LIVE: What will YETI say during their Q2 2026 earnings call?

Anna Glaessgen of B. Riley asked the last question, and Reintjes closed by looking forward to the Q3 call.

The Q&A had 9 analyst questions, compared with a historical range of 8 to 13.

Final tally:

Yes: Brand 42, Retail 7, Sport 2, Bottle/Jug 2, Limited 1

No: International 19, Cooler 13, Bag 6, Marketing 0, Gear 0, Recession 0, Trump 0, Dividend 0, World Cup 0.

International finished at exactly 19, below the 20 threshold. Quite unfortunate for those who bet on that bucket.

Randy Konik of Jefferies took two long questions on drinkware and supply chain.

Peter Benedict of Baird went straight at the 20% tariff assumption and got "we don't have any particular insight into this."

Then Bomar on input costs: "the pressures have gotten worse over the course of Q2", meaning stainless steel, magnets, oil-derivative resins, fuel, transportation.

That answer is the closest anyone will come to the word recession this morning.

Olivia Witte, on for Philip Lee at William Blair, opened her question with "International has been a bit choppy this quarter," which is one of the five Q&A mentions the bucket has managed.

Peter Keith of Piper Sandler asked about Four Letters, and Reintjes answered, "I said the word campaign, and probably should have used the word platform." Still, the word marketing wasn't mentioned.

Here is the tally at the handover, 4,485 words in:

YES: Brand 37, Retail 7, Sport 2, Bottle/Jug 2, Limited 1, International 15, Cooler 13, Bag 6, Marketing 0, Gear 0, Recession 0, Trump 0, Dividend 0, World Cup 0.

Traders now hope that analysts will mention their bucket or ask questions that would prompt the YETI team to mention the word.

Scott Bomar: sales $484 million, up 9%, coolers and equipment up 16% to $232 million, drinkware up 2% to $241 million, international up 19% to $93 million, adjusted gross margin up 170 basis points to 59.5%.

He also said: "reflecting a 170 basis point or $8.2 million benefit from refunds of International Emergency Economic Powers Act tariffs." That is International number 12. Under the contract's own rules, a homograph counts regardless of meaning.

Europe, the Munich pop-up, Japan in its first full year, expansion plans for Korea, China, Indonesia, and Taiwan, and 11 markets live by year-end against 4 a year ago.

The word "International" was mentioned 3 times already. For scale, last quarter it was at 15 before Q&A even opened.

Then he said: "supported by core Straw Bottles, Rambler Jugs, and Stackable Cups."

Bottle or Jug clears, with both halves of the bucket in the same breath. It is the third contract this morning settled by a single sentence.

Sport cleared: "Including a presence in major live sports, highlighted by the most-watched NBA Finals game since 2016."

Limited cleared: "Scale without credibility and trust is expensive. Credibility and trust without scale is limited."

Reintjes has now spent 4 minutes on a national advertising campaign, and he has called it a campaign, a platform, brand building, storytelling, and awareness. He has not said marketing. That bucket costs 80 cents and has cleared 6 calls out of 6.

Then: "Despite an uneven consumer backdrop… YETI's customer is showing up as the brand broadens."

The word "brand" needs to be mentioned 5+ times to settle.

Bhatia has just named the two speakers: Matt Reintjes, who became chairman 5 days ago in addition to chief executive, and Scott Bomar, on his second call as chief financial officer.

6/6: Brand 5+, Marketing, Retail / Retailer, Sport, Limited, Bottle / Jug

5/6: Cooler 15+, Bag 10+, Gear

4/6: International 20+

International 20+ times, Cooler 15+ times, Bag 10+ times, Brand 5+ times, World Cup, Trump, Recession, Marketing, Dividend, Gear, Retail / Retailer, Limited, Bottle / Jug, Sport.

Consensus is $0.54 on about $483.8m, which is 8.5% revenue growth against a year ago and an earnings decline from $0.66, because management has guided to peak tariff impact in the first half. Options imply a 9.3% move.

The stock closed at $50.84, up about 15% on the year, and the average analyst target is $54.