Traeger Inc
NYSE:COOK
Traeger Inc
Traeger, Inc. designs, sells, and support wood pellet fueled barbeque grills. The company is headquartered in Salt Lake City, Utah and currently employs 850 full-time employees. The company went IPO on 2021-07-29. The firm is engaged in designing, sourcing, selling, and supporting wood pellet fueled barbeque grills sold to retailers, distributors, and direct to consumers. The company produces and sells the pellets used to fire the grills and also sells Traeger-branded rubs, spices, and sauces, as well as grill accessories including covers, barbeque tools, trays, liners, and merchandise. Its system ignites hardwoods to grill, smoke, bake, roast, braise, and barbeque. Its Traeger grills allows cooks to create meals with a wood-fired flavor that cannot be replicated with gas, charcoal, or electric grills. Its community called the Traegerhood includes casual grillers, pitmasters and professional chefs. Its wood pellet grills are Internet of things (IoT) devices that allow owners to program, monitor, and control their grill through its Traeger application, which is used on mobile devices.
Traeger, Inc. designs, sells, and support wood pellet fueled barbeque grills. The company is headquartered in Salt Lake City, Utah and currently employs 850 full-time employees. The company went IPO on 2021-07-29. The firm is engaged in designing, sourcing, selling, and supporting wood pellet fueled barbeque grills sold to retailers, distributors, and direct to consumers. The company produces and sells the pellets used to fire the grills and also sells Traeger-branded rubs, spices, and sauces, as well as grill accessories including covers, barbeque tools, trays, liners, and merchandise. Its system ignites hardwoods to grill, smoke, bake, roast, braise, and barbeque. Its Traeger grills allows cooks to create meals with a wood-fired flavor that cannot be replicated with gas, charcoal, or electric grills. Its community called the Traegerhood includes casual grillers, pitmasters and professional chefs. Its wood pellet grills are Internet of things (IoT) devices that allow owners to program, monitor, and control their grill through its Traeger application, which is used on mobile devices.
Full year results: Revenue of $560 million, above the high end of guidance, and adjusted EBITDA of $70 million in the upper half of the guided range.
2026 guide: Management guides fiscal 2026 revenue of $465 million to $485 million and adjusted EBITDA of $50 million to $60 million, calling 2026 a transition year driven by deliberate channel and inventory actions.
Project Gravity: The multi-year cost and simplification program is now expected to deliver $64 million to $70 million of total value (vs. prior ~$58 million), with ~$20 million realized in 2025 and ~$50 million of benefit expected in 2026.
Tariff & elasticity: Tariffs materially impacted 2025 ordering and pricing; management expects continued annualization of elasticity into 2026 but noted recent tariff changes were not incorporated into guidance.
Product / brand: Traeger highlighted strong brand engagement (connected cooks up 11% YoY) and is launching two additional sub-$1,000 products in 2026 to expand household penetration.
MEATER & accessories: MEATER faces competitive pressure and elevated inventory; accessories will be pressured in 2026 as part of the meter reset.
Balance sheet & cash flow: Cash of $20 million, net debt $384 million (down $10 million Y/Y), Q4 operating cash flow $16 million, and FCF guidance of at least $30 million for 2026 driven by working capital reductions.
