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- **Record Growth**: Q3 net sales $1.63B (+14.3% YoY), EBITDA $317M (+20.7% YoY), EPS $1.08 (24% YoY). 
- **50%+ Gross Margin**: Adjusted GM 50.3%, up 90bps YoY, despite tariffs. 
- **Innovation Surge**: 25 new products launched, including sold-out Shark Facial Pro Glow. 
- **International Expansion**: U.K. sales +26.7% YoY, Mexico triple-digit growth, targeting 50% intl revenue. 
- **2025 Guidance Raised**: Sales 15-15.5% growth, EPS $5.05-$5.15. 
- **2026 Outlook**: Double-digit growth driven by beauty, outdoor, and intl expansion.

**【CEO Summary Section】**
- **Revenue Growth**: Q3 net sales increased 14.3% YoY to $1.63 billion, driven by double-digit growth across all regions. U.S. sales rose 9.5%, while international sales surged 25.8% YoY, with the U.K. leading at 26.7% growth.
- **Gross Margin Expansion**: Adjusted gross margin reached 50.3%, up 90 basis points YoY, despite tariff headwinds. This reflects cost optimization and new product launches like the Shark Stain Force and Ninja Crispi Pro.
- **EBITDA Performance**: Adjusted EBITDA grew 20.7% YoY to $317 million, with a 19.4% margin, up 100 basis points YoY. Operating expenses leveraged 16 basis points YoY.
- **Innovation Pipeline**: 25 new products launched in 2025, including the Shark Facial Pro Glow (sold out in 3 hours) and Ninja Blend Boss. Q4 guidance includes 16% YoY sales growth and 200 basis points EBITDA margin expansion.
- **International Expansion**: Mexico and EMEA show strong momentum. U.K. sales grew 26.7% YoY, and the company aims for 50% international revenue in the midterm.

**【CFO Financial Commentary】**
- **Financial Highlights**: GAAP net income of $213 million ($1.08 EPS) vs. $170 million ($1.21 EPS) YoY. Adjusted EPS up 24% to $1.08, beating expectations. Cash increased 100% YoY to $264 million, with $490 million credit facility available.
- **Tariff Mitigation**: 1/3 of gross margin expansion from operational excellence, 2/3 from tariff timing. 2025 guidance raised to 15-15.5% sales growth and $5.05-$5.15 EPS.
- **Balance Sheet**: Inventory at $1.16 billion (7.6% YoY), healthy for holiday. Capital expenditures tracking to the lower end of $180-200 million.

**【Q&A Key Highlights】**
- **Innovation Confidence**: Mark Barrocas emphasized a robust pipeline, including reinventing core categories (e.g., air fryers) and entering new spaces (outdoor heaters, skincare). Q4 will see 25,000 pre-orders for Shark Facial Pro Glow.
- **International Strategy**: Adam Quigley highlighted Europe and Latin America as key growth areas, with Germany and France targeting larger market shares. Direct-to-consumer sites in EMEA will launch in H1 2026.
- **Gross Margin Durability**: Adam Quigley cited multiple levers for margin expansion, including value engineering, dual sourcing, and higher-margin new categories. 2026 outlook includes continued tariff mitigation and operational efficiency.
- **Holiday Outlook**: Strong retailer support and new product launches (e.g., Ninja Crispi Pro) position SharkNinja for Q4 growth. U.S. beauty devices and international expansion will drive double-digit sales growth.
- **Transition to Domestic Filer**: SharkNinja will become a U.S. domestic filer in 2026, reflecting its global scale and investor alignment.

SharkNinja, Inc.(SN)-20251106-2025 Q3 Earnings call transcript

Shark

Ninja

Cleaning Appliances

Cooking and Beverage Appliances

Food Preparation Appliances

Beauty and Home Environment Appliances

North America

Europe

Rest of World

Domestic

International

SN

SN fundamentals

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