At a glance
Sonos Inc is worth $2.10B. Revenue fell 4.9% to $1.44B in fiscal 2025, at a loss; over 5 years it has grown 1.7% a year. It pays no dividend; it spent $510.2M buying back its shares over FY2021–FY2025. The stock returned +2.6% over the past year with dividends reinvested and −11.1% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 50.7% in the 2020 crash (S&P 500: 33.7%) and 55.1% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
Sonos designs wireless speakers and audio gear for the home. The lineup includes soundbars and subwoofers for TVs, such as the Arc Ultra and Sub (Gen 4); all-in-one speakers like the Era 100 and Era 300; portable speakers (Roam 2 and Move 2); and Ace, its first headphones. Sonos software links them, so speakers in different rooms play in sync and stream from more than 100 content partners, including radio stations, podcasts and audiobooks.
Most revenue comes from hardware sales. In fiscal 2025, which ended September 27, 2025, revenue was about $1.44 billion. The speakers category, which also covers soundbars and headphones, made up 77.7%. Sonos system products, such as the Amp and Port components that turn wired stereos into wireless streaming systems, added 17.3%. The last 5% came from partner products and other revenue: mounts and stands, in-wall and car audio partnerships, licensing, advertising and subscriptions.
As of September 27, 2025, about 17.1 million households in more than 60 countries had registered nearly 53.4 million Sonos products. The model relies on repeat purchases: 61% of households owned more than one product, and existing customers accounted for about 45% of new product registrations in fiscal 2025. The Americas brought in 63.9% of fiscal 2025 revenue, the Europe, Middle East and Africa region 30.6%, and Asia Pacific 5.5%.
Price history
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SONO +2.6% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Sonos speakers | $1.12B | 77.7% |
| Sonos system products | $249.2M | 17.3% |
| Partner products and other revenue | $72.2M | 5% |
By geography
| Americas | $922.9M | 63.9% |
| Europe, Middle East and Africa ("EMEA") | $441.2M | 30.6% |
| Asia Pacific ("APAC") | $79.2M | 5.5% |
Latest results
- In Q3 FY2026 (ended Jun 27, 2026), revenue was $375.3M, up 8.8% from a year earlier, and net income was $29.9M.
- For fiscal 2025, revenue was $1.44B (-4.9% year over year; +1.7% a year from FY2020 to FY2025) with a -4.2% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +1.7% watch |
|---|---|
| Operating margin | -3.5% weak |
| Free cash flow margin | 7.5% watch |
| Return on equity (FY2025) | -17.2% weak |
| Return on assets (FY2025) | -7.4% weak |
| Cash and investments | $206.9M (no borrowings found in the filings) good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.33B | $-20.1M | $129.0M |
| FY2021 | $1.72B | $158.6M | $207.7M |
| FY2022 | $1.75B | $67.4M | $-74.5M |
| FY2023 | $1.66B | $-10.3M | $50.1M |
| FY2024 | $1.52B | $-38.1M | $134.7M |
| FY2025 | $1.44B | $-61.1M | $108.2M |
Valuation snapshot
| Market value | $2.10B |
|---|---|
| P/E ratio | — |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Sonos’s market value went from $991.3M at the end of 2018 to $2.10B on Oct 28, 2026, about 2.1 times as much; since the end of 2025 it is down 1%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $2.10B | -0.6% |
| 2025 | $2.11B | +15.3% |
| 2024 | $1.83B | -14.6% |
| 2023 | $2.15B | +0.2% |
| 2022 | $2.14B | -43.5% |
| 2021 | $3.79B | +43.5% |
| 2020 | $2.64B | +55.9% |
| 2019 | $1.69B | +70.8% |
| 2018 | $991.3M |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| SONO price data to Oct 28, 2026 | +1.1% | +2.6% | +21.6% | -11.1% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +1.1% |
| 2025 | +16.8% |
| 2024 | -12.3% |
| 2023 | +1.4% |
| 2022 | -43.3% |
| 2021 | +27.4% |
| 2020 | +49.7% |
| 2019 | +59.1% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 41.9% over that stretch · deepest drop along the way 50.7%, back to its old high 3.3 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 51.9% over that stretch · deepest drop along the way 55.1%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 10 open-market purchases ($25.2M) and 5 sales ($1.7M), 5 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Mar 9, 2026 | Coliseum Capital Management, LLC 10% owner | buy | $5.9M |
| Feb 23, 2026 | Coliseum Capital Management, LLC 10% owner | buy | $5.4M |
| Mar 10, 2026 | Coliseum Capital Management, LLC 10% owner | buy | $4.5M |
| Mar 11, 2026 | Coliseum Capital Management, LLC 10% owner | buy | $2.6M |
| Feb 24, 2026 | Coliseum Capital Management, LLC 10% owner | buy | $2.0M |
Who owns it
Large shareholders (13G filings)
| Coliseum Capital Management, LLC | 15.2% | Mar 31, 2026 |
| BlackRock, Inc. | 14.2% | Sep 30, 2025 |
| Vanguard Portfolio Management | 7.29% | Mar 31, 2026 |
| Vanguard Capital Management | 4.82% | Sep 30, 2026 |
ETFs with the most weight in SONO
| MUSQ MUSQ Global Music Industry Index ETF | 3.17% |
| SCDS JPMorgan Fundamental Data Science Small Core ETF | 0.44% |
| QQQS Invesco NASDAQ Future Gen 200 ETF | 0.42% |
| VIOV Vanguard S&P Small-Cap 600 Value ETF | 0.25% |
| HAPS Harbor Human Capital Factor US Small Cap ETF | 0.19% |
| IJS iShares S&P Small-Cap 600 Value ETF | 0.18% |
| SLYV SPDR S&P 600 Small Cap Value ETF | 0.18% |
| FLQS Franklin U.S. Small Cap Multifactor Index ETF | 0.16% |
What could go wrong
- Software stumbles can damage sales and trust. A May 2024 redesign of the Sonos app caused missing features and unreliability. The company says it hurt sales and its reputation, and delayed two new products by a quarter. Future updates could misfire too.
- Three straight years of losses. Sonos lost $10.3 million, $38.1 million and $61.1 million in fiscal 2023, 2024 and 2025. It warns it may not return to profitability, and growth requires ongoing spending on products, software and marketing.
- Tariffs and trade tensions. Sonos says tariffs have already hurt its business. Wider US import tariffs, retaliatory tariffs abroad and weaker international sentiment toward US-based companies could raise costs and reduce overseas demand.
- Few manufacturers and suppliers. A limited number of contract manufacturers (outside factories) build Sonos products, and many parts have long lead times. Shortages or disruptions could hold up sales. Sonos also began exiting one manufacturing partnership in fiscal 2025.
- Crowded market and reliance on partners. Home audio is highly competitive. Sonos relies on a limited number of key channel partners (retailers and distributors) and on content partners, which could pull their content if they end up competing with Sonos.
- Premium gadgets are easy to put off. Sonos depends on discretionary (nonessential) spending, which tends to shrink when inflation, uncertainty or weak economies squeeze households. Sales are also seasonal, so a disappointing holiday quarter can drag down a whole year.
Recent events
- Executive or board change; Investor presentation or announcement
- Quarterly results released
- Quarterly results released; Executive or board change
- Bylaws or fiscal year changed; Shareholder vote results
- Quarterly results released
- Executive or board change; Investor presentation or announcement
- Quarterly results released
For income and retirement investors
Sonos pays no dividend, and its annual report (Form 10-K) says it does not intend to pay one for the foreseeable future. Anyone counting on it for income would have to cash in shares. The company has instead returned cash through buybacks (repurchases of its own stock): about $510 million from fiscal 2021 through fiscal 2025. Its share count fell 5.9% between July 2021 and July 2026.
The stock has dropped sharply in downturns. In the 2020 COVID crash it fell 50.7% between February 19 and March 18, 2020, then regained that peak by June 26, 2020. In the 2022 bear market it fell 55.1% from March 29 to September 30, 2022, and had not regained that peak as of October 28, 2026. Its deepest peak-to-trough fall in about eight years of trading was 82.5%. Single stocks carry more risk than diversified funds, where one company's troubles are cushioned by many others.
Questions investors ask
How does Sonos make money?
Mostly from speaker sales. In fiscal 2025, which ended September 27, 2025, Sonos had revenue of about $1.44 billion, down 4.9% from the year before. Its speakers category, which includes soundbars, portables and headphones, brought in 77.7%. System products such as the Amp and Port components added 17.3%, and partner products and other revenue, including accessories, licensing, advertising and subscriptions, made up 5%. By region, the Americas supplied 63.9% of revenue, the Europe, Middle East and Africa region 30.6%, and Asia Pacific 5.5%.
Does Sonos pay a dividend?
No. Sonos paid no dividends from fiscal 2021 through fiscal 2025, and its annual report (Form 10-K) says it does not intend to pay any for the foreseeable future. It has returned cash through share buybacks instead, spending about $510 million on repurchases over those five years, and its share count fell 5.9% between July 2021 and July 2026. Investors who need regular income would receive none from this stock.
Is Sonos profitable?
Not in fiscal 2023, 2024 or 2025. Sonos posted net losses of $10.3 million, $38.1 million and $61.1 million in those years, after a profit in fiscal 2022. It still produced positive free cash flow, the cash left after running the business and paying for equipment, of about $108.2 million in fiscal 2025. In the quarter ended June 27, 2026, it earned $29.9 million on revenue of $375.3 million, up 8.8% from a year earlier. One profitable quarter does not make a profitable year.
What happened with the Sonos app?
A major redesign of the Sonos app and operating system, launched in May 2024, went badly. Some customers and partners found missing features, setup trouble and general unreliability, and complained publicly. Sonos says the rollout cut sales of existing products, harmed its reputation and delayed two new products by a quarter. It says it has substantially addressed the issues with software updates. Tom Conrad, interim chief executive from January 2025, was named CEO in July 2025, and the company says its software has improved significantly under Conrad.
How has Sonos stock performed?
Unevenly, with big swings. As of October 28, 2026, the share price had risen 2.6% over one year and about 80% over three years (21.6% a year), but had fallen about 45% over five years (an average loss of 11.1% a year). Calendar-year returns ranged from a 59.1% gain in 2019 to a 43.3% loss in 2022. One-year volatility, a measure of how much the price moves, was 46.5%, and the deepest peak-to-trough fall in about eight years of trading was 82.5%.