Traeger, Inc. COOK
Our mission is to bring people together to create a more flavorful world.
Traeger is the creator and category leader of the wood pellet grill, an outdoor cooking system that ignites all-natural hardwoods to grill, smoke, bake, roast, braise, and barbecue. Our Traeger grills are versatile and easy to use, empowering cooks of all skill sets to create delicious meals with a wood-fired flavor that cannot be replicated with gas, charcoal, or electric grills.
At the heart of our brand is a passionate and engaged community called the Traegerhood, which includes everyone from casual grillers to competition pitmasters and professional chefs. Our flagship wood pellet grills are internet of things ("IoT") devices that allow owners to program, monitor, and control their grill through our Traeger app, which engaged 2.8 million active users for the fiscal year ended December 31, 2025. We complement our innovative cooking technologies with an extensive digital library of original recipes and Traeger cooking classes. In addition, we offer consumable products, such as wood pellets, rubs, and sauces, that drive recurring revenue.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $559.5M | $604.1M | $605.9M | $655.9M | $785.5M | $545.8M | $363.3M | — |
| Cost of revenue | $340.2M | $348.6M | $382.3M | $427.1M | $484.8M | $311.0M | $207.5M | — |
| Gross profit | $219.3M | $255.5M | $223.6M | $228.8M | $300.8M | $234.8M | $155.8M | — |
| R&D | $12.4M | $15.2M | $11.5M | $10.8M | $18.8M | $6.8M | — | — |
| SG&A | $95.0M | $113.5M | $129.8M | $166.8M | $158.6M | $50.2M | $45.3M | — |
| Total operating expenses | $317.1M | $258.4M | $279.0M | $574.7M | $361.9M | $176.5M | $145.3M | — |
| Operating income | -$97.7M | -$2.9M | -$55.4M | -$345.9M | -$61.1M | $58.3M | $10.5M | — |
| Interest expense | $31.4M | $33.5M | $31.3M | $27.9M | $26.6M | $34.1M | $39.5M | — |
| Pre-tax income | -$119.3M | -$36.0M | -$82.4M | -$381.0M | -$90.3M | $31.8M | -$29.5M | — |
| Income tax | $4.1M | $2.0M | $2.0M | $1.2M | $1.5M | $749.0K | $124.0K | — |
| Net income | -$115.2M | -$34.0M | -$84.4M | -$382.1M | -$91.8M | $31.1M | -$29.6M | — |
| EPS, basic | -0.87 | -0.27 | -0.68 | -3.19 | -0.82 | 0.29 | -0.27 | — |
| EPS, diluted | -0.87 | -0.27 | -0.68 | -3.19 | -0.82 | 0.29 | -0.27 | — |
| Shares, diluted (wtd. avg.) | $133.1M | $127.4M | $123.7M | $119.7M | $112.4M | $108.7M | $108.7M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $19.6M | $15.0M | $29.9M | $51.6M | $16.7M | $11.6M | $7.1M | $6.8M |
| Receivables | $82.1M | $85.3M | $59.9M | $42.0M | $92.9M | $64.8M | — | — |
| Inventory | $98.8M | $107.4M | $96.2M | $153.5M | $84.6M | $68.3M | — | — |
| Total current assets | $214.8M | $243.1M | $216.4M | $274.2M | $290.9M | $158.5M | — | — |
| Property, plant and equipment | $33.7M | $36.9M | $42.6M | $55.5M | $55.5M | $32.4M | — | — |
| Goodwill | $0 | $74.7M | $74.7M | $74.7M | $297.0M | $256.8M | — | — |
| Other intangibles | $387.1M | $428.5M | $470.5M | $512.9M | $555.2M | $539.8M | — | — |
| Total assets | $676.0M | $830.7M | $860.8M | $946.7M | $1.12B | $989.0M | — | — |
| Accounts payable | $14.1M | $27.7M | $33.3M | $29.8M | $42.7M | $21.7M | — | — |
| Short-term debt | $250.0K | $250.0K | $250.0K | $250.0K | $0 | $3.4M | — | — |
| Total current liabilities | $80.1M | $122.2M | $134.0M | $112.9M | $166.2M | $80.1M | — | — |
| Long-term debt | $399.6M | $398.4M | $397.3M | $468.1M | $379.4M | $433.6M | — | — |
| Total liabilities | $505.1M | $554.2M | $569.4M | $611.8M | $607.6M | $514.5M | — | — |
| Retained earnings | -$804.1M | -$688.9M | -$654.9M | -$570.5M | -$63.5M | -$96.5M | — | — |
| Total equity | $170.8M | $276.4M | $291.3M | $334.9M | $606.0M | $474.5M | — | — |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $20.5M | $23.9M | $64.0M | $5.1M | -$28.4M | $46.6M | $18.5M | — |
| Depreciation and amortisation | $12.1M | $13.9M | $15.0M | $13.8M | $9.2M | $7.8M | $6.1M | — |
| Stock-based compensation | $15.3M | $27.9M | $53.2M | $87.7M | $81.1M | $12.8M | $2.4M | — |
| Capital expenditure | $6.9M | $12.0M | $19.9M | $18.4M | $22.5M | $14.1M | $7.5M | — |
| Investing cash flow | -$7.3M | -$12.3M | -$17.4M | -$18.9M | -$79.9M | -$27.3M | -$9.0M | — |
| Financing cash flow | -$8.5M | -$26.5M | -$68.3M | $48.6M | $113.5M | -$14.8M | -$9.3M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-015450.
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