SharkNinja, Inc. (SN): Refreshing our brand momentum trackers and discussing key debates

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SharkNinja, Inc. (SN): Refreshing our brand momentum trackers and discussing key debates

Goldman Sachs SharkNinja, Inc. (SN)

above peers. On balance, we believe the combination of healthy brand awareness,

consumer engagement, and continued innovation supports sustained US growth into

2Q and 2H26.

n Gross margin outlook: Gross margin remains a key debate as investors assess the

balance between tariffs, pricing, commodity cost inflation, and promotional activity.

As per our checks, promotional levels during Prime Day remained relatively

controlled vs. both historical levels and peers. SN is cycling last year’s price increases,

and we have observed no meaningful price adjustments in our trackers.

Management’s FY26 outlook assumes a 10% tariff rate for the remainder of the year,

and recent tariff outcomes screening in the 10-12.5% range appear broadly

consistent with that framework. We expect the cadence of gross margin expansion

and EBITDA flow-through to remain in focus into 2H26, particularly the speed and

magnitude at which the company is able to return to gross margin expansion.

n New category opportunity: SN’s entry into new categories including microwaves

represents another step in the company’s expansion strategy. While the category is

unlikely to be a meaningful growth contributor near term as the product scales, we

believe investors will focus on initial retailer reception, the company’s ability to

differentiate through innovation, and whether microwave expansion can provide a

pathway into adjacent kitchen appliance categories over time. SN has also indicated

plans to launch two new categories this fall. Beyond the microwave launch, we

expect to see the Ninja brand extend to water filtration - a key use case and

potential growth driver in the years ahead.