Yeti Holdings, Inc. · NYSE:YETI
Yeti — Q2 2025 Earnings Presentation
32 slides from Yeti's earnings presentation, Aug 7, 2025
Slide 1: Second Quarter 2025 Highlights
Second Quarter 2025 Highlights
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: Strategic Priorities: Recent Highlights
STRATEGIC PRIORITIES: RECENT HIGHLIGHTS 1 EXPAND OUR CUSTOMER BASE Announced strategic partnership with Fanatics, expanding presence in sports licensing with custom NFL, MLB, NHL, and NCAA offerings Hosted inaugural WILD Private Dining Room experience showcasing “Outdoor Kitchen” offerings and bring
Slide 4: Q2 2025 Results at a Glance
Q2 2025 RESULTS AT A GLANCE ADJUSTED Q2 2025 Q2 2025 ADJUSTED NET SALES1 FINANCIAL METRICS1 $445.9M Net Sales -4% Net Sales Growth Coolers & 57.8% +10bps Equipment Gross Margin Gross Margin Growth 45% $445.9M Drinkware 53% $73.2M 16.4% Operating Margin Operating Income Other2 2% Cash Inventory (Y/Y)
Slide 5: Brand & Product
BRAND & PRODUCT 5
Slide 6: Growing Diverse, Global YETI Communities
GROWING DIVERSE, GLOBAL YETI COMMUNITIES 2006 Community Reach FISHING HUNTING 2025 Community Reach FISH HUNT BBQ CULINARY BEVERAGE SKATE SURF/PADDLE SKI/SNOW CLIMB/ALPINE RODEO RANCH EQUESTRIAN WELLNESS GOLF SPORTS Relevance Through Breadth & Depth 15 Communities 213 Ambassadors 6
Slide 7: Extensive Media Reach
EXTENSIVE MEDIA REACH LARGE AND GROWING SOCIAL MEDIA PRESENCE EARNED MEDIA AWARDS Followers1 5.4M 5.4M 5.3M 2.2M 1.5M 1.3M 1.3M 1.2M 657K Best Camp Chair: Best Cooler Overall: Best Waterproof 635K Hondo Beach Chair Roadie 48 Backpack: Panga 28L BROAD EARNED MEDIA COVERAGE 1 Instagram followers as of
Slide 8: Media Highlights
MEDIA HIGHLIGHTS Forbes 118s Beat chaits fo Keep _ ld & Stree YouTube , 202. You Comfy On The Sand In 2025 20+ Father's Day Outdoor Country Living YETI just announced a new Gifts Dad Will Love line of backpacks — here’s I'm an Avid Beachgoer, and This what you need to know YETI Chair Is the Most HIC
Slide 9: Innovation: Coolers & Equipment
INNOVATION: COOLERS & EQUIPMENT 2017 2018 2019 2020 2021 2022 20231 2024 2025 Hard Coolers Tundra Haul® YETI XV Silo® YETI V Series ® Tundra® 50 Roadie® 48 Roadie® 60 Roadie® 32 Roadie® 15 Roadie® 24 2.0 Roadie® 24 Soft Coolers Hopper Flip® 8 & Flip® 18 Daytrip® Hopper® Hopper® Hopper® Hopper® Hoppe
Slide 10: Innovation: Drinkware
INNOVATION: DRINKWARE 2017 2018 2019 2020 2021 2022 2023 2024 20251 16oz / 20oz / 30oz Stackable Pour Over 4oz / 6oz / 8oz 10oz 26oz Colored Travel 25oz / 35oz Stackable Cups and Mugs Tumbler Stackable Drinkware Mugs Straw Mugs 34oz / 64oz French Press ½ G / 1G Rambler Jug 2.0 Yonder Bottles Yonder
Slide 11: Extending Product Reach
EXTENDING PRODUCT REACH Customization Color Limited Edition CUSTOMIZATION, COLOR, AND LIMITED EDITION OFFERINGS ENCOURAGE NEW AND REPEAT PURCHASES 11
Slide 12: Channels & Supply Chain
CHANNELS & SUPPLY CHAIN. 7 YETI T FOR THE WILD, -_ 12 BUILT $OR THE Wo ’ iN
Slide 13: Expand Internationally
EXPAND INTERNATIONALLY EXPANSION STRATEGY INTERNATIONAL FOOTPRINT • Focused on driving deep consumer relevance and developing optimal omni-channel distribution 2019 Entry 2017 Entry 2019 Websites: UK, EU 2019 Website: YETI.CA 2021 Websites: DE, FR, IT, IE, NL • Building localized leadership and tale
Slide 14: Omni-Channel Strategy
OMNI-CHANNEL STRATEGY OVERVIEW • Balanced omni-channel strategy across DTC and wholesale channels • DTC business supports higher gross margin profile • Diverse group of U.S. wholesale partners with no single account exceeding 10% of total gross sales1 • International reach into Canada, Australia, Ne
Slide 15: Wholesale
WHOLESALE NATIONAL & REGIONAL ACCOUNTS INDEPENDENT DEALERS • Diverse dealers across BBQ, boating, building supply, camping, farming, fishing, hardware, hunting & shooting, and outdoor destinations • Significant opportunity to grow our dealer base in new markets such as Europe and Japan ELEVATED MERC
Slide 16: DTC Channel
DTC CHANNEL YETI ECOMMERCE RETAIL GLOBAL SITES: US 27 Stores Canada Australia New Zealand EU France Germany Ireland Italy Netherlands UK CORPORATE SALES YETI AUTHORIZED 16
Slide 17: Global Supply Chain
GLOBAL SUPPLY CHAIN GLOBAL INFRASTRUCTURE • Partnerships with leading third-party manufacturing and logistics partners • Firmly on track with accelerated Drinkware diversification strategy; continue to expect that by year end, on a go-forward basis, less than 5% of total COGS will be exposed to U.S.
Slide 18: Financials
FINANCIALS 18
Slide 19: Adjusted Q2 2025 Results
ADJUSTED Q2 2025 RESULTS1 ADJUSTED NET SALES -4% $464 $446 Q2 2024 Q2 2025 CATEGORY ADJUSTED NET SALES GROWTH Coolers & Drinkware -4% Equipment -3% $247 $206 $236 $201 Q2 2024 Q2 2025 Q2 2024 Q2 2025 CHANNEL ADJUSTED NET SALES GROWTH Wholesale Direct-to-Consumer -1% $213 -7% $250 $249 $197 Q2 2024 Q
Slide 20: Adjusted Q2 2025 Results (Cont'd)
ADJUSTED Q2 2025 RESULTS1 (CONT’D) ADJUSTED GROSS PROFIT ADJUSTED SG&A Adjusted Gross Profit $ / % Margin Adjusted SG&A $ / % Margin $268 / 57.7% -4% $258 / 57.8% -2% $188 / 40.5% $184 / 41.3% Q2 2024 Q2 2025 Q2 2024 Q2 2025 ADJUSTED OPERATING INCOME ADJUSTED EPS Adjusted Operating Income $ / % Marg
Slide 21: Adjusted Historical Results
ADJUSTED HISTORICAL RESULTS1 ADJUSTED NET SALES ADJUSTED GROSS PROFIT $1,839 Adjusted Gross Profit % Margin $1,634 $1,680 $1,200 $1,077 70.0% $1,000 $956 $1,411 $860 65.0% $816 $800 $1,092 $629 60.0% $600 $914 $475 58.6% $383 57.6% 57.8% 56.9% 55.0% $779 $400 $200 52.0% 52.7% 50.0% 49.2% $0 45.0% 20
Slide 22: Adjusted Historical Results (Cont'd)
ADJUSTED HISTORICAL RESULTS1 (CONT’D) CASH FREE CASH FLOW2 $439 $359 $351 $312 $253 $235 $235 $220 $155 $80 $90 $73 $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 10.0% $333 $60 $56 $300
Slide 23: FY 2025 Outlook
FY 2025 OUTLOOK (as of 8/7/25) Metric Current Outlook Prior Outlook Adjusted Net Sales Flat to Up 2% YoY Up ~1% to 4% YoY Adjusted Operating Margin 14.0% to 14.5% ~12.0% Effective Tax Rate ~25.5% ~26.0% Adjusted Income per Diluted Share ~$2.34 to $2.48 ~$1.96 to $2.02 Down ~14% to 9% YoY Down ~28% t
Slide 24: Appendix
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Slide 25: 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 26: 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 27: 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 $ 797.0 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 $ 797.0 Net
Slide 28: 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 29: Non-GAAP Reconciliation (Cont'd)
NON-GAAP RECONCILIATION (CONT’D) Q2 2024 Q2 2025 Net sales $ 463.5 $ 445.9 Product recalls(3) — — Adjusted net sales $ 463.5 $ 445.9 Gross profit $ 264.3 $ 257.6 Transition costs(15) 3.2 — Adjusted gross profit $ 267.5 $ 257.6 Adjusted gross margin 57.7 % 57.8 % Selling, general, and administrative
Slide 30: Non-GAAP Reconciliation (Cont'd)
NON-GAAP RECONCILIATION (CONT’D) Q2 2025 Q2 2024 Product Adjusted Product Adjusted Net Sales Recalls(3) Net Sales Net Sales Recalls(3) Net Sales Channel Wholesale $ 197.3 $ — $ 197.3 $ 213.1 $ — $ 213.1 Direct-to-consumer 248.6 — 248.6 250.4 — 250.4 Total $ 445.9 $ — $ 445.9 $ 463.5 $ — $ 463.5 Cate
Slide 31: Non-GAAP Reconciliation (Cont'd)
NON-GAAP RECONCILIATION (CONT’D) Q3 2024 Q4 2024 Q1 2025 Q2 2025 LTM Net sales $ 478.4 $ 546.5 $ 351.1 $ 445.9 $ 1,822.0 Product recalls(3) — 8.8 — — 8.8 Adjusted net sales $ 478.4 $ 555.4 $ 351.1 $ 445.9 $ 1,830.8 Net Sales by Channel Wholesale net sales $ 197.6 $ 178.0 $ 154.9 $ 197.3 $ 727.8 Prod
Slide 32: 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