Executive Summary

Q2 2026 primary source documents (8-K 2.02 press release and earnings call transcript) were not available in our document system; we anchor on SPGI consensus for Q2 2026 and cross-reference YETI’s last reported quarter (Q2 2025) and earlier call commentary to frame trajectory .
Street consensus for Q2 2026: Revenue $474.56M*, EPS $0.744*, EBITDA $88.46M* (12–13 estimates), implying modest growth vs Q2 2025 revenue $445.89M and adjusted EPS $0.66 .
Prior year context: Q2 2025 revenue declined 4% YoY to $445.89M, with adjusted EPS $0.66 (GAAP $0.61); management raised FY25 EPS outlook and lifted buyback target to $150–$200M, while acknowledging drinkware softness and supply chain transition impacts .
Stock reaction drivers for Q2 2026 likely include clarity on supply chain diversification relief timing, drinkware category normalization, and potential guidance updates; these were emphasized in prior calls as key levers for re-acceleration into 2026 .

What Went Well and What Went Wrong

What Went Well

Coolers & Equipment momentum: In Q1 2025, C&E sales increased 17% to $140.2M, with strong demand in hard coolers (Roadie 15) and portable soft coolers; bags and Camino totes also posted strong growth, underscoring product diversity and brand strength .
International strength: Q1 2025 sales outside the U.S. grew 22% to $79.9M despite ~500 bps FX headwind; management cited exceptional performance in Europe and robust DTC momentum in Australia .
Raised FY25 EPS and buyback outlook in Q2 2025: Company highlighted progress in innovation and supply chain diversification; lifted share repurchase target to $150–$200M (from $100–$125M) .

What Went Wrong

Drinkware softness and supply constraints: Management acknowledged a more promotional U.S. drinkware environment and limited cadence of new launches due to supply chain diversification efforts, impacting top-line growth .
Inventory and channel caution: International wholesale sell-in (Australia, Canada) faced a one-quarter inventory balancing dynamic and partner caution despite strong sell-through, highlighting near-term demand-supply friction .
FX and tariffs: Q1 2025 and Q2 2025 results referenced FX headwinds (e.g., ~100 bps revenue impact in Q1 2025 and $0.02 EPS impact) and higher tariff costs in Q2 2025 ($0.07 net impact to adjusted EPS), constraining profitability leverage .

Financial Results

Note: Q2 2026 actuals not yet available; we present consensus estimates alongside prior reported periods.

Metric	Q1 2025	Q2 2025	Q2 2026E
Revenue ($USD Millions)	$351.0	$445.9	$474.6*
GAAP Diluted EPS ($)	$0.20*	$0.61	$0.744*
Adjusted EPS ($)	$0.31	$0.66	N/A
EBITDA ($USD Millions)	$34.8*	$75.2*	$88.5*
Gross Margin (%)	57.45%*	57.76%*	N/A
EBIT Margin (%)	6.17%*	13.91%*	N/A
EBITDA Margin (%)	9.92%*	16.86%*	N/A
Net Income Margin (%)	4.73%*	11.47%*	N/A

Values with asterisk retrieved from S&P Global.

Segment and channel KPIs (latest disclosed):

KPI	Q1 2025	Q2 2025	Q2 2026E
Coolers & Equipment ($USD Millions)	$140.2	N/A	N/A
Drinkware ($USD Millions)	$205.6	N/A	N/A
Direct-to-Consumer ($USD Millions)	$196.2	N/A	N/A
Wholesale ($USD Millions)	$154.9	N/A	N/A
International Sales ($USD Millions)	$79.9	N/A	N/A

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
EPS (FY)	FY2025	Not specified in source	“Raised FY25 EPS outlook” (range not disclosed on IR page excerpt)	Raised
Share Repurchases	FY2025	$100M–$125M	$150M–$200M	Raised
Net Sales Growth	FY2025	+1% to +4% (vs FY2024 adjusted net sales)	Maintained per Q2 commentary context; top-line caution amid drinkware softness	Maintained

Earnings Call Themes & Trends

Topic	Previous Mentions (Q1 2025)	Previous Mentions (Q2 2025)	Current Period (Q2 2026)	Trend
Supply chain diversification	Actively shifting drinkware sourcing away from China; supply constraints and launch delays into 1H26	“Significant transformation” with expected relief into 2026; inventory balancing at partners	Awaiting Q2 2026 commentary	Improving relief expected into 2026
Drinkware category dynamics	U.S. drinkware softness; limited cadence due to supply efforts	More promotional market; cautious consumer and retail partners	Awaiting Q2 2026 commentary	Normalization expected into late 2025/2026
International growth	+22% YoY in Q1; Europe standout; strong Australia DTC	Strong sell-through; one-quarter wholesale sell-in caution in AU/Canada	Awaiting Q2 2026 commentary	Broadly positive
Innovation cadence	~30 new products in 2025; sets up 2026+	Continued innovation despite constraints; IR highlights	Awaiting Q2 2026 commentary	Up cadence sustained
FX/tariffs impact	FX ~100 bps rev headwind; ~$0.02 EPS impact	Higher tariffs net impact ~$0.07 to adjusted EPS	Awaiting Q2 2026 commentary	Headwind moderating into 2026

Management Commentary

“Coolers & Equipment sales increased 17% to $140.2 million in Q1, our fifth consecutive quarter of double-digit growth in C&E… Bags were another highlight in Q1… Crossroads packs, Camino totes and SideKick Dry gear cases all posted strong growth.” — Michael McMullen, CFO .
“We are in the midst of a significant supply chain transformation as we diversify our Drinkware sourcing away from China… We expect this to have an approximately 300 basis point impact on our growth for the year, net of pricing actions.” — Management remarks .
“This year, we expect about 30 new products… As we go forward, this up cadence is something that I think you're going to continue to see from us.” — Matthew Reintjes, CEO .
“We saw broad strength in Europe, with Germany, the Netherlands and the U.K. being standouts… In Australia, our DTC channel had a terrific quarter with great momentum in our custom Drinkware business.” — Management remarks .
Q2 2025 IR highlighted “Raises 2025 EPS Outlook” and higher buyback target as progress on long-term priorities (innovation, brand expansion, supply chain diversification) .

Q&A Highlights

Inventory allocation strategy under constraints: Management described a multi-layer approach to balancing DTC and wholesale based on available supply and demand; some launches prioritized outside the U.S. or pushed to 2026 to build sufficient supply .
Working capital discipline: Management is evaluating lower safety stocks going forward, flexing inventory around launches/seasonality to manage liquidity and execution .
Innovation cadence and adoption: CEO expects an increased cadence from 2025 into 2026+, leveraging brand umbrella and go-to-market focus; highlighted strong adoption in hard coolers, bags, and expanding Drinkware portfolio .

Estimates Context

Q2 2026 SPGI consensus: Revenue $474.56M, EPS $0.744, EBITDA $88.46M; 12–13 covering estimates (EPS: 13; Revenue: 12). These imply mid-single-digit growth vs Q2 2025 revenue and potential EPS expansion as supply chain constraints ease into 2026.
Values retrieved from S&P Global.

Metric	Q2 2026E
Revenue Consensus Mean ($USD)	$474,559,300
Primary EPS Consensus Mean ($)	$0.744
EBITDA Consensus Mean ($USD)	$88,461,870
# of EPS Estimates	13
# of Revenue Estimates	12

Key Takeaways for Investors

Trajectory into 2026 hinges on timing of drinkware supply-chain relief and innovation cadence; prior calls flagged relief beginning in 2026 with rollover of tough category compares .
Mix shift toward coolers, bags, and international continues to diversify the model; sustained C&E growth and Europe/Australia strength mitigate U.S. drinkware softness .
FY25 capital return stepped up (buybacks to $150–$200M), supporting EPS and share count dynamics; watch Q2 2026 guide for ongoing capital allocation signals .
FX/tariff headwinds were notable in 2025; any moderation or pricing actions could unlock margin upside vs consensus into 2026 .
DTC channels (including Amazon and global customization) remain strong; inventory balancing at wholesale partners appears transitory, per Q2 2025 commentary .
Near-term trading: Expect stock to respond to clarity on supply chain milestones, drinkware normalization, and FY26 guide posture; watch for raised FY26 revenue/EPS guardrails tied to innovation flow-through .
Medium-term thesis: Brand durability, expanded portfolio, and omni/global reach support mid-to-high single-digit top-line with improving margins as constraints abate; monitor competitive intensity in drinkware and pricing discipline .

Sources and documents reviewed:

Q2 2025 8-K 2.02 press release and exhibits .
Investor Relations: “YETI Reports Second Quarter 2025 Results” .
Earnings call commentary (Q2 2025 summary; Quartr) .
Q1 2025 earnings call transcript excerpts (prepared remarks and Q&A) .

Values retrieved from S&P Global where marked with asterisk.

YETI Holdings, Inc. (YETI)·Q2 2026 Earnings Summary