Yeti Holdings, Inc. · NYSE:YETI
Yeti — Q1 2026 Earnings Presentation
39 slides from Yeti's earnings presentation, May 14, 2026
Slide 1: First Quarter 2026 Highlights
FIRST QUARTER 2026 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: Q1 2026 Results at a Glance
Q1 2026 RESULTS AT A GLANCE NET SALES MIX KEY FINANCIAL METRICS $380.4M +8% Coolers & Net Sales Net Sales Growth Equipment 41% 55.3% -200bps Adj. Gross Margin1 Adj. Gross Margin Change Y/Y1 $380.4M Drinkware $26.6M 7.0% 57% Adj. Operating Income1 Adj. Operating Margin1 Other2 $127.8M -4% 2% Cash Inv
Slide 4: Strategic Growth Priorities
STRATEGIC GROWTH PRIORITIES DRIVING PRODUCT INNOVATION 1 • Platform-led innovation, not one-off products. We build scalable platforms (Drinkware; Coolers & Equipment) that let us reuse design DNA and operational know-how—then extend into new use cases that strengthen the ecosystem. • A consistent ca
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 6
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 Reached broader outdoor communities, and drove demographic expansion • Growing our reach by connecting people, product, 2006-2015 Foun
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 AWARDS SOCIAL MEDIA PRESENCE Best Splurge French Press Best Adventure Travel Pack YETI French Press Ranchero Backpack 5.6M 5.5M 5.4M 2.2M 1.6M 1.4M 1.4M 1.2M 693k 632k BROAD EARNED MEDIA COVERAGE 13
Slide 14: Media Highlights
MEDIA HIGHLIGHTS € Wire cute: MENS JOURNAL The Coolest New Gear and Gadgets We Tested Thi: HICONSUMPTION YETI’s Debut Hiking Backpack ,ombines Mystery Ranch Engineering} With Legendary Durability YETI launches the Skala tiking pack, combining durable desig ind advanced organization YETI Skala Hiking
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 2018 Japan Entry: Limited Wholesale 2017 Entry 2017 AUS Entry 2019 Websites: UK, EU 2025 Broader Launch 2019 Website: YETI.CA 2019 NZ Entry 2021 Websites: DE, FR, IT, IE, NL 2026 Full Market launch 2021 Subsidiary in Amsterdam (in
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 • Partnerships such as Fanatics and Nordstrom fuel additiona
Slide 20: Direct-to-Consumer
DIRECT-TO-CONSUMER YETI ECOMMERCE YETI RETAIL GLOBAL SITES US 27 YETI Stores Canada Australia New Zealand EU France Germany Ireland Italy Netherlands UK Japan 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
FINANCIALS 24
Slide 25: Q1 2026 Results
Q1 2026 RESULTS NET SALES $380 $351 Q1 2025 Q1 2026 CATEGORY NET SALES GROWTH CHANNEL NET SALES GROWTH Coolers & Wholesale Equipment $184 $156 $155 $140 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Drinkware Direct-to- 0% $217 Consumer $196 $197 $206 Q1 2025 Q1 2026 Q1 2025 Q1 2026 25 Note: $ in millions.
Slide 26: Q1 2026 Results (Cont'd)
Q1 2026 RESULTS (CONT’D) ADJUSTED GROSS PROFIT ADJUSTED SG&A Adjusted Gross Profit $ / % Margin Adjusted SG&A $ / % Margin $210 / 55.3% $184 / 48.3% $201 / 57.3% $166 / 47.3% Q1 2025 Q1 2026 Q1 2025 Q1 2026 ADJUSTED OPERATING INCOME ADJUSTED EPS Adjusted Operating Income $ / % Margin $0.31 $35 / 10.
Slide 27: Historical Results
HISTORICAL RESULTS NET SALES1 ADJUSTED GROSS PROFIT Adjusted Gross Profit % Margin $1,839 $1,868 $1,200 $1,077 $1,072 70.0% $1,634 $1,680 $956 $1,000 $816 $860 65.0% $1,411 $800 $629 60.0% $1,092 $600 $475 $914 $383 57.6% 57.8% 58.6% 56.9% 57.4% 55.0% $779 $400 $200 52.0% 52.7% 50.0% 49.2% $0 45.0%
Slide 28: Historical Results (Cont'd)
HISTORICAL RESULTS (CONT’D) CASH FREE CASH FLOW1 $439 $359 $351 $312 $253 $235 $235 $220 $212 $188 $155 $80 $73 $90 $55 $55 2018 2019 2020 2021 2022 2023 2024 2025 2018 2019 2020 2021 2022 2023 2024 2025 CAPITAL EXPENDITURES TOTAL DEBT2 $70 Capital Expenditures % of Adjusted Net Sales $333 $60 $56 1
Slide 29: Capital Allocation Priorities
CAPITAL ALLOCATION PRIORITIES 1 FUEL GROWTH through disciplined reinvestment ~$84M (~2% of net sales) in growth-oriented Cap-Ex over two years 2 RETURN SHAREHOLDER VALUE ~$500M in share repurchases in 2024 & 20251. Upsized $500M share repurchase authorization. 3 ACCELERATE INNOVATION with product fo
Slide 30: FY 2026 Outlook
FY 2026 OUTLOOK (as of 5/14/2026) Metric Current Outlook Prior Outlook Net Sales +7% to 8% YoY +6% to 8% YoY Adjusted Operating Margin ~14.6% ~14.4% Effective Tax Rate ~24% ~24% Adjusted Net Income per Diluted $2.83 to $2.89 $2.77 to $2.83 Share (+14% to 17% YoY) (+12% to 14% YoY) Diluted Weighted A
Slide 31: Appendix
APPENDIX 31
Slide 32: Reconciliation of GAAP to Non-GAAP Financial Information
Supplemental Financial Information Reconciliation of GAAP to Non-GAAP Financial Information (Unaudited) (In millions) 2018(1) 2019(1)(2) 2020(1) 2021(1) 2022(1) 2023 2024 2025 Net sales $ 778.8 $ 913.7 $ 1,091.7 $ 1,411.0 $ 1,595.2 $ 1,658.7 $ 1,829.9 $ 1,868.5 Product recalls(3) — — — — 38.4 21.7 8
Slide 33: Reconciliation of GAAP to Non-GAAP Financial Information
Supplemental Financial Information Reconciliation of GAAP to Non-GAAP Financial Information (Unaudited) (In millions, except per share amounts) 2018(1) 2019(1)(2) 2020(1) 2021(1) 2022(1) 2023 2024 2025 Operating income $ 102.2 $ 89.8 $ 214.2 $ 274.9 $ 126.4 $ 225.5 $ 245.4 $ 213.6 Non-cash stock-bas
Slide 34: Reconciliation of GAAP to Non-GAAP Financial Information
Supplemental Financial Information Reconciliation of GAAP to Non-GAAP Financial Information (Unaudited) (In millions) 2018 2019 2020 2021 2022 2023 2024 2025 Net sales $ 778.8 $ 913.7 $ 1,091.7 $ 1,411.0 $ 1,595.2 $ 1,658.7 $ 1,829.9 $ 1,868.5 Product recalls(3) — — — — 38.4 21.7 8.8 — Adjusted net
Slide 35: Reconciliation of GAAP to Non-GAAP Financial Information
Supplemental Financial Information Reconciliation of GAAP to Non-GAAP Financial Information (Unaudited) (In millions) 2018 2019 2020 2021 2022 2023 2024 2025 Net cash provided by operating activities $ 176.1 $ 86.9 $ 366.4 $ 146.5 $ 100.9 $ 285.9 $ 261.4 $ 254.7 Less: Purchases of property and equip
Slide 36: Reconciliation of GAAP to Non-GAAP Financial Information
Supplemental Financial Information Reconciliation of GAAP to Non-GAAP Financial Information (Unaudited) (In millions, except per share amounts) 1) Beginning with the second quarter of Fiscal 2022, YETI revised its definitions of certain non-GAAP financial measures by excluding Other expense (income)
Slide 37: Disaggregated Net Sales
Supplemental Financial Information Disaggregated Net Sales (Unaudited) (In millions) Q1 2025 Q1 2026 Channel Wholesale $ 154.9 $ 183.6 Direct-to-consumer 196.2 196.8 Total Net Sales $ 351.1 $ 380.4 Category Coolers & Equipment $ 140.2 $ 156.1 Drinkware 205.6 216.9 Other 5.3 7.4 Total Net Sales $ 351
Slide 38: Reconciliation of GAAP to Non-GAAP Financial Information
Supplemental Financial Information Reconciliation of GAAP to Non-GAAP Financial Information (Unaudited) (In millions, except per share amounts) Q1 2025 Q1 2026 Gross profit $ 201.7 $ 210.2 Transition costs(1) (0.4) — Adjusted gross profit $ 201.3 $ 210.2 Adjusted gross margin 57.3 % 55.3 % Selling,
Slide 39: Reconciliation of GAAP to Non-GAAP Financial Information
Supplemental Financial Information Reconciliation of GAAP to Non-GAAP Financial Information (Unaudited) (In millions, except per share amounts) 1) Represents inventory step-up and disposal costs in connection with the acquisition of Mystery Ranch, LLC. Inventory step-up costs are expensed as the acq