SharkNinja Cleared High Bar with Broad-Based Beat & Raise in 2Q26;

Research evidence excerpt

J P M O R G A N

North America Equity Research

05 August 2026

SharkNinja

Cleared High Bar with Broad-Based Beat & Raise in

2Q26

Our Take: Cleared the Buy-Side Bar. We think SN cleared a high bar into the

print (shares +11.0%/+43.3% L1M/L3M vs. SPX +3.4%/+6.6%) with the

company delivering +22.2% net sales growth (investors ~high-teens% to +20%)

and raising 2026 guidance ex-net tariff refunds by more than the 2Q26 beat

(investors mostly expecting flow through of 2Q upside). While some investor

inbounds have been looking to take profit/short given the high bar and recent

insider selling, we believe momentum is poised to continue as SN is firing on all

cylinders with broad-based and balanced strength across product categories

(growth in each segment) and geographies (+15.5% Domestic, including +18.0%

U.S., and +36.6% International, including +18.9% U.K.).

SN, SN US

Price (04 Aug 26):$168.19

Beverage, Household & Personal

Care Products

Andrea Teixeira, CFA AC

(1-212) 622-6735

Drew Levine, CFA

(1-212) 622-0374

Shovana Chowdhury

(1-212) 270-2184

J.P. Morgan Securities LLC

2Q26 KPIs. SharkNinja (SN, Overweight, AFL Growth) reported 2Q26

adjusted EPS of $1.26, which beat JPMe/consensus $1.07/$1.13 by

+18.1%/+11.7%, and adjusted EBITDA of $265M, which beat JPMe/

consensus $243M/$250M by +9.2%/+6.1%. Upside relative to our estimates

was driven by better-than-expected top-line (+$0.08 vs. JPMe), gross margin

(+$0.05 vs. JPMe), lower tax rate (+$0.05 vs. JPMe), and other below-the-line

items (net +$0.02), while operating expenses were a slight headwind (-$0.01

vs. JPMe). Net sales growth of +22.2% (+21.6% ex-FX) came in well ahead

of JPMe/consensus +14.4%/+14.4%. Adjusted gross margins of 48.7% (-71

bps YOY) compared with JPMe/consensus 48.2%/48.6% and operating

expense ratio of 35.6% (-43 bps YOY) compared with JPMe/consensus

35.6%/35.7%. Adjusted EBITDA margin of 15.0% (-45 bps YOY) compared

to JPMe/consensus 14.7%/15.1%.

Overweight

Adjusted Net Sales by Segment & Geography. Within SN’s +22.2%

net sales growth, revenue growth by segment included Cleaning

Appliances +4.1% (vs. JPMe/CM +10.7%/+11.9%), Cooking &

Beverage Appliances +36.5% (vs. JPMe/CM +13.7%/+14.9%), Food

…