10-K · March 12, 2026
The 2025 Form 10‑K frames Sleep Number as a vertically integrated leader in smart mattresses executing a company-wide turnaround called “Sleep Number Shifts” (product simplification, marketing reset, distribution…
Earnings analysis · 10-Q
SNBR earnings analysis
Filed May 12, 2026 · Our reading of the company's report
The latest report
Sleep Number Corporation reported a dismal first quarter of 2026 with revenues of $319 million, a 19% decrease from $393 million in the same period last year. The company faced a significant net loss of $50 million,…
Read full summary
Sleep Number Corporation reported a dismal first quarter of 2026 with revenues of $319 million, a 19% decrease from $393 million in the same period last year. The company faced a significant net loss of $50 million, equating to a diluted EPS of -$2.19, which fell short of expectations and marked an extraordinary deterioration in performance compared to a loss of $9 million last year. Management's ongoing turnaround strategy continues amid substantial liquidity challenges and inadequate forward visibility.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-2.19
What stood out
-
Revenue Decline
Q1 2026 revenue was $319 million, down 19% from $393 million year-over-year.
-
Increased Net Loss
Net loss reached $50 million in Q1 2026, worsening from a $9 million loss in the prior year.
-
Significant EPS Loss
Reported diluted EPS was -$2.19, compared to -$0.38 in Q1 2025.
-
Operating Loss
Operating loss was $37 million versus a $2 million income in the same quarter last year.
-
High Restructuring Costs
Restructuring costs surged to $22 million from just $0.1 million in the prior year.
-
Negative Adjusted ROIC
Adjusted ROIC was -13.1%, significantly down from 7.2% year-over-year.
What to watch
-
Elevated Debt Levels
Total borrowings amounted to $606 million, raising concerns about financial stability.
-
Notable Cash Burn
Cash used in operating activities was $8 million in Q1 2026, compared to $3 million the prior year.
-
Liquidity Concerns
Management reported substantial doubt about the company's ability to continue as a going concern.
Management's outlook
No explicit numerical guidance provided; management is evaluating options.
Earlier filings 4
10-Q · July 31, 2025
Sleep Number reported Q2 net sales of $327.9M and a net loss of $25.0M (EPS $(1.09)). Revenue, gross profit and operating income declined versus the prior year quarter; the company continues to execute restructuring…
10-Q · November 8, 2023
Sleep Number reported Q3 2023 revenue of $472,648,000 and a diluted loss per share of $(0.10). Revenue and operating income both declined versus the prior-year quarter ($540,566,000 and $12,642,000 in Q3 2022) while…
10-K · February 24, 2023
Sleep Number’s 2022 10-K emphasizes a strategic shift from mattress retailer to wellness-technology company, highlighting the October 2022 launch of the Climate360™ smart bed and a transition to a fully integrated…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.