 | 0.89 | 0.17 |
| EPS Growth % | -5.77% | -0.98% | 5.67% | 88.35% | -57.08% | 35.59% | 205.17% | -15.94% | 283.33% | -68.42% | -35.96% | 423.53% | - |
| EPS (Basic) | - | 2.05 | 2.07 | 1.96 | 1.04 | 2.43 | 1.79 | 0.59 | 0.71 | 0.18 | 0.57 | 0.89 | 0.17 |
| Diluted Shares Outstanding | 76.75M | 81.59M | 85.75M | 87.4M | 87.19M | 88.67M | 87.85M | 86.35M | 83.52M | 83.65M | 83.65M | 83.65M | 83.65M |
| Basic Shares Outstanding | 75.32M | 80.56M | 84.94M | 86.72M | 86.52M | 87.42M | 86.98M | 85.09M | 81.78M | 83.65M | 83.65M | 83.65M | 83.65M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | 1.26% | 4.37% | 18.25% | 946.1% | - | - |
Brand saturation and recall costs
According to recent financial filings, YETI's year-over-year revenue growth has decelerated to 2.11% in the most recent quarter, signaling a potential shift from high-growth expansion to a more mature, cyclical phase as the company struggles to maintain its previous double-digit momentum in core domestic markets.
The marked slowdown in top-line expansion suggests that the brand's initial penetration phase may be reaching a saturation point within its primary US consumer base. Investors should monitor whether the company can successfully pivot toward international markets or if the current growth profile reflects a permanent cooling of demand for premium outdoor gear.
As reported in quarterly statements, YETI has maintained a robust gross margin profile averaging approximately 57%, which appears to be supported by a favorable direct-to-consumer sales mix despite the inflationary pressures and supply chain disruptions that have historically impacted the broader leisure and consumer discretionary sector.
The ability to sustain these margins suggests that the brand retains significant pricing power, allowing it to offset commodity cost fluctuations without resorting to widespread discounting. However, any future compression in these margins would likely indicate that the company is losing its competitive moat or is being forced to sacrifice profitability to maintain volume.
Based on the provided income statement data, YETI's operating margin has contracted to 3.3% in the most recent quarter, indicating that SG&A expenses are currently scaling faster than gross profit and placing significant pressure on the company's ability to convert revenue into meaningful bottom-line earnings.
The disconnect between gross profit generation and operating income suggests that the company is incurring higher overhead costs, potentially related to recent product recalls or aggressive marketing spend. This trend warrants further investigation to determine if these expenses are transitory investments in brand equity or structural inefficiencies that could permanently impair profitability.
Analysis of the income statement reveals that stock-based compensation remains a consistent line item, with $9.4 million recorded in the most recent quarter, which may be masking the true underlying cash profitability of the business and diluting the quality of reported net income for shareholders.
While the company remains profitable, the reliance on non-cash compensation expenses suggests that investors should focus on adjusted earnings metrics to gauge true operational performance. The volatility in quarterly EPS, which saw a 35% decline in the latest period, further highlights the sensitivity of the bottom line to these operating expense fluctuations.
As noted in recent financial disclosures, the combination of decelerating revenue growth and significant product recall costs suggests that YETI's premium positioning may be increasingly vulnerable to both competitive encroachment and a potential shift in consumer sentiment toward more value-oriented alternatives in the current economic environment.
Short-sellers would likely focus on the risk that the brand is becoming a fad-driven fashion play rather than a durable equipment provider, which could lead to a rapid re-rating of the stock. The company's reliance on high-ticket discretionary purchases makes it particularly susceptible to a broader pullback in consumer spending.
Quick answers to the most common questions about buying YETI stock.
For fiscal year 2025, YETI Holdings, Inc. (YETI) reported total revenue of $1.87B. This represents a 1164.8% increase compared to $147.7M in 2014.
YETI Holdings, Inc. (YETI) is profitable, generating $165.4M in net income for the fiscal year ending 2025 with a net profit margin of 8.9%.
YETI Holdings, Inc. (YETI) reported an operating income of $213.6M, resulting in an operating profit margin of 11.4%. This margin reflects the operational efficiency of the business before interest and taxes.
YETI Holdings, Inc. (YETI) generated $1.07B in gross profit for the year, representing a gross profit margin of 57.4%. This demonstrates the company's core pricing power and production efficiency.