Yeti Holdings Inc.

11/06/2025 | Press release | Distributed by Public on 11/06/2025 05:09

Quarterly Report for Quarter Ending September 27, 2025 (Form 10-Q)

Management's Discussion and Analysis of Financial Condition and Results of Operations
The following discussion and analysis contains forward-looking statements within the meaning of the federal securities laws and should be read in conjunction with the disclosures we make concerning risks and other factors that may affect our business and operating results, including those described in more detail in Part I "Item 1A. Risk Factors" included in our Annual Report on Form 10-K for the year ended December 28, 2024 and subsequent Quarterly Reports on Form 10-Q filed with the SEC. The information contained in this section should also be read in conjunction with our consolidated financial statements and related notes and the information contained elsewhere in this Report. See also "Cautionary Note Regarding Forward-Looking Statements" immediately prior to Part I, Item I in this Quarterly Report on Form 10-Q.
The terms "we," "us," "our," "YETI," and "the Company" as used herein, and unless otherwise stated or indicated by context, refer to YETI Holdings, Inc. and its subsidiaries.
Business Overview
Headquartered in Austin, Texas, YETI is a global designer, retailer, and distributor of innovative outdoor products. From coolers and drinkware to bags and apparel, YETI products are built to meet the unique and varying needs of diverse outdoor pursuits, whether in the remote wilderness, at the beach, or anywhere life takes you. By consistently delivering high-performing, exceptional products, we have built a strong following of brand loyalists throughout the world, ranging from serious outdoor enthusiasts to individuals who simply value products of uncompromising quality and design. We have an unwavering commitment to outdoor and recreation communities, and we are relentless in our pursuit of building superior products for people to confidently enjoy life outdoors and beyond.
We distribute our products through a balanced omni-channel platform, consisting of our wholesale and direct-to-consumer ("DTC") channels. In our wholesale channel, we sell our products through select national and regional accounts and an assemblage of independent retail partners throughout the United States, Canada, Australia, New Zealand, Europe, and Japan, among others. We carefully evaluate and select retail partners that have an image and approach that are consistent with our premium brand and pricing. Our domestic national and regional specialty retailers include Dick's Sporting Goods, REI, Academy Sports + Outdoors, Bass Pro Shops, Ace Hardware, Scheels, and Tractor Supply Company. We sell our products in our DTC channel to customers through our websites and YETI Authorized on the Amazon Marketplace, as well as in our retail stores. Additionally, we offer customized products with licensed marks and original artwork primarily through our DTC channel, including our corporate sales channel, on our websites, and at select retail stores. Our corporate sales program offers customized products to corporate customers for a wide-range of events and activities and in certain instances may also offer products to re-sell.
Product Introductions and Updates
During the first quarter of 2025, we expanded our bag offerings with the launch of the new Ranchero backpack in two sizes and introduced new seasonal colorways across our Drinkware and Coolers & Equipment categories.
During the second quarter of 2025, we expanded our Drinkware category with the launch of the Rambler Travel Bottle in two sizes and introduced the redesigned and improved Rambler Jug in two sizes. We continued the expansion of our outdoor kitchen offerings with the launch of the Rambler Insulated Bowls in six sizes and the 14" Cast Iron Skillet. In our Coolers & Equipment category, we expanded our hard cooler offerings with the redesigned Roadie 24, the new Hondo Beach Chair, and the limited release Can Crusher. We continued the expansion of our bag offerings with the launch of the new Cayo backpack in two sizes and two new sizes of the Ranchero backpack. In our bag offerings, we also introduced the Daytrip collection, which includes the Daytrip Lunchboxes in two sizes, the Daytrip Lunch Bag, and the Daytrip Tote Bag. We also introduced new seasonal colorways across our Drinkware and Coolers & Equipment categories.
During the third quarter of 2025, we expanded our Drinkware category with the launch of the Rambler Ceramic Mug Collection in two sizes and introduced a new size of the Rambler Travel Bottle. We continued the expansion of our outdoor kitchen offerings with the launch of the Rambler Food Jars in two sizes. In our Coolers & Equipment category, we expanded our bags offerings with the introduction of a new size of the Cayo backpack. We also introduced new seasonal colorways across our Drinkware and Coolers & Equipment categories.
Acquisition
During the third quarter of 2025, we acquired certain assets, including designs, tooling, and intellectual property, related to the Helimix branded shaker bottle, for $38.0 million in cash. This transaction was accounted for as an asset acquisition.
Macroeconomic Conditions
Our business is exposed to and impacted by macroeconomic factors, including but not limited to uncertainty surrounding inflationary pressures, consumer confidence and purchasing behaviors, foreign currency exchange rate fluctuations, geopolitical conflicts, and government actions and policies, including changes in interest rates, tax rates, and tariff rates. We have experienced a challenging macroeconomic and consumer spending environment through the third quarter of 2025 and expect such challenges to continue through the remainder of 2025.
During 2025, the United States implemented incremental tariffs on imports from many countries. Most of our products are produced in countries that are subject to these tariffs. As a result, the cost to import our products into the U.S. has increased. These increased costs have had a material negative impact on our gross margins and results of operations in 2025. If current tariff levels persist or worsen, we expect that tariffs will continue to have a negative impact on our gross margins and results of operations.
We have been, and will continue, pursuing strategic options to mitigate the impact of tariffs. For example, in response to the elevated tariffs on imports from China announced earlier this year, we have continued our efforts to accelerate the diversification of our Drinkware manufacturing to additional countries beyond China. We continue to expect a large percentage of our Drinkware manufacturing capacity to be outside of China by the end of 2025. These accelerated diversification efforts have caused short-term supply chain disruptions, which have impacted our ability to source certain products. As a result, we have experienced inventory constraints that have adversely impacted sales in 2025, and we expect such impact to continue in the fourth quarter of 2025.
In addition to diversifying Drinkware manufacturing beyond China, to mitigate the impact of tariffs we are also managing operating expenses, working capital and cash; negotiating with suppliers; evaluating pricing strategies; leveraging tariff exemptions where possible; and pursuing other supply chain optimization activities.
General
Components of Our Results of Operations
Net Sales.Net sales are comprised of wholesale channel sales to our retail partners and sales through our DTC channel. Net sales in both channels reflect the impact of product returns as well as discounts for certain sales programs or promotions.
We discuss the net sales of our products in our two primary categories: Coolers & Equipment and Drinkware. Our Coolers & Equipment category includes hard coolers, soft coolers, bags, outdoor equipment, and cargo, as well as accessories and replacement parts for these products. Our Drinkware category is primarily composed of our stainless-steel drinkware products and related accessories. In addition, our Other category is primarily comprised of ice substitutes and YETI-branded gear, such as shirts, hats, and other miscellaneous products.
Gross profit.Gross profit reflects net sales less cost of goods sold, which primarily includes the purchase cost of our products from our third-party contract manufacturers, inbound freight and duties, product quality testing and inspection costs, depreciation expense of our molds, tooling, and equipment, and the cost of customizing products. We calculate gross margin as gross profit divided by net sales. Our DTC channel generally generates higher gross margin than our wholesale channel due to differentiated pricing between these channels.
Selling, general, and administrative expenses.Selling, general, and administrative ("SG&A") expenses consist primarily of marketing costs, employee compensation and benefits costs, including non-cash stock-based compensation, distribution and fulfillment costs, depreciation and amortization expense, and general and administrative expenses. Our distribution and fulfillment costs include costs of our third-party warehousing and logistics operations, outbound freight costs, costs of operating on third-party DTC marketplaces, and credit card processing fees. Certain distribution and fulfillment costs will vary as they are dependent on our sales volume and our channel mix. Our DTC channel variable SG&A costs are generally higher as a percentage of net sales than our wholesale channel distribution costs.
Fiscal Year. We have a 52- or 53-week fiscal year that ends on the Saturday closest in proximity to December 31, such that each quarterly period will be 13 weeks in length, except during a 53-week year when the fourth quarter will be 14 weeks. Our fiscal year ending January 3, 2026 ("2025") is a 53-week period. The first quarter of our fiscal year 2025 ended on March 29, 2025, the second quarter ended on June 28, 2025, and the third quarter ended on September 27, 2025. Our fiscal year ended December 28, 2024 ("2024") was a 52-week period. Unless otherwise stated, references to particular years, quarters, months and periods refer to our fiscal years and the associated quarters, months, and periods of those fiscal years. The unaudited condensed consolidated financial results presented herein represent the three and nine months ended September 27, 2025 and September 28, 2024.
Results of Operations
The discussion below should be read in conjunction with the following table and our unaudited condensed consolidated financial statements and related notes contained elsewhere in this Quarterly Report on Form 10-Q. The following table sets forth selected statement of operations data, and their corresponding percentage of net sales, for the periods indicated (dollars in thousands):
Three Months Ended Nine Months Ended
September 27, 2025 September 28, 2024 September 27, 2025 September 28, 2024
Statement of Operations
Net sales $ 487,766 100 % $ 478,440 100 % $ 1,284,786 100 % $ 1,283,333 100 %
Cost of goods sold 215,244 44 % 200,713 42 % 552,973 43 % 546,487 43 %
Gross profit 272,522 56 % 277,727 58 % 731,813 57 % 736,846 57 %
Selling, general, and administrative expenses 218,169 45 % 208,092 43 % 593,765 46 % 573,974 45 %
Operating income 54,353 11 % 69,635 15 % 138,048 11 % 162,872 13 %
Interest income
(52) - % 384 - % 551 - % 495 - %
Other (expense) income, net (1,198) - % 4,061 1 % 5,951 - % 351 - %
Income before income taxes 53,103 11 % 74,080 15 % 144,550 11 % 163,718 13 %
Income tax expense (13,703) 3 % (17,796) 4 % (37,390) 3 % (41,183) 3 %
Net income $ 39,400 8 % $ 56,284 12 % $ 107,160 8 % $ 122,535 10 %
Comparison of the Three Months Ended September 27, 2025 and September 28, 2024
Three Months Ended
September 27,
2025 		September 28,
2024 		Change
(dollars in thousands) $ %
Net sales $ 487,766 $ 478,440 $ 9,326 2 %
Gross profit $ 272,522 $ 277,727 $ (5,205) (2) %
Gross margin (gross profit as a % of net sales)
55.9 % 58.0 % (210) basis points
Selling, general, and administrative expenses $ 218,169 $ 208,092 $ 10,077 5 %
SG&A as a % of net sales 44.7 % 43.5 % 120 basis points
Net Sales
Net sales increased $9.3 million, or 2%, to $487.8 million for the three months ended September 27, 2025, compared to $478.4 million for the three months ended September 28, 2024. Net sales for each of the third quarters of 2025 and 2024 include $2.7 million of sales related to gift card redemptions in connection with recall remedies.
Net sales in our channels were as follows:
•DTC channel net sales increased $7.9 million, or 3%, to $288.7 million, compared to $280.8 million in the prior year quarter, primarily due to growth in our Amazon Marketplace business, Corporate Sales and YETI retail stores, partially offset by a decline in sales on our U.S. YETI website. DTC channel mix was 59% for both the third quarters of 2025 and 2024.
•Wholesale channel net sales increased $1.4 million, or 1%, to $199.0 million, compared to $197.6 million in the same period last year, primarily due to growth in Coolers & Equipment.
Net sales in our two primary product categories were as follows:
•Drinkware net sales decreased by $11.2 million, or 4%, to $263.8 million, compared to $275.0 million in the prior year quarter. Drinkware growth in our international regions was more than offset by a decline in our U.S. region, reflecting a promotional market environment and inventory constraints driven by our supply chain transition in the current year quarter.
•Coolers & Equipment net sales increased by $22.8 million, or 12%, to $215.4 million, compared to $192.6 million in the same period last year, primarily driven by strong performance in soft coolers and bags.
Net sales in the U.S. decreased $2.8 million, or 1%, to $387.3 million for the three months ended September 27, 2025. Net sales in international locations increased $12.2 million, or 14%, to $100.4 million for the three months ended September 27, 2025 reflecting growth across all regions, led by Europe and Australia, as well as Japan, which launched in the second quarter of 2025. Net sales in international locations represented 21% and 18% of total net sales in the third quarter of 2025 and 2024, respectively.
Gross Profit
Gross profit decreased $5.2 million, or 2%, to $272.5 million, compared to $277.7 million in the prior year quarter. Gross margin rate decreased 210 basis points to 55.9% from 58.0% in the prior year quarter, primarily due to the following factors:
•higher tariff costs, which unfavorably impacted gross margin by 320 basis points; and
•a decrease in the mix of Drinkware net sales, which unfavorably impacted gross margin by 80 basis points.
These were partially offset by:
•lower product costs, which favorably impacted gross margin by 60 basis points;
•the impact of selective price increases on certain drinkware products implemented during the second quarter of 2025, which favorably impacted gross margin by 50 basis points;
•lower inbound freight, which favorably impacted gross margin by 30 basis points;
•the absence in the current year quarter of the amortization of inventory fair value step-up in connection with the Mystery Ranch acquisition, which favorably impacted gross margin by 20 basis points; and
•other impacts, which favorably impacted gross margin by 30 basis points.
Selling, General, and Administrative Expenses
SG&A expenses increased $10.1 million, or 5%, to $218.2 million for the three months ended September 27, 2025, compared to $208.1 million for the three months ended September 28, 2024. As a percentage of net sales, SG&A expenses increased 120 basis points to 44.7% from 43.5% in the prior year quarter. The increase in SG&A expenses was primarily driven by:
•an increase in general and administrative expenses of $6.2 million (increasing SG&A as a percent of sales by 110 basis points) mainly due to growth investments in technology and facilities as well as asset impairments in the current year quarter;
•an increase in employee compensation and benefits expenses of $3.1 million (increasing SG&A as a percent of sales by 40 basis points) primarily due to an increase in non-cash stock-based compensation expense;
•an increase in depreciation and amortization expense of $1.9 million (increasing SG&A as a percent of sales by 40 basis points) primarily related to our continued capital investments; and
•an increase in distribution and fulfillment expenses of $0.9 million (decreasing SG&A as a percent of sales by 10 basis points) primarily due to higher third-party logistics fees and higher online marketplace fees associated with higher Amazon Marketplace net sales, partially offset by lower outbound freight expenses.
The increases in SG&A expenses were partially offset by lower marketing and advertising expenses of $2.0 million (decreasing SG&A as a percent of sales by 60 basis points).
Non-Operating Expenses
Interest expense, net was $0.1 million for the three months ended September 27, 2025. Interest income, net was $0.4 million for the three months ended September 28, 2024. The change versus the prior year quarter was primarily due to a decrease in interest income.
Other expense was $1.2 million for the three months ended September 27, 2025. Other income was $4.1 million for the three months ended September 28, 2024. The change versus the prior year quarter was primarily due to foreign currency losses on intercompany balances for the three months ended September 27, 2025 versus foreign currency gains on intercompany balances for the three months ended September 28, 2024.
Income tax expense was $13.7 million for the three months ended September 27, 2025, compared to $17.8 million for the three months ended September 28, 2024. The decrease in income tax expense was primarily due to lower income before income taxes. The effective tax rate was 26% for the three months ended September 27, 2025, compared to 24% for the three months ended September 28, 2024. The effective tax rate for the three months ended September 27, 2025 was unfavorably impacted by lower income before taxes and increased primarily due to the non-deductible portion of executive compensation and a lower tax benefit from our foreign-derived intangible income deduction.
Nine Months Ended September 27, 2025 Compared to September 28, 2024
Nine Months Ended Change
September 27,
2025 		September 28,
2024
(dollars in thousands) $ %
Net sales $ 1,284,786 $ 1,283,333 $ 1,453 - %
Gross profit $ 731,813 $ 736,846 $ (5,033) (1) %
Gross margin (gross profit as a % of net sales)
57.0 % 57.4 % (40) basis points
Selling, general, and administrative expenses $ 593,765 $ 573,974 $ 19,791 3 %
SG&A as a % of net sales 46.2 % 44.7 % 150 basis points
Net Sales
Net sales increased $1.5 million to $1,284.8 million for the nine months ended September 27, 2025, compared to $1,283.3 million for the nine months ended September 28, 2024. Net sales for the nine months ended September 27, 2025 and September 28, 2024 included $5.1 million and $7.1 million, respectively, of sales related to gift card redemptions in connection with recall remedies.
Net sales in our two channels were as follows:
•DTC channel net sales increased $14.5 million, or 2%, to $733.5 million, compared to $719.0 million in the prior year period, primarily due to growth in our Amazon Marketplace business, Corporate Sales and YETI retail stores, partially offset by a decline in sales on our U.S. YETI website. DTC channel mix was 57% and 56% for the nine months ended September 27, 2025 and September 28, 2024, respectively.
•Wholesale channel net sales decreased $13.1 million, or 2%, to $551.3 million, compared to $564.3 million in the same period last year, primarily due to a decline in Drinkware, partially offset by growth in Coolers & Equipment.
Net sales in our two primary product categories were as follows:
•Drinkware net sales decreased by $30.3 million, or 4%, to $705.8 million, compared to $736.1 million in the prior year period. Drinkware growth in our international regions was more than offset by a decline in our U.S. region, reflecting a promotional market environment and inventory constraints driven by our supply chain transition in the current year period.
•Coolers & Equipment net sales increased by $37.7 million, or 7%, to $556.2 million, compared to $518.4 million in the same period last year, primarily driven by strong performance in bags, soft coolers, and hard coolers.
Net sales in the U.S. decreased $26.5 million, or 3%, to $1,026.4 million for the nine months ended September 27, 2025. Net sales in international locations increased $27.9 million, or 12%, to $258.4 million for the nine months ended September 27, 2025 reflecting growth across all regions, led by Europe and Canada, as well as Japan, which launched in the second quarter of
2025. Net sales in international locations represented 20% and 18% of total net sales in the first nine months of 2025 and 2024, respectively.
Gross Profit
Gross profit decreased $5.0 million to $731.8 million compared to $736.8 million in the prior year period. Gross margin rate decreased 40 basis points to 57.0% from 57.4% in the same period last year, primarily due to the following factors:
•higher tariff costs, which unfavorably impacted gross margin by 190 basis points;
•a decrease in the mix of Drinkware net sales, which unfavorably impacted gross margin by 60 basis points; and
•the unfavorable impact of foreign currency exchange rates, which unfavorably impacted gross margin by 10 basis points.
These were partially offset by:
•lower product costs, which favorably impacted gross margin by 90 basis points;
•the absence in the current year quarter of the amortization of inventory fair value step-up in connection with the Mystery Ranch acquisition, which favorably impacted gross margin by 50 basis points;
•the impact of selective price increases on certain drinkware products implemented during the second quarter of 2025, which favorably impacted gross margin by 40 basis points;
•lower inbound freight, which favorably impacted gross margin by 20 basis points; and
•other impacts, which favorably impacted gross margin by 20 basis points.
Selling, General, and Administrative Expenses
SG&A expenses increased by $19.8 million, or 3%, to $593.8 million for the nine months ended September 27, 2025 compared to $574.0 million for the nine months ended September 28, 2024. As a percentage of net sales, SG&A expenses increased by 150 basis points to 46.2% for the nine months ended September 27, 2025 compared to 44.7% for the nine months ended September 28, 2024. The increase in SG&A expenses was primarily driven by:
•an increase in general and administrative expenses of $15.8 million (increasing SG&A as a percent of sales by 130 basis points) mainly due to growth investments in technology and facilities as well as higher advisory and legal fees;
•an increase in employee compensation and benefits expenses of $6.3 million (increasing SG&A as a percent of sales by 40 basis points) primarily due to an increase in non-cash stock-based compensation expense; and
•an increase in depreciation and amortization expense of $3.6 million (increasing SG&A as a percent of sales by 30 basis points) primarily related to our continued capital investments.
The increases in SG&A expenses were partially offset by:
•a decrease in distribution and fulfillment expenses of $3.7 million (decreasing SG&A as a percent of sales by 30 basis points) mainly due to lower outbound freight fees, partially offset by higher third-party logistics fees and higher online marketplace fees associated with higher Amazon Marketplace net sales; and
•a decrease in marketing and advertising expenses of $2.3 million (decreasing SG&A as a percent of sales by 20 basis points).
Non-Operating Expenses
Interest income, net was $0.6 million for the nine months ended September 27, 2025. Interest income, net was $0.5 million for the nine months ended September 28, 2024. The change versus the prior year quarter was primarily due to a decrease in interest expense, partially offset by a decrease in interest income.
Other income was $6.0 million for the nine months ended September 27, 2025, compared to other income of $0.4 million for the nine months ended September 28, 2024. The change versus the prior year period was primarily due to higher foreign currency gains on intercompany balances.
Income tax expense was $37.4 million for the nine months ended September 27, 2025, compared to $41.2 million for the nine months ended September 28, 2024. The decrease in income tax expense was primarily due to lower income before income taxes. The effective tax rate was 26% for the nine months ended September 27, 2025 compared to 25% for the nine months ended September 28, 2024. The effective tax rate for the nine months ended September 27, 2025 was unfavorably impacted by lower income before taxes and increased primarily due to the non-deductible portion of executive compensation.
Liquidity and Capital Resources
General
Our cash requirements have principally been for working capital purposes, long-term debt repayments, and capital expenditures. We fund our working capital and our capital investments from cash flows from operating activities, cash on hand, and borrowings available under our revolving credit facility (the "Revolving Credit Facility"). Pursuant to our Share Repurchase Program described below, we may also use cash to repurchase shares of our common stock. We believe that our current operating performance, operating plan, strong cash position, and borrowings available under our Revolving Credit Facility, will be sufficient to satisfy our liquidity needs and cash requirements for at least the next twelve months and foreseeable future.
Current Liquidity
As of September 27, 2025, we had a cash balance of $164.5 million, working capital (excluding cash) of $210.2 million, and $300.0 million of borrowings available under the Revolving Credit Facility.
Credit Facility
Our Credit Facility provides for a $300.0 million Revolving Credit Facility and an $84.4 million term loan (the "Term Loan A").
At September 27, 2025, we had $74.9 million principal amount of indebtedness outstanding under the Term Loan A under the Credit Facility and no outstanding borrowings under the Revolving Credit Facility. The weighted-average interest rate for borrowings under the Term Loan A was 6.15% during the three months ended September 27, 2025.
The Credit Facility requires us to comply with certain covenants, including financial covenants regarding our total net leverage ratio and interest coverage ratio. Fluctuations in these ratios may increase our interest expense. Failure to comply with these covenants and certain other provisions of the Credit Facility, or the occurrence of a change of control, could result in an event of default and an acceleration of our obligations under the Credit Facility or other indebtedness that we may incur in the future. At September 27, 2025, we were in compliance with all covenants and expect to remain in compliance with all covenants under the Credit Facility.
Share Repurchase Program
On February 1, 2024, our Board of Directors authorized the repurchase of up to $300.0 million of YETI's common stock (the "Share Repurchase Program"), excluding fees, commissions, and excise tax due under the Inflation Reduction Act of 2022.
As part of the Share Repurchase Program, on February 27, 2024, we entered into an accelerated share repurchase agreement (the "February ASR Agreement") with Goldman Sachs & Co. LLC ("Goldman Sachs") to repurchase $100.0 million of YETI's common stock. Pursuant to the February ASR Agreement, we made a payment of $100.0 million to Goldman Sachs and received an initial delivery of 1,998,501 shares of our common stock. We received a final delivery of an additional 642,674 shares on April 25, 2024. The February ASR Agreement resulted in the total repurchase of 2,641,175 shares.
In addition, as part of the Share Repurchase Program, on November 12, 2024, we entered into a second accelerated share repurchase agreement (the "November ASR Agreement") with Goldman Sachs to repurchase an additional $100.0 million of YETI's common stock. Pursuant to the November ASR Agreement, we made a payment of $100.0 million to Goldman Sachs and received an initial delivery of 1,933,301 shares of YETI's common stock. We received a final delivery of an additional 551,955 shares on January 6, 2025. The November ASR resulted in the total repurchase of 2,485,256 shares.
During the first quarter of 2025, our Board of Directors approved a $350.0 million increase to the Share Repurchase Program authorization, for a total of $450.0 million available under the Share Repurchase Program. Repurchases under the Share Repurchase Program may be made from time to time at prevailing prices in the open market, through various methods, including, but not limited to, open market, privately negotiated, or accelerated share repurchase transactions. Repurchases under the Share Repurchase Program may also be made pursuant to a plan adopted under Rule 10b5-1 promulgated under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The timing, manner, price, and actual amount of share repurchases will be determined by management based on various factors, including, but not limited to, stock price, economic and market conditions, other capital allocation needs and opportunities, and corporate and regulatory considerations. YETI has no obligation to repurchase any amount of our common stock, and such repurchases may be suspended or discontinued at any time.
During the second quarter of 2025, we repurchased 744,572 shares of YETI's common stock on the open market for approximately $23.0 million, at an average repurchase price of $30.85 per share. The repurchased common stock is held as treasury stock.
During the third quarter of 2025, we repurchased 4,278,800 shares of YETI's common stock on the open market for approximately $150.0 million, at an average repurchase price of $35.02 per share. The repurchased common stock is held as treasury stock.
In total, we repurchased 5,023,372 shares of YETI's common stock on the open market for approximately $172.8 million, at an average repurchase price of $34.41 per share, during the nine months ended September 27, 2025.
Material Cash Requirements
There have been no material changes in our material cash requirements for contractual and other obligations compared to the disclosures included under "Material Cash Requirements" included in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 28, 2024 filed with the U.S. Securities and Exchange Commission (the "SEC").
Cash Flows from Operating, Investing, and Financing Activities
The following table summarizes our cash flows from operating, investing and financing activities for the periods indicated (in thousands):
Nine Months Ended
September 27,
2025 		September 28,
2024
Cash flows provided by (used in):
Operating activities $ 81,839 $ 35,806
Investing activities $ (81,242) $ (87,047)
Financing activities $ (194,192) $ (107,517)
Operating Activities
Cash flows related to operating activities are dependent on net income, non-cash adjustments to net income, and changes in working capital. The increase in cash provided by operating activities during the nine months ended September 27, 2025 compared to cash provided by operating activities during the nine months ended September 28, 2024 is primarily due to a decrease in cash used in working capital driven by a decrease in cash used in the changes of accounts payable and accrued expenses and accounts receivable balances.
Investing Activities
The decrease in cash used in investing activities during the nine months ended September 27, 2025 was primarily due to lower purchases of property and equipment, and lower cash paid for acquisitions in the current year period.
Financing Activities
The increase in cash used by financing activities during the nine months ended September 27, 2025 was primarily due to higher repurchases of common stock compared to the prior year period.
Recent Accounting Pronouncements
For a description of recently issued and adopted accounting pronouncements, including the respective dates of adoption and expected effects on our results of operations and financial condition, see "Recently Adopted Accounting Pronouncements" in Note 1 of the Unaudited Condensed Consolidated Financial Statements.
Critical Accounting Policies and Estimates
Our unaudited condensed consolidated financial statements are prepared in accordance with GAAP. The preparation of these unaudited condensed consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, expenses and related disclosures. We evaluate our estimates and assumptions on an ongoing basis. Our estimates are based on historical experience and various other assumptions that we believe to be reasonable under the circumstances. Actual results could differ materially from those estimates. A discussion of the accounting policies that management considers critical in that they involve significant management judgments and assumptions require estimates about matters that are inherently uncertain and because they are important for understanding and evaluating our reported financial results is included in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 28, 2024 filed with the SEC.
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