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SN · SharkNinja

3 filings

10-K

SN 10-K Annual Reports

SharkNinja - 3 annual reports

Filing record · 2023–202610-K310-Q38-K25

FY2025 annual report10-K · Mar ’26Mar ’26

2025
SharkNinja Annual Report, Year Ended Dec 31, 2025
SharkNinja, Inc. reported net sales of $6.40 billion for the year ended December 31, 2025, up 15.7% from $5.53 billion in 2024, with growth across all four product categories. Gross margin rose to 49.0% from 48.1%, operating income increased to $920.3 million from $644.2 million, and net income grew to $701.4 million ($4.94 diluted EPS) from $438.7 million. Adjusted EBITDA was $1.14 billion, or 17.7% of net sales, compared with $951.1 million (17.2%) in 2024. Food Preparation Appliances (up 31.6%) and Beauty and Home Environment Appliances (up 45.3%) were the fastest-growing categories, while Cleaning Appliances rose 6.9% and Cooking and Beverage Appliances rose 5.7%. Balance sheet and cash flow strengthened. Cash and cash equivalents were $777.3 million at year-end, up from $363.7 million, and operating cash flow was $634.1 million versus $446.6 million. Debt outstanding was $739.1 million under the 2023 Credit Agreement, and the company had $489.1 million available under its revolving facility. On February 11, 2026, the board authorized a share repurchase program of up to $750.0 million, which the company does not expect to fund with debt. The filing also raises significant risks. Management concluded that internal control over financial reporting was not effective as of December 31, 2025, citing material weaknesses in control environment, IT general controls, revenue and accounts receivable, inventory and cost of goods sold, and the financial statement close process; the auditor, Ernst & Young, issued an adverse opinion on internal control. Customer concentration is notable, with the largest customer representing 23.8% of net sales. Tariff uncertainty, including a February 20, 2026 Supreme Court ruling striking down certain IEEPA tariffs, and the company's transition from foreign private issuer to U.S. domestic filer status are also highlighted. Mr. Xuning Wang controls approximately 38.6% of voting power.
Mar 2, 2026
2024
SharkNinja Annual Report, Year Ended Dec 31, 2024
SharkNinja, Inc. (NYSE: SN) reported net sales of $5.53 billion for the year ended December 31, 2024, up 30.0% from $4.25 billion in 2023, with growth across all four product categories. Gross margin rose to 48.1% from 44.9%, and operating income increased to $644.2 million from $373.6 million. Net income was $438.7 million, or $3.11 per diluted share, compared with $167.1 million, or $1.20 per diluted share, in 2023. Adjusted EBITDA was $951.1 million, a 17.2% margin on Adjusted Net Sales of $5.53 billion, as reconciled in the filing's non-GAAP tables. The company ended 2024 with cash and cash equivalents of $363.7 million, $779.6 million of debt outstanding under its 2023 Credit Agreement, and $488.9 million available under its revolving facility. Operating cash flow was $446.6 million. Net cash used in investing activities was $151.2 million, mainly for property and equipment purchases of $137.7 million. The filing also discloses material weaknesses in internal control over financial reporting as of December 31, 2024, spanning control environment, IT general controls, revenue and receivables, inventory, purchasing, and the financial close. Ernst & Young issued an adverse opinion on internal control while giving an unqualified opinion on the financial statements. Mr. Xuning Wang, the Chairperson, controls approximately 48.0% of voting power, and the company is no longer a controlled company under NYSE rules. Its largest customer accounted for 23.1% of 2024 net sales, and the company is a foreign private issuer filing on Form 20-F.
Mar 31, 2025
2023
SharkNinja Annual Report, Year Ended Dec 31, 2023
SharkNinja, Inc. (NYSE: SN) filed its annual report on Form 20-F for the fiscal year ended December 31, 2023, following its separation from JS Global Lifestyle Company Limited, which completed on July 30, 2023. Net sales rose 14.4% to $4.25 billion in 2023 from $3.72 billion in 2022, driven by Cooking and Beverage Appliances (up 33.7%), Food Preparation Appliances (up 10.7%) and Other (up 190.8%, mainly beauty and air purifiers), partly offset by a 5.8% decline in Cleaning Appliances. Gross margin rose to 44.9% from 37.9%, but net income fell to $167.1 million from $232.4 million, and diluted EPS was $1.20 versus $1.67. Operating income increased to $373.6 million from $321.4 million, while sales and marketing expense grew 44.3% and general and administrative expense grew 54.2%, the latter including $79.4 million of separation and secondary offering costs. Non-GAAP Adjusted EBITDA was $719.7 million, or a 17.2% Adjusted EBITDA margin, compared with $519.6 million in 2022. The balance sheet shows $154.1 million of cash and cash equivalents and $804.9 million of debt outstanding under a July 2023 credit agreement, with $490.2 million available under the $500.0 million revolving facility. Operating cash flow was $280.6 million, and capital expenditures were $122.7 million. The company paid a $1.08 per share special dividend totaling $150.2 million in December 2023. Chairperson CJ Xuning Wang controls approximately 54.6% of voting power. Management disclosed a material weakness in internal control over financial reporting related to the financial statement close process, including IT general controls, which remained unremediated at year end.
Mar 1, 2024