01—Abstract
Summary
Summary of the 10-K filed March 2, 2026. Cited figures are marked; the original filing is the authoritative source.
SharkNinja, Inc. reported net sales of $6.40 billiona 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 millionb 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 millionc 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 milliond, 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.
02—Key points
Key Highlights
- Net sales rose 15.7% to $6.40 billion in 2025 from $5.53 billion in 2024, with growth in all four product categories.
- Gross margin improved to 49.0% from 48.1%, and operating income rose to $920.3 million from $644.2 million.
- Net income increased to $701.4 million, or $4.94 per diluted share, compared with $438.7 million, or $3.11, in 2024.
- Adjusted EBITDA was $1.14 billion (17.7% of net sales), up from $951.1 million (17.2%) in 2024, per the company's non-GAAP reconciliation.
- Cash and cash equivalents increased to $777.3 million, and operating cash flow was $634.1 million versus $446.6 million a year earlier.
- A $750.0 million share repurchase program was authorized on February 11, 2026, with no expected debt funding.
- Management reported material weaknesses in internal control over financial reporting as of December 31, 2025, and the auditor issued an adverse opinion on internal control; the largest customer accounted for 23.8% of net sales.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2025, SharkNinja kept $0.11.
- Revenue$6.40B100.0%
- Cost of revenue−$3.26B51.0%
- Gross profit$3.14B49.0%
- Operating costs−$2.22B34.6%
- Operating income$920.3M14.4%
- Interest, other & tax−$218.9M3.4%
- Net income$701.4M11.0%
Where FY2025 revenue went
$6.40B- Cost of revenue: $3.26B, 51% of revenue
- Other operating costs: $1.85B, 29% of revenue
- Net income: $701.4M, 11% of revenue
- R&D: $368.1M, 5.8% of revenue
- Interest, other & tax: $218.9M, 3.4% of revenue
Kept 11% as net income
Full revenue history →04—Financials
Financial Highlights
Figures from 10-KFY2025filed March 2, 2026Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $6.40B$5.53B | +15.7% |
| Cost of Revenue | $3.26B$2.87B | +13.8% |
| Gross Profit | $3.14B$2.66B | +17.8% |
| R&D Expenses | $368.07M$341.29M | +7.8% |
| Operating Expenses | $2.22B$2.02B | +9.8% |
| Operating Income | $920.28M$644.16M | +42.9% |
| Net Income | $701.40M$438.70M | +59.9% |
| EPS (Basic) | $4.97$3.14 | +58.3% |
| EPS (Diluted) | $4.94$3.11 | +58.8% |
| Shares Outstanding (Basic) | 140.98M139.94M | +0.7% |
| Shares Outstanding (Diluted) | 142.09M141.08M | +0.7% |
05—Questions
Frequently Asked Questions
What drove revenue growth in 2025?
Net sales increased $870.5 million, or 15.7%, to $6.40 billion. Food Preparation Appliances grew 31.6%, driven by frozen drinks, and Beauty and Home Environment Appliances grew 45.3%, driven by fans, air purifiers and face masks. Cleaning Appliances rose 6.9% and Cooking and Beverage Appliances rose 5.7%. Domestic net sales increased 13.5% and International net sales increased 20.8%.
Is the company profitable and how is margin trending?
Yes. Net income was $701.4 million in 2025 compared with $438.7 million in 2024. Gross margin rose to 49.0% from 48.1%, attributed mainly to cost optimization and the decline in a contractual sourcing fee paid to JS Global that ended July 31, 2025, partially offset by tariffs. The effective tax rate fell to 22.1% from 23.4%, primarily due to one-time benefits recorded in the fourth quarter of 2025.
What are the main risks flagged in the filing?
The filing highlights material weaknesses in internal control over financial reporting that remain unremediated, with management concluding controls were not effective as of December 31, 2025. It also cites U.S. tariff changes, including the February 20, 2026 Supreme Court ruling on IEEPA tariffs, customer concentration (Amazon, Costco and Walmart together made up 45.7% of net sales), dependence on Chinese and Southeast Asian suppliers, and significant control by Chairperson Xuning Wang, who holds approximately 38.6% of voting power.
How is the company funding its operations and capital return?
The company relies primarily on cash flow from operations. At December 31, 2025, it had $739.1 million of debt under the 2023 Credit Agreement and $489.1 million available under its revolving facility. The company states that existing cash, operating cash flow and the revolver should be sufficient for at least the next 12 months. It does not currently pay regular dividends, and the $750.0 million repurchase program has no expiration date and does not obligate repurchases.
06—Continue