SharkNinja, Inc.

SharkNinja combines rapid sales growth with seasonal investment in inventory and receivables. Current-year duty refunds remain in adjusted profitability, while the prior-year portion and associated partner payments receive separate treatment.

Quarterly sales and cash flow

Third quarters ended September 30. Dollar amounts in millions; both measures are GAAP. Operating cash flow covers the first nine months.

Measure	2026	2025
Quarterly revenue	$1,976.4	$1,630.2
Nine-month operating cash flow	$107.4	$47.1

Third-quarter net income was $338.4 million, compared with adjusted net income of $330.9 million. Adjustments remove the prior-year refund net of partner payments and related interest, while retaining the current-year duty benefit.

Refunds and the annual outlook

Adjusted gross profit was $1,105.7 million, including a $134.3 million current-year duty-refund benefit. Removing only that disclosed current-year refund leaves about $971.4 million, or 49.1% of sales.

August guidance already included an expected net refund benefit. The current gross refund amount is a different measure from that earlier net earnings forecast. Annual adjusted EPS is now forecast at $6.65 to $6.75, up from $6.45 to $6.55; expected sales growth rises to 18% to 19% from 16% to 17%.

The company also expects to recognize another $35.8 million of refund benefit in the fourth quarter and to exclude it from adjusted results.

Inventory and borrowing

At September 30, cash and cash equivalents were $487.8 million and debt principal was $708.8 million. Inventory was $1.43 billion, up from $1.00 billion at December 31, 2025, as the company stocked ahead of the holiday season.

A $186.1 million refund receivable, including interest, was received in October. That receipt came after the quarter-end.

Read our calculation of the refund's contribution to SharkNinja's adjusted margin.