Key Takeaways:
- Yeti set four long term priorities, each tied to a billion-dollar milestone.
- Bags and soft coolers are positioned as the company’s next major product platform.
- International markets are expected to account for a much larger share of sales by 2030.
Yeti Holdings, Inc. laid out its long-term growth strategy last week at its 2026 Investor Day in Austin, Texas. The plan leans on an expanding bags and soft coolers business, deeper U.S. retail distribution and faster growth outside the U.S.
Matt Reintjes, Chair of the Board, President and Chief Executive Officer, said that Yeti is focused on four priorities: creating the next $1 billion in sales, building its next $1 billion product platform, generating $1 billion in sales outside the U.S. and delivering more than $1 billion in cumulative free cash flow.
“The capabilities beneath the business are stronger, the playbook is clearer and the opportunity is broader,” Reintjes said in a statement. “The next chapter for Yeti is about building a larger, more global and more durable company, supported by expanding product platforms, improving profitability and strong free cash flow generation.”
Yeti generated $1.9 billion in net sales in 2025, up from about $800 million in 2018, the year it went public. International markets accounted for 21% of 2025 sales, compared with 2% in 2018.
Bags and Soft Coolers Next in Line
Yeti identified bags and soft coolers as its next $1 billion platform. According to a presentation led by Layne Rigney, Head of Bags & Soft Coolers, the business grew from $130 million in 2018 to $390 million in 2025, a 17% compound annual growth rate.
Yeti forecasts the category reaching about $700 million by 2030, growing in the high single to low double digits annually, with the $1 billion mark coming after 2030. The company expects sales to be split roughly evenly between bags and soft coolers by 2030, with international markets contributing about one third of the category’s growth.
Yeti cited its own consumer research showing 90% of existing Yeti consumers are interested in a bag from the brand.
Its product pipeline targets three segments: everyday bags for work, play and campus, travel bags for adventure and leisure, and pursuit bags for hunting, fishing, hiking and sport.
Yeti forecasts travel as the fastest growing of the three, with annual growth in the low 40s percent range through 2030. The company develops the products through innovation centers in the U.S. and Vietnam.
Drinkware and Coolers Keep Growing
Home and hydration, Yeti’s largest category, generated $1.1 billion in 2025 sales, up from $425 million in 2018. According to a presentation led by Hannah Mara, Head of Home & Hydration, the company forecasts the category reaching $1.5 billion by 2030, growing in the mid-single digits or better annually.
Gear and equipment, which includes hard coolers, generated $360 million in 2025 and is forecast to reach $600 million by 2030, growing in the high single to low double digits annually.
Home and hydration is expected to fall from 58% of sales in 2025 to about 50% in 2030, while bags and soft coolers rise from about 20% to about 25% and gear and equipment holds at about 20%.
About 20% of 2025 sales came from products launched in the prior 24 months, while about 60% came from products launched in 2021 or earlier. Yeti said it is on a path to improve speed to market by one third.
U.S. Wholesale and Specialty Retail
According to a presentation led by Stuart Hogue, Senior Vice President, Americas, Yeti plans to grow U.S. sales from $1.5 billion in 2025 to $1.9 billion in 2030, growing in the low to mid-single digits annually. Wholesale accounts for about 40% of U.S. sales, with the remaining 60% coming through Yeti’s own stores and website, marketplaces and business to business sales.
Yeti expects U.S. wholesale to grow in the mid-single digits annually through 2030 through improved productivity, shelf expansion and select new doors. Wholesale partners shown in the presentation included Scheels, REI, Dick’s Sporting Goods, Bass Pro Shops, Nordstrom, Academy, Tractor Supply Co., Ace Hardware and Kittery Trading Post.
Yeti pointed to an in-store activation that has delivered a 40% to 50% lift in sell through trend compared with doors that don’t yet offer it. Partnerships with the NCAA, NFL, MLB, NHL and NWSL are putting Yeti products on new shelves. The company also sees a 6,000-door opportunity among addressable golf courses.
Yeti also cited room to grow across regions and demographics. Ownership in the U.S. Northeast and West runs about 10% to 20% lower than in the South, and about 30% of students and young adults own Yeti products, compared with more than 50% in other demographic groups.
According to a presentation led by Bill Neff, Head of Marketing, Yeti works with 218 ambassadors, 153 in the U.S. and 65 elsewhere, including surfer Steph Gilmore and golfer Rickie Fowler. The company shows up at about 450 events a year and sells through 8,000 specialty doors globally.
The presentation featured specialty retailers Gearhead Outfitters in Jonesboro, Arkansas, and T&C Surf Designs in Hawaii, along with the World Surf League on Australia’s Gold Coast.
A $1 Billion International Goal
Yeti’s international sales grew from $20 million in 2018 to $390 million in 2025, a 57% compound annual growth rate. According to a presentation led by Scott Bomar, Chief Financial Officer, the company is targeting about $1 billion in international sales by 2030, growing roughly in the mid-teens to 20% range annually across more than 30 international markets. International sales are expected to account for 30% to 35% of total sales by 2030.
The presentation cited Australia as a case study. Yeti launched ecommerce there, built premium dealer distribution and activated through community marketing, with fishing and surfing communities pictured. It later scaled to 300 dealers and eventually reached $150 million in sales through more than 850 wholesale doors, including national accounts BCF and Rebel Sport.
Yeti said it took six years for Canada to grow from $50 million to $150 million in sales and five years for Australia, and it projects about three years for Europe.
According to a presentation led by David Heath, Managing Director, EMEA, Yeti expects sales in the region to grow from $80 million in 2025 to $350 million in 2030. Wholesale is Europe’s biggest opportunity. Yeti has activated about 1,500 of 25,000 relevant European doors, or 6%, and sees more than $700 million in incremental annual wholesale opportunity there.
The U.K. is Yeti’s first priority in Europe. There, Yeti built its direct business first because of COVID disruptions and gained traction with fly fishing, game and surfing communities. The company said it became the top outdoor hydration brand in the U.K. Its 2030 U.K. targets include 1,500 wholesale doors and about 10 single brand stores.
The DACH region follows, with 2030 targets of more than 600 wholesale doors and about five stores.
According to a presentation led by Mitch Whitaker, Managing Director, APAC, Yeti expects Asia Pacific sales to grow from $150 million in 2025 to $380 million in 2030. The company plans to expand from four markets, Australia, New Zealand, Japan and Thailand, to more than 11, and from 1,200 doors to more than 2,600.
Yeti’s APAC priority markets are Japan, Korea and China, where it is launching a digital only presence. The company plans to expand to between 75 and more than 100 stores in Asia, largely partner managed, while continuing to build wholesale.
Long Term Financial Targets
Through fiscal 2030, Yeti expects net sales to grow annually in the mid to high single digits and forecasts $1.2 billion to $1.4 billion in cumulative free cash flow over the five years ending in fiscal 2030. The company targets returning at least 50% of free cash flow to shareholders through share repurchases.
Through Project Upcycle, its companywide productivity initiative, Yeti has identified about $100 million in productivity opportunity across cost of goods sold and operating expenses. Projects include AI enabled process improvement.
Yeti reiterated its fiscal 2026 forecast for sales growth of 7% to 8%, adjusted earnings per share of $2.94 to $3.00 and free cash flow of $200 million to $225 million.
