Here are 1-3 brief analogies to describe YETI:

• YETI is like Patagonia for premium outdoor hardgoods and drinkware.
• YETI is like Dyson for high-performance coolers and insulated drinkware.
• YETI is like Lululemon for outdoor lifestyle accessories.

• Coolers: YETI offers a range of hard and soft coolers designed for outdoor and recreation use to keep items cold.
• Cargo & Bags: The company provides various cargo boxes, bags, and other carrying solutions for gear and personal items.
• Drinkware: Under the Rambler brand, YETI sells a wide array of drinkware products including tumblers, bottles, mugs, jugs, and their associated accessories.
• Gear & Accessories: YETI also markets branded gear such as hats, shirts, bottle openers, and ice substitutes.

YETI (symbol: YETI) sells its products through a dual-channel approach: direct-to-consumer via its website and through a network of independent retailers (wholesale). Based on its financial disclosures, no single wholesale customer accounts for 10% or more of YETI's net sales. Therefore, there are no specific "major customer companies" to list with their symbols.

Consequently, YETI serves a diverse base of individual consumers. The primary categories of customers that YETI serves include:

1. Outdoor Enthusiasts: Individuals engaged in activities such as hunting, fishing, camping, hiking, boating, and other outdoor sports who require durable, high-performance gear that can withstand rugged environments.
2. Everyday Lifestyle Consumers: Customers who value YETI's premium quality, durability, and design for daily use, travel, social gatherings, and other aspects of modern life, appreciating the brand's aesthetic and functional benefits beyond extreme outdoor applications.
3. Professionals and Workforce: Individuals whose jobs involve demanding conditions, such as tradespeople, construction workers, first responders, and other professionals who rely on robust drinkware and coolers for hydration and storage in challenging work environments.

Matt Reintjes - President and Chief Executive Officer

Matt Reintjes has served as President and Chief Executive Officer of YETI since September 2015 and was appointed to the Company's Board of Directors in March 2016. He led YETI through a period of transformative growth and oversaw the expansion of its innovation pipeline and brand reach before taking the company public in 2018. Prior to joining YETI, Reintjes led Vista Outdoor Inc.'s Outdoor Products division and served as Chief Operating Officer of its predecessor, Bushnell Outdoor Products. During his time at Bushnell Holdings, where he was COO, the company was acquired and spun off into Vista Outdoor Inc. He also spent nine years at Danaher Corporation in various operating roles, including President of Danaher's Dental Equipment business group, and began his career in consulting. He holds an MBA from the University of Virginia's Darden School of Business.

Scott Bomar - Senior Vice President, Chief Financial Officer and Treasurer

Scott Bomar was appointed Senior Vice President, Chief Financial Officer and Treasurer of YETI, effective February 23, 2026. He joined YETI from The Home Depot, Inc., where he most recently served as Senior Vice President of Finance since 2022. Bomar spent nearly two decades at The Home Depot in roles of increasing responsibility, leading various aspects of financial operations, including financial planning, treasury, and acquisition integration. His operational experience at Home Depot includes leading its $5 billion Home Services business unit and its retail operations in China. From 2021 to 2022, he served as Senior Vice President and CFO of Deluxe Corporation, a payments and business technology company, where he contributed to its transformation. Bomar also held positions with Deloitte and SEI Investments.

Martin (Marty) Duff - Chief Supply Chain & Operations Officer

Marty Duff serves as Chief Supply Chain & Operations Officer at YETI, overseeing the company's global supply chain, operations, and technology organizations. He joined YETI in 2022 as Senior Vice President, Supply Chain & Operations. Before YETI, Duff spent more than 11 years at VF Corporation in senior supply chain leadership roles across the Americas and Asia, supporting brands such as The North Face, Vans, Timberland, Dickies, and Supreme. Earlier in his career, he held operational leadership roles at Johnson & Johnson.

Bryan Barksdale - Senior Vice President, Chief Legal Officer and Secretary

Bryan Barksdale serves as YETI's Senior Vice President, Chief Legal Officer and Secretary, having joined the company in August 2015 as General Counsel. Prior to his time at YETI, Mr. Barksdale served as General Counsel of iFLY Holdings, Inc. and as Chief Legal Officer, General Counsel and Secretary of Bazaarvoice, Inc. He previously practiced corporate and securities law with prominent firms including Wilson Sonsini Goodrich & Rosati, Professional Corporation, Brobeck, Phleger & Harrison LLP, and Andrews Kurth LLP.

Evonne Delaney - Chief Human Resources Officer

Evonne Delaney was named YETI's Chief Human Resources Officer in July 2022, having joined the company in July 2021 as the Vice President, Total Rewards and Talent Operations. She brings over two decades of experience in global and corporate Human Resources environments. Before joining YETI, Delaney spent six years at Capri Holdings Limited, most recently as the Vice President, Global Total Rewards & Workday, for brands including Michael Kors, Jimmy Choo, and Versace. She also spent six years at Siemens Corporation as Director, Compensation.

Key Business Risks for YETI Holdings, Inc.

1. Market Competition and Economic Sensitivity: YETI operates within a highly competitive outdoor and recreation market, facing significant pressure from both established and emerging brands, some offering similar products at lower price points. This competitive intensity, coupled with evolving consumer preferences and viral product trends (e.g., in drinkware), can challenge YETI's market share and premium pricing strategy. Additionally, as a purveyor of premium-priced, discretionary products, YETI is vulnerable to adverse macroeconomic conditions such as economic downturns, inflationary pressures, and reduced consumer discretionary spending. Consumers may delay purchases of high-end outdoor gear or trade down to more affordable alternatives during such periods, directly impacting YETI's sales and profitability.
2. Supply Chain Disruptions, Manufacturing Concentration, and Tariffs: The company relies heavily on third-party contract manufacturers, many of which are located outside the United States. This dependence exposes YETI to risks associated with supply chain complexity, fluctuations in the cost and availability of raw materials, labor, and transportation, and potential disruptions due to geopolitical tensions or trade policy changes. Tariffs, in particular, have materially impacted YETI's margins and profitability, necessitating efforts to diversify its manufacturing base beyond regions like China.
3. Dependence on Brand Image and Product Innovation: YETI's business success is predicated on its strong premium brand image and its ability to consistently design, develop, and market new and innovative products. The durable nature of many of its existing products means there isn't a natural replacement cycle, making continuous innovation crucial for sustaining demand and attracting new customers. Any damage to the company's brand perception, delays or failures in new product launches, or quality issues could significantly harm its operational results and financial performance.

The addressable markets for YETI's main products are as follows:

• Coolers: The global cooler market is valued at USD 6 billion. More specifically, the global retail cooler market size was valued at USD 3.76 billion in 2025 and is projected to reach USD 8.82 billion by 2034.
• Drinkware: The global drinkware market was valued at USD 35.1 billion in 2024 and is estimated to grow to USD 60.4 billion by 2034.
• Outdoor Gear (including cargo, bags, outdoor living products, and YETI-branded apparel/accessories): The global outdoor gear market size was valued at USD 57.61 billion in 2024 and is projected to reach USD 77.55 billion by 2032.

1. Product Innovation and Diversification: YETI plans to drive revenue growth through continuous product innovation and expanding its portfolio beyond traditional coolers and drinkware. The company aims to launch a significant number of new products, with over 30 planned for 2025, including insulated sports jugs, beach chairs, food-related items, technical backpacks, luggage, specialized hydration solutions, and a unique powered cooler platform. Strategic acquisitions, such as Mystery Ranch in 2024 for soft goods and Butter Pat Industries in 2024 for premium cookware, further support this diversification into categories with significant addressable markets.
2. International Expansion: Expanding its global presence is a significant long-term growth driver for YETI. International sales grew from 2% of total sales in fiscal year 2018 to 21% in fiscal year 2025 and 23% in Q4 2025, with a target of 25% by 2027. The company is experiencing strong momentum in Europe (particularly the UK and DACH region), Australia, New Zealand, and Canada, and plans to expand its e-commerce presence in Japan in 2026, alongside establishing a presence in markets like Korea and China.
3. Direct-to-Consumer (DTC) Channel Growth: YETI prioritizes maintaining a strong direct-to-consumer sales mix, which accounts for approximately 60% of overall sales. This channel allows for better margin preservation and direct customer engagement through global websites, YETI stores, and the Amazon Marketplace. The company is also expanding customization services and corporate gifting to capture B2B demand and leveraging artificial intelligence for enhanced consumer engagement and AI-enabled product customization.
4. Growth in Existing Core Categories: Despite some near-term challenges in the U.S. drinkware market, YETI anticipates continued strong demand and growth in both its Drinkware and Coolers & Equipment categories, particularly internationally. Innovation within these core product lines, such as new Rambler straw lid mugs, bottles, and expanded soft cooler offerings, is expected to drive sales. The company expects a return to double-digit growth in the drinkware category in the latter half of 2025.

Capital Allocation Decisions of YETI Holdings, Inc.

Share Repurchases

• YETI's Board of Directors approved a share repurchase program of up to $300 million in February 2024.
• In fiscal year 2024, the company spent $200 million on accelerated share repurchase agreements, resulting in the repurchase of approximately 5.1 million shares.
• In February 2025, the Board approved a $350 million increase to the share repurchase program, making $450 million available for future repurchases. Additionally, YETI repurchased 8.2 million shares for $297.6 million during fiscal year 2025.

Outbound Investments

• In fiscal year 2024, YETI acquired Mystery Ranch, Ltd., Butter Pat Industries, LLC, and the technology for a unique powered cooler platform for a total of $32.5 million.
• During the third quarter of 2025, YETI invested $38.0 million in cash to acquire assets, including designs, tooling, and intellectual property, related to the Helimix branded shaker bottle.
• The acquisition of Mystery Ranch in 2024 was strategically aimed at accelerating YETI's transformation into a multi-category outdoor brand beyond just rugged coolers.

Capital Expenditures

• Capital expenditures for fiscal year 2024 amounted to $41.83 million.
• For fiscal year 2025, capital expenditures were $42.67 million. The company had projected these to be around $50 million, primarily focused on investments in technology, new product innovation, and strengthening the supply chain.
• YETI anticipates capital expenditures between $60 million and $70 million for fiscal year 2026, with a primary focus on supporting technology, new product innovation, and supply chain enhancements.