Traeger, Inc.

traeger.com

What Do They Do?

Sells wood pellet grills, hardwood pellets, and grilling accessories to home cooks, backyard grillers, and professional chefs.

How Do They Make Money?

Customers buy grills, consumables, and accessories in individual orders, paying at point of sale or on short-term credit; products are shipped or delivered according to the order terms.

revenue

Segment	Share	How money arrives
Grills Sold outright	53% FY2022: 54%	Sold outright
Consumables Sold outright	23% FY2022: 20%	Sold outright
Accessories Sold outright	24% FY2022: 26%	Sold outright

Who Are Their Customers?

Retailers, e-commerce platforms, and multichannel retailers sell products to consumers; Traeger also sells directly through its website and app, while redirecting Traeger.com shoppers to retail partners and keeping direct sales for MEATER accessories.

Do Revenues Turn Into Profits?

Not on paper. It lost $115.2M in FY2025, but brought in more cash than it spent: $13.6M of free cash flow.

Operating income, FY2025

−17% of revenue

▲ +3220% (Loss) vs FY2024 (−$2.9M, 0%)

Net income, FY2025

−21% of revenue

▲ +239% (Loss) vs FY2024 (−$34M, −6%)

Free cash flow, FY2025

2% of revenue

▲ +14% vs FY2024 ($11.9M, 2%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −17%; vs $145.5M in Q2 FY2025
Net income: ▲ +16% (Loss); vs −$7.4M in Q2 FY2025

Grills share of revenue vs 51.0% in Q2 FY2025

Aug 5, 2026 Traeger lowered its revenue outlook and announced a Lowe's partnership It maintained adjusted EBITDA guidance while lowering revenue guidance and expanding distribution through Lowe's.

Shrinking. Revenue fell 29% in 4 years, from $785.5M in FY2021 to $559.5M in FY2025, about 8% a year.

Product range Adds gas griddles to its connected cooking platform, including the Flatrock flat top grill; the older report described a platform centered on wood pellet grills, digital content, the app, and consumables.

Sales channel Moves Traeger.com sales toward retail partners while keeping direct sales for MEATER accessories; the older report described website and app sales as a direct-to-consumer channel.

Revenue over time

Grills Consumables Accessories

$1B$500M$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Weber, Pit Boss, Blackstone, Ooni, Dansons, Bear Mountain BBQ, Kirkland, ThermoPro, Chef iQ, and Typhur

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