Form 8-K

8-K — Sonos Inc

Accession: 0001314727-26-000081

Filed: 2026-07-29

Period: 2026-07-29

CIK: 0001314727

SIC: 3651 (HOUSEHOLD AUDIO & VIDEO EQUIPMENT)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — sono-20260729.htm (Primary)

EX-99.1 (final3q26earningspressrele.htm)

GRAPHIC (image_0.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: sono-20260729.htm · Sequence: 1

sono-20260729

0001314727FALSE00013147272026-07-292026-07-29

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported)

July 29, 2026

SONOS, INC.

(Exact name of registrant as specified in its charter)

Delaware 001-38603 03-0479476

(State or other jurisdiction of

incorporation)

(Commission File Number)

(IRS Employer

Identification No.)

301 Coromar Drive

Santa Barbara, California 93117

(Address of principal executive offices, including zip code)

(805) 965-3001

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered

Common Stock, $0.001 par value SONO The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Item 2.02 Results of Operations and Financial Condition.

On July 29, 2026, Sonos, Inc. issued a press release announcing its financial results for its third fiscal quarter ended June 27, 2026. A copy of the press release is furnished hereto as Exhibit 99.1 and is incorporated herein by reference.

The information contained in this Item 2.02 and in Exhibit 99.1 to this Current Report on Form 8-K is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.

99.1

Press release dated July 29, 2026 announcing third fiscal quarter 2026 financial results.

104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

SONOS, INC.

Date: July 29, 2026 By: /s/ Saori Casey

Saori Casey

Chief Financial Officer

EX-99.1

Filename: final3q26earningspressrele.htm · Sequence: 2

Document

Exhibit 99.1

Sonos Reports Third Quarter Fiscal 2026 Results

Q3 Revenue, GAAP and Non-GAAP Gross Margin and Adjusted EBITDA near high end of guidance range

Santa Barbara, CA – Jul 29, 2026 - Sonos, Inc. (Nasdaq: SONO) today reported Third Quarter Fiscal 2026 results.

"Our third quarter demonstrates the inflection we've been talking about, as revenue growth accelerated and the reinvention of the business continued to take hold," said Tom Conrad, Chief Executive Officer of Sonos. "Over the past 18 months, we've built a leaner, more focused company and a healthier core business centered around our system strategy, and that work is showing up in our results. Revenue grew 9% in Q3, up from 2% in the first half, and we're now growing revenue, expanding gross margin, and growing profit at the same time. We’re carrying this momentum into the fourth quarter as we focus on building durable growth while operating with discipline."

"Q3 was another strong quarter, as revenue and Adjusted EBITDA both landed near the high end of our guidance range. We generated healthy free cash flow and built our cash balance sequentially and year over year, while returning $30 million to our shareholders through share repurchases," said Saori Casey, Chief Financial Officer of Sonos. "Q3 marks our eighth consecutive quarter of disciplined execution against our commitments and structurally improving our business."

Third Quarter Fiscal 2026 Financial Highlights (unaudited)

•Revenue increased 9% year-over-year to $375 million

•GAAP gross margin2 of 50.4%, Non-GAAP gross margin1 of 45.5%

•GAAP net income3 increased by $33 million year-over-year to $30 million, GAAP diluted income per share (EPS)3 increased by $0.28 year-over-year to $0.25

•Non-GAAP net income1 increased 51% year-over-year to $33 million, Non-GAAP diluted EPS1 increased 52% year-over-year to $0.27

•Adjusted EBITDA1 increased 24% year-over-year to $44 million

•Returned $30 million to shareholders through repurchase of 2.0 million shares

•Free cash flow3 increased by $8 million year-over-year to $40 million

(1) Non-GAAP Gross Margin, Adjusted EBITDA, Non-GAAP Net Income and Non-GAAP EPS are non-GAAP figures and exclude the non-recurring benefit from IEEPA tariff refunds received in Q3 of Fiscal 2026. See “Use of Non-GAAP Measures” and reconciliations to GAAP measures below

(2) Includes $23.2 million of IEEPA tariff refunds

(3) Includes $23.2 million of IEEPA tariff refunds and $0.8 million of interest earned on IEEPA tariff refunds

Guidance

The company will provide guidance on its Third Quarter Fiscal 2026 earnings call.

Supplemental Earnings Presentation

The company has posted a supplemental earnings presentation accompanying its Third Quarter Fiscal 2026 results to the Earnings Reports section of its investor relations website at https://investors.sonos.com/reports-and-filings/default.aspx#section=earningsreports.

Conference Call, Webcast and Transcript

The company will host a webcast of its conference call and Q&A related to its Third Quarter Fiscal 2026 results on July 29, 2026, at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time). Participants may access the live webcast in listen-only mode on the Sonos investor relations website at https://investors.sonos.com/news-and-events/default.aspx.

The conference call may also be accessed by dialing (888) 330-2454 with conference ID 8641747. Participants outside the U.S. can access the call by dialing (240) 789-2714 using the same conference ID.

An archived webcast of the conference call and a transcript of the company’s prepared remarks and Q&A session will also be available at https://investors.sonos.com/reports-and-filings/default.aspx#section=earningsreports following the call.

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

(unaudited, in thousands, except share and per share amounts)

Three Months Ended

Nine Months Ended

June 27,

2026

June 28,

2025

June 27,

2026

June 28,

2025

Revenue

$ 375,260

$ 344,764

$ 1,202,449

$ 1,155,376

Cost of revenue

185,950

195,040

635,030

650,637

Gross profit

189,310

149,724

567,419

504,739

Operating expenses

Research and development

67,875

59,750

191,771

218,011

Sales and marketing

59,624

62,576

187,273

213,430

General and administrative

30,277

30,327

88,001

89,357

Total operating expenses

157,776

152,653

467,045

520,798

Operating income (loss)

31,534

(2,929)

100,374

(16,059)

Other income (expense), net

Interest income

2,182

1,572

5,442

5,406

Interest expense

(110)

(117)

(330)

(336)

Other income (expense), net

695

661

(246)

(5,176)

Total other income (expense), net

2,767

2,116

4,866

(106)

Income (loss) before provision for income taxes

34,301

(813)

105,240

(16,165)

Provision for income taxes

4,448

2,566

10,475

7,121

Net income (loss)

$ 29,853

$ (3,379)

$ 94,765

$ (23,286)

Earnings (loss) per share:

Basic

$ 0.25

$ (0.03)

$ 0.79

$ (0.19)

Diluted

$ 0.25

$ (0.03)

$ 0.77

$ (0.19)

Weighted-average shares used in computing earnings (loss) per share:

Basic

118,961,126

120,423,439

119,886,795

120,804,730

Diluted

120,982,504

120,423,439

122,761,707

120,804,730

Total comprehensive income (loss)

Net income (loss)

29,853

(3,379)

94,765

(23,286)

Change in foreign currency translation adjustment

(416)

3,496

(444)

3,036

Net unrealized loss on marketable securities

(29)

(23)

(71)

(140)

Comprehensive income (loss)

$ 29,408

$ 94

$ 94,250

$ (20,390)

Condensed Consolidated Balance Sheets

(unaudited, in thousands, except par values)

As of

June 27,

2026

September 27,

2025

Assets

Current assets:

Cash and cash equivalents

$ 206,894

$ 174,668

Marketable securities

54,132

52,858

Accounts receivable, net

117,190

65,847

Inventories

158,143

171,020

Prepaids and other current assets

55,844

39,642

Total current assets

592,203

504,035

Property and equipment, net

60,141

72,277

Operating lease right-of-use assets

42,790

45,297

Goodwill

82,854

Intangible assets, net

64,418

75,356

Deferred tax assets

10,043

10,509

Other noncurrent assets

29,672

32,950

Total assets

$ 882,121

$ 823,278

Liabilities and stockholders’ equity

Current liabilities:

Accounts payable

$ 179,897

$ 184,109

Accrued expenses

87,889

79,094

Accrued compensation

31,249

21,331

Deferred revenue, current

21,989

21,771

Other current liabilities

45,775

46,107

Total current liabilities

366,799

352,412

Operating lease liabilities, noncurrent

50,192

53,288

Deferred revenue, noncurrent

58,515

59,453

Deferred tax liabilities

113

126

Other noncurrent liabilities

2,970

2,774

Total liabilities

478,589

468,053

Commitments and contingencies

Stockholders’ equity:

Common stock, $0.001 par value

121

123

Treasury stock

(46,529)

(37,398)

Additional paid-in capital

465,965

502,775

Accumulated deficit

(17,313)

(112,078)

Accumulated other comprehensive income

1,288

1,803

Total stockholders’ equity

403,532

355,225

Total liabilities and stockholders’ equity

$ 882,121

$ 823,278

Condensed Consolidated Statements of Cash Flows

(unaudited, dollars in thousands)

Nine Months Ended

June 27,

2026

June 28,

2025

Cash flows from operating activities

Net income (loss)

$ 94,765

$ (23,286)

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

Stock-based compensation expense

46,386

64,789

Depreciation and amortization

36,924

48,657

Restructuring and other charges

1,088

6,323

Provision for excess and obsolete inventory

1,573

9,242

Deferred income taxes

386

942

Other

5,078

2,432

Foreign currency transaction loss

2,122

572

Changes in operating assets and liabilities:

Accounts receivable

(53,604)

(49,010)

Inventories

11,303

106,223

Other assets

(15,882)

11,616

Accounts payable and accrued expenses

6,021

(55,341)

Accrued compensation

10,330

10,352

Deferred revenue

(157)

(1,033)

Other liabilities

(2,166)

1,470

Net cash provided by operating activities

144,167

133,948

Cash flows from investing activities

Purchases of marketable securities

(44,616)

(43,949)

Purchases of property and equipment

(16,681)

(23,418)

Maturities of marketable securities

43,340

43,200

Net cash used in investing activities

(17,957)

(24,167)

Cash flows from financing activities

Payments for repurchase of common stock

(95,277)

(60,602)

Payments for repurchase of common stock related to shares withheld for tax in connection with vesting of stock awards

(20,417)

(20,754)

Proceeds from exercise of stock options

23,101

2,653

Payments for debt issuance costs

(780)

—

Net cash used in financing activities

(93,373)

(78,703)

Effect of exchange rate changes on cash and cash equivalents

(611)

463

Net increase in cash and cash equivalents

32,226

31,541

Cash and cash equivalents

Beginning of period

174,668

169,732

End of period

$ 206,894

$ 201,273

Supplemental disclosure

Cash paid for interest

$ 185

$ 197

Cash paid for taxes, net of refunds

$ 4,387

$ 19,065

Cash paid for amounts included in the measurement of lease liabilities, net of tenant improvement reimbursements received

$ 7,088

$ 3,460

Supplemental disclosure of non-cash investing and financing activities

Purchases of property and equipment in accounts payable and accrued expenses

$ 3,635

$ 2,155

Right-of-use assets obtained in exchange for new operating lease liabilities

$ 1,829

$ 1,491

Excise tax on share repurchases, accrued but not paid

$ 258

$ 187

Reconciliation of GAAP to Non-GAAP Cost of Revenue and Gross Profit

(unaudited, in thousands, except percentages)

Three Months Ended

Nine Months Ended

June 27,

2026

June 28,

2025

June 27,

2026

June 28,

2025

Reconciliation of GAAP cost of revenue

GAAP cost of revenue

$ 185,950

$ 195,040

$ 635,030

$ 650,637

Stock-based compensation expense

1,257

1,633

3,709

4,588

Amortization of intangibles

3,278

10,802

9,752

Restructuring and other charges

131

(514)

795

3,420

IEEPA tariff refund benefit

(23,154)

—

(23,154)

—

Non-GAAP cost of revenue

$ 204,438

$ 190,643

$ 642,878

$ 632,877

Reconciliation of GAAP gross profit

GAAP gross profit

$ 189,310

$ 149,724

$ 567,419

$ 504,739

Stock-based compensation expense

1,257

1,633

3,709

4,588

Amortization of intangibles

3,278

10,802

9,752

Restructuring and other charges

131

(514)

795

3,420

IEEPA tariff refund benefit

(23,154)

—

(23,154)

—

Non-GAAP gross profit

$ 170,822

$ 154,121

$ 559,571

$ 522,499

GAAP gross margin

50.4%

43.4%

47.2%

43.7%

Non-GAAP gross margin

45.5%

44.7%

46.5%

45.2%

Reconciliation of Selected Non-GAAP Financial Measures

(unaudited, dollars in thousands)

Three Months Ended

Nine Months Ended

June 27,

2026

June 28,

2025

June 27,

2026

June 28,

2025

Research and Development (GAAP)

$ 67,875

$ 59,750

$ 191,771

$ 218,011

Stock-based compensation

5,909

7,944

17,869

29,280

Amortization of intangibles

216

Restructuring and other charges (2)(3)

4,014

(824)

4,871

11,882

Research and Development (Non-GAAP)

$ 57,932

$ 52,610

$ 168,970

$ 176,633

Sales and Marketing (GAAP)

$ 59,624

$ 62,576

$ 187,273

$ 213,430

Stock-based compensation

2,884

3,466

8,492

13,078

Amortization of intangibles

Restructuring and other charges (2)(3)

1,038

1,499

3,831

Sales and Marketing (Non-GAAP)

$ 56,694

$ 58,072

$ 177,282

$ 196,521

General and Administrative (GAAP)

30,277

30,327

88,001

89,357

Stock-based compensation

6,280

6,309

16,316

17,843

Legal and transaction related costs

3,789

1,306

9,823

2,928

Amortization of intangibles

Restructuring and other charges (2)(3)

214

2,281

304

6,488

General and Administrative (Non-GAAP)

$ 19,970

$ 20,407

$ 61,488

$ 62,027

Total Operating Expenses (GAAP)

$ 157,776

$ 152,653

$ 467,045

$ 520,798

Stock-based compensation

15,073

17,719

42,677

60,201

Legal and transaction related costs (1)

3,789

1,306

9,823

2,928

Amortization of intangibles

131

287

Restructuring and other charges (2)(3)

4,274

2,495

6,674

22,201

Operating Expenses (Non-GAAP)

$ 134,596

$ 131,089

$ 407,740

$ 435,181

Total Operating Income (Loss) (GAAP)

$ 31,534

$ (2,929)

$ 100,374

$ (16,059)

Stock-based compensation

16,330

19,352

46,386

64,789

Legal and transaction related costs (1)

3,789

1,306

9,823

2,928

Amortization of intangibles

3,322

10,933

10,039

Restructuring and other charges (2)(3)

4,405

1,981

7,469

25,621

IEEPA tariff refund benefit (4)

(23,154)

Operating Income (Non-GAAP)

$ 36,226

$ 23,032

$ 151,831

$ 87,318

Depreciation

7,740

12,557

25,991

38,618

Adjusted EBITDA (Non-GAAP)

$ 43,966

$ 35,589

$ 177,822

$ 125,936

Total Operating Income (Loss) (GAAP)

$ 31,534

$ (2,929)

$ 100,374

$ (16,059)

Stock-based compensation expense

16,330

19,352

46,386

64,789

Legal and transaction related costs (1)

3,789

1,306

9,823

2,928

Amortization of intangibles

3,322

10,933

10,039

Restructuring and other charges (2)(3)

4,405

1,981

7,469

25,621

IEEPA tariff refund benefit (4)

(23,154)

Operating Income (Non-GAAP)

$ 36,226

$ 23,032

$ 151,831

$ 87,318

Interest income

2,182

1,572

5,442

5,406

Interest expense

(110)

(117)

(330)

(336)

Interest attributable to IEEPA tariff refunds

(778)

Pre-tax Income (Non-GAAP)

$ 37,520

$ 24,487

$ 156,165

$ 92,388

Provision for income taxes

4,448

2,566

10,475

7,121

Net income (Non-GAAP)

33,072

21,921

145,690

85,267

Weighted-average shares non-GAAP, diluted

120,982,504

121,510,933

122,761,707

123,003,812

Non-GAAP earnings per share, diluted

$ 0.27

$ 0.18

$ 1.19

$ 0.69

(1) Legal and transaction-related costs consist of expenses related to our intellectual property ("IP") litigation against Alphabet and Google, which we do not consider representative of our underlying operating performance.

(2) Restructuring and other charges for the three and nine months ended June 27, 2026, include employee-related costs resulting from a reorganization of certain corporate functions and organizational changes driven by new leadership. Additionally, the charges include costs related to exiting a contract manufacturing partnership to consolidate and improve supply chain efficiency and exit costs associated with the partial abandonment of office space.

(3) Restructuring and other charges for the three and nine months ended June 28, 2025 primarily reflect costs associated with our cost transformation initiative including the 2025 restructuring plan and rationalization of our product roadmap, as well as non-recurring CEO transition costs related to modifications to equity awards.

(4) Tariff refunds relate to non-recurring cash received during the quarter following a U.S. Supreme Court ruling invalidating certain IEEPA tariffs.

Reconciliation of Net Income (Loss) to Adjusted EBITDA

(unaudited, dollars in thousands except percentages)

Three Months Ended

Nine Months Ended

June 27,

2026

June 28,

2025

June 27,

2026

June 28,

2025

(In thousands, except percentages)

Net income (loss)

$ 29,853

$ (3,379)

$ 94,765

$ (23,286)

Add (deduct):

Depreciation and amortization

11,062

15,879

36,924

48,657

Stock-based compensation expense

16,330

19,352

46,386

64,789

Interest income

(2,182)

(1,572)

(5,442)

(5,406)

Interest expense

110

117

330

336

Other (income) expense, net

(695)

(661)

246

5,176

Provision for income taxes

4,448

2,566

10,475

7,121

Legal and transaction related costs (1)

3,789

1,306

9,823

2,928

IEEPA tariff refund benefit (2)

(23,154)

Restructuring and other charges (3)(4)

4,405

1,981

7,469

25,621

Adjusted EBITDA

$ 43,966

$ 35,589

$ 177,822

$ 125,936

Revenue

$ 375,260

$ 344,764

$ 1,202,449

$ 1,155,376

Net income (loss) margin

8.0%

(1.0)%

7.9%

(2.0)%

Adjusted EBITDA margin

11.7%

10.3%

14.8%

10.9%

(1) Legal and transaction-related costs consist of expenses related to our IP litigation against Alphabet and Google, which we do not consider representative of our underlying operating performance.

(2) Tariff refunds relate to non-recurring cash received during the quarter following a U.S. Supreme Court ruling invalidating certain IEEPA tariffs.

(3) Restructuring and other charges for the three and nine months ended June 27, 2026, include employee-related costs resulting from a reorganization of certain corporate functions and organizational changes driven by new leadership. Additionally, the charges include costs related to exiting a contract manufacturing partnership to consolidate and improve supply chain efficiency and exit costs associated with the partial abandonment of office space.

(4) Restructuring and other charges for the three and nine months ended June 28, 2025 primarily reflect costs associated with our cost transformation initiative including the 2025 restructuring plan and rationalization of our product roadmap, as well as non-recurring CEO transition costs related to modifications to equity awards.

Reconciliation of GAAP Net Income (Loss) to Non-GAAP Net Income

(unaudited, in thousands, except share and per share amounts)

Three Months Ended

Nine Months Ended

June 27,

2026

June 28,

2025

June 27,

2026

June 28,

2025

GAAP net income (loss)

$ 29,853

$ (3,379)

$ 94,765

$ (23,286)

Stock-based compensation expense

16,330

19,352

46,386

64,789

Legal and transaction related costs (1)

3,789

1,306

9,823

2,928

Amortization of intangibles

3,322

10,933

10,039

Restructuring and other charges (2)(3)

4,405

1,981

7,469

25,621

Other (income) expense, net

(695)

(661)

246

5,176

IEEPA tariff refund benefit, including interest (4)

(23,932)

Non-GAAP net income

$ 33,072

$ 21,921

$ 145,690

$ 85,267

Earnings (loss) per share

GAAP earnings (loss) per share, diluted

$ 0.25

$ (0.03)

$ 0.77

$ (0.19)

Non-GAAP earnings per share, diluted

$ 0.27

$ 0.18

$ 1.19

$ 0.69

Shares used to calculate earnings (loss) per share

Weighted-average shares GAAP, diluted

120,982,504

120,423,439

122,761,707

120,804,730

Weighted-average shares non-GAAP, diluted

120,982,504

121,510,933

122,761,707

123,003,812

(4) Tariff refunds relate to non-recurring cash received during the quarter following a U.S. Supreme Court ruling invalidating certain IEEPA tariffs.

Reconciliation of Cash Flows Provided by Operating Activities to Free Cash Flow

(unaudited, dollars in thousands)

Three Months Ended

Nine Months Ended

June 27,

2026

June 28,

2025

June 27,

2026

June 28,

2025

Cash flows provided by operating activities

$ 46,234

$ 37,441

$ 144,167

$ 133,948

Less: Purchases of property and equipment

(5,947)

(4,756)

(16,681)

(23,418)

Free cash flow

$ 40,287

$ 32,685

$ 127,486

$ 110,530

Revenue by Product Category

(unaudited, dollars in thousands)

Three Months Ended

Nine Months Ended

June 27,

2026

June 28,

2025

June 27,

2026

June 28,

2025

(In thousands)

Sonos speakers

$ 285,325

$ 253,669

$ 954,583

$ 915,330

Sonos system products

69,252

73,179

186,721

183,993

Partner products and other revenue

20,683

17,916

61,145

56,053

Total revenue

$ 375,260

$ 344,764

$ 1,202,449

$ 1,155,376

Revenue by Geographical Region

(unaudited, dollars in thousands)

Three Months Ended

Nine Months Ended

June 27,

2026

June 28,

2025

June 27,

2026

June 28,

2025

Americas

$ 238,373

$ 229,656

$ 747,858

$ 731,041

Europe, Middle East and Africa

114,173

97,245

386,775

363,642

Asia Pacific

22,714

17,863

67,816

60,693

Total revenue

$ 375,260

$ 344,764

$ 1,202,449

$ 1,155,376

Stock-based Compensation

(unaudited, dollars in thousands)

Three Months Ended

Nine Months Ended

June 27,

2026

June 28,

2025

June 27,

2026

June 28,

2025

(In thousands)

Cost of revenue

$ 1,257

$ 1,633

$ 3,709

$ 4,588

Research and development

6,092

7,944

18,052

29,816

Sales and marketing

2,884

3,568

8,492

13,227

General and administrative

6,337

7,639

16,373

21,733

Total stock-based compensation expense

$ 16,570

$ 20,784

$ 46,626

$ 69,364

Amortization of Intangibles

(unaudited, dollars in thousands)

Three Months Ended

Nine Months Ended

June 27,

2026

June 28,

2025

June 27,

2026

June 28,

2025

Cost of revenue

$ 3,278

$ 10,802

$ 9,752

Research and development

216

Sales and marketing

General and administrative

Total amortization of intangibles

$ 3,322

$ 10,933

$ 10,039

Use of Non-GAAP Measures

We have provided in this press release financial information that has not been prepared in accordance with generally accepted accounting principles (“U.S. GAAP”), including Adjusted EBITDA, Adjusted EBITDA margin, non-GAAP operating income (loss), non-GAAP pre-tax income (loss), free cash flow, non-GAAP gross margin, non-GAAP net income (loss), non-GAAP cost of revenue, non-GAAP gross profit and non-GAAP diluted earnings (loss) per share. These non-GAAP financial measures are not based on any standardized methodology prescribed by U.S. GAAP and are not necessarily comparable to similarly titled measures presented by other companies. We use these non-GAAP financial measures to evaluate our operating performance and trends and make planning decisions. We believe that these non-GAAP financial measures help identify underlying trends in our business that could otherwise be masked by the effect of the expenses and other items that we exclude in these non-GAAP financial measures. Accordingly, we believe that these non-GAAP financial measures provide useful information to investors and others in understanding and evaluating our operating results, enhancing the overall understanding of our past performance and future prospects and allowing for greater transparency with respect to a key financial metric used by our management in its financial and operational decision-making. Non-GAAP financial measures should not be considered in isolation of, or as an alternative to, measures prepared in accordance with U.S. GAAP. Investors are encouraged to review the reconciliation of these financial measures to their nearest U.S. GAAP financial equivalents provided in the financial statement tables above. We define Adjusted EBITDA as net income (loss) adjusted to exclude the impact of depreciation and amortization, stock-based compensation expense, interest income, interest expense, other expense (income), income taxes, restructuring and other charges, legal and transaction related

fees and other items that we do not consider representative of our underlying operating performance, including, for the third quarter fiscal 2026, IEEPA tariff refund benefit. We define Adjusted EBITDA margin as Adjusted EBITDA divided by revenue. We define non-GAAP operating income (loss) as total operating loss adjusted to exclude stock-based compensation expense, legal and transaction related costs, amortization of intangibles and restructuring and other charges and, for the third quarter fiscal 2026, IEEPA tariff refund benefit. We define non-GAAP pre-tax income (loss) as non-GAAP operating income (loss) adjusted to include interest income and to exclude interest expense and, for the third quarter fiscal 2026, interest attributable to IEEPA tariff refund benefit. We define free cash flow as net cash from operations less purchases of property and equipment. We define non-GAAP gross margin as GAAP gross margin, excluding stock-based compensation, amortization of intangible assets and restructuring and other charges and, for the third quarter fiscal 2026, IEEPA tariff refund benefit. We define non-GAAP cost of revenue as GAAP cost of revenue less stock-based compensation and amortization of intangibles and, for the third quarter fiscal 2026, IEEPA tariff refund benefit. We define non-GAAP gross profit as GAAP gross profit less stock-based compensation, amortization of intangibles, and restructuring and other charges and, for the third quarter fiscal 2026, IEEPA tariff refund benefit. We calculate non-GAAP net income (loss) as GAAP net income (loss) less stock-based compensation, legal and transaction related fees, amortization of intangibles, other expense (income) and restructuring and other charges and, for the third quarter fiscal 2026, IEEPA tariff refund benefit and interest attributable to IEEPA tariff refund benefit. We calculate non-GAAP diluted earnings (loss) per share as non-GAAP net income (loss) divided by non-GAAP weighted average diluted shares outstanding during the period. We do not provide a reconciliation of forward-looking non-GAAP financial measures to their comparable GAAP financial measures because we cannot do so without unreasonable effort due to unavailability of information needed to calculate reconciling items and due to the variability, complexity and limited visibility of the adjusting items that would be excluded from the non-GAAP financial measures in future periods. When planning, forecasting and analyzing future periods, we do so primarily on a non-GAAP basis without preparing a GAAP analysis as that would require estimates for items such as stock-based compensation, which is inherently difficult to predict with reasonable accuracy. Stock-based compensation expense is difficult to estimate because it depends on our future hiring and retention needs, as well as the future fair market value of our common stock, all of which are difficult to predict and subject to constant change. In addition, for purposes of setting annual guidance, it would be difficult to quantify stock-based compensation expense for the year with reasonable accuracy in the current quarter. As a result, we do not believe that a GAAP reconciliation would provide meaningful supplemental information about our outlook.

Forward Looking Statements

This press release contains forward-looking statements that involve risks and uncertainties. These forward-looking statements include statements regarding our long-term outlook, financial, growth and business strategies and opportunities, market growth and our market share, our operating model and cost structure, and other factors affecting variability in our financial results. These forward-looking statements are only predictions and may differ materially from actual results due to a variety of factors, including, but not limited to: difficulties in and effect of implementing improvements to our operating model and cost structure; the risk that restructuring and related charges may be greater than anticipated or not occur in the expected time frame; local law requirements in various jurisdictions regarding elimination of positions; our ability to accurately forecast product demand and effectively forecast and manage owned and channel inventory levels; our ability to successfully introduce software updates; our ability to maintain, enhance and protect our brand image; the impact of global economic, market and political events, including tariffs, global trade tensions, continued inflationary pressures, high interest rates and, in certain markets, foreign currency exchange rate fluctuations; changes in consumer

income and overall consumer spending as a result of economic or political uncertainty or conditions, including tariffs; changes in consumer spending patterns; our ability to successfully introduce new products and services and maintain or expand the success of our existing products; the success of our efforts to expand our direct-to-consumer channel; the success of our financial, growth and business strategies; our ability to compete in the market and maintain or expand market share; our ability to maintain relationships with our channel, distribution and technology partners; our ability to meet product demand and manage any product availability delays; supply chain challenges, including shipping and logistics challenges and component supply-related challenges, including memory costs and constraints; our ability to protect our brand and intellectual property; our use of artificial intelligence; and the other risk factors identified in our filings with the Securities and Exchange Commission (the “SEC”), including our most recent Annual Report on Form 10-K and subsequent filings. Copies of our SEC filings are available free of charge at the SEC’s website at www.sec.gov, on our investor relations website at https://investors.sonos.com/reports-and-filings/default.aspx or upon request from our investor relations department. All forward-looking statements herein reflect our opinions only as of the date of this press release, and we undertake no obligation, and expressly disclaim any obligation, to update forward-looking statements herein in light of new information or future events. Sonos and Sonos product names are trademarks or registered trademarks of Sonos, Inc. All other product names and services may be trademarks or service marks of their respective owners.

About Sonos

Sonos (Nasdaq: SONO) is a leading audio company dedicated to elevating life through sound. Sonos has built a connected system that brings together all the sounds people love, from music and movies to stories and conversations. Its portfolio of home theater speakers, components, plug-in and portable speakers, and headphones grows more powerful with every room and device added. Trusted by more than 17 million households in over 60 countries, Sonos is headquartered in Santa Barbara, California. Learn more at www.sonos.com.

Investor Contact

James Baglanis

IR@sonos.com

Press Contact

PR@sonos.com

Source: Sonos

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