01—Abstract
Summary
Summary of the 6-K filed November 6, 2025. Cited figures are marked; the original filing is the authoritative source.
SharkNinja, Inc. (NYSE: SN) furnished this Form 6-K on November 6, 2025 to report third-quarter 2025 results (Exhibit 99.3) and to announce that Adam Quigley, who had been interim CFO since September 2025, was appointed Chief Financial Officer on a permanent basis, effective November 6, 2025 (Exhibit 99.4).
Net sales for the quarter rose 14.3% to $1,630.2 milliona, and net income increased 42.6% to $188.7 million, or $1.33 per diluted share. Operating income was $262.9 million, up from $180.3 million, and Adjusted EBITDA rose 20.7% to $316.5 million, or 19.4% of net sales. Gross margin expanded 140 basis points to 50.1%, which management attributed to cost optimization and a decline in fees paid to JS Global under a sourcing services agreement that ended July 31, 2025, partly offset by tariffs.
For the nine months ended September 30, 2025, net sales were $4,297.8 millionb (up 14.9%) and net cash provided by operating activities was $47.1 million, compared with net cash used of $43.0 million a year earlier. Accounts receivable rose to $1,595.2 million from $1,266.6 million at year-end 2024, and inventories rose to $1,158.3 million. Cash and cash equivalents were $263.8 million at September 30, 2025, and $489.0 million was available under the revolving credit facility, with $749.3 million of total debt outstanding.
The company raised its fiscal 2025 outlook: net sales growth of 15.0% to 15.5%, Adjusted Net Income per diluted share of $5.05 to $5.15c, and Adjusted EBITDA of $1,115 million to $1,125 million. The filing also notes that the company reported material weaknesses in internal control over financial reporting as of December 31, 2024, and that remediation is ongoing and not yet complete.
02—Key points
Key Highlights
- Third-quarter net sales increased 14.3% to $1,630.2 million, with growth across all four product categories; Beauty and Home Environment Appliances rose 56.7%.
- Net income increased 42.6% to $188.7 million, and diluted EPS rose to $1.33 from $0.94; Adjusted Net Income per diluted share was $1.50, up from $1.21.
- Adjusted EBITDA rose 20.7% to $316.5 million, or 19.4% of net sales, compared with 18.4% a year earlier.
- Gross margin increased 140 basis points to 50.1%, driven by cost optimization and lower JS Global sourcing fees after the agreement ended July 31, 2025, partly offset by tariffs.
- Fiscal 2025 outlook raised: net sales growth of 15.0% to 15.5% (from 13.0% to 15.0%) and Adjusted EPS of $5.05 to $5.15 (from $5.00 to $5.10).
- Adam Quigley was appointed CFO on a permanent basis, effective November 6, 2025, after serving as interim CFO since September 2025.
- The filing discloses material weaknesses in internal control over financial reporting as of December 31, 2024, with remediation still in progress.
03—Questions
Frequently Asked Questions
Why did SharkNinja raise its fiscal 2025 outlook?
The filing says the company raised its net sales growth expectation to 15.0% to 15.5% and its Adjusted Net Income per diluted share range to $5.05 to $5.15, following a quarter with 14.3% net sales growth and higher Adjusted Net Income. Adjusted EBITDA guidance was also raised to $1,115 million to $1,125 million.
What drove the improvement in gross margin?
Management attributed the 140 basis point increase in gross margin to cost optimization efforts and a decline in amounts owed under the JS Global sourcing service fee arrangement, which ended July 31, 2025. These gains were partly offset by the impact of tariffs.
Who is the new CFO and what is his background?
Adam Quigley, who joined SharkNinja in 2015, was appointed CFO effective November 6, 2025. He previously served as SVP Finance - Global Business Planning and SVP Finance - Global FP&A, Strategic Finance, and he has been interim CFO since September 2025. He will continue to report to CEO Mark Barrocas.
How is the company's liquidity and debt position?
As of September 30, 2025, the company had cash and cash equivalents of $263.8 million and $489.0 million of available capacity under its revolving credit facility. Total debt, excluding unamortized deferred financing costs, was $749.3 million, and the company stated it was in compliance with its credit agreement covenants.
Are there any internal control concerns?
Yes. Management identified material weaknesses in internal control over financial reporting as of December 31, 2024, covering IT general controls, revenue and accounts receivable, inventory and cost of goods sold, purchases, and the financial close process. The filing states that remediation is in progress and the weaknesses cannot be considered remediated until controls operate effectively over a sufficient period.
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