Sonos Inc financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Sonos Inc files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	901	993	1,137	1,261	1,326	1,717	1,752	1,655	1,518	1,443
Cost of revenue	498	536	648	733	754	907	956	939	829	813
Gross profit	403	456	489	527	572	810	796	716	689	631
Research and development	108	124	142	171	215	230	256	301	305	280
Selling and marketing	258	270	271	248	264	272	280	268	291	281
General and administrative	68.5	77.1	85.2	103	121	153	170	169	142	120
Operating expenses	434	472	498	522	599	655	707	737	737	681
Operating income	-30.9	-15.6	-8.88	5.7	-27.2	155	89.5	-20.5	-48	-50.5
Interest expense		4.38	5.24	2.5	1.49	0.59	0.55	0.73	0.44	0.47
Interest income		0.12	0.73	4.35	2	0.15	1.66	10.2	12	6.93
Other non-operating income	-4.7	-0.9	-5.67	-6.78	7.15	1.96	-20.8	24.9	20.9	-0.03
Pre-tax income	-35.6	-16.5	-14.5	-1.08	-20.1	157	68.7	4.39	-27.2	-50.5
Income tax	2.64	-2.29	1.06	3.69	0.03	-1.67	1.35	14.7	11	10.6
Net income	-38.2	-14.2	-15.6	-4.77	-20.1	159	67.4	-10.3	-38.1	-61.1
EBITDA	3.45	19.4	30.5	42.1	9.19	189	128	28.4	4.33	11.9
EPS, basic	-0.71	-0.25	-0.24	-0.05	-0.18	1.30	0.53	-0.08	-0.31	-0.51
EPS, diluted	-0.71	-0.25	-0.24	-0.05	-0.18	1.13	0.49	-0.08	-0.31	-0.51
Shares, basic (weighted)	53.9	56.3	65.7	104	110	122	128	128	123	121
Shares, diluted (weighted)	53.9	56.3	65.7	104	110	140	138	128	123	121

Balance sheet

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	74.9	131	221	339	407	640	275	220	170	175
Receivables	45.3	47.4	73.2	103	54.9	101	101	67.6	44.5	65.8
Inventory	53.6	114	193	220	181	185	454	347	232	171
Other current assets	9.44	9.46	10.1	17.8	17.3	31.5	37	25.3	53.9	39.6
Total current assets		301	498	679	660	958	867	660	551	504
Property, plant and equipment		95.1	85.4	78.1	60.8	71.3	86.2	87.1	102	72.3
Lease right-of-use assets				0	42.3	33.8	28.3	48.9	50.2	45.3
Goodwill			1	1.01	15.5	15.5	77.3	80.4	82.9	82.9
Intangible assets				0.01	26.4	24.5	91.1	90	88	75.4
Other non-current assets		2.31	3.59	2.19	8.81	26.1	36.6	34.5	31.7	33
Total assets		400	587	762	816	1,139	1,188	1,002	916	823
Accounts payable		114	195	252	250	215	336	188	195	184
Accrued liabilities		57.3	38.7	69.9	45	108	109	89.7	87.8	79.1
Deferred revenue	36.2	10.9	11.6	13.7	15.3	35.9	27.3	20.2	21.8	21.8
Short-term debt		0	6.67	8.33	6.67	0
Total current liabilities		223	296	402	393	476	536	354	366	352
Long-term debt		39.6	33.1	24.8	18.3	0
Lease liabilities				0	50.4	34	25.6	55	56.6	53.3
Other non-current liabilities		12.1	10.3	10.6	7.07	3.65	0.85	3.91	3.82	2.77
Total liabilities		310	379	481	518	570	628	484	488	468
Total debt		39.6	39.8	33.2	24.9	0
Paid-in capital		200	425	503	549	690	617	607	498	503
Retained earnings		-188	-204	-208	-228	-69.9	-2.51	-12.8	-50.9	-112
Treasury stock		-10.2	-11.1	-13.5	-20.9	-50.3	-50.9	-72.6	-17.1	-37.4
Other comprehensive income		-2.17	-1.68	-0.06	-1.89	-1.38	-3.6	-3.44	-1.72	1.8
Shareholders' equity	-28.8	0.03	208	281	298	569	561	519	429	355
Total equity	-28.8	0.03	208	281	298	569	561	519	429	355
Total liabilities and equity		400	587	762	816	1,139	1,188	1,002	916	823
Shares outstanding		58.6	100	109	112	127	127	125	122	120

Cash flow statement

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-38.2	-14.2	-15.6	-4.77	-20.1	159	67.4	-10.3	-38.1	-61.1
Depreciation and amortization	34.3	35	39.4	36.4	36.4	33.9	38.5	49	52.4	62.3
Stock-based compensation	26	36.6	38.6	46.6	57.6	62.1	75.6	76.9	84.3	81.6
Deferred income tax	-0.89	1.44	0.06	-0.27	-0.52	-8.33	-2.54	-0.6	-18.9	0.01
Change in receivables	-4.59	-2.73	-26.5	-32.1	49.6	-45.7	-5.51	32.1	23	-21.9
Change in inventory	5.88	-60.3	-80.1	-31.8	38	-7.91	-277	87	106	51.7
Change in payables	-5.72	54.9	66.5	85.9	-24.4	26.2	130	-162	-0.79	-14.4
Cash from operations	43.3	64	30.6	121	162	253	-28.3	100	190	137
Capital expenditures	-52.5	-33.6	-35.7	-23.2	-33	-45.5	-46.2	-50.3	-55.2	-28.7
Acquisitions			0	0	-36.3	0	-126	0	0
Purchases of investments							0	0	-90.5	-57.9
Sales and maturities of investments							0	0	40.5	57.1
Cash from investing	-52.5	-33.6	-35.7	-23.2	-69.3	-45.5	-173	-50.3	-105	-29.5
Debt repaid	-85.4	0	-70	-6.67	-8.33	-25
Stock issued	0	10.1	0	0	42.3	148	40.4	21.3	17.1	4.5
Share buybacks	-0.15	-10	-0.91	-2.43	-50	-50	-150	-100	-129	-81
Cash from financing	7.97	24	94.4	21.9	-27.1	25	-150	-109	-137	-102
Exchange rate effect	-0.18	1.33	1.14	-1.61	2.9	0.15	-14.1	3.85	2.15	-0.07
Net change in cash	-1.44	55.7	90.3	118	68.5	233	-365	-54.6	-50.5	4.94
Free cash flow	-9.23	30.4	-5.18	97.4	129	208	-74.5	50.1	135	108
Interest paid	2.33	4.11	3.75	2.52	1.65	0.5	0.34	1.33	0.26	0.28
Income taxes paid	0.23	0.46	1.43	3.57	0.78	4.11	9.31	9.52	21.2	23.9

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 27, 2026; growth uses fiscal years. Valuation uses the share price of $18.18 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	46.5%	Gross profit / revenue.
Operating margin	4.4%	Operating income / revenue.
EBITDA margin	7.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	4.8%	Pre-tax income / revenue.
Net margin	3.8%	Net income / revenue.
Operating cash flow margin	9.9%	Cash from operations / revenue.
Effective tax rate	19.7%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	14.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	6.5%	Net income / average total assets.
Return on invested capital (ROIC)	26.9%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	17.0%	Research and development expense / revenue.
Stock-based pay / revenue	4.3%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	3.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-4.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-6.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	1.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-8.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-7.5%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	2.0%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	173.6%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-54.8%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	5.2%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-27.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 5y	-3.3%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-19.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	-3.4%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-17.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-14.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	3.6%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-10.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-11.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	0.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-2.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-4.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	1.9%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.61x	Current assets / current liabilities.
Quick ratio	0.88x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.56x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	54.3%	Total liabilities / total assets.
Interest coverage	144x	Operating income / interest expense.
Working capital	$225.4M	Current assets - current liabilities.
Goodwill and intangibles / assets	16.7%	(Goodwill + intangible assets) / total assets.
Tangible book value	$256.3M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.69x	Revenue / average total assets.
Fixed asset turnover	24.8x	Revenue / average property, plant and equipment.
Inventory turnover	5.04x	Cost of revenue / average inventory.
Days inventory	72 days	365 x average inventory / cost of revenue.
Receivables turnover	12.7x	Revenue / average receivables.
Days sales outstanding	29 days	365 x average receivables / revenue.
Days payables	82 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	19 days	Days inventory + days sales outstanding - days payables.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.47	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$12.32	Revenue / diluted weighted shares.
Operating cash flow per share	$1.22	Cash from operations / diluted weighted shares.
Book value per share	$3.34	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$2.12	Tangible book value / shares outstanding.
Cash per share	$1.71	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$2.15B	Share price x shares outstanding.
Enterprise value	$1.94B	Market cap + total debt - cash - short-term investments.
P/E	37.8x	Market cap / net income. Only when net income is positive.
P/S	1.44x	Market cap / revenue.
P/B	5.33x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	8.39x	Market cap / tangible book value, when positive.
P/OCF	14.6x	Market cap / cash from operations, when positive.
EV/Sales	1.30x	Enterprise value / revenue.
EV/EBIT	29.5x	Enterprise value / operating income, when both are positive.
EV/EBITDA	16.7x	Enterprise value / EBITDA, when both are positive.
Earnings yield	2.6%	Net income / market cap (the inverse of P/E).
Shareholder yield	5.4%	(Dividends paid + share buybacks) / market cap.

What was Sonos Inc's revenue in fiscal 2025?

Sonos Inc reported revenue of $1.44B for fiscal 2025, 4.9% lower than the year before.

Was Sonos Inc profitable in fiscal 2025?

No. It reported a net loss of $61.1M.

How much free cash flow did Sonos Inc generate in fiscal 2025?

Cash from operations of $136.9M minus capital expenditures of $28.7M left free cash flow of $108.2M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

Open interactive statements, quarterly figures and charts

Back to Sonos Inc