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What were the key takeaways from Smith & Wesson's earnings call?

What is Smith & Wesson's latest dividend and current dividend yield?

What factors drove the changes in Smith & Wesson's revenue and profit?

Did Smith & Wesson beat or miss consensus estimates last quarter?

What is the revenue and EPS growth rate for Smith & Wesson year over year?

- **Revenue Growth**: Q3 2026 revenue up 17.1% YoY to $135.7 million, driven by 28% handgun shipment growth.
- **Profitability**: Gross margin expands to 26.2%, adjusted EPS doubles to $0.08, operating cash flow +$30 million YoY.
- **Strategic Wins**: 3% price increase absorbed smoothly, new products account for 44% of handgun shipments.
- **Future Momentum**: Q4 sales guidance of +10-12% YoY, gross margin expansion, and growing law enforcement pipeline.

**【CEO Opening Remarks】**
- Q3 2026 revenue reached $135.7 million, up 17.1% YoY, driven by handgun sales growth and price increases.
- Adjusted EPS of $0.08 vs. $0.03 YoY, with operating cash flow up $30 million YoY.
- Handgun shipments +28% YoY, ASPs +5.2% to $419, supported by new products and 3% price increase.
- Long guns shipments down 25% YoY due to prior-year channel fill, but ASPs remain strong at $535.
- New products account for 44% of handgun shipments, with focus on higher ASP models.
- Debt reduced to $75 million, inventory down $23 million YoY, distributor weeks of supply stable at 9 weeks.
- Law enforcement sales pipeline growing, with 1,000+ agency contracts in past 18 months.

**【CFO Financial Commentary】**
- Gross margin improved to 26.2% (up 210bps YoY), despite 160bps tariff impact.
- Operating expenses +21% YoY to $28.9 million due to one-time gains last year.
- Q4 2026 guidance: Sales +10-12% YoY, gross margin expansion, operating expenses +10% YoY.
- Cash generation expected to remain strong, with $25-30 million capex for FY26.

**【Q&A Highlights】**
- **Pricing**: 3% price increase effective Jan 1, no pushback from distributors, demand maintained.
- **Handgun Success**: Refreshed product line across all categories, not just subcompacts, driving ASP growth.
- **Long Guns**: Hunting segment outperforming self-defense, but opportunities in SBRs and tax changes.
- **Law Enforcement**: Growing focus with purpose-built products, pipeline expansion beyond domestic agencies.

Smith & Wesson Brands, Inc.(SWBI)-20260306-2026 Q3 Earnings call transcript

- **Q2 Financial Strength**: $124.7M revenue, $15M EBITDAS, and $27.3M cash flow highlight operational efficiency.
- **Market Outperformance**: 3.3% unit growth vs. -2.7% market, driven by 7.7% handgun sell-through and 3.5% ASP increase.
- **Q3 Growth Guidance**: 8-10% sales growth YoY, with gross margin improvement and $25-30M capital spending.
- **Tariff Mitigation**: 80 basis point impact offset by inventory management and production ramp-up.
- **Positive Industry Sentiment**: Distributors praise clean inventory and brand strength, with strong new product pipeline.

**【Management Opening Remarks】**
- Emphasized forward-looking statements and non-GAAP financial measures, including adjusted NICS as a proxy for consumer demand.
- Highlighted the importance of inventory management and capital allocation strategy.

**【CEO Commentary】**
- Q2 revenue of $124.7 million, with EBITDAS of $15 million and operating cash flow of $27.3 million.
- Inventory reduced by $20 million year-over-year, channel inventory down 15% YoY, positioning for Q3 growth.
- New products accounted for 40% of sales, driving 7.7% handgun sell-through growth and 3.5% ASP increase.
- Long guns underperformed due to seasonal hunting demand, but overall market outperformance of 3.3% vs. -2.7%.
- Smith & Wesson Academy successfully launched, with positive feedback from law enforcement and consumers.

**【CFO Financial Commentary】**
- Gross margin 24.3%, down 2.3% YoY due to lower production absorption and tariffs.
- Operating expenses down $733,000 YoY, driven by lower legal costs.
- Q3 guidance: 8-10% sales growth YoY, gross margin improvement, and 15% higher OpEx due to SHOT Show and promotions.
- Capital spending $25-30 million for the year, with $15 million repaid on $75 million line of credit.

**【Q&A Highlights】**
- Tariffs: 80 basis point headwind, offset by inventory absorption and Q3 production ramp-up.
- G&A: Expect steady performance, with Q3 OpEx up 15% for SHOT Show and promotions.
- Q4 outlook: High single to low double-digit growth, driven by stable market and new products.
- Industry feedback: Distributors and retailers praise clean inventory, brand strength, and new product pipeline.

Smith & Wesson Brands, Inc. (SWBI) Q2 2026 Earnings Call Transcript

- **Revenue Resilience**: Q1 2026 revenue of $85.1 million highlights market share leadership despite macro challenges.
- **ASPs Under Pressure but Managed**: Handgun ASPs down 4% sequentially, but maintained through selective promotions and brand strength.
- **Innovation Payoff**: New products (37.3% of sales) and Academy launch reinforce long-term growth strategy.
- **Financial Caution**: Net loss reflects短期 challenges, but dividend reaffirmation signals confidence in balance sheet strength.
- **NFA Growth Opportunity**: Post-January 2026 tax law changes expected to drive suppressor and SBR demand, with Gemtech well-positioned.

**【CEO Summary Section】**
- **Q1 2026 Financial Highlights**: Revenue of $85.1 million and EBITDAS of $8 million, driven by strong demand for new products and market share leadership across all firearm categories.
- **Handgun Performance**: Shipments into the sporting goods channel increased 35% YoY, outpacing NICS (down 2.4%), with ASPs maintained at healthy levels despite a 4% sequential decline.
- **Innovation Focus**: New products accounted for 37.3% of Q1 sales, including the successful launch of the Shield Act. The company is expanding its lever-action rifle platform with 2 additional calibers in development.
- **Smith & Wesson Academy Launch**: A state-of-the-art training facility in Tennessee, offering free training to law enforcement and military, with consumer courses to promote responsible firearms ownership.

**【CFO Financial Commentary】**
- **Financial Results**: GAAP net loss of $3.4 million ($0.08 per share) due to lower revenue and higher interest expenses. Non-GAAP metrics show cash flow improvement ($8.1M used in operations vs. $30.8M prior year) and capital spending guidance of $25-30M for FY26.
- **Gross Margin Dynamics**: 25.9% gross margin (down 1.5% YoY) impacted by steel tariffs and lower production absorption. Q2 gross margin expected to remain flat with Q1 levels.
- **Dividend Policy**: $0.13 quarterly dividend reaffirmed, reflecting financial discipline despite macroeconomic caution.

**【Q&A Key Highlights】**
- **ASPs and Promotional Strategy**: Management confident in maintaining ASPs through selective promotions, leveraging brand strength and clean channel inventory.
- **Long Gun Expansion**: Focus on expanding into white-space markets like lever-action rifles, with the 1854 model driving category leadership.
- **NFA Growth Catalysts**: Anticipation of suppressor and SBR demand post-January 2026 tax law changes, with Gemtech brand positioned for long-term growth.
- **Legacy Product Management**: Inventory reduction strategies balanced with continued legacy product share gains, supported by strong brand equity.

Smith & Wesson Brands, Inc. (SWBI) Q1 2026 Earnings Call Transcript

- **Q4 Results**: Revenue down 11.6% YoY to $140.8M, with new products (44% of sales) offsetting industry-wide softness. Handgun ASPs down 6.3%, but long guns ASPs up 11% on higher-priced models.
- **Market Share**: Gained handgun share (NICS -3.4% vs. shipments -2.1%) and maintained leadership despite channel inventory conservatism.
- **Tariff Risks**: U.S.-made production mitigates foreign tariffs, but domestic steel costs could pressure margins. Q1 ASPs expected down 5-10% YoY.
- **Financial Health**: Strong balance sheet ($25.2M cash, $92.3M credit availability) supports debt reduction and dividend payments. FY2026 expects inventory reduction and cash flow generation.

**【CEO Summary Section】**
- Q4 revenue declined 11.6% YoY to $140.8M, driven by macroeconomic challenges (inflation, high interest rates) and industry softness. New products accounted for 44% of sales, with strong performance from the BODYGUARD 380 and SD9 handguns.
- Market share gains in handguns (NICS down 3.4% vs. 2.1% shipment decline) and long guns (lever action rifles ASP up 11%). ASPs overall down 4.5% YoY due to mix shift toward lower-priced handguns.
- Channel inventory remains conservative (5,000 units added, ~8 weeks supply), with smaller competitors exiting the market, creating opportunities for market share expansion.
- Extended summer shutdown by 1 week to align production with demand, with Q1 expected to be 10% lower YoY.
- Balance sheet remains strong; prioritizing debt reduction and dividend payments ($0.13 quarterly dividend declared).

**【CFO Financial Commentary】**
- GAAP net income of $8.6M (-67.3% YoY) due to lower sales, gross margin (28.8% vs. 35.5% YoY) pressured by lower volume and promotions. Non-GAAP EPS of $0.20 (-58.3% YoY).
- Operating expenses down 7.3% YoY to $27.4M, driven by reduced profit-sharing and insurance costs. Free cash flow of $33.5M generated in Q4, with $30M used to repay debt.
- FY2025 cash used of $28.8M due to $29.3M inventory build. Expect FY2026 demand similar to FY2025, with Q1 ASPs down 5-10% YoY and margins under pressure from tariffs and low volume.

**【Q&A Highlights】**
- **Tariff Impact**: U.S.-made products shield from foreign tariffs, but domestic steel costs rising. Competitors may pass through costs, creating pricing discipline.
- **Inventory Strategy**: Q1 will see inventory build (normal seasonal pattern), followed by reduction through hunting season. FY2026 expects significant inventory reduction.
- **Market Share**: Smaller competitors exiting creates opportunity, but no immediate liquidation risk. Focus on new products (e.g., Q1 introductions) to maintain ASPs without discounting core lines.
- **Cash Flow**: Expect healthy cash generation in FY2026, with debt repayment a priority alongside dividend payments.

Smith & Wesson Brands, Inc. (SWBI) Q4 2025 Earnings Call Transcript

- **Q3 revenue shortfall**: $115.9M (-15.7% YoY) vs. target, despite new products driving 41% of sales.\n- **Market share gains**: +3% handgun shipments vs. -4.1% NICS, 20% CAGR in long guns over 2 years.\n- **ASP trends**: Overall -3.1%, with handguns down 7.8% and long guns up 17.2%.\n- **Q4 outlook**: Revenue down 2-5% YoY, margins pressured by lower production.\n- **Shareholder returns**: $49M returned over 12 months, including Q3 buybacks of 220K shares.\n- **Tariff resilience**: Minimal impact from domestic supply chain.\n- **2026 focus**: Expand lever-action rifles and introduce new concealed carry options.

**【CEO Key Highlights】**
- Q3 revenue of $115.9M (-15.7% YoY) fell short of target, driven by soft demand for core products despite strong new product sales (41% of Q3 revenue).\n- Gained market share in handguns (+3% shipments vs. -4.1% NICS) and long guns (20% CAGR over 2 years), with Bodyguard 2.0 and lever-action rifles leading growth.\n- ASPs declined 3.1% YoY (7.8% in handguns, +17.2% in long guns), reflecting mix shift to lower-priced handguns.\n- Channel inventory healthy at 8.5 weeks, with plans to reduce internal inventory in Q4.\n- $49M returned to shareholders via buybacks and dividends over 12 months, with Q3 repurchases of 220K shares.\n
**【CFO Financial Summary】**
- GAAP net income: $1.7M ($0.04 EPS) vs. $12.3M ($0.31 EPS) YoY.\n- Gross margin: 24.1% (-460bps YoY) due to lower production volumes and promotions.\n- Operating expenses: $23.8M (-15.7% YoY), benefiting from $2.3M gain on land sale.\n- Q4 outlook: Revenue down 2-5% YoY, margins pressured by lower production absorption.\n- Full year 2025 revenue expected down 10% YoY, with capital spending $20-25M.\n
**【Q&A Key Takeaways】**
- **New product cannibalization**: Bodyguard 2.0 outperformed core revolvers, but maintained overall handgun market share.\n- **Channel health**: Distributors at 8.5 weeks inventory, cautious but not overstocked.\n- **Tariffs impact**: Minimal exposure due to domestic supply chain, with no material impact to 2025 guidance.\n- **2026 strategy**: Focus on expanding lever-action rifle line and introducing new concealed carry options.\n- **Lever-action margins**: Comparable to core rifle line, with potential for expansion into additional calibers.

Smith & Wesson Brands (SWBI)-6 Mar 25-2025 Q3 Earnings call transcript

Smith & Wesson Brands (SWBI)-5 Dec 24-2025 Q2 Earnings call transcript

Smith & Wesson Brands (SWBI)-5 Sep 24-2025 Q1 Earnings call transcript

Smith & Wesson Brands (SWBI)-20 Jun 24-2024 Q4 Earnings call transcript

Smith & Wesson Brands (SWBI)-7 Mar 24-2024 Q3 Earnings call transcript

- **Revenue Growth**: Q2 revenue up 3.2% YoY to $125 million, with new products driving 29% of sales.
- **ASP Trends**: Sequential ASP decline in Q2, 5% drop expected in Q3, but pricing strategy to maintain margin health.
- **Margin Recovery**: Gross margin to rebound to low 30s in Q4 as production ramps up post-relocation.
- **Capital Allocation**: $8.2 million in buybacks and $5.5 million dividend paid; targeting debt-free balance sheet by FY25.
- **Strategic Momentum**: Strong demand, new product innovation (2023 Innovator of the Year award), and Tennessee facility ramp-up support long-term growth.

**【CEO Summary Section】**
- **Revenue Growth**: Q2 revenue increased 3.2% YoY to $125 million, driven by 3% unit shipment growth and strong new product sales (29% of revenue mix). Distributor inventories decreased by 4,000 units, despite seasonal build expectations.
- **ASP Performance**: Average selling prices (ASPs) remained stable YoY, with sequential decline in mid-single digits due to promotional activity. Management expects 5% ASP decline in Q3 due to holiday promotions but maintains pricing strategy to protect margins.
- **Tennessee Relocation Impact**: Margins temporarily pressured by $3.2 million legal settlement and dual production costs. Management anticipates margin recovery in Q4 as production ramps up and relocation costs abate.
- **Capital Allocation**: $8.2 million in share buybacks under $50 million authorization and $5.5 million dividend paid. Target to be debt-free by FY25 as capital spending winds down.

**【CFO Financial Commentary】**
- **Gross Margin**: 25.4% reported gross margin (28% excluding one-time legal charge), down 4.4% YoY due to unfavorable absorption and inflation. Margins expected to normalize in Q4 with higher production volumes.
- **Operating Expenses**: $28 million in Q2, up 1.3% YoY due to relocation-related expenses and compensation costs. Sequential stability expected in Q3.
- **Cash Flow**: $37 million cash generated in first half, with $34.9 million capex (mostly relocation). Target to generate >$75 million annual cash flow post-relocation.
- **Q3 Guidance**: Sales growth to outpace Q2, ASPs down 5%, and gross margins flat sequentially before rebounding to low 30s in Q4.

**【Q&A Highlights】**
- **Promotional Environment**: Competitive but sustainable promotional activity expected, with 5% ASP decline in Q3. Management confident innovation will offset price pressure.
- **Demand Sustainability**: NICS up 7% YoY in last 60 days, channel inventory healthy. Election-year demand and new product pipeline (SHOT Show launches) support growth.
- **Debt-Free Timeline**: Originally targeted FY24, now shifted to FY25 due to buyback activity. Management expects strong cash position post-relocation.
- **Gross Margin Outlook**: Q4 margins to rebound to low 30s, driven by Tennessee facility ramp-up and reduced dual costs. Efficiency gains expected to persist into FY25.

Actual											0.0998	0.4378	0.97	0.93	1.12	1.71	1.57	1.13	0.69	0.82	0.11	0.26	0.25	0.32	0.13	0.14	0.19	0.45	-0.02	0.11	0.04	0.19	-0.08	0.04	0.08
Forecast											0.1797	0.3057	0.3869	0.628	0.81	1.08	1.262	1.2875	0.83	0.665	0.205	0.44	0.23	0.29	0.0933	0.18	0.11	0.355	-0.02	0.1533	0.02	0.25	-0.1033	0.0233	0.045
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-44.46%	+43.21%	+150.71%	+48.09%	+38.27%	+58.33%	+24.41%	-12.23%	-16.87%	+23.31%	-46.34%	-40.91%	+8.70%	+10.34%	+39.34%	-22.22%	+72.73%	+26.76%	0.00%	-28.25%	+100.00%	-24.00%	+22.56%	+71.67%	+77.78%

SWBI

SWBI fundamentals

SWBI Q3 2026 Earnings

Earnings Call

You can ask Aime

SWBI

SWBI fundamentals

SWBI Q3 2026 Earnings

Earnings Call

SWBI Earnings Call Summary for Q3/20265:00 PM on Mar 5, 2026

SWBI Earnings Call Summary for Q2/20265:00 PM on Dec 4, 2025

SWBI Earnings Call Summary for Q1/20265:00 PM on Sep 4, 2025

SWBI Earnings Call Summary for Q4/20255:00 PM on Jun 18, 2025

SWBI Earnings Call Summary for Q3/20255:00 PM on Mar 6, 2025

You can ask Aime