sharkninja-20260331

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___ to ___

Commission File Number: 001-41754

SHARKNINJA, INC.
(Exact name of registrant as specified in its charter)


Cayman Islands (State or other jurisdiction of incorporation or organization)			98-1738011 (I.R.S. Employer Identification No.)


89 A Street Needham, MA (Address of principal executive offices)			02494 (Zip Code)

(617) 243-0235

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Ordinary Shares, $0.0001 par value per share

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

x Yes ¨ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

x Yes ¨ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

x Large accelerated filer ¨ Accelerated filer ¨ Non-accelerated filer ¨ Smaller reporting company ¨ Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

¨ Yes x No

The registrant had outstanding 141,520,379 ordinary shares as of April 30, 2026.

TABLE OF CONTENTS


			Page
Cautionary Note Regarding Forward-Looking Statements			4
PART I			6
Item 1. Financial Statements (Unaudited)			6
Condensed Consolidated Balance Sheets (Unaudited)			6
Condensed Consolidated Statements of Income (Unaudited)			7
Condensed Consolidated Statements of Comprehensive Income (Unaudited)			8
Condensed Consolidated Statements of Shareholders’ Equity (Unaudited)			9
Condensed Consolidated Statements of Cash Flows (Unaudited)			10
Notes to Condensed Consolidated Financial Statements (Unaudited)			11
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations			26
Item 3. Quantitative and Qualitative Disclosures About Market Risk			41
Item 4. Controls and Procedures			42
PART II			44
Item 1. Legal Proceedings			44
Item 1A. Risk Factors			44
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			44
Item 3. Defaults Upon Senior Securities			45
Item 4. Mine Safety Disclosures			45
Item 5. Other Information			45
Item 6. Exhibits			45
Signatures			46

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements that reflect our current views with respect to, among other things, future events and our future business, financial condition, results of operations and prospects. These statements are often, but not always, made through the use of words or phrases such as “may,” “should,” “could,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “projection,” “would” and “outlook,” or the negative version of those words or phrases or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are not statements of historical fact, and are based on current expectations, estimates and projections about our industry as well as certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. These forward-looking statements are subject to a number of known and unknown risks, uncertainties and assumptions, which you should consider and read carefully, including but not limited to:

•our ability to maintain and strengthen our brands to generate and maintain ongoing demand for our products;

•our ability to commercialize a continuing stream of new products and line extensions that create demand;

•our ability to effectively manage our future growth;

•general economic conditions, including the impacts of tariff programs, and the level of discretionary consumer spending;

•our ability to expand into additional consumer markets;

•our ability to maintain product quality and product performance at an acceptable cost;

•our ability to compete with existing and new competitors in our markets;

•problems with, or loss of, our supply chain or suppliers, or an inability to obtain raw materials;

•the risks associated with doing business globally;

•inflation, changes in the cost or availability of raw materials, energy, transportation and other necessary supplies and services;

•our ability to hire, integrate and retain highly skilled personnel;

•our ability to maintain, protect and enhance our intellectual property;

•our ability to securely maintain consumer and other third-party data;

•our ability to comply with regulatory requirements;

•the increased expenses associated with being a public company;

•our ability to achieve some or all of the anticipated benefits of the separation from JS Global;

•the payment of any declared dividends; and

•the other risks and uncertainties described under “Risk Factors” in our Annual Report.

This list of factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this Quarterly Report and our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC. We operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for us to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor or combination of factors may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the future events and trends discussed in this Quarterly Report, and our future levels of activity and performance, may not occur and actual results could differ materially and adversely from those described or implied in the forward-looking statements. As a result, you should not regard any of these forward-looking statements as a representation or warranty by us or any other person or place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and we do not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

In addition, statements that contain “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based on information available to us as of the date of this Quarterly Report. While we believe that this information provides a reasonable basis for these statements, this information may be limited or incomplete. These statements are inherently uncertain, and investors are cautioned not to unduly rely on these statements. We qualify all of our forward-looking statements by the cautionary statements contained in this section and elsewhere in this Quarterly Report.

PART I

Item 1. Financial Statements

SHARKNINJA, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share data)

(unaudited)


	As of
	March 31, 2026		December 31, 2025
Assets
Current assets:
Cash and cash equivalents	$	511,774	$	777,289
Accounts receivable, net(1)	1,475,606		1,667,143
Inventories	1,034,582		1,002,205
Prepaid expenses and other current assets	239,761		164,628
Total current assets	3,261,723		3,611,265
Property and equipment, net	243,083		232,226
Operating lease right-of-use assets	136,693		142,487
Intangible assets, net	449,309		451,137
Goodwill	834,781		834,781
Deferred tax assets	20,433		10,706
Other assets, noncurrent	72,240		66,832
Total assets	$	5,018,262	$	5,349,434
Liabilities and Shareholders’ Equity
Current liabilities:
Accounts payable(2)	$	583,484	$	679,534
Accrued expenses and other current liabilities	684,294		1,016,645
Tax payable	65,336		38,092
Debt, current	39,344		39,344
Total current liabilities	1,372,458		1,773,615
Debt, noncurrent	686,959		696,795
Operating lease liabilities, noncurrent	134,563		140,981
Deferred tax liabilities	15,920		16,252
Other liabilities, noncurrent	45,272		45,580
Total liabilities	2,255,172		2,673,223
Commitments and contingencies (Note 9)
Shareholders’ equity:
Ordinary shares, $0.0001 par value per share; 1,000,000,000 shares authorized; 141,902,856 shares issued and 141,709,721 shares outstanding as of March 31, 2026; 141,158,026 shares issued and outstanding as of December 31, 2025	14		14
Additional paid-in capital	1,035,237		1,045,504
Treasury shares, at cost; 193,135 shares and 0 shares as of March 31, 2026 and December 31, 2025, respectively	(19,999)		—
Retained earnings	1,731,860		1,610,398
Accumulated other comprehensive income (loss)	15,978		20,295
Total shareholders’ equity	2,763,090		2,676,211
Total liabilities and shareholders’ equity	$	5,018,262	$	5,349,434

(1) Including amounts from a related party of $23,810 and $17,574 as of March 31, 2026 and December 31, 2025, respectively.

(2) Including amounts to a related party of $11,702 and $14,115 as of March 31, 2026 and December 31, 2025, respectively.

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

SHARKNINJA, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except share and per share data)

(unaudited)


	Three Months Ended March 31,
	2026		2025
Net sales(1)	$	1,412,806	$	1,222,638
Cost of sales(2)	717,838		619,412
Gross profit	694,968		603,226
Operating expenses:
Research and development(3)	98,883		87,603
Sales and marketing	315,338		275,737
General and administrative(4)	116,222		94,940
Total operating expenses	530,443		458,280
Operating income	164,525		144,946
Interest expense, net	(6,607)		(12,629)
Other (expense) income, net	(10,336)		13,216
Income before income taxes	147,582		145,533
Provision for income taxes	26,120		27,698
Net income	$	121,462	$	117,835
Net income per share, basic	$	0.86	$	0.84
Net income per share, diluted	$	0.85	$	0.83
Weighted-average number of shares used in computing net income per share, basic	141,396,491		140,622,029
Weighted-average number of shares used in computing net income per share, diluted	142,358,711		142,183,430

(1) Including amounts associated with related parties of $3,326 and $4,784 for the three months ended March 31, 2026 and 2025, respectively.

(2) Including amounts associated with related parties of $12,809 and $27,476 for the three months ended March 31, 2026 and 2025, respectively.

(3) Including amounts associated with related parties of $(2,853) and $(1,658) for the three months ended March 31, 2026 and 2025, respectively.

(4) Including amounts associated with related parties of $0 and $(750) for the three months ended March 31, 2026 and 2025, respectively.

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

SHARKNINJA, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in thousands)

(unaudited)


	Three Months Ended March 31,
	2026		2025
Net income	$	121,462	$	117,835
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	(4,317)		7,876
Unrealized gain on derivative instruments, net	—		6,024
Comprehensive income	$	117,145	$	131,735

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

SHARKNINJA, INC.

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(in thousands, except share data)

(unaudited)


	Three Months Ended March 31, 2026
											Accumulated Other Comprehensive Income (Loss)
				Additional Paid-in Capital									Total Shareholders' Equity
	Ordinary shares					Treasury shares			Retained Earnings
	Shares	Amount				Shares	Amount
Balance as of December 31, 2025	141,158,026	$	14	$	1,045,504	—	$	—	$	1,610,398	$	20,295	$	2,676,211
Share-based compensation	—	—		30,309		—	—		—		—		30,309
Vesting of restricted share units, net of shares withheld for taxes	660,000	—		(48,675)		—	—		—		—		(48,675)
Shares issued under employee share purchase plan	84,830	—		8,099		—	—		—		—		8,099
Repurchase of ordinary shares	(193,135)	—		—		193,135	(19,999)		—		—		(19,999)
Other comprehensive loss, net of tax	—	—		—		—	—		—		(4,317)		(4,317)
Net income	—	—		—		—	—		121,462		—		121,462
Balance as of March 31, 2026	141,709,721	$	14	$	1,035,237	193,135	$	(19,999)	$	1,731,860	$	15,978	$	2,763,090

SEC Form 10-Q filed by SharkNinja Inc.