SharkNinja, Inc.

Q2 2026 net sales increased 22.2% year over year to $1.77 billion. Domestic net sales rose 15.5% to $1.14 billion, and international net sales increased 36.6% to $624 million. Adjusted gross margin was 48.7%, down approximately 70 basis points year over year; GAAP gross margin was also 48.7%, down roughly 30 basis points. Adjusted EBITDA increased 18.6% to $265 million, and adjusted EPS rose to $1.26 from $0.97. For 2026, SharkNinja now expects net sales growth of 16%–17% versus prior guidance of 11.5%–12.5%, adjusted EPS of $6.45–$6.55 versus $6.00–$6.10, and adjusted EBITDA of $1.36 billion–$1.37 billion versus $1.29 billion–$1.30 billion. The updated outlook includes an expected tariff refund benefit of approximately $247.1 million recognized in Q3 as a reduction of cost of sales, with some of that benefit excluded from adjusted metrics depending on when the underlying tariff expense was recognized. Capital expenditures remain expected at $190 million–$210 million, and management said it is tracking toward the high end.

Mark Barrocas framed Q2 as evidence that SharkNinja’s growth is durable and broad-based, not dependent on a few viral products. He emphasized the company’s “3-pillar growth strategy” of new categories, share gains in existing categories, and international expansion, while arguing the core business is large, diversified, and still growing. He was upbeat on social commerce, DTC, and AI as longer-term accelerants, and said the company is entering the second half with strong momentum and confidence in 2026.

Adam Quigley focused on the financial mechanics behind the quarter: net sales of $1.77 billion, adjusted EBITDA of $265 million, adjusted EPS of $1.26, and margins that held up despite tariff pressure. He said tariffs were the primary headwind, partially offset by cost optimization and favorable mix, with adjusted operating expenses at 35.6% of sales, down about 40 basis points year over year. He also highlighted a strong balance sheet with nearly $780 million of cash, $719 million of debt, nearly $490 million of revolver capacity, and about $275 million of cash flow from operations in the first six months, plus roughly $100 million of Q2 share repurchases.

Analysts pressed management on the size of the addressable market, the long-term mix between wholesale and direct channels, domestic growth durability, retailer inventory, and whether AI would improve media and promotion efficiency. Barrocas said available TAM was roughly $120 billion at the start of Q2 and could reach $125 billion to $130 billion by year-end, citing the new Ninja Crispi Microwave as another multibillion-dollar adjacency. On channels, he said DTC and affiliates should grow faster than the rest of the business through 2027, while Quigley said DTC and social commerce carry a higher structural gross margin. On AI, management said Palantir-related promotion work is already showing promise, with benefits expected in Q4 and broader scaling into 2027.