How did SharkNinja perform in the first quarter of 2025?

Net sales increased 14.7% to $1,222.6 million, and net income increased 7.5% to $117.8 million. Adjusted EBITDA declined 13.1% to $200.4 million, and operating income decreased 6.5% to $144.9 million, as operating expenses grew faster than net sales.

What drove the growth in net sales?

Growth came from all four product categories. Food Preparation Appliances rose 45.0% to $297.4 million, driven by frozen drinks (Slushi) and ice cream makers. Beauty and Home Environment Appliances rose 25.8% to $137.9 million, Cooking and Beverage Appliances rose 4.9% to $345.9 million, and Cleaning Appliances rose 4.6% to $441.4 million.

Why did Adjusted Net Income and Adjusted EBITDA decline despite higher sales?

Gross margin edged down to 49.3% from 49.4%, primarily due to tariffs. Sales and marketing expenses rose 28.5% to $275.7 million and research and development rose 25.9% to $87.6 million. Foreign currency gains of $12.95 million are excluded from Adjusted Net Income, and Adjusted Net Income fell despite the net income increase.

Did SharkNinja change its fiscal 2025 guidance?

Yes, it raised its outlook. Net sales growth is now expected at 11% to 13% (previously 10% to 12%), Adjusted Net Income per diluted share at $4.90 to $5.00 (previously $4.80 to $4.90), and Adjusted EBITDA at $1,090 million to $1,110 million (previously $1,070 million to $1,090 million).

What liquidity and balance sheet risks are disclosed?

Cash and cash equivalents fell to $224.7 million from $363.7 million at December 31, 2024, and operating cash flow was negative $54.9 million. The company had $489.0 million available under its revolving credit facility and $769.5 million of total debt outstanding. Inventories increased to $973.2 million, and the company reported material weaknesses in internal control over financial reporting that remain under remediation.

SN 8-K SEC Disclosure — May 8, 2025

01—Abstract

Summary

Summary of the 6-K filed May 8, 2025. Cited figures are marked; the original filing is the authoritative source.

SharkNinja, Inc. furnished its first quarter 2025 results on Form 6-K, reporting net sales of $1,222.6 million^a, up 14.7% from $1,066.2 million a year earlier, with growth in all four product categories.

Food Preparation Appliances led at 45.0% growth to $297.4 million^b, while Cleaning Appliances rose 4.6% to $441.4 million. Gross margin was 49.3% versus 49.4%, and operating income declined to $144.9 million from $154.9 million as operating expenses rose 23.3%, led by sales and marketing up 28.5%. Net income increased 7.5% to $117.8 million, but Adjusted Net Income fell 16.7% to $123.8 million and Adjusted EBITDA fell 13.1% to $200.4 million, or 16.4% of net sales versus 21.6% a year earlier.

The balance sheet and cash flow show pressure on liquidity during the quarter. Cash and cash equivalents fell to $224.7 million^c from $363.7 million at year-end 2024, and net cash used in operating activities was $54.9 million, compared with $43.9 million provided in the prior-year quarter. Inventories rose to $973.2 million, and the company had $489.0 million available under its revolving credit facility.

Total debt, excluding deferred financing costs, was $769.5 million^d. The filing also raised the fiscal 2025 outlook: net sales growth of 11% to 13% (previously 10% to 12%), Adjusted Net Income per diluted share of $4.90 to $5.00 (previously $4.80 to $4.90), and Adjusted EBITDA of $1,090 million to $1,110 million (previously $1,070 million to $1,090 million). The company also disclosed a voluntary recall of the Ninja Foodi OP300 series pressure cooker, with a recorded recall liability of $3.6 million, and reported material weaknesses in internal control over financial reporting as of December 31, 2024 that remain under remediation.

02—Key points

Key Highlights

Net sales rose 14.7% to $1,222.6 million, with Food Preparation Appliances up 45.0% to $297.4 million.
Net income increased 7.5% to $117.8 million, but Adjusted Net Income decreased 16.7% to $123.8 million and Adjusted Net Income per diluted share decreased 17.9% to $0.87.
Adjusted EBITDA decreased 13.1% to $200.4 million, or 16.4% of net sales, compared with 21.6% a year earlier.
Operating expenses rose 23.3%, led by sales and marketing up 28.5% to $275.7 million; operating income decreased 6.5% to $144.9 million.
Net cash used in operating activities was $54.9 million, versus $43.9 million provided in the prior-year quarter; cash fell to $224.7 million.
Fiscal 2025 outlook raised: net sales growth of 11% to 13%, Adjusted Net Income per diluted share of $4.90 to $5.00, and Adjusted EBITDA of $1,090 million to $1,110 million.
A voluntary recall of the Ninja Foodi OP300 series pressure cooker was announced in May 2025, with a $3.6 million recall liability recorded; the filing also discloses material weaknesses in internal control over financial reporting as of December 31, 2024.

03—Questions

Frequently Asked Questions

How did SharkNinja perform in the first quarter of 2025?
Net sales increased 14.7% to $1,222.6 million, and net income increased 7.5% to $117.8 million. Adjusted EBITDA declined 13.1% to $200.4 million, and operating income decreased 6.5% to $144.9 million, as operating expenses grew faster than net sales.
What drove the growth in net sales?
Growth came from all four product categories. Food Preparation Appliances rose 45.0% to $297.4 million, driven by frozen drinks (Slushi) and ice cream makers. Beauty and Home Environment Appliances rose 25.8% to $137.9 million, Cooking and Beverage Appliances rose 4.9% to $345.9 million, and Cleaning Appliances rose 4.6% to $441.4 million.
Why did Adjusted Net Income and Adjusted EBITDA decline despite higher sales?
Gross margin edged down to 49.3% from 49.4%, primarily due to tariffs. Sales and marketing expenses rose 28.5% to $275.7 million and research and development rose 25.9% to $87.6 million. Foreign currency gains of $12.95 million are excluded from Adjusted Net Income, and Adjusted Net Income fell despite the net income increase.
Did SharkNinja change its fiscal 2025 guidance?
Yes, it raised its outlook. Net sales growth is now expected at 11% to 13% (previously 10% to 12%), Adjusted Net Income per diluted share at $4.90 to $5.00 (previously $4.80 to $4.90), and Adjusted EBITDA at $1,090 million to $1,110 million (previously $1,070 million to $1,090 million).
What liquidity and balance sheet risks are disclosed?
Cash and cash equivalents fell to $224.7 million from $363.7 million at December 31, 2024, and operating cash flow was negative $54.9 million. The company had $489.0 million available under its revolving credit facility and $769.5 million of total debt outstanding. Inventories increased to $973.2 million, and the company reported material weaknesses in internal control over financial reporting that remain under remediation.

04—Continue

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