Yeti Holdings, Inc. · NYSE:YETI
Yeti — Q3 2025 Earnings Presentation
39 slides from Yeti's earnings presentation, Nov 6, 2025
Slide 1: Third Quarter 2025 Highlights
THIRD QUARTER 2025 HIGHLIGHTS 1
Slide 2: Safe Harbor Statement
SAFE HARBOR STATEMENT Disclaimer We are not making any representations or warranties, express or implied, with respect to the information (financial, business, legal or otherwise) contained in this presentation. No person has been authorized to give any information other than that contained in this
Slide 3: Q3 2025 Results at a Glance
Q3 2025 RESULTS AT A GLANCE ADJUSTED NET SALES MIX1 KEY FINANCIAL METRICS1 $487.8M +2% Net Sales Net Sales Growth Coolers & 55.9% -230bps Equipment Adj. Gross Margin Adj. Gross Margin Change Y/Y 44% $66.6M 13.7% $487.8M Drinkware Adj. Operating Income Adj. Operating Margin 54% ~$173M ~5.0M YTD Share
Slide 4: Strategic Growth Priorities
STRATEGIC GROWTH PRIORITIES DRIVING PRODUCT INNOVATION 1 On track to launch over 30 new products in 2025, even as we navigate strategic tradeoffs to advance supply chain diversification Launched meaningful innovation across various platforms: Ceramic-lined drinkware, Food Jars, Silo sports jug, Cast
Slide 5: Driving Product Innovation
1 DRIVING PRODUCT INNOVATION 5
Slide 6: Building Growth Platforms
BUILDING GROWTH PLATFORMS COOLERS & DRINKWARE EQUIPMENT OTHER 4 PLATFORMS 7 PLATFORMS 2 PLATFORMS1 THE YETI PRODUCT DNA DURABILITY PERFORMANCE DESIGN Built to perform in the Engineered for the highest Purposeful form that reflects world’s harshest conditions. standard of use. function and lifestyle.
Slide 7: Drinkware Platforms
DRINKWARE PLATFORMS BOTTLES | JUGS CUPS | MUGS | TUMBLERS TABLEWARE | COFFEEWARE | BARWARE | CONTAINERS COOKWARE 7
Slide 8: Coolers & Equipment Platforms
COOLERS & EQUIPMENT PLATFORMS HARD COOLERS CASES & STORAGE OUTDOOR LIVING 8
Slide 9: Coolers & Equipment Platforms
COOLERS & EQUIPMENT PLATFORMS SOFT COOLER BAGS EVERYDAY BAGS TRAVEL BAGS PURSUIT BAGS 9
Slide 10: Broadening Our Brand and Addressable Market
2 BROADENING OUR BRAND AND ADDRESSABLE MARKET 10
Slide 11: Scaling Our Global Audience
SCALING OUR GLOBAL AUDIENCE 2026+ Adding new consumer • Building global moments in global sport & entertainment communities across a wide range of pursuits 2016-2025 Building broader outdoor communities, and driving demographic expansion • Growing our reach by connecting people, product, 2006-2015 F
Slide 12: Fueling Brand Engagement
FUELING BRAND ENGAGEMENT CUSTOMIZATION COLOR LIMITED EDITION Fresh and differentiated offerings encourage new and repeat purchases 12
Slide 13: Extensive Media Reach
EXTENSIVE MEDIA REACH LARGE & GROWING EARNED MEDIA SOCIAL MEDIA PRESENCE AWARDS Best Overall Best French Press Soft Cooler Rambler French Press Hopper Flip 12 Best Best Best Outdoor/ Best Beach Chair Camp Storage Daily Backpack Backpack Cooler 5.5M 5.4M 5.3M 2.2M 1.5M 1.4M 1.4M 1.2M 662k 633k Hondo
Slide 14: Media Highlights
MEDIA HIGHLIGHTS Newsweek RoflingStone ETI Now Hay Team Specific |Colorways for NI L. ‘SIP, SIP, HOORAY: YETI AND FANATICS 5 Jand NCAA: How To Buy. Shop ‘ARE TEAMING UP TO BRING GAME DAY Entire Collection po ‘SPIRIT TO THEIR BEST-SELLING CUPS INSIDEHOOK The 00 Best Travel Products This Summer's Hott
Slide 15: Expanding Our Global Presence
3 EXPANDING OUR GLOBAL PRESENCE 15
Slide 16: International: Current Footprint
INTERNATIONAL: CURRENT FOOTPRINT KEY INTERNATIONAL MARKETS 2019 Entry 2017 Entry 2017 AUS Entry 2019 Websites: UK, EU 2018 Entry – Limited Wholesale 2019 Website: YETI.CA 2019 NZ Entry 2021 Websites: DE, FR, IT, IE, NL 2025 Full Commercial Launch 2021 Subsidiary in Amsterdam YETI HISTORICAL INTERNAT
Slide 17: International: Growth Strategy
INTERNATIONAL: GROWTH STRATEGY • Drive deep consumer relevance through brand, omni-channel expansion and localized go-to-market execution • Regional leadership, scalable infrastructure, and brand execution to accelerate growth • Leverage growing global and regional Ambassador network and partnership
Slide 18: Strong Omni-Channel Presence
STRONG OMNI- CHANNEL PRESENCE 18
Slide 19: Omni-Channel Strategy
OMNI-CHANNEL STRATEGY • Diversified presence across DTC and wholesale channels continues to broaden reach, meeting consumers where and how they shop • Strong foundation for scalable digital growth and wholesale expansion in 2026 and beyond • New partnerships such as Fanatics and Nordstrom fuel addit
Slide 20: Direct-to-Consumer
DIRECT-TO-CONSUMER YETI ECOMMERCE YETI RETAIL GLOBAL SITES 27 YETI Stores US Canada Australia New Zealand EU France Germany Ireland Italy Netherlands UK CORPORATE SALES1 MARKETPLACES 20 1. Select list of Corporate Sales customers
Slide 21: Wholesale
WHOLESALE NATIONAL & REGIONAL ACCOUNTS SPECIALTY RETAILERS • Diverse dealers across BBQ, boating, building supply, camping, farming, fishing, hardware, hunting & shooting, and outdoor destinations • Significant opportunity to grow our specialty dealer base across global markets to match product inno
Slide 22: Supply Chain Transformation
SUPPLY CHAIN TRANSFORMATION 22
Slide 23: Global Supply Chain
GLOBAL SUPPLY CHAIN GLOBAL INFRASTRUCTURE GLOBAL FOOTPRINT • Partner with leading third-party manufacturing and logistics partners • Accelerate supplier diversification ⚫ strategy to mitigate geopolitical and operational risk and strengthen our ⚫ ⚫ ⚫⚫ ⚫ ⚫ ⚫ ability to scale globally ⚫⚫ ⚫
Slide 24: Financials
2 BUILT FOR THE WILD,
Slide 25: Adjusted Q3 2025 Results
ADJUSTED Q3 2025 RESULTS 1 ADJUSTED NET SALES $478 $488 Q3 2024 Q3 2025 CATEGORY ADJUSTED NET SALES GROWTH CHANNEL ADJUSTED NET SALES GROWTH Coolers & $215 Wholesale Equipment $198 $199 $193 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Drinkware Direct-to- $281 $289 $275 $264 Consumer Q3 2024 Q3 2025 Q3 2024 Q3
Slide 26: Adjusted Q3 2025 Results (Cont'd)
ADJUSTED Q3 2025 RESULTS (CONT’D) 1 ADJUSTED GROSS PROFIT ADJUSTED SG&A Adjusted Gross Profit $ / % Margin Adjusted SG&A $ / % Margin $279 / 58.2% $273 / 55.9% $206 / 42.2% $199 / 41.7% Q3 2024 Q3 2025 Q3 2024 Q3 2025 ADJUSTED OPERATING INCOME ADJUSTED EPS Adjusted Operating Income $ / % Margin $0.7
Slide 27: Adjusted Historical Results
ADJUSTED HISTORICAL RESULTS1 ADJUSTED NET SALES +9% ADJUSTED GROSS PROFIT +16% +3% Adjusted Gross Profit % Margin +29% $1,839 $1,200 $1,077 70.0% +19% $1,634 $1,680 $956 $860 $1,000 65.0% +17% $1,411 $816 $800 $629 60.0% $1,092 $600 $475 $914 57.8% 58.6% $383 57.6% 56.9% 55.0% $779 $400 $200 52.0% 5
Slide 28: Adjusted Historical Results (Cont'd)
ADJUSTED HISTORICAL RESULTS1 (CONT’D) CASH $439 FREE CASH FLOW2 $359 $351 $312 $253 $235 $235 $220 $155 $80 $73 $90 $55 $55 2018 2019 2020 2021 2022 2023 2024 2018 2019 2020 2021 2022 2023 2024 CAPITAL EXPENDITURES TOTAL DEBT3 Capital Expenditures % of Adjusted Net Sales $70 $333 $56 10.0% $60 $51 $
Slide 29: Capital Allocation Priorities
CAPITAL ALLOCATION PRIORITIES 1 FUEL GROWTH with Strategic Investments ~$92M (~3% of Adj. net sales) in growth-oriented Cap-Ex over two years1 2 RETURN SHAREHOLDER VALUE $500M in share repurchases in 2024 and 20252 3 ACCELERATE INNOVATION with Strategic Acquisitions ~$113M investment in product-focu
Slide 30: FY 2025 Outlook
FY 2025 OUTLOOK (as of 11/6/25) Metric Current Outlook Prior Outlook Adjusted Net Sales Up 1% to 2% YoY Flat to Up 2% YoY Adjusted Operating Margin 14.0% to 14.5% 14.0% to 14.5% Effective Tax Rate ~25.5% ~25.5% Adjusted Income per Diluted Share ~$2.38 to $2.49 ~$2.34 to $2.48 Diluted Weighted Avg. S
Slide 31: Appendix
APPENDIX 31
Slide 32: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION 2018(1) 2019(1)(2) 2020(1) 2021(1) 2022(1) 2023 2024 Net sales $ 778.8 $ 913.7 $ 1,091.7 $ 1,411.0 $ 1,595.2 $ 1,658.7 $ 1,829.9 Product recalls(3) — — — — 38.4 21.7 8.8 Adjusted net sales $ 778.8 $ 913.7 $ 1,091.7 $ 1,411.0 $ 1,633.6 $ 1,680.4 $ 1,838.7 Gross profit $ 383.1
Slide 33: Non-GAAP Reconciliation (Cont'd)
NON-GAAP RECONCILIATION (CONT’D) 2018(1) 2019(1)(2) 2020(1) 2021(1) 2022(1) 2023 2024 Operating income $ 102.2 $ 89.8 $ 214.2 $ 274.9 $ 126.4 $ 225.5 $ 245.4 Non-cash stock-based compensation expense(4)(10) 13.2 52.3 9.0 15.5 17.8 29.8 40.7 Long-lived asset impairment(10) 1.2 0.6 1.1 2.5 1.2 2.9 5.5
Slide 34: Non-GAAP Reconciliation (Cont'd)
NON-GAAP RECONCILIATION (CONT’D) 2018 2019 2020 2021 2022 2023 2024 YTD 2025 Net sales $ 778.8 $ 913.7 $ 1,091.7 $ 1,411.0 $ 1,595.2 $ 1,658.7 $ 1,829.9 $ 1,284.8 Product recalls(3) — — — — 38.4 21.7 8.8 — Adjusted net sales $ 778.8 $ 913.7 $ 1,091.7 $ 1,411.0 $ 1,633.6 $ 1,680.4 $ 1,838.7 $ 1,284.8
Slide 35: Non-GAAP Reconciliation (Cont'd)
NON-GAAP RECONCILIATION (CONT’D) 2018 2019 2020 2021 2022 2023 2024 Net cash provided by operating activities $ 176.1 $ 86.9 $ 366.4 $ 146.5 $ 100.9 $ 285.9 $ 261.4 Less: Purchases of property and equipment (20.9) (32.1) (15.6) (56.1) (45.9) (50.7) (41.8) Free cash flow $ 155.2 $ 54.8 $ 350.9 $ 90.4
Slide 36: Non-GAAP Reconciliation (Cont'd)
NON-GAAP RECONCILIATION (CONT’D) Q3 2024 Q3 2025 Net sales $ 478.4 $ 487.8 Product recalls(3) — — Adjusted net sales $ 478.4 $ 487.8 Gross profit $ 277.7 $ 272.5 Transition costs(15) 0.8 — Adjusted gross profit $ 278.5 $ 272.5 Adjusted gross margin 58.2 % 55.9 % Selling, general, and administrative
Slide 37: Non-GAAP Reconciliation (Cont'd)
NON-GAAP RECONCILIATION (CONT’D) Q3 2025 Q3 2024 Product Adjusted Product Adjusted Net Sales Recalls(3) Net Sales Net Sales Recalls(3) Net Sales Channel Wholesale $ 199.0 $ — $ 199.0 $ 197.6 $ — $ 197.6 Direct-to-consumer 288.7 — 288.7 280.8 — 280.8 Total $ 487.8 $ — $ 487.8 $ 478.4 $ — $ 478.4 Cate
Slide 38: Non-GAAP Reconciliation (Cont'd)
NON-GAAP RECONCILIATION (CONT’D) Q4 2024 Q1 2025 Q2 2025 Q3 2025 LTM Net sales $ 546.5 $ 351.1 $ 445.9 $ 487.8 $ 1,831.3 Product recalls(3) 8.8 — — — 8.8 Adjusted net sales $ 555.4 $ 351.1 $ 445.9 $ 487.8 $ 1,840.2 Net Sales by Channel Wholesale net sales $ 178.0 $ 154.9 $ 197.3 $ 199.0 $ 729.2 Prod
Slide 39: Non-GAAP Reconciliation (Cont'd)
NON-GAAP RECONCILIATION (CONT’D) 1. Beginning with the second quarter of Fiscal 2022, YETI revised its definitions of certain non-GAAP financial measures by excluding Other expense (income) from non-GAAP results. This change was retrospectively applied to all periods presented. 2. Beginning with the