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Consumer electronics · Technology · Fiscal year ends Oct 3
Sonos reported revenue of $1.4B in the fiscal year ended Sep 2025, down 4.9% from the year before. Operating income was −$50M, an operating margin of −3.5%, and net income was −$61M. Operating cash flow of $137M less capital expenditure of $29M left free cash flow of $108M.
Ranks among the 4 consumer electronics companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Oct 2021 | Oct 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Revenue | 1,717 | 1,752 | 1,655 | 1,518 | 1,443 |
| Cost of revenue | 907 | 956 | 939 | 829 | 813 |
| Gross profit | 810 | 796 | 716 | 689 | 631 |
| Research & development | 230 | 256 | 301 | 305 | 280 |
| Selling, general & admin | 425 | 451 | 436 | 433 | 401 |
| Operating income | 155 | 89.5 | −20.5 | −48.0 | −50.5 |
| Interest expense | 0.6 | 0.6 | 0.7 | 0.4 | 0.5 |
| Pre-tax income | 157 | 68.7 | 4.4 | −27.2 | −50.5 |
| Income tax | −1.7 | 1.3 | 14.7 | 11.0 | 10.6 |
| Net income | 159 | 67.4 | −10.3 | −38.1 | −61.1 |
| Diluted EPS | 1.13 | 0.49 | −0.08 | −0.31 | −0.51 |
| Diluted shares | 140 | 138 | 128 | 123 | 121 |
| Fiscal year | Oct 2021 | Oct 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 640 | 275 | 220 | 170 | 175 |
| Receivables | 101 | 101 | 67.6 | 44.5 | 65.8 |
| Inventory | 185 | 454 | 347 | 232 | 171 |
| Current assets | 958 | 867 | 660 | 551 | 504 |
| Net PP&E | 71.3 | 86.2 | 87.1 | 102 | 72.3 |
| Goodwill | 15.5 | 77.3 | 80.4 | 82.9 | 82.9 |
| Total assets | 1,139 | 1,188 | 1,002 | 916 | 823 |
| Payables | 215 | 336 | 188 | 195 | 184 |
| Deferred revenue | 35.9 | 27.3 | 20.2 | 21.8 | 21.8 |
| Current liabilities | 476 | 536 | 354 | 366 | 352 |
| Short-term debt | 0.0 | – | – | – | – |
| Long-term debt | 0.0 | – | – | – | – |
| Total liabilities | 570 | 628 | 484 | 488 | 468 |
| Shareholders' equity | 569 | 561 | 519 | 429 | 355 |
| Backlog (remaining obligations) | 89.5 | 83.5 | 80.8 | 82.9 | 81.2 |
| Fiscal year | Oct 2021 | Oct 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 253 | −28.3 | 100 | 190 | 137 |
| Capital expenditure | 45.5 | 46.2 | 50.3 | 55.2 | 28.7 |
| Free cash flow | 208 | −74.5 | 50.1 | 135 | 108 |
| Depreciation & amortisation | 33.9 | 38.5 | 49.0 | 52.4 | 62.3 |
| Stock-based compensation | 62.1 | 75.6 | 76.9 | 84.3 | 81.6 |
| Acquisitions | 0.0 | 126 | 0.0 | 0.0 | – |
| Share buybacks | 50.0 | 150 | 100 | 129 | 81.0 |
| Fiscal year | Oct 2021 | Oct 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 2.1% | −5.5% | −8.3% | −4.9% |
| Operating income growth (YoY) | – | −42.2% | −122.9% | – | – |
| EPS growth (YoY) | – | −56.6% | −116.3% | – | – |
| Gross margin | 47.2% | 45.4% | 43.3% | 45.4% | 43.7% |
| Operating margin | 9.0% | 5.1% | −1.2% | −3.2% | −3.5% |
| Net margin | 9.2% | 3.8% | −0.6% | −2.5% | −4.2% |
| Return on equityBlank when equity is negative | 27.9% | 12.0% | −2.0% | −8.9% | −17.2% |
| ROCEEBIT ÷ (assets − current liabilities) | 23.4% | 13.7% | −3.2% | −8.7% | −10.7% |
| Free cash flow margin | 12.1% | −4.3% | 3.0% | 8.9% | 7.5% |
| Cash conversion (CFO ÷ net income) | 1.60x | −0.42x | −9.77x | −4.98x | −2.24x |
| Receivable days | 21 | 21 | 15 | 11 | 17 |
| Inventory days | 75 | 173 | 135 | 102 | 77 |
| Payable days | 87 | 128 | 73 | 86 | 83 |
| Interest cover | 262x | 162x | −28.0x | −109x | −109x |
| Debt ÷ equity | 0.00x | – | – | – | – |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −640 | – | – | – | – |
| Current ratio | 2.01x | 1.62x | 1.86x | 1.51x | 1.43x |
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.