SharkNinja
SN · NYSEHousehold Appliances · Fiscal year ends Dec 31
SharkNinja reported revenue of $6.4B in the fiscal year ended Dec 2025, up 15.7% from the year before. Operating income was $920M, an operating margin of 14.4%, and net income was $701M. Operating cash flow of $634M less capital expenditure of $146M left free cash flow of $488M. It held more cash than debt (net cash $41M).
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $3.7B | $3.7B | $4.3B | $5.5B | $6.4B |
| Cost of revenue | $2.3B | $2.3B | $2.3B | $2.9B | $3.3B |
| Gross profit | $1.4B | $1.4B | $1.9B | $2.7B | $3.1B |
| Research & development | $201M | $216M | $249M | $341M | $368M |
| Operating income | $438M | $321M | $374M | $644M | $920M |
| Pre-tax income | $414M | $302M | $293M | $572M | $900M |
| Income tax | $83M | $70M | $126M | $134M | $199M |
| Net income | $331M | $232M | $167M | $439M | $701M |
| Diluted EPS | 2.38 | 1.67 | 1.20 | 3.11 | 4.94 |
| Diluted shares | 139M | 139M | 139M | 141M | 142M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $225M | $193M | $154M | $364M | $777M |
| Receivables | – | $767M | $985M | $1.3B | $1.7B |
| Inventory | – | $549M | $700M | $900M | $1B |
| Current assets | – | $1.7B | $1.9B | $2.6B | $3.6B |
| Net PP&E | – | $137M | $166M | $211M | $232M |
| Goodwill | – | $840M | $834M | $835M | $835M |
| Total assets | – | $3.3B | $3.5B | $4.4B | $5.3B |
| Payables | – | $328M | $460M | $612M | $680M |
| Current liabilities | – | $969M | $1.1B | $1.5B | $1.8B |
| Short-term debt | – | $87M | $24M | $39M | $39M |
| Long-term debt | – | $349M | $775M | $736M | $697M |
| Total liabilities | – | $1.5B | $2B | $2.5B | $2.7B |
| Shareholders' equity | $1.8B | $1.8B | $1.5B | $1.9B | $2.7B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $229M | $205M | $281M | $447M | $634M |
| Capital expenditure | $48M | $80M | $123M | $138M | $146M |
| Free cash flow | $181M | $125M | $158M | $309M | $488M |
| Depreciation & amortisation | $78M | $87M | $104M | $123M | $140M |
| Stock-based compensation | $14M | $6M | $47M | $85M | $44M |
| Dividends paid | $0 | $0 | $150M | $0 | $0 |
| Dividend per share | – | – | 1.08 | – | – |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −0.3% | 14.4% | 30.0% | 15.7% |
| Operating income growth (YoY) | – | −26.7% | 16.2% | 72.4% | 42.9% |
| EPS growth (YoY) | – | −29.8% | −28.1% | 159.2% | 58.8% |
| Gross margin | 38.6% | 37.9% | 44.9% | 48.1% | 49.0% |
| Operating margin | 11.8% | 8.6% | 8.8% | 11.7% | 14.4% |
| Net margin | 8.9% | 6.3% | 3.9% | 7.9% | 11.0% |
| Return on equityBlank when equity is negative | 18.8% | 12.7% | 11.3% | 22.7% | 26.2% |
| ROCEEBIT ÷ (assets − current liabilities) | – | 13.8% | 15.8% | 22.5% | 25.7% |
| Free cash flow margin | 4.9% | 3.4% | 3.7% | 5.6% | 7.6% |
| Cash conversion (CFO ÷ net income) | 0.69x | 0.88x | 1.68x | 1.02x | 0.90x |
| Receivable days | – | 75 | 85 | 84 | 95 |
| Inventory days | – | 87 | 109 | 115 | 112 |
| Payable days | – | 52 | 72 | 78 | 76 |
| Debt ÷ equity | – | 0.24x | 0.54x | 0.40x | 0.28x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | $243M | $646M | $412M | −$41M |
| Current ratio | – | 1.77x | 1.69x | 1.73x | 2.04x |
Recent filings
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.