The following discussion and analysis provide information that management believes is relevant to an assessment and understanding of our results of operations and financial condition. You should read the following discussion and analysis of our financial condition and results of operations in conjunction with our unaudited condensed consolidated financial statements and the related notes appearing elsewhere in this Quarterly Report on Form 10-Q. Some of the information contained in this discussion and analysis includes forward-looking statements that involve risks, uncertainties and assumptions. You should read the “Cautionary Note Regarding Forward-Looking Statements” in this Quarterly Report on Form 10-Q, as well as the “Risk Factors” section of our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 as filed with the Securities and Exchange Commission (“SEC”) on March 2, 2026 (the “Form 10-K”), for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. 27 Table of Contents Overview SharkNinja is a global product design and technology company that creates innovative 5-star rated lifestyle solutions for consumers around the world. We have built two billion-dollar+ brands that drive strong growth and innovation across the 39 sub-categories in which we competed as of June 30, 2026, having entered our 40th sub-category in July 2026. We have a proven track record of entering and establishing leadership positions by disrupting the market across household product categories, including Cleaning, Cooking and Beverage, Food Preparation, and Beauty and Home Environment Appliances. The Company has identified two operating segments, Domestic and International, based on geographic sales regions for which discrete financial information is available. Domestic consists of the United States and Canada, and International consists of markets outside the United States and Canada. The Company has determined that these two operating segments meet the aggregation criteria in ASC 280-10-50-11 and therefore are aggregated into one reportable segment. See “Note 3 - Segment Reporting” to our unaudited condensed consolidated financial statements found within Part I, Item 1 in this Quarterly Report on Form 10-Q for additional information. Our success is centered around our advanced engineering and innovation capabilities coupled with our deep understanding of consumer needs. We relentlessly seek to deliver innovative home appliances at compelling value in order to delight consumers. Our continued growth in sales and increasing market share demonstrate that our products deliver lifestyle solutions that meet our consumers’ evolving needs and desires. We drive high brand engagement through our dynamic approach to solutions-driven storytelling in categories that we believe have not been historically known for high engagement. This solutions-driven approach focuses on educating the consumer on our innovative solution to a consumer problem that makes their experience more efficient and more enjoyable. Our differentiated storytelling complements our innovative products across a variety of channels, including in-store, online, across social media and on television. This approach engages current and new consumers, fueling demand for our solutions across a variety of categories. Utilizing this strategy, we have built a global community of passionate brand ambassadors who we believe value our innovation, quality and performance. We sell our products using an omnichannel distribution strategy that consists primarily of retail and direct-to-consumer (“DTC”) channels. Our retail channel covers brick-and-mortar retailers, e-commerce platforms, distributors and multichannel retailers, which, in turn, sell our products to the end consumers. Some of the largest retailers we sell to include Amazon, Costco, Walmart, Target and Best Buy, as well as a significant number of independent retailers. Our DTC channel covers sales directly to consumers through our websites and social media platforms. The goal of our omnichannel distribution strategy is to be the most prominent and relevant brand wherever our consumers choose to shop. We have built an agile and efficient supply chain over time and have made significant investments to optimize manufacturing and sourcing. Our supply chain infrastructure harnesses three differentiating factors: (i) long-standing factory partnerships that allow us to rapidly develop and produce our products, (ii) factory flexibility that allows us to incorporate insights and adapt at any stage of the production process and (iii) our volumes and long-term strategic partnerships with key shippers allow us to attain competitive inbound freight rates, even when the market is constrained. We have also made significant investments in local talent to help oversee the production process and ensure that our manufacturers’ products meet our strenuous quality standards. Recent Developments, Macroeconomic Conditions and Potential Impacts We expect continued uncertainty in our business and the global economy due to tariffs and trade policies, including retaliatory tariff measures; inflationary trends; fluctuations in foreign currency exchange rates; swings in macroeconomic conditions and their effect on consumer confidence and discretionary spending; volatility in employment trends; geopolitical developments, including conflicts in the Middle East; and supply chain pressures, any of which may impact our results. 28 Table of Contents The tariff environment has been and continues to be highly dynamic. On February 20, 2026, the U.S. Supreme Court held in Learning Resources, Inc. v Trump that the International Emergency Economic Powers Act (“IEEPA”) does not authorize the President to impose tariffs. Following the decision, the President terminated the additional duties previously imposed under IEEPA and, effective February 24, 2026, imposed a 10% global import surcharge on most imported goods under Section 122 of the Trade Act of 1974. The Section 122 surcharge is temporary and, by statute, expired on July 24, 2026, without a congressional extension. The administration has publicly indicated its intention to pursue tariff actions under alternative authorities, including new investigations initiated under Section 301 of the Trade Act of 1974, which could result in successor tariff actions; however, the scope, timing, and rates of any such actions remain uncertain. Additionally, the Section 122 surcharge is subject to pending legal challenges, the outcome of which could affect its scope or duration. Tariffs previously imposed under Section 301 and Section 232, including on goods imported from China, remain in effect and are unaffected by the Supreme Court’s ruling. We continue to monitor developments related to the refund of IEEPA duties previously paid. On March 4, 2026, the U.S. Court of International Trade ordered CBP to refund IEEPA duties collected, and CBP has established administrative processes to facilitate refund claims; aspects of the refund order are subject to a pending government appeal. As of June 30, 2026, we had not submitted refund claims, and no receivable has been recognized in our condensed consolidated financial statements. In July 2026, subsequent to quarter end, we submitted refund claims of approximately $247.1 million through CBP’s refund process, and CBP accepted our claims. As a result, we expect to recognize the related benefit in the third quarter of 2026, as described in Note 15 - Subsequent Events. Additional duties paid under protective protests have not yet been resolved; any related recoveries, and any interest on refunded duties, will be recognized when received or when the related contingencies are resolved. In response to the evolving tariff environment, we have taken and continue to take mitigating actions across our buy-side and sell-side operations, including supply chain and geographic sourcing diversification, cost optimization and value engineering initiatives, targeted pricing actions, and supplier negotiations. We cannot predict the ultimate scope, duration, or impact of current or future tariff actions, or the extent to which our mitigation efforts will be successful. For additional discussion of risks associated with tariffs and trade policy, refer to our Annual Report on Form 10-K for the fiscal year ended December 31, 2025. Key Components of Results of Operations Net Sales We offer a broad range of products that span 40 sub-categories primarily within small household appliances. We generate net sales from product sales to retailers, both brick-and-mortar and online, as well as through DTC sales and distributors. We recognize sales upon transfer of control of products to retailers, consumers and distributors, net of returns, discounts and allowances provided to retailers and funding provided to retailers for promotions and advertising of our products. Control is generally transferred upon shipment or delivery of the products, depending on shipping terms. Net sales are impacted by the effect of foreign exchange rates, competition, consumer spending habits and general economic conditions. We disaggregate the net sales of our products across four categories: •Cleaning Appliances, which includes corded and cordless vacuums, including handheld and robotic vacuums, as well as other floorcare products including steam mops, wet/dry cleaning floor products and carpet extraction; •Cooking and Beverage Appliances, which includes air fryers, multi-cookers, outdoor and countertop grills and ovens, propane grills, fire pits, coffee systems, carbonation, cookware, cutlery, kettles, toasters and bakeware; •Food Preparation Appliances, which includes blenders, food processors, ice cream makers, juicers, frozen drink appliances and coolers; and 29 Table of Contents •Beauty and Home Environment Appliances, which includes beauty appliances in both haircare and skincare, as well as home environment products such as air purifiers and fans. Gross Profit and Gross Margin Gross profit reflects net sales less the cost of sales. Cost of sales primarily consists of the purchase cost of our products from third-party manufacturers, inbound freight costs, tariffs, product quality testing and inspection costs, the costs associated with receiving inventory into our warehouses, depreciation on molds and tooling that we own, warranty costs, damages, obsolescence and shrinkage costs and allocated overhead, including the service fee paid to JS Global for supply chain services under the Sourcing Services Agreement, which ended on July 31, 2025. We calculate gross margin as gross profit divided by net sales. Gross margin is generally impacted by changes in channel mix since our DTC sales usually generate a higher gross margin than sales to retailers and distributors. Additionally, gross margin is also impacted by product category mix, changes in foreign currency fluctuations, changes in tariff policies, fluctuations in inbound freight costs and fluctuations in commodity and component costs. Operating Expenses Our operating expenses consist of research and development, sales and marketing and general and administrative expenses. Advertising expenses are the most significant component of our operating expenses and consist of digital advertising, social media and other advertising. Personnel-related expenses are the second most significant component of operating expenses and consist of salaries and bonuses, share-based compensation and employee benefit costs. Our operating expenses also include allocated overhead. Overhead costs that are not substantially dedicated for use by a specific functional group are allocated based on headcount. Allocated overhead costs include shared costs associated with facilities, including rent and utilities and depreciation of property and equipment. We expect our operating expenses to increase on an absolute dollar basis for the foreseeable future as we continue to increase investments to support our growth, including expanding research and development capabilities and greater marketing activities. Research and Development Research and development costs primarily consist of personnel-related costs for our engineering and product development personnel responsible for the design, development and testing of our products, contractors and consulting expenses, the cost of components and test equipment used for product, tooling and prototype development, prototype expenses, overhead costs and amortization of intangible assets related to patents and amortization expenses related to capitalized development software. Sales and Marketing Sales and marketing expenses primarily consist of advertising, marketing and other brand-building costs, salaries and associated expenses for sales and marketing teams, shipping and fulfillment costs, including costs for third-party delivery services and shipping materials, overhead costs, amortization expenses of intangible assets related to customer relationships and depreciation expenses. 30 Table of Contents General and Administrative General and administrative expenses primarily consist of personnel-related costs for finance, legal, human resources, information technology and administrative functions, third-party professional service fees for external legal, accounting and other consulting services, depreciation expenses, overhead costs and expenses associated with operating as a public company, including expenses to comply with the rules and regulations of the SEC and the listing rules of NYSE, as well as expenses for corporate insurance, director and officer insurance, and investor relations. Interest Expense, Net Interest expense, net of any interest earned on our cash and cash equivalents, primarily consists of interest on our borrowings, including our term loan facility. See “Indebtedness” under “Liquidity and Capital Resources” below. Other (Expense) Income, Net Other (expense) income, net primarily consists of gains and losses on foreign currency transactions, foreign currency forward contracts and other income and expenses that are not part of our normal operating activities. See “Foreign Currency Exchange Risk” under “Quantitative and Qualitative Disclosures About Market Risk” in Part I, Item 3 of this Quarterly Report on Form 10-Q. Provision for Income Taxes Provision for income taxes consists primarily of income taxes in the United States and other foreign jurisdictions in which we conduct our business. Results of Operations The following table sets forth our selected condensed consolidated statements of income information for each of the periods indicated: Three Months Ended June 30, Six Months Ended June 30, ($ in thousands) 2026 2025 2026 2025 Net sales $ 1,765,476 $ 1,444,876 $ 3,178,282 $ 2,667,514 Cost of sales 905,139 736,709 1,622,977 1,356,121 Gross profit 860,337 708,167 1,555,305 1,311,393 Operating expenses: Research and development(1) 109,334 89,409 208,217 177,012 Sales and marketing(1) 441,510 357,720 756,848 633,457 General and administrative(1) 130,113 92,391 246,335 187,331 Total operating expenses 680,957 539,520 1,211,400 997,800 Operating income 179,380 168,647 343,905 313,593 Interest expense, net (7,890) (13,765) (14,497) (26,394) Other (expense) income, net (7,797) 26,003 (18,133) 39,219 Income before income taxes 163,693 180,885 311,275 326,418 Provision for income taxes 33,877 41,287 59,997 68,985 Net income $ 129,816 $ 139,598 $ 251,278 $ 257,433 (1)     Includes share-based compensation as follows: 31 Table of Contents Three Months Ended June 30, Six Months Ended June 30, ($ in thousands) 2026 2025 2026 2025 Research and development $ 7,590 $ 1,867 $ 11,956 $ 4,776 Sales and marketing 12,597 4,634 19,268 7,172 General and administrative 27,027 4,427 46,299 10,530 Total share-based compensation $ 47,214 $ 10,928 $ 77,523 $ 22,478 32 Table of Contents The following table sets forth our selected condensed consolidated statements of income information as a percentage of our total net sales for each of the periods indicated: Three Months Ended June 30, Six Months Ended June 30, (in percentages) 2026 2025 2026 2025 Net sales 100.0 % 100.0 % 100.0 % 100.0 % Cost of sales 51.3 51.0 51.1 50.8 Gross profit 48.7 49.0 48.9 49.2 Operating expenses: Research and development 6.2 6.2 6.6 6.6 Sales and marketing 25.0 24.8 23.8 23.7 General and administrative 7.4 6.4 7.8 7.0 Total operating expenses 38.6 37.4 38.2 37.3 Operating income 10.1 11.6 10.7 11.9 Interest expense, net (0.4) (0.9) (0.5) (1.1) Other (expense) income, net (0.4) 1.9 (0.5) 1.4 Income before income taxes 9.3 12.6 9.7 12.2 Provision for income taxes 1.9 2.9 1.8 2.6 Net income 7.4 % 9.7 % 7.9 % 9.6 % Comparison of the Three Months Ended June 30, 2026 and 2025 Net Sales Three Months Ended June 30, ($ in thousands, except %) 2026 2025 $ Change % Change Net sales $ 1,765,476 $ 1,444,876 $ 320,600 22.2 % Our net sales increased by $320.6 million, or 22.2%, for the three months ended June 30, 2026, compared to the three months ended June 30, 2025. The increase in net sales resulted from growth in Cooking and Beverage Appliances, Beauty and Home Environment Appliances, Food Preparation Appliances and Cleaning Appliances. Net sales in our product categories were as follows: Three Months Ended June 30, ($ in thousands, except %) 2026 2025 $ Change % Change Cleaning Appliances $ 522,046 $ 501,479 $ 20,567 4.1 % Cooking and Beverage Appliances 499,033 365,718 133,315 36.5 Food Preparation Appliances 458,614 404,787 53,827 13.3 Beauty and Home Environment Appliances 285,783 172,892 112,891 65.3 Total net sales $ 1,765,476 $ 1,444,876 $ 320,600 22.2 % •Cleaning Appliances net sales increased by $20.6 million, or 4.1%, to $522.0 million in the three months ended June 30, 2026, compared to $501.5 million for the three months ended June 30, 2025. This increase was driven by the carpet extractor and cordless vacuums sub-categories. 33 Table of Contents •Cooking and Beverage Appliances net sales increased by $133.3 million, or 36.5%, to $499.0 million in the three months ended June 30, 2026, compared to $365.7 million for the three months ended June 30, 2025. This increase was driven by sales of our Ninja Luxe Café espresso machine and the strength of the Ninja Crispi. •Food Preparation Appliances net sales increased by $53.8 million, or 13.3%, to $458.6 million in the three months ended June 30, 2026, compared to $404.8 million for the three months ended June 30, 2025. This increase was driven by strong growth in our blending sub-category. •Beauty and Home Environment Appliances net sales increased by $112.9 million, or 65.3%, to $285.8 million in the three months ended June 30, 2026, compared to $172.9 million for the three months ended June 30, 2025. This increase was driven by continued strength of our skincare and fan product portfolios. Geographically, Domestic net sales increased by $153.4 million, or 15.5%, for the three months ended June 30, 2026, compared to the three months ended June 30, 2025. This increase was driven by growth within existing categories and the success of new product categories. International net sales increased by $167.2 million, or 36.6%, for the three months ended June 30, 2026, compared to the three months ended June 30, 2025. This increase was driven by continued success within core categories into new international markets and consistent growth in our key international countries. Gross Profit and Gross Margin Three Months Ended June 30, ($ in thousands, except %) 2026 2025 $ Change % Change Gross profit $ 860,337 $ 708,167 $ 152,170 21.5 % Gross margin 48.7 % 49.0 % Our gross profit increased by $152.2 million, or 21.5%, for the three months ended June 30, 2026, compared to the three months ended June 30, 2025. Our gross margin decreased by 30 basis points for the three months ended June 30, 2026, compared to the three months ended June 30, 2025. The decrease in gross margin was primarily driven by the cost pressures related to tariffs in the U.S. market, unfavorable foreign currency, and increased retailer activations, partially offset by cost optimization efforts, favorable shifts in our categories and channels, and a decline in the amounts owed under a contractual sourcing service fee paid to JS Global for supply chain services, which ended July 31, 2025. Operating Expenses Three Months Ended June 30, ($ in thousands, except %) 2026 2025 $ Change % Change Research and development $ 109,334 $ 89,409 $ 19,925 22.3 % Percentage of net sales 6.2 % 6.2 % Sales and marketing $ 441,510 $ 357,720 $ 83,790 23.4 % Percentage of net sales 25.0 % 24.8 % General and administrative $ 130,113 $ 92,391 $ 37,722 40.8 % Percentage of net sales 7.4 % 6.4 % Total operating expenses $ 680,957 $ 539,520 $ 141,437 26.2 % Percentage of net sales 38.6 % 37.4 % 34 Table of Contents Research and Development Research and development expenses increased by $19.9 million, or 22.3%, for the three months ended June 30, 2026, compared to the three months ended June 30, 2025. This increase was primarily driven by an increase of $13.2 million in personnel-related expenses reflecting increased headcount to support new product categories and new market expansion, and an increase of $3.5 million in prototypes and testing costs. Sales and Marketing Sales and marketing expenses increased by $83.8 million, or 23.4%, for the three months ended June 30, 2026, compared to the three months ended June 30, 2025. This increase was primarily attributable to increases of $26.2 million in delivery and distribution costs, driven by higher volumes, changes in product mix and higher fuel costs, $20.7 million in advertising-related expenses, $19.9 million in personnel-related expenses to support new product launches and expansion into new markets, $8.8 million in credit card processing and merchant fees, and $2.6 million in product sample costs to support marketing and social commerce initiatives. General and Administrative General and administrative expenses increased by $37.7 million, or 40.8%, for the three months ended June 30, 2026, compared to the three months ended June 30, 2025. This increase was driven by an increase of $30.3 million in personnel-related expenses, primarily due to a $22.6 million increase in share-based compensation, as well as an increase of $5.1 million in professional and consulting fees. Interest Expense, Net Three Months Ended June 30, ($ in thousands, except %) 2026 2025 $ Change % Change Interest expense, net $ 7,890 $ 13,765 $ (5,875) (42.7) % Percentage of net sales 0.4 % 0.9 % Interest expense, net decreased by $5.9 million, or 42.7%, for the three months ended June 30, 2026, compared to the three months ended June 30, 2025. This decrease was primarily due to an increase in interest income of $2.1 million resulting from larger cash balances compared to prior year, a $1.8 million decrease in interest expense on our term loan, which was driven by principal payments made throughout the year, and a $1.1 million decrease in interest expense on our revolving credit facility, primarily due to no outstanding borrowings for the three months ended June 30, 2026. Other (Expense) Income, Net Three Months Ended June 30, ($ in thousands, except %) 2026 2025 $ Change % Change Other (expense) income, net $ (7,797) $ 26,003 $ (33,800) 130.0 % Percentage of net sales (0.4) % 1.9 % Other (expense) income, net changed by $33.8 million, or 130.0%, for the three months ended June 30, 2026, compared to the three months ended June 30, 2025. The change was primarily attributable to unrealized foreign currency losses resulting from the remeasurement of U.S. Dollar-denominated intercompany balances, driven by the movement in the British Pound exchange rate during the period. 35 Table of Contents Provision for Income Taxes Three Months Ended June 30, ($ in thousands, except %) 2026 2025 $ Change % Change Provision for income taxes $ 33,877 $ 41,287 $ (7,410) (17.9) % Percentage of income before income taxes 20.7 % 22.8 % Provision for income taxes decreased by $7.4 million, or 17.9%, for the three months ended June 30, 2026, compared to the three months ended June 30, 2025. Our effective tax rate (“ETR”) was 20.7% and 22.8% of our income before income taxes for the three months ended June 30, 2026 and 2025, respectively. This decrease in the ETR was primarily driven by a tax benefit recognized during the quarter in connection with the Company’s purchase of transferable income tax credits, as well as changes in the geographic mix of earnings and applicable tax rates. Comparison of the Six Months Ended June 30, 2026 and 2025 Net Sales Six Months Ended June 30, ($ in thousands, except %) 2026 2025 $ Change % Change Net sales $ 3,178,282 $ 2,667,514 $ 510,768 19.1 % Our net sales increased by $510.8 million, or 19.1%, for the six months ended June 30, 2026, compared to the six months ended June 30, 2025. The increase in net sales resulted from growth in each of our four major product categories of Cooking and Beverage Appliances, Beauty and Home Environment Appliances, Cleaning Appliances and Food Preparation Appliances. Net sales in our product categories were as follows: Six Months Ended June 30, ($ in thousands, except %) 2026 2025 $ Change % Change Cleaning Appliances $ 1,038,596 $ 942,903 $ 95,693 10.1 % Cooking and Beverage Appliances 913,623 711,655 201,968 28.4 Food Preparation Appliances 746,145 702,179 43,966 6.3 Beauty and Home Environment Appliances 479,918 310,777 169,141 54.4 Total net sales $ 3,178,282 $ 2,667,514 $ 510,768 19.1 % •Cleaning Appliances net sales increased by $95.7 million, or 10.1%, to $1,038.6 million in the six months ended June 30, 2026, compared to $942.9 million for the six months ended June 30, 2025. This increase was driven by the carpet extractor and corded and cordless vacuums sub-categories. •Cooking and Beverage Appliances net sales increased by $202.0 million, or 28.4%, to $913.6 million in the six months ended June 30, 2026, compared to $711.7 million for the six months ended June 30, 2025. This increase was driven by sales of our Ninja Luxe Café espresso machine and the strength of Ninja Crispi. •Food Preparation Appliances net sales increased by $44.0 million, or 6.3%, to $746.1 million in the six months ended June 30, 2026, compared to $702.2 million for the six months ended June 30, 2025. This increase was driven by strong growth in our blending sub-category, partially offset by declines in our frozen drinks sub-category. 36 Table of Contents •Beauty and Home Environment Appliances net sales increased by $169.1 million, or 54.4%, to $479.9 million in the six months ended June 30, 2026, compared to $310.8 million for the six months ended June 30, 2025. This increase was driven by continued strength of our skincare and fan product portfolios. Geographically, Domestic net sales increased by $224.3 million, or 12.2%, for the six months ended June 30, 2026, compared to the six months ended June 30, 2025. This increase was driven by growth within existing categories and the success of new product categories. International net sales increased by $286.4 million, or 34.3%, for the six months ended June 30, 2026, compared to the six months ended June 30, 2025. This increase was driven by continued global expansion, including the successful introduction of existing product categories into new international markets, and consistent growth in our key international countries. Gross Profit and Gross Margin Six Months Ended June 30, ($ in thousands, except %) 2026 2025 $ Change % Change Gross profit $ 1,555,305 $ 1,311,393 $ 243,912 18.6 % Gross margin 48.9 % 49.2 % Our gross profit increased by $243.9 million, or 18.6%, for the six months ended June 30, 2026, compared to the six months ended June 30, 2025. Our gross margin decreased by 30 basis points for the six months ended June 30, 2026, compared to the six months ended June 30, 2025. The decrease in gross margin was primarily driven by the cost pressures related to tariffs in the U.S. market, unfavorable foreign currency, and increased retailer activations, partially offset by cost optimization efforts, favorable shifts in our categories and channels, and a decline in the amounts owed under a contractual sourcing service fee paid to JS Global for supply chain services, which ended July 31, 2025. Operating Expenses Six Months Ended June 30, ($ in thousands, except %) 2026 2025 $ Change % Change Research and development $ 208,217 $ 177,012 $ 31,205 17.6 % Percentage of net sales 6.6 % 6.6 % Sales and marketing $ 756,848 $ 633,457 $ 123,391 19.5 % Percentage of net sales 23.8 % 23.7 % General and administrative $ 246,335 $ 187,331 $ 59,004 31.5 % Percentage of net sales 7.8 % 7.0 % Total operating expenses $ 1,211,400 $ 997,800 $ 213,600 21.4 % Percentage of net sales 38.2 % 37.3 % Research and Development Research and development expenses increased by $31.2 million, or 17.6%, for the six months ended June 30, 2026, compared to the six months ended June 30, 2025. This increase was primarily driven by incremental personnel-related expenses of $15.4 million reflecting increased headcount to support new product categories and new market expansion, an increase of $8.0 million in prototypes and testing costs, and an increase of $2.7 million in technology costs associated with cloud computing solutions. 37 Table of Contents Sales and Marketing Sales and marketing expenses increased by $123.4 million, or 19.5%, for the six months ended June 30, 2026, compared to the six months ended June 30, 2025. This increase was primarily attributable to increases of $42.8 million in delivery and distribution costs, driven by higher volumes, changes in product mix and higher fuel costs, $28.9 million in advertising-related expenses, $28.8 million in personnel-related expenses to support new product launches and expansion into new markets, $10.4 million in credit card processing and merchant fees, $4.0 million in product sample costs to support marketing and social commerce initiatives, $3.5 million in travel-related expenses, and $2.7 million in professional and consulting fees. General and Administrative General and administrative expenses increased by $59.0 million, or 31.5%, for the six months ended June 30, 2026, compared to the six months ended June 30, 2025. This increase was driven by an increase of $51.1 million in personnel-related expenses, primarily due to a $35.8 million increase in share-based compensation, as well as increases of $5.5 million in professional and consulting fees and $4.5 million in legal fees. These were partially offset by a decrease of $3.2 million in technology costs. Interest Expense, Net Six Months Ended June 30, ($ in thousands, except %) 2026 2025 $ Change % Change Interest expense, net $ 14,497 $ 26,394 $ (11,897) (45.1) % Percentage of net sales 0.5 % 1.1 % Interest expense, net decreased by $11.9 million, or 45.1%, for the six months ended June 30, 2026, compared to the six months ended June 30, 2025. This decrease was primarily due to an increase in interest income of $4.9 million resulting from larger cash balances compared to prior year, a $3.6 million decrease in interest expense on our term loan, which was driven by principal payments made throughout the year, and a $1.9 million decrease in interest expense on our revolving credit facility primarily due to no outstanding borrowings for the six months ended June 30, 2026. Other (Expense) Income, Net Six Months Ended June 30, ($ in thousands, except %) 2026 2025 $ Change % Change Other (expense) income, net $ (18,133) $ 39,219 $ (57,352) 146.2 % Percentage of net sales (0.5) % 1.4 % Other (expense) income, net changed by $57.4 million, or 146.2%, for the six months ended June 30, 2026, compared to the six months ended June 30, 2025. The change was primarily attributable to unrealized foreign currency losses resulting from the remeasurement of U.S. Dollar-denominated intercompany balances, driven by the movement in the British Pound exchange rate during the period. Provision for Income Taxes Six Months Ended June 30, ($ in thousands, except %) 2026 2025 $ Change % Change Provision for income taxes $ 59,997 $ 68,985 $ (8,988) (13.0) % Percentage of income before income taxes 19.3 % 21.1 % 38 Table of Contents Provision for income taxes decreased by $9.0 million, or 13.0%, for the six months ended June 30, 2026, compared to the six months ended June 30, 2025. Our ETR was 19.3% and 21.1% of our income before income taxes for the six months ended June 30, 2026 and 2025, respectively. This decrease in the ETR was primarily driven by a tax benefit recognized during the quarter in connection with the Company’s purchase of transferable income tax credits, as well as changes in the geographic mix of earnings and applicable tax rates. Non-GAAP Financial Measures In addition to the measures presented in our unaudited condensed consolidated financial statements, we regularly review other financial measures, defined as non-GAAP financial measures by the SEC, to evaluate our business, measure our performance, identify trends, prepare financial forecasts and make strategic decisions. The key non-GAAP financial measures we consider are Adjusted Gross Profit, Adjusted Gross Margin, Adjusted Operating Income, Adjusted Net Income, Adjusted Net Income Per Share, EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin. These non-GAAP financial measures are used by both management and our Board, together with comparable GAAP information, in evaluating our current performance and planning our future business activities. These non-GAAP financial measures provide supplemental information regarding our operating performance on a non-GAAP basis that excludes certain gains, losses and charges of a non-cash nature or which occur relatively infrequently and/or which management considers to be unrelated to our core operations, as well as the cost of sales from (i) inventory markups that are being eliminated as a result of the transition of certain product procurement functions from a subsidiary of JS Global to SharkNinja concurrently with the separation and (ii) costs related to the transitional Sourcing Services Agreement with JS Global that was entered into in connection with the separation (collectively, the “Product Procurement Adjustment”). Management believes that tracking and presenting these non-GAAP financial measures provides management and the investment community with valuable insight into our ongoing core operations, our ability to generate cash and the underlying business trends that are affecting our performance. We believe that these non-GAAP measures, when used in conjunction with our GAAP financial information, also allow investors to better evaluate our financial performance in comparison to other periods and to other companies in our industry and to better understand and interpret the results of the ongoing business following the separation and distribution. These non-GAAP financial measures should not be viewed as a substitute for our financial results calculated in accordance with GAAP and you are cautioned that other companies may define these non-GAAP financial measures differently. We define Adjusted Gross Profit as gross profit as adjusted to exclude (i) certain items that we do not consider indicative of our ongoing operating performance following the separation, including the cost of sales from the Product Procurement Adjustment and (ii) the impact of a voluntary product recall. We define Adjusted Gross Margin as Adjusted Gross Profit divided by net sales. We believe that Adjusted Gross Profit and Adjusted Gross Margin are appropriate measures of our operating performance because each eliminates certain other adjustments that do not relate to the ongoing performance of our business. 39 Table of Contents The following table reconciles Adjusted Gross Profit and Adjusted Gross Margin to the most comparable GAAP measure, gross profit and gross margin, respectively, for the periods presented: Three Months Ended June 30, Six Months Ended June 30, ($ in thousands, except %) 2026 2025 2026 2025 Net sales $ 1,765,476 $ 1,444,876 $ 3,178,282 $ 2,667,514 Cost of sales (905,139) (736,709) (1,622,977) (1,356,121) Gross profit 860,337 708,167 1,555,305 1,311,393 Gross margin 48.7 % 49.0 % 48.9 % 49.2 % Product Procurement Adjustment(1) — 5,279 — 11,820 Product recall(2) — 929 579 4,532 Adjusted Gross Profit $ 860,337 $ 714,375 $ 1,555,884 $ 1,327,745 Adjusted Gross Margin 48.7 % 49.4 % 49.0 % 49.8 % (1)Represents cost of sales incurred related to the Product Procurement Adjustment. As a result of the separation, we purchase 100% of our inventory from one of our subsidiaries, SharkNinja (Hong Kong) Company Limited (“SNHK”), and no longer purchase inventory from a purchasing office wholly owned by JS Global. Thus, the markup on all inventory purchased subsequent to the separation is completely eliminated in consolidation. In connection with the separation, we paid JS Global a sourcing service fee to provide value-added sourcing services on a transitional basis under a Sourcing Services Agreement, which ended on July 31, 2025. (2)Adjusted for gross profit impact from a voluntary product recall that was recognized during the six months ended June 30, 2026 and the three and six months ended June 30, 2025. We define Adjusted Operating Income as operating income excluding (i) share-based compensation, (ii) certain litigation costs, (iii) amortization of certain acquired intangible assets, (iv) certain items that we do not consider indicative of our ongoing operating performance following the separation, including cost of sales from our Product Procurement Adjustment, and (v) the impact of a voluntary product recall. The following table reconciles Adjusted Operating Income to the most comparable GAAP measure, operating income, for the periods presented: Three Months Ended June 30, Six Months Ended June 30, ($ in thousands) 2026 2025 2026 2025 Operating income $ 179,380 $ 168,647 $ 343,905 $ 313,593 Share-based compensation(1) 47,214 10,928 77,523 22,478 Litigation costs(2) — — — 827 Amortization of acquired intangible assets(3) 4,897 4,897 9,794 9,794 Product Procurement Adjustment(4) — 5,279 — 11,820 Product recall(5) — 3,794 1,122 8,081 Adjusted Operating Income $ 231,491 $ 193,545 $ 432,344 $ 366,593 (1)Represents non-cash expense related to awards issued from the SharkNinja equity incentive plan. (2)Represents litigation costs incurred and related settlements for certain patent infringement claims, false advertising claims, and any related settlement costs and recoveries, which were recorded in general and administrative expenses. 40 Table of Contents (3)Represents amortization of acquired intangible assets that we do not consider normal recurring operating expenses, as the intangible assets relate to JS Global’s acquisition of our business. We exclude amortization charges for these acquisition-related intangible assets for purposes of calculating Adjusted Operating Income, although revenue is generated, in part, by these intangible assets, to eliminate the impact of these non-cash charges that are significantly impacted by the timing and valuation of JS Global’s acquisition of our business, as well as the inherent subjective nature of purchase price allocations. Of the amortization of acquired intangible assets, $0.9 million for the three months ended June 30, 2026 and 2025, and $1.8 million for the six months ended June 30, 2026 and 2025, was recorded to research and development expenses, and $4.0 million for the three months ended June 30, 2026 and 2025, and $7.9 million for the six months ended June 30, 2026 and 2025, was recorded to sales and marketing expenses. (4)Represents cost of sales incurred related to the Product Procurement Adjustment. As a result of the separation, we purchase 100% of our inventory from one of our subsidiaries, SNHK, and no longer purchase inventory from a purchasing office wholly owned by JS Global. Thus, the markup on all inventory purchased subsequent to the separation is completely eliminated in consolidation. In connection with the separation, we paid JS Global a sourcing service fee to provide value-added sourcing services on a transitional basis under a Sourcing Services Agreement, which ended on July 31, 2025. (5)Adjusted for operating income impact from a voluntary product recall that was recognized during the six months ended June 30, 2026 and the three and six months ended June 30, 2025. We define Adjusted Net Income as net income excluding (i) share-based compensation, (ii) certain litigation costs, (iii) foreign currency gains and losses, net, (iv) amortization of certain acquired intangible assets, (v) certain items that we do not consider indicative of our ongoing operating performance following the separation, including cost of sales from our Product Procurement Adjustment, (vi) the impact of a voluntary product recall, and (vii) the tax impact of the adjusted items. Adjusted Net Income Per Share is defined as Adjusted Net Income divided by the diluted weighted average number of ordinary shares. 41 Table of Contents The following table reconciles Adjusted Net Income and Adjusted Net Income Per Share to the most comparable GAAP measures, net income and net income per share, diluted, respectively, for the periods presented: Three Months Ended June 30, Six Months Ended June 30, ($ in thousands, except share and per share amounts) 2026 2025 2026 2025 Net income $ 129,816 $ 139,598 $ 251,278 $ 257,433 Share-based compensation(1) 47,214 10,928 77,523 22,478 Litigation costs(2) — — — 827 Foreign currency losses (gains), net(3) 6,100 (26,362) 17,389 (39,313) Amortization of acquired intangible assets(4) 4,897 4,897 9,794 9,794 Product Procurement Adjustment(5) — 5,279 — 11,820 Product recall(6) — 3,794 1,122 8,081 Tax impact of adjusting items(7) (9,779) (291) (24,059) (9,501) Adjusted Net Income $ 178,248 $ 137,843 $ 333,047 $ 261,619 Net income per share, diluted $ 0.92 $ 0.98 $ 1.77 $ 1.81 Adjusted Net Income Per Share $ 1.26 $ 0.97 $ 2.34 $ 1.84 Diluted weighted-average number of shares used in computing net income per share and Adjusted Net Income Per Share 141,507,017 141,871,399 142,056,803 142,031,280 (1)Represents non-cash expense related to awards issued from the SharkNinja equity incentive plan. (2)Represents litigation costs incurred and related settlements for certain patent infringement claims, false advertising claims, and any related settlement costs and recoveries, which were recorded in general and administrative expenses. (3)Represents foreign currency transaction gains and losses recognized from the remeasurement of transactions that were not denominated in the local functional currency, including gains and losses related to foreign currency derivatives not designated as hedging instruments. (4)Represents amortization of acquired intangible assets that we do not consider normal recurring operating expenses, as the intangible assets relate to JS Global’s acquisition of our business. We exclude amortization charges for these acquisition-related intangible assets for purposes of calculating Adjusted Operating Income, although revenue is generated, in part, by these intangible assets, to eliminate the impact of these non-cash charges that are significantly impacted by the timing and valuation of JS Global’s acquisition of our business, as well as the inherent subjective nature of purchase price allocations. Of the amortization of acquired intangible assets, $0.9 million for the three months ended June 30, 2026 and 2025, and $1.8 million for the six months ended June 30, 2026 and 2025, was recorded to research and development expenses, and $4.0 million for the three months ended June 30, 2026 and 2025, and $7.9 million for the six months ended June 30, 2026 and 2025, was recorded to sales and marketing expenses. (5)Represents cost of sales incurred related to the Product Procurement Adjustment. As a result of the separation, we purchase 100% of our inventory from one of our subsidiaries, SNHK, and no longer purchase inventory from a purchasing office wholly owned by JS Global. Thus, the markup on all inventory purchased subsequent to the separation is completely eliminated in consolidation. In connection with the separation, we paid JS Global a sourcing service fee to provide value-added sourcing services on a transitional basis under a Sourcing Services Agreement, which ended on July 31, 2025. 42 Table of Contents (6)Adjusted for net income impact from a voluntary product recall that was recognized during the six months ended June 30, 2026 and the three and six months ended June 30, 2025. (7)Represents the income tax effects of the adjustments included in the reconciliation of net income to Adjusted Net Income determined using the tax rate of 22.4% for the three and six months ended June 30, 2026 and 23.3% for the three and six months ended June 30, 2025, respectively, which approximates our ETR, excluding certain share-based compensation costs and separation and distribution-related costs that are not tax deductible. We define EBITDA as net income excluding: (i) interest expense, net, (ii) provision for income taxes and (iii) depreciation and amortization. We define Adjusted EBITDA as EBITDA excluding (i) share-based compensation cost, (ii) certain litigation costs, (iii) foreign currency gains and losses, net, (iv) certain items that we do not consider indicative of our ongoing operating performance following the separation, including cost of sales from our Product Procurement Adjustment, and (v) the impact of a voluntary product recall. We define Adjusted EBITDA Margin as Adjusted EBITDA divided by net sales. We believe EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin are appropriate measures because they facilitate a comparison of our operating performance on a consistent basis from period to period that, when viewed in combination with our results according to GAAP, we believe provide a more complete understanding of the factors and trends affecting our business than GAAP measures alone. The following table reconciles EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin to the most comparable GAAP measure, net income, for the periods presented: Three Months Ended June 30, Six Months Ended June 30, ($ in thousands, except %) 2026 2025 2026 2025 Net income $ 129,816 $ 139,598 $ 251,278 $ 257,433 Interest expense, net 7,890 13,765 14,497 26,394 Provision for income taxes 33,877 41,287 59,997 68,985 Depreciation and amortization 39,992 35,071 78,439 67,017 EBITDA 211,575 229,721 404,211 419,829 Share-based compensation(1) 47,214 10,928 77,523 22,478 Litigation costs(2) — — — 827 Foreign currency losses (gains), net(3) 6,100 (26,362) 17,389 (39,313) Product Procurement Adjustment(4) — 5,279 — 11,820 Product recall(5) — 3,794 1,122 8,081 Adjusted EBITDA $ 264,889 $ 223,360 $ 500,245 $ 423,722 Net sales $ 1,765,476 $ 1,444,876 $ 3,178,282 $ 2,667,514 Adjusted EBITDA Margin 15.0 % 15.5 % 15.7 % 15.9 % (1)Represents non-cash expense related to awards issued from the SharkNinja equity incentive plan. (2)Represents litigation costs incurred and related settlements for certain patent infringement claims, false advertising claims, and any related settlement costs and recoveries, which were recorded in general and administrative expenses. (3)Represents foreign currency transaction gains and losses recognized from the remeasurement of transactions that were not denominated in the local functional currency, including gains and losses related to foreign currency derivatives not designated as hedging instruments. 43 Table of Contents (4)Represents cost of sales incurred related to the Product Procurement Adjustment. As a result of the separation, we purchase 100% of our inventory from one of our subsidiaries, SNHK, and no longer purchase inventory from a purchasing office wholly owned by JS Global. Thus, the markup on all inventory purchased subsequent to the separation is completely eliminated in consolidation. In connection with the separation, we paid JS Global a sourcing service fee to provide value-added sourcing services on a transitional basis under a Sourcing Services Agreement, which ended on July 31, 2025. (5)Adjusted for the Adjusted EBITDA impact from a voluntary product recall that was recognized during the six months ended June 30, 2026 and the three and six months ended June 30, 2025. Liquidity and Capital Resources Our principal sources of liquidity are our cash and cash equivalents, cash generated from operations and our revolving credit facility (“2023 Revolving Facility”). Our principal uses of cash have been investing in international expansion, new product development, working capital, repayment of debt, and repurchases of our ordinary shares. As of June 30, 2026, our principal sources of liquidity were cash and cash equivalents of $779.8 million and our available balance of $489.8 million under our 2023 Revolving Facility. Our cash and cash equivalents consist primarily of cash on deposits with banks. We believe that our existing cash and cash equivalents together with cash provided by operations and the availability under our 2023 Revolving Facility will be sufficient to meet our needs for at least the next 12 months from the date of the filing of this Quarterly Report on Form 10-Q. We plan to use our current cash on hand, cash generated by operations and our 2023 Revolving Facility to support our core business operations and strategic plan to accelerate our go-to-market strategy, invest in new product development and enhance our global distribution. We may be required to seek additional equity or debt financing to fund our activities. In the event that additional financing is required from outside sources, we may not be able to raise it on terms acceptable to us or at all. If we are unable to raise additional capital when desired, the results of operations and financial conditions of the business would be materially and adversely affected. We have lease obligations and other contractual obligations and commitments as part of our ordinary course of business. See “Note 8 - Operating Leases,” “Note 9 - Debt,” and “Note 10 - Commitments and Contingencies” to our unaudited condensed consolidated financial statements found within Part I, Item 1 in this Quarterly Report on Form 10-Q for information regarding our contractual obligations. We did not have during the periods presented, and we do not currently have, any off-balance sheet arrangements involving commitments or obligations, including contingent obligations, arising from arrangements with unconsolidated entities or persons that have or are reasonably likely to have a material current or future effect on our business, financial condition, results of operations, liquidity, cash requirements or capital resources. Indebtedness In July 2023, we entered into a credit agreement (“2023 Credit Agreement”), which provides for an $810.0 million term loan facility (the “2023 Term Loan”) and a $500.0 million 2023 Revolving Facility. As of June 30, 2026, we had $718.9 million debt outstanding under the 2023 Credit Agreement. See “Note 9 - Debt” to our unaudited condensed consolidated financial statements found within Part I, Item 1 in this Quarterly Report on Form 10-Q for further information regarding the 2023 Credit Agreement. No amounts were outstanding on the 2023 Revolving Facility as of December 31, 2025 or June 30, 2026. As of June 30, 2026, $10.2 million of letters of credit were outstanding, resulting in an available balance of $489.8 million under the 2023 Revolving Facility. The Company is required to meet certain financial covenants customary with this type of agreement, including, but not limited to, maintaining a maximum ratio of indebtedness and a minimum specified interest coverage ratio. As of June 30, 2026, the Company was in compliance with the covenants under the 2023 Credit Agreement. 44 Table of Contents Cash Flows The following table summarizes our cash flows for the periods presented: Six Months Ended June 30, ($ in thousands) 2026 2025 Net cash provided by (used in) operating activities $ 275,499 $ (63,938) Net cash used in investing activities (91,322) (64,415) Net cash used in financing activities (180,002) (62,062) Operating Activities Net cash provided by operating activities for the six months ended June 30, 2026 of $275.5 million was primarily related to our net income of $251.3 million, adjusted for non-cash charges of $138.8 million and net cash outflows of $114.6 million from changes in our operating assets and liabilities. Non-cash charges primarily consisted of depreciation and amortization of $78.4 million, share-based compensation of $77.5 million and non-cash lease expenses of $11.1 million, offset by deferred income tax of $26.3 million. The main drivers of the net cash outflows derived from the changes in operating assets and liabilities were related to an increase in inventories of $141.3 million, an increase in prepaid expenses and other assets of $92.8 million, a decrease in accrued expenses and other liabilities of $23.8 million, a decrease in operating lease liabilities of $10.8 million and a decrease in tax payable of $8.2 million, partially offset by an increase in accounts payable of $88.5 million and a decrease in accounts receivable of $73.7 million. The increases in inventories and accounts payable primarily reflect inventory purchases in advance of the peak holiday selling season in the third and fourth quarters. Net cash used in operating activities for the six months ended June 30, 2025 of $63.9 million was primarily related to our net income of $257.4 million, adjusted for non-cash charges of $90.9 million and net cash outflows of $412.2 million from changes in our operating assets and liabilities. Non-cash charges primarily consisted of depreciation and amortization of $67.0 million, share-based compensation of $22.4 million, non-cash lease expenses of $9.9 million, provision for excess and obsolete inventory of $7.4 million, provision for credit losses of $3.4 million and other non-cash adjustments of $2.1 million, offset by deferred income tax of $21.3 million. The main drivers of the net cash outflows derived from the changes in operating assets and liabilities were related to an increase in inventories of $124.7 million, an increase in prepaid expenses and other assets of $111.1 million, a decrease in accrued expenses and other liabilities of $94.5 million, a decrease in accounts payable of $61.2 million, an increase in accounts receivable of $8.8 million, a decrease in tax payable of $6.6 million and a decrease in operating lease liabilities of $5.3 million. Investing Activities Investing activities consist primarily of purchases of property and equipment and intangible assets. Cash used in investing activities for the six months ended June 30, 2026 of $91.3 million consisted of purchases of property and equipment of $83.0 million and purchases of intangible assets of $8.3 million. Cash used in investing activities for the six months ended June 30, 2025 of $64.4 million consisted primarily of purchases of property and equipment of $60.1 million and purchases of intangible assets of $3.0 million. Financing Activities Financing activities consist primarily of debt repayments, repurchases of our ordinary shares, and payment of employee tax withholdings on vesting of equity awards. 45 Table of Contents Cash used in financing activities for the six months ended June 30, 2026 of $180.0 million consisted of repurchases of ordinary shares of $119.2 million, payment of employee tax withholdings on vesting of equity awards of $48.7 million and principal payments on the 2023 Term Loan of $20.2 million, partially offset by proceeds from employee share purchase plan contributions of $8.1 million. Cash used in financing activities for the six months ended June 30, 2025 of $62.1 million consisted of payment of employee tax withholdings on vesting of equity awards of $49.2 million and principal payments on the 2023 Term Loan of $20.3 million, partially offset by proceeds from employee share purchase plan contributions of $7.4 million. Share Repurchase Program On February 11, 2026, we announced that our Board of Directors approved a share repurchase program authorizing us to repurchase up to $750.0 million of our outstanding ordinary shares. During the six months ended June 30, 2026, we repurchased 1,008,368 ordinary shares at an aggregate cost of $119.7 million, of which $0.5 million remained unsettled and recorded within accounts payable as of June 30, 2026. As of June 30, 2026, $630.3 million remained available for future repurchases under the share repurchase program. Please refer to “Note 11 - Shareholders’ Equity and Equity Incentive Plan” to our unaudited condensed consolidated financial statements found within Part I, Item 1 in this Quarterly Report on Form 10-Q for additional information regarding the share repurchase program. Recent Accounting Pronouncements Refer to the sections titled “Basis of Presentation” and “Recently Issued Accounting Pronouncements” in “Note 2 - Summary of Significant Accounting Policies” to our unaudited condensed consolidated financial statements found within Part I, Item 1 in this Quarterly Report on Form 10-Q for more information. Critical Accounting Policies and Estimates Our discussion and analysis of results of operations, financial condition, and liquidity are based upon our unaudited condensed consolidated financial statements, which have been prepared in accordance with GAAP. The preparation of our financial statements requires us to make estimates and judgements that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. We based our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Actual results may materially differ from these estimates under different assumptions or conditions. On an ongoing basis, we review our estimates to ensure that they appropriately reflect changes in our business or new information as it becomes available. There were no material changes to our critical accounting policies and estimates during the period covered by this Quarterly Report on Form 10-Q. Refer to the section titled “Adoption of New Accounting Pronouncements” in “Note 2 - Summary of Significant Accounting Policies” to our unaudited condensed consolidated financial statements found within Part I, Item 1 in this Quarterly Report on Form 10-Q for information regarding our adoption of ASU 2025-05. Refer to “Critical Accounting Policies and Estimates” under “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year 2025 for a complete list of our critical accounting policies and estimates.