YETI Q3 2026 earnings review

Q3 adjusted EPS rose 49% to $0.91, but YETI cut its 2026 adjusted EPS outlook to $2.90–$2.95.

YETI · Q3 2026 · Published Nov 12, 2026 · By DeepCell AI · Sources

YETI Q3 2026 earnings review

Quarter ended October 3, 2026

For information only, not investment advice. No rating or price target.

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1 · YETI (YETI) Q3 2026 earnings review

Q3 adjusted EPS rose 49% to $0.91, but YETI cut its 2026 adjusted EPS outlook to $2.90–$2.95

  1. 1.Net sales rose 4% to $509.4M, and adjusted sales rose 6% to $517.9M
  2. 2.Adjusted EPS beat the $0.83 Zacks consensus; adjusted sales missed the $520.7M consensus
  3. 3.Gross margin widened 180 bps to 57.7%, and adjusted operating income rose 35% to $90.0M
  4. 4.Drinkware sales rose 8% and international sales rose 19%; DTC sales fell 6%
  5. 5.The 2026 adjusted sales growth outlook was lowered to about 6% from 7%–8%
  6. 6.Shares were down 8.9% in pre-market at $39.00 as of 7:53 AM EST, not a close

Note: DTC is direct-to-consumer. Year-on-year rates in the title and bullets are as stated in the release. Adjusted figures exclude 2023 product recall reserve adjustments from Q3 2026, a change in the company’s non-GAAP method. Pre-market is not a close.Source: YETI official Q3 2026 press release (Form 8-K Exhibit 99.1), Nov 12, 2026; Zacks via AP on Yahoo Finance, Nov 12, 2026; CNBC, Nov 12, 2026 7:53 AM EST

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2 · Executive summary

Q3 adjusted EPS of $0.91 beat the Zacks consensus, while adjusted sales of $517.9M missed

Q3 2026 results vs. Zacks consensus (via AP, Nov 12, 2026)

MetricActualConsensusVarianceResult
Q3 adjusted net sales$517.9M$520.7M-2.8M / -0.5%Miss
Q3 adjusted diluted EPS$0.91$0.83+0.08 / +9.6%Beat

Share price, Nov 11 regular close to Nov 12 pre-market last

YETI Holdings, Inc. (NYSE)Nov 11 closeNov 12 pre-market, 7:53 AM ESTChange ($)Change (%)
YETI$42.79$39.00-$3.79-8.9%

Both prices are from the CNBC quote page. The Nov 12 figure is the pre-market last at 7:53 AM EST, not a close. The percentage change is a DeepCell calculation. CNBC does not state a reason for the move.

Note: Zacks averages are from the AP earnings snapshot on Yahoo Finance: adjusted EPS of 8 analysts and adjusted revenue of 7 analysts. Both are compared with the adjusted measures. GAAP diluted EPS was $0.60 and GAAP net sales were $509.4 million.Source: YETI official Q3 2026 press release (Form 8-K Exhibit 99.1), Nov 12, 2026; Zacks via AP on Yahoo Finance, Nov 12, 2026; CNBC, Nov 12, 2026 7:53 AM EST

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3 · Q3 results vs. consensus

YETI lowered its 2026 adjusted EPS outlook to $2.90–$2.95 from $2.94–$3.00

Fiscal 2026 outlook vs. prior outlook, as stated in the Nov 12, 2026 release

MetricPrior outlookNew outlookStatus
Adjusted sales growth7%–8%About 6%Lowered
Adjusted operating income growth10%–12%7%–9%Lowered
Adjusted operating marginAbout 14.9%About 14.9%Unchanged
Adjusted diluted EPS ($)$2.94–$3.00$2.90–$2.95Lowered
Free cash flow$200M–$225M$200M–$225MUnchanged

Note: The company says the lower sales outlook reflects a more cautious consumer environment through the rest of the year. Adjusted EPS growth of 16% to 18% is as stated. Diluted shares are now expected at about 75.1 million, versus 75.4 million before.Source: YETI official Q3 2026 press release (Form 8-K Exhibit 99.1), Nov 12, 2026; analysis of company data

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4 · 2026 outlook vs. prior

Net sales rose 4% to $509.4M, and adjusted operating income rose 35%

  1. Sales grewNet sales rose to $509.4M from $487.8M. Adjusted sales were $517.9M.
  2. Operating income roseOperating income rose 12% to $61.0M. Adjusted operating income was $90.0M.
  3. EPS roseDiluted EPS rose 25% to $0.60. Adjusted diluted EPS rose 49% to $0.91.

Key figures

$M unless notedQ3 2025Q3 2026YoY
Net sales$487.8M$509.4M4%
Adjusted net sales$487.8M$517.9M6%
Operating income$54.4M$61.0M12%
Adjusted operating income$66.6M$90.0M35%
Diluted EPS ($)$0.48$0.6025%
Adjusted diluted EPS ($)$0.61$0.9149%

Note: The YoY column shows the company’s rounded rates, as stated. Precise rates calculated by DeepCell are in the income-statement appendix.Source: YETI official Q3 2026 press release (Form 8-K Exhibit 99.1), Nov 12, 2026; analysis of company data

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5 · Q3 key financials

Net sales rose to $509.4M from $487.8M, a 4% increase as stated

Net sales

$M, Q3 2025 vs Q3 2026

v · Q3 2025: $487.8Mv · Q3 2026: $509.4MQ3 2025Q3 2026$0M$200M$400M$600M$487.8M$509.4M
Wholesale sales rose 19% to $237.3M, while DTC sales fell 6% to $272.2M.“Strong operating discipline drove margin expansion, with profits growing significantly faster than sales.” Matt Reintjes, Chair, President and CEO

Note: DTC is direct-to-consumer. The company attributes the DTC decline mainly to US owned e-commerce and the US Amazon Marketplace. Adjusted sales add back $8.5 million of 2023 product recall reserve adjustments.Source: YETI official Q3 2026 press release (Form 8-K Exhibit 99.1), Nov 12, 2026; analysis of company data

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6 · Sales growth

Drinkware sales rose 8% to $284.0M, and international sales rose 19% to $119.1M

  1. Drinkware led the categoriesDrinkware sales were $284.0M. Coolers & Equipment sales were $215.6M, flat as stated.
  2. International grew fastestInternational sales were $119.1M. US sales were $390.3M.
  3. Wholesale outgrew DTCWholesale sales were $237.3M. DTC sales were $272.2M.

Sales by category, region and channel

$MQ3 2025Q3 2026YoY
Drinkware$263.8M$284.0M7.7%
Coolers & Equipment$215.4M$215.6M0.1%
International$100.4M$119.1M18.6%
United States$387.3M$390.3M0.8%
Wholesale$199.0M$237.3M19.2%
Direct-to-consumer$288.7M$272.2M-5.7%

Note: The YoY column on this table is a DeepCell calculation from the GAAP sales tables. Coolers & Equipment adjusted sales rose 4% to $224.1 million, as stated.Source: YETI official Q3 2026 press release (Form 8-K Exhibit 99.1), Nov 12, 2026; analysis of company data

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7 · Segment results

Gross margin widened to 57.7% from 55.9%, and adjusted gross margin was 59.0%

Gross margin

Q3 2025 vs Q3 2026

Gross margin · Q3 2025: 55.9%Gross margin · Q3 2026: 57.7%Q3 2025Q3 20260%25%50%75%100%55.9%57.7%
Adjusted operating margin rose to 17.4% from 13.7%. Lower net tariff costs added 200 bps to gross margin.

Note: Gross margin is gross profit divided by net sales. The company states that lower net tariff costs added 200 bps, operational drivers added 110 bps and recall reserves cut 130 bps.Source: YETI official Q3 2026 press release (Form 8-K Exhibit 99.1), Nov 12, 2026; analysis of company data

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8 · Margin analysis

Adjusted diluted EPS rose 49% to $0.91, and GAAP diluted EPS rose 25% to $0.60

Adjusted diluted EPS

$, Q3 2025 vs Q3 2026

v · Q3 2025: $0.61v · Q3 2026: $0.91Q3 2025Q3 2026$0.00$0.25$0.50$0.75$1.00$1.20$0.61$0.91
Diluted shares fell to 74.2 million from 81.4 million. Net income rose to $44.4M.

Note: Adjusted net income excludes stock-based compensation, product recall adjustments, asset impairment and other items, net of a 24.5% tax effect, as reconciled in the release.Source: YETI official Q3 2026 press release (Form 8-K Exhibit 99.1), Nov 12, 2026; analysis of company data

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9 · Earnings per share

Nine-month free cash flow was $71.7M, and share repurchases were $150.1M

  1. Cash fell after buybacksCash was $73.8M at Oct 3, 2026, compared with $188.3M at Jan 3, 2026.
  2. Q3 buybacks were $20 millionYETI repurchased about 0.5 million shares for $20.0M in Q3. About $350M of authorization remains.
  3. Inventory roseInventory rose 22% to $394.2M, as stated. The company cites Q4 demand and 2027 growth.

Cash flow and balance sheet

$MPriorCurrent
Operating cash flow, nine months$81.8M$110.2M
Free cash flow, nine months$50.1M$71.7M
Share repurchases, nine months$172.9M$150.1M
Cash (Jan 3, 2026 / Oct 3, 2026)$188.3M$73.8M
Total debt (Jan 3, 2026 / Oct 3, 2026)$73.5M$69.9M

Note: Free cash flow is operating cash flow less purchases of property and equipment, as defined by the company. Total debt is current plus long-term debt (DeepCell calculation). The $300 million revolver was undrawn at Oct 3, 2026.Source: YETI official Q3 2026 press release (Form 8-K Exhibit 99.1), Nov 12, 2026; analysis of company data

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10 · Cash flow and financing

Cautious consumer demand, DTC weakness and recall costs are the main watch items

Indicator
What to watch
Implication
Latest reading
Fourth-quarter consumer demand
Management expects a cautious consumer to pressure Q4 demand
The 2026 adjusted sales outlook was lowered to about 6%
FY adjusted EPS $2.90–$2.95
US direct-to-consumer sales
US owned e-commerce and the US Amazon Marketplace declined
DTC is the larger channel
DTC sales $272.2M
Product recall reserves
Recall adjustments cut Q3 operating income by $18.2 million
Non-GAAP results now exclude these adjustments
Recall adjustments $18.2M

Source: YETI official Q3 2026 press release (Form 8-K Exhibit 99.1), Nov 12, 2026; analysis of company data

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11 · Key risks to the outlook

12 · Appendix: Income detail

13 · Appendix: Non-GAAP items

14 · Appendix: 2026 outlook

15 · Appendix: Balance sheet

Appendix: income statement detail

Sales and costs

$M unless notedQ3 2025Q3 2026YoY
Net sales$487.8M$509.4M4.4%
Adjusted net sales$487.8M$517.9M6.2%
Gross profit$272.5M$293.8M7.8%
SG&A expenses$218.2M$232.8M6.7%

Earnings

$M unless notedQ3 2025Q3 2026YoY
Operating income$54.4M$61.0M12.2%
Adjusted operating income$66.6M$90.0M35.1%
Net income$39.4M$44.4M12.6%
Adjusted net income$49.6M$67.2M35.4%

Note: SG&A is selling, general and administrative. YoY rates in this appendix are DeepCell calculations from the statements. Company-stated rounded rates are used on earlier slides.Source: YETI official Q3 2026 press release (Form 8-K Exhibit 99.1), Nov 12, 2026; analysis of company data

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16 · Appendix: Income statement

Appendix: sources

  • Results release, Q3 2026 (Form 8-K Exhibit 99.1, Nov 12, 2026) — https://www.sec.gov/Archives/edgar/data/1670592/000167059226000043/yeti-20261112xex991pressre.htm
  • SEC filing index, Form 8-K, accession 0001670592-26-000043 — https://www.sec.gov/Archives/edgar/data/1670592/000167059226000043/
  • Consensus: Zacks Investment Research averages in the AP “Yeti: Q3 Earnings Snapshot”, Yahoo Finance, Nov 12, 2026 6:13 AM EST — https://finance.yahoo.com/markets/stocks/articles/yeti-q3-earnings-snapshot-111324795.html
  • Share price: CNBC YETI quote, Nov 11, 2026 regular close $42.79 and Nov 12 pre-market last $39.00 at 7:53 AM EST — https://www.cnbc.com/quotes/YETI
  • Company figures are in U.S. dollars. Statement amounts in thousands were converted to millions. Non-GAAP figures follow the company’s reconciliation tables. Q3 2026 covers the 13 weeks ended Oct 3, 2026; Q3 2025 covers the 13 weeks ended Sep 27, 2025.
  • Chart and table values link to the model in the spreadsheet tabs of this file.

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17 · Sources

Important disclosures and disclaimer

For information only. This presentation is provided for information only. It is not investment, legal, tax or accounting advice, and it is not an offer, or a solicitation of an offer, to buy or sell any security.

No recommendation. It carries no rating, price target or buy, sell or hold view, and it was prepared without regard to any reader’s investment objectives, financial situation or needs.

Sources and accuracy. Company figures come from YETI Holdings, Inc.’s Q3 2026 press release, filed as Exhibit 99.1 to a Form 8-K on November 12, 2026. Consensus estimates (Zacks, via AP on Yahoo Finance) and share prices (CNBC) are third-party data, credited on the sources page. We have not independently verified third-party data.

Basis of presentation. Figures are U.S. GAAP unless labelled adjusted or non-GAAP, in U.S. dollars, for the 13 weeks ended October 3, 2026 and September 27, 2025.

Forward-looking statements. Company outlook, consensus estimates and the watch items in this deck are forward-looking and may not be achieved. Readers should check the figures against the original release.

Date of analysis. Share prices are the CNBC regular-session close on November 11, 2026, and the pre-market last at 7:53 AM EST on November 12, 2026. The pre-market last is not a close.

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18 · Disclosures

Sources

Not investment advice; no rating or price target.

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