SONO

MKT CAP:$2B

Sonos, Inc.

Market Cap

$2B

Technology·Consumer Electronics·🇺🇸 United States·NASDAQ

Technology·Consumer Elec.·🇺🇸·NASDAQ

Stock Price

$14.64-$2.85 (-16.28%)

Apr 24, 2026

Company Details

Sonos, Inc., together with its subsidiaries, designs, develops, manufactures, and sells multi-room audio products in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company provides wireless speakers, home theater s...

CEO

Thomas Conrad

IPO Date

Aug 2, 2018

Website

www.sonos.com

Key Metrics TTM

Revenue

$1.4B

-1.2% YoY

Net Income

-$18M

EPS (Diluted)

-$0.17

Free Cash Flow

$122M

Revenue / Share

$11.54

Gross Margin

44.7%

Operating Margin

0.3%

Net Margin

-1.2%

FCF Margin

8.5%

P/S

1.2x

P/E

—

Earnings Reports

Q2 2026

May 6, 2026

PENDING

Q1 2026

Feb 3, 2026

$546M-0.9%EPS $0.75

FY 2025

Nov 14, 2025

$1.4B-4.9%EPS -$0.51

Q4 2025

Nov 14, 2025

$288M+12.7%EPS -$0.31

Q3 2025

Aug 6, 2025

$345M-13.2%EPS -$0.03

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 22	$400M	$179M	$10M
Q3 22	$372M	$176M	$7M
Q4 22	$316M	$124M	-$60M
Q1 23	$673M	$285M	$86M
Q2 23	$304M	$132M	-$57M
Q3 23	$373M	$172M	-$21M
Q4 23	$305M	$128M	-$28M
Q1 24	$613M	$283M	$80M
Q2 24	$253M	$112M	-$71M
Q3 24	$397M	$192M	$13M
Q4 24	$255M	$103M	-$69M
Q1 25	$551M	$241M	$48M
Q2 25	$260M	$114M	-$61M
Q3 25	$345M	$150M	-$3M
Q4 25	$288M	$126M	-$34M
Q1 26	$546M	$253M	$103M

Valuation

Quarter	P/S	P/E
Q2 22	1.0x	12.6x
Q3 22	1.0x	14.5x
Q4 22	1.0x	26.4x
Q1 23	1.0x	93.2x
Q2 23	1.1x	—
Q3 23	1.1x	—
Q4 23	1.1x	—
Q1 24	1.1x	—
Q2 24	1.2x	—
Q3 24	1.1x	—
Q4 24	1.2x	—
Q1 25	1.2x	—
Q2 25	1.2x	—
Q3 25	1.3x	—
Q4 25	1.2x	—
Q1 26	1.2x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 22	-$98M	-$107M
Q3 22	-$7M	-$16M
Q4 22	-$104M	-$125M
Q1 23	$182M	$168M
Q2 23	-$113M	-$122M
Q3 23	$9M	-$8M
Q4 23	$22M	$12M
Q1 24	$275M	$269M
Q2 24	-$111M	-$121M
Q3 24	$63M	$40M
Q4 24	-$38M	-$54M
Q1 25	$156M	$143M
Q2 25	-$60M	-$65M
Q3 25	$37M	$33M
Q4 25	$3M	-$2M
Q1 26	$163M	$157M

Capital Expenditures

Quarter	CapEx
Q2 22	$9M
Q3 22	$9M
Q4 22	$21M
Q1 23	$15M
Q2 23	$9M
Q3 23	$17M
Q4 23	$10M
Q1 24	$6M
Q2 24	$10M
Q3 24	$23M
Q4 24	$16M
Q1 25	$13M
Q2 25	$6M
Q3 25	$5M
Q4 25	$5M
Q1 26	$6M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 22	+20.1%	+21.6%
Q3 22	-1.8%	+0.8%
Q4 22	-12.0%	+1.4%
Q1 23	+1.2%	+10.2%
Q2 23	-23.9%	-7.3%
Q3 23	+0.4%	+8.2%
Q4 23	-3.5%	-11.4%
Q1 24	-8.9%	-9.1%
Q2 24	-16.9%	-10.5%
Q3 24	+6.4%	-2.5%
Q4 24	-16.3%	-2.6%
Q1 25	-10.1%	-5.7%
Q2 25	+2.8%	-0.8%
Q3 25	-13.2%	-9.6%
Q4 25	+12.7%	-0.8%
Q1 26	-0.9%	-11.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 22	$21M	5.3%
Q3 22	$19M	5.1%
Q4 22	$18M	5.7%
Q1 23	$20M	3.0%
Q2 23	$21M	6.9%
Q3 23	$18M	4.9%
Q4 23	$17M	5.7%
Q1 24	$19M	3.2%
Q2 24	$24M	9.4%
Q3 24	$22M	5.5%
Q4 24	$19M	7.6%
Q1 25	$25M	4.6%
Q2 25	$20M	7.7%
Q3 25	$21M	6.0%
Q4 25	$0	0.0%
Q1 26	$15M	2.8%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q2 22	$65M	$44M	$60M	—
Q3 22	$63M	$42M	$64M	—
Q4 22	$67M	$44M	$73M	—
Q1 23	$77M	$43M	$79M	—
Q2 23	$81M	$44M	$64M	—
Q3 23	$78M	$46M	$62M	—
Q4 23	$66M	$29M	$53M	—
Q1 24	$79M	$40M	$84M	—
Q2 24	$80M	$41M	$62M	—
Q3 24	$74M	$33M	$71M	—
Q4 24	$71M	$26M	$71M	—
Q1 25	$81M	$26M	$87M	—
Q2 25	$77M	$29M	$61M	—
Q3 25	$60M	$28M	$62M	—
Q4 25	$62M	$27M	$62M	—
Q1 26	$60M	—	—	$91M

Revenue Segments

Quarter	Components	Home Theater Speakers	Wireless Speakers	Partner Products And Other Revenue	Sonos Speakers	Sonos System Products
Q2 22	$21M	$61M	$318M	—	—	—
Q3 22	$19M	$38M	$314M	—	—	—
Q1 23	$19M	$114M	$539M	—	—	—
Q2 23	$19M	$44M	$241M	—	—	—
Q3 23	$19M	$64M	$290M	—	—	—
Q4 23	$20M	$62M	$223M	—	—	—
Q1 24	$25M	$85M	$503M	—	—	—
Q2 24	—	—	—	$16M	$187M	$49M
Q3 24	—	—	—	$21M	$301M	$75M
Q4 24	—	—	—	$18M	$178M	$59M
Q1 25	—	—	—	$23M	$467M	$60M
Q2 25	—	—	—	$15M	$195M	$51M
Q3 25	—	—	—	$18M	$254M	$73M
Q4 25	—	—	—	$16M	$206M	$65M
Q1 26	—	—	—	$21M	$459M	$65M

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$607M	$0	$607M
Q3 22	$440M	$0	$440M
Q4 22	$275M	$0	$275M
Q1 23	$432M	$0	$432M
Q2 23	$295M	$0	$295M
Q3 23	$268M	$0	$268M
Q4 23	$220M	$0	$220M
Q1 24	$467M	$0	$467M
Q2 24	$246M	$46M	$292M
Q3 24	$227M	$50M	$277M
Q4 24	$170M	$51M	$221M
Q1 25	$280M	$48M	$328M
Q2 25	$173M	$50M	$224M
Q3 25	$201M	$53M	$254M
Q4 25	$175M	$53M	$228M
Q1 26	$313M	$51M	$363M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 22	140M	-1.9%	-2.4%
Q3 22	128M	-8.4%	-11.3%
Q4 22	127M	-0.6%	+1.6%
Q1 23	132M	+3.5%	-7.6%
Q2 23	128M	-2.7%	-8.4%
Q3 23	128M	+0.3%	+0.3%
Q4 23	127M	-0.8%	+0.2%
Q1 24	127M	-0.5%	-3.6%
Q2 24	124M	-2.4%	-3.3%
Q3 24	127M	+2.8%	-0.8%
Q4 24	121M	-4.6%	-4.7%
Q1 25	125M	+2.8%	-1.6%
Q2 25	120M	-3.9%	-3.1%
Q3 25	120M	+0.4%	-5.4%
Q4 25	121M	+0.1%	-0.7%
Q1 26	125M	+3.4%	-0.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 22	$262.2K	2K
Q3 22	$243.8K	2K
Q4 22	$207.4K	2K
Q1 23	$364.7K	2K
Q2 23	$165.0K	2K
Q3 23	$202.5K	2K
Q4 23	$163.4K	2K
Q1 24	$328.3K	2K
Q2 24	$135.3K	2K
Q3 24	$212.7K	2K
Q4 24	$149.5K	2K
Q1 25	$322.5K	2K
Q2 25	$152.1K	2K
Q3 25	$201.9K	2K
Q4 25	$205.1K	1K
Q1 26	$388.6K	1K

Revenue / Employee