Net sales for Q1 2026 rose 8.3% year-over-year to $380.4 million, driven by strong growth in Drinkware (+5%) and Coolers & Equipment (+11%), with broad-based strength across categories and channels.
Wholesale channel sales surged 19%, marking the best quarterly performance in over three years, while DTC was flat due to softer corporate sales.
International sales grew 9% to $87 million, now representing over 23% of sales, with notable strength in Europe, Japan, Canada, and Australia.
EPS decreased 35% to $0.13; adjusted EPS down 16% to $0.26, impacted by $0.09 per share in incremental tariffs.
Gross margin declined 200–210 bps to 55.3% due to tariffs and channel mix, but margin recovery is expected in the second half.
Adjusted gross profit: $210 million (55.3% of sales), down 200 bps year-over-year.
Adjusted SG&A: $184 million (48.3% of sales), up 10% year-over-year; reported SG&A: $197.8 million (52.0% of sales).
Adjusted operating income: $26.6 million (7% of sales), down 24% year-over-year; reported operating income: $12.4 million (3.3% margin).
Adjusted net income: $19.8 million (5.2% of sales), down 23% year-over-year; reported net income: $9.9 million.
Cash: $127.8 million, down from $259 million due to share repurchases; $300 million undrawn revolver.
Inventory: $318 million, down 4% year-over-year.
Debt: $73 million, down from $77 million; weighted-average interest rate 5.55%.
Full-year 2026 sales growth outlook raised to 7–8% (from 6–8%).
Adjusted operating income margin expected at 14.6%, up 20 bps from 2025.
Adjusted EPS guidance raised to $2.83–$2.89 (14–17% growth).
Free cash flow expected at $200–$225 million; capex $60–$70 million.
Share repurchase authorization increased to $500 million.
Outlook does not include potential favorable impact from IEEPA tariff refunds.
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