Financial Performance - Total revenues for Q3 2025 increased by 41% to $1.4 billion compared to Q3 2024[104] - Net income for Q3 2025 was $124.8 million, a significant improvement from a net loss of $121.4 million in Q3 2024[109] - Total product revenue for the nine months ended September 30, 2025, was $3.8 billion, up 43% from $2.7 billion in the same period of 2024[109] - GAAP net income improved for the third quarter of 2025, with basic and diluted earnings per share of $0.09 and $0.08, respectively, compared to a basic loss of $0.09 per share in the prior-year period[125] - GAAP net income for the three months ended September 30, 2025, was $124,841 thousand, compared to a loss of $121,350 thousand for the same period in 2024[141] - Adjusted net income for the nine months ended September 30, 2025, was $692,622 thousand, while the adjusted net loss for the same period in 2024 was $71,020 thousand[141] Revenue Breakdown - Global BRUKINSA revenues rose by 51% to $1.0 billion in Q3 2025 versus Q3 2024[104] - Net product revenue increased by 40.4% to $1,395.0 million for the three months ended September 30, 2025, compared to $993.4 million in the prior-year period, driven primarily by increased sales of BRUKINSA in the U.S. and Europe[111] - BRUKINSA global revenue totaled $1.0 billion in the third quarter, representing a 50.8% increase year-over-year; U.S. revenue for BRUKINSA was $738.7 million, a growth of 46.6%[112] - TEVIMBRA revenue totaled $190.6 million in the third quarter, reflecting a 16.7% increase compared to the prior-year period[113] - Revenue for TEVIMBRA totaled $555.3 million, an 18.9% increase from $467.0 million in the prior year[127] - Other revenue increased to $39.2 million, primarily from marketing agreements and royalty revenue[128] Expenses and Costs - Operating expenses increased by 10.6% to $1.05 billion in Q3 2025, driven by higher research and development costs[109] - Research and development expense increased by $27.5 million, or 5.5%, to $523.7 million for the three months ended September 30, 2025[115] - Selling, general and administrative expenses rose by $73.8 million, or 16.2%, to $529.0 million for the three months ended September 30, 2025, with expenses as a percentage of product sales decreasing to 37.9%[120] - Research and development expenses increased by $119.2 million, or 8.4%, totaling $1,530.4 million for the nine months ended September 30, 2025[130] - Selling, general and administrative expenses rose by $199.8 million, or 15.1%, to $1,526.2 million, with expenses as a percentage of product sales decreasing to 40.1%[135] Cash Flow and Debt - Free cash flow for the three months ended September 30, 2025, was $354,469 thousand, significantly up from $54,714 thousand in the same period of 2024[143] - Cash, cash equivalents, and restricted cash as of September 30, 2025, totaled $4,110,542 thousand, an increase from $2,638,747 thousand as of December 31, 2024[144] - Total debt as of September 30, 2025, was $952,867 thousand, down from $1,018,013 thousand as of December 31, 2024[144] - The company paid down $75.3 million of its debt in the nine months ended September 30, 2025[144] - Total debt obligations due in the next twelve months are $813.3 million, with long-term debt obligations at $139.6 million[158] Regulatory Approvals and Designations - The FDA granted Breakthrough Therapy Designation for sonrotoclax on October 13, 2025, for treating relapsed or refractory mantle cell lymphoma[105] - The European Commission approved TEVIMBRA for use in high-risk non-small cell lung cancer patients on August 27, 2025[107] Market and Investment Activities - A Royalty Purchase Agreement was entered into with Royalty Pharma for $885 million, related to royalty payments from Amgen's IMDELLTRA[108] - The company expects continued investment in selling and marketing activities as product sales increase[120] - In Q3 2025, the upfront payment from Royalty Pharma was $885 million, increasing cash and cash equivalents through financing cash inflows[145] - As of September 30, 2025, cash remaining from the STAR Offering proceeds was $249 million[146] Foreign Exchange and Other Gains - The RMB appreciated approximately 2.5% against the U.S. dollar in the nine months ended September 30, 2025[168] - The company recognized $4.0 million in foreign exchange gains during the nine months ended September 30, 2025, compared to $2.2 million in the prior year[169]

Financial Performance - Total revenues for Q3 2025 increased by 41% to $1.4 billion compared to Q3 2024[104] - Net income for Q3 2025 was $124.8 million, a significant improvement from a net loss of $121.4 million in Q3 2024[109] - Total product revenue for the nine months ended September 30, 2025, was $3.8 billion, up 43% from $2.7 billion in the same period of 2024[109] - Net product revenue increased by 40.4% to $1,395.0 million for the three months ended September 30, 2025, compared to $993.4 million in the prior-year period, driven primarily by increased sales of BRUKINSA in the U.S. and Europe[111] - GAAP net income improved, with basic and diluted earnings per share at $0.16 and $0.15, compared to a loss of $0.36 per share in the prior-year period[140] - Adjusted net income for the nine months ended September 30, 2025, was $692,622 thousand, while the adjusted net loss for the same period in 2024 was $71,020 thousand[141] Revenue Breakdown - Global BRUKINSA revenues rose by 51% to $1.0 billion in Q3 2025 versus Q3 2024[104] - BRUKINSA global revenue totaled $1.0 billion in the third quarter, representing a 50.8% increase year-over-year; U.S. revenue for BRUKINSA was $738.7 million, a growth of 46.6%[112] - TEVIMBRA revenue totaled $190.6 million in the third quarter, reflecting a 16.7% increase compared to the prior-year period[113] - Revenue for TEVIMBRA totaled $555.3 million, representing an 18.9% increase compared to the prior-year period[127] - Net product revenue rose 43.0% to $3,805.6 million, driven by increased sales of BRUKINSA, TEVIMBRA, and Amgen products, particularly XGEVA[126] Expenses and Costs - Operating expenses increased by 10.6% to $1.05 billion in Q3 2025, driven by higher research and development costs[109] - Research and development expenses increased by 5.5% to $523.7 million for the three months ended September 30, 2025, compared to $496.2 million in the prior-year period[115] - Selling, general and administrative expenses rose by 16.2% to $528.998 million for the three months ended September 30, 2025, from $455.223 million in the prior-year period[120] - Research and development expenses increased by $119.2 million, or 8.4%, totaling $1,530.4 million for the nine months ended September 30, 2025[130] - Selling, general and administrative expenses rose by $199.8 million, or 15.1%, to $1,526.2 million, with expenses as a percentage of product sales decreasing to 40.1%[135] Cash Flow and Debt - Free cash flow for the three months ended September 30, 2025, was $354,469 thousand, significantly up from $54,714 thousand in the same period of 2024[143] - Cash, cash equivalents, and restricted cash as of September 30, 2025, totaled $4,110,542 thousand, an increase from $2,638,747 thousand as of December 31, 2024[144] - Total debt as of September 30, 2025, was $952,867 thousand, down from $1,018,013 thousand as of December 31, 2024[144] - The company paid down $75.3 million of its debt in the nine months ended September 30, 2025[144] - Total debt obligations due in the next twelve months are $813.3 million, with long-term debt obligations at $139.6 million[158] Regulatory Approvals and Developments - The FDA granted Breakthrough Therapy Designation for sonrotoclax on October 13, 2025, for treating relapsed or refractory mantle cell lymphoma[105] - The European Commission approved TEVIMBRA for neoadjuvant and adjuvant treatment of high-risk non-small cell lung cancer on August 27, 2025[107] Other Financial Metrics - Interest income, net decreased by 71.5% to $3.0 million for the three months ended September 30, 2025, from $10.6 million in the prior-year period[121] - Other expense, net was $19.0 million for the three months ended September 30, 2025, primarily due to impairment losses and foreign exchange losses[122] - Income tax expense was $22.3 million for the three months ended September 30, 2025, compared to $23.0 million in the prior-year period[123] - Gross profit for Q3 2025 was $1.22 billion, reflecting a 46.3% increase from Q3 2024[109] - Gross margin on global product sales increased to $1,198.5 million, with a gross margin percentage of 85.9% for the three months ended September 30, 2025, up from 82.8% in the prior-year period[114] - Gross margin on product sales increased to $3,279.5 million, with a gross margin percentage of 86.2%, up from 83.7% in the prior-year period[129] Market and Collaboration - A Royalty Purchase Agreement was entered into with Royalty Pharma for $885 million, related to royalty payments from Amgen's IMDELLTRA[108] - Nearly 50 abstracts were accepted for presentation at the American Society of Hematology Annual Meeting, showcasing the late-stage hematology portfolio[104] - The company expects that its operating cash flows and existing cash will fund operating expenses and planned long-term investments for at least the next 12 months[144] - As of September 30, 2025, the remaining co-development funding commitment was $183.6 million under the Amgen collaboration[161] Foreign Exchange and Market Conditions - The RMB appreciated approximately 2.5% against the U.S. dollar in the nine months ended September 30, 2025[168] - The company recognized $4.0 million in foreign exchange gains during the nine months ended September 30, 2025, compared to $2.2 million in the prior year[169]

Financial Performance - Net revenue for Q3 2025 reached $345 million, an increase of 8.0% year-over-year, marking the highest third-quarter net revenue in the company's history[4] - Demand comparable growth was 7.4% in Q3 2025, driven by the success of the Fall 2025 Collection and strong client demand for both core and new products[5] - Gross margin increased 8.4% to $133 million compared to Q3 2024[6] - Net income rose 23.1% to $12 million in Q3 2025 compared to the same period last year[6] - Adjusted EBITDA increased 35.2% to $31 million in Q3 2025 compared to Q3 2024[6] - Net revenue for the nine months ended September 30, 2025, was $1,014,377, an increase of 9.8% compared to $924,096 for the same period in 2024[24] - Gross margin for the nine months ended September 30, 2025, was $397,235, representing a gross margin percentage of 39.2%[24] - Net and comprehensive income for the nine months ended September 30, 2025, was $52,166, up 10.5% from $47,256 in the prior year[26] - Adjusted EBITDA for the nine months ended September 30, 2025, was $110,115, which is 10.9% of net revenue, compared to 10.0% in 2024[26] Cash and Assets - As of September 30, 2025, the company reported cash and cash equivalents of $262 million and no long-term debt[10] - Total assets as of September 30, 2025, were $1,378,638, an increase of 14.3% from $1,206,316 as of December 31, 2024[22] - Cash and cash equivalents increased to $262,230 as of September 30, 2025, compared to $197,511 at the end of 2024, marking a growth of 32.7%[22] - The company reported a net cash provided by operating activities of $127,538 for the nine months ended September 30, 2025, compared to $115,426 in the same period of 2024[25] - The company’s retained earnings increased to $195,266 as of September 30, 2025, up from $142,898 as of December 31, 2024[22] Company Outlook and Expansion - The company updated its full-year 2025 outlook, raising the low end of its prior net revenue guidance to a range of $1.35 billion to $1.38 billion[11] - The company plans to complete approximately 12 to 15 Total Showroom Projects in 2025, including 4 to 6 new openings[10] - The company opened its largest Traditional Showroom in Pasadena, California, and plans to open its first Montana Showroom in Bozeman[9] Client Deposits and Liabilities - Client deposits increased by 15.0% to $254 million from December 31, 2024, to September 30, 2025[10] - Total liabilities as of September 30, 2025, were $978,222, reflecting a rise of 13.4% from $862,571 as of December 31, 2024[22] Share Information - The weighted-average number of common shares outstanding, basic, was 140,635,317 for the nine months ended September 30, 2025, compared to 139,990,522 in 2024[24]

Financial Performance - Net sales for Q3 2025 were $3.1 billion, a 7% increase year-over-year, with organic sales growth of 6%[4] - GAAP income from continuing operations decreased to $308 million, down 32% from $453 million in Q3 2024[3] - Operating EBITDA increased to $840 million, reflecting a 6% growth compared to $791 million in the prior year[3] - The company raised its full-year 2025 operating EBITDA guidance to approximately $1.6 billion[4] - DuPont reported net sales of $3,072 million for Q3 2025, a 7.3% increase from $2,862 million in Q3 2024[48] - Income from continuing operations before income taxes decreased to $327 million in Q3 2025 from $552 million in Q3 2024, a decline of 40.7%[48] - The adjusted earnings per share (EPS) for Q3 2025 was $0.70, compared to $1.06 in Q3 2024, a decrease of 34%[48] - DuPont's net loss attributable to common stockholders was $123 million in Q3 2025, compared to a net income of $455 million in Q3 2024[48] - The company reported a loss from discontinued operations of $415 million in Q3 2025, contrasting with a gain of $12 million in Q3 2024[48] - Total net sales for the nine months ended September 30, 2025, reached $8,720 million, a 5.5% increase compared to $8,263 million in the prior year[54] - Operating EBITDA for the nine months ended September 30, 2025, was $2,361 million, up from $2,124 million in the same period of 2024, reflecting an increase of 11.2%[57] - For the nine months ended September 30, 2025, reported losses (GAAP) were $938 million, compared to earnings of $1,041 million in the same period of 2024[73] Cash Flow and Dividends - Transaction-adjusted free cash flow for the quarter was $576 million, with a conversion rate of 126%[7] - Cash provided by operating activities from continuing operations was $1,260 million for the nine months ended September 30, 2025, compared to $1,517 million in 2024, indicating a decrease of 16.9%[52] - Cash provided by operating activities for Q3 2025 was $591 million, down from $665 million in Q3 2024, representing a decrease of 11.1%[61] - Adjusted free cash flow for Q3 2025 was $445 million, a decline of 21.4% compared to $566 million in Q3 2024[61] - The adjusted free cash flow conversion rate for Q3 2025 was 97%, down from 123% in Q3 2024[61] - A quarterly dividend of $0.20 per share was declared, aligning with a targeted payout ratio of 35%-45%[10] Costs and Expenses - The cost of sales for Q3 2025 was $1,877 million, up from $1,739 million in Q3 2024, reflecting a 7.9% increase[48] - Research and development expenses increased to $140 million in Q3 2025 from $127 million in Q3 2024, a rise of 10.2%[48] - The company incurred acquisition, integration, and separation costs of $139 million in Q3 2025, significantly higher than $43 million in Q3 2024[48] - Acquisition, integration, and separation costs for the nine months ended September 30, 2025, totaled $383 million, significantly impacting reported losses[73] - The company incurred $131 million in separation-related transaction costs for Q3 2025, compared to $12 million in Q3 2024[61] Assets and Liabilities - Total assets increased to $38,044 million as of September 30, 2025, up from $36,636 million at December 31, 2024, representing a growth of 3.9%[50] - Total current liabilities increased to $5,005 million as of September 30, 2025, from $4,887 million at December 31, 2024, marking a rise of 2.4%[50] - Long-term debt rose significantly to $7,049 million as of September 30, 2025, compared to $5,323 million at December 31, 2024, an increase of 32.5%[50] - The company’s accumulated deficit increased to $(23,728) million as of September 30, 2025, compared to $(23,076) million at December 31, 2024[50] Market Performance - ElectronicsCo achieved 10% organic sales growth, while IndustrialsCo saw 4% organic sales growth[11] - DuPont's operational improvements and strong performance in healthcare and water end-markets contributed to the positive outlook despite challenges in construction markets[23] - Net sales in the Asia Pacific region for the nine months ended September 30, 2025, were $4,020 million, up from $3,767 million in 2024, reflecting a growth of 6.7%[54] Future Outlook - The company expects full-year net sales to be approximately $6.84 billion, reflecting a slight decrease from prior guidance[21] - The company plans to continue its focus on the Electronics Separation and Distribution, which is expected to impact its future capital structure and operational efficiencies[30]

Financial Performance - Total revenue for Q3 2025 was $3,614,258, a decrease of 7.1% from $3,890,984 in Q3 2024[23] - Service revenue decreased to $3,427,947 in Q3 2025, down 6.6% from $3,671,674 in Q3 2024[23] - Net loss attributable to EchoStar for Q3 2025 was $12,781,196, compared to a loss of $141,812 in Q3 2024[23] - Operating loss for Q3 2025 was $16,641,875, significantly higher than the loss of $160,767 in Q3 2024[23] - Basic net loss per share attributable to EchoStar was $(44.37) in Q3 2025, compared to $(0.52) in Q3 2024[23] - For the nine months ended September 30, 2025, EchoStar reported a net loss of $13.29 million compared to a net loss of $459,634 for the same period in 2024[29] - Net cash flows from operating activities decreased to $325,948 from $1.21 million year-over-year[29] - The company experienced a significant increase in impairments, totaling $16.48 million in 2025, compared to none in 2024[29] Assets and Liabilities - Total current assets decreased to $6,032,290 as of September 30, 2025, down from $8,095,743 as of December 31, 2024[21] - Total assets decreased to $45,271,366 as of September 30, 2025, compared to $60,938,687 as of December 31, 2024[21] - Total liabilities increased to $38,264,495 as of September 30, 2025, from $40,693,462 as of December 31, 2024[21] - Total stockholders' equity decreased to $7,006,871 as of September 30, 2025, down from $20,245,225 as of December 31, 2024[21] - The total cash and cash equivalents and marketable investment securities amounted to $3.915 billion as of September 30, 2025[56] - The company has $2.0 billion of debt maturing in July 2026 and $1.377 billion maturing in August 2026[56] Spectrum and Network Operations - EchoStar entered into a License Purchase Agreement with AT&T for the sale of spectrum licenses for an aggregate purchase price of $22.65 billion, expected to close in the first half of 2026[37] - The AT&T Transactions include a minimum purchase price clause of $18.6 billion, ensuring a baseline for the sale[38] - The company plans to transition to a Hybrid Mobile Network Operator (MNO) model, with expected implementation as early as Q4 2025[44] - EchoStar agreed to sell its AWS-4 and H-Block Licenses to SpaceX, with the transaction contingent on regulatory approvals[47] - The total consideration amount for the SpaceX transactions is $17 billion, which includes $8.5 billion in SpaceX's Class A Common Stock valued at $212 per share[49] - The Spectrum Acquisition Closing is expected on or about November 30, 2027, subject to the satisfaction of customary closing conditions[50] - The company is actively migrating customer traffic from its 5G Network to AT&T's network as part of its transition strategy[74] - The company has received conditional approval from the FCC to extend 5G deployment deadlines to December 14, 2026, and further to June 14, 2028, based on compliance with commitments[76] Subscriber Metrics - As of September 30, 2025, the company had 7.166 million Pay-TV subscribers, including 5.171 million DISH TV subscribers and 1.995 million SLING TV subscribers[70] - The Wireless segment reported 7.520 million subscribers as of September 30, 2025[71] - As of September 30, 2025, the Broadband segment had 783,000 subscribers[79] Capital Expenditures and Investments - The company has invested over $30 billion in Wireless spectrum licenses, excluding $10 billion of capitalized interest related to these licenses[75] - The company has ceased capitalizing interest on its 5G Network qualifying assets as of the end of August 2025[88] - The company reported realized and unrealized gains (losses) on investments of $28.9 million for the three months ended September 30, 2025, compared to $52.1 million for the same period in 2024[130] Debt and Financing - The carrying amount of the company's debt facilities as of September 30, 2025, was $26,310,870,000, with a fair value of $29,795,145,000[155] - The company repurchased approximately $123 million of its 5 1/4% Senior Secured Notes due 2026 during the nine months ended September 30, 2025[155] - The company issued $5.356 billion and $150 million of its 10 3/4% Senior Secured Notes due November 30, 2029, in November 2024 and May 2025, respectively[165] - The company issued $2.0 billion aggregate principal amount of Convertible Notes due 2025, with $138 million remaining outstanding after a portion was exchanged and cancelled[171] Impairments and Write-downs - The company began the abandonment and decommission process for certain portions of its 5G Network, resulting in significant impairment assessments[61] - The company impaired the EchoStar XXI satellite, writing down its carrying value to zero as of September 30, 2025[143] - Impairment charges recorded during the three and nine months ended September 30, 2025, totaled approximately $16.481 billion[66] Regulatory Compliance and Obligations - The company is subject to a review of its compliance with obligations regarding federal spectrum licenses by the FCC[10] - The licenses remain in effect based on the submission of build-out certifications, despite the FCC not yet updating the build-out deadlines in the Universal Licensing System[10] - Northstar Wireless paid gross winning bid amounts for 261 AWS-3 Licenses but will not pay for 84, resulting in the FCC retaining those licenses[217]

Exhibit 99.1 BeOne Medicines Announces Third Quarter 2025 Financial Results and Business Updates • Third quarter total revenues increased 41% to $1.4 billion versus third quarter 2024 • Global BRUKINSA (zanubrutinib) revenues increased 51% to $1.0 billion versus third quarter 2024 ® • Diluted GAAP Earnings per American Depository Share (ADS) of $1.09, non-GAAP diluted Earnings per ADS of $2.65 • 47 abstracts accepted at American Society of Hematology (ASH) Annual Meeting Exhibit 99.1 Third Quarter 2025 Fina ...

Exhibit 99.1 BeOne Medicines Announces Third Quarter 2025 Financial Results and Business Updates SAN CARLOS, Calif. – November 6, 2025 – BeOne Medicines Ltd. (NASDAQ: ONC; HKEX: 06160; SSE: 688235), a global oncology company, today announced financial results and corporate updates from the third quarter of 2025. "These strong financial results reinforce our position as a global oncology leader with exceptional topline growth and a strong balance sheet," said John V. Oyler, Co-Founder, Chairman and CEO at Be ...

Financial Performance - Reported revenues for Q2 fiscal 2026 were $274.1 million, a decrease of 3.4% from $283.8 million in Q2 fiscal 2025[4] - Net income for Q2 fiscal 2026 totaled $42.2 million, down from $54.4 million in the prior year, with diluted EPS of $0.86 compared to $1.09 in Q2 fiscal 2025[5] - For the first six months of fiscal 2026, revenues were $523.6 million, a decrease of 5.0% from $550.9 million in the same period last year[7] - Non-GAAP adjusted net income for the first six months of fiscal 2026 was $99.9 million, slightly up from $99.4 million in the prior year[9] - North American OTC Healthcare segment revenues for Q2 fiscal 2026 were $230.8 million, down from $239.8 million in the prior year[13] - International OTC Healthcare segment revenues for Q2 fiscal 2026 were $43.4 million, slightly down from $44.0 million in the prior year[15] - Total segment revenues for North American OTC Healthcare were $443,334, while International OTC Healthcare revenues were $80,310, leading to consolidated revenues of $523,644[35] Cash Flow and Share Repurchase - The company repurchased approximately 1.1 million shares in Q2 for about $75.0 million, totaling approximately 1.6 million shares repurchased for $109.8 million in the first half[12] - The net cash provided by operating activities for the first six months of fiscal 2026 was $136.5 million, compared to $124.6 million in the prior year[11] - Cash and cash equivalents at the end of the period increased to $119,106 from $97,884, marking a rise of 21.2%[32] - Non-GAAP Free Cash Flow for Q3 2025 was $55,384,000, down from $67,773,000 in Q3 2024, a decline of 18.5%[44] - Projected FY'26 Non-GAAP Free Cash Flow is estimated at $245,000,000[45] Guidance and Outlook - The company reaffirmed its fiscal 2026 revenue outlook of $1,100 to $1,115 million, with adjusted diluted EPS guidance updated to $4.54 to $4.58[20] - The company expects to improve eye care supply in the second half of fiscal 2026 due to long-term capacity efforts and the closing of the Pillar5 transaction[18] - Projected FY'26 GAAP Diluted EPS is expected to be between $4.33 and $4.37[46] - Projected FY'26 Non-GAAP Adjusted Diluted EPS is anticipated to be between $4.54 and $4.58[46] Profitability Metrics - Gross profit for the six months ended September 30, 2025, was $291,910, down from $303,404 in the same period of 2024, reflecting a decrease of 3.8%[37] - Operating income for the six months ended September 30, 2025, was $151,426, compared to $156,385 for the same period in 2024, indicating a decline of 3.5%[37] - The company reported a contribution margin of $218,272 for the six months ended September 30, 2025, compared to $222,630 in the same period of 2024, a decrease of 2.0%[37] Balance Sheet Highlights - Total assets increased to $3,442,280, up from $3,402,218, representing a growth of 1.2%[30] - Total current liabilities increased to $134,604 from $106,623, reflecting a rise of 26.2%[30] - Long-term debt remained stable at $993,146, slightly up from $992,357, indicating a marginal increase of 0.1%[30] Other Financial Metrics - GAAP Net Income for Q3 2025 was $42,211,000, a decrease from $54,377,000 in Q3 2024, representing a decline of 22.5%[43] - Non-GAAP EBITDA for Q3 2025 was $86,832,000, compared to $91,873,000 in Q3 2024, reflecting a decrease of 5.4%[43] - Non-GAAP EBITDA Margin for Q3 2025 was 31.7%, slightly down from 32.4% in Q3 2024[43] - GAAP Net Cash Provided by Operating Activities for Q3 2025 was $57,486,000, compared to $69,800,000 in Q3 2024[44] - Interest expense for Q3 2025 was $10,036,000, down from $12,281,000 in Q3 2024, a decrease of 18.3%[43] - Total adjustments to reconcile GAAP Net Income to Non-GAAP Adjusted Net Income for Q3 2025 amounted to $10,261,000[43]

Sales Performance - Net sales increased 2% to $487.8 million in Q3 2025, compared to $478.4 million in Q3 2024[4] - International net sales grew 14% to $100.4 million, while US sales decreased 1% to $387.3 million[6] - Direct-to-consumer channel sales increased 3% to $288.7 million, driven by growth in Amazon Marketplace and YETI retail stores[4] - Total net sales for the nine months ended September 27, 2025, were $1,284,786, slightly up from $1,283,333 in the same period of 2024[49] - Sales in the United States accounted for $1,026,376, while international sales were $258,410 for the nine months ended September 27, 2025[62] - The Coolers & Equipment category generated $556,175 in sales, up from $518,443 in the prior year, marking an increase of 7.3%[62] - The Drinkware category saw a decline in sales to $705,830 from $736,084, representing a decrease of 4.1%[62] - The Other category's sales decreased to $22,781 from $28,806, a decline of 20.9%[62] - The overall adjusted net sales remained stable at $1,284,786, unchanged from the previous year[62] Profitability - Gross profit decreased 2% to $272.5 million, with a gross margin of 55.9%, impacted by higher tariff costs[7] - Net income decreased 30% to $39.4 million, or 8.1% of sales, compared to $56.3 million, or 11.8% of sales in the prior year[13] - Adjusted net income decreased 18% to $49.6 million, or 10.2% of adjusted sales[14] - Operating income for the three months ended September 27, 2025, was $54.4 million, a decrease from $69.6 million in the same period in 2024[43] - Adjusted operating income for the nine months ended September 27, 2025, was $175,011, down from $198,765 in the prior year, a decrease of 11.9%[54] - The gross margin for the nine months ended September 27, 2025, was 57.0%, compared to 57.4% for the same period in 2024[49] Expenses - SG&A expenses increased 5% to $218.2 million, representing 44.7% of sales, due to growth investments and higher non-cash stock-based compensation[9] - Selling, general, and administrative expenses increased to $593,765 for the nine months ended September 27, 2025, from $573,974 in the prior year, marking a rise of 3.4%[49] Cash Flow and Capital Management - Free cash flow is projected to be approximately $200 million, an increase from the previous outlook of $150 million to $200 million[33] - Net cash provided by operating activities increased significantly to $81,839, compared to $35,806 in the prior year, reflecting a growth of 128.5%[47] - Free cash flow improved to $50,067 for the nine months ended September 27, 2025, compared to $4,465 in the previous year, indicating a substantial increase[65] - The company repurchased common stock amounting to $172,908 during the nine months ended September 27, 2025, compared to $100,000 in the same period of 2024[47] - Cash at the end of the period decreased to $164,483 from $280,464 a year earlier, reflecting a decline of 41.3%[47] - YETI plans to increase its share repurchase target for 2025 to $300 million, up from the previous target of $200 million[29] Future Outlook - The company expects long-term topline growth in the range of high-single-digits to low-double-digits beyond 2025[2] - Adjusted sales are expected to increase by 1% to 2%, reflecting a 300 basis point unfavorable impact from supply chain transformation[33] - Adjusted operating income as a percentage of adjusted sales is projected to be between 14.0% and 14.5%, with a 230 basis point unfavorable impact from higher tariff costs[33] - Adjusted net income per diluted share is estimated to be between $2.38 and $2.49, including a $0.40 net unfavorable impact from higher tariff costs[33] - Capital expenditures are expected to be approximately $50 million, primarily for technology and new product innovation[33] - YETI's supply chain transformation is on track to diversify its manufacturing footprint by year-end, enhancing operational resilience[30]

Financial Performance - Net revenues decreased by 5.3% and 4.8% for the three and six months ended September 27, 2025, compared to the same periods in fiscal 2025, primarily due to customer transition of CSL Plasma and divestiture of the Whole Blood product line [144]. - Gross profit increased by 3.9% to $194.7 million for the three months ended September 27, 2025, and by 6.8% to $387.0 million for the six months ended September 27, 2025 [144]. - Operating income rose by 13.1% and 22.9% for the three and six months ended September 27, 2025, driven by pricing benefits and decreased restructuring costs [145]. - Plasma segment revenues decreased by 9.5% for the three months and 7.0% for the six months ended September 27, 2025, primarily due to lower sales volumes in North America [151]. - Blood Center revenues fell by 17.6% for the three months and 19.6% for the six months ended September 27, 2025, mainly due to the divestiture of the Whole Blood product line [153]. - Hospital segment revenues increased by 5.1% for the three months and 4.7% for the six months ended September 27, 2025, supported by the Blood Management Technologies product line [150]. - Constant currency growth measures indicated a revenue decline of 6.0% for the three months and 5.5% for the six months ended September 27, 2025, highlighting the impact of foreign exchange rates [149]. Share Repurchase and Debt Management - The company repurchased a total of 1,430,579 shares at an average price of $52.43 under an accelerated share repurchase agreement, with $425.0 million remaining for future repurchases [143]. - The company approved a new three-year share repurchase program in April 2025, authorizing up to $500.0 million, with $75.0 million repurchased by September 2025 [176]. - The company repurchased $200.0 million of its 2026 convertible senior notes, resulting in a net gain of $12.6 million [171]. - As of September 27, 2025, the outstanding balance under the term loan was $242.2 million with an effective interest rate of 6.4% [174]. - As of September 27, 2025, total outstanding debt under the senior unsecured term loan was $242.2 million with an effective interest rate of 6.4% [194]. - The principal amount of the term loan under the 2024 Revised Credit Facilities amortizes quarterly, starting at 2.5% for the first three years [173]. Cash Flow and Expenses - Net cash provided by operating activities increased by $107.3 million to $128.7 million for the six months ended September 27, 2025, compared to the same period in fiscal 2025 [179]. - Net cash used in investing activities decreased by $99.1 million to $(63.5) million for the six months ended September 27, 2025, compared to $(162.6) million in fiscal 2025 [180]. - Net cash provided by financing activities decreased by $337.9 million to $(79.0) million for the six months ended September 27, 2025, compared to $258.9 million in fiscal 2025 [182]. - Total operating expenses for the three months ended September 27, 2025, were $136.3 million, a 0.4% increase compared to the same period in fiscal 2025 [157]. - Research and development expenses rose by 5.2% for the three months and 8.9% for the six months ended September 27, 2025, compared to the same periods of fiscal 2025 [158]. - Selling, general and administrative expenses decreased by 5.0% for the three months and 1.3% for the six months ended September 27, 2025, compared to the same periods of fiscal 2025 [159]. Tax and Impairment - The effective tax rate for the three and six months ended September 27, 2025, was 24.6%, with income tax expenses of $12.6 million and $23.7 million, respectively [165]. - Impairment charges of intangible assets were $8.6 million for both the three and six months ended September 27, 2025, compared to $2.4 million in the same periods of fiscal 2025 [162]. Liquidity and Financial Position - As of September 27, 2025, cash and cash equivalents totaled $296.4 million, with a current ratio of 1.6 [168]. - The net debt position as of September 27, 2025, was $(928.3) million, indicating a strong liquidity position [168]. - The company had $19.5 million of uncommitted operating lines of credit with no outstanding borrowings as of September 27, 2025 [174]. Foreign Sales and Currency Impact - International sales accounted for 26.6% and 25.6% of total net revenues for the three and six months ended September 27, 2025, respectively [147]. - The company’s foreign sales accounted for 26.6% and 25.9% of total sales for the three and six months ended September 27, 2025, respectively [190]. - A 10% strengthening of the U.S. Dollar would result in a $9.8 million increase in the fair value of forward contracts, while a 10% weakening would lead to an $11.9 million decrease [193]. - A 100 basis point increase in Term SOFR rates would lead to an additional annual interest expense of $0.4 million [194]. - The notional amount on two active interest rate swap agreements to convert variable rate borrowings to fixed rate was $201.9 million [194]. Credit Risk and Investments - Concentration of credit risk exists in the Plasma business unit due to significant sales to a few large customers [195]. - Trade accounts receivable outside the U.S. include sales to government-owned healthcare systems, which are subject to payment delays [195]. - The company has not incurred significant losses on trade accounts or other receivables, but potential collection risks are continually evaluated [196]. - Allowances may be required in future periods if the financial condition of customers deteriorates [196]. - The company’s investments in privately held entities are periodically evaluated for impairment, with a risk of losing a substantial portion of these investments [197]. - Strategic investments in privately held entities total $88.6 million, classified as other long-term assets [197]. - No adjustments were recorded to the carrying value of strategic investments for the three months ended September 27, 2025 [197].