sono-20260627

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_________________________________________________________

FORM 10-Q


x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 27, 2026


o 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: 001-38603

_________________________________________________________

SONOS, INC.

(Exact name of registrant as specified in its charter)

_________________________________________________________


Delaware		03-0479476
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

301 Coromar Drive	Santa Barbara	CA	93117
(Address of Principal Executive Offices)			(Zip Code)

(805) 965-3001

Registrant's telephone number, including area code

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 (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 x No o

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 x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, 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	x	Accelerated filer	o

Non-accelerated filer	o	Smaller reporting company	o

		Emerging growth company	o

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

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

As of July 20, 2026, the registrant had 118,293,979 shares of common stock outstanding.

Table of contents

TABLE OF CONTENTS


		Page
PART I. FINANCIAL INFORMATION

Item 1.	Financial statements (unaudited)

	Condensed consolidated balance sheets	3

	Condensed consolidated statements of operations and comprehensive income (loss)	4

	Condensed consolidated statements of stockholders' equity	5

	Condensed consolidated statements of cash flows	6

	Notes to condensed consolidated financial statements	7

Item 2.	Management’s discussion and analysis of financial condition and results of operations	20

Item 3.	Quantitative and qualitative disclosures about market risk	29

Item 4.	Controls and procedures	30

PART II. OTHER INFORMATION

Item 1.	Legal proceedings	31

Item 1A.	Risk factors	31

Item 2.	Unregistered sales of equity securities and use of proceeds	31

Item 3.	Defaults upon senior securities	31

Item 4.	Mine safety disclosures	31

Item 5.	Other information	31

Item 6.	Exhibit index	33

SIGNATURES		34

Table of contents

PART I. FINANCIAL INFORMATION

Item 1. Financial statements

SONOS, INC.

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		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 (Note 7)
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

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

Table of contents

SONOS, INC.

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