YETI Holdings (YETI) Investor Day Takeaways

Equity Research 20 September 2026 | 4:06PM MDT

YETI Holdings (YETI): Investor Day Takeaways

We attended the YETI Investor Day in Austin, Texas, on September 17th, 2026. At the Brooke Roach, CFA | event, management introduced a long-term financial framework through FY30 Goldman Sachs & Co. LLC calling for MSD-HSD% annual sales growth, HSD-LDD% adjusted operating income Mentesnot Adamu growth, LDD-high teens% adjusted EPS growth, and $1.2bn-$1.4bn of cumulative | FCF. Underpinning this growth is a plan to grow international revenue to >$1bn, scale Goldman Sachs & Co. LLC

Bags & Soft Coolers into a $1bn platform, and drive productivity through Project Carly Chasen | Upcycle, a newly introduced cost savings program targeting $100mn in savings. Goldman Sachs & Co. LLC Management also reiterated its FY26 outlook.

Key messages from the event included: (1) YETI is materially accelerating its growth in bags and soft coolers. The category was described as YETI’s major growth engine, expecting the business to double by 2030. (2) International is now a core pillar of the growth algorithm, targeting >$1bn of international revenue vs. $394mn in 2025. This is led by Europe and APAC and management is now formally targeting several new geographic launches including Japan, Korea, and China. (3) US growth is now driven by commercialization. Management is increasingly leaning into commercialization opportunities in the US marketplace to drive stronger productivity of existing accounts, additional shelf space, new doors, sports, consumers, and marketplaces. Marketplaces were a key incremental focus of the presentation. (4) Project Upcycle was unveiled and identified ~$100mn of productivity opportunities intended to fund investment and support margin expansion. (5) Management provided scenarios of the market states that could drive the high end or low end of its growth algorithm, noting that the low end of the range embeds flat US drinkware growth. Here, YETI indicated they would be significantly disappointed if the low-end scenario (flat US DW) came to pass. (6) Importantly, YETI highlighted several opportunities that could drive growth beyond the current targeted growth algorithm, including travel, apparel, cookware, international expansion, and experiences beyond the current framework.

Our view: We step away from the event incrementally more constructive on YETI’s long-term growth opportunity and the path for the stock from here. Management’s clear articulation of the broad-based drivers of growth provides greater visibility into brand growth ahead. Stepping back, we believe the event marked a clear inflection point in management’s strategic vision for the brand as it transitions from a durable hard goods brand to a premium lifestyle brand across broader segments and use cases, evidenced by the company’s formal decision to introduce technical apparel.

We see the framework as achievable based on the opportunities outlined throughout

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Goldman Sachs YETI Holdings (YETI)

the day. Importantly, we believe the drivers of downside and upside were clearly articulated, with the low end of the algorithm not assuming an improvement in the mature US drinkware market growth and yet still calling for LDD% EPS growth, which we believe provides a clear case for the stock ahead. Further, new product categories and geographies are not embedded in the guide, providing upside optionality as growth drivers build.

n FY26 outlook reiterated: YETI reiterated its FY guidance. Adj. EPS is still guided at $2.94-$3.00 (vs. prior GS/FactSet consensus at $3.00/$2.98). The company continues to expect sales growth of 7%-8% (vs. prior GS/FactSet consensus at…