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Mar 29
YETI Q1 2025 Earnings Report
YETI reported modest revenue growth and improved net income despite FX and tariff-related headwinds.
Key Takeaways
YETI saw a 3% revenue increase and a 5% boost in net income in Q1 2025. While EPS improved, adjusted EPS declined due to FX impacts. Coolers & Equipment drove segment growth, while Drinkware declined amid supply chain shifts.
Revenue rose 3% year-over-year to $351,128,000, despite a 100bps FX headwind.
EPS increased 11% to $0.20, but adjusted EPS fell 9% to $0.31 due to FX impact.
Drinkware sales fell 4%, while Coolers & Equipment rose 17%.
International sales grew 22%, significantly outpacing the U.S. segment.
YETI
YETI
YETI Revenue by Segment
YETI Revenue by Geographic Location
Forward Guidance
YETI revised its 2025 outlook downward due to expected tariff costs and supply chain disruptions, but remains confident in long-term strategy.
Positive Outlook
- Strategic supply chain diversification ahead of plan
- Expected to reduce China-sourced goods to <5% of U.S. costs
- Durable balance sheet and strong free cash flow generation
- Continued investment in innovation and technology
- Focus on global brand expansion
Challenges Ahead
- Tariff impacts reduced adjusted operating margin outlook by 450bps
- Lower adjusted EPS forecast ($1.96–$2.02, down from $2.90–$2.95)
- Free cash flow outlook halved to $100M–$125M
- Sales outlook lowered to 1–4% growth (from 5–7%)
- Inventory and supply chain disruptions affecting topline
Revenue & Expenses
Visualization of income flow from segment revenue to net income