SN NYSE Russell 1000 Earnings call
SharkNinja (SN) · Q2 2026 results and valuation
Share price: $226.93 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter · published 5 Aug 2026 and 6 May 2026
Net income up 6.9% on the previous quarter. Management sounded upbeat, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
+6.9%
Net income vs Q1 2026
Outlook given
Net income 129.8M vs 121.5M
Revenue +25.0%
2 · How management spoke
Upbeat
More upbeat than 71% of company calls
Answers to analysts: very upbeat, in line with the script.
Similar to last call.
3 · What stood out
Figure
International growth increased nearly 37% due to expansion in the U.K., Europe, and Latin America.
Valuation
Is SharkNinja undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 19.8% growth a year (3-year revenue growth), the model's fair value is $169.27 a share — the stock trades 34% above it. Today's price assumes 23.9% growth a year.
Current price
$226.93
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+23.9% for 10 yrs
Fair value / share
$169.27
Buy below
$126.95
Price vs fair value
Overvalued 34%
Price vs buy-below price
Overvalued 79%
Management expects
Sales +12% · from the Q2 2026 report: “Full-year net sales growth guidance raised to 16–17% from the prior 11.5–12.5%.”
A guidance figure for sales, usually one year ahead, not a 10-year free-cash-flow rate.
Read between the lines
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Guidance
A $247.1 million benefit will reduce cost of sales in the third quarter, with a corresponding receivable.
Source quote
“As a result, we expect to recognize a benefit of approximately $247.1 million as a reduction of cost of sales with a corresponding receivable in the third quarter...”
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Guidance
Full-year net sales growth guidance raised to 16–17% from the prior 11.5–12.5%.
Source quote
“For the full year 2026, we now expect net sales to increase between 16% and 17% compared to our prior guidance of an 11.5% to 12.5% increase.”
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Fading
TikTok Shop is slated for seven countries, yet international operations face some noise amid the Italy transition.
Source quote
“It sets us up really well on the D2C business and the TikTok Shop business as we get into the second... We're going to have TikTok Shop operating in 7 countries. There's also some noise within the international business because we're in the midst right now of transitioning Italy and Spain from a distributor market to a direct market.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“Both of these social commerce as a discovery channel and AI accelerated innovation enhance our confidence that the core business isn't simply healthy today, it's built to keep winning.”
“Due to the annualization of 2025 tariffs, our adjusted EBITDA growth slightly trailed our sales growth in Q2, increasing 18.6% year-over-year to $265 million.”
“SharkNinja's profitability goal centers on delivering full year adjusted EBITDA growth that outpaces net sales growth.”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 1.77B | 1.41B | +25.0% | 1.44B | +22.2% |
| Gross profit | 860.3M | 695.0M | +23.8% | 708.2M | +21.5% |
| Operating income | 179.4M | 164.5M | +9.0% | 168.6M | +6.4% |
| Net income | 129.8M | 121.5M | +6.9% | 139.6M | −7.0% |
| EPS | 0.92 | 0.85 | +8.2% | 0.98 | −6.1% |
| P/E today 37.3 | 31.1 | 21.4 | +9.7 | — | — |
Topics
Most discussed now
- New Fans are a great example of a subcategory that started domestic and is now scaling into international, another proof point...
- Adjusted EBITDA increased nearly 19% year-over-year, driven by another quarter of leverage on adjusted operating expenses.
- This is SharkNinja's fastest growth rate since Q4 2024.
- Domestic net sales grew more than 15% in Q2, a meaningful step-up from last quarter with first half 2026 net...
- SharkNinja's EMEA region grew robustly with multiple countries contributing to its success.
Faded since Q1 2026
- Fading SharkNinja stayed focused on what matters most, delivering breakthrough accessible innovation to consumers around the world.
- Fading Net sales increased nearly 16% year-over-year driven by contributions from all 3 growth pillars.
- Fading Its EMEA region grew nicely across multiple geographies with encouraging trends in some of the markets SharkNinja recently converted to...
- Fading They all know Shark and Ninja products, consumers know Shark and Ninja products, all of that media, English language media...
Latest announcements
Official filings, newest first.
- Results of operations · SEC 8-K
- Other events · SEC 8-K
- Articles or bylaws amended; Shareholder vote results · SEC 8-K
- Results of operations · SEC 8-K
- Results of operations; Other events · SEC 8-K
- Director or officer change · SEC 8-K
- Director or officer change · SEC 8-K