The tariff refund ($247M accepted by CBP) is a near-term catalyst for Q3 — it will flow through as a COGS reduction, expanding gross margin. However, watch the GAAP vs adjusted divergence: GAAP net income fell despite strong top-line growth, driven by non-cash SBC and FX. The market is likely to focus on the raised guidance and accelerating revenue, but the elevated SBC run-rate (~$77M YTD) could cap GAAP earnings expansion. Monitor the Q3 tariff refund recognition and any further guidance updates.
Price Chart
Executive Summary
SharkNinja reported Q2 2026 sales of $1,765.5M (+22.2% YoY, 7% above the $1.65B consensus) and Adjusted EPS of $1.26, an 11.5% beat vs the $1.13 estimate. The company raised its FY2026 outlook significantly — revenue growth now +16–17% (vs 11.5–12.5% previously), Adjusted EPS to $6.45–$6.55 (vs $6.00–$6.10), and Adj. EBITDA to $1,357–$1,369M (vs $1,290–$1,300M), partly supported by a ~$247M expected tariff refund benefit. However, GAAP net income fell 7.0% to $129.8M and GAAP EPS declined 6.1% to $0.92, weighed by a surge in share-based compensation and foreign-exchange losses.
Key Financial Metrics
Key Facts
- Q2 net sales $1,765.5M (+22.2% YoY), fastest pace since 2024
- Adjusted EPS $1.26 vs consensus $1.13 (+11.5% beat)
- GAAP net income $129.8M (-7.0% YoY) on $47.2M SBC and $6.1M FX loss
- FY2026 guidance raised: revenue +16-17%, Adj. EPS $6.45-$6.55, Adj. EBITDA $1,357-$1,369M
- ~$247.1M tariff refund claim accepted by CBP, ~$0.15 of EPS benefit in outlook
- Cooking & Beverage +36.5%, Beauty & Home +65.3%, International +36.6%
- Gross margin 48.7% (-30bp GAAP, -70bp adjusted); tariff pressures partially offset by cost actions
- YTD operating cash flow $275.5M, FCF $192.4M; share repurchases $119.7M YTD at avg $118.71
Financial Impact
FY2026 Adj. EPS guidance raised ~7-8% from prior ($6.45-$6.55 vs $6.00-$6.10) on ~22% higher full-year revenue outlook, partly supported by ~$247M tariff refund in Q3
Risk Factors
- Tariff rate assumptions may change from current 10-12.5% levels
- GAAP net income decline despite revenue growth due to escalating share-based compensation
- Inventory grew 14.1% vs Dec 2025, potentially signaling demand normalization
- International FX headwinds could persist; $6.1M loss in Q2
- SBC nearly tripled YoY to $47.2M in Q2, pressuring GAAP margins
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001957132-26-000047 |
| Document: sharkninja-20260805.htm | 0001957132-26-000047 |
| Document: 0001957132-26-000047-index-headers.html | 0001957132-26-000047 |
| Document: 0001957132-26-000047-index.html | 0001957132-26-000047 |
| Document: 0001957132-26-000047.txt | 0001957132-26-000047 |
| 8-K Data (Synthetic) | 0001957132-26-000047 |
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