# YETI earnings call intelligence LOPJLB CallCard / temporal rollup · freemium · [stock page](https://www.lopjlb.com/stock/YETI) · [Earnings tab](https://www.lopjlb.com/stock/YETI?tab=earnings) Updated: 2026-08-13T05:53:07 Quarters analyzed: 8 ## Cross-quarter narrative Across eight earnings calls YETI’s story shifted from a high‑growth, macro‑uncertain backdrop in mid‑2024 to a more measured growth outlook tempered by tariff headwinds and channel mix challenges by early 2026. Early calls emphasized 9‑10% sales growth, raised full‑year outlooks and a 58.5% gross‑margin target while flagging macro and freight cost risks. Supply‑chain diversification and international expansion were repeatedly highlighted, moving from 20% non‑China drinkware capacity in Q3 2024 to a near‑complete U.S. drinkware exit from China by year‑end 2025. Product innovation accelerated, with over 30 new items and multiple platform launches. Macro‑economic uncertainty and price‑sensitivity persisted, but demand remained solid in coolers, bags and overseas markets, even as straw‑tumbler softness and U.S. e‑commerce softness emerged. Tariff pressures eroded margins in 2025‑26, prompting a modest FY‑2026 margin guide lift after earlier declines. Capital discipline stayed strong, with sizable share‑repurchase programs and growing free cash flow. Overall the company transitioned from aggressive growth guidance to a balanced strategy focused on diversification, innovation and disciplined capital allocation while navigating lingering macro and tariff challenges. ## Latest CallCard · Q1 YETI Q1 sales +8.3% to $380M, raised FY sales guide to 7-8%, gross margin guide raised to 56.5-57%, wholesale +19%, drinkware +5%, coolers +11%, international +9% with FX tailwind, tariff headwinds peak H1 then recover, $500M buyback auth. **Guidance:** raised — Raised FY sales growth to 7-8% from 6-8%; raised gross margin to 56.5-57% from 56-57%; maintained international high teens to 20%; adjusted operating margin ~14.6%; EPS $2.83-2.89. **Tone:** mgmt 0.6 · Q&A pressure 0.4 · divergence 0.2 Prepared remarks emphasize 'very pleased with our performance', 'confidence in the strength of the brand', 'durability of our long-term growth strategy', and explicit guidance raises. ### Demand visibility Broad-based strength across categories and channels; wholesale sell-through strong; D2C consumer demand strong except corporate; international underlying demand strong despite Q1 volatility. Q1 sales +8.3% YoY with broad-based growth. Wholesale +19% with double-digit sell-through. D2C flat but e-commerce/Amazon/stores grew high single digits; corporate sales softer due to timing and cautious environment. International +9% (incl 800bps FX) with strong underlying demand signals. Drinkware +5% second consecutive quarter; Coolers & Equipment +11% led by soft coolers/bags. Q2 momentum continuing. ### Margins / costs Gross margin 55.3% (-200bps YoY) due to 280bps tariff headwind; H1 peak tariff impact, H2 recovery expected. FY gross margin guide raised to 56.5-57%. Q1 adjusted gross margin 55.3%, down 200bps YoY, including 280bps tariff headwind partially offset by lower product costs and FX. FY gross margin guide raised to 56.5-57% (midpoint -60bps YoY vs prior -90bps). Expect -200bps YoY in H1, +50bps YoY in H2 as tariff impacts lap. Net tariff benefit ~$5M after fuel/transport/commodity offsets. OpEx growth 4-7% with H1 higher due to brand marketing timing and incentive comp normalization. ### Capital allocation Strong FCF generation ($200-225M guide), $500M share repurchase authorization (upsized $350M), $100M buybacks planned in 2026, $300M executed in 2025, debt ~$73M, liquidity $425M+. FCF guide $200-225M. Share repurchase authorization increased by $350M to $500M total. $100M buybacks planned for 2026 after nearly $300M in 2025. Diluted shares ~76.6M vs 81.6M in 2025. Capex $60-70M. Fortress balance sheet with $425M+ liquidity and ~$70M debt. ### Milestones - **International expansion (Europe, Japan, SE Asia, China/Korea H2)** [on_track]: Europe expanding doors, Japan ramp phase, SE Asia rollout, China/Korea targeted H2 - **Drinkware platform diversification (stackable cups, chug bottles, ceramic mugs, Yonder Shaker)** [delivered]: Second consecutive quarter of growth, broadening across platform - **Soft coolers/bags capacity expansion (Daytrip, Camino)** [at_risk] ## Quarter one-liners - **2026 Q1:** YETI Q1 sales +8.3% to $380M, raised FY sales guide to 7-8%, gross margin guide raised to 56.5-57%, wholesale +19%, drinkware +5%, coolers +11%, international +9% with FX tailwind, tariff headwinds peak H1 then recover, $500M buyback auth. - **2025 Q4:** YETI Q4 2025: 5% sales growth, drinkware +6%, international +25%; 2026 guide 6-8% growth, gross margins 56-57% despite $80M tariff hit; $300M buybacks in 2025, $100M planned 2026; CFO transition to Scott Bomar. - **2025 Q3:** YETI reports mixed Q3 results with strong international growth and double‑digit C&E sales, but softer U.S. e‑commerce and wholesale sell‑in, while guiding FY25 sales up 1‑2% and expanding its product pipeline. - **2025 Q2:** YETI Q2 sales slightly below expectations due to macro uncertainty and Drinkware market cleanup; EPS guidance raised on tariff relief, supply chain diversification on track, international growth strong, bags momentum accelerating. - **2025 Q1:** YETI delivered strong Q1 with high-quality growth and margins, but guides to supply-constrained 2025 as it accelerates China exit (90% of U.S. drinkware capacity ex-China by year-end) and shifts some launches to 2026, while investing in global expansion and innovation pipeline (30+ new products). - **2024 Q4:** YETI delivered strong 2024 results with 9% sales growth, margin expansion, and $220M FCF; 2025 guidance calls for 5-7% sales growth despite FX headwinds, with H2 acceleration driven by Drinkware innovation and international expansion. - **2024 Q3:** YETI Q3 2024: net sales +10% to $478M, international +30%, EPS guidance raised to $2.65 (high end), supply chain diversification on track (20% drinkware capacity outside China by end-2024, 50% by end-2025), strong brand engagement and product innovation across drinkware, coolers, bags, cookware. - **2024 Q2:** YETI posted 9% sales growth, raised full‑year sales outlook to 8‑10% and gross‑margin target to 58.5%, highlighted cooler innovation, international expansion and supply‑chain diversification while noting macro and freight cost uncertainties. ## Theme arcs - **Supply chain diversification** (improving): Diversification progressed from early on‑track milestones to near‑complete China exit and 20‑50% non‑China capacity targets. ## Guidance path 2024 Q2:raised → 2024 Q3:raised → 2024 Q4:vague → 2025 Q1:lowered → 2025 Q2:lowered → 2025 Q3:lowered → 2025 Q4:maintained → 2026 Q1:raised --- Research context only. Not personalized investment advice. API: `GET /bff/api/bigfive/earnings-intel/YETI`