The headline beat and raised guidance are positive, but the underlying adjusted operating income decline and elevated SG&A spending warrant caution. Monitor the September 17 Investor Day for the long-term strategic plan and margin trajectory. The $370M remaining buyback authorization provides a floor, but tariff refunds are non-recurring.
Price Chart
Executive Summary
YETI reported Q2 2026 revenue of $483.9M (+9% YoY), in line with consensus, and GAAP EPS of $0.94 (+54% YoY), which included a $0.40 net tariff benefit. Adjusted EPS of $0.67 (+2% YoY) beat the $0.55 consensus estimate. The company raised its full-year adjusted EPS guidance to $2.94-$3.00 (from $2.83-$2.89) and increased its adjusted operating income margin outlook to 14.9%, while maintaining 7-8% sales growth. The beat was driven by a one-time IEEPA tariff refund of $45.6M, but underlying adjusted operating income declined 7% YoY, signaling core profitability pressure from higher SG&A spending.
Key Financial Metrics
Key Facts
- Revenue of $483.9M (+9% YoY), in line with consensus of $483.9M.
- GAAP EPS of $0.94 (+54% YoY), including a $0.40 net tariff benefit.
- Adjusted EPS of $0.67 (+2% YoY), beating consensus of $0.55.
- Coolers & Equipment sales grew 16% YoY; International sales grew 19% YoY.
- Raised FY2026 adjusted EPS guidance to $2.94-$3.00 (from $2.83-$2.89), reflecting 19-21% growth.
- Increased FY2026 adjusted operating income margin outlook to 14.9% (from 14.6%).
- Repurchased 2.8M shares for $130M in Q2; $370M remaining under $500M authorization.
- Announced Investor Day on September 17, 2026.
- Adjusted operating income declined 7% YoY to $68.2M, with adjusted SG&A up 19%.
Financial Impact
GAAP EPS of $0.94 included a $0.40 net tariff benefit; adjusted EPS of $0.67 beat consensus by 21.8%.
Risk Factors
- Tariff refunds are non-recurring; core adjusted operating income declined 7% YoY.
- Adjusted SG&A expenses grew 19%, outpacing revenue growth of 9%, pressuring margins.
- Guidance assumes US tariff rates return to ~20% in H2 2026; any deviation could impact results.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001670592-26-000039 |
| Document: yeti-20260813.htm | 0001670592-26-000039 |
| Document: 0001670592-26-000039-index-headers.html | 0001670592-26-000039 |
| Document: 0001670592-26-000039-index.html | 0001670592-26-000039 |
| Document: 0001670592-26-000039.txt | 0001670592-26-000039 |
| 8-K Data (Synthetic) | 0001670592-26-000039 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 22, 2026 4d ago | Press Release | $44.03 | awaiting T+20 | — | $43.57 (−1.04%) |
Oct 21, 2026 5d ago | Institutional Cluster | $44.03 | awaiting T+20 | — | $43.57 (−1.04%) |
Oct 13, 2026 13d ago | SC 13G | $39.34 | awaiting T+20 | — | $43.57 (+10.75%) |
Sep 17, 2026 5w ago | 8-K | $41.22 $42.02 | ▲ +1.94% | ▲ +0.74% | $43.57 (+5.70%) |
Sep 17, 2026 5w ago | Press Release | $41.22 $42.02 | ▲ +1.94% | ▲ +0.48% | $43.57 (+5.70%) |
Aug 13, 2026 10w ago | 8-K | $45.47 $40.26 | ▼ −11.46% | ▼ −9.71% | $43.57 (−4.18%) |
Aug 13, 2026 10w ago | Press Release | $45.47 $40.26 | ▼ −11.46% | ▼ −9.71% | $43.57 (−4.18%) |
Aug 12, 2026 10w ago | 8-K | $45.47 $40.26 | ▼ −11.46% | ▼ −9.71% | $43.57 (−4.18%) |
May 14, 2026 23w ago | 8-K | $40.69 $50.42 | ▲ +23.91% | ▲ +24.77% | $43.57 (+7.08%) |
Mar 26, 2026 30w ago | DEFA14A | $35.57 $39.38 | ▲ +10.71% | ▼ −2.03% | $43.57 (+22.49%) |
US Market Status
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