📈 Price History

Ratio Health

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By Category

📊 Sector Averages

About

Sonos, Inc., together with its subsidiaries, designs, develops, manufactures, and sells audio products and services in the Americas, Europe, the Middle East, Africa, and the Asia Pacific.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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📊 Quick Scorecard

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⭐ Superinvestors Holding SONO

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Manager	Shares	Value	% of Fund	Period
Jim Simons Renaissance Technologies LLC	1.71M	$22.9M	0.04%	Mar 2026
Steve Cohen Point72 Asset Management	489.7K	$6.6M	0.01%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific ↑ Improving 3 quarters analysed

Q3 2025

Mixed

Management expressed optimism about the future and highlighted a solid quarter with revenue and EBITDA at or above guidance, but also acknowledged significant near-term challenges from tariffs and the need to raise prices, creating a balanced tone.

Q1 2026

Confident Specific

Management repeatedly used specific figures (e.g., 'Q1 revenue of $546 million', 'Adjusted EBITDA grew 45% to $132 million', 'gross profit dollars grew 5%') and framed past struggles as resolved ('stability we reestablished in 2025'). The CEO emphasized a clear, multi-dimensional growth plan with concrete metrics like 'Era 100 new customer growth up more than 40% year-over-year' and 'more than $100 million in run rate savings'.

Q2 2026 latest

Confident Specific

Management used emphatic language like 'returned to growth', 'changed the trajectory', 'momentum', and cited specific metrics: revenue up 8% to $282M, first half revenue up 2%, adjusted EBITDA grew 48%. They highlighted external validation with phrases such as 'comeback', 'Goldilocks speaker', and 'back on track'.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis strengthens after this call. Sonos has demonstrably returned to revenue growth, with positive adjusted EBITDA for the first Q2 in four years, and the product lineup is receiving strong critical and early consumer reception. Management is executing on its five growth dimensions, and geographic expansion is contributing. However, the memory cost headwind is significant (200-400bps margin impact), and the lack of a quantified mitigation plan beyond tariff refunds and engineering optimization introduces uncertainty. The strong balance sheet and share repurchase activity signal confidence. Key items to watch next quarter: whether memory cost worsening materializes as guided, whether tariff refunds arrive, and whether Play and Era 100 SL sustain momentum to deliver the expected stronger second half. AI monetization details remain a catalyst for later.

AI-generated concall tone analysis · Updated 2026-06-09 · Not investment advice

🎙 Management Tone Confident Specific ↑ Improving 3 quarters Full tone analysis in Intelligence →

📊 MIXED Sonos returns to growth: Q2 revenue up 8% to $282M, launches Play and Era 100 SL

Revenue & Profitability

Q2 fiscal 2026 revenue was $282 million, up 8% year-over-year. GAAP gross profit grew 10% to $125 million; non-GAAP gross profit grew 6% to $130 million. Adjusted EBITDA turned positive at +$2 million (first positive Q2 in four years), up from -$1 million last year. Non-GAAP EPS improved to -$0.02 from -$0.18. Share repurchases totaled $40 million, buying back 2.5 million shares.

Outlook

Management sees strengthening demand in the second half of fiscal 2026, with Q3 revenue guided at $355-375 million (6% growth at midpoint). However, they face headwinds from rising memory costs (DDR4 supply tightening due to AI/data center demand) expected to pressure gross margin by ~400 bps in Q3 and likely more in Q4. Tariffs are being managed, and a potential refund of up to $40 million could offset some cost increases.

Growth Drivers

Growth is driven by five dimensions: product innovation (e.g., Play, Era 100 SL, Amp Multi), customer advocacy (improved system reliability and positive press), more intentional marketing under new CMO Colleen DeCourcy, geographic expansion (APAC and EMEA grew double digits in Q2), and tapping emerging demand trends. Existing customers expanding from 4.5 to 6 devices per household could yield ~$5 billion in incremental revenue.

Balance Sheet & CapEx

CapEx in Q2 was $5 million, down from $6 million a year ago. Management highlighted ongoing investments in AI to improve productivity across software engineering, IT, accounting, and customer support, but no specific CapEx guidance for future periods was provided.

Margins

Q2 GAAP gross margin was 44.3% and non-GAAP gross margin 46%, with higher memory costs creating a ~200 bps headwind. For Q3, GAAP gross margin is guided at 42-44.5% (non-GAAP ~150 bps higher), with memory headwinds of ~400 bps year-over-year. Operating expenses decreased 11% GAAP year-over-year and non-GAAP OpEx remained flat. Adjusted EBITDA margin improved 510 bps to positive in Q2.

Key Risks

Key risks include rising memory costs (DDR4 supply tightening due to AI/data center demand) pressuring gross margins, uncertainty around tariff refund timing (potentially up to $40 million), and ongoing geopolitical conflicts that could affect consumer demand. Management noted they are monitoring macro conditions but currently see strong demand for Sonos products.

Generated by AI · Q2 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q3 2026 Q3 2026 2026-07-29

Revenue grew 9% year-over-year to $375 million, with strong regional and product performance. Despite a $14 million headwind from memory costs, adjusted EBITDA rose 24%, and guidance anticipates continued growth but ongoing margin pressure from elevated component costs.

Q2 2026 Q2 2026 2026-05-04

Q2 revenue grew 8% YoY to $282M, with strong gross profit and positive adjusted EBITDA. New products and growth markets are driving momentum, but higher memory costs are pressuring margins. Guidance calls for continued revenue growth and margin management in the second half.

Q1 2026 Q1 2026 2026-02-03

Q1 saw revenue of $546M, gross profit up 5% year-over-year, and adjusted EBITDA up 45%, with strong performance from Era 100 and plug-ins. Guidance points to flat first-half revenue and margin expansion, with new products expected to drive growth in the second half.

Q4 2025 Q4 2025 2025-11-05

Q4 closed fiscal 2025 with 13% revenue growth and strong adjusted EBITDA, driven by EMEA and growth markets. The company is transitioning to a system-centric strategy, reducing costs, and mitigating tariff impacts, with Q1 2026 guidance projecting margin expansion and continued investment in growth.

Q3 2025 Q3 2025 2025-08-06

Q3 revenue and adjusted EBITDA exceeded guidance despite a 13% year-over-year revenue decline, driven by strong performance in portables and home theater. Cost reductions and operational efficiencies improved margins, while new tariffs prompt upcoming price increases. Growth is expected to resume as market conditions improve.

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