Yeti Holdings: Positioned for Growth with Strong Sales, Earnings, and Strategic InitiativesWe are coming out of the third-quarter print (see our quick take for details) incrementally encouraged about Yeti’s ability to accelerate sales and earnings growth in the fourth quarter and into 2026. While there are some broader concerns around the consumer’s appetite for discretionary demand during the upcoming holiday season, we believe the company’s fourth-quarter guide is achievable and likely leaves some room for upside. At face value, the implied acceleration in sales growth to roughly 5% from the year-to-date average of flat appears aggressive. However, management was confident in its guide given quarter-to-date sell-through/sell-in trends, momentum in coolers and bags, outlook for international growth of at least 20%, and expectation for a return to growth in the drinkware category on an influx of new product launches and incrementally easier comparisons.