YETI Holdings, Inc.

What YETI sells

YETI sells drinkware, coolers and other outdoor products through retailers and directly to consumers. U.S. direct sales, wholesale orders and international expansion currently tell different stories.

Latest quarter: October 3, 2026

The tables distinguish results under U.S. accounting rules (GAAP) from adjusted measures that exclude selected costs.

Wholesale sales rose 19% to $237.3 million. Direct-to-consumer sales fell 6% to $272.2 million, or 3% on the new adjusted basis. International sales rose 19% to $119.1 million. U.S. e-commerce and Amazon were weaker.

A changed definition of adjusted profit

Beginning in Q3, YETI excludes reserve adjustments for its 2023 recalls, reversing the treatment adopted in late 2025. The current quarter excludes $18.2 million of pretax recall charges, $10.1 million of stock compensation and smaller impairment and foreign-exchange items, with related tax effects. The recall reserve stood at $19.5 million, against $5.4 million at year-end.

YETI recast earlier non-GAAP results. Second-quarter adjusted earnings per share rose from 67 cents to 70 cents; 2025 adjusted earnings per share rose from $2.48 to $2.51. This recast does not change GAAP earnings.

What management promised

August's 2026 targets, reiterated September 17, called for 7%–8% sales growth, 10%–12% adjusted operating-income growth and adjusted earnings of $2.94–$3.00 a share. November calls for about 6% adjusted sales growth, 7%–9% adjusted operating-income growth and $2.90–$2.95 a share. The change in adjustment policy also changes the comparison basis.

The adjusted operating-margin target remains 14.9%. Capital spending is still forecast at $60 million–$70 million and free cash flow at $200 million–$225 million. Fiscal 2026 ends January 2, 2027 and has 52 weeks, against 53 weeks in fiscal 2025.

Cash, debt, inventory and repurchases

October 3 cash was $73.8 million, against $59.8 million in July and $188.3 million at year-end. Term-loan principal was $70.7 million; debt carrying value was $69.9 million. The $300 million revolver was undrawn.

Operating cash flow for January 4 through October 3 was $110.2 million. After $38.5 million of capital spending, company-defined free cash flow was $71.7 million, against $50.1 million a year earlier. Q3 included $60.4 million of cash tariff refunds. Those receipts differ from the $4.7 million refund benefit recognized in Q3 earnings, because cash collection and profit recognition occur at different times.

Inventory rose to $394.2 million from $359.1 million in July and $290.6 million at year-end. YETI spent $150 million on share buybacks in the first nine months, including $20 million in Q3. Average diluted shares fell to 74.2 million from 81.4 million a year earlier, helping per-share earnings grow faster than total adjusted profit. The remaining $350 million authorization is capacity for future purchases.