SharkNinja has transformed itself from making select home appliances to innovating products for the whole home. As of 2022, that included products outside of the home, like grills.

In the face of a tough economy, SharkNinja has been delivering on growth. As of their Q2 earnings that they just reported, they’ve had 13 consecutive quarters of double digit net sales growth.

I want to be direct. When some investors ask me about SharkNinja’s growth, I can sense some skepticism. It’s hard to believe that double-digit growth in a business our size in a market that isn’t growing much can be durable. Today, I will explain why we believe it is and why it comes down to the most misunderstood part of our business, the size and strength of our core.

When people think about SharkNinja’s growth story, they often think about new innovations we bring to market like SLUSHi, CryoGlow, ChillPill, the products that go viral. There is a misperception that these subcategories are an outsized part of the business that requires enormous growth to drive total sales and that their success comes from SharkNinja effectively pioneering these markets in a way that isn’t repeatable.

Category expansion is a real and important part of our story, but it overlooks what really powers our success. The base business franchises like vacuums, blenders and air fryers, the products consumers already know us for, are very large categories. They are diversified and they are growing, not flat, not managed for decline, growing.

Here’s a simple way to think about our growth. On average, over the last 3 years, our existing categories typically grow mid- to high single digits. Layer on international expansion, layer on new category launches, add those 3 together and you can get a double-digit growth profile. That’s not a fragile formula built on 1 or 2 hit products. That’s a durable compounding growth engine with multiple sources of fuel. The 3-pillar growth strategy that has been in place for years and one we intend to keep running for years to come.

Success within the core is the centerpiece of this strategy, and it comes from relentless innovation in the areas we already dominate. Cleaning is a great proof point this quarter with multiple product launches. The Shark Luxe Home collection brings elevated new finishes to our flagship PowerDetect robot and cordless vacuums. The Shark CarpetForce lineup debuted to give consumers powerful deep cleaning in a lightweight ultracompact design. And the Shark PowerDetect Transformer is a true game changer that brings together 3 cleaning tools in one, an upright for deep cleaning, a stick vacuum for maneuverability and a handheld for above floor and tight spaces like the car.

That’s 3 meaningful innovations in a single quarter inside a category we’ve sold for decades. This is emblematic of SharkNinja, driving continuous innovation within the largest categories we compete in. And it’s a big reason our core isn’t just holding steady, it’s thriving.

Mark Barrocas, President and CEO of SharkNinja

What keeps their flywheel spinning is a combination of innovation and marketing. While true that their existing categories continue to grow, it’s not through keeping the same product offerings. They are continually innovating and releasing new products to solve problems in those categories.

Our focus on the core shows up in how we drive innovation, not just how we talk about it. Roughly 20 of the 25 new products we launch each year go into existing categories. That’s deliberate. A vibrant, healthy base business is what powers everything else we do at SharkNinja. And that core doesn’t sit still. It gets larger and more diversified every year as we layer on new categories, channels and geographies. That’s the strength of our core today.

Mark Barrocas, President and CEO of SharkNinja

On the sales and marketing side of the house, SharkNinja spent 25% of revenue on it in the quarter. They lead with product but have strong partnerships with content creators, celebrities, and publications to get their innovations out there. That also extends to retailers on their channel business.

With domestic, our goal is to be a double-digit grower in ’26, and we feel confident about that beacon. Just look at what we’re doing with one of our biggest retail partners, Walmart. We recently rolled out large, exceptionally curated end caps at a large number of stores. These displays showcase the best of Shark and Ninja products, and the response so far has been incredible.

We’re also deploying some of our social media tactics with retail partners. Influencers and other social media personalities are creating content about amazing SharkNinja finds they’re discovering in stores. And our D2C business is just scratching the surface of the opportunity we see ahead. 

Mark Barrocas, President and CEO of SharkNinja

Increasing TAM

SharkNinja expands into at least two adjacent categories every year. When they do this, it adds to their overall TAM.

Look, when we started the second quarter, I think we viewed the available TAM at roughly about $120 billion. So if you think about what our current guide is, there’s an enormous amount of runway. Now that TAM continues to keep growing. As you heard in the remarks, we just launched the Ninja Crispi Microwave. That now enters us into a category that we never participated in that is a multibillion-dollar TAM, over a $3 billion TAM. So it opens up a whole new set of categories for us.

In Q3, as we get toward the end of Q3, we’ll be entering into our 41st subcategory that is also a multibillion-dollar subcategory. So I think by coming out of the year, Randy, we’ll be participating in $125 billion to $130 billion available TAM against the overall revenue that we have. So lots and lots of white space.

Mark Barrocas, President and CEO of SharkNinja

Continually adding to your TAM while releasing a steady stream of products is a solid way to drive revenue growth. Even if you aren’t a large player in each of the categories, minimal capture will yield quite a bit of revenue with a large TAM.

SharkNinja keeps building on success of their brand as they enter new categories. They aren’t entering into these categories but failing to bring those dollars to the bottom. They successfully grew operating income by 6.4% over the same quarter last year.

Outdoor Cooking

Full size propane grills was an adjacent categories that SharkNinja expanded into last year. They released the FlexFlame, a propane grill with a convection system on it and a smoker box.

They viewed outdoor cooking as a category without much innovation where they could release disruptive products. I’m not sure that thesis has played out yet though. They were seeing some declines in their Q4 earnings.

Cooking and Beverage Appliances net sales increased by $70.0 million, or 11.7%, to $667.3 million, compared to $597.3 million in the prior year quarter, driven by sales momentum of the Ninja Luxe Café espresso machine, partially offset by a decline in the outdoor grill and kitchenware sub-categories.

SharkNinja Q4 2025 Earnings Release

Cooking and Beverage Appliances as a category covers a bunch of different products. They grew the category 36.5% year-over-year, led by the Ninja Lux Cafe coffee machine and the Crispi air fryer.

I own both of those and they’re great products, so maybe they stole the bullet points. I just have some skepticism that there was no mention, good or bad, of their grill products for the quarter that should have the most grill sales at POS and DTC. It could be a harder category to enter, innovate, and take share.