SharkNinja, Inc

Equity Research 5 August 2026 | 6:16AM MDT

SharkNinja, Inc. (SN): 2Q26 First Take: Sales-led 2Q beat; FY guidance raised

SharkNinja reported adjusted 2Q26 EPS of $1.26, above GS/FactSet consensus of Brooke Roach, CFA | $1.17/$1.11. The beat was driven primarily by strong sales delivery. Net revenues Goldman Sachs & Co. LLC increased 22.2% Y/Y (21.6% ex-FX), ahead of GS/consensus at 16.2%/14.4%. By Mentesnot Adamu geography, domestic sales increased 15.5% Y/Y, while International growth was | reported at 36.6%. Adj. gross margin contracted ~70bps to 48.7%, above Goldman Sachs & Co. LLC

GS/consensus expectations of 48.4%, and adj. operating expenses as a % of sales Carly Chasen | came in at 35.6% which was ahead of GSe at 34.9% but below consensus at 36.2%. Goldman Sachs & Co. LLC Net, adjusted EBITDA margin of 15.0% was reported below GS/consensus at 15.8%/15.1%.

Looking ahead, SN raised its FY26 EPS guidance to $6.45-$6.55 (vs. $6.00-$6.10 prior), which compares to GS/consensus of $6.20/$6.18. SN noted ~$0.15 of the guidance increase reflects the 2026 portion of the expected net tariff refund benefit anticipated in 3Q (the 2025 refund portion will be excluded from adj. figures and are not reflected in the FY outlook). Sales growth is now expected at 16.0%-17.0% (vs. 11.5%-12.5% prior) and adj. EBITDA between $1.357bn - $1.369bn (vs. $1.290 - $1.300bn prior), vs. GS/consensus at 13.3%/13.2% and $1.327bn/$1.315bn, respectively. Management indicated ~$30mn of the adj. EBITDA guidance increase is associated with the expected net tariff refund benefit.

Against a backdrop of elevated investor expectations, we view this as a healthy result from SN. Growth was broad-based across categories, with particularly notable strength in Cooking & Beverage Appliances (+36.5%), Beauty & Home Environment (+65.3%), and a reacceleration in Food Preparation Appliances (+13.3%) following last quarter’s decline. International remained a key growth driver, accelerating further to +36.6%, while Domestic growth also strengthened to +15.5%. Management also materially raised FY26 guidance across revenue, adj. EBITDA, and adj. EPS. We expect conference call commentary to be critical today, with investor focus likely to center on margin flow-through and reinvestment, with management’s increase in guided revenue stronger than the ex-tariff EBITDA raise. We also look for increased clarify regarding: (1) Drivers of the acceleration in International trends by geography, and management’s view on the sustainability of this improvement into 2H; (2) Domestic revenue growth momentum, including the benefit to 2Q from shifting of key holiday events, contribution from innovation vs. distribution gains, and the company’s forecast for this trend ahead; (3) Drivers of cost and margin, including the company’s outlook for gross margin recovery and cost leverage opportunity should strong demand trends continue.

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Goldman Sachs SharkNinja, Inc. (SN)

Key Takeaways n Net sales: Net sales increased 22.2% Y/Y, above GS/consensus at 16.2%/14.4%. Within this, net sales in Cleaning Appliances increased 4.1% Y/Y to $522.0mn, Cooking and Beverage Appliances sales grew 36.5% Y/Y to $499.0mn, Food Preparation Appliances revenues grew 13.3% to $458.6mn, and Beauty and Home Environment Appliances sales increased 65.3% Y/Y to $285.8mn. n Margins: Adjusted gross margins at 48.7% came in above GS/consensus expectations of 48.4%, with the company noting the contraction was primarily driven by tariff headwinds, unfavorable FX, and higher retailer activations, partially offset by cost optimization, tailwinds from category and channel mix, and lower sourcing fees for supply…