Core Viewpoint - YETI Holdings, Inc. is actively participating in upcoming investor conferences, indicating a focus on engaging with the investment community and showcasing its market position in the outdoor products sector [1]. Group 1: Company Overview - YETI Holdings, Inc. is headquartered in Austin, Texas, and specializes in designing, retailing, and distributing innovative outdoor products [1]. - The product range includes coolers, drinkware, bags, and apparel, tailored for various outdoor activities [1]. - YETI has established a strong brand loyalty among consumers, appealing to both serious outdoor enthusiasts and those who appreciate high-quality products [1]. Group 2: Commitment and Brand Philosophy - The company emphasizes its commitment to outdoor and recreation communities, focusing on building superior products for outdoor enjoyment [1]. - YETI's mission is to deliver high-performing and exceptional products, reinforcing its brand identity and customer loyalty [1].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ________________________________________________ FORM 10-K ________________________________________________ ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended January 3, 2026 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-38713 ________________________ ...

Financial Performance - YETI Holdings reported quarterly earnings of 92 cents per share, exceeding the analyst consensus estimate of 88 cents per share [1] - The company achieved quarterly sales of $583.708 million, surpassing the analyst consensus estimate of $582.455 million [1] - For FY2026, YETI expects adjusted EPS in the range of $2.77-$2.83, compared to market estimates of $2.83 [1] - YETI anticipates sales between $1.980 billion and $2.017 billion, against estimates of $1.975 billion [1] Management Commentary - Matt Reintjes, President and CEO, stated that Q4 was the strongest quarter of the year, highlighting solid demand and effective execution by the teams [2] - The company’s strategy developed over the past few years is reflected in the positive numbers and outlook [2] Stock Performance and Analyst Ratings - Following the earnings announcement, YETI shares rose 0.1% to trade at $47.10 [2] - B. Riley Securities analyst upgraded YETI Holdings from Neutral to Buy, raising the price target from $35 to $54 [3] - Baird analyst maintained an Outperform rating on the stock and increased the price target from $52 to $54 [3]

Upgrades Summary - Barclays upgraded Etsy (ETSY) to Overweight from Equal Weight with a price target of $72, up from $62, citing the sale of Depop and stabilization of core business as a "tipping point" for the company [2] - Argus upgraded Deckers Outdoor (DECK) to Buy from Hold, highlighting management's raised guidance and more reliable forecasting [2] - BofA upgraded Tandem Diabetes (TNDM) to Neutral from Underperform with a price target of $30, up from $15, noting the company's shift towards pharmacy channels and a pay-as-you-go business model, which is expected to enhance profitability over the next two years [2] - B. Riley upgraded Yeti (YETI) to Buy from Neutral with a price target of $54, up from $35, indicating an achievable sales growth outlook supported by improved Q4 performance in drinkware [2] - Mizuho upgraded Southern Company (SO) to Outperform from Neutral with a price target of $104, up from $89, believing that the concerns regarding the Georgia Public Service Commission election are overstated [2] - Wells Fargo also upgraded Southern Company to Equal Weight from Underweight [2]

Leadership Changes - Yeti appointed Scott Bomar as CFO, effective February 23, succeeding Mike McMullen, who will transition to an advisory role until May 31 [2] - Atlassian hired James Chuong as finance chief, effective March 30, succeeding Joe Binz, who is retiring [3] - Gemini Space Station experienced a leadership shakeup with CFO Dan Chen and other executives leaving the company, effective February 17 [4] - GoPro promoted Brian Tratt to CFO, succeeding Brian McGee, who will remain as president and COO [5] Executive Backgrounds - Scott Bomar previously held senior finance roles at Home Depot and Deluxe, with over 16 years at Home Depot [2] - James Chuong has a background in finance leadership at LinkedIn and experience as an investment banker at J.P. Morgan, Citigroup, and Bank of America Securities [3] - Danijela Stojanovic, the new interim CFO at Gemini, has been the chief accounting officer since May 2025 and held leadership roles at Blue Apron Holdings [4] - Brian Tratt has been with GoPro since 2012, previously serving as vice president of finance and assistant controller [5]

Strategic Positioning - The company is focusing on 'agentic shopping' and digital discovery, utilizing AI-driven tools like the 'Ranger' assistant to enhance conversion rates on owned channels [1] - A successful supply chain transformation has shifted major production exposure from China to factories in Thailand and Vietnam, improving long-term resilience [1] Market Performance - US wholesale performance indicates ongoing retailer caution and tight inventory planning, with sell-through consistently outpacing sell-in throughout the fiscal year [2] - The brand's resilience is attributed to a multiyear shift towards a diversified product portfolio, including cookware, barware, and technical hike packs [3] Financial Overview - Capital allocation priorities include $100 million in planned share repurchases, representing about 50% of the projected $200 million to $225 million in free cash flow [4] - Operating margins are projected to remain flat at approximately 14.4% for the full year, with a decline in the first half offset by an expansion in the second half [5] - Fiscal 2026 guidance anticipates 6% to 8% net sales growth, supported by a strong innovation pipeline and high-teens to 20% growth in international markets [5] Challenges and Changes - Tariffs are expected to present an $80 million headwind to the cost of goods in 2026 compared to 2024, impacting gross margins by 430 basis points over two years [5] - A leadership transition is underway with Scott Bomar appointed as CFO, succeeding Michael McMullen, who will remain in an advisory role [5] - Supply constraints in high-demand categories are expected to ease as new production capacity comes online in the first half of 2026 [5]

Core Viewpoint - Yeti Holdings' stock experienced a significant decline of up to 13% following its earnings report, despite positive sales momentum and future growth expectations [1][2]. Financial Performance - Yeti reported a 5% increase in adjusted net sales for Q4, driven by strong international sales [4]. - Management projects adjusted net sales growth of 6% to 8% and net income per share growth of 12% to 14% for 2026 [5]. Management Changes - The company is transitioning to a new CFO, Scott Bomar, who previously held an executive position at Home Depot. The current CFO, Mike McMullen, will assist in the transition until the end of May [3]. Market Reaction - The stock's decline is attributed to profit-taking after a 40% gain over the past six months, rather than concerns over the management change [2][4].

Financial Performance - In Q4 2025, YETI delivered adjusted net sales of $583.7 million, representing a 5% year-over-year growth, marking the strongest quarterly performance of the year [30] - Adjusted net income decreased 15% to $71.8 million, with adjusted EPS declining to $0.92 from $1, impacted by higher tariff costs [35][39] - Full-year free cash flow reached $212 million, exceeding adjusted net income, highlighting the cash-generating strength of the operating model [6] Business Line Performance - Drinkware sales grew 6% to $380 million in Q4, driven by innovation and strong international demand, despite flat sales in the U.S. [30][31] - Coolers and Equipment sales increased 2% to $192 million, with strong performance in soft coolers and bags, despite supply constraints [31] - Direct-to-consumer sales grew 5% to $394 million, while wholesale sales increased 6% to $189 million, led by international performance [32] Market Performance - International sales grew 25% to $136 million, representing 23% of Q4 sales, with exceptional growth in Europe and Australia [32][38] - The international addressable market has expanded significantly, growing from 2% of sales at IPO to 21% today, with further growth expected [18][19] Company Strategy and Industry Competition - YETI's strategy focuses on product innovation, brand expansion, and global growth, with expectations of 6%-8% net sales growth in 2026 [7][37] - The company is investing in foundational technology and AI to enhance consumer engagement and operational efficiency [23] - The brand's presence is being strengthened through high-impact marketing campaigns and partnerships, particularly in international markets [14][15] Management Commentary on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth trajectory, despite a cautious consumer environment, emphasizing the strength of the brand and innovation pipeline [4][7] - The company anticipates continued growth in international markets and a gradual recovery in the U.S. market, particularly in the drinkware category [37][66] Other Important Information - A leadership transition was announced, with Mike McMullen stepping down as CFO and Scott Bomar appointed as the new CFO [24][25] - The company executed $125 million in share repurchases during Q4, bringing the total for the year to approximately $300 million [6][36] Q&A Session Summary Question: Pricing and Tariffs - Inquiry about pricing increases and potential tariff relief from recent policy changes [48] - Management indicated that pricing impacts would be similar to the previous year, with no current expectations for tariff relief [49][50] Question: International Business and Brand Awareness - Request for details on foundational work for international expansion and brand awareness in various markets [53] - Management highlighted the growth from 2% to 21% in international sales and the establishment of teams in key markets [54][56] Question: Revenue Guidance - Question regarding the conservatism in international revenue guidance and drinkware expectations [58] - Management confirmed that guidance reflects cautious optimism, with inventory levels down significantly year-over-year [61] Question: U.S. Market Improvement - Inquiry about the expected improvement in the U.S. market and contributions from drinkware and international sales [65] - Management noted stabilization in the drinkware category and opportunities for growth across all categories [66][67] Question: Operating Expense Leverage - Request for context on expected operating expense leverage in the back half of the year [68] - Management explained that investments made in 2025 would start to yield leverage, with specific timing dynamics affecting the first half of 2026 [70]

Financial Data and Key Metrics Changes - In Q4 2025, adjusted net sales reached $583.7 million, reflecting a 5% year-over-year growth, marking the strongest quarterly performance of the year [54] - Adjusted net income decreased by 15% to $71.8 million, with adjusted EPS declining to $0.92 from $1, impacted by higher tariff costs [63][70] - Free cash flow for the year was $212 million, exceeding adjusted net income, demonstrating the cash-generating strength of the operating model [9] Business Line Data and Key Metrics Changes - Drinkware sales grew 6% to $380 million, while Coolers and Equipment sales increased by 2% to $192 million, despite supply constraints [54][56] - Direct-to-consumer sales rose 5% to $394 million, with wholesale sales increasing by 6% to $189 million, driven by strong international performance [57][58] - International sales outside the US grew 25% to $136 million, representing 23% of Q4 sales, up from 20% in the prior year [59] Market Data and Key Metrics Changes - The US wholesale market showed ongoing buying caution, with tracked channel inventory down significantly in 2025 [29] - International growth is expected to be in the high teens to 20% range for 2026, with Europe and Australia showing exceptional performance [68][36] - Asia, particularly Japan, is anticipated to accelerate, with a strong foundation laid for future growth [38] Company Strategy and Development Direction - The company aims for 6%-8% net sales growth in 2026, supported by a robust innovation pipeline and expanding global reach [11][66] - Strategic priorities include driving product innovation, broadening brand presence, and expanding internationally, with a focus on markets like China and Korea [12][35] - The company is investing in foundational technology platforms and AI to enhance operational efficiency and consumer engagement [43][44] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term trajectory of the brand, despite a challenging consumer environment [6][11] - The fundamentals of the company's strategy remain sound, with expectations for sustained multi-year growth [12] - Management highlighted the importance of maintaining premium positioning and protecting channel integrity while driving profitability [34] Other Important Information - The company announced a leadership transition, with Scott Bomar appointed as the new CFO, succeeding Mike McMullen [46][49] - The company has returned approximately $500 million to shareholders through buybacks over the past two years, reducing shares outstanding by 14% [64] Q&A Session Summary Question: Pricing and Tariffs - Inquiry about details on pricing increases and potential tariff relief [86] - Response indicated pricing impact similar to the previous year, with no current expectations for tariff relief [88] Question: International Business and Brand Awareness - Request for elaboration on foundational work for international expansion and brand awareness [93] - Management highlighted established teams in key markets and the focus on building distribution and e-commerce capabilities [96][100] Question: Revenue Guidance and Inventory Levels - Question regarding the conservatism in international revenue guidance and inventory levels [102] - Management confirmed cautious guidance reflecting current market conditions and lean inventory levels [106] Question: US Market Improvement - Inquiry about the expected sequential improvement in the US market and its drivers [110] - Management noted stabilization in the Drinkware category and opportunities for growth across all categories [111] Question: Operating Expense Leverage - Request for context on expected operating expense leverage in the back half of the year [114] - Management explained timing dynamics affecting OpEx and anticipated leverage from previous investments [115]

Financial Data and Key Metrics Changes - In Q4 2025, the company reported adjusted net sales of $583.7 million, representing a 5% year-over-year growth, marking the strongest quarterly performance of the year [28] - Adjusted gross profit was $341 million, or 58.4% of sales, down 180 basis points year-over-year, impacted by higher tariff costs [31] - Adjusted net income decreased 15% to $71.8 million, or 12.3% of sales, with adjusted EPS declining to $0.92 from $1 [32] Business Line Data and Key Metrics Changes - Drinkware sales grew 6% to $380 million, while U.S. Drinkware sales were flat year-over-year [28][29] - Coolers and Equipment sales grew 2% to $192 million, despite supply constraints [29] - Direct-to-consumer sales grew 5% to $394 million, with growth across all D2C channels [30] Market Data and Key Metrics Changes - International sales grew 25% to $136 million, representing 23% of Q4 sales, up from 20% in the prior year [30] - Europe showed exceptional growth, particularly in the U.K. and Germany, while Australia delivered its strongest performance of the year [30][17] - The international market has grown from 2% of sales at IPO to 21% today, indicating significant expansion potential [16] Company Strategy and Development Direction - The company aims for 6%-8% net sales growth in 2026, driven by innovation and expanding global reach [6][34] - Strategic priorities include driving product innovation, broadening brand reach, and expanding globally [7][16] - The company is investing in foundational technology platforms and AI to enhance consumer engagement and operational efficiency [21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth trajectory, despite a challenging consumer environment [6][7] - The company anticipates healthy growth in 2026 as new production capacity comes online [10] - Management highlighted the importance of maintaining premium positioning and protecting channel integrity [16] Other Important Information - The company executed $125 million in share repurchases during Q4, totaling approximately $300 million for the year [5][33] - A leadership transition was announced, with Scott Bomar appointed as the new CFO [22][23] Q&A Session Summary Question: Pricing and Tariffs - Inquiry about pricing increases and potential tariff relief - Management indicated pricing impacts would be similar to the previous year, with no current expectations for tariff relief [45][46] Question: International Business Foundations - Request for details on foundational work for international expansion - Management highlighted established teams in key markets and the focus on building wholesale and e-commerce capabilities [50][52] Question: Revenue Guidance Context - Inquiry about the conservatism in international revenue guidance and drinkware expectations - Management confirmed a cautious but optimistic outlook, with inventory levels down year-over-year [56][57] Question: U.S. Market Improvement - Request for context on expected sequential improvement in the U.S. market - Management noted stabilization in the drinkware category and opportunities for growth across all categories [62][63] Question: Operating Expense Leverage - Inquiry about expected inflection in operating expense leverage - Management discussed investments made in 2025 that are expected to yield leverage in 2026 [65][66]