A maker of small household appliances sold under the Shark and Ninja brands, this company builds vacuums and floor-care gear under Shark and blenders, air fryers, and other kitchen gadgets under Ninja. It began in 1994 in Montreal as Euro-Pro, founded by Mark Rosenzweig, and renamed itself SharkNinja in 2015 to match its two best-known brands. The Shark name was chosen to evoke agility, contrasting with the bulky vacuums of the 1990s.
Revenue rose 22.2% to $1.77B but net income fell 7.0% as tariffs and a foreign-exchange loss outweighed growth.
growth accelerated, but tariffs and currency swings erased the gain on the . Net sales rose 22.2% to $1.77 billion, driven by the Beauty and Home Environment and Cooking and Beverage categories, while net income fell 7.0% to $129.8 million as a $33.8 million swing to from and higher operating costs offset the revenue increase. The company is pursuing $247.1 million in tariff refund claims, leaving the margin story dependent on policy outcomes.
Key takeaways
rose 22.2% to $1.77 billion, led by a 65.3% increase in the Beauty and Home Environment category and a 36.5% increase in Cooking and Beverage Appliances.
contracted 30 to 48.7%, pressured by U.S. tariffs, unfavorable foreign exchange, and higher retailer activations, partially offset by cost optimization.
fell 7.0% to $129.8 million, as a $33.8 million swing to —driven by —and a 26.2% rise in operating expenses outweighed the growth.
Section summaries
Management's Discussion and Analysis
Q2 FY2026 net sales rose 22.2% to $1.77B driven by Cooking & Beverage and Beauty & Home Environment, while gross margin dipped 30 bps on tariffs.
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grew 22.2% to $1.77B in Q2, led by a 65.3% surge in Beauty & Home Environment and a 36.5% increase in Cooking & Beverage Appliances.
declined 30 to 48.7%, pressured by U.S. tariffs, unfavorable FX, and higher retailer activations, partially offset by cost optimization.
General and administrative expense rose 40.8%, including a $22.6 million increase in , while sales and marketing expense rose 23.4% on higher delivery costs and advertising.
swung to a $431.8 million inflow from a $9.1 million outflow a year ago, and reached $382.6 million, driven by movements.
The company submitted $247.1 million in IEEPA tariff refund claims in July 2026 and expects to recognize the benefit in the third quarter of 2026.
What changed
The Food Preparation Appliances category, which declined 3.3% in Q1 FY2026 after two years of growth exceeding 30%, was not called out as a driver or a drag in Q2, suggesting its performance was not a material factor in the quarter's result.
The material weakness in internal control over financial reporting, flagged as unremediated across multiple prior periods, was not mentioned as resolved in this filing, indicating it remains open.
The $750 million program authorized in Q1 FY2026 saw $119.2 million used during Q2, bringing total repurchases to $139.2 million across the first half of the year.
pressure from U.S. tariffs, first noted as a partial offset in FY2025 and a growing in Q1 FY2026, intensified in Q2 as cost optimization and the lapped JS Global fee elimination were no longer sufficient to fully absorb the impact.
What to watch
Whether the $247.1 million in IEEPA tariff refund claims is recognized in Q3 FY2026 and how much of it flows through to .
The trajectory of the Beauty and Home Environment category after a 65.3% increase, to gauge whether the growth rate is sustainable or represents a pull-forward of demand.
The impact of further tariff actions on now that the JS Global sourcing service fee elimination and prior cost optimization tailwinds are fully lapped.
Whether the material weakness in internal controls is remediated before the FY2026 year-end, as its persistence continues to result in ineffective disclosure controls.
Total operating expenses rose 26.2% to $681M, with sales and marketing up 23.4% on higher delivery costs and advertising, and G&A up 40.8% due to a $22.6M increase in .
fell 7.0% to $129.8M as a $33.8M swing to other expense from unrealized FX losses and higher operating costs outweighed growth.
The company submitted $247.1M in IEEPA tariff refund claims in July 2026 and expects to recognize the benefit in Q3 2026.
Liquidity remained strong with $779.8M in cash and $489.8M available under the , while $119.2M was used for share repurchases.
Quantitative and Qualitative Disclosures About Market Risk
Interest-rate risk from SOFR-linked debt and CNY-driven currency risk on inventory are primary exposures; no derivatives were outstanding as of June 30, 2026.
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A hypothetical 100 rate change would have changed annualized by $7.3M based on average debt of $733.9M in H1 2026, versus $8.4M on $837.4M in H1 2025.
Interest income from short-term cash equivalents is deemed immaterially sensitive to a 100 rate move due to short maturities.
Primary foreign-exchange risk stems from U.S.-dollar-denominated purchases from China, where CNY/USD fluctuations alter supplier payments under contractual terms.
Non-USD were 33.4% of total in H1 2026 and non-USD operating expenses were 36.8%, with translation impact of a 1,000 currency move estimated at $16.0M for that period.
All foreign-currency forward contracts expired in 2025; the company held no derivative instruments as of June 30, 2026, but may enter new hedges if deemed appropriate.
From time to time, we are involved in legal proceedings that arise in the ordinary course of business. We believe that the outcome of these proceedings, if determined adversely, will not have a material adverse effect on our financial position. We have not been a party to or pai…
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From time to time, we are involved in legal proceedings that arise in the ordinary course of business. We believe that the outcome of these proceedings, if determined adversely, will not have a material adverse effect on our financial position. We have not been a party to or paid any damages in connection with any other litigation that has had a material adverse effect on our financial position. Any future litigation may result in substantial costs and be a distraction to management and our employees. No assurance can be given that future litigation will not have a material adverse effect on our financial position.
Please refer to Part I, Item 1A. “Risk Factors” of our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 for a description of certain significant risks and uncertainties to which our business, financial condition and results of operations are subject. No mat…
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Please refer to Part I, Item 1A. “Risk Factors” of our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 for a description of certain significant risks and uncertainties to which our business, financial condition and results of operations are subject. No material change in the risk factors discussed in such Form 10-K has occurred.