YETI Holdings (YETI) 2Q26 Earnings Review Execution in focus amidst toughening compares

Equity Research 13 August 2026 | 8:46PM MDT

YETI Holdings (YETI) 2Q26 Earnings Review: Execution in focus amidst toughening compares; Investor Day next catalyst

YETI 12m Price Target: $60.00 Price: $45.47 Upside: 32.0% BUY Brooke Roach, CFA YETI underperformed the market on August 13th, 2026 (YETI | Goldman Sachs & Co. LLC -10.6%; S&P 500 +0.65%). While operational results were healthy Mentesnot Adamu and EPS guidance was raised, investor expectations were elevated | Goldman Sachs & Co. LLC and focus is now centered on management’s execution amidst toughening comparisons and rising input/fuel costs. Carly Chasen | Goldman Sachs & Co. LLC We believe the quarter provided sequential evidence that YETI is making progress against several of its longer-term growth initiatives, Key Data _____________________________________ particularly across International, innovation, and Corporate Sales. Market cap: $3.4bn Enterprise value: $3.3bn Drinkware growth increased 2% in the quarter and management 3m ADTV: $70.0mn United States continues to expect ~MSD growth in the category despite a Americas Apparel & Accessories Brands ~600bps drag to growth from select downtrending SKUs this year M&A Rank: 3

(YETI expects this headwind to moderate ahead). International GS Forecast __________________________________ 12/25 12/26E 12/27E 12/28E growth sequentially improved to 19% (vs. 9.4% in 1Q), led by Revenue ($ mn) New 1,868.5 2,017.6 2,167.0 2,314.1

Europe, Australia, and Japan. Corporate sales also improved Revenue ($ mn) Old 1,868.5 2,021.0 2,170.7 2,318.0 EBITDA ($ mn) sequentially vs. 1Q, with the company pointing to strengthening EBIT ($ mn)

trends in the 2H of the quarter and an expectation for continued EPS ($) New EPS ($) Old improvement in 2H. Management commentary on end market P/E (X) Dividend yield (%) 0.0 0.0 0.0 0.0 demand remained constructive highlighting healthy sell-throughs Net debt/EBITDA (X) (0.4) (0.3) (0.4) (0.4) that outpaced wholesale sell-in. 6/26 9/26E 12/26E 3/27E EPS ($) However, we acknowledge that the investor narrative exiting the quarter is incrementally focused on execution. YETI’s 2Q revenues GS Factor Profile ______________________________ Growth fell light of investor expectations and US growth sequentially moderated despite an easy compare. US drinkware and wholesale Financial Returns

sales remain in focus given choppy commentary from peers and Multiple

muted sell-in, and international macro commentary was again Integrated tempered (particularly in Canada). Given toughening compares into 2H, we believe investors now view YETI’s HSD-LDD% revenue Percentile 20th 40th 60th 80th 100th

growth targets as incrementally a show-me story. This is met with YETI relative to Americas Coverage

some incremental concern from bears regarding the margin YETI relative to Americas Apparel & Accessories Brands

trajectory into 2027 as YETI cycles tariff refund tailwinds (with $8mn Source: Company data, Goldman Sachs Research estimates. See disclosures for details. of refund benefiting adj. 2026 operating profit) and rising input/freight costs.

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Goldman Sachs YETI Holdings (YETI)

YETI Holdings (YETI) Balance Sheet ($ mn) _______________________________________ BUY Rating since Jul 20, 2026 12/25 12/26E 12/27E 12/28E Cash & cash equivalents Accounts receivable Inventory Ratios & Valuation __________________________________________ Other current assets /25 12/26E 12/27E 12/28E Total current assets P/E (X) Net PP&E EV/EBITDA (X) 8.3 8.9 7.6 6.5 Net intangibles EV/sales (X) 1.4 1.6 1.4 1.2 Total investments 0.0 0.0 0.0 0.0 FCF yield (%) 7.5 7.9 8.0 9.7 Other long-term assets 9.4 9.9 9.9 9.9 EV/DACF (X) 8.8 9.5 9.1 7.8 Total…