Overview

• US outdoor products maker's Q1 sales rose 8%, beating analyst expectations

• Adjusted EPS for Q1 fell 16% yr/yr but beat analyst expectations

• Company raised 2026 sales and EPS outlook, expanded share repurchase program to $500 mln

Outlook

• YETI raises 2026 sales growth outlook to 7%-8%, up from 6%-8%

• Company lifts 2026 EPS outlook to $2.83-$2.89, from $2.77-$2.83 previously

• YETI expects 2026 adjusted operating margin of about 14.6%, up from 14.4%

Result Drivers

• WHOLESALE STRENGTH - Wholesale channel sales grew 19%, marking the best quarterly performance in over three years, driven by strong consumer demand in the US and international regions

• INNOVATION & BRAND MOMENTUM - Growth in Coolers & Equipment (up 11%) and Drinkware (up 5%) was supported by new product innovation and strong brand response, per CEO Matt Reintjes

• TARIFF IMPACT & MIX - Higher tariff costs and a lower mix of DTC and Drinkware sales weighed on gross margin and adjusted EPS, offsetting some topline gains

Company press release: ID:nBw2xgVH3a

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Sales	Beat	$380.40 mln	$374.93 mln (15 Analysts)
Q1 Adjusted EPS	Beat	$0.26	$0.18 (16 Analysts)
Q1 Adjusted Net Income	Beat	$19.80 mln	$13.73 mln (14 Analysts)
Q1 Adjusted Operating Income	Beat	$26.60 mln	$18.29 mln (14 Analysts)

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 10 "strong buy" or "buy", 7 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the recreational products peer group is "buy"

• Wall Street's median 12-month price target for Yeti Holdings Inc is $52.90, about 38% above its May 13 closing price of $38.33

• The stock recently traded at 13 times the next 12-month earnings vs. a P/E of 16 three months ago

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