YETI Holdings, Inc.YETI
YETI Holdings, Inc. Stock Compensation Disclosure
STOCK-BASED COMPENSATION
No stock options were exercised for the year ended January 3, 2026. The total intrinsic value of stock options exercised was $0.4 million and $1.0 million for 2024 and 2023, respectively. The income tax benefits related to stock options exercised were $0.1 million and $0.2 million for 2024 and 2023, respectively.
We award stock-based compensation to employees, non-employee directors, and certain consultants under the 2024 Equity and Incentive Compensation Plan (“2024 Plan”). The 2024 Plan was approved by the Company’s stockholders in May 2024 and replaced the 2018 Equity and Incentive Compensation Plan (the “2018 Plan”). No new awards will be granted under the 2018 Plan. The 2018 Plan replaced the 2012 Equity and Performance Incentive Plan, as amended and restated on June 20, 2018 (the “2012 Plan”). Awards outstanding under the 2018 Plan or the 2012 Plan will continue to remain outstanding according to their terms. Shares subject to stock awards granted under the 2018 Plan or the 2012 Plan (a) that expire or terminate without being exercised or (b) that are forfeited under an award, return to the 2024 Plan.
Subject to certain equitable adjustments and share counting rules, the 2024 Plan provides for up to 3.5 million shares of authorized stock to be awarded as stock options, appreciation rights, restricted stock (“RSAs”), restricted stock units (“RSUs”), performance shares, performance units, cash incentive awards, and certain other awards based on or related to shares of our common stock. The 2018 Plan provided for up to 4.8 million shares of authorized stock to be awarded as stock options, appreciation rights, RSAs, RSUs, performance units, cash incentive awards, and certain other awards based on or related to shares of our common stock. The 2012 Plan provided for up to 8.8 million shares of authorized stock to be awarded as either stock options or RSUs.
Stock options, RSUs, and RSAs granted to employees generally have a three-year vesting period and vest one-third on the first anniversary of the grant date, and an additional one-sixth vest on each of the first four six-month anniversaries of the initial vesting date. Stock options have a ten year term. Performance-based restricted stock awards (“PBRSs”) and performance-based restricted stock unit awards (“PBRSUs”) cliff vest based on the attainment of certain predetermined three-year cumulative performance goals over a three-year performance period subject to continued employment. Depending on the estimated probability of attainment of those performance goals, the compensation expense recognized related to the awards could increase or decrease over the remaining vesting period. At the election of the grantee, deferred stock units (“DSUs”) are issued to non-employee directors in lieu of RSUs or certain cash compensation. DSUs and RSUs granted to non-employee directors generally vest one year from the grant date.
We recognized non-cash stock-based compensation expense of $47.7 million, $40.7 million, and $29.8 million for 2025, 2024, and 2023, respectively. The related income tax benefits were $7.0 million, $5.9 million, and $5.1 million for 2025, 2024, and 2023, respectively. As of January 3, 2026, total unrecognized stock-based compensation expense of $52.8 million for all stock-based compensation plans is expected to be recognized over a weighted-average period of 1.9 years.
Restricted Stock Units, Restricted Stock Awards, and Deferred Stock Units
Stock-based activity, excluding options, for the year ended January 3, 2026 is summarized below (in thousands, except per share data):
Performance-Based Restricted Stock Awards and Performance-Based Restricted Stock Units | Restricted Stock Units, Restricted Stock Awards, and Deferred Stock Units | |||||||||||||||||||||||||
Number of PBRSs and PBRSUs | Weighted Average Grant Date Fair Value | Number of RSUs, RSAs, and DSUs | Weighted Average Grant Date Fair Value | |||||||||||||||||||||||
Nonvested, December 28, 2024 | 507 | $ | 42.92 | 1,444 | $ | 39.54 | ||||||||||||||||||||
| Granted | 231 | 40.99 | 1,136 | 36.73 | ||||||||||||||||||||||
| Vested/released | (86) | 64.48 | (725) | 40.30 | ||||||||||||||||||||||
Performance adjustment(1) | 18 | 64.48 | — | — | ||||||||||||||||||||||
| Forfeited/expired | (17) | 41.28 | (221) | 38.54 | ||||||||||||||||||||||
Nonvested, January 3, 2026 | 653 | $ | 40.03 | 1,634 | $ | 37.38 | ||||||||||||||||||||
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(1)Represents additional performance-based awards issued as a result of the achievement of actual performance results above the performance targets at grant date.
As of January 3, 2026, the weighted average remaining contractual term of PBRSs and PBRSUs was 1.7 years and the aggregate intrinsic value of PBRSs and PBRSUs expected to vest was $29.3 million. The weighted average remaining contractual term of RSUs, RSAs, and DSUs was 1.9 years and the aggregate intrinsic value of RSUs, RSAs, and DSUs was $73.3 million as of January 3, 2026.
The following table summarizes additional information about PBRSs PBRSUs, RSUs, RSAs, and DSUs (in thousands, except per share data):
| Fiscal Year Ended | |||||||||||||||||
| January 3, 2026 | December 28, 2024 | December 30, 2023 | |||||||||||||||
Weighted average grant date fair value per share of awards granted | $ | 37.45 | $ | 39.60 | $ | 38.74 | |||||||||||
Total grant date fair value of awards vested | $ | 34,757 | $ | 28,756 | $ | 19,828 | |||||||||||
Intrinsic value of awards vested | $ | 29,539 | $ | 24,559 | $ | 16,485 | |||||||||||
Stock Options
There have been no new grants of options since 2019 and all options outstanding as of December 28, 2024 and January 3, 2026 were exercisable. We had no unrecognized compensation cost related to stock options and no non-vested stock options as of January 3, 2026 or December 28, 2024. A summary of the stock options is as follows for the periods indicated (in thousands, except per share data):
Number of Options | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term (Years) | Aggregate Intrinsic Value | ||||||||||||||||||||
| Balance, December 28, 2024 | 559 | $ | 19.72 | 3.93 | |||||||||||||||||||
| Exercised | — | — | |||||||||||||||||||||
| Balance, January 3, 2026 | 559 | $ | 19.72 | 2.91 | $ | 14,047 | |||||||||||||||||
| Exercisable, January 3, 2026 | 559 | $ | 19.72 | 2.91 | $ | 14,047 | |||||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2026 | Feb 27, 2026 | Showing above |
| 2024 | Feb 24, 2025 | |
About Stock Compensation Disclosures
Stock-based compensation disclosures detail the equity awards granted to employees and executives — including stock options, restricted stock units (RSUs), and performance shares — along with the valuation methods and assumptions used to expense them. This section reveals the true cost of talent retention and the alignment between management incentives and shareholder interests.
Key signals: total unrecognized compensation expense and its expected recognition period signal future earnings headwinds from already-granted awards. For stock options, examine Black-Scholes assumptions — expected volatility, risk-free rate, and expected term — as understating any of these reduces reported compensation expense. Compare stock compensation expense as a percentage of revenue against peers to assess dilution cost. Watch vesting schedules for acceleration clauses tied to change-of-control events. Performance-based awards with undemanding targets may indicate weak governance. Add back stock compensation to operating cash flow to calculate a more conservative free cash flow figure.