YETI Holdings, Inc.
For the period ended Jul 4, 2026. Filed Aug 13, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jul 4, 2026 · Filed Aug 13, 2026
YETI$44.97-4.2%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-04-04; filed 2026-05-14.
0001670592-26-000028
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-07-04; filed 2026-08-13.
0001670592-26-000040
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 81 previous paragraphs and 118 current paragraphs.
45 unchanged; 30 reworded; 34 added; 5 removed; 1 previous and 9 current paragraphs rearranged.
Tables are not compared: 3 previous and 4 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (34)
Current report
During the second quarter of 2026, within our Drinkware category, we introduced the new Rambler Water Bottle with Flip Chug Cap in two sizes. We also expanded our cookware and barware lineup with the launch of the Carbon Steel Skillet in two sizes and the introduction of the Rambler Beverage Tub. In our Coolers & Equipment category, we expanded our hard cooler offerings with the launch of the Roadie 8 and added the Insulated Backpack and a new size of the Insulated Tote Bag to our Daytrip Collection of soft cooler bags. Within our bags portfolio, we further expanded the Camino Collection with the launch of the Camino Zip Carryall Tote in two sizes. We also expanded our outdoor living offerings with the introduction of the Trailhead Field Chair and introduced new seasonal colorways across our Drinkware and Coolers & Equipment categories.
Current report
During 2025, the U.S. government implemented incremental tariffs on imports from many countries where our products are produced, including under the International Emergency Economic Powers Act (“IEEPA”). As a result, the cost to import our products into the U.S. increased, which has had a material negative impact on our gross margins and results of operations. In February 2026, the U.S. Supreme Court found unlawful the tariffs imposed under the IEEPA. Notwithstanding this decision, tariffs remain a core part of the Administration’s trade policy. If current tariff levels persist or worsen, we expect they will continue to have a negative impact on our gross margins and results of operations.
Current report
In April 2026, following the Supreme Court’s ruling, the U.S. Customs and Border Protection launched its Consolidated Administration and Processing of Entries portal and commenced a phased process to accept claims for potential refunds of IEEPA tariffs previously paid. We paid approximately $66.5 million in tariffs under the IEEPA. The IEEPA tariff refunds are subject to taxes and other adjustments and may cause us to incur additional costs.
Current report
During the second quarter of 2026, we concluded that recovery of tariffs under the IEEPA was probable. The total net benefit of the IEEPA tariff refund was $45.6 million for the second quarter of 2026, consisting of a $42.6 million net benefit recognized as a reduction of cost of goods sold and $2.9 million of interest income. We also recognized additional IEEPA tariff refunds of $10.0 million as a reduction of the carrying value of inventory for IEEPA tariffs previously capitalized as cost of inventory.
Current report
During the second quarter of 2026, we received cash refund payments totaling $0.7 million for IEEPA tariffs. As of July 4, 2026, our outstanding receivables included $65.8 million of IEEPA tariffs and $2.9 million of interest. Subsequent to July 4, 2026, we received cash refund payments of $16.2 million for IEEPA tariffs and $0.9 million for interest.
Current report
Net sales increased $38.0 million, or 9%, to $483.9 million for the three months ended July 4, 2026, compared to $445.9 million for the three months ended June 28, 2025.
Current report
•Net sales in the U.S. increased $23.2 million, or 6%, to $391.0 million, compared to $367.8 million in the prior year quarter, primarily driven by growth in Coolers & Equipment, reflecting solid consumer demand trends, as Drinkware remained flat. Demand was robust in the wholesale channel as well as Amazon Marketplace and YETI retail, partially offset by a decline in Corporate Sales.
Current report
•Net sales in international locations increased $14.8 million, or 19%, to $92.9 million, compared to $78.1 million in the prior year quarter, reflecting strong growth in Europe and Australia, as well as growth in Canada and Japan. Performance was driven by strong growth across our key channels, reflecting increased brand awareness across key markets. Net sales in international locations represented 19% and 18% of total net sales in the second quarter of 2026 and 2025, respectively.
Current report
•the net impact of the recognition of IEEPA tariff refunds, which favorably impacted gross margin by 890 basis points;
Current report
These increases were partially offset by higher tariff costs, which unfavorably impacted gross margin by 110 basis points.
Current report
•an increase in general and administrative expenses of $5.7 million (increasing SG&A as a percent of sales by 40 basis points) mainly due to growth investments in facilities and higher professional fees;
Current report
•the impact of a $0.7 million recall reserve adjustment in the current period (increasing SG&A as a percent of sales by 20 basis points).
Current report
Six Months Ended July 4, 2026 Compared to June 28, 2025
Current report
Net Sales
Current report
Net sales increased $67.3 million to $864.3 million for the six months ended July 4, 2026, compared to $797.0 million for the six months ended June 28, 2025.
Current report
Net sales in our two channels were as follows:
Current report
•DTC channel net sales increased $17.9 million, or 4%, to $462.7 million, compared to $444.8 million in the prior year period, primarily due to robust performance in our Amazon Marketplace business, YETI websites, and YETI retail stores, partially offset by a decline in Corporate Sales, primarily reflecting cautious purchasing behavior during the first quarter of 2026. DTC channel mix was 54% and 56% for the six months ended July 4, 2026 and June 28, 2025, respectively.
Current report
•Wholesale channel net sales increased $49.4 million, or 14%, to $401.6 million, compared to $352.2 million in the same period last year, driven by strong growth across the U.S. and our international regions, reflecting healthy consumer demand.
Current report
•Coolers & Equipment net sales increased by $47.7 million, or 14%, to $388.5 million, compared to $340.8 million in the same period last year, primarily driven by strong performance in bags, soft coolers, outdoor living and cargo.
Current report
Gross Profit
Current report
Gross profit increased $73.4 million to $532.7 million compared to $459.3 million in the prior year period. Gross margin rate increased 400 basis points to 61.6% from 57.6% in the same period last year, primarily due to the following factors:
Current report
•the net benefit from IEEPA tariff refunds, which favorably impacted gross margin by 490 basis points;
Current report
These were partially offset by:
Current report
•unfavorable sales mix, which unfavorably impacted gross margin by 20 basis points.
Current report
Selling, General, and Administrative Expenses
Current report
SG&A expenses increased by $51.2 million, or 14%, to $426.8 million for the six months ended July 4, 2026 compared to $375.6 million for the six months ended June 28, 2025. As a percentage of net sales, SG&A expenses increased by 230 basis points to 49.4% for the six months ended July 4, 2026 compared to 47.1% for the six months ended June 28, 2025. The increase in SG&A expenses was primarily driven by:
Current report
•an increase in distribution and fulfillment expenses of $15.1 million (increasing SG&A as a percent of sales by 50 basis points) mainly due to higher outbound freight, online marketplace fees, and third-party logistics fees;
Current report
•an increase in marketing and advertising expenses of $13.3 million, primarily driven by a shift in the timing of our brand campaign into the second quarter of 2026 relative to last year’s brand campaign in the fourth quarter of 2025 (increasing SG&A as a percent of sales by 90 basis points);
Current report
•an increase in employee compensation and benefits expenses of $8.5 million (no impact on SG&A as a percent of sales) primarily due to investments in headcount and higher incentive compensation, partially offset by lower non-cash stock-based compensation expense;
Current report
•an increase in depreciation and amortization expense of $1.8 million (increasing SG&A as a percent of sales by 10 basis points) primarily related to our continued capital investments; and
Current report
•the impact of a $0.9 million recall reserve adjustment in the current year period (increasing SG&A as a percent of sales by 10 basis points).
Current report
Non-Operating Expenses
Current report
Interest income, net was $0.5 million for the six months ended July 4, 2026, compared to $0.6 million for the six months ended June 28, 2025. The change versus the prior year quarter was primarily due to a decrease in interest income, partially offset by the $2.9 million interest income related to IEEPA tariff refunds.
Current report
Other income was $0.1 million for the six months ended July 4, 2026, compared to other income of $7.1 million for the six months ended June 28, 2025. The change versus the prior year period was primarily due to higher foreign currency losses on intercompany balances.
Removed paragraphs (5)
Previous report
During 2025, the U.S. government implemented incremental tariffs on imports from many countries where our products are produced. In February 2026, the U.S. Supreme Court found unlawful the tariffs imposed under the International Emergency Economic Power Act (“IEEPA”). The ruling introduced the potential for importers of record, including us, to receive refunds on tariffs paid under the IEEPA. Although certain refund claims may now be submitted, significant uncertainty remains regarding the eligibility, timing and amount of any potential refunds. We estimate that we have paid approximately$66.5 million in tariffs under the IEEPA. The IEEPA tariff refunds may be subject to taxes and other adjustments or cause us to incur additional costs. Given the uncertainties, as of April 4, 2026, we determined that potential recovery of any funds was not probable. As such, we did not recognize a receivable and corresponding offset to expense related to the potential refund as of April 4, 2026. We will continue to evaluate new information and developments, and will recognize an asset or receivable as recovery becomes probable. In addition, even though the U.S. Supreme Court found unlawful the tariffs imposed under the IEEPA, the U.S. government has implemented and may implement new tariffs under other statutory authorities.
Previous report
Net sales increased $29.3 million, or 8%, to $380.4 million for the three months ended April 4, 2026, compared to $351.1 million for the three months ended March 29, 2025.
Previous report
•a decrease in the mix of our DTC channel net sales and Drinkware net sales, which unfavorably impacted gross margin by 70 basis points; and
Previous report
•higher inbound freight, which unfavorably impacted gross margin by 50 basis points.
Previous report
These decreases were partially offset by:
Reworded paragraphs (30)
Previous wording
Our business is exposed to and impacted by macroeconomic factors, including but not limited to uncertainty surrounding inflationary pressures, consumer confidence and purchasing behaviors, foreign currency exchange rate fluctuations, geopolitical conflicts, and government actions and policies, including changes in interest rates, tax rates, and tariff rates. The impact of such conditions on our business and results of operations for 2026 remains uncertain. Such uncertainties are exacerbated by the ongoing conflict in the Middle East. Although we have not experienced material impacts to date, the ultimate future impact of such geopolitical conflict on factors such as freight rates, raw materials costs, and consumer spending are unknown.
Current wording
Our business is exposed to and impacted by macroeconomic factors, including but not limited to uncertainty surrounding inflationary pressures, consumer confidence and purchasing behaviors, foreign currency exchange rate fluctuations, geopolitical conflicts such as the ongoing conflicts in the Middle East, and government actions and policies, including changes in interest rates and tax rates. In 2026, we have experienced inflationary pressures in certain costs, such as distribution and fulfillment, and expect such pressures to continue. The ultimate impact of macroeconomic factors on our business and results of operations for 2026 remains uncertain.
Previous wording
Fiscal Year. We have a 52- or 53-week fiscal year that ends on the Saturday closest in proximity to December 31, such that each quarterly period will be 13 weeks in length, except during a 53-week year when the fourth quarter will be 14 weeks. Our fiscal year ending January 2, 2027 (“2026”) is a 52-week period. The first quarter of our fiscal year 2026 ended on April 4, 2026, the second quarter ends on July 4, 2026, and the third quarter ends on October 3, 2026. Our fiscal year ended January 3, 2026 (“2025”) was a 53-week period. Unless otherwise stated, references to particular years, quarters, months and periods refer to our fiscal years and the associated quarters, months, and periods of those fiscal years. The unaudited condensed consolidated financial results presented herein represent the three months ended April 4, 2026 and March 29, 2025.
Current wording
Fiscal Year. We have a 52- or 53-week fiscal year that ends on the Saturday closest in proximity to December 31, such that each quarterly period will be 13 weeks in length, except during a 53-week year when the fourth quarter will be 14 weeks. Our fiscal year ending January 2, 2027 (“2026”) is a 52-week period. The first quarter of our fiscal year 2026 ended on April 4, 2026, the second quarter ended on July 4, 2026, and the third quarter ends on October 3, 2026. Our fiscal year ended January 3, 2026 (“2025”) was a 53-week period. Unless otherwise stated, references to particular years, quarters, months and periods refer to our fiscal years and the associated quarters, months, and periods of those fiscal years. The unaudited condensed consolidated financial results presented herein represent the three and six months ended July 4, 2026 and June 28, 2025.
Previous wording
•DTC channel net sales increased $0.6 million to $196.8 million, compared to $196.2 million in the prior year quarter, primarily due to growth across our YETI websites, Amazon Marketplace business, and YETI retail stores. This strength was offset by a decline in Corporate Sales, reflecting cautious purchasing behavior as well as a challenging growth compare in the prior year quarter. DTC channel mix was 52% in the first quarter of 2026, compared to 56% in the first quarter of 2025.
Current wording
•DTC channel net sales increased $17.3 million to $265.9 million, compared to $248.6 million in the prior year quarter, primarily due to robust performance in our Amazon Marketplace business as well as growth in YETI websites and YETI retail stores. This strength was partially offset by a decline in Corporate Sales. DTC channel mix was 55% in the second quarter of 2026, compared to 56% in the second quarter of 2025.
Previous wording
•Wholesale channel net sales increased $28.7 million, or 19%, to $183.6 million, compared to $154.9 million in the same period last year, driven by strong growth across the U.S. and our international regions, reflecting strong consumer demand.
Current wording
•Wholesale channel net sales increased $20.7 million, or 10%, to $218.0 million, compared to $197.3 million in the same period last year, driven by strong growth across the U.S. and our international regions, reflecting healthy consumer demand.
Previous wording
•Coolers & Equipment net sales increased by $15.9 million, or 11%, to $156.1 million, compared to $140.2 million in the same period last year, primarily driven by strong performance in soft coolers, bags, hard coolers, and cargo, reflecting continued strength across core and expanded categories.
Current wording
•Coolers & Equipment net sales increased by $31.8 million, or 16%, to $232.4 million, compared to $200.6 million in the same period last year, primarily driven by strong performance in bags, soft coolers, cargo, and outdoor living, reflecting continued strength across core and expanded categories.
Previous wording
Gross profit increased $8.5 million, or 4%, to $210.2 million, compared to $201.7 million in the prior year quarter. Gross margin rate decreased 210 basis points to 55.3% from 57.4% in the prior year quarter, primarily due to the following factors:
Current wording
Gross profit increased $65.0 million, or 25%, to $322.5 million, compared to $257.6 million in the prior year quarter. Gross margin rate increased 890 basis points to 66.7% from 57.8% in the prior year quarter, primarily due to the following factors:
Previous wording
•the impact of selective price increases on certain products implemented during the second quarter of 2025 and the first quarter of 2026, which favorably impacted gross margin by 30 basis points; and
Current wording
•the impact of selective price increases on certain products implemented during the first quarter of 2026, which favorably impacted gross margin by 40 basis points;
Previous wording
•favorable foreign currency exchange rates, which favorably impacted gross margin by 80 basis points;
Current wording
•favorable foreign currency exchange rates, which favorably impacted gross margin by 20 basis points;
Previous wording
•lower product costs, which favorably impacted gross margin by 60 basis points;
Current wording
•lower product costs, which favorably impacted gross margin by 10 basis points; and
Previous wording
•other impacts, which favorably impacted gross margin by 20 basis points.
Current wording
•other impacts, which favorably impacted gross margin by 40 basis points.
Previous wording
SG&A expenses increased $17.7 million, or 10%, to $197.8 million for the three months ended April 4, 2026, compared to $180.1 million for the three months ended March 29, 2025. As a percentage of net sales, SG&A expenses increased 70 basis points to 52.0% from 51.3% in the prior year quarter. The increase in SG&A expenses was primarily driven by:
Current wording
SG&A expenses increased $33.5 million, or 17%, to $229.0 million for the three months ended July 4, 2026, compared to $195.5 million for the three months ended June 28, 2025. As a percentage of net sales, SG&A expenses increased 340 basis points to 47.3% from 43.9% in the prior year quarter. The increase in SG&A expenses was primarily driven by:
Previous wording
•an increase in distribution and fulfillment expenses of $4.7 million (decreasing SG&A as a percent of sales by 10 basis points) primarily due to higher third-party logistics fees, outbound freight, and online marketplace fees;
Current wording
•an increase in distribution and fulfillment expenses of $10.4 million (increasing SG&A as a percent of sales by 90 basis points) primarily due to higher outbound freight, online marketplace fees, and third-party logistics fees;
Previous wording
•an increase in marketing and advertising expenses of $2.7 million (increasing SG&A as a percent of sales by 10 basis points); and
Current wording
•an increase in marketing and advertising expenses of $10.6 million, primarily driven by a shift in the timing of our brand campaign into the second quarter of 2026 relative to last year’s brand campaign in the fourth quarter of 2025 (increasing SG&A as a percent of sales by 160 basis points);
Previous wording
•an increase in employee compensation and benefits expenses of $3.6 million (decreasing SG&A as a percent of sales by 20 basis points), including investments in headcount to support our international expansion, partially offset by lower non-cash stock-based compensation expense;
Current wording
•an increase in employee compensation and benefits expenses of $5.0 million (increasing SG&A as a percent of sales by 20 basis points), including higher incentive compensation and investments in headcount to support our international expansion, partially offset by lower non-cash stock-based compensation expense;
Previous wording
•an increase in depreciation and amortization expense of $0.8 million (no impact on SG&A as a percent of sales).
Current wording
•an increase in depreciation and amortization expense of $1.0 million (increasing SG&A as a percent of sales by 10 basis points); and
Previous wording
Interest expense, net was $1.1 million for the three months ended April 4, 2026. Interest income, net was $0.3 million for the three months ended March 29, 2025. The change versus the prior year quarter was primarily due to a decrease in interest income.
Current wording
Interest income, net was $1.6 million for the three months ended July 4, 2026, compared to $0.3 million for the three months ended June 28, 2025. The change versus the prior year quarter was primarily due to the $2.9 million interest income related to IEEPA tariff refunds, partially offset by a decrease in other interest income.
Previous wording
Other income was $1.0 million for the three months ended April 4, 2026, compared to $1.4 million for the three months ended March 29, 2025. The change versus the prior year quarter was primarily due to lower foreign currency gains on intercompany balances.
Current wording
Other expense was $0.9 million for the three months ended July 4, 2026. Other income was $5.8 million for the three months ended June 28, 2025. The change versus the prior year quarter was primarily due to higher foreign currency losses on intercompany balances.
Previous wording
Income tax expense was $2.4 million for the three months ended April 4, 2026, compared to $6.7 million for the three months ended March 29, 2025. The decrease in income tax expense was primarily due to lower income before income taxes. The effective tax rate was 19.9% for the three months ended April 4, 2026, compared to 28.9% for the three months ended March 29, 2025. The lower effective tax rate was primarily due to the impact of a discrete tax benefit related to stock-based compensation in the three months ended April 4, 2026.
Current wording
Income tax expense was $22.9 million for the three months ended July 4, 2026, compared to $16.9 million for the three months ended June 28, 2025. The increase in income tax expense was primarily due to higher income before income taxes. The effective tax rate was 24.3% for the three months ended July 4, 2026 compared to 24.9% for the three months ended June 28, 2025. The lower effective tax rate was primarily due to the impact of a discrete tax benefit related to stock-based compensation in the three months ended July 4, 2026.
Previous wording
•Drinkware net sales increased by $11.3 million, or 5%, to $216.9 million, compared to $205.6 million in the prior year quarter, primarily due to growth in our international regions and the U.S. The Drinkware category growth was supported by continued innovation in our Drinkware product portfolio.
Current wording
•Drinkware net sales increased by $16.3 million, or 4%, to $458.3 million, compared to $442.0 million in the prior year period, primarily due to growth in our international regions and the U.S. In our Drinkware category, growth was supported by continued innovation in our Drinkware product portfolio.
Previous wording
•Net sales in the U.S. increased $21.8 million, or 8%, to $293.1 million, compared to $271.3 million in the prior year quarter, driven by growth in both Coolers & Equipment and Drinkware, reflecting solid consumer demand trends. Demand was strong in the wholesale channel as well as YETI websites, Amazon Marketplace, and YETI retail, partially offset by a decline in Corporate Sales.
Current wording
•Net sales in the U.S. increased $45.0 million, or 7%, to $684.1 million, compared to $639.1 million in the prior year period, driven by growth in both Coolers & Equipment and Drinkware, reflecting solid consumer demand trends. Demand was strong in the wholesale channel as well as Amazon Marketplace, YETI websites, and YETI retail, partially offset by a decline in Corporate Sales.
Previous wording
•Net sales in international locations increased $7.5 million, or 9%, to $87.3 million, compared to $79.9 million in the prior year quarter, reflecting strong growth in Europe, as well as growth in Australia and Canada, and continued momentum in Japan. Strong demand in the wholesale channel as well as Amazon Marketplace was partially offset by a decline in Corporate Sales. Net sales in international locations represented 23% of total net sales in both the first quarter of 2026 and 2025.
Current wording
•Net sales in international locations increased $22.3 million, or 14%, to $180.2 million compared to $158.0 million in the prior year period, reflecting strong growth in Europe and Australia, as well as growth in Canada and Japan. Performance was driven by strong growth in the wholesale channel, YETI website, and Amazon Marketplace, reflecting increased brand awareness across key markets. Net sales in international locations represented 21% and 20% of total net sales in the first six months of 2026 and 2025, respectively.
Previous wording
•higher tariff costs, which unfavorably impacted gross margin by 280 basis points;
Current wording
•higher tariff costs, which unfavorably impacted gross margin by 190 basis points; and
Previous wording
•an increase in general and administrative expenses of $5.8 million (increasing SG&A as a percent of sales by 90 basis points) mainly due to growth investments in technology and facilities, higher professional fees, as well as asset impairments in the current year quarter;
Current wording
•an increase in general and administrative expenses of $11.5 million (increasing SG&A as a percent of sales by 70 basis points) mainly due to growth investments in facilities and technology, higher professional fees, as well as asset impairments in the current year period;
Previous wording
As of April 4, 2026, we had a cash balance of $127.8 million, working capital (excluding cash) of $208.9 million, and $300.0 million of borrowings available under the Revolving Credit Facility.
Current wording
As of July 4, 2026, we had a cash balance of $59.8 million, working capital (excluding cash) of $247.6 million and $270.0 million of borrowings available under the Revolving Credit Facility.
Previous wording
At April 4, 2026, we had $72.8 million principal amount of indebtedness outstanding under the Term Loan A under the Credit Facility and no outstanding borrowings under the Revolving Credit Facility. The weighted-average interest rate for borrowings under the Term Loan A was 5.55% during the three months ended April 4, 2026.
Current wording
At July 4, 2026, we had $71.7 million principal amount of indebtedness outstanding under the Term Loan A under the Credit Facility and $30.0 million of outstanding borrowings under the Revolving Credit Facility. The weighted-average interest rate for borrowings under the Term Loan A and the Revolving Credit Facility was 5.53% and 5.48%, respectively, during the three months ended July 4, 2026.
Previous wording
In 2024, our Board of Directors authorized the repurchase of up to $300.0 million of YETI’s common stock (the “Share Repurchase Program”), excluding fees, commissions, and excise tax due under the Inflation Reduction Act of 2022. Repurchases under the Share Repurchase Program may be made from time to time at prevailing prices in the open market, through various methods, including, but not limited to, open market, privately negotiated, or accelerated share repurchase transactions. Repurchases under the Share Repurchase Program may also be made pursuant to a plan adopted under Rule 10b5-1 promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The timing, manner, price, and actual amount of share repurchases will be determined by management based on various factors, including, but not limited to, stock price, economic and market conditions, other capital allocation needs and opportunities, and corporate and regulatory considerations. YETI has no obligation to repurchase any amount of our common stock, and such repurchases may be suspended or discontinued at any time. All shares repurchased under the Share Repurchase Program are held as treasury stock.
Current wording
In 2024, our Board of Directors authorized the repurchase of up to $300.0 million of YETI’s common stock (the “Share Repurchase Program”), excluding fees, commissions, and excise tax due under the Inflation Reduction Act of 2022. Repurchases under the Share Repurchase Program may be made from time to time at prevailing prices in the open market, through various methods, including, but not limited to, open market, privately negotiated, or accelerated share repurchase transactions. Repurchases under the Share Repurchase Program may also be made pursuant to a plan adopted under Rule 10b5-1 promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The timing, manner, price, and actual amount of share repurchases are determined by management based on various factors, including, but not limited to, stock price, economic and market conditions, other capital allocation needs and opportunities, and corporate and regulatory considerations. YETI has no obligation to repurchase any amount of our common stock, and such repurchases may be suspended or discontinued at any time. All shares repurchased under the Share Repurchase Program are held as treasury stock.
Previous wording
During 2024, we entered into two separate accelerated share repurchase agreements, which resulted in our repurchase of approximately 5.1 million shares of YETI’s common stock for an aggregate of $200.0 million. In 2025, our Board of Directors approved a $350.0 million increase to the Share Repurchase Program. We subsequently repurchased approximately 8.0 million shares of YETI’s common stock on the open market for approximately $300.0 million during 2025. As of January 3, 2026, approximately $152.0 million remained available for repurchases under the Share Repurchase Program. In May 2026, our Board of Directors approved an approximately $348.0 million increase to the Share Repurchase Program, resulting in $500.0 million remaining available as of May 14, 2026.
Current wording
During 2024, we entered into two separate accelerated share repurchase agreements, which resulted in our repurchase of approximately 5.1 million shares of YETI’s common stock for an aggregate of $200.0 million. In 2025, our Board of Directors approved a $350.0 million increase to the Share Repurchase Program. We subsequently repurchased approximately 8.0 million shares of YETI’s common stock on the open market for approximately $300.0 million during 2025.
Previous wording
Cash flows related to operating activities are dependent on net income, non-cash adjustments to net income, and changes in working capital. The decrease in cash used in operating activities during the three months ended April 4, 2026 compared to cash used in operating activities during the three months ended March 29, 2025 is primarily due to a favorable impact from changes in working capital, partially offset by a decrease in net income, excluding non-cash expenses.
Current wording
Cash flows related to operating activities are dependent on net income, non-cash adjustments to net income, and changes in working capital. The increase in cash provided by operating activities during the six months ended July 4, 2026 compared to cash used in operating activities during the six months ended June 28, 2025 is primarily due to a favorable impact from changes in working capital and an increase in net income, excluding non-cash expenses.
Previous wording
The decrease in cash used in investing activities during the three months ended April 4, 2026 was primarily due to lower purchases of intangible assets, partially offset by higher purchases of property and equipment.
Current wording
The increase in cash used in investing activities during the six months ended July 4, 2026 was primarily due to higher purchases of property and equipment, and higher purchases of intangible assets.
Previous wording
The increase in cash used in financing activities during the three months ended April 4, 2026 was primarily due to higher taxes paid for the net share settlement of stock-based awards.
Current wording
The increase in cash used in financing activities during the six months ended July 4, 2026 was primarily due to higher repurchases of common stock and higher taxes paid for the net share settlement of stock-based awards, partially offset by borrowings under our Revolving Credit Facility.
Rearranged current paragraphs (9)
Current report — wording carried from elsewhere
•Drinkware net sales increased by $4.9 million, or 2%, to $241.4 million, compared to $236.4 million in the prior year quarter, primarily due to international growth. The Drinkware category growth was supported by continued innovation in our Drinkware product portfolio.
Current report — wording carried from elsewhere
Net sales in our two primary product categories were as follows:
Current report — wording carried from elsewhere
Net sales in our geographical regions were as follows:
Current report — wording carried from elsewhere
•the impact of selective price increases on certain products implemented during the first quarter of 2026, which favorably impacted gross margin by 40 basis points;
Current report — wording carried from elsewhere
•favorable foreign currency exchange rates, which favorably impacted gross margin by 40 basis points;
Current report — wording carried from elsewhere
•lower product costs, which favorably impacted gross margin by 30 basis points; and
Current report — wording carried from elsewhere
•other impacts, which favorably impacted gross margin by 10 basis points.
Current report — wording carried from elsewhere
Income tax expense was $25.4 million for the six months ended July 4, 2026, compared to $23.7 million for the six months ended June 28, 2025. The increase in income tax expense was primarily due to higher income before income taxes. The effective tax rate was 23.8% for the six months ended July 4, 2026 compared to 25.9% for the six months ended June 28, 2025. The lower effective tax rate was primarily due to the impact of a discrete tax benefit related to stock-based compensation in the six months ended July 4, 2026.
Current report — wording carried from elsewhere
In May 2026, our Board of Directors approved an approximately $348.0 million increase to the Share Repurchase Program, resulting in $500.0 million remaining available as of May 14, 2026. During the second quarter of 2026, we repurchased 2.8 million shares of YETI’s common stock on the open market for approximately $130.0 million, at an average repurchase price of $46.47 per share. As of July 4, 2026, approximately $370.0 million remained available for repurchases under the Share Repurchase Program See Note 9-Stockholders’ Equity of the Consolidated Financial Statements for additional information about the Share Repurchase Program.
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Previous report — wording carried elsewhere
See Note 7-Stockholders’ Equity of the Consolidated Financial Statements for additional information about the Share Repurchase Program.