Yeti Holdings (YETI) · Q2 2026 results and valuation

At 5.4% growth a year (3-year revenue growth), the model's fair value is $48.32 a share — the stock trades 11% below it. Today's price assumes 3.8% growth a year.

1. Guidance ↑

   YETI raised its full-year adjusted gross margin guidance to reflect year-to-date performance and operational favorability.

   Source quote

   “With respect to adjusted gross margins, we are raising our expectation for the full year to reflect the gross margin performance year-to-date, including operational favorability and the impact...”

2. Guidance

   The company anticipates that total sales growth rates will remain relatively consistent throughout the rest of the year from a phasing perspective.

   Source quote

   “From a phasing perspective, we anticipate the total sales growth rates will be relatively consistent throughout the rest of the year.”

3. Guidance

   YETI projects international growth of high teens to 20% for the full year, indicating the expected expansion of its global market reach.

4. Fading

   The company feels good about the year because of the durability and potential of the model, portfolio, go-to-market, and growth engine driven by continued U.S. demand.

   Source quote

   “And so we feel really good about the way the year is shaping up. I think it shows both the durability and the potential of the model, our portfolio, our go-to-market, and our growth engine. And really on the back of the continued U.S.”

Management sounded noticeably less positive answering analysts than in its prepared script — a bigger drop than in 92% of calls. Scripts are polished in advance; a drop under questioning often marks the topics analysts pressed on, so the answers deserve a closer read than the script.

Sentences that drove the tone

“Europe delivered strong year-over-year growth with momentum across both digital and wholesale channels as well as continued door expansion.”

“Growth was driven by momentum across international markets and strong innovation.”

“In Drinkware, we continue to expect mid-single-digit growth for the year, driven by increased innovation, the continued broadening of the portfolio and global expansion.”