Here are 1-3 brief analogies for YETI:

• YETI is like the Apple of premium outdoor gear.
• YETI is like the Lululemon of durable outdoor accessories and drinkware.

• Coolers: Insulated hard and soft-sided containers designed to keep food and drinks cold for extended periods.
• Drinkware: A range of insulated stainless steel products including tumblers, bottles, and mugs, designed to maintain beverage temperature.
• Bags: Durable and waterproof bags such as backpacks, duffels, and tote bags, built for outdoor adventures and everyday use.
• Apparel: Outdoor-focused clothing and accessories, including hats, shirts, and jackets, often featuring YETI branding.
• Outdoor Equipment: Various gear for outdoor activities, encompassing chairs, blankets, and pet products like dog bowls and beds.

YETI (symbol: YETI) primarily sells its products to individual consumers through its Direct-to-Consumer (DTC) channel, which consistently accounts for over 50% of its net sales. While the company also sells through a Wholesale channel to retailers and corporate partners, a significant portion of the ultimate end-users are individuals. YETI serves the following three primary categories of individual customers:

• Outdoor Adventurers and Enthusiasts

  This category includes individuals who actively participate in outdoor activities such as hunting, fishing, camping, hiking, boating, and overlanding. They prioritize YETI's rugged durability, superior insulation, and reliable performance in demanding environments, viewing YETI gear as essential for their passions and expeditions.

• Everyday Lifestyle Users

  These customers integrate YETI products into their daily routines beyond extreme outdoor pursuits. This segment includes commuters, office workers, students, and families who use YETI drinkware for daily beverages, smaller coolers for picnics, or bags for everyday carry. They are drawn to the brand's reputation for quality, premium design, and its status as a desirable lifestyle brand.

• Gift Givers/Recipients and Brand Loyalists

  This category encompasses individuals who purchase YETI products as gifts for others (recognizing the brand's perceived value and quality), as well as those who receive YETI products as gifts (whether through personal presents or corporate gifting programs). It also includes highly brand-loyal customers who appreciate YETI's commitment to quality, its brand community, and its aesthetic, often collecting various items.

null

Matt Reintjes, President and Chief Executive Officer, Director

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 transformative growth stage, overseeing the rapid expansion of its innovation pipeline and brand reach before taking the company public in 2018. Prior to joining YETI in 2015, Reintjes led Vista Outdoor Inc.'s Outdoor Products division and served as Chief Operating Officer of its predecessor, Bushnell Outdoor Products. Before transitioning to the consumer brand world, he spent nine years at Danaher Corporation in various operating roles, including President of Danaher's Dental Equipment business group. He started his career in consulting with a focus on marketing strategy and financial analysis. Reintjes was also involved with YETI's private equity backers prior to the company going public.

Mike McMullen, Senior Vice President, Chief Financial Officer and Treasurer

Mike McMullen was named Senior Vice President, Chief Financial Officer and Treasurer of YETI in February 2023, after serving as interim Chief Financial Officer since October 2022. He joined YETI in February 2016 as Head of Financial Planning & Analysis and was promoted to Vice President of Finance in March 2017. McMullen was a key member of the team that led YETI's successful initial public offering (IPO) in 2018. He has over two decades of experience in financial planning and analysis, treasury management, and strategic planning across omnichannel technology and consumer products companies. Prior to joining YETI, McMullen served twelve years with Dell Inc. in various financial roles and five years with PricewaterhouseCoopers. He was also Senior Director of Corporate Finance at CLEAResult. McMullen was instrumental in scaling YETI's annual sales from $500 million to over $1.5 billion during his tenure.

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

Bryan Barksdale serves as YETI's Senior Vice President, Chief Legal Officer and Secretary. He joined the company in August 2015 as General Counsel. Prior to joining YETI, Barksdale served as General Counsel of iFLY Holdings, Inc. and as Chief Legal Officer, General Counsel and Secretary of Bazaarvoice, Inc.

Evonne Delaney, Chief Human Resources Officer

Evonne Delaney was named Chief Human Resources Officer at YETI in July 2022 and joined the Company in July 2021 as the Vice President, Total Rewards and Talent Operations. She brings over two decades of experience in both global and corporate Human Resources environments. Prior to her time at YETI, Delaney spent six years at Capri Holdings Limited, most recently as the Vice President, Global Total Rewards & Workday, for companies including Michael Kors, Jimmy Choo, and Versace.

Marty Duff, SVP, Supply Chain & Operations

Marty Duff joined YETI in November 2022 as SVP, Supply Chain & Operations, where he oversees all global sourcing, planning, quality, logistics, fulfillment, and inventory controls, along with YETI-wide continuous improvement initiatives. Before joining YETI, Duff spent 11 years at VF Corporation in several supply chain leadership roles, including Vice President, Supply Chain – America's Region, and Vice President, Footwear Sourcing & Digital Product Creation for brands like Vans, The North Face, and Timberland. Prior to VF Corporation, he spent nine years at Johnson & Johnson, serving in a number of operational leadership positions.

The key risks to YETI's business are primarily centered around its supply chain, consumer discretionary spending, and market competition.

1. Tariffs and Supply Chain/Manufacturing Challenges: YETI faces significant risks from higher tariffs, particularly on goods manufactured in China, which have a material impact on its earnings. The company is actively working to diversify its supply chain away from China, but this strategic shift itself leads to inventory constraints and supply disruptions, creating a headwind on sales growth. The reliance on third-party manufacturers also introduces vulnerabilities related to quality control, delivery standards, and fluctuating production costs. Additionally, changes in raw material costs and availability could increase production expenses.
2. Economic Downturn and Consumer Spending: As a premium outdoor lifestyle brand, YETI is highly dependent on discretionary consumer spending. Economic slowdowns, recessions, inflationary pressures, and rising interest rates can significantly reduce consumer demand for its high-end products, directly impacting sales, profitability, and financial condition.
3. Intense Competition: The outdoor products market is highly competitive, with numerous brands vying for consumer attention. Competitors offering lower prices or more extensive product ranges could erode YETI's market share, requiring the company to continuously innovate and maintain its brand image to attract and retain customers.

The rapid rise and market penetration of competing premium drinkware brands, notably Stanley with its "Quencher" tumbler, driven by social media virality and a fashion-forward approach, poses a clear emerging threat. This trend challenges YETI's established market dominance in premium insulated drinkware by appealing to a broad consumer base through different marketing channels and product aesthetics, potentially diverting significant market share and brand mindshare.

The addressable markets for YETI's main products and services are substantial on a global scale, with significant contributions from the North American region.

Coolers

• The global cooler market is valued at approximately USD 6 billion.
• The global retail cooler market, encompassing products such as YETI's, was estimated at USD 3.38 billion in 2024 and is projected to reach USD 5.84 billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 9.8% from 2025 to 2030.
• North America alone accounted for 38.52% of the global retail cooler market revenue in 2024.
• The global camping cooler market specifically was valued at USD 793.54 million in 2023.

Drinkware

• The global drinkware market was valued at USD 35.1 billion in 2024 and is estimated to grow at a CAGR of 5.7% from 2025 to 2034. Other estimates for the global drinkware market size include USD 34.7 billion in 2023 and USD 36.5 billion in 2023.
• North America held over 30% of the global drinkware market share in 2024.

Bags (including backpacks, duffel bags, and other luggage)

• The global luggage and bags market size was USD 14.56 billion in 2024 and is projected to reach USD 20.29 billion by 2033, with a CAGR of 3.7%.
• Separately, the global travel bags market size reached USD 19.2 billion in 2024 and is expected to reach USD 30.5 billion by 2033, exhibiting a growth rate of 5.98% during 2025-2033.
• The global luggage market is valued at USD 41.04 billion in 2025 and is projected to reach USD 56.78 billion by 2030, with a CAGR of 6.71%.
• North America holds the largest market share in the global luggage market.

Apparel

• The global apparel market is valued at $1.84 trillion in 2025.
• The global apparel market size was valued at USD 1.77 trillion in 2024 and is projected to reach USD 2.26 trillion by 2030, growing at a CAGR of 4.2% from 2025 to 2030.
• The United States apparel market is the largest globally, with a size of $365.70 billion in 2025.

Overall Outdoor Recreation Products

• The global outdoor products market size was valued at $62.40 billion in 2025 and is projected to reach $93.65 billion by 2031, growing at a CAGR of 7.0%.
• The broader global recreational and outdoor products market size was valued at USD 137.7 billion in 2024 and is estimated to grow at a CAGR of over 5.7% from 2025 to 2034.
• North America dominates the recreational and outdoor products market, with a market share of 43.2% and a value of USD 54.6 billion. The U.S. recreational and outdoor products market was valued at USD 42.2 billion in 2024.

YETI Holdings, Inc. (NYSE: YETI) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Accelerated Product Innovation and New Product Launches: YETI plans to launch more new products in 2025 than in any previous year, with a strong pipeline for future introductions. This includes a new shaker bottle targeting a significant market, along with ongoing investments in direct product development and global innovation centers in locations like Thailand and Vietnam to foster continuous product generation and faster time to market.
2. Expanding International Reach: International sales growth is a significant driver, with a 14% increase in the third quarter of 2025. YETI anticipates international sales to grow between 15% and 20% for the full fiscal year 2025, with strong performance observed in Europe, Australia, and the recently launched market of Japan. The company continues to prioritize global expansion as a core strategic pillar.
3. Growth in Core Categories and Drinkware Recovery: While Drinkware sales experienced a decline in the third quarter of 2025, the Coolers & Equipment category demonstrated robust performance with a 12% increase. YETI expects mid-single-digit growth in Coolers & Equipment for fiscal 2025 and anticipates a return to positive growth for its Drinkware business later in 2025 and into 2026, driven by continued innovation.
4. Strategic Partnerships: YETI has entered into a strategic partnership with Fanatics to expand its presence within the sports market. This collaboration will bring team-colored Drinkware and hard coolers to fans across numerous NFL, MLB, NHL, and NCAA programs, opening up new customer segments and revenue streams.
5. Selective Price Increases: YETI implemented selective price increases in the second quarter of 2025. The company's strong brand and product positioning may allow for further strategic pricing adjustments, contributing to revenue growth and partially offsetting cost impacts.

Share Repurchases

• In March 2022, YETI authorized a $100 million share repurchase program, which was fully executed in the first quarter of 2022 with 1.7 million shares repurchased.
• The board approved a new share repurchase program of up to $300 million in February 2024.
• YETI spent $200 million on accelerated share repurchase agreements during fiscal year 2024. The company further increased its share repurchase program authorization by $350 million in February 2025, and by November 2025, the target for fiscal year 2025 was raised to $300 million, with $150 million used to repurchase 4.3 million shares in Q3 2025, bringing the year-to-date total to 5 million shares for $173 million.

Share Issuance

• In May 2020, there was a secondary offering of 6,067,125 shares of YETI's common stock by certain existing stockholders; YETI did not offer any shares itself and received no proceeds from this offering.

Outbound Investments

• In early 2024, YETI acquired MYSTERY RANCH, a designer and manufacturer of durable load-bearing backpacks, bags, and pack accessories.
• Also in early 2024, YETI acquired Butter Pat Industries, expanding its offerings into premium cast iron cookware.
• During fiscal year 2024, YETI acquired capabilities, technology, and intellectual property to develop a unique powered cooler platform.

Capital Expenditures

• Capital expenditures were $15.6 million in fiscal year 2020.
• For fiscal year 2021, capital expenditures were between $55 million and $60 million, primarily supporting investments in technology, including a SAP ERP system upgrade and data analytics, as well as production molds, tooling, and equipment for new product innovation and increased capacity. For fiscal year 2022, capital expenditures were approximately $56.121 million, with an expectation of approximately $60 million for fiscal year 2023, focused on technology and new product innovation.
• Expected capital expenditures for fiscal year 2024 were approximately $50 million, primarily to support investments in technology and new product innovation. For fiscal year 2025, anticipated capital expenditures are between $60 million and $70 million, reflecting continued investments in technology, new product innovation, and the supply chain.