Traeger, Inc. (COOK) reported fourth‑quarter 2025 revenue of $145.4 million, a 13.8% decline from the same period last year. The company posted a net loss of $17.2 million for the quarter, compared with a $7.0 million loss in Q4 2024, and adjusted EBITDA of $19.4 million, up from $18.4 million in the prior year. Traeger’s earnings per share of $0.01 fell short of the consensus estimate of $0.02, a miss of $0.01, while revenue beat the $138.1 million estimate by $7.3 million (5.3%).
Full‑year 2025 results showed revenue of $559.5 million and adjusted EBITDA of $70.0 million, both above the high end of the company’s own guidance of $540–$555 million and $66–$73 million, respectively. In contrast, full‑year 2024 revenue was $604.1 million and the company recorded a net loss of $34.0 million, underscoring the decline in top‑line performance and the widening loss over the past year.
Segment analysis revealed that grill revenue fell 22.3% in Q4 2025, while consumables revenue grew 15.8%. Gross margin contracted to 37.4% from 40.9% in Q4 2024, and adjusted gross margin fell 130 basis points to 39.5%. The margin compression was driven by tariff‑related costs, lower promotional activity, and supply‑chain efficiencies, while the consumables growth helped offset the decline in grill sales.
"We closed 2025 with strong execution, delivering revenue above the high end of our guidance and adjusted EBITDA in the upper half of our guidance range. More importantly, we took deliberate decisions to navigate tariff pressure, protect profitability, and simplify the business in ways that strengthen our foundation for the long term," said CEO Jeremy Andrus. "As we look ahead, we are executing with discipline to focus the business on our highest‑return opportunities, while continuing to invest behind product innovation and brand. We believe these actions are positioning Traeger for stronger long‑term performance," he added. CFO Joey Hord noted, "We exited 2025 with a solid financial foundation, supported by the progress we've made under Project Gravity. As we move into 2026, our focus is on inventory alignment, cost discipline, and cash generation. We expect to generate additional free cash flow this year, providing flexibility to invest in the business, further strengthen our balance sheet, and support our long‑term growth strategy."
For 2026, Traeger guided revenue of $465–$485 million and adjusted EBITDA of $50–$60 million, a significant decline from the 2025 results and well below analyst expectations of $546.6 million. The guidance reflects management’s concern about continued top‑line pressure, inventory alignment, and a focus on cost discipline and cash generation. The company’s outlook signals a cautious approach to growth while maintaining profitability through operational efficiencies.
Headwinds for Traeger include tariff impacts, competitive pressure in the MEATER product line, and inventory challenges, while tailwinds come from consumables growth, Project Gravity cost‑saving initiatives, and supply‑chain efficiencies. The company’s strategy to simplify the business and invest in high‑return opportunities aims to stabilize margins and position Traeger for long‑term performance, though the 2026 guidance indicates a challenging near‑term environment.
Overall, Traeger’s fourth‑quarter and full‑year 2025 results demonstrate a mix of resilience and pressure: revenue beat expectations thanks to consumables growth, but margin compression and a widening loss highlight ongoing challenges. The company’s forward guidance underscores a cautious outlook, emphasizing cost discipline and inventory management as it navigates tariff‑related headwinds and competitive pressures.
The content on EveryTicker is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.