Traeger, Inc. (COOK) FY2025 10-K Annual Report
Traeger, Inc. (COOK) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Mar 6, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Traeger, Inc. FY2025 10-K Analysis
Business Overview
- • Core business model: Creator and leader of wood pellet grills with integrated IoT platform, digital content, consumables, and accessories
- • New strategic plan "Project Gravity" launched in May 2025 to streamline organization, reduce costs, and exit DTC business channel
- • Transition from direct-to-consumer to distributor model in some European markets and discontinuation of Costco roadshow program
- • Employee count of approximately 433 full-time workers as of December 31, 2025, decreasing due to reduction in force under Project Gravity
- • Recorded $24.9 million restructuring charges in FY2025 related to organizational streamlining initiatives
Management Discussion & Analysis
- • Revenue $559.5M in 2025, down 7.4% YoY from $604.1M in 2024
- • Net loss $115.2M in 2025 vs loss of $34.0M in 2024, indicating worsening profitability
- • No specific segment performance details given to identify best/worst segments
- • Capital allocation details (cash flow, buybacks, dividends, capex) not disclosed
- • Forward-looking risk from Project Gravity restructuring and channel shift impacting DTC sales
Risk Factors
- • Regulatory risk: U.S. trade policy uncertainty impacting tariffs on imports, contributing to gross margin decline to 39.2% from 42.3% in 2025
- • Macroeconomic threat: Revenue dropped 7.4% YoY to $559.5M in 2025, with grills sales down 8.2% due to mid-single digit ASP and volume declines
- • Operational vulnerability: Supply chain exposed to tariff costs and product obsolescence adjustments, negatively affecting 2025 gross profit by $36.1M
- • Competitive risk: Decline in MEATER smart thermometer sales driving 16.3% accessories revenue decrease to $134.0M in 2025
- • Financial risk: $403.3M debt principal outstanding under First Lien Term Loan Facility with $72.8M projected interest due by June 2028 maturity
Traeger, Inc. FY2025 Key Financial MetricsXBRL
Revenue
$560M
▼ -7.4% YoY
Net Income
-$115M
▼ -238.7% YoY
Gross Margin
39.2%
▼ -309bp YoY
Operating Margin
-17.5%
▼ -1698bp YoY
Net Margin
-20.6%
▼ -1496bp YoY
ROE
-67.4%
▼ -5511bp YoY
Total Assets
$676M
▼ -18.6% YoY
EPS (Diluted)
$-0.87
▼ -222.2% YoY
Operating Cash Flow
$21M
▼ -14.1% YoY
Source: XBRL data from Traeger, Inc. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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