Short answer
Traeger, Inc. (COOK) filed its fiscal 2025 10-K annual report with the SEC on Mar 6, 2026. It reported revenue of $560M (−7.4% year over year) and net income of −$115M.
- Top risk flagged: Regulatory risk: U.S. trade policy uncertainty impacting tariffs on imports, contributing to gross margin decline to 39.2% from 42.3% in 2025
FY2025 key financial metrics · XBRL
- Revenue
- $560M
- −7.4% YoY
- Net income
- −$115M
- −238.7% YoY
- Operating margin
- -17.5%
- −17.0 pp YoY
- Gross margin
- 39.2%
- −3.1 pp YoY
- EPS (diluted)
- −$0.87
- −222.2% YoY
- ROE
- -67.4%
- −55.1 pp YoY
- Operating cash flow
- $21M
- −14.1% YoY
Source: XBRL data from the Traeger, Inc. (COOK) FY2025 10-K on SEC EDGAR. USD.
Traeger, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
Generated from the filing text; verify against the original. How to read a 10-K
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