SharkNinja, Inc. (Form: 10-Q, Received: 05/06/2026 07:15:31)

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___ to ___

Commission File Number: 001-41754

SHARKNINJA, INC.
(Exact name of registrant as specified in its charter)


Cayman Islands (State or other jurisdiction of incorporation or organization)			98-1738011 (I.R.S. Employer Identification No.)


89 A Street Needham, MA (Address of principal executive offices)			02494 (Zip Code)

(617) 243-0235

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Ordinary Shares, $0.0001 par value per share

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

x Yes ¨ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

x Yes ¨ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

x Large accelerated filer ¨ Accelerated filer ¨ Non-accelerated filer ¨ Smaller reporting company ¨ Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

¨ Yes x No

The registrant had outstanding 141,520,379 ordinary shares as of April 30, 2026.

TABLE OF CONTENTS


			Page
Cautionary Note Regarding Forward-Looking Statements			4
PART I			6
Item 1. Financial Statements (Unaudited)			6
Condensed Consolidated Balance Sheets (Unaudited)			6
Condensed Consolidated Statements of Income (Unaudited)			7
Condensed Consolidated Statements of Comprehensive Income (Unaudited)			8
Condensed Consolidated Statements of Shareholders’ Equity (Unaudited)			9
Condensed Consolidated Statements of Cash Flows (Unaudited)			10
Notes to Condensed Consolidated Financial Statements (Unaudited)			11
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations			26
Item 3. Quantitative and Qualitative Disclosures About Market Risk			41
Item 4. Controls and Procedures			42
PART II			44
Item 1. Legal Proceedings			44
Item 1A. Risk Factors			44
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			44
Item 3. Defaults Upon Senior Securities			45
Item 4. Mine Safety Disclosures			45
Item 5. Other Information			45
Item 6. Exhibits			45
Signatures			46

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements that reflect our current views with respect to, among other things, future events and our future business, financial condition, results of operations and prospects. These statements are often, but not always, made through the use of words or phrases such as “may,” “should,” “could,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “projection,” “would” and “outlook,” or the negative version of those words or phrases or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are not statements of historical fact, and are based on current expectations, estimates and projections about our industry as well as certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. These forward-looking statements are subject to a number of known and unknown risks, uncertainties and assumptions, which you should consider and read carefully, including but not limited to:

•our ability to maintain and strengthen our brands to generate and maintain ongoing demand for our products;

•our ability to commercialize a continuing stream of new products and line extensions that create demand;

•our ability to effectively manage our future growth;

•general economic conditions, including the impacts of tariff programs, and the level of discretionary consumer spending;

•our ability to expand into additional consumer markets;

•our ability to maintain product quality and product performance at an acceptable cost;

•our ability to compete with existing and new competitors in our markets;

•problems with, or loss of, our supply chain or suppliers, or an inability to obtain raw materials;

•the risks associated with doing business globally;

•inflation, changes in the cost or availability of raw materials, energy, transportation and other necessary supplies and services;

•our ability to hire, integrate and retain highly skilled personnel;

•our ability to maintain, protect and enhance our intellectual property;

•our ability to securely maintain consumer and other third-party data;

•our ability to comply with regulatory requirements;

•the increased expenses associated with being a public company;

•our ability to achieve some or all of the anticipated benefits of the separation from JS Global;

•the payment of any declared dividends; and

•the other risks and uncertainties described under “Risk Factors” in our Annual Report.

This list of factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this Quarterly Report and our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC. We operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for us to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor or combination of factors may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the future events and trends discussed in this Quarterly Report, and our future levels of activity and performance, may not occur and actual results could differ materially and adversely from those described or implied in the forward-looking statements. As a result, you should not regard any of these forward-looking statements as a representation or warranty by us or any other person or place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and we do not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

In addition, statements that contain “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based on information available to us as of the date of this Quarterly Report. While we believe that this information provides a reasonable basis for these statements, this information may be limited or incomplete. These statements are inherently uncertain, and investors are cautioned not to unduly rely on these statements. We qualify all of our forward-looking statements by the cautionary statements contained in this section and elsewhere in this Quarterly Report.

PART I

Item 1. Financial Statements

SHARKNINJA, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share data)

(unaudited)


	As of
	March 31, 2026		December 31, 2025
Assets
Current assets:
Cash and cash equivalents	$	511,774	$	777,289
Accounts receivable, net(1)	1,475,606		1,667,143
Inventories	1,034,582		1,002,205
Prepaid expenses and other current assets	239,761		164,628
Total current assets	3,261,723		3,611,265
Property and equipment, net	243,083		232,226
Operating lease right-of-use assets	136,693		142,487
Intangible assets, net	449,309		451,137
Goodwill	834,781		834,781
Deferred tax assets	20,433		10,706
Other assets, noncurrent	72,240		66,832
Total assets	$	5,018,262	$	5,349,434
Liabilities and Shareholders’ Equity
Current liabilities:
Accounts payable(2)	$	583,484	$	679,534
Accrued expenses and other current liabilities	684,294		1,016,645
Tax payable	65,336		38,092
Debt, current	39,344		39,344
Total current liabilities	1,372,458		1,773,615
Debt, noncurrent	686,959		696,795
Operating lease liabilities, noncurrent	134,563		140,981
Deferred tax liabilities	15,920		16,252
Other liabilities, noncurrent	45,272		45,580
Total liabilities	2,255,172		2,673,223
Commitments and contingencies (Note 9)
Shareholders’ equity:
Ordinary shares, $0.0001 par value per share; 1,000,000,000 shares authorized; 141,902,856 shares issued and 141,709,721 shares outstanding as of March 31, 2026; 141,158,026 shares issued and outstanding as of December 31, 2025	14		14
Additional paid-in capital	1,035,237		1,045,504
Treasury shares, at cost; 193,135 shares and 0 shares as of March 31, 2026 and December 31, 2025, respectively	(19,999)		—
Retained earnings	1,731,860		1,610,398
Accumulated other comprehensive income (loss)	15,978		20,295
Total shareholders’ equity	2,763,090		2,676,211
Total liabilities and shareholders’ equity	$	5,018,262	$	5,349,434

(1) Including amounts from a related party of $23,810 and $17,574 as of March 31, 2026 and December 31, 2025, respectively.

(2) Including amounts to a related party of $11,702 and $14,115 as of March 31, 2026 and December 31, 2025, respectively.

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

SHARKNINJA, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except share and per share data)

(unaudited)


	Three Months Ended March 31,
	2026		2025
Net sales(1)	$	1,412,806	$	1,222,638
Cost of sales(2)	717,838		619,412
Gross profit	694,968		603,226
Operating expenses:
Research and development(3)	98,883		87,603
Sales and marketing	315,338		275,737
General and administrative(4)	116,222		94,940
Total operating expenses	530,443		458,280
Operating income	164,525		144,946
Interest expense, net	(6,607)		(12,629)
Other (expense) income, net	(10,336)		13,216
Income before income taxes	147,582		145,533
Provision for income taxes	26,120		27,698
Net income	$	121,462	$	117,835
Net income per share, basic	$	0.86	$	0.84
Net income per share, diluted	$	0.85	$	0.83
Weighted-average number of shares used in computing net income per share, basic	141,396,491		140,622,029
Weighted-average number of shares used in computing net income per share, diluted	142,358,711		142,183,430

(1) Including amounts associated with related parties of $3,326 and $4,784 for the three months ended March 31, 2026 and 2025, respectively.

(2) Including amounts associated with related parties of $12,809 and $27,476 for the three months ended March 31, 2026 and 2025, respectively.

(3) Including amounts associated with related parties of $(2,853) and $(1,658) for the three months ended March 31, 2026 and 2025, respectively.

(4) Including amounts associated with related parties of $0 and $(750) for the three months ended March 31, 2026 and 2025, respectively.

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

SHARKNINJA, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in thousands)

(unaudited)


	Three Months Ended March 31,
	2026		2025
Net income	$	121,462	$	117,835
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	(4,317)		7,876
Unrealized gain on derivative instruments, net	—		6,024
Comprehensive income	$	117,145	$	131,735

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

SHARKNINJA, INC.

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(in thousands, except share data)

(unaudited)


	Three Months Ended March 31, 2026
											Accumulated Other Comprehensive Income (Loss)
				Additional Paid-in Capital									Total Shareholders' Equity
	Ordinary shares					Treasury shares			Retained Earnings
	Shares	Amount				Shares	Amount
Balance as of December 31, 2025	141,158,026	$	14	$	1,045,504	—	$	—	$	1,610,398	$	20,295	$	2,676,211
Share-based compensation	—	—		30,309		—	—		—		—		30,309
Vesting of restricted share units, net of shares withheld for taxes	660,000	—		(48,675)		—	—		—		—		(48,675)
Shares issued under employee share purchase plan	84,830	—		8,099		—	—		—		—		8,099
Repurchase of ordinary shares	(193,135)	—		—		193,135	(19,999)		—		—		(19,999)
Other comprehensive loss, net of tax	—	—		—		—	—		—		(4,317)		(4,317)
Net income	—	—		—		—	—		121,462		—		121,462
Balance as of March 31, 2026	141,709,721	$	14	$	1,035,237	193,135	$	(19,999)	$	1,731,860	$	15,978	$	2,763,090


	Three Months Ended March 31, 2025
								Accumulated Other Comprehensive Income (Loss)
				Additional Paid-in Capital						Total Shareholders' Equity
	Ordinary shares					Retained Earnings
	Shares	Amount
Balance as of December 31, 2024	140,347,436	$	14	$	1,038,213	$	909,024	$	(11,279)	$	1,935,972
Share-based compensation	—	—		11,550		—		—		11,550
Vesting of restricted share units, net of shares withheld for taxes	579,234	—		(48,449)		—		—		(48,449)
Shares issued under employee share purchase plan	114,527	—		7,425		—		—		7,425
Other comprehensive income, net of tax	—	—		—		—		13,900		13,900
Net income	—	—		—		117,835		—		117,835
Balance as of March 31, 2025	141,041,197	$	14	$	1,008,739	$	1,026,859	$	2,621	$	2,038,233

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.


SHARKNINJA, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
	Three Months Ended March 31,
	2026		2025
Cash flows from operating activities:
Net income	$	121,462	$	117,835
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization	38,447		31,946
Share-based compensation	30,309		11,550
Provision for credit losses	300		3,178
Provision for excess and obsolete inventory	(3,917)		387
Non-cash lease expense	5,456		4,993
Deferred income taxes, net	(10,059)		(9,211)
Other	499		483
Changes in operating assets and liabilities:
Accounts receivable(1)	182,177		237,353
Inventories	(34,446)		(62,850)
Prepaid expenses and other assets	(75,133)		(62,900)
Accounts payable(2)	(97,332)		(156,116)
Tax payable	27,244		33,939
Operating lease liabilities	(5,509)		(894)
Accrued expenses and other liabilities	(335,778)		(204,549)
Net cash used in operating activities	(156,280)		(54,856)
Cash flows from investing activities:
Purchase of property and equipment	(33,917)		(32,661)
Purchase of intangible asset	(4,437)		(2,836)
Capitalized internal-use software development	—		(1,312)
Net cash used in investing activities	(38,354)		(36,809)
Cash flows from financing activities:
Repayment of debt	(10,125)		(10,125)
Net ordinary shares withheld for taxes upon issuance of restricted share units	(48,675)		(48,449)
Proceeds from shares issued under employee share purchase plan	8,099		7,425
Repurchase of ordinary shares	(18,461)		—
Net cash used in financing activities	(69,162)		(51,149)
Effect of exchange rates changes on cash	(1,719)		3,841
Net decrease in cash and cash equivalents	(265,515)		(138,973)
Cash and cash equivalents at beginning of period	777,289		363,669
Cash and cash equivalents at end of period	$	511,774	$	224,696
Supplemental disclosures of noncash investing and financing activities:
Purchase of property and equipment accrued and not yet paid	$	17,959	$	10,884
Unrealized gain on cash flow hedges	—		6,120
Repurchases of ordinary shares traded and not yet settled	1,538		—

(1) Including changes in related party balances of $6,236 and $(7,140) for the three months ended March 31, 2026 and 2025, respectively.

(2) Including changes in related party balances of $(2,413) and $(13,505) for the three months ended March 31, 2026 and 2025, respectively.

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

SHARKNINJA, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

1. Organization and Description of Business

SharkNinja, Inc. (the “Company”) is a global product design and technology company that creates innovative lifestyle product solutions across multiple product categories, including Cleaning Appliances, Cooking and Beverage Appliances, Food Preparation Appliances and Beauty and Home Environment Appliances products under the brands of “Shark” and “Ninja.” SharkNinja is headquartered in Needham, Massachusetts, and distributes products throughout North America, Europe, and other select international markets.

SharkNinja, Inc. was incorporated in the Cayman Islands on May 17, 2023 as a wholly-owned subsidiary of JS Global Lifestyle Company Limited (“JS Global” or the “Former Parent”). The Company was formed for the purpose of completing the listing of the Company on the New York Stock Exchange (“NYSE”) and related transactions to carry on the business of SharkNinja Global SPV, Ltd., and its subsidiaries.

SharkNinja Global SPV, Ltd. was incorporated in 2017 as a wholly-owned subsidiary of JS Global. Prior to July 28, 2023, SharkNinja Global SPV, Ltd. operated as a combination of wholly-owned businesses of JS Global, which is a listed entity on the Hong Kong Stock Exchange.

On July 30, 2023, in connection with (1) the separation of the Company from JS Global (the “separation”) and (2) the distribution to the holders of JS Global ordinary shares of all of JS Global’s equity interest in SharkNinja Global SPV, Ltd. in the form of a dividend of the Company’s ordinary shares, JS Global contributed all outstanding shares of SharkNinja Global SPV, Ltd. to SharkNinja, Inc. in exchange for shares of SharkNinja, Inc. On July 31, 2023, JS Global distributed 138,982,872 ordinary shares of SharkNinja, Inc. to the holders of JS Global ordinary shares, and SharkNinja, Inc. began trading on the NYSE.

SharkNinja Global SPV, Ltd. prior to the separation and distribution, together with SharkNinja, Inc. and its subsidiaries subsequent to the separation and distribution are herein referred to as “SharkNinja” or the “Company”.

2. Summary of Significant Accounting Policies

Basis of Presentation

The unaudited condensed consolidated financial statements that accompany these notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of SharkNinja, Inc. and its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.

The condensed consolidated balance sheet as of December 31, 2025 was derived from the audited consolidated financial statements as of that date, but does not include all of the disclosures, including certain notes required by GAAP on an annual reporting basis. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations of the Securities and Exchange Commission (“SEC”). Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes thereto as of and for the year ended December 31, 2025.

In management’s opinion, the unaudited condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and reflect all adjustments, which include only normal recurring adjustments, necessary for the fair presentation of the Company’s financial position as of March 31, 2026 and the Company’s condensed consolidated statements of income, comprehensive income, shareholders’ equity and cash flows for the three months ended March 31, 2026 and 2025. The results for the three months ended March 31, 2026 are not necessarily indicative of the operating results expected for the year ended December 31, 2026 or any future operating periods.

The Company has identified the significant accounting policies that are critical to understanding its business and results of operations. Other than the adoption of ASU 2025-05 described under “Adoption of New Accounting Pronouncements” below, there have been no significant changes during the three months ended March 31, 2026 to the significant accounting policies disclosed in the Company’s audited consolidated financial statements and related notes thereto as of and for the year ended December 31, 2025 within the Form 10-K filed on March 2, 2026.

Concentration of Credit Risks

The following table summarizes the Company’s customers that represented 10% or more of accounts receivable, net:


	As of
	March 31, 2026		December 31, 2025
Customer A	19.0	%	22.0	%
Customer B	17.0		*
Customer C	12.2		11.8

* Represents less than 10%

The following table summarizes the Company’s customers that represented 10% or more of net sales:


	Three Months Ended March 31,
	2026		2025
Customer A	17.1	%	18.5	%
Customer B	11.5		*
Customer C	12.2		13.0

* Represents less than 10%

Accounts Receivable, Net

Accounts receivable are presented net of allowance for credit losses and allowance for chargebacks. Accounts receivable are presented net of liabilities when a right of offset exists. The Company determined the allowance for customer incentives and allowance for sales returns should be recorded as a liability.

The Company maintains an allowance related to customer incentives based on specific terms and conditions included in the customer agreements or based on historical experience and the Company’s expectation of discounts.

The Company maintains an allowance for credit losses to provide for the estimated amount of receivables that will not be collected. To estimate the allowance for credit losses the Company applied the loss-rate method using relevant available information including historical write-off activity, current conditions and reasonable and supportable forecasts. The allowance for credit losses is measured on a pooled basis when similar risk characteristics exist. When assessing whether to measure certain financial assets on a pooled basis, the Company considered various risk characteristics, including geographic location and industry of the customer. When a specific customer exhibits unique risk characteristics, such as significant deterioration in financial condition or other indicators that it no longer shares similar risk characteristics with the collective pool, that receivable is evaluated individually. Expected credit losses for individually evaluated receivables are measured based on the present value of expected future cash flows or, when applicable, the fair value of collateral, and any resulting specific reserves are included in the allowance for credit losses.

Write-offs of accounts receivable are recorded to the allowance for credit losses. Any subsequent recoveries of previously written off balances are recorded as a reduction to credit loss expense.

Below is a rollforward of the Company’s allowance for credit losses:


	Three Months Ended March 31,
	2026		2025

	(in thousands)
Beginning balance	$	3,863	$	7,856
Provision for credit losses	300		3,178
Write-offs and other adjustments	(541)		(554)
Ending balance	$	3,622	$	10,480

Disaggregation of Net Sales

The following table summarizes net sales by region based on the billing address of customers:


	Three Months Ended March 31,
	2026				2025
	Amount		Percentage of Net Sales		Amount		Percentage of Net Sales

	(in thousands, except percentages)
Domestic(1)	$	915,991	64.8	%	$	845,088	69.1	%
International(2)	496,815		35.2		377,550		30.9
Total net sales	$	1,412,806	100.0	%	$	1,222,638	100.0	%

(1) Domestic consists of net sales in the United States and Canada. Net sales from the United States represented 60.8% and 63.6% of total net sales for the three months ended March 31, 2026 and 2025, respectively.

(2) International consists of net sales in markets outside the United States and Canada. Net sales from the United Kingdom represented 15.5% and 15.2% of total net sales for the three months ended March 31, 2026 and 2025, respectively.

The following table presents net sales by brand:


	Three Months Ended March 31,
	2026				2025
	Amount		Percentage of Net Sales		Amount		Percentage of Net Sales

	(in thousands, except percentages)
Shark	$	710,685	50.3	%	$	579,309	47.4	%
Ninja	702,121		49.7		643,329		52.6
Total net sales	$	1,412,806	100.0	%	$	1,222,638	100.0	%

The following table presents net sales by product category:


	Three Months Ended March 31,
	2026				2025
	Amount		Percentage of Net Sales		Amount		Percentage of Net Sales

	(in thousands, except percentages)
Cleaning Appliances	$	516,550	36.6	%	$	441,424	36.1	%
Cooking and Beverage Appliances	414,590		29.3		345,937		28.3
Food Preparation Appliances	287,531		20.4		297,392		24.3
Beauty and Home Environment Appliances	194,135		13.7		137,885		11.3
Total net sales	$	1,412,806	100.0	%	$	1,222,638	100.0	%

Warranty Costs

Product warranty liabilities and changes were as follows:


	Three Months Ended March 31,
	2026		2025

	(in thousands)
Beginning balance	$	38,232	$	26,955
Accruals for warranties issued	7,695		10,096
Settlements made	(11,271)		(12,439)
Ending balance	$	34,656	$	24,612

Adoption of New Accounting Pronouncements

In July 2025, the FASB issued ASU 2025-05, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides a practical expedient permitting entities to assume that current conditions as of the balance sheet date will remain unchanged over the remaining life of current accounts receivable and current contract assets arising from transactions accounted for under ASC 606 when developing the reasonable and supportable forecast used to estimate expected credit losses. The Company adopted ASU 2025-05 as of January 1, 2026, and elected the practical expedient on a prospective basis. The adoption did not have a material impact on the Company's condensed consolidated financial statements.

Recently Issued Accounting Pronouncements

From time to time, new accounting pronouncements are issued by the FASB or other standard-setting bodies and adopted by the Company on or prior to the specified effective date. As of March 31, 2026, there are no new accounting pronouncements that the Company is considering adopting, other than those described below.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires incremental disclosures about specific expense categories, including but not limited to, purchases of inventory, employee compensation, depreciation, amortization and selling expenses. The amendments in this ASU are effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted and the amendments may be applied either prospectively or retrospectively. The Company is currently evaluating the impact this ASU may have on its consolidated financial statements.

In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which requires capitalization of software costs to start when management has authorized and committed to funding the software project and it is probable that the project will be completed and the software will be used to perform the function intended. The standard is effective for annual and interim periods beginning after December 15, 2027, and may be applied prospectively, retrospectively or on a modified transition approach. The Company is currently evaluating the impact this ASU may have on its consolidated financial statements.

In November 2025, the FASB issued ASU 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements, which clarifies hedge accounting guidance to better align financial reporting with an entity’s economic risk management activities and expands certain hedge accounting applications. The standard is effective for annual and interim periods beginning after December 15, 2026. Early adoption is permitted and the amendments must be applied prospectively. The Company is currently evaluating the impact this ASU may have on its consolidated financial statements.

In December 2025, the Financial Accounting Standards Board (FASB) issued ASU 2025‑11, Interim Reporting (Topic 270): Narrow‑Scope Improvements, which requires clarified guidance on the form, content, and applicability of interim financial statements and notes in accordance with GAAP, incorporates a comprehensive list of required interim disclosures, and establishes a principle to disclose events occurring since the end of the last annual reporting period that materially affect the entity. The standard is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact this ASU may have on its consolidated financial statements.

3. Segment Reporting

Operating segments are defined as components of an enterprise for which separate financial information is available and is evaluated on a regular basis by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources and in assessing performance. The Company has two operating segments, Domestic and International, for which discrete financial information is available and regularly reviewed by the CODM, who is the Company’s Chief Executive Officer (“CEO”). Domestic consists of the United States and Canada, and International consists of markets outside the United States and Canada.

The Company has determined that these two operating segments are aggregated into one reportable segment based on the criteria in ASC 280-10-50-11. Domestic and International have similar economic characteristics, including similar long-term gross margin profiles, and are similar in the qualitative factors specified in ASC 280-10-50-11, including the nature of the products and services, the nature of the production processes, the type or class of customer, and the methods used to distribute products. Both operating segments sell substantially the same products and services, which are supported by a single global sourcing/manufacturing ecosystem and distribution model, and serve similar classes of customers (including large retailers and end consumers).

The CODM uses gross profit as the primary measure to assess performance and allocate resources, and reviews operating results, including gross profit information, at both the consolidated level and by geographic operating segment. The CODM also reviews operating expenses and other performance information primarily on a consolidated basis, including comparisons of functional spend categories to forecast, to assess variances and trends. Transactions between operating segments are not material. The following table presents selected financial information with respect to the Company’s single reportable segment for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
	2026		2025

	(in thousands)
Net sales	$	1,412,806	$	1,222,638
Less:
Cost of sales	717,838		619,412
Advertising expenses and consumer insight initiatives	102,596		94,015
Personnel expenses(1)	153,240		139,997
Delivery and distribution expenses	106,772		90,174
Professional service expenses(2)	40,680		34,312
Merchant, processing, and other fees	19,954		19,624
Facilities and technology support costs	20,897		21,929
Depreciation and amortization expenses(3)	18,788		16,756
Prototypes and testing expenses	14,872		10,487
Other segment items(4)	52,644		30,986
Interest expense, net	6,607		12,629
Other expense (income), net	10,336		(13,216)
Provision for income taxes	26,120		27,698
Segment net income	$	121,462	$	117,835
Reconciliation of profit or loss
Adjustments and reconciling items	—		—
Consolidated net income	$	121,462	$	117,835

(1)Excludes shared-based compensation, a non-cash expense related to awards issued from the SharkNinja Equity Incentive Plan. These costs have been excluded from personnel expenses and reclassified to other segment items, as they are not presented to or reviewed by the CODM.

(2)Excludes litigation costs incurred and related settlements for certain patent infringement claims, false advertising claims against us, and product safety concerns, and excludes costs incurred related to the voluntary product recall. These costs have been excluded from professional service expenses and reclassified to other segment items1, as they are not presented to or reviewed by the CODM.

(3)Excludes amortization of acquired intangible assets that the Company does not consider normal recurring operating expenses, as the intangible assets relate to JS Global’s acquisition of our business. These costs have been excluded from depreciation and amortization expenses and reclassified to other segment items, as they are not presented to or reviewed by the CODM.

(4)Other segment items include travel expenses, commissions, miscellaneous expenses and the expenses listed in Notes 1 through 3 above.

The accounting policies of the Company’s reportable segment are the same as those described in “Note 2 - Summary of Significant Accounting Policies” of our Annual Report on Form 10-K for the fiscal year ended December 31, 2025. Segment assets are not regularly provided to the CODM, and therefore the measure of segment assets is reported as total consolidated assets.

4. Condensed Consolidated Balance Sheet Components

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following:


	As of
	March 31, 2026		December 31, 2025

	(in thousands)
Sales and other tax receivable	$	134,613	$	60,522
Other receivables	46,405		52,394
Prepaid taxes	40,031		35,242
Prepaid expenses	10,823		9,391
Prepaid media	7,889		7,079
Prepaid expenses and other current assets	$	239,761	$	164,628

5. Fair Value Measurements

The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis:


	As of March 31, 2026
	Fair Value		Level 1		Level 2		Level 3

	(in thousands)
Financial assets:
Money market funds included in cash and cash equivalents	$	113,547	$	113,547	$	—	$	—
Total financial assets	$	113,547	$	113,547	$	—	$	—

The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis:


	As of December 31, 2025
	Fair Value		Level 1		Level 2		Level 3

	(in thousands)
Financial assets:
Money market funds included in cash and cash equivalents	$	186,507	$	186,507	$	—	$	—
Total financial assets	$	186,507	$	186,507	$	—	$	—

The Company classifies its money market funds within Level 1 because they are valued using quoted prices in active markets. See “Note 8 - Debt” for information regarding the fair value of the Company’s long-term debt.

6. Derivative Financial Instruments and Hedging

The Company previously entered into forward contracts that were designated as hedging instruments to manage exposure to foreign currency exchange risk associated with forecasted transactions. All forward contracts expired during the year ended December 31, 2025. Accordingly, the Company had no derivative instruments outstanding as of March 31, 2026 or December 31, 2025.

Effect of Forward Contracts on Accumulated Other Comprehensive Income

The following table represents the unrealized (losses) gains of forward contracts that were designated as hedging instruments, net of tax effects, that were recorded in accumulated other comprehensive income as of March 31, 2026 and December 31, 2025, and their effect on other comprehensive income for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
	2026		2025

	(in thousands)
Beginning balance	$	—	$	(8,263)
Amount of net gains (losses) recorded in accumulated other comprehensive income	—		(555)
Amount of net gains (losses) reclassified from accumulated other comprehensive income to earnings	—		6,579
Ending balance	$	—	$	(2,239)

7. Intangible Assets, Net

Intangible assets consisted of the following as of March 31, 2026:


	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Weighted-Average Remaining Useful Life

	(in thousands)						(in years)
Intangible assets subject to amortization:
Customer relationships	$	143,083	$	(135,134)	$	7,949	0.5
Patents	81,434		(38,883)		42,551		7.6
Developed technology	23,310		(11,769)		11,541		5.8
Total intangible assets subject to amortization	$	247,827	$	(185,786)	$	62,041
Intangible assets not subject to amortization:
Trade name and trademarks	$	387,268	$	—	$	387,268	Indefinite
Total intangible assets, net	$	635,095	$	(185,786)	$	449,309

Intangible assets consisted of the following as of December 31, 2025:


	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Weighted-Average Remaining Useful Life

	(in thousands)						(in years)
Intangible assets subject to amortization:
Customer relationships	$	143,083	$	(131,159)	$	11,924	0.8
Patents	77,326		(36,973)		40,353		7.5
Developed technology	23,070		(11,148)		11,922		6.0
Total intangible assets subject to amortization	$	243,479	$	(179,280)	$	64,199
Intangible assets not subject to amortization:
Trade name and trademarks	$	386,938	$	—	$	386,938	Indefinite
Total intangible assets, net	$	630,417	$	(179,280)	$	451,137

Amortization expenses for intangible assets were as follows:


	Three Months Ended March 31,
	2026		2025

	(in thousands)
Research and development	$	2,415	$	2,118
Sales and marketing	3,974		3,975
Total amortization expenses	$	6,389	$	6,093

8. Debt

On July 20, 2023, the Company entered into a credit agreement (“2023 Credit Agreement”) with Bank of America, N.A., as administrative agent, and certain banks and financial institutions party thereto as lenders and issuing banks. The 2023 Credit Agreement provides for an $810.0 million term loan facility (the “2023 Term Loan”) and a $500.0 million revolving credit facility (“2023 Revolving Facility”). The 2023 Term Loan and 2023 Revolving Facility mature in July 2028, and both facilities bear interest at the Secured Overnight Financing Rate (“SOFR”) plus 1.75%. All SOFR borrowings under the 2023 Credit Agreement also incur a 0.1% credit adjustment. The Company has the ability to borrow in certain alternative currencies under the 2023 Credit Agreement. Alternative currency loans are priced using an Alternative Currency Term Rate plus any applicable spread adjustments. The Company may request increases to the 2023 Term Loan or 2023 Revolving Facility in a maximum aggregate amount not to exceed the greater of $520.0 million or 100% of adjusted earnings before interest, taxes, depreciation, and amortization, as defined in the 2023 Credit Agreement, for the most recently completed fiscal year.

No amounts were outstanding on the 2023 Revolving Facility as of December 31, 2025 or March 31, 2026. As of March 31, 2026, $10.9 million of letters of credit were outstanding, resulting in an available balance of $489.1 million under the 2023 Revolving Facility.

The Company is required to meet certain financial covenants customary with this type of agreement, including, but not limited to, maintaining a maximum ratio of indebtedness and a minimum specified interest coverage ratio. As of March 31, 2026, the Company was in compliance with the covenants under the 2023 Credit Agreement.

The obligations of the loan parties under the 2023 Credit Agreement with respect to the 2023 Term Loan and 2023 Revolving Facility are secured by (i) equity interests owned by the loan parties in each other loan party and in certain of the Company’s wholly-owned domestic restricted subsidiaries and (ii) substantially all assets of the domestic loan parties (subject to certain customary exceptions). In addition, subject to certain customary exceptions, these obligations are guaranteed by (i) the Company, (ii) each subsidiary of the Company that directly or indirectly owns a borrower and (iii) each other direct and indirect wholly-owned domestic restricted subsidiary of the Company.

Debt consisted of the following:


	As of
	March 31, 2026		December 31, 2025

	(in thousands)
2023 Term Loan with principal payments due quarterly; final balance due on maturity date of July 20, 2028	$	729,000	$	739,125

Less: deferred financing costs	(2,697)		(2,986)
Total debt, net of deferred financing costs	726,303		736,139
Less: debt, current	(39,344)		(39,344)
Debt, noncurrent	$	686,959	$	696,795

The Company recognizes and records interest expense related to its debt in interest expense, net, which totaled $11.0 million and $13.6 million for the three months ended March 31, 2026 and 2025, respectively.

Fair Value of Debt

The Company estimates the fair value of its long-term debt using a discounted cash flow method that utilizes observable market inputs, including SOFR-based forward curves and market credit spreads, and therefore categorizes the fair value measurement within Level 2 of the fair value hierarchy. The 2023 Credit Agreement bears interest at variable rates indexed to SOFR, and as a result, the Company believes the carrying amount approximates fair value.

The carrying amount and estimated fair value of long-term debt were as follows:


	As of
	March 31, 2026		December 31, 2025

	(in thousands)
Carrying amount	$	729,000	$	739,125
Fair value	$	729,000	$	739,125

9. Commitments and Contingencies

Non-Cancelable Purchase Obligations

In the normal course of business, the Company enters into non-cancelable purchase commitments, including marketing and endorsement agreements. Certain of these agreements extend over terms of up to five years, with payments required in varying installments over the term. As of March 31, 2026, the Company has remaining obligations associated with marketing and endorsement agreements with original terms greater than 12 months totaling $100.1 million, which are payable in a combination of cash and ordinary shares of SharkNinja, Inc., as follows:


	Amount
	(in thousands)
Years ending December 31,
Remainder of 2026	$	14,372
2027	24,436
2028	25,348
2029	18,121
2030	17,807

Total	$	100,084

Indemnifications and Contingencies

The Company enters into indemnification provisions under certain agreements with other parties in the ordinary course of business. In its customer agreements, the Company has agreed to indemnify, defend and hold harmless the indemnified party for third-party claims and related losses suffered or incurred by the indemnified party from actual or threatened third-party intellectual property infringement claims. For certain large or strategic customers, the Company has agreed to indemnify, defend and hold harmless the indemnified party for non-compliance with certain additional representations and warranties made by the Company.

Legal Proceedings

From time to time, the Company may be involved in various legal proceedings arising from the normal course of business activities, including certain patent infringement claims, false advertising claims against us, and product safety concerns. The Company investigates these claims as they arise. In the opinion of management, the amount of ultimate loss with respect to any current legal proceedings and claims, if determined adversely to the Company, will not have a material adverse effect on its business, financial condition and results of operation.

Product Recall

In May 2025, the Company announced a voluntary recall of the Ninja Foodi OP300 series pressure cooker in cooperation with the U.S. Consumer Product Safety Commission and Health Canada. As of March 31, 2026, the amount of accrued expenses related to recall remedies for consumers was $1.8 million. During the three months ended March 31, 2026, the Company incurred $1.1 million of product recall-related expenses, which were recorded within cost of sales and operating expenses on the Company’s condensed consolidated statements of income. Estimating the cost of recall remedies requires judgment and is primarily based on expected consumer participation rates and the estimated cost of the new lid design. Additionally, the Company expects to incur other indirect costs related to the recall, such as legal fees, website costs to allow consumers to respond to the recall, and costs to handle consumer inquiries. The Company will reevaluate these assumptions each period, and the related accruals may be adjusted when factors indicate that the accruals are either not sufficient to cover or exceed the estimated product recall expenses.

10. Shareholders’ Equity and Equity Incentive Plan

Restricted Share Units

SharkNinja Equity Incentive Plan

On July 28, 2023, the Company’s board of directors adopted the 2023 Equity Incentive Plan (the “2023 Plan”) to grant cash and equity incentive awards to eligible participants in order to attract, motivate and retain talent. The 2023 Plan provides for the issuance of options, share appreciation rights, restricted share awards, restricted share units (“RSUs”), performance awards and other awards. The 2023 Plan initially made 13,898,287 ordinary shares available for future award grants.

The 2023 Plan contains an evergreen provision whereby the shares available for future grants are increased on the first day of each calendar year from January 1, 2025 through and including January 1, 2033 in an amount equal to 0.6% of the total number of ordinary shares outstanding on December 31st of the preceding year. On January 1, 2026, additional ordinary shares in the amount of 846,948 were registered as a result of this evergreen provision. As of March 31, 2026, ordinary shares in the amount of 8,630,788 were available for future grant under the 2023 Plan. Shares or RSUs forfeited, and unexercised option lapses from the 2023 Plan are available for future grant under the 2023 Plan.

RSU activities for the three months ended March 31, 2026 for RSUs granted under the 2023 Plan were as follows:


	Number of Shares	Weighted Average Grant Date Fair Value per share
Unvested as of December 31, 2025	1,102,282	$	43.90
Granted	2,484,094	111.01
Vested	(1,075,182)	42.83
Cancelled/Forfeited	(15,253)	84.47
Unvested as of March 31, 2026	2,495,941	$	110.90

RSUs granted for the three months ended March 31, 2026 under the 2023 Plan were 2,484,094, of which 565,748 RSUs were granted with service-only conditions and 1,318,346 performance-based RSUs were granted with vesting conditions tied to the achievement of certain performance growth metrics, such as net sales, gross profit and operating cash flow, and 600,000 market-based RSUs were granted with conditions tied to the achievement of a certain level of market capitalization over a consecutive period of time.

Employee Share Purchase Plan

On July 28, 2023, the board of directors approved the 2023 Employee Share Purchase Plan (the “ESPP”). A maximum of 1% of the Company’s outstanding ordinary shares (or 1,389,828 shares) were made available for sale under the ESPP. The ESPP contains an evergreen provision whereby the shares available for sale will automatically increase on the first day of each calendar year from January 1, 2025 through and including January 1, 2033, in an amount equal to the lesser of (i) 0.15% of the total number of ordinary shares of the Company outstanding on December 31st of the preceding year; (ii) 300,000 shares; or (iii) such lesser number of shares as determined by the board at any time prior to the first day of a given calendar year. On January 1, 2026, additional ordinary shares in the amount of 211,737 were registered as a result of this evergreen provision. As of March 31, 2026, ordinary shares in the amount of 1,398,976 were available for future grant under the ESPP Plan. The ESPP provides for six-month offering periods during which the Company will grant rights to purchase ordinary shares to eligible employees. The first offering period began in February 2024. There were 84,830 and 114,527 shares purchased under the ESPP during the three months ended March 31, 2026 and 2025, respectively. As of March 31, 2026, total unrecognized share-based compensation was $1.9 million, which is to be recognized over a weighted-average remaining period of 0.3 years.

Share-Based Compensation

The share-based compensation by line item in the accompanying condensed consolidated statements of income is summarized as follows:


	Three Months Ended March 31,
	2026		2025

	(in thousands)
Research and development	$	4,366	$	2,909
Sales and marketing	6,671		2,538
General and administrative	19,272		6,103
Total share-based compensation	$	30,309	$	11,550

As of March 31, 2026, the Company had $253.7 million unrecognized share-based compensation cost related to RSUs granted under the 2023 Plan that will be recognized over a weighted average period of 2.6 years. Of this unrecognized share-based compensation cost, $150.6 million and $36.9 million related to RSUs granted under the 2023 Plan with performance and market conditions, respectively.

For those RSUs with service conditions, performance conditions or a combination of both, the grant date fair value was measured based on the quoted price of our ordinary shares at the date of grant. The weighted average grant date fair value of these awards for the three months ended March 31, 2026 was $119.54 per share.

The Company estimated the fair value for the RSUs with a market condition using the Monte Carlo simulation model on the date of grant. Shares issued upon vesting are subject to a mandatory 12-month post-vesting lock-up period that may not be waived under any circumstance. A discount for lack of marketability was applied using the Finnerty (2012) average-strike put option model. The weighted-average grant date fair value of the RSUs with a market condition granted for the three months ended March 31, 2026 was $84.24, using the following assumptions:


Share price at valuation date	$	113.85
Expected volatility	46.18 %
Risk-free interest rate	3.70 %
Expected dividends	0		%
Expected term (in years)	4.99
Discount for illiquidity	11.68 %

The total grant-date fair value of RSUs vested during the three months ended March 31, 2026 was $46.1 million.

Share Repurchase Program

During the three months ended March 31, 2026, the Company repurchased 193,135 ordinary shares under its $750.0 million share repurchase program authorized by the Board of Directors on February 11, 2026 (the “Repurchase Program”) at an aggregate cost of $20.0 million at an average price of $103.54 per share. The Repurchase Program has no expiration date and may be modified, suspended for periods or discontinued at any time. The Company is not obligated to repurchase any specific number of shares or dollar amount under the Repurchase Program. As of March 31, 2026, $730.0 million remained available for future repurchases under the Repurchase Program. Repurchased shares are recorded as treasury shares at cost on the condensed consolidated balance sheets.

11. Income Taxes

The Company recorded a provision for income taxes of $26.1 million and $27.7 million for the three months ended March 31, 2026 and 2025, respectively. The Company’s effective tax rate (“ETR”) was 17.7% and 19.0% for the three months ended March 31, 2026 and 2025, respectively. This decrease in the ETR is primarily driven by changes in the geographic mix of earnings and applicable tax rates.

12. Net Income Per Share

The following table sets forth the computation of basic and diluted net income per share for the periods presented:


	Three Months Ended March 31,
	2026		2025

	(in thousands, except share and per share data)
Numerator:
Net income	$	121,462	$	117,835
Denominator:
Weighted-average shares used in computing net income per share, basic	141,396,491		140,622,029
Dilutive effect of RSUs	962,220		1,561,401
Weighted-average shares used in computing net income per share, diluted	142,358,711		142,183,430
Net income per share, basic	$	0.86	$	0.84
Net income per share, diluted	$	0.85	$	0.83

Potential ordinary shares of certain performance-based and market-based RSUs of approximately 1,478,897 for the three months ended March 31, 2026 for which all targets required to trigger vesting had not been achieved, were excluded from the calculations of weighted average shares used in computing diluted net income per share.

13. Related Party Transactions

Transactions with JS Global

Prior to the separation, the Company operated as part of JS Global’s broader corporate organization rather than as a stand-alone public company and engaged in various transactions with JS Global entities. Following the separation and distribution, JS Global continues to be a related party due to a common significant shareholder and board member of both the Company and JS Global. Our arrangements with JS Global entities and/or other related persons or entities as of the separation are described below.

Supplier Agreements

The Company historically relied on a JS Global purchasing office entity to source finished goods on the Company’s behalf and to provide certain procurement and quality control services. Additionally, the Company purchases certain finished goods directly from a subsidiary of JS Global. Finished goods purchased by the Company from JS Global entities amounted to $12.8 million and $25.1 million for the three months ended March 31, 2026 and 2025, respectively.

Sourcing Services Agreement

In connection with the separation, the Company entered into a sourcing services agreement with JS Global. Pursuant to the agreement, the Company procured products from certain suppliers in the Asia-Pacific region (“APAC”), and JS Global provided coordination, process management and relationship management support to us with respect to such suppliers. The Company retained the right to procure such products and services from third parties. The Company paid JS Global a service fee based on the aggregate amount of products procured by the Company from such suppliers managed by JS Global under the agreement. The Sourcing Services Agreement had a term that commenced July 28, 2023 and ended on July 31, 2025. The Company paid JS Global the following: (i) for the period July 28, 2023 to June 30, 2024, an amount equal to 4% of the procurement amount during such period; and (ii) for the period from July 1, 2024 until December 31, 2024, an amount equal to 2% of the procurement amount during such period; and (iii) for the period from January 1, 2025 until the end of the term, an amount equal to 1% of the procurement amount during such period. Fees incurred by the Company related to this agreement were $2.4 million for the three months ended March 31, 2025 and were included in cost of inventories.

Brand License Agreement

In connection with the separation, the Company entered into a brand license agreement with JS Global, in which the Company granted to JS Global the non-exclusive rights to obtain, produce and source, and the exclusive rights to distribute and sell, our brands of products in certain international markets in APAC. The brand license agreement has a term of 20 years from the date of the separation. Under this agreement, JS Global pays to SharkNinja a royalty of 3% of net sales of licensed products. The Company earned royalty income of $3.3 million and $4.8 million for the three months ended March 31, 2026 and 2025, respectively, which was included in net sales.

Product Development Agreements

In connection with the separation, the Company entered into an agreement with JS Global to provide certain research and development, and related product management, services to JS Global entities related to the distribution of products in APAC. Under this agreement and subsequent amendments, the Company earned product development service fees of $2.9 million and $1.7 million for the three months ended March 31, 2026 and 2025, respectively, which were recorded as a reduction of research and development expenses.

Transition Services Agreement

In connection with the separation, the Company entered into a transition services agreement with JS Global pursuant to which the Company provided certain transition services to JS Global, in order to facilitate the transition of the separated JS Global business. The services were provided on a transitional basis for a term of twenty-four months, subject to a three-month extension by JS Global. Service fees related to this agreement were $0.8 million for the three months ended March 31, 2025, and were recorded as a reduction of general and administrative expenses. The transition services agreement ended on July 31, 2025.

The following is a summary of the related party transactions and balances associated with JS Global:


	Three Months Ended March 31,
	2026		2025

	(in thousands)
Related party revenue

Royalty income	$	3,326	$	4,784
Related party expense (income)
Cost of sales - purchases of goods and services, net	$	12,809	$	27,476
Research and development services, net	(2,853)		(1,658)
General and administrative	—		(750)


	As of
	March 31, 2026		December 31, 2025

	(in thousands)
Related party assets
Accounts receivable, net	$	23,810	$	17,574

Related party liabilities
Accounts payable	$	11,702	$	14,115

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis provide information that management believes is relevant to an assessment and understanding of our results of operations and financial condition. You should read the following discussion and analysis of our financial condition and results of operations in conjunction with our unaudited condensed consolidated financial statements and the related notes appearing elsewhere in this Quarterly Report on Form 10-Q. Some of the information contained in this discussion and analysis includes forward-looking statements that involve risks, uncertainties and assumptions. You should read the “Cautionary Note Regarding Forward-Looking Statements” in this Quarterly Report on Form 10-Q, as well as the “Risk Factors” section of our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 as filed with the Securities and Exchange Commission (“SEC”) on March 2, 2026 (the “Form 10-K”), for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis.

Overview

SharkNinja is a global product design and technology company that creates innovative 5-star rated lifestyle solutions for consumers around the world. We have built two billion-dollar brands that drive strong growth and innovation across the 39 sub-categories in which we compete today. We have a proven track record of entering and establishing leadership positions by disrupting the market across household product categories, including Cleaning, Cooking and Beverage, Food Preparation, and Beauty and Home Environment. The Company has identified two operating segments, Domestic and International, based on geographic sales regions for which discrete financial information is available. Domestic consists of the United States and Canada, and International consists of markets outside the United States and Canada. The Company has determined that these two operating segments meet the aggregation criteria in ASC 280-10-50-11 and therefore are aggregated into one reportable segment. See “Note 3 - Segment Reporting” to our unaudited condensed consolidated financial statements found within Part I, Item 1 in this Quarterly Report on Form 10-Q for additional information.

Our success is centered around our advanced engineering and innovation capabilities coupled with our deep understanding of consumer needs. We relentlessly seek to deliver innovative home appliances at compelling value in order to delight consumers. Our continued growth in sales and increasing market share demonstrate that our products deliver lifestyle solutions that meet our consumers’ evolving needs and desires.

We drive high brand engagement through our dynamic approach to solutions-driven storytelling in categories that we believe have not been historically known for high engagement. This solutions-driven approach focuses on educating the consumer on our innovative solution to a consumer problem that makes their experience more efficient and more enjoyable. Our differentiated storytelling complements our innovative products across a variety of channels, including in-store, online, across social media and on television. This approach engages current and new consumers, fueling demand for our solutions across a variety of categories. Utilizing this strategy, we have built a global community of passionate brand ambassadors who we believe value our innovation, quality and performance.

We sell our products using an omnichannel distribution strategy that consists primarily of retail and direct-to-consumer (“DTC”) channels. Our retail channel covers brick-and-mortar retailers, e-commerce platforms, distributors and multichannel retailers, which, in turn, sell our products to the end consumers. Some of the largest retailers we sell to include Amazon, Costco, Walmart, Target and Best Buy, as well as a significant number of independent retailers. Our DTC channel covers sales directly to consumers through our websites and social media platforms. The goal of our omnichannel distribution strategy is to be the most prominent and relevant brand wherever our consumers choose to shop.

We have built an agile and efficient supply chain over time and have made significant investments to optimize manufacturing and sourcing. Our supply chain infrastructure harnesses three differentiating factors: (i) long-standing factory partnerships that allow us to rapidly develop and produce our products, (ii) factory flexibility that allows us to incorporate insights and adapt at any stage of the production process and (iii) our volumes and long-term strategic partnerships with key shippers allow us to attain competitive inbound freight rates, even when the market is constrained. We have also made significant investments in local talent to help oversee the production process and ensure that our manufacturers’ products meet our strenuous quality standards.

Recent Developments, Macroeconomic Conditions and Potential Impacts

We expect continued uncertainty in our business and the global economy due to tariffs and trade policies, including retaliatory tariff measures; inflationary trends; fluctuations in foreign currency exchange rates; swings in macroeconomic conditions and their effect on consumer confidence and discretionary spending; volatility in employment trends; geopolitical developments, including conflicts in the Middle East; and supply chain pressures, any of which may impact our results.

The tariff environment has been and continues to be highly dynamic. On February 20, 2026, the U.S. Supreme Court held in Learning Resources, Inc. v Trump that the International Emergency Economic Powers Act (“IEEPA”) does not authorize the President to impose tariffs. Following the decision, the President terminated the additional duties previously imposed under IEEPA and, effective February 24, 2026, imposed a 10% global import surcharge on most imported goods under Section 122 of the Trade Act of 1974. The Section 122 surcharge is temporary and, by statute, is set to expire on July 24, 2026, unless extended by an act of Congress. The administration has publicly indicated its intention to pursue tariff actions under alternative authorities, including new investigations initiated under Section 301 of the Trade Act of 1974, which could result in successor tariff actions; however, the scope, timing, and rates of any such actions remain uncertain. Additionally, the Section 122 surcharge is subject to pending legal challenges, the outcome of which could affect its scope or duration. Tariffs previously imposed under Section 301 and Section 232, including on goods imported from China, remain in effect and are unaffected by the Supreme Court's ruling.

We are monitoring developments related to the potential refund of IEEPA duties previously paid. The U.S. Court of International Trade is overseeing proceedings regarding the mechanism and process for any such refunds, and U.S. Customs and Border Protection is developing administrative processes to facilitate refund claims. The amount, timing, and availability of any refunds remain uncertain, and no receivable has been recognized in our condensed consolidated financial statements as of March 31, 2026.

In response to the evolving tariff environment, we have taken and continue to take mitigating actions across our buy-side and sell-side operations, including supply chain and geographic sourcing diversification, cost optimization and value engineering initiatives, targeted pricing actions, and supplier negotiations. We cannot predict the ultimate scope, duration, or impact of current or future tariff actions, or the extent to which our mitigation efforts will be successful. For additional discussion of risks associated with tariffs and trade policy, refer to our Annual Report on Form 10-K for the fiscal year ended December 31, 2025.

Key Components of Results of Operations

Net Sales

We offer a broad range of products that span 39 sub-categories primarily within small household appliances. We generate net sales from product sales to retailers, both brick-and-mortar and online, as well as through DTC sales and distributors. We recognize sales upon transfer of control of products to retailers, consumers and distributors, net of returns, discounts and allowances provided to retailers and funding provided to retailers for promotions and advertising of our products. Control is generally transferred upon shipment or delivery of the products, depending on shipping terms. Net sales are impacted by the effect of foreign exchange rates, competition, consumer spending habits and general economic conditions.

We disaggregate the net sales of our products across four categories:

•Cleaning Appliances, which includes corded and cordless vacuums, including handheld and robotic vacuums, as well as other floorcare products including steam mops, wet/dry cleaning floor products and carpet extraction;

•Cooking and Beverage Appliances, which includes air fryers, multi-cookers, outdoor and countertop grills and ovens, propane grills, fire pits, coffee systems, carbonation, cookware, cutlery, kettles, toasters and bakeware;

•Food Preparation Appliances, which includes blenders, food processors, ice cream makers, juicers, frozen drink appliances and coolers; and

•Beauty and Home Environment Appliances, which includes beauty appliances in both haircare and skincare, as well as home environment products such as air purifiers and fans.

Gross Profit and Gross Margin

Gross profit reflects net sales less the cost of sales. Cost of sales primarily consists of the purchase cost of our products from third-party manufacturers, inbound freight costs, tariffs, product quality testing and inspection costs, the costs associated with receiving inventory into our warehouses, depreciation on molds and tooling that we own, warranty costs, damages, obsolescence and shrinkage costs and allocated overhead, including the service fee paid to JS Global for supply chain services.

We calculate gross margin as gross profit divided by net sales. Gross margin is generally impacted by changes in channel mix since our DTC sales usually generate a higher gross margin than sales to retailers and distributors. Additionally, gross margin is also impacted by product category mix, changes in foreign currency fluctuations, changes in tariff policies, fluctuations in inbound freight costs and fluctuations in commodity and component costs.

Operating Expenses

Our operating expenses consist of research and development, sales and marketing and general and administrative expenses. Advertising expenses are the most significant component of our operating expenses and consist of digital advertising, social media and other advertising. Personnel-related expenses are the second most significant component of operating expenses and consist of salaries and bonuses, share-based compensation and employee benefit costs. Our operating expenses also include allocated overhead. Overhead costs that are not substantially dedicated for use by a specific functional group are allocated based on headcount. Allocated overhead costs include shared costs associated with facilities, including rent and utilities and depreciation of property and equipment. We expect our operating expenses to increase on an absolute dollar basis for the foreseeable future as we continue to increase investments to support our growth including through increasing staff levels, expanding research and development and greater marketing activities.

Research and Development

Research and development costs primarily consist of personnel-related costs for our engineering and product development personnel responsible for the design, development and testing of our products, contractors and consulting expenses, the cost of components and test equipment used for product, tooling and prototype development, prototype expenses, overhead costs and amortization of intangible assets related to patents and amortization expenses related to capitalized development software.

Sales and Marketing

Sales and marketing expenses primarily consist of advertising, marketing and other brand-building costs, salaries and associated expenses for sales and marketing teams, shipping and fulfillment costs, including costs for third-party delivery services and shipping materials, overhead costs, amortization expenses of intangible assets related to customer relationships and depreciation expenses.

General and Administrative

General and administrative expenses primarily consist of personnel-related costs for finance, legal, human resources, information technology and administrative functions, third-party professional service fees for external legal, accounting and other consulting services, depreciation expenses, overhead costs and expenses associated with operating as a public company, including expenses to comply with the rules and regulations of the SEC and the listing rules of NYSE, as well as expenses for corporate insurance, director and officer insurance, and investor relations.

Interest Expense, Net

Interest expense, net of any interest earned on our cash and cash equivalents, primarily consists of interest on our borrowings, including our term loan facility. See “Indebtedness” under “Liquidity and Capital Resources” below.

Other (Expense) Income, Net

Other (expense) income, net primarily consists of gains and losses on foreign currency transactions, foreign currency forward contracts and other income and expenses that are not part of our normal operating activities. See “Foreign Currency Exchange Risk” under “Quantitative and Qualitative Disclosures About Market Risk” in Part I, Item 3 of this Quarterly Report on Form 10-Q.

Provision for Income Taxes

Provision for income taxes consists primarily of income taxes in the United States and other foreign jurisdictions in which we conduct our business.

Results of Operations

The following table sets forth our selected condensed consolidated statements of income information for each of the periods indicated:


	Three Months Ended March 31,
($ in thousands)	2026		2025
Net sales	$	1,412,806	$	1,222,638
Cost of sales	717,838		619,412
Gross profit	694,968		603,226
Operating expenses:
Research and development(1)	98,883		87,603
Sales and marketing(1)	315,338		275,737
General and administrative(1)	116,222		94,940
Total operating expenses	530,443		458,280
Operating income	164,525		144,946
Interest expense, net	(6,607)		(12,629)
Other (expense) income, net	(10,336)		13,216
Income before income taxes	147,582		145,533
Provision for income taxes	26,120		27,698
Net income	$	121,462	$	117,835

(1)     Includes share-based compensation as follows:


	Three Months Ended March 31,
($ in thousands)	2026		2025
Research and development	$	4,366	$	2,909
Sales and marketing	6,671		2,538
General and administrative	19,272		6,103
Total share-based compensation	$	30,309	$	11,550

The following table sets forth our selected condensed consolidated statements of income information as a percentage of our total net sales for each of the periods indicated:


	Three Months Ended March 31,
(in percentages)	2026		2025
Net sales	100.0	%	100.0	%
Cost of sales	50.8		50.7
Gross profit	49.2		49.3
Operating expenses:
Research and development	7.0		7.2
Sales and marketing	22.3		22.5
General and administrative	8.2		7.7
Total operating expenses	37.5		37.4
Operating income	11.7		11.9
Interest expense, net	(0.5)		(1.0)
Other (expense) income, net	(0.8)		1.0
Income before income taxes	10.4		11.9
Provision for income taxes	1.8		2.3
Net income	8.6	%	9.6	%

Comparison of the Three Months Ended March 31, 2026 and 2025

Net Sales


	Three Months Ended March 31,
($ in thousands, except %)	2026		2025		$ Change		% Change
Net sales	$	1,412,806	$	1,222,638	$	190,168	15.6	%

Our net sales increased by $190.2 million, or 15.6%, for the three months ended March 31, 2026, compared to the three months ended March 31, 2025. The increase in net sales resulted from growth in Cleaning Appliances, Cooking and Beverage Appliances, and Beauty and Home Environment Appliances.

Net sales in our product categories were as follows:


	Three Months Ended March 31,
($ in thousands, except %)	2026		2025		$ Change		% Change
Cleaning Appliances	$	516,550	$	441,424	$	75,126	17.0	%
Cooking and Beverage Appliances	414,590		345,937		68,653		19.8
Food Preparation Appliances	287,531		297,392		(9,861)		(3.3)
Beauty and Home Environment Appliances	194,135		137,885		56,250		40.8
Total net sales	$	1,412,806	$	1,222,638	$	190,168	15.6	%

•Cleaning Appliances net sales increased by $75.1 million, or 17.0%, to $516.6 million in the three months ended March 31, 2026, compared to $441.4 million for the three months ended March 31, 2025. This increase was driven by the carpet extractor and corded vacuums sub-categories.

•Cooking and Beverage Appliances net sales increased by $68.7 million, or 19.8%, to $414.6 million in the three months ended March 31, 2026, compared to $345.9 million for the three months ended March 31, 2025. This increase was driven by sales of our Ninja Luxe Café espresso machine and the strength of Ninja Crispi.

•Food Preparation Appliances net sales decreased by $9.9 million, or 3.3%, to $287.5 million in the three months ended March 31, 2026, compared to $297.4 million for the three months ended March 31, 2025 driven by declines in our frozen drinks sub-category, partially offset by strong growth in our blending sub-category.

•Beauty and Home Environment Appliances net sales increased by $56.3 million, or 40.8%, to $194.1 million in the three months ended March 31, 2026, compared to $137.9 million for the three months ended March 31, 2025. This increase was driven by continued strength of our skincare product portfolio.

Geographically, Domestic net sales increased by $70.9 million, or 8.4%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025. This increase was driven by growth within existing categories and the success of new product categories. International net sales increased by $119.3 million, or 31.6%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025. This increase was driven by continued global expansion and the successful introduction of existing product categories into new international markets.

Gross Profit and Gross Margin


	Three Months Ended March 31,
($ in thousands, except %)	2026			2025			$ Change		% Change
Gross profit	$	694,968		$	603,226		$	91,742	15.2	%
Gross margin	49.2		%	49.3		%

Our gross profit increased by $91.7 million, or 15.2%, for the three months ended March 31, 2026, compared to the three months ended March 31, 2025.

Our gross margin decreased by 10 basis points for the three months ended March 31, 2026, compared to the three months ended March 31, 2025. The decrease in gross margin was primarily driven by the cost pressures related to tariffs in the U.S. market, partially offset by cost optimization efforts, favorable shifts in our categories and channels, and a decline in the amounts owed under a contractual sourcing service fee paid to JS Global for supply chain services, which ended July 31, 2025.

Operating Expenses


	Three Months Ended March 31,
($ in thousands, except %)	2026			2025			$ Change		% Change
Research and development	$	98,883		$	87,603		$	11,280	12.9	%
Percentage of net sales	7.0		%	7.2		%
Sales and marketing	$	315,338		$	275,737		$	39,601	14.4	%
Percentage of net sales	22.3		%	22.5		%
General and administrative	$	116,222		$	94,940		$	21,282	22.4	%
Percentage of net sales	8.2		%	7.7		%
Total operating expenses	$	530,443		$	458,280		$	72,163	15.7	%
Percentage of net sales	37.5		%	37.4		%

Research and Development

Research and development expenses increased by $11.3 million, or 12.9%, for the three months ended March 31, 2026, compared to the three months ended March 31, 2025. This increase was primarily driven by an increase of $4.5 million in prototypes and testing costs, incremental personnel-related expenses of $2.2 million driven by increased headcount to support new product categories and new market expansion, an increase of $1.9 million in professional and consulting fees, and an increase of $1.3 million in technology costs associated with cloud computing solutions.

Sales and Marketing

Sales and marketing expenses increased by $39.6 million, or 14.4%, for the three months ended March 31, 2026, compared to the three months ended March 31, 2025. This increase was primarily attributable to increases of $16.6 million in delivery and distribution costs, driven by higher volumes and changes in product mix, $8.9 million in personnel-related expenses to support new product launches and new markets, and $8.2 million in advertising-related expenses.

General and Administrative

General and administrative expenses increased by $21.3 million, or 22.4%, for the three months ended March 31, 2026, compared to the three months ended March 31, 2025. This increase was driven by an increase of $20.9 million in personnel-related expenses, primarily due to a $13.2 million increase in share-based compensation, as well as an increase of $2.6 million in legal fees. These were partially offset by a decrease of $2.8 million in technology costs.

Interest Expense, Net


	Three Months Ended March 31,
($ in thousands, except %)	2026			2025			$ Change		% Change
Interest expense, net	$	6,607		$	12,629		$	(6,022)	(47.7)	%
Percentage of net sales	0.5		%	1.0		%

Interest expense, net decreased by $6.0 million, or 47.7%, for the three months ended March 31, 2026, compared to the three months ended March 31, 2025. This decrease was primarily due to an increase in interest income of $2.8 million resulting from larger cash balances compared to prior year, a $1.8 million decrease in interest expense on our term loans, which was driven by principal payments made throughout the year, and a $0.8 million decrease in interest expense on our revolving credit facility, primarily due to no outstanding borrowings for the three months ended March 31, 2026.

Other (Expense) Income, Net


	Three Months Ended March 31,
($ in thousands, except %)	2026			2025			$ Change		% Change
Other (expense) income, net	$	(10,336)		$	13,216		$	(23,552)	(178.2)	%
Percentage of net sales	(0.8)		%	1.0		%

Other (expense) income, net changed by $23.6 million, or 178.2%, for the three months ended March 31, 2026, compared to the three months ended March 31, 2025. The decrease was attributable to changes in foreign currency year over year.

Provision for Income Taxes


	Three Months Ended March 31,
($ in thousands, except %)	2026			2025			$ Change		% Change
Provision for income taxes	$	26,120		$	27,698		$	(1,578)	(5.7)	%
Percentage of income before income taxes	17.7		%	19.0		%

Provision for income taxes decreased by $1.6 million, or 5.7%, for the three months ended March 31, 2026, compared to the three months ended March 31, 2025. Our effective tax rate (“ETR”) was 17.7% and 19.0% of our income before income taxes for the three months ended March 31, 2026 and 2025, respectively. This decrease in the ETR is primarily driven by changes in the geographic mix of earnings and applicable tax rates.

Non-GAAP Financial Measures

In addition to the measures presented in our unaudited condensed consolidated financial statements, we regularly review other financial measures, defined as non-GAAP financial measures by the SEC, to evaluate our business, measure our performance, identify trends, prepare financial forecasts and make strategic decisions.

The key non-GAAP financial measures we consider are Adjusted Gross Profit, Adjusted Gross Margin, Adjusted Operating Income, Adjusted Net Income, Adjusted Net Income Per Share, EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin. These non-GAAP financial measures are used by both management and our Board, together with comparable GAAP information, in evaluating our current performance and planning our future business activities. These non-GAAP financial measures provide supplemental information regarding our operating performance on a non-GAAP basis that excludes certain gains, losses and charges of a non-cash nature or which occur relatively infrequently and/or which management considers to be unrelated to our core operations, as well as the cost of sales from (i) inventory markups that are being eliminated as a result of the transition of certain product procurement functions from a subsidiary of JS Global to SharkNinja concurrently with the separation and (ii) costs related to the transitional Sourcing Services Agreement with JS Global that was entered into in connection with the separation (collectively, the “Product Procurement Adjustment”). Management believes that tracking and presenting these non-GAAP financial measures provides management and the investment community with valuable insight into our ongoing core operations, our ability to generate cash and the underlying business trends that are affecting our performance. We believe that these non-GAAP measures, when used in conjunction with our GAAP financial information, also allow investors to better evaluate our financial performance in comparison to other periods and to other companies in our industry and to better understand and interpret the results of the ongoing business following the separation and distribution. These non-GAAP financial measures should not be viewed as a substitute for our financial results calculated in accordance with GAAP and you are cautioned that other companies may define these non-GAAP financial measures differently.

We define Adjusted Gross Profit as gross profit as adjusted to exclude (i) certain items that we do not consider indicative of our ongoing operating performance following the separation, including the cost of sales from the Product Procurement Adjustment and (ii) the impact of a voluntary product recall. We define Adjusted Gross Margin as Adjusted Gross Profit divided by net sales. We believe that Adjusted Gross Profit and Adjusted Gross Margin are appropriate measures of our operating performance because each eliminates certain other adjustments that do not relate to the ongoing performance of our business.

The following table reconciles Adjusted Gross Profit and Adjusted Gross Margin to the most comparable GAAP measure, gross profit and gross margin, respectively, for the periods presented:


	Three Months Ended March 31,
($ in thousands, except %)	2026			2025
Net sales	$	1,412,806		$	1,222,638
Cost of sales	(717,838)			(619,412)
Gross profit	694,968			603,226
Gross margin	49.2		%	49.3		%
Product Procurement Adjustment(1)	—			6,541
Product recall(2)	579			3,603
Adjusted Gross Profit	$	695,547		$	613,370
Adjusted Gross Margin	49.2		%	50.2		%

(1)Represents cost of sales incurred related to the Product Procurement Adjustment. As a result of the separation, we purchase 100% of our inventory from one of our subsidiaries, SharkNinja (Hong Kong) Company Limited (“SNHK”), and no longer purchase inventory from a purchasing office wholly owned by JS Global. Thus, the markup on all inventory purchased subsequent to the separation is completely eliminated in consolidation. In connection with the separation, we paid JS Global a sourcing service fee to provide value-added sourcing services on a transitional basis under a Sourcing Services Agreement, which ended on July 31, 2025.

(2)Adjusted for gross profit impact from a voluntary product recall that was recognized during the three months ended March 31, 2026 and 2025.

We define Adjusted Operating Income as operating income excluding (i) share-based compensation, (ii) certain litigation costs, (iii) amortization of certain acquired intangible assets, (iv) certain items that we do not consider indicative of our ongoing operating performance following the separation, including cost of sales from our Product Procurement Adjustment, and (v) the impact of a voluntary product recall.

The following table reconciles Adjusted Operating Income to the most comparable GAAP measure, operating income, for the periods presented:


	Three Months Ended March 31,
($ in thousands)	2026		2025
Operating income	$	164,525	$	144,946
Share-based compensation(1)	30,309		11,550
Litigation costs(2)	—		827
Amortization of acquired intangible assets(3)	4,897		4,897
Product Procurement Adjustment(4)	—		6,541
Product recall(5)	1,122		4,287
Adjusted Operating Income	$	200,853	$	173,048

(1)Represents non-cash expense related to awards issued from the SharkNinja equity incentive plan.

(2)Represents litigation costs incurred and related settlements for certain patent infringement claims, false advertising claims, and any related settlement costs and recoveries, which were recorded in general and administrative expenses.

(3)Represents amortization of acquired intangible assets that we do not consider normal recurring operating expenses, as the intangible assets relate to JS Global’s acquisition of our business. We exclude amortization charges for these acquisition-related intangible assets for purposes of calculating Adjusted Operating Income, although revenue is generated, in part, by these intangible assets, to eliminate the impact of these non-cash charges that are significantly impacted by the timing and valuation of JS Global’s acquisition of our business, as well as the inherent subjective nature of purchase price allocations. Of the amortization of acquired intangible assets, $0.9 million for the three months ended March 31, 2026 and 2025 was recorded to research and development expenses, and $4.0 million for the three months ended March 31, 2026 and 2025 was recorded to sales and marketing expenses.

(4)Represents cost of sales incurred related to the Product Procurement Adjustment. As a result of the separation, we purchase 100% of our inventory from one of our subsidiaries, SNHK, and no longer purchase inventory from a purchasing office wholly owned by JS Global. Thus, the markup on all inventory purchased subsequent to the separation is completely eliminated in consolidation. In connection with the separation, we paid JS Global a sourcing service fee to provide value-added sourcing services on a transitional basis under a Sourcing Services Agreement, which ended on July 31, 2025.

(5)Adjusted for operating income impact from a voluntary product recall that was recognized during the three months ended March 31, 2026 and 2025.

We define Adjusted Net Income as net income excluding (i) share-based compensation, (ii) certain litigation costs, (iii) foreign currency gains and losses, net, (iv) amortization of certain acquired intangible assets, (v) certain items that we do not consider indicative of our ongoing operating performance following the separation, including cost of sales from our Product Procurement Adjustment, (vi) the impact of a voluntary product recall, and (vii) the tax impact of the adjusted items.

Adjusted Net Income Per Share is defined as Adjusted Net Income divided by the diluted weighted average number of ordinary shares.

The following table reconciles Adjusted Net Income and Adjusted Net Income Per Share to the most comparable GAAP measures, net income and net income per share, diluted, respectively, for the periods presented:


	Three Months Ended March 31,
($ in thousands, except share and per share amounts)	2026		2025
Net income	$	121,462	$	117,835
Share-based compensation(1)	30,309		11,550
Litigation costs(2)	—		827
Foreign currency losses (gains), net(3)	11,289		(12,951)
Amortization of acquired intangible assets(4)	4,897		4,897
Product Procurement Adjustment(5)	—		6,541
Product recall(6)	1,122		4,287
Tax impact of adjusting items(7)	(14,280)		(9,210)
Adjusted Net Income	$	154,799	$	123,776
Net income per share, diluted	$	0.85	$	0.83
Adjusted Net Income Per Share	$	1.09	$	0.87
Diluted weighted-average number of shares used in computing net income per share and Adjusted Net Income Per Share	142,358,711		142,183,430

(1)Represents non-cash expense related to awards issued from the SharkNinja equity incentive plan.

(3)Represents foreign currency transaction gains and losses recognized from the remeasurement of transactions that were not denominated in the local functional currency, including gains and losses related to foreign currency derivatives not designated as hedging instruments.

(4)Represents amortization of acquired intangible assets that we do not consider normal recurring operating expenses, as the intangible assets relate to JS Global’s acquisition of our business. We exclude amortization charges for these acquisition-related intangible assets for purposes of calculating Adjusted Net Income, although revenue is generated, in part, by these intangible assets, to eliminate the impact of these non-cash charges that are significantly impacted by the timing and valuation of JS Global’s acquisition of our business, as well as the inherent subjective nature of purchase price allocations. Of the amortization of acquired intangible assets, $0.9 million for the three months ended March 31, 2026 and 2025 was recorded to research and development expenses, and $4.0 million for the three months ended March 31, 2026 and 2025 was recorded to sales and marketing expenses.

(5)Represents cost of sales incurred related to the Product Procurement Adjustment. As a result of the separation, we purchase 100% of our inventory from one of our subsidiaries, SNHK, and no longer purchase inventory from a purchasing office wholly owned by JS Global. Thus, the markup on all inventory purchased subsequent to the separation is completely eliminated in consolidation. In connection with the separation, we paid JS Global a sourcing service fee to provide value-added sourcing services on a transitional basis under a Sourcing Services Agreement, which ended on July 31, 2025.

(6)Adjusted for net income impact from a voluntary product recall that was recognized during the three months ended March 31, 2026 and 2025.

(7)Represents the income tax effects of the adjustments included in the reconciliation of net income to Adjusted Net Income determined using the tax rate of 22% for the three months ended March 31, 2026 and 2025, which approximates our ETR, excluding certain share-based compensation costs and separation and distribution-related costs that are not tax deductible.

We define EBITDA as net income excluding: (i) interest expense, net, (ii) provision for income taxes and (iii) depreciation and amortization. We define Adjusted EBITDA as EBITDA excluding (i) share-based compensation cost, (ii) certain litigation costs, (iii) foreign currency gains and losses, net, (iv) certain items that we do not consider indicative of our ongoing operating performance following the separation, including cost of sales from our Product Procurement Adjustment, and (v) the impact of a voluntary product recall. We define Adjusted EBITDA Margin as Adjusted EBITDA divided by net sales. We believe EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin are appropriate measures because they facilitate a comparison of our operating performance on a consistent basis from period to period that, when viewed in combination with our results according to GAAP, we believe provide a more complete understanding of the factors and trends affecting our business than GAAP measures alone.

The following table reconciles EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin to the most comparable GAAP measure, net income, for the periods presented:


	Three Months Ended March 31,
($ in thousands, except %)	2026			2025
Net income	$	121,462		$	117,835
Interest expense, net	6,607			12,629
Provision for income taxes	26,120			27,698
Depreciation and amortization	38,447			31,946
EBITDA	192,636			190,108
Share-based compensation(1)	30,309			11,550
Litigation costs(2)	—			827
Foreign currency losses (gains), net(3)	11,289			(12,951)
Product Procurement Adjustment(4)	—			6,541
Product recall(5)	1,122			4,287
Adjusted EBITDA	$	235,356		$	200,362
Net sales	$	1,412,806		$	1,222,638
Adjusted EBITDA Margin	16.7		%	16.4		%

(1)Represents non-cash expense related to awards issued from the SharkNinja equity incentive plan.

(5)Adjusted for the Adjusted EBITDA impact from a voluntary product recall that was recognized during the three months ended March 31, 2026 and 2025.

Liquidity and Capital Resources

Our principal sources of liquidity are our cash and cash equivalents, cash generated from operations and our revolving credit facility (“2023 Revolving Facility”). Our principal uses of cash have been investing in international expansion, new product development, working capital, repayment of debt, and repurchases of our ordinary shares. As of March 31, 2026, our principal sources of liquidity were cash and cash equivalents of $511.8 million and our available balance of $489.1 million under our 2023 Revolving Facility. Our cash and cash equivalents consist primarily of cash on deposits with banks.

We believe that our existing cash and cash equivalents together with cash provided by operations and the availability under our 2023 Revolving Facility will be sufficient to meet our needs for at least the next 12 months from the date of the filing of this Quarterly Report on Form 10-Q. We plan to use our current cash on hand, cash generated by operations and our 2023 Revolving Facility to support our core business operations and strategic plan to accelerate our go-to-market strategy, invest in new product development and enhance our global distribution. We may be required to seek additional equity or debt financing to fund our activities. In the event that additional financing is required from outside sources, we may not be able to raise it on terms acceptable to us or at all. If we are unable to raise additional capital when desired, the results of operations and financial conditions of the business would be materially and adversely affected.

We have lease obligations and other contractual obligations and commitments as part of our ordinary course of business. See “Note 8 - Debt” and “Note 9 - Commitments and Contingencies” to our unaudited condensed consolidated financial statements found within Part I, Item 1 in this Quarterly Report on Form 10-Q for information regarding our contractual obligations. We did not have during the periods presented, and we do not currently have, any off-balance sheet arrangements involving commitments or obligations, including contingent obligations, arising from arrangements with unconsolidated entities or persons that have or are reasonably likely to have a material current or future effect on our business, financial condition, results of operations, liquidity, cash requirements or capital resources.

Indebtedness

In July 2023, we entered into a credit agreement (“2023 Credit Agreement”), which provides for an $810.0 million term loan facility (the “2023 Term Loan”) and a $500.0 million 2023 Revolving Facility. As of March 31, 2026, we had $729.0 million debt outstanding under the 2023 Credit Agreement. See "Note 8 – Debt" to our unaudited condensed consolidated financial statements found within Part I, Item 1 in this Quarterly Report on Form 10-Q for further information regarding the 2023 Credit Agreement.

Cash Flows

The following table summarizes our cash flows for the periods presented:


	Three Months Ended March 31,
($ in thousands)	2026		2025
Net cash used in operating activities	$	(156,280)	$	(54,856)
Net cash used in investing activities	(38,354)		(36,809)
Net cash used in financing activities	(69,162)		(51,149)

Operating Activities

Net cash used in operating activities for the three months ended March 31, 2026 of $156.3 million was primarily related to our net income of $121.5 million, adjusted for non-cash charges of $61.0 million and net cash outflows of $338.8 million from changes in our operating assets and liabilities. Non-cash charges primarily consisted of depreciation and amortization of $38.4 million, and share-based compensation of $30.3 million, offset by deferred income tax of $10.1 million. The main drivers of the net cash outflows derived from the changes in operating assets and liabilities were related to a decrease in accrued expenses and other liabilities of $335.9 million, a decrease in accounts payable of $97.3 million, an increase in prepaid expenses and other assets of $75.1 million, an increase in inventories of $34.4 million, and a decrease in operating lease liabilities of $5.5 million, partially offset by a decrease in accounts receivable of $182.2 million and an increase in tax payable of $27.2 million.

Net cash used in operating activities for the three months ended March 31, 2025 of $54.9 million was primarily related to our net income of $117.8 million, adjusted for non-cash charges of $43.3 million and net cash outflows of $216.0 million from changes in our operating assets and liabilities. Non-cash charges primarily consisted of depreciation and amortization of $31.9 million, share-based compensation of $11.5 million, non-cash lease expenses of $5.0 million and provision for credit losses of $3.2 million, offset by deferred income tax of $9.2 million. The main drivers of the net cash outflows derived from the changes in operating assets and liabilities were related to a decrease in accrued expenses and other liabilities of $204.6 million, a decrease in accounts payable of $156.1 million, an increase in prepaid expenses and other assets of $62.9 million, an increase in inventories of $62.9 million, partially offset by a decrease in accounts receivable of $237.4 million and an increase in tax payable of $33.9 million.

Investing Activities

Investing activities consist primarily of purchases of property and equipment and intangible assets.

Cash used in investing activities for the three months ended March 31, 2026 of $38.4 million consisted of purchases of property and equipment of $33.9 million and purchases of intangible assets of $4.5 million.

Cash used in investing activities for the three months ended March 31, 2025 of $36.8 million consisted of purchases of property and equipment of $32.7 million, purchases of intangible assets for $2.8 million and capitalized software development costs of $1.3 million.

Financing Activities

Financing activities consist primarily of debt repayments, repurchases of our ordinary shares, and the taxes paid for shares withheld upon vesting of restricted share units.

Cash used in financing activities for the three months ended March 31, 2026 of $69.2 million consisted of cash paid for taxes on shares withheld upon vesting of restricted share units of $48.7 million, repurchases of ordinary shares of $18.5 million, and principal payments on the 2023 Term Loan of $10.1 million, offset by proceeds from employee share purchase plan contributions of $8.1 million.

Cash used in financing activities for the three months ended March 31, 2025 of $51.1 million consisted of cash paid for taxes on shares withheld upon vesting of restricted share units of $48.4 million and principal payments on the 2023 Term Loan of $10.1 million, offset by proceeds from employee share purchase plan contributions of $7.4 million.

Share Repurchase Program

On February 11, 2026, we announced that our Board of Directors approved a share repurchase program authorizing us to repurchase up to $750.0 million of our outstanding ordinary shares. During the three months ended March 31, 2026, we repurchased 193,135 ordinary shares at an aggregate cost of $20.0 million, of which $1.5 million remained unsettled and recorded within accounts payable as of March 31, 2026. As of March 31, 2026, $730.0 million remained available for future repurchases under the share repurchase program. Please refer to “Note 10 - Shareholders’ Equity and Equity Incentive Plan” to our unaudited condensed consolidated financial statements found within Part I, Item 1 in this Quarterly Report on Form 10-Q for additional information regarding the share repurchase program.

Recent Accounting Pronouncements

Refer to the sections titled “Basis of Presentation” and “Recently Issued Accounting Pronouncements” in “Note 2 - Summary of Significant Accounting Policies” to our unaudited condensed consolidated financial statements found within Part I, Item 1 in this Quarterly Report on Form 10-Q for more information.

Critical Accounting Policies and Estimates

Our discussion and analysis of results of operations, financial condition, and liquidity are based upon our unaudited condensed consolidated financial statements, which have been prepared in accordance with GAAP. The preparation of our financial statements requires us to make estimates and judgements that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. We based our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Actual results may materially differ from these estimates under different assumptions or conditions. On an ongoing basis, we review our estimates to ensure that they appropriately reflect changes in our business or new information as it becomes available. There were no material changes to our critical accounting policies and estimates during the period covered by this Quarterly Report on Form 10-Q. Refer to “Critical Accounting Policies and Estimates” under “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year 2025 for a complete list of our critical accounting policies and estimates.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

We are exposed to market risk in the ordinary course of our business. Market risk represents the risk of loss that may impact our financial position due to adverse changes in financial market prices and rates. Our market risk exposure is principally the result of fluctuations in interest rates and foreign currency exchange rates.

Interest Rate Risk

Our exposure to interest rate risk relates to the interest income generated by cash and cash equivalents and interest expense on our debt. Our interest rate sensitivity is affected by changes in the general level of U.S. interest rates, particularly because our cash equivalents are in the form of checking accounts, government money market funds and money market deposit accounts in the United States. Interest income is sensitive to changes in the general level of interest rates. However, due to the short-term maturities of our cash equivalents, we believe a hypothetical 100 basis point increase or decrease in interest rates during any of the periods presented would not have had a material impact on our unaudited condensed consolidated financial statements.

During the three months ended March 31, 2026 and 2025, average debt borrowings, excluding the impact of debt issuance costs, totaled $739.0 million and $831.1 million, respectively, with interest rates tied to the Secured Overnight Financing Rate (“SOFR”) . A hypothetical 100 basis point fluctuation to interest rates would have increased or decreased interest expense by $7.4 million and $8.3 million for the three months ended March 31, 2026 and 2025, respectively.

Foreign Currency Exchange Risk

Our international net sales, cost of sales and operating expenses are denominated in multiple currencies, including British Pounds (“GBP”), Canadian Dollars, Chinese Yuan (“CNY”), and Euros (“EUR”). As such, we have exposure to adverse changes in exchange rates associated with the net sales and operating expenses of our foreign operations. Any fluctuations in other currencies will have minimal direct impact on our international net sales.

The functional currency of our non-U.S. subsidiaries is generally the respective local currency, although there are some subsidiaries whose functional currency is not their respective local currency. Asset and liability balances denominated in non-U.S. Dollar currencies are translated into U.S. Dollars using period-end exchange rates, while translation of net sales, cost of sales and operating expenses is based on average monthly rates. Translation adjustments are recorded as a component of accumulated other comprehensive income (loss) and transaction gains and losses are recorded in other income (expense), net in our condensed consolidated statements of income.

Our primary foreign currency exchange risk relates to the purchase of inventory from manufacturers located in China. Although our inventory purchases are denominated in U.S. Dollars, as the foreign exchange rate between the CNY and the U.S. Dollar fluctuates, the amount paid to suppliers for our inventory will generally fluctuate accordingly based on our contractual terms. Our subsidiaries in Europe conduct business in their local currencies but are exposed to fluctuations between their functional currency and the U.S. Dollar, in particular due to their inventory purchases being denominated in U.S. Dollars. We regularly monitor the forecast of non-U.S. Dollar expense and the level of non-U.S. Dollar monetary asset and liability balances to determine if any actions, including possibly entering into foreign currency contracts, should be taken to minimize the impact of fluctuating exchange rates on our results of operations.

We previously utilized foreign currency forward contracts with financial institutions to protect against a portion of foreign exchange risks, mainly the exposure to changes in the exchange rate of the GBP against the U.S. Dollar that are associated with future cash flows denominated in GBP. These contracts did not subject us to material balance sheet risk due to exchange rate movements because gains and losses on these derivatives are intended to offset gains and losses on the related GBP denominated cash flows. All forward contracts expired during the year ended December 31, 2025. Accordingly, the Company had no derivative instruments outstanding as of March 31, 2026 or December 31, 2025. We may in the future enter into other derivative financial instruments if it is determined that such hedging activities are appropriate to further reduce our foreign currency exchange risk.

The estimated translation impact to our unaudited condensed consolidated financial statements of a hypothetical 1,000 basis points change in foreign currency exchange rates would amount to $7.2 million and $3.4 million for the three months ended March 31, 2026 and 2025, respectively. During the three months ended March 31, 2026 and 2025, approximately 33.4%, and 30.8%, respectively, of our net sales and approximately 36.3%, and 34.8%, respectively, of our operating expenses were denominated in non-U.S. Dollar currencies.

Item 4. Controls and Procedures

Evaluation of Controls and Procedures

Under the supervision, and with the participation of, our management, including our Chief Executive Officer and Chief Financial Officer, we performed an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act), as of December 31, 2025.

Based on this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were not effective as of December 31, 2025 to provide reasonable assurance that the information we are required to disclose in the reports we file or submit under the Exchange Act is (1) recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and (2) accumulated and communicated to our management to allow timely decisions regarding required disclosures due to the material weaknesses in internal control over financial reporting which, as previously disclosed in Part II, Item 9A. "Controls and Procedures" of our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, existed as of December 31, 2025 and continued to exist as of March 31, 2026.

Remediation Plan for Material Weaknesses

With the oversight of the Audit Committee of our Board of Directors, we have continued throughout fiscal year 2026 to take steps to remediate the material weaknesses identified above by implementing changes to our internal control over financial reporting and will continue these remediation efforts throughout 2026. Our remediation efforts will include:

•Re-designing and implementing IT general controls related to financial accounting and reporting systems, including implementing robust monitoring controls as appropriate.

•Building a standard internal controls framework for System Development Life Cycle that will be used for all IT applications.

•Designing and implementing additional control activities and evaluating the operating effectiveness of control activities that operate at a level of precision to identify all potentially material errors.

•Enhancing training awareness programs to address IT general controls and business process controls that emphasize policies for the retention of sufficient evidence of the performance of control activities.

•Developing and enhancing policies for current employees, new hires, and external consultants to ensure they are held accountable for design, implementation, and execution of our internal controls over financial reporting.

•Investing in the development of internal capabilities by insourcing the Internal Audit function to perform SOX testing to promote continuity, embed institutional knowledge of the business, and enable more proactive identification of operational and control improvement opportunities.

While we believe that the foregoing efforts will effectively remediate the remaining material weaknesses, until these remedial actions have been completed and the required internal controls have been fully implemented and operating for a sufficient period of time to be able to conclude that material weaknesses described above have been successfully remediated, our internal control over financial reporting will remain ineffective.

We cannot provide any assurance that these remediation efforts will be successful or that our internal control over financial reporting will be effective as a result of these efforts and there is no assurance as to when such remediation will be completed. In addition, as we continue to evaluate and work to improve internal control over financial reporting, management may determine to take additional measures to address control deficiencies or determine to modify the remediation plan described above.

Changes in internal control over financial reporting

There have been no changes during the three months ended March 31, 2026, in the Company’s internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II

Item 1. Legal Proceedings

From time to time, we are involved in legal proceedings that arise in the ordinary course of business. We believe that the outcome of these proceedings, if determined adversely, will not have a material adverse effect on our financial position. We have not been a party to or paid any damages in connection with any other litigation that has had a material adverse effect on our financial position. Any future litigation may result in substantial costs and be a distraction to management and our employees. No assurance can be given that future litigation will not have a material adverse effect on our financial position.

Item 1A. Risk Factors

Please refer to Part I, Item 1A. “Risk Factors"”of our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 for a description of certain significant risks and uncertainties to which our business, financial condition and results of operations are subject. No material change in the risk factors discussed in such Form 10-K has occurred.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

The Company did not sell any equity securities during the three months ended March 31, 2026 that were not registered under the Securities Act.

The following table provides information regarding repurchases of our ordinary shares during the three months ended March 31, 2026:


Period	Total Number of Shares Purchased	Average Price Paid Per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs(1)	Approximate Dollar Value of Shares That May be Purchased Under the Plans or Programs
					(in millions)
January 1, 2026 - January 31, 2026	—	$	—	—	$	—
February 1, 2026 - February 28, 2026	—	$	—	—	$	—
March 1, 2026 - March 31, 2026	193,135	$	103.54	193,135	$	730.0

(1)On February 11, 2026, the Company announced that its Board of Directors approved a share repurchase program authorizing the Company to repurchase up to $750.0 million of the Company’s outstanding ordinary shares. Repurchases may be from time to time on the open market, through privately negotiated transactions, or by other means, including through the use of trading plans intended to qualify under Rule 10b5-1 under the Exchange Act, in accordance with applicable securities laws and other restrictions, including Rule 10b-18 under the Exchange Act. The share repurchase program has no expiration date and may be modified, suspended for periods or discontinued at any time and does not obligate the Company to repurchase any shares. The timing and total amount of share repurchases will depend upon business, economic and market conditions, corporate and regulatory requirements, prevailing share prices, and other considerations. During the three months ended March 31, 2026, the Company repurchased 193,135 shares at an aggregate cost of approximately $20.0 million under the program.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

During the quarter ended March 31, 2026, none of the Company’s directors or officers adopted or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement (each as defined in Item 408(c) of Regulation S-K).

Item 6. Exhibits


Exhibit No.			Description of Exhibit
3.1			Amended and Restated Memorandum and Articles of Association (incorporated by reference to Exhibit 4.2 filed with the Registrant’s Registration Statement on Form S-8 (File No. 333-273518), filed with the SEC on July 28, 2023).
10.1†			Offer Letter between SharkNinja Operating LLC and Kaitlin Folan, dated December 12, 2025 (incorporated by reference to Exhibit 10.1 filed with the Registrant’s Current Report on Form 8-K (File No. 001-41754), filed with the SEC on January 20, 2026).
10.2†			Second Amended and Restated Employment Agreement with Mark Barrocas, dated February 27, 2026 (incorporated by reference to Exhibit 10.11 of the Registrant’s Annual Report on Form 10-K, filed with the SEC on March 2, 2026).
10.3† ††			Offer Letter with Adam Quigley, dated January 12, 2026 (incorporated by reference to Exhibit 10.12 of the Registrant’s Annual Report on Form 10-K, filed with the SEC on March 2, 2026).
10.4†			Noncompetition, Confidentiality and Non-Solicitation Agreement with Adam Quigley, dated February 25, 2026 (incorporated by reference to Exhibit 10.11 of the Registrant’s Annual Report on Form 10-K, filed with the SEC on March 2, 2026).
31.1*			Certification of the Principal Executive Officer pursuant to Rule 13a-14(a) and 15d-14(a) under the Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*			Certification of the Principal Financial Officer pursuant to Rule 13a-14(a) and 15d-14(a) under the Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1**			Certification of the Principal Executive Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002.
32.2**			Certification of the Principal Financial Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002.
101.INS*			Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH*			Inline XBRL Taxonomy Extension Schema Document.
101.CAL*			Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF*			Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB*			Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE*			Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104*			Cover Page Interactive Data File (embedded as Inline XBRL and contained in Exhibit 101).

* Filed herewith.

** Furnished herewith. The certifications attached as Exhibits 32.1 and 32.2 that accompany this Quarterly Report on Form 10-Q are deemed furnished and not filed with the SEC and are not to be incorporated by reference into any filing of the Company under the Securities Act or the Exchange Act, whether made before or after the date of this Quarterly Report on Form 10-Q, irrespective of any general incorporation language contained in such filing.

† Indicates management contract or compensatory plan, contract or agreement.

†† Portions of this exhibit (indicated by asterisks) have been omitted in accordance with the rules of the Securities and Exchange Commission.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


	SHARKNINJA, INC.


Date: May 6, 2026	By:	/s/ Mark Barrocas
		Name: Mark Barrocas
		Title: Chief Executive Officer
		(Principal Executive Officer)

Date: May 6, 2026	By:	/s/ Adam Quigley
		Name: Adam Quigley
		Title: Chief Financial Officer
		(Principal Financial Officer)


Dated: May 06, 2026			/s/ Mark Barrocas
			Mark Barrocas
			Chief Executive Officer (Principal Executive Officer)


Dated: May 06, 2026			/s/ Adam Quigley
			Adam Quigley
			Chief Financial Officer (Principal Financial Officer)