SharkNinja, Inc.
For the period ended Sep 30, 2026. Filed Nov 4, 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.
Sep 30, 2026 · Filed Nov 4, 2026
SN$222.95+2.7%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-08-05.
0001957132-26-000048
Item 2. Managements Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-04.
0001957132-26-000056
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 120 previous paragraphs and 129 current paragraphs.
59 unchanged; 56 reworded; 13 added; 4 removed; 1 previous and 1 current paragraphs rearranged.
Tables are not compared: 22 previous and 22 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 (13)
Current report
In the Condensed Consolidated Statements of Income, $243.8 million related to the tariff refund claims was recorded as a reduction to cost of sales, and $10.5 million of related interest was recorded in interest income (expense), net. In addition, $45.2 million was recorded in accrued expenses and other current liabilities, with a corresponding increase in cost of sales, for the portion of the 2025 tariff refunds payable to factory partners. This resulted in a net benefit to cost of sales of $198.6 million and interest income of $10.5 million for the three and nine months ended September 30, 2026. Additional duties paid under protective protests have not yet been resolved; any related recoveries, and related interest, will be recognized when the related contingencies are resolved. See “Note 10 - Commitments and Contingencies.”
Current report
Subsequent to September 30, 2026, we submitted additional refund claims of approximately $35.8 million for IEEPA duties previously paid through Phase 3 of CBP’s refund process, which CBP accepted in October 2026. As a result, the Company expects to recognize a benefit of approximately $35.8 million as a reduction of cost of sales, and related interest of approximately $3.3 million in the fourth quarter of 2026. The timing of cash receipt remains subject to CBP processing. See “Note 15 - Subsequent Events.”
Current report
Interest income (expense), net changed by $15.9 million, or 124.0%, for the three months ended September 30, 2026, compared to the three months ended September 30, 2025. This change was primarily due to a $13.1 million increase in interest income, driven by $10.5 million in interest related to IEEPA tariff refund claims and higher interest income on cash and cash equivalents due to higher average balances and changes in interest rates. Interest expense on our term loan decreased by $1.7 million, driven by principal payments made throughout the year.
Current report
Other (expense) income, net changed by $1.4 million, or 23.2%, for the three months ended September 30, 2026, compared to the three months ended September 30, 2025.
Current report
Comparison of the Nine Months Ended September 30, 2026 and 2025
Current report
(3)Represents refund claims for IEEPA duties expensed in 2025 and related amounts payable to factory partners. We allocated the refunds based on the period in which the underlying duties were expensed. We exclude the net benefit because it relates to a prior year and is not indicative of our ongoing operating performance. Refunds attributable to duties expensed in 2026 remain included in Adjusted Gross Profit.
Current report
(4)Represents certain costs incurred related to secondary offering transactions and transaction-related due diligence initiatives.
Current report
(7)Represents refund claims for IEEPA duties expensed in 2025 and related amounts payable to factory partners. We allocated the refunds based on the period in which the underlying duties were expensed. We exclude the net benefit because it relates to a prior year and is not indicative of our ongoing operating performance. Refunds attributable to duties expensed in 2026 remain included in Adjusted Operating Income.
Current report
(5)Represents certain costs incurred related to secondary offering transactions and transaction-related due diligence initiatives.
Current report
(6)Represents cost of sales incurred related to the Product Procurement Adjustment. As a result of the separation, we purchase 100% of our inventory from one of our subsidiaries, SNHK, and no longer purchase inventory from a purchasing office wholly owned by JS Global. Thus, the markup on all inventory purchased subsequent to the separation is completely eliminated in consolidation. In connection with the separation, we paid JS Global a sourcing service fee to provide value-added sourcing services on a transitional basis under a Sourcing Services Agreement, which ended on July 31, 2025.
Current report
(8)Represents refund claims for IEEPA duties expensed in 2025, related amounts payable to factory partners and related interest income. We allocated the refunds based on the period in which the underlying duties were expensed. We exclude the net benefit because it relates to a prior year and is not indicative of our ongoing operating performance. Refunds attributable to duties expensed in 2026 and related interest income remain included in Adjusted Net Income.
Current report
(4)Represents certain costs incurred related to secondary offering transactions and transaction-related due diligence initiatives.
Current report
(7)Represents refund claims for IEEPA duties expensed in 2025 and related amounts payable to factory partners. We allocated the refunds based on the period in which the underlying duties were expensed. We exclude the net benefit because it relates to a prior year and is not indicative of our ongoing operating performance. Refunds attributable to duties expensed in 2026 remain included in Adjusted EBITDA.
Removed paragraphs (4)
Previous report
Comparison of the Six Months Ended June 30, 2026 and 2025
Previous report
Interest expense, net decreased by $11.9 million, or 45.1%, for the six months ended June 30, 2026, compared to the six months ended June 30, 2025. This decrease was primarily due to an increase in interest income of $4.9 million resulting from larger cash balances compared to prior year, a $3.6 million decrease in interest expense on our term loan, which was driven by principal payments made throughout the year, and a $1.9 million decrease in interest expense on our revolving credit facility primarily due to no outstanding borrowings for the six months ended June 30, 2026.
Previous report
(4)Represents cost of sales incurred related to the Product Procurement Adjustment. As a result of the separation, we purchase 100% of our inventory from one of our subsidiaries, SNHK, and no longer purchase inventory from a purchasing office wholly owned by JS Global. Thus, the markup on all inventory purchased subsequent to the separation is completely eliminated in consolidation. In connection with the separation, we paid JS Global a sourcing service fee to provide value-added sourcing services on a transitional basis under a Sourcing Services Agreement, which ended on July 31, 2025.
Previous report
(4)Represents cost of sales incurred related to the Product Procurement Adjustment. As a result of the separation, we purchase 100% of our inventory from one of our subsidiaries, SNHK, and no longer purchase inventory from a purchasing office wholly owned by JS Global. Thus, the markup on all inventory purchased subsequent to the separation is completely eliminated in consolidation. In connection with the separation, we paid JS Global a sourcing service fee to provide value-added sourcing services on a transitional basis under a Sourcing Services Agreement, which ended on July 31, 2025.
Reworded paragraphs (56)
Previous wording
SharkNinja is a global product design and technology company that creates innovative 5-star rated lifestyle solutions for consumers around the world. We have built two billion-dollar+ brands that drive strong growth and innovation across the 39 sub-categories in which we competed as of June 30, 2026, having entered our 40th sub-category in July 2026. We have a proven track record of entering and establishing leadership positions by disrupting the market across household product categories, including Cleaning, Cooking and Beverage, Food Preparation, and Beauty and Home Environment Appliances. The Company has identified two operating segments, Domestic and International, based on geographic sales regions for which discrete financial information is available. Domestic consists of the United States and Canada, and International consists of markets outside the United States and Canada. The Company has determined that these two operating segments meet the aggregation criteria in ASC 280-10-50-11 and therefore are aggregated into one reportable segment. See “Note 3 - Segment Reporting” to our unaudited condensed consolidated financial statements found within Part I, Item 1 in this Quarterly Report on Form 10-Q for additional information.
Current wording
SharkNinja is a global product design and technology company that creates innovative 5-star rated lifestyle solutions for consumers around the world. We have built two billion-dollar+ brands that drive strong growth and innovation across the 41 sub-categories in which we compete today. We have a proven track record of entering and establishing leadership positions by disrupting the market across household product categories, including Cleaning, Cooking and Beverage, Food Preparation, and Beauty and Home Environment Appliances. The Company has identified two operating segments, Domestic and International, based on geographic sales regions for which discrete financial information is available. Domestic consists of the United States and Canada, and International consists of markets outside the United States and Canada. The Company has determined that these two operating segments meet the aggregation criteria in ASC 280-10-50-11 and therefore are aggregated into one reportable segment. See “Note 3 - Segment Reporting” to our unaudited condensed consolidated financial statements found within Part I, Item 1 in this Quarterly Report on Form 10-Q for additional information.
Previous wording
The tariff environment has been and continues to be highly dynamic. On February 20, 2026, the U.S. Supreme Court held in Learning Resources, Inc. v Trump that the International Emergency Economic Powers Act (“IEEPA”) does not authorize the President to impose tariffs. Following the decision, the President terminated the additional duties previously imposed under IEEPA and, effective February 24, 2026, imposed a 10% global import surcharge on most imported goods under Section 122 of the Trade Act of 1974. The Section 122 surcharge is temporary and, by statute, expired on July 24, 2026, without a congressional extension. The administration has publicly indicated its intention to pursue tariff actions under alternative authorities, including new investigations initiated under Section 301 of the Trade Act of 1974, which could result in successor tariff actions; however, the scope, timing, and rates of any such actions remain uncertain. Additionally, the Section 122 surcharge is subject to pending legal challenges, the outcome of which could affect its scope or duration. Tariffs previously imposed under Section 301 and Section 232, including on goods imported from China, remain in effect and are unaffected by the Supreme Court’s ruling.
Current wording
The tariff environment has been and continues to be highly dynamic. On February 20, 2026, the U.S. Supreme Court held in Learning Resources, Inc. v. Trump that the IEEPA does not authorize the President to impose tariffs. Following the decision, the President terminated the additional duties previously imposed under IEEPA and, effective February 24, 2026, imposed a 10% global import surcharge on most imported goods under Section 122 of the Trade Act of 1974. The Section 122 surcharge was temporary and, by statute, expired on July 24, 2026, without a congressional extension. Effective July 24, 2026, the administration imposed successor tariffs under Section 301 of the Trade Act of 1974 on imports from approximately 60 trading partners, at rates generally ranging from 10% to 12.5%, including an additional 12.5% on covered imports from China; the scope, rates, and duration of these actions may change. Additionally, the successor Section 301 tariffs, and amounts previously collected under the Section 122 surcharge, are subject to pending legal challenges. Tariffs previously imposed under Section 301 and Section 232, including on goods imported from China, remain in effect and are unaffected by the Supreme Court’s ruling.
Previous wording
We continue to monitor developments related to the refund of IEEPA duties previously paid. On March 4, 2026, the U.S. Court of International Trade ordered CBP to refund IEEPA duties collected, and CBP has established administrative processes to facilitate refund claims; aspects of the refund order are subject to a pending government appeal. As of June 30, 2026, we had not submitted refund claims, and no receivable has been recognized in our condensed consolidated financial statements. In July 2026, subsequent to quarter end, we submitted refund claims of approximately $247.1 million through CBP’s refund process, and CBP accepted our claims. As a result, we expect to recognize the related benefit in the third quarter of 2026, as described in Note 15 - Subsequent Events. Additional duties paid under protective protests have not yet been resolved; any related recoveries, and any interest on refunded duties, will be recognized when received or when the related contingencies are resolved.
Current wording
We continue to monitor developments related to the refund of IEEPA duties previously paid. On March 4, 2026, the U.S. Court of International Trade ordered CBP to refund IEEPA duties collected, and CBP has established administrative processes to facilitate refund claims; aspects of the refund order remain subject to a pending government appeal before the U.S. Court of Appeals for the Federal Circuit. During the third quarter of 2026, CBP accepted tariff refund claims totaling approximately $243.8 million. As of September 30, 2026, approximately $186.1 million of tariff refund claims and related interest was recorded as a receivable within prepaid expenses and other current assets and was subsequently received in October 2026. Approximately $68.2 million had been received during the quarter and recorded as cash in the Condensed Consolidated Balance Sheets.
Previous wording
We offer a broad range of products that span 40 sub-categories primarily within small household appliances. We generate net sales from product sales to retailers, both brick-and-mortar and online, as well as through DTC sales and distributors. We recognize sales upon transfer of control of products to retailers, consumers and distributors, net of returns, discounts and allowances provided to retailers and funding provided to retailers for promotions and advertising of our products. Control is generally transferred upon shipment or delivery of the products, depending on shipping terms. Net sales are impacted by the effect of foreign exchange rates, competition, consumer spending habits and general economic conditions.
Current wording
We offer a broad range of products that span 41 sub-categories primarily within small household appliances. We generate net sales from product sales to retailers, both brick-and-mortar and online, as well as through DTC sales and distributors. Our DTC channels include our websites and social commerce platforms. We recognize sales upon transfer of control of products to retailers, consumers and distributors, net of returns, discounts and allowances and funding provided to retailers for promotions and advertising of our products. Control is generally transferred upon shipment or delivery of the products, depending on shipping terms. Net sales are impacted by the effect of foreign exchange rates, competition, consumer spending habits and general economic conditions.
Previous wording
•Cooking and Beverage Appliances, which includes air fryers, multi-cookers, outdoor and countertop grills and ovens, propane grills, fire pits, coffee systems, carbonation, cookware, cutlery, kettles, toasters and bakeware;
Current wording
•Cooking and Beverage Appliances, which includes air fryers, multi-cookers, outdoor and countertop grills and ovens, propane grills, fire pits, coffee systems, carbonation, cookware, cutlery, kettles, toasters, bakeware, microwaves and water filtration systems;
Previous wording
We calculate gross margin as gross profit divided by net sales. Gross margin is generally impacted by changes in channel mix since our DTC sales usually generate a higher gross margin than sales to retailers and distributors. Additionally, gross margin is also impacted by product category mix, changes in foreign currency fluctuations, changes in tariff policies, fluctuations in inbound freight costs and fluctuations in commodity and component costs.
Current wording
We calculate gross margin as gross profit divided by net sales. Gross margin is generally impacted by changes in channel mix since our DTC sales usually generate a higher gross margin than sales to retailers and distributors. Additionally, gross margin is impacted by product category mix, foreign currency fluctuations, changes in tariff policies, refund claims for tariffs previously paid, net of amounts payable to factory partners, fluctuations in inbound freight costs and fluctuations in commodity and component costs.
Previous wording
Our operating expenses consist of research and development, sales and marketing and general and administrative expenses. Advertising expenses are the most significant component of our operating expenses and consist of digital advertising, social media and other advertising. Personnel-related expenses are the second most significant component of operating expenses and consist of salaries and bonuses, share-based compensation and employee benefit costs. Our operating expenses also include allocated overhead. Overhead costs that are not substantially dedicated for use by a specific functional group are allocated based on headcount. Allocated overhead costs include shared costs associated with facilities, including rent and utilities and depreciation of property and equipment. We expect our operating expenses to increase on an absolute dollar basis for the foreseeable future as we continue to increase investments to support our growth, including expanding research and development capabilities and greater marketing activities.
Current wording
Our operating expenses consist of research and development, sales and marketing and general and administrative expenses. Advertising expenses are a significant component of our operating expenses and consist of digital advertising, social media and other advertising. Personnel-related expenses are also a significant component of operating expenses and consist of salaries and bonuses, share-based compensation and employee benefit costs. Our operating expenses also include allocated overhead. Overhead costs that are not substantially dedicated for use by a specific functional group are allocated based on headcount. Allocated overhead costs include shared costs associated with facilities, including rent and utilities and depreciation of property and equipment. We expect our operating expenses to increase on an absolute dollar basis for the foreseeable future as we continue to increase investments to support our growth, including expanding research and development capabilities and greater marketing activities.
Previous wording
Interest expense, net of any interest earned on our cash and cash equivalents, primarily consists of interest on our borrowings, including our term loan facility. See “Indebtedness” under “Liquidity and Capital Resources” below.
Current wording
Interest income (expense), net primarily consists of interest expense on our borrowings, including our term loan facility, offset by interest earned on our cash and cash equivalents and interest related to IEEPA tariff refund claims. See “Indebtedness” under “Liquidity and Capital Resources” below.
Previous wording
Our net sales increased by $320.6 million, or 22.2%, for the three months ended June 30, 2026, compared to the three months ended June 30, 2025. The increase in net sales resulted from growth in Cooking and Beverage Appliances, Beauty and Home Environment Appliances, Food Preparation Appliances and Cleaning Appliances.
Current wording
Our net sales increased by $346.2 million, or 21.2%, for the three months ended September 30, 2026, compared to the three months ended September 30, 2025. The increase in net sales resulted from growth in Cooking and Beverage Appliances, Beauty and Home Environment Appliances, Food Preparation Appliances and Cleaning Appliances.
Previous wording
•Cleaning Appliances net sales increased by $20.6 million, or 4.1%, to $522.0 million in the three months ended June 30, 2026, compared to $501.5 million for the three months ended June 30, 2025. This increase was driven by the carpet extractor and cordless vacuums sub-categories.
Current wording
•Cleaning Appliances net sales increased by $24.2 million, or 4.1%, to $617.2 million in the three months ended September 30, 2026, compared to $592.9 million for the three months ended September 30, 2025. This increase was driven by the corded and cordless vacuums sub-categories.
Previous wording
•Cooking and Beverage Appliances net sales increased by $133.3 million, or 36.5%, to $499.0 million in the three months ended June 30, 2026, compared to $365.7 million for the three months ended June 30, 2025. This increase was driven by sales of our Ninja Luxe Café espresso machine and the strength of the Ninja Crispi.
Current wording
•Cooking and Beverage Appliances net sales increased by $160.3 million, or 36.6%, to $597.7 million in the three months ended September 30, 2026, compared to $437.4 million for the three months ended September 30, 2025. This increase was driven by sales of the Ninja Luxe Café espresso machine and the strength of the Ninja Crispi.
Previous wording
•Food Preparation Appliances net sales increased by $53.8 million, or 13.3%, to $458.6 million in the three months ended June 30, 2026, compared to $404.8 million for the three months ended June 30, 2025. This increase was driven by strong growth in our blending sub-category.
Current wording
•Food Preparation Appliances net sales increased by $74.9 million, or 18.3%, to $485.5 million in the three months ended September 30, 2026, compared to $410.5 million for the three months ended September 30, 2025. This increase was driven by strong growth in the blending sub-category.
Previous wording
•Beauty and Home Environment Appliances net sales increased by $112.9 million, or 65.3%, to $285.8 million in the three months ended June 30, 2026, compared to $172.9 million for the three months ended June 30, 2025. This increase was driven by continued strength of our skincare and fan product portfolios.
Current wording
•Beauty and Home Environment Appliances net sales increased by $86.7 million, or 45.8%, to $276.1 million in the three months ended September 30, 2026, compared to $189.3 million for the three months ended September 30, 2025. This increase was driven by continued strength of the skincare, air purifiers, and fan product portfolios.
Previous wording
Geographically, Domestic net sales increased by $153.4 million, or 15.5%, for the three months ended June 30, 2026, compared to the three months ended June 30, 2025. This increase was driven by growth within existing categories and the success of new product categories. International net sales increased by $167.2 million, or 36.6%, for the three months ended June 30, 2026, compared to the three months ended June 30, 2025. This increase was driven by continued success within core categories into new international markets and consistent growth in our key international countries.
Current wording
Geographically, Domestic net sales increased by $213.0 million, or 19.4%, for the three months ended September 30, 2026, compared to the three months ended September 30, 2025. This increase was driven by growth within existing categories and the success of new product categories. International net sales increased by $133.2 million, or 25.2%, for the three months ended September 30, 2026, compared to the three months ended September 30, 2025. This increase was driven by continued growth in core categories across international markets, including markets where we are expanding our presence.
Previous wording
Our gross profit increased by $152.2 million, or 21.5%, for the three months ended June 30, 2026, compared to the three months ended June 30, 2025.
Current wording
Our gross profit increased by $352.5 million, or 43.1%, for the three months ended September 30, 2026, compared to the three months ended September 30, 2025.
Previous wording
Our gross margin decreased by 30 basis points for the six months ended June 30, 2026, compared to the six months ended June 30, 2025. The decrease in gross margin was primarily driven by the cost pressures related to tariffs in the U.S. market, unfavorable foreign currency, and increased retailer activations, partially offset by cost optimization efforts, favorable shifts in our categories and channels, and a decline in the amounts owed under a contractual sourcing service fee paid to JS Global for supply chain services, which ended July 31, 2025.
Current wording
Our gross margin increased by 910 basis points for the three months ended September 30, 2026, compared to the three months ended September 30, 2025. The increase in gross margin was primarily driven by the recognition of $243.8 million in benefits related to refund claims for duties previously paid under IEEPA, less $45.2 million payable to factory partners, as well as cost optimization efforts and favorable shifts in categories and channels, partially offset by unfavorable foreign currency and increased retailer activations.
Previous wording
Research and development expenses increased by $19.9 million, or 22.3%, for the three months ended June 30, 2026, compared to the three months ended June 30, 2025. This increase was primarily driven by an increase of $13.2 million in personnel-related expenses reflecting increased headcount to support new product categories and new market expansion, and an increase of $3.5 million in prototypes and testing costs.
Current wording
Research and development expenses increased by $25.1 million, or 27.0%, for the three months ended September 30, 2026, compared to the three months ended September 30, 2025. This increase was primarily driven by an increase of $16.6 million in personnel-related expenses reflecting increased headcount to support new product categories and new market expansion, and an increase of $6.8 million in prototypes and testing costs.
Previous wording
Sales and marketing expenses increased by $83.8 million, or 23.4%, for the three months ended June 30, 2026, compared to the three months ended June 30, 2025. This increase was primarily attributable to increases of $26.2 million in delivery and distribution costs, driven by higher volumes, changes in product mix and higher fuel costs, $20.7 million in advertising-related expenses, $19.9 million in personnel-related expenses to support new product launches and expansion into new markets, $8.8 million in credit card processing and merchant fees, and $2.6 million in product sample costs to support marketing and social commerce initiatives.
Current wording
Sales and marketing expenses increased by $94.8 million, or 25.9%, for the three months ended September 30, 2026, compared to the three months ended September 30, 2025. This increase was primarily attributable to increases of $31.4 million in personnel-related expenses to support new product launches and expansion into new markets, $28.3 million in delivery and distribution costs, driven by higher volumes, changes in product mix and higher fuel costs, $25.3 million in advertising-related expenses, and $2.0 million in product sample costs to support marketing and social commerce initiatives.
Previous wording
General and administrative expenses increased by $59.0 million, or 31.5%, for the six months ended June 30, 2026, compared to the six months ended June 30, 2025. This increase was driven by an increase of $51.1 million in personnel-related expenses, primarily due to a $35.8 million increase in share-based compensation, as well as increases of $5.5 million in professional and consulting fees and $4.5 million in legal fees. These were partially offset by a decrease of $3.2 million in technology costs.
Current wording
General and administrative expenses increased by $52.7 million, or 55.0%, for the three months ended September 30, 2026, compared to the three months ended September 30, 2025. This increase was driven by an increase of $32.3 million in personnel-related expenses, primarily due to a $20.8 million increase in share-based compensation, as well as an increase of $6.9 million in bad debt expense, and an increase of $4.8 million in technology costs associated with cloud computing solutions.
Previous wording
Provision for income taxes decreased by $7.4 million, or 17.9%, for the three months ended June 30, 2026, compared to the three months ended June 30, 2025. Our effective tax rate (“ETR”) was 20.7% and 22.8% of our income before income taxes for the three months ended June 30, 2026 and 2025, respectively. This decrease in the ETR was primarily driven by a tax benefit recognized during the quarter in connection with the Company’s purchase of transferable income tax credits, as well as changes in the geographic mix of earnings and applicable tax rates.
Current wording
Provision for income taxes increased by $47.6 million, or 86.1%, for the three months ended September 30, 2026, compared to the three months ended September 30, 2025. Our effective tax rate (“ETR”) was 23.3% and 22.6% of our income before income taxes for the three months ended September 30, 2026 and 2025, respectively. This increase in the ETR was primarily driven by changes in the geographic mix of earnings and applicable tax rates.
Previous wording
Our net sales increased by $510.8 million, or 19.1%, for the six months ended June 30, 2026, compared to the six months ended June 30, 2025. The increase in net sales resulted from growth in each of our four major product categories of Cooking and Beverage Appliances, Beauty and Home Environment Appliances, Cleaning Appliances and Food Preparation Appliances.
Current wording
Our net sales increased by $857.0 million, or 19.9%, for the nine months ended September 30, 2026, compared to the nine months ended September 30, 2025. The increase in net sales resulted from growth in each of our four major product categories of Cooking and Beverage Appliances, Beauty and Home Environment Appliances, Cleaning Appliances and Food Preparation Appliances.
Previous wording
•Cleaning Appliances net sales increased by $95.7 million, or 10.1%, to $1,038.6 million in the six months ended June 30, 2026, compared to $942.9 million for the six months ended June 30, 2025. This increase was driven by the carpet extractor and corded and cordless vacuums sub-categories.
Current wording
•Cleaning Appliances net sales increased by $119.9 million, or 7.8%, to $1,655.8 million in the nine months ended September 30, 2026, compared to $1,535.8 million for the nine months ended September 30, 2025. This increase was driven by the carpet extractor and corded and cordless vacuums sub-categories.
Previous wording
•Cooking and Beverage Appliances net sales increased by $202.0 million, or 28.4%, to $913.6 million in the six months ended June 30, 2026, compared to $711.7 million for the six months ended June 30, 2025. This increase was driven by sales of our Ninja Luxe Café espresso machine and the strength of Ninja Crispi.
Current wording
•Cooking and Beverage Appliances net sales increased by $362.3 million, or 31.5%, to $1,511.4 million in the nine months ended September 30, 2026, compared to $1,149.1 million for the nine months ended September 30, 2025. This increase was driven by sales of the Ninja Luxe Café espresso machine and the strength of Ninja Crispi.
Previous wording
•Food Preparation Appliances net sales increased by $44.0 million, or 6.3%, to $746.1 million in the six months ended June 30, 2026, compared to $702.2 million for the six months ended June 30, 2025. This increase was driven by strong growth in our blending sub-category, partially offset by declines in our frozen drinks sub-category.
Current wording
•Food Preparation Appliances net sales increased by $118.9 million, or 10.7%, to $1,231.6 million in the nine months ended September 30, 2026, compared to $1,112.7 million for the nine months ended September 30, 2025. This increase was driven by strong growth in the blending sub-category, partially offset by declines in our frozen drinks sub-category.
Previous wording
•Beauty and Home Environment Appliances net sales increased by $169.1 million, or 54.4%, to $479.9 million in the six months ended June 30, 2026, compared to $310.8 million for the six months ended June 30, 2025. This increase was driven by continued strength of our skincare and fan product portfolios.
Current wording
•Beauty and Home Environment Appliances net sales increased by $255.9 million, or 51.2%, to $756.0 million in the nine months ended September 30, 2026, compared to $500.1 million for the nine months ended September 30, 2025. This increase was driven by continued strength of the skincare and fan product portfolios.
Previous wording
Geographically, Domestic net sales increased by $224.3 million, or 12.2%, for the six months ended June 30, 2026, compared to the six months ended June 30, 2025. This increase was driven by growth within existing categories and the success of new product categories. International net sales increased by $286.4 million, or 34.3%, for the six months ended June 30, 2026, compared to the six months ended June 30, 2025. This increase was driven by continued global expansion, including the successful introduction of existing product categories into new international markets, and consistent growth in our key international countries.
Current wording
Geographically, Domestic net sales increased by $437.3 million, or 14.9%, for the nine months ended September 30, 2026, compared to the nine months ended September 30, 2025. This increase was driven by growth within existing categories and the success of new product categories. International net sales increased by $419.6 million, or 30.8%, for the nine months ended September 30, 2026, compared to the nine months ended September 30, 2025. This increase was driven by continued growth in core categories across international markets, including markets where we are expanding our presence.
Previous wording
Our gross profit increased by $243.9 million, or 18.6%, for the six months ended June 30, 2026, compared to the six months ended June 30, 2025.
Current wording
Our gross profit increased by $596.5 million, or 28.0%, for the nine months ended September 30, 2026, compared to the nine months ended September 30, 2025.
Previous wording
Our gross margin decreased by 30 basis points for the three months ended June 30, 2026, compared to the three months ended June 30, 2025. The decrease in gross margin was primarily driven by the cost pressures related to tariffs in the U.S. market, unfavorable foreign currency, and increased retailer activations, partially offset by cost optimization efforts, favorable shifts in our categories and channels, and a decline in the amounts owed under a contractual sourcing service fee paid to JS Global for supply chain services, which ended July 31, 2025.
Current wording
Our gross margin increased by 340 basis points for the nine months ended September 30, 2026, compared to the nine months ended September 30, 2025. The increase in gross margin was primarily driven by the recognition of $243.8 million in benefits related to refund claims for duties previously paid under IEEPA, less $45.2 million payable to factory partners, as well as cost optimization efforts, favorable shifts in categories and channels, and a decline in the amounts owed under a contractual sourcing service fee paid to JS Global for supply chain services, which ended July 31, 2025. These benefits were partially offset by increased costs related to tariffs in the U.S. market, primarily in the first half of the year, unfavorable foreign currency, and increased retailer activations.
Previous wording
Research and development expenses increased by $31.2 million, or 17.6%, for the six months ended June 30, 2026, compared to the six months ended June 30, 2025. This increase was primarily driven by incremental personnel-related expenses of $15.4 million reflecting increased headcount to support new product categories and new market expansion, an increase of $8.0 million in prototypes and testing costs, and an increase of $2.7 million in technology costs associated with cloud computing solutions.
Current wording
Research and development expenses increased by $56.3 million, or 20.9%, for the nine months ended September 30, 2026, compared to the nine months ended September 30, 2025. This increase was primarily driven by incremental personnel-related expenses of $32.0 million reflecting increased headcount to support new product categories and new market expansion, an increase of $14.7 million in prototypes and testing costs, and an increase of $3.8 million in technology costs associated with cloud computing solutions.
Previous wording
Sales and marketing expenses increased by $123.4 million, or 19.5%, for the six months ended June 30, 2026, compared to the six months ended June 30, 2025. This increase was primarily attributable to increases of $42.8 million in delivery and distribution costs, driven by higher volumes, changes in product mix and higher fuel costs, $28.9 million in advertising-related expenses, $28.8 million in personnel-related expenses to support new product launches and expansion into new markets, $10.4 million in credit card processing and merchant fees, $4.0 million in product sample costs to support marketing and social commerce initiatives, $3.5 million in travel-related expenses, and $2.7 million in professional and consulting fees.
Current wording
Sales and marketing expenses increased by $218.2 million, or 21.8%, for the nine months ended September 30, 2026, compared to the nine months ended September 30, 2025. This increase was primarily attributable to increases of $71.1 million in delivery and distribution costs, driven by higher volumes, changes in product mix and higher fuel costs, $60.2 million in personnel-related expenses to support new product launches and expansion into new markets, $54.2 million in advertising-related expenses, $12.0 million in credit card processing and merchant fees, $6.1 million in product sample costs to support marketing and social commerce initiatives, and $4.7 million in travel-related expenses.
Previous wording
General and administrative expenses increased by $37.7 million, or 40.8%, for the three months ended June 30, 2026, compared to the three months ended June 30, 2025. This increase was driven by an increase of $30.3 million in personnel-related expenses, primarily due to a $22.6 million increase in share-based compensation, as well as an increase of $5.1 million in professional and consulting fees.
Current wording
General and administrative expenses increased by $111.7 million, or 39.4%, for the nine months ended September 30, 2026, compared to the nine months ended September 30, 2025. This increase was driven by an increase of $83.4 million in personnel-related expenses, primarily due to a $56.5 million increase in share-based compensation, as well as an increase of $4.9 million in professional and consulting fees, $4.9 million in legal fees and $4.4 million in bad debt expense.
Previous wording
Interest expense, net decreased by $5.9 million, or 42.7%, for the three months ended June 30, 2026, compared to the three months ended June 30, 2025. This decrease was primarily due to an increase in interest income of $2.1 million resulting from larger cash balances compared to prior year, a $1.8 million decrease in interest expense on our term loan, which was driven by principal payments made throughout the year, and a $1.1 million decrease in interest expense on our revolving credit facility, primarily due to no outstanding borrowings for the three months ended June 30, 2026.
Current wording
Interest (expense), net changed by $27.8 million, or 70.8%, for the nine months ended September 30, 2026, compared to the nine months ended September 30, 2025. This change was primarily due to an $18.1 million increase in interest income, driven by $10.5 million in interest related to IEEPA tariff refund claims and higher interest income on cash and cash equivalents due to higher average balances and changes in interest rates. Interest expense on our term loan decreased by $5.3 million, driven by principal payments made throughout the year. Interest expense on our revolving credit facility decreased by $2.2 million, primarily due to no outstanding borrowings for the nine months ended September 30, 2026.
Previous wording
Other (expense) income, net changed by $33.8 million, or 130.0%, for the three months ended June 30, 2026, compared to the three months ended June 30, 2025. The change was primarily attributable to unrealized foreign currency losses resulting from the remeasurement of U.S. Dollar-denominated intercompany balances, driven by the movement in the British Pound exchange rate during the period.
Current wording
Other (expense) income, net changed by $55.9 million, or 169.0%, for the nine months ended September 30, 2026, compared to the nine months ended September 30, 2025. The change was primarily attributable to unrealized foreign currency losses resulting from the remeasurement of U.S. Dollar-denominated intercompany balances, driven by the movement in the British Pound exchange rate during the period.
Previous wording
Provision for income taxes decreased by $9.0 million, or 13.0%, for the six months ended June 30, 2026, compared to the six months ended June 30, 2025. Our ETR was 19.3% and 21.1% of our income before income taxes for the six months ended June 30, 2026 and 2025, respectively. This decrease in the ETR was primarily driven by a tax benefit recognized during the quarter in connection with the Company’s purchase of transferable income tax credits, as well as changes in the geographic mix of earnings and applicable tax rates.
Current wording
Provision for income taxes increased by $38.6 million, or 31.1%, for the nine months ended September 30, 2026, compared to the nine months ended September 30, 2025. Our ETR was 21.6% and 21.8% of our income before income taxes for the nine months ended September 30, 2026 and 2025, respectively. This decrease in the ETR was primarily driven by a tax benefit recognized during the second quarter in connection with the Company’s purchase of transferable income tax credits, as well as changes in the geographic mix of earnings and applicable tax rates.
Previous wording
We define Adjusted Gross Profit as gross profit as adjusted to exclude (i) certain items that we do not consider indicative of our ongoing operating performance following the separation, including the cost of sales from the Product Procurement Adjustment and (ii) the impact of a voluntary product recall. We define Adjusted Gross Margin as Adjusted Gross Profit divided by net sales. We believe that Adjusted Gross Profit and Adjusted Gross Margin are appropriate measures of our operating performance because each eliminates certain other adjustments that do not relate to the ongoing performance of our business.
Current wording
We define Adjusted Gross Profit as gross profit as adjusted to exclude (i) certain items that we do not consider indicative of our ongoing operating performance following the separation, including the cost of sales from the Product Procurement Adjustment, (ii) the impact of a voluntary product recall, (iii) 2025 IEEPA tariff refund claims, and (iv) 2025 tariff refunds payable to factory partners. We define Adjusted Gross Margin as Adjusted Gross Profit divided by net sales. We believe that Adjusted Gross Profit and Adjusted Gross Margin are appropriate measures of our operating performance because each eliminates certain other adjustments that do not relate to the ongoing performance of our business.
Previous wording
(2)Adjusted for gross profit impact from a voluntary product recall that was recognized during the six months ended June 30, 2026 and the three and six months ended June 30, 2025.
Current wording
(2)Adjusted for gross profit impact from a voluntary product recall that was recognized during the nine months ended September 30, 2026 and the three and nine months ended September 30, 2025.
Previous wording
We define Adjusted Operating Income as operating income excluding (i) share-based compensation, (ii) certain litigation costs, (iii) amortization of certain acquired intangible assets, (iv) certain items that we do not consider indicative of our ongoing operating performance following the separation, including cost of sales from our Product Procurement Adjustment, and (v) the impact of a voluntary product recall.
Current wording
We define Adjusted Operating Income as operating income excluding (i) share-based compensation, (ii) certain litigation costs, (iii) amortization of certain acquired intangible assets, (iv) certain transaction-related costs, (v) certain items that we do not consider indicative of our ongoing operating performance following the separation, including cost of sales from our Product Procurement Adjustment, (vi) the impact of a voluntary product recall, (vii) 2025 IEEPA tariff refund claims, and (viii) 2025 tariff refunds payable to factory partners.
Previous wording
(3)Represents amortization of acquired intangible assets that we do not consider normal recurring operating expenses, as the intangible assets relate to JS Global’s acquisition of our business. We exclude amortization charges for these acquisition-related intangible assets for purposes of calculating Adjusted Operating Income, although revenue is generated, in part, by these intangible assets, to eliminate the impact of these non-cash charges that are significantly impacted by the timing and valuation of JS Global’s acquisition of our business, as well as the inherent subjective nature of purchase price allocations. Of the amortization of acquired intangible assets, $0.9 million for the three months ended June 30, 2026 and 2025, and $1.8 million for the six months ended June 30, 2026 and 2025, was recorded to research and development expenses, and $4.0 million for the three months ended June 30, 2026 and 2025, and $7.9 million for the six months ended June 30, 2026 and 2025, was recorded to sales and marketing expenses.
Current wording
(3)Represents amortization of acquired intangible assets that we do not consider normal recurring operating expenses, as the intangible assets relate to JS Global’s acquisition of our business. We exclude amortization charges for these acquisition-related intangible assets for purposes of calculating Adjusted Operating Income, although revenue is generated, in part, by these intangible assets, to eliminate the impact of these non-cash charges that are significantly impacted by the timing and valuation of JS Global’s acquisition of our business, as well as the inherent subjective nature of purchase price allocations. Of the amortization of acquired intangible assets, $0.9 million for the three months ended September 30, 2026 and 2025, and $2.8 million for the nine months ended September 30, 2026 and 2025, was recorded to research and development expenses, and $4.0 million for the three months ended September 30, 2026 and 2025, and $11.9 million for the nine months ended September 30, 2026 and 2025, was recorded to sales and marketing expenses.
Previous wording
(5)Adjusted for operating income impact from a voluntary product recall that was recognized during the six months ended June 30, 2026 and the three and six months ended June 30, 2025.
Current wording
(6)Adjusted for operating income impact from a voluntary product recall that was recognized during the nine months ended September 30, 2026 and the three and nine months ended September 30, 2025.
Previous wording
We define Adjusted Net Income as net income excluding (i) share-based compensation, (ii) certain litigation costs, (iii) foreign currency gains and losses, net, (iv) amortization of certain acquired intangible assets, (v) certain items that we do not consider indicative of our ongoing operating performance following the separation, including cost of sales from our Product Procurement Adjustment, (vi) the impact of a voluntary product recall, and (vii) the tax impact of the adjusted items.
Current wording
We define Adjusted Net Income as net income excluding (i) share-based compensation, (ii) certain litigation costs, (iii) foreign currency gains and losses, net, (iv) amortization of certain acquired intangible assets, (v) certain transaction-related costs, (vi) certain items that we do not consider indicative of our ongoing operating performance following the separation, including cost of sales from our Product Procurement Adjustment, (vii) the impact of a voluntary product recall, (viii) 2025 IEEPA tariff refund claims, (ix) 2025 tariff refunds payable to factory partners, (x) interest income on 2025 IEEPA tariff refund claims, and (xi) the tax impact of the adjusted items.
Showing the first 40 of 56 pairs. Open the source sections for the rest.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
(5)Represents cost of sales incurred related to the Product Procurement Adjustment. As a result of the separation, we purchase 100% of our inventory from one of our subsidiaries, SNHK, and no longer purchase inventory from a purchasing office wholly owned by JS Global. Thus, the markup on all inventory purchased subsequent to the separation is completely eliminated in consolidation. In connection with the separation, we paid JS Global a sourcing service fee to provide value-added sourcing services on a transitional basis under a Sourcing Services Agreement, which ended on July 31, 2025.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
Other (expense) income, net changed by $57.4 million, or 146.2%, for the six months ended June 30, 2026, compared to the six months ended June 30, 2025. The change was primarily attributable to unrealized foreign currency losses resulting from the remeasurement of U.S. Dollar-denominated intercompany balances, driven by the movement in the British Pound exchange rate during the period.