• Apple for home audio
• Dyson for home audio

Sonos (SONO) Major Products:

• Wireless Smart Speakers: A range of standalone speakers designed for high-fidelity audio playback and multi-room listening throughout the home.
• Home Theater Soundbars: Devices that connect to TVs to deliver immersive surround sound for movies, TV shows, and gaming.
• Subwoofers: Wireless subwoofers that provide deep bass to enhance the audio experience of Sonos speakers and soundbars.
• Portable Smart Speakers: Battery-powered speakers offering both Wi-Fi connectivity at home and Bluetooth for on-the-go listening.
• Components & Amplifiers: Devices that allow users to integrate their existing wired speakers or audio equipment into the Sonos wireless ecosystem.

• Flex (FLEX)
• Hon Hai Precision Industry (2317.TW)

Tom Conrad, Chief Executive Officer

Tom Conrad has served on the Sonos Board of Directors since 2017. He was appointed Interim CEO in January 2025 and then Chief Executive Officer in July 2025. Prior to Sonos, he was the Chief Executive Officer of Zero Longevity Science from 2021 through 2024, and before that, he served as Chief Product Officer of Quibi. He was also the Vice President of Product at Snap Inc. and the Chief Technology Officer and Executive Vice President of Product at Pandora, where he was one of the original creators of the music streaming service. Earlier in his career, he worked at Apple building the foundational user interface of the Macintosh.

Saori Casey, Chief Financial Officer

Saori Casey was appointed Chief Financial Officer of Sonos, effective January 22, 2024. Before joining Sonos, she served as Vice President of Finance at Apple from 2011 to 2023, overseeing financial planning, forecasting, capital allocations, investor relations, and financial management. Prior to Apple, she spent 15 years at Cisco, holding various finance leadership roles, including divisional CFO/Vice President as the company's revenue grew from $4 billion to over $40 billion. She is currently on the board of Houzz, serving as chair of the Audit Committee and a member of the Compensation Committee.

Eddie Lazarus, Chief Legal and Business Development Officer

Eddie Lazarus has served as Sonos' Chief Legal Officer since January 2019. He also held the role of Chief Financial Officer from August 2022 to January 2024. In January 2024, he transitioned to Chief Strategy Officer while retaining his Chief Legal Officer duties, and in August 2025, he was named Chief Legal and Business Development Officer. He is responsible for leading strategic planning, corporate and business development, sustainability, and people efforts, in addition to legal, intellectual property, corporate governance, SEC reporting, government affairs, regulatory, and compliance activities.

Nicholas Millington, Chief Innovation Officer

Nicholas Millington has served as Chief Innovation Officer since July 2020. His previous roles at Sonos include Chief Product Officer from February 2017 to June 2020, Vice President and Chief of Staff of Product from February 2010 to January 2017, and Director of Software Development from April 2003 to October 2006. Before joining Sonos, he was a Software Design Engineer Lead for SharePoint at Microsoft Corporation from June 1998 to April 2003.

Maxime Bouvat-Merlin, SVP, Hardware & Operations

Maxime Bouvat-Merlin is listed as SVP, Hardware & Operations at Sonos. He previously held the Chief Product Officer role, which was eliminated in January 2025, and he transitioned to an advisor role to the interim CEO. During his tenure, he oversaw the release of several popular Sonos products, including the Sonos One, Beam, Move, Ace, Arc, and Arc Ultra.

Apple's renewed and strengthened focus on the premium smart home audio segment with its enhanced HomePod lineup. The re-introduction of the full-size HomePod (2nd Gen) in 2023, coupled with the continued success of the HomePod mini, signifies Apple's more aggressive strategy to capture market share in high-fidelity, multi-room smart audio. This leverages Apple's extensive ecosystem, strong brand loyalty, and deep integration with Apple Music and other services, directly competing with Sonos for premium customers.

The addressable markets for Sonos's main products and services encompass several segments within the audio equipment industry, primarily focusing on smart speakers, wireless speakers, soundbars, and the broader home audio equipment market. Sonos also recently entered the headphones market.

• Smart Speaker Market: The global smart speaker market was valued at approximately USD 10.11 billion in 2024 and is estimated to reach USD 59.12 billion by 2033. Other estimates place the global smart speaker market size at USD 13.71 billion in 2024, projected to grow to USD 29.13 billion by 2032. North America dominated the smart speaker market in 2022.
• Wireless Speaker Market: The global wireless speaker market was valued at USD 36.41 billion in 2025 and is forecast to reach USD 51.06 billion by 2030. Another projection states the global wireless speaker market was valued at USD 31.9 billion in 2024 and is projected to reach USD 105.0 billion by 2035. North America is a significant shareholder in the global wireless speaker market.
• Home Audio Equipment Market (including soundbars, subwoofers, and other speakers): The global home audio equipment market was estimated at USD 32.69 billion in 2023 and is projected to reach USD 69.34 billion by 2030. Another source indicates the global home audio equipment market reached USD 33.3 billion in 2024 and is expected to reach USD 66.5 billion by 2033. The global home audio market size reached USD 39.04 billion in 2025 and is forecast to climb to USD 65.19 billion by 2030. North America led the home audio market with a 31.9% share in 2024, while Asia-Pacific is the fastest-growing region. The home audio system market, valued at USD 27.54 billion in 2024, is projected to reach USD 68.77 billion by 2032. Specifically, global soundbar sales are expected to increase to USD 7.7 billion in 2032 from an estimated USD 3.9 billion in 2023.
• Earphones and Headphones Market: Sonos entered this market with its Ace headphones in June 2024. The global earphones and headphones market size was valued at USD 71,496.7 million in 2023 and is projected to grow at a compound annual growth rate of 12.6% from 2023 to 2030.

Sonos (SONO) is expected to drive future revenue growth over the next two to three years through several key strategies:

1. Increasing Product Density per Household: Sonos aims to deepen its relationship with existing customers by encouraging them to expand their Sonos systems. This includes adding more products to different rooms, incorporating new categories like headphones, or building out comprehensive home theater experiences. The company identifies a significant $12 billion revenue opportunity within its current customer base by increasing device density and converting single-product households into multi-product ones.
2. Launch of New Products and Expansion into New Categories: Sonos has recently expanded its product portfolio with the introduction of over-ear headphones (Sonos Ace), the Arc Ultra soundbar, and the Sub 4 subwoofer. The company plans to release two new hardware products annually through at least 2026, which is anticipated to further broaden its offerings and attract new customers.
3. International Expansion: Sonos is actively increasing its global footprint, with a particular focus on emerging growth markets and Asia. In Q4, key emerging markets contributed significantly to year-over-year growth, and the EMEA region also demonstrated strong double-digit growth.
4. Strategic Focus on a Unified Home Sound System Platform: The company's CEO, Tom Conrad, has emphasized a strategic shift towards positioning Sonos as the premier home sound system platform by integrating hardware, software, and design into a single, cohesive, and easy-to-use system. This unified approach is designed to enhance user experience and further embed Sonos within the connected home ecosystem.
5. Price Increases: As part of its strategy to manage tariff risks and global presence, Sonos is relocating production facilities out of China, which is expected to result in certain price increases in 2025.

Share Repurchases

• Sonos authorized a new stock repurchase program of up to $150 million in February 2025, following the expiration of a previous $200 million program where $11 million remained.
• In November 2023, Sonos announced a $200 million stock repurchase program, having completed a prior $100 million program in the fourth quarter of fiscal 2023.
• Over the three fiscal years leading up to 2023, Sonos completed $300 million in share repurchases, acquiring 14,528,681 shares at an average price of $20.65 per share.

Share Issuance

• Sonos withholds shares of common stock to satisfy tax withholding requirements in connection with the vesting of restricted stock unit awards.
• As of September 28, 2024, approximately 40.95 million shares were reserved for future issuance under the 2018 Plan, which includes stock options for employees and directors.

Outbound Investments

• Sonos completed 6 acquisitions between 2020 and 2022, with the most activity occurring in 2022 with three acquisitions, and one each in 2021 and 2020.
• In April 2022, Sonos acquired Mayht, a manufacturer of wireless home audio systems and speakers, and in February 2022, it acquired T2 Software; the financial terms for these acquisitions were undisclosed.
• The company acquired RHA Audio in 2021, whose technology is expected to be integrated into Sonos's first headphones product, anticipated in 2024.

Capital Expenditures

• Sonos's capital expenditures were $45.53 million in fiscal 2021, $46.22 million in fiscal 2022, $50.29 million in fiscal 2023, and $55.25 million in fiscal 2024.
• The primary focus of capital expenditures includes investments in product and software development, particularly for new tooling and production line equipment.
• Sonos is also investing in its e-commerce capabilities and in-app experience to enhance direct sales.