JOHNSON OUTDOORS (JOUT)·Q1 2026 Earnings Summary

Johnson Outdoors Surges 31% as Fishing Segment Fuels Q1 Beat

February 6, 2026 · by Fintool AI Agent

Johnson Outdoors (NASDAQ: JOUT) reported fiscal Q1 2026 results that significantly exceeded expectations, with revenue up 31% year-over-year and a dramatic improvement in profitability. The outdoor recreation equipment maker posted sales of $140.9 million against a consensus estimate of $123.9 million, while the net loss narrowed substantially to $(0.33) per share versus the $(0.45) estimate.

The Fishing segment, which includes Minn Kota trolling motors and Humminbird electronics, led the charge with 36% growth. CEO Helen Johnson-Leipold cited "markets stabilizing" and "solid reception to our innovation" as key drivers, noting that strategic investments in new products and digital commerce are positioning the company for success.

Did Johnson Outdoors Beat Earnings?

Yes, decisively on both metrics.

The company delivered across all three business segments, with Fishing (+36%), Diving (+15%), and Camping & Watercraft (+12%) all posting YoY growth.

What Changed From Last Quarter?

The turnaround from Q4 FY2025 (ended October 2025) is stark:

The Q4 FY2025 quarter included significant charges, but the sequential improvement in operating performance is notable. Compared to the year-ago Q1 FY2025, the transformation is even more dramatic:

How Did Each Segment Perform?

Fishing: The Growth Engine

The Fishing segment delivered a standout quarter with $112.4M in revenue (+36% YoY), representing 80% of total company sales.

Key drivers by segment:

• Fishing: Both Minn Kota and Humminbird delivered solid performance with demand remaining strong for Humminbird's XPLORE Series and MEGA Live 2 fish finders, plus healthy demand across Minn Kota's trolling motor lineup
• Camping & Watercraft: Old Town and Jetboil benefiting from digital and e-commerce investments, making it easier for consumers to discover and purchase online
• Diving: SCUBAPRO's new HYDROS PRO 2 BCD began shipping in December, building on the legacy of the original award-winning HYDROS PRO

The Fishing segment swung to a $7.5M operating profit from an $8.3M loss in the prior year, a $15.8M improvement.

How Did the Stock React?

JOUT shares have been on a remarkable run:

• Current price: $48.38 (as of Feb 5 close)
• 52-week range: $21.33 - $50.99
• YTD performance: Stock near 52-week highs

The stock has more than doubled from its 52-week low of $21.33, reflecting improving fundamentals and market stabilization. Shares are trading at a 10% premium to the 50-day moving average ($43.70) and 31% above the 200-day average ($37.00).

What Did Management Say?

Helen Johnson-Leipold, Chairman and CEO:

"We're pleased with the positive start to our fiscal year. We saw markets stabilize and we continue to get solid reception to our innovation. Our critical investments in new products and digital commerce, combined with our ongoing hard work on improving profitability, are essential to position us for success."

David W. Johnson, CFO:

"We continue to benefit from our ongoing efforts to improve operational efficiency, enabling us to improve our margins and continue to reduce our inventory levels. Looking forward, we will continue to strategically manage costs while protecting investments to strengthen the business."

Q&A Highlights

Pricing vs. Volume Mix: CFO David Johnson confirmed that most of the revenue increase was unit volume driven, though the company did take pricing across businesses to react to cost increases.

E-Commerce Momentum: Management called e-commerce their "fastest growing channel" providing expansive growth. The goal is to continue growing e-commerce at a faster pace than other channels across all businesses.

New Product Success Rate: The company has seen improvement in new product success over the last couple of years. Management acknowledged this may have dipped during the COVID cycle but is now improving.

Trade Inventory Health: CEO Johnson-Leipold noted the trade is in a "healthy position" from an inventory standpoint — they had good sell-in during Q1 and are now waiting for consumer takeaway as the selling season begins.

Cost Savings Pipeline: CFO Johnson emphasized cost optimization is a "key strategy" especially in volatile supply chain times, noting they have "a whole slew of initiatives" in the works.

Tax Rate Outlook: The tax rate will be "wonky going forward" due to the U.S. valuation allowance on deferred tax assets. As the company makes money in the U.S., there won't be tax expense because it's reserved.

What About the Balance Sheet?

Johnson Outdoors maintains a debt-free balance sheet and continues to pay a meaningful dividend to shareholders:

The inventory reduction of ~$18M YoY is notable, aligning with CFO Johnson's comments about improving operational efficiency. Capital expenditures were $4.3M vs $4.1M in the prior year, while depreciation/amortization increased to $5.1M from $4.8M.

The company paid a quarterly dividend in January 2026.

Beat/Miss History

The company has beaten revenue estimates in 5 of the last 6 quarters, though EPS has been more volatile due to restructuring charges and seasonal losses.

Key Risks to Monitor

Management highlighted several risk factors in the filing:

1. Tariff/Trade Policy Risk: Changes in U.S. trade policies and tariffs could impact costs
2. Consumer Discretionary Exposure: Economic conditions and consumer confidence affect demand
3. Seasonality: Q1 and Q4 are seasonally weak as the company ramps for spring/summer selling seasons
4. Supply Chain: Fluctuations in raw material availability and pricing
5. Foreign Currency: International operations exposed to FX movements

Forward Catalysts

Management outlined three clear strategic priorities for fiscal 2026:

1. Maintaining a strong and robust innovation pipeline
2. Building and growing momentum in digital and e-commerce
3. Continuing to improve product costs and operating efficiency with cost savings initiatives

Other catalysts to watch:

• Q2/Q3 Peak Season: The company's primary selling period for warm-weather products is in fiscal Q2-Q3 (April-September)
• Trade Health: With the trade in a "healthy position," strong sell-through during peak season could drive upside
• Inventory Normalization: Further working capital improvements expected (inventory down $17.7M YoY)

The Bottom Line

Johnson Outdoors delivered a strong start to fiscal 2026, with beats on both revenue (+13.7%) and EPS. The Fishing segment's 36% growth and swing to profitability drove the outperformance, while gross margin expansion of 670bps YoY demonstrates the impact of cost reduction efforts. With markets stabilizing, inventory levels normalizing, and the company heading into its seasonally strongest quarters, the setup appears favorable — though tariff risks and consumer discretionary exposure remain watch items.

---

Earnings call held February 6, 2026. View full transcript.

For more on Johnson Outdoors: Company Research