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SharkNinja, Inc.

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Business Summary

SharkNinja operates in the small household appliance market, competing across Cleaning Appliances, Cooking and Beverage Appliances, Food Preparation Appliances, and Beauty and Home Environment Appliances. The industry is characterized by frequent product introductions and rapid technological advances, with competition based on brand recognition, product quality, price, performance, product features and enhancements, product packaging and design innovation, as well as creative marketing, promotion and distribution strategies and new product introductions. The company has a proven track record of establishing leadership positions by disrupting numerous household product categories, including Cleaning Appliances, Cooking and Beverage Appliances, Food Preparation Appliances and Beauty and Home Environment Appliances.

SharkNinja has built two billion-dollar brands, Shark and Ninja. Shark is the #1 floorcare brand in the United States, and Ninja is the best-selling small kitchen appliances in the United States, according to Circana. The company competes with brands including Dyson, Hoover, Bissell, Vitamix, De'Longhi, Breville, Hamilton Beach, and Cuisinart. SharkNinja has succeeded by capitalizing on the sale of product offerings situated in the mid-price range, taking market share from competitors who sell products at price points above and below its own.

The company generates revenue through the sale of small household appliances under two brands, Shark and Ninja, to retailers, distributors, and directly to consumers. Revenue is transactional, with no recurring subscription model described. The company sells its products using an omnichannel distribution strategy that consists primarily of retail and direct-to-consumer channels. As of December 31, 2025, the company partnered with 36 retailers across the United States and over 180 retailers globally.

The company's product portfolio spans 36 household sub-categories across Cleaning, Cooking and Beverage, Food Preparation, and Beauty and Home Environment. Cleaning Appliances includes corded and cordless vacuums, including handheld and robotic vacuums, as well as other floorcare products including steam mops, wet/dry cleaning floor products and carpet extraction. Cooking and Beverage Appliances includes air fryers, multi-cookers, outdoor and countertop grills and ovens, propane grills, fire pits, coffee systems, carbonation, cookware, cutlery, kettles, toasters and bakeware. Food Preparation Appliances includes blenders, food processors, ice cream makers, juicers, frozen drink appliances and coolers. Beauty and Home Environment Appliances includes beauty appliances in both haircare and skincare, as well as home environment products such as air purifiers and fans.

For the year ended December 31, 2025, Cleaning Appliances net sales were $2,205,757 thousand , Cooking and Beverage Appliances net sales were $1,816,349 thousand , Food Preparation Appliances net sales were $1,550,744 thousand , and Beauty and Home Environment Appliances net sales were $826,338 thousand . Net sales by brand were $3,032,095 thousand for Shark and $3,367,093 thousand for Ninja. The company's largest retailers include Amazon, Costco and Walmart, each of which accounted for more than 10% of net sales, and together made up 45.7% of net sales for the year ended December 31, 2025.

During the year ended December 31, 2025, the company repurchased no equity securities. The company had $739.1 million in outstanding debt under the 2023 Credit Agreement as of December 31, 2025. During the year ended December 31, 2025, there were $350.0 million in draw downs on the 2023 Revolving Facility, which were all repaid during 2025. The company made principal payments on the 2023 Term Loan of $40.5 million during the year ended December 31, 2025.

For the year ended December 31, 2025, net sales were $6,399,188 thousand , an increase of 15.7% compared to $5,528,639 thousand in the prior year. Gross profit was $3,136,490 thousand , and gross margin was 49.0% . Operating income was $920,281 thousand . Net income was $701,374 thousand , and diluted net income per share was $4.94 . Net cash provided by operating activities was $634,132 thousand .

Business Outlook

The company intends to grow share in existing categories through innovation using consumer insights to identify and develop solutions, enabling it to maintain and grow share in existing product categories. The company also plans to expand its brands in new categories, leveraging its proprietary innovation process to identify new opportunities and adapting technologies to solve consumer problems in new areas. In the past three years alone, the company has entered and disrupted the following product sub-categories: outdoor ovens, carbonation, drinkware, wet/dry cleaning floor products, carpet extraction, fans, coolers, frozen drink appliances, skincare, propane grills and fire pits.

The company intends to globalize its brand, operating in 38 markets with international expansion remaining a key area of strategic focus. Since shifting to a direct SharkNinja operation in the United Kingdom, the company scaled the United Kingdom business to net sales of $964 million in 2025. The company has been able to consistently leverage this model to successfully enter and meaningfully grow in new markets.

The company intends to grow its margins by enhancing its product mix through innovation and by pursuing additional cost-saving opportunities. The company achieved a gross margin of 49.0% for the year ended December 31, 2025, and views its gross margin as a competitive advantage providing significant flexibility over how much it invests in R&D, selling and marketing and other growth-oriented investments.

The company has built an agile and quality-oriented supply chain with ample capacity to support future growth. The company manages the design of its products and oversees the quality assurance programs and manufacturing standards applied across its supply chain. The company has numerous retail and direct-to-consumer third-party logistics distribution centers across North America and Europe: eight 3PL distribution centers in the United States, three in Canada, two in Mexico and eleven in Europe.

For the years ended December 31, 2025, 2024 and 2023, advertising expenses were $632.9 million , $585.3 million and $409.2 million , respectively. Purchases of property and equipment were $146.1 million for the year ended December 31, 2025. The company did not declare or pay any dividends on its ordinary shares during the year ended December 31, 2025. The company does not currently anticipate paying regular dividends on its ordinary shares.

The company faces structural headwinds from significant changes to U.S. trade policies that restrict imports or increase import tariffs and the responses of other countries, which have had, and the company expects will continue to have, a material adverse effect on its business. A significant proportion of the company's products are manufactured in China, Vietnam and other regions outside the United States. The company is also exposed to risks associated with doing business globally, including adverse changes in foreign currency exchange rates, increased difficulty in protecting intellectual property rights, and unexpected legal or government action.

The company's results of operations have been and may continue to be adversely affected by inflation, changes in the cost or availability of raw materials, energy, transportation and other necessary supplies and services. The company is currently experiencing inflationary pressures on its operating costs, including increased labor costs, increased costs from suppliers and for the transportation of products, and increased costs for warehouse space.

Risk Factors

The company's business depends on maintaining and strengthening its brands, and a significant reduction in demand could harm results. The company participates in highly competitive markets and may lose market share and sales to competitors with greater financial resources. The company relies principally on suppliers, primarily based in China, and problems with or loss of suppliers could harm the business. Significant changes to U.S. trade policies that restrict imports or increase import tariffs have had, and the company expects will continue to have, a material adverse effect on its business. The company has identified material weaknesses in its internal control over financial reporting that remain unremediated, which could result in a material misstatement of financial statements.

Management Priorities

Management's message emphasizes the company's mission to positively impact people's lives every day in every home in its global markets. The key themes include driving sustainable long-term global growth through a highly diversified business powered by trusted brands, broadening geographic footprint and scale into new product categories and markets, and driving operating margins and efficiencies. The strategic priorities emphasized for the period ahead are: grow share in existing categories through innovation, expand brands in new categories, globalize the brand, and drive operating margins and efficiencies.

View Source Annual Report on SEC.gov ↗

References

  1. [1] Item 7, MD&A — Results of Operations
  2. [2] Item 7, MD&A — Results of Operations
  3. [3] Item 7, MD&A — Results of Operations
  4. [4] Item 7, MD&A — Results of Operations
  5. [5] Item 8, Note 2 — Summary of Significant Accounting Policies
  6. [6] Item 8, Note 2 — Summary of Significant Accounting Policies
  7. [7] Item 1, Business — Our Customers & Sales Organization
  8. [8] Item 7, MD&A — Liquidity and Capital Resources — Indebtedness
  9. [9] Item 7, MD&A — Liquidity and Capital Resources — Indebtedness
  10. [10] Item 7, MD&A — Cash Flows — Financing Activities
  11. [11] Item 7, MD&A — Results of Operations
  12. [12] Item 7, MD&A — Results of Operations
  13. [13] Item 7, MD&A — Results of Operations
  14. [14] Item 7, MD&A — Results of Operations
  15. [15] Item 7, MD&A — Results of Operations
  16. [16] Item 7, MD&A — Results of Operations
  17. [17] Item 7, MD&A — Results of Operations
  18. [18] Item 8, Consolidated Statements of Income
  19. [19] Item 7, MD&A — Cash Flows — Operating Activities
  20. [20] Item 1, Business — Our Growth Strategies — Globalize Our Brand
  21. [21] Item 7, MD&A — Results of Operations
  22. [22] Item 1A, Risk Factors — Risks Related to Our Business, Operations and Industry
  23. [23] Item 1A, Risk Factors — Risks Related to Our Business, Operations and Industry
  24. [24] Item 1A, Risk Factors — Risks Related to Our Business, Operations and Industry
  25. [25] Item 7, MD&A — Cash Flows — Investing Activities
  26. [26] Item 7, MD&A — Results of Operations
  27. [27] Item 7, MD&A — Results of Operations
  28. [28] Item 7, MD&A — Results of Operations
  29. [29] Item 7, MD&A — Results of Operations
  30. [30] Item 8, Consolidated Statements of Income
  31. [31] Item 8, Consolidated Statements of Income
  32. [32] Item 7, MD&A — Results of Operations
  33. [33] Item 7, MD&A — Results of Operations
  34. [34] Item 7, MD&A — Results of Operations
  35. [35] Item 7, MD&A — Results of Operations
  36. [36] Item 7, MD&A — Cash Flows — Operating Activities
  37. [37] Item 7, MD&A — Cash Flows — Operating Activities
  38. [38] Item 8, Consolidated Balance Sheets
  39. [39] Item 8, Consolidated Balance Sheets
  40. [40] Item 8, Consolidated Balance Sheets
  41. [41] Item 8, Consolidated Balance Sheets
  42. [42] Item 7, MD&A — Non-GAAP Financial Measures
  43. [43] Item 7, MD&A — Non-GAAP Financial Measures
  44. [44] Item 7, MD&A — Results of Operations
  45. [45] Item 7, MD&A — Results of Operations

Analysis on 9/27/2026