jout-20260102

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended January 2, 2026

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

For the transition period from _________ to _________

Commission file number 0-16255

JOHNSON OUTDOORS INC.

(Exact name of Registrant as specified in its charter)


Wisconsin						39-1536083
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

555 Main Street, Racine, Wisconsin 53403

(Address of principal executive offices)

(262) 631-6600

(Registrant’s telephone number, including area code)

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


Title of each class	Trading Symbol	Name of each exchange on which registered
Class A Common Stock, $.05 par value per share	JOUT	NASDAQ Global Select MarketSM

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act: Large accelerated filer ☐Accelerated filer ☒Non-accelerated filer ☐Smaller reporting company ☒ 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. ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of January 29, 2026, 9,246,844 shares of Class A and 1,206,210 shares of Class B common stock of the Registrant were outstanding.


			JOHNSON OUTDOORS INC.


Index			Page No.

PART I	FINANCIAL INFORMATION

	Item 1.	Financial Statements

		Condensed Consolidated Statements of Operations - Three months ended January 2, 2026 and December 27, 2024	- 1

		Condensed Consolidated Statements of Comprehensive Income (Loss) - Three months ended January 2, 2026 and December 27, 2024	- 2

		Condensed Consolidated Balance Sheets - January 2, 2026 , October 3, 2025 and December 27, 2024	- 3

		Condensed Consolidated Statements of Shareholders' Equity - Three months ended January 2, 2026 and December 27, 2024	- 4

		Condensed Consolidated Statements of Cash Flows - Three months ended January 2, 2026 and December 27, 2024	- 5

		Notes to Condensed Consolidated Financial Statements	- 6

	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	- 20

	Item 3.	Quantitative and Qualitative Disclosures about Market Risk	- 25

	Item 4.	Controls and Procedures	- 25

PART II	OTHER INFORMATION

	Item 1.	Legal Proceedings	- 25

	Item 1A.	Risk Factors	- 25

	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	-25

	Item 3.	Defaults Upon Senior Securities	-25

	Item 4.	Mine Safety Disclosure	-26

	Item 5.	Other Information	- 26

	Item 6.	Exhibits	- 26

		Signatures	- 26

		Exhibit Index	- 27


Index			JOHNSON OUTDOORS INC.

PART I FINANCIAL INFORMATION

Item 1. Financial Statements

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)


	Three Months Ended
(thousands, except per share data)	January 2, 2026		December 27, 2024
Net sales	$	140,935	$	107,649
Cost of sales	89,325		75,466
Gross profit	51,610		32,183
Operating expenses:
Marketing and selling	33,504		30,384
Administrative management, finance and information systems	13,156		14,476

Research and development	7,862		7,562
Total operating expenses	54,522		52,422
Operating loss	(2,912)		(20,239)
Interest income	(1,320)		(1,033)
Interest expense	57		47
Other income, net	(394)		(326)
Loss before income taxes	(1,255)		(18,927)
Income tax expense (benefit)	2,045		(3,637)
Net loss	$	(3,300)	$	(15,290)

Weighted average common shares - Basic:
Class A	9,075		9,039
Class B	1,206		1,208
Participating securities	60		23
Weighted average common shares - Dilutive	10,341		10,270
Net loss per common share - Basic:
Class A	$	(0.33)	$	(1.49)
Class B	$	(0.33)	$	(1.49)
Net loss per common share - Diluted:
Class A	$	(0.33)	$	(1.49)
Class B	$	(0.33)	$	(1.49)

The accompanying notes are an integral part of the condensed consolidated financial statements.

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Index			JOHNSON OUTDOORS INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(unaudited)


	Three Months Ended
(thousands)	January 2, 2026		December 27, 2024
Net loss	$	(3,300)	$	(15,290)
Other comprehensive income (loss):
Foreign currency translation	1,095		(4,915)
Unrealized (loss) gain on available-for-sale securities, net of tax	—		(1)
Change in pension plans, net of tax	8		9
Total other comprehensive income (loss)	1,103		(4,907)
Total comprehensive loss	$	(2,197)	$	(20,197)

The accompanying notes are an integral part of the condensed consolidated financial statements.

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Index			JOHNSON OUTDOORS INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited)


(thousands, except share data)	January 2, 2026		October 3, 2025		December 27, 2024
ASSETS
Current assets:
Cash and cash equivalents	$	130,731	$	176,399	$	95,270
Short term investments	—		—		6,347
Accounts receivable, net	85,108		50,454		68,297
Inventories	183,940		170,726		201,606
Other current assets	9,255		11,209		16,532
Total current assets	409,034		408,788		388,052

Property, plant and equipment, net of accumulated depreciation of $215,268, $210,262 and $195,989, respectively	93,774		93,744		96,666
Right of use assets	44,691		46,570		48,248
Deferred income taxes	1,509		3,074		29,813
Goodwill	10,882		10,456		10,451
Other intangible assets, net	9,390		9,529		9,781
Deferred compensation plan assets	29,587		30,681		28,665
Other assets	1,266		1,261		1,192
Total assets	$	600,133	$	604,103	$	612,868
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	48,135	$	40,085	$	33,491
Current lease liability	8,074		8,260		8,161
Accrued liabilities:
Salaries, wages and benefits	15,378		20,649		15,602
Accrued warranty	12,512		12,149		12,113
Income taxes payable	545		1,757		1,548
Accrued discounts and returns	8,884		7,063		6,980
Accrued customer programs	3,904		4,373		3,852
Other	10,763		10,304		9,914
Total current liabilities	108,195		104,640		91,661
Non-current lease liability	38,749		40,424		41,897
Deferred income taxes	2,071		2,061		1,803
Retirement benefits	1,731		1,706		1,570
Deferred compensation liability	29,610		30,681		28,666
Other liabilities	6,228		6,172		6,987
Total liabilities	186,584		185,684		172,584
Shareholders’ equity:
Common stock:
Class A shares issued and outstanding: 9,246,844, 9,166,621 and 9,119,752, respectively	464		460		457
Class B shares issued and outstanding: 1,206,210, 1,206,210 and 1,207,760, respectively	61		61		61
Capital in excess of par value	92,669		91,867		90,852
Retained earnings	315,069		321,768		350,940
Accumulated other comprehensive income	8,392		7,289		1,057
Treasury stock at cost, shares of Class A common stock: 50,208, 48,259 and 49,001, respectively	(3,106)		(3,026)		(3,083)
Total shareholders’ equity	413,549		418,419		440,284
Total liabilities and shareholders’ equity	$	600,133	$	604,103	$	612,868

The accompanying notes are an integral part of the condensed consolidated financial statements.

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Index			JOHNSON OUTDOORS INC.

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY

(unaudited)


Three Months Ended January 2, 2026
(thousands except for shares)	Shares	Common Stock		Capital in Excess of Par Value		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Treasury Stock
BALANCE AT OCTOBER 3, 2025	10,372,831	$	521	$	91,867	$	321,768	$	7,289	$	(3,026)
Net loss	—	—		—		(3,300)		—		—
Dividends declared	—	—		—		(3,399)		—		—


Award of non-vested shares	82,172	4		(4)		—		—		—

Stock-based compensation	—	—		806		—		—		—

Currency translation adjustment	—	—		—		—		1,095		—

Change in pension plans, net of tax of $3	—	—		—		—		8		—

Purchase of treasury stock at cost	(1,949)	—		—		—		—		(80)

BALANCE AT JANUARY 2, 2026	10,453,054	$	525	$	92,669	$	315,069	$	8,392	$	(3,106)


Three Months Ended December 27, 2024
(thousands except for shares)	Shares	Common Stock		Capital in Excess of Par Value		Retained Earnings		Accumulated Other Comprehensive Income		Treasury Stock
BALANCE AT SEPTEMBER 27, 2024	10,301,738	$	517	$	90,146	$	369,592	$	5,964	$	(2,795)
Net loss	—	—		—		(15,290)		—		—
Dividends declared	—	—		—		(3,362)		—		—

Award of non-vested shares	32,121	1		(1)		—		—		—

Stock-based compensation	—	—		507		—		—		—

Currency translation adjustment	—	—		—		—		(4,915)		—
Unrealized loss on available-for-sale securities, net of tax	—	—		—		—		(1)		—
Change in pension plans, net of tax of $3	—	—		—		—		9		—
Non-vested stock forfeitures	(3,690)	—		200		—		—		(200)
Purchase of treasury stock at cost	(2,657)	—		—		—		—		(88)

BALANCE AT DECEMBER 27, 2024	10,327,512	$	518	$	90,852	$	350,940	$	1,057	$	(3,083)

The accompanying notes are an integral part of the condensed consolidated financial statements.

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Index			JOHNSON OUTDOORS INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)


	Three Months Ended
(thousands)	January 2, 2026		December 27, 2024
CASH USED FOR OPERATING ACTIVITIES
Net loss	$	(3,300)	$	(15,290)
Adjustments to reconcile net loss to net cash used for operating activities:
Depreciation	4,942		4,675
Amortization of intangible assets	157		128
Amortization of deferred financing costs	18		9


Stock based compensation	806		507
Loss on disposal of productive assets	10		19

Deferred income taxes	1,582		(6,471)
Change in operating assets and liabilities:
Accounts receivable, net	(34,554)		(27,931)
Inventories, net	(12,966)		8,561
Accounts payable and accrued liabilities	3,043		(596)
Other current assets	1,980		(331)
Other non-current assets	(21)		—
Other long-term liabilities	144		(990)
Other, net	(256)		801
	(38,415)		(36,909)
CASH USED FOR INVESTING ACTIVITIES
Payments for purchase of businesses	—		(12,180)

Proceeds from maturity of short-term investments	—		9,764

Capital expenditures	(4,293)		(4,084)
	(4,293)		(6,500)
CASH USED FOR FINANCING ACTIVITIES




Dividends paid	(3,399)		(3,362)
Purchases of treasury stock	(80)		(88)
	(3,479)		(3,450)
Effect of foreign currency rate changes on cash	519		(3,369)
Decrease in cash and cash equivalents	(45,668)		(50,228)
CASH AND CASH EQUIVALENTS
Beginning of period	176,399		145,498
End of period	$	130,731	$	95,270

Supplemental Disclosure:
Cash paid for taxes	$	126	$	1,080

Cash paid for interest	5		35
Non-cash treasury stock activity	—		200

The accompanying notes are an integral part of the condensed consolidated financial statements.

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Index			JOHNSON OUTDOORS INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

1 BASIS OF PRESENTATION

The condensed consolidated financial statements included herein are unaudited. In the opinion of management, these statements contain all adjustments (consisting of only normal recurring items) necessary to present fairly the financial position of Johnson Outdoors Inc. and subsidiaries (collectively, the “Company”) as of January 2, 2026 and December 27, 2024, and their results of operations for the three month periods then ended and cash flows for the three month periods then ended. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended October 3, 2025 which was filed with the Securities and Exchange Commission on December 12, 2025.

All monetary amounts, other than share and per share amounts, are stated in thousands.

2 ACCOUNTS RECEIVABLE

Accounts receivable are stated net of allowances for credit losses of $1,148, $1,232 and $3,587 as of January 2, 2026, October 3, 2025 and December 27, 2024, respectively. The determination of the allowance for credit losses is based on a combination of factors. In circumstances where specific collection concerns about a receivable exist, a reserve is established to value the affected account receivable at an amount the Company believes will be collected. For all other customers, the Company recognizes allowances for credit losses based on historical experience of bad debts as a percent of accounts receivable outstanding for each business segment. Uncollectible accounts are written off against the allowance for credit losses after collection efforts have been exhausted. The Company typically does not require collateral on its accounts receivable.

3 EARNINGS PER SHARE (“EPS”)

Net income or loss per share of Class A common stock and Class B common stock is computed using the two-class method. Grants of restricted stock which receive non-forfeitable dividends are classified as participating securities and are required to be included as part of the basic weighted average share calculation under the two-class method.

Holders of Class A common stock are entitled to cash dividends equal to 110% of all dividends declared and paid on each share of Class B common stock. The Company grants shares of unvested restricted stock in the form of Class A shares, which carry the same distribution rights as the Class A common stock described above. As such, the undistributed earnings for each period are allocated to each class of common stock based on the proportionate share of the amount of cash dividends that each such class is entitled to receive.

Basic EPS

Basic net income or loss per share is computed by dividing net income or loss allocated to Class A common stock and Class B common stock by the weighted-average number of shares of Class A common stock and Class B common stock outstanding, respectively. In periods with cumulative year to date net income and undistributed income, the undistributed income for each period is allocated to each class of common stock based on the proportionate share of the amount of cash dividends that each such class is entitled to receive. In periods where there is a cumulative year to date net loss or no undistributed income because distributions through dividends exceed net income, Class B shares are treated as anti-dilutive and, therefore, net losses are allocated equally on a per share basis among all participating securities.

For the three month periods ended January 2, 2026, and December 27, 2024, basic net income (loss) per share for Class A and Class B shares was the same because there were no cumulative undistributed earnings. Accordingly, basic loss per share for Class A and Class B shares has been presented using the two class method described above.

Diluted EPS

Diluted net income per share is computed by dividing allocated net income by the weighted-average number of common shares outstanding, adjusted for the effect of dilutive stock options, restricted stock units (“stock units” or “units”) and non-vested restricted stock. Anti-dilutive stock options, units and non-vested stock are excluded from the calculation of diluted EPS. The computation of diluted net income per share of Class A common stock assumes that

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Index			JOHNSON OUTDOORS INC.

Class B common stock is converted into Class A common stock. Therefore, diluted net income per share is the same for both Class A and Class B common shares. In periods where the Company reports a net loss or no undistributed income because distributions through dividends exceed net income, the effect of anti-dilutive stock options and units is excluded and diluted loss per share is equal to basic loss per share for both classes of stock.

For the three month periods ended January 2, 2026 and December 27, 2024, the effect of non-vested restricted stock units is excluded from the diluted income (loss) per share calculation as their inclusion would have been anti-dilutive.

Shares of non-vested stock that could potentially dilute earnings per share in the future which were not included in the fully diluted computation because they would have been anti-dilutive totaled 141,089 and 59,564 for the three months ended January 2, 2026 and December 27, 2024, respectively. Stock units that could potentially dilute earnings per share in the future and which were not included in the fully diluted computation because they would have been anti-dilutive were 59,386 and 97,763 for the three months ended January 2, 2026 and December 27, 2024, respectively.

Dividends per share

Dividends per share for the three month periods ended January 2, 2026 and December 27, 2024 were as follows:


	Three Months Ended
	January 2, 2026		December 27, 2024
Dividends declared per common share:
Class A	$	0.33	$	0.33
Class B	$	0.30	$	0.30

4 STOCK-BASED COMPENSATION AND STOCK OWNERSHIP PLANS

The Company’s current stock ownership plans allow for issuance of stock options to acquire shares of Class A common stock by key executives and non-employee directors. Current plans also allow for issuance of shares of restricted stock, restricted stock units or stock appreciation rights in lieu of stock options.

Under the Company’s 2023 Non-Employee Director Stock Ownership Plan and the 2020 Long-Term Incentive Plan (the only plans where shares currently remain available for future equity incentive awards) there were a total of 173,038 shares of the Company’s Class A common stock available for future grant to non-employee directors and key executives at January 2, 2026. Share awards previously made under the Company's 2012 Non-Employee Director Stock Ownership Plan, which no longer allow for additional share grants, also remain outstanding.

Non-vested Stock

All shares of non-vested restricted stock awarded by the Company have been granted in the form of shares of Class A common stock at their fair market value on the date of grant and vest within one year from the date of grant for stock granted to directors and within a period ranging from one to four years from the date of grant for stock granted to officers and employees, based on the terms of the agreement with such officer or employee. The fair value at date of grant is based on the number of shares granted and the average of the Company’s high and low Class A common stock price on the date of grant or, if the Company’s Class A shares did not trade on the date of grant, the average of the Company’s high and low Class A common stock price on the last preceding date on which the Company’s Class A shares traded.

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Index			JOHNSON OUTDOORS INC.

A summary of non-vested stock activity for the three months ended January 2, 2026 related to the Company’s stock ownership plans is as follows:


	Shares	Weighted Average Grant Price
Non-vested stock at October 3, 2025	92,894	$	40.56
Non-vested stock grants	82,172	41.67
Restricted stock vested	(6,332)	80.94

SEC Form 10-Q filed by Johnson Outdoors Inc.