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Sonos Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2026 earnings summary3 Feb, 2026
Executive summary
Q1 FY26 revenue reached $546 million, down 1% year-over-year but above guidance midpoint, with Adjusted EBITDA up 45% to $132 million, matching all of FY25's profit in one quarter.
Non-GAAP gross margin expanded 280 basis points year-over-year to 47.5%, driven by cost savings and favorable one-time items, partially offset by tariffs and mix.
Fiscal discipline and structural changes over the past 18 months drove over $100 million in run rate savings, supporting ongoing investment in innovation.
The business is stabilizing, with a clear plan to return to durable growth and profitability, focusing on system-driven repeat purchases and customer lifetime value.
Focus on product innovation and global expansion, highlighted by the launch of Amp Multi and more products planned for the year.
Financial highlights
GAAP gross margin was 46.5%, non-GAAP 47.5%, both above guidance; gross profit dollars up 5% year-over-year.
Adjusted EBITDA margin rose 760 basis points to 24.2%, the highest in four years; non-GAAP EPS grew 37% to $0.93.
Free cash flow was $157 million, up from $143 million last year; CapEx was $6 million, down from $13 million.
Non-GAAP operating expenses were $137 million, down 19% year-over-year, reflecting transformation efforts and different seasonality due to 2H'26 product launches.
Cash and marketable securities totaled $363 million at quarter end.
Outlook and guidance
Q2 revenue expected between $250 million-$280 million, down 4% to up 8% year-over-year; first half revenue expected flat year-over-year at midpoint.
Q2 GAAP gross margin guided at 44%-46%, with non-GAAP about 220 basis points higher; gross profit dollars expected to grow 5% GAAP, 2% non-GAAP.
Q2 GAAP operating expenses expected at $150 million-$160 million, down 11% year-over-year; first half adjusted EBITDA expected to grow 42% year-over-year.
Second half expected to benefit from new product launches, including Amp Multi, driving further revenue improvement and return to growth.
Guidance for the remainder of FY26 to be provided during the earnings call.
Operating expense reduction impact on profit?
What drove Sonos system products revenue growth?
What is the outlook for IP litigation costs?
Detail AI's role in Sonos system evolution?
How is Sonos converting single-product households?
What drives H2 product launch acceleration?
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Next Sonos earnings date
Q2 20266 May, 2026
Sonos
Next Sonos earnings date
Q2 20266 May, 2026
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Frequently asked questions
Wireless speakers and home sound systems
Sonos is the home audio streaming leader and offers high-quality speakers that can wirelessly stream premium sound around your home. With numerous streaming partners, like, as example, Spotify and Apple music, Sonos finished the fiscal year 2021 with products installed in over 12.6 million households.
AI acquisition
To add a music-specific assistant to its products, Sonos purchased Snips SAS, an AI speech platform for connected devices with a privacy focus, in 2019.
The company was founded by John MacFarlane in 2002 and is based in Santa Barbara, California.
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