What changed in this filing

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Item 1. Financial Statements

2026-02-06 compared with 2025-08-01 · 219 added, 278 removed, 406 unchanged (55% of the section changed)

1 unchanged sentence

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Three Months Ended Nine Months Ended

(thousands, except per share data) June 27, 2025 June 28, 2024 June 27, 2025 June 28, 2024

Three Months Ended

(thousands, except per share data) January 2, 2026 December 27, 2024

Net sales $ 140,935 $ 107,649

6 unchanged sentences

Total operating expenses 54,522 52,422

Operating profit (loss) 7,330 ( 506 ) ( 8,008 ) ( 713 )

Operating loss ( 2,912 ) ( 20,239 )

Interest income ( 1,320 ) ( 1,033 )

Interest expense 57 47

Other (income) expense, net ( 2,292 ) ( 327 ) ( 1,318 ) ( 7,468 )

Profit (loss) before income taxes 10,500 907 ( 4,269 ) 9,818

Other income, net ( 394 ) ( 326 )

Loss before income taxes ( 1,255 ) ( 18,927 )

Income tax expense (benefit) 2,045 ( 3,637 )

Net income (loss) $ 7,742 $ 1,622 $ ( 5,244 ) $ 7,733

Net loss $ ( 3,300 ) $ ( 15,290 )

Weighted average common shares - Basic:

3 unchanged sentences

Weighted average common shares - Dilutive 10,341 10,270

Net income (loss) per common share - Basic:

Net loss per common share - Basic:

Class A $ ( 0.33 ) $ ( 1.49 )

Class B $ ( 0.33 ) $ ( 1.49 )

Net income (loss) per common share - Diluted:

Net loss per common share - Diluted:

Class A $ ( 0.33 ) $ ( 1.49 )

3 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

Three Months Ended Nine Months Ended

(thousands) June 27, 2025 June 28, 2024 June 27, 2025 June 28, 2024

Net income (loss) $ 7,742 $ 1,622 $ ( 5,244 ) $ 7,733

Three Months Ended

(thousands) January 2, 2026 December 27, 2024

Net loss $ ( 3,300 ) $ ( 15,290 )

Other comprehensive income (loss):

3 unchanged sentences

Total other comprehensive income (loss) 1,103 ( 4,907 )

Total comprehensive income (loss) $ 12,935 $ 1,203 $ ( 3,822 ) $ 8,093

Total comprehensive loss $ ( 2,197 ) $ ( 20,197 )

The accompanying notes are an integral part of the condensed consolidated financial statements.

1 unchanged sentence

CONDENSED CONSOLIDATED BALANCE SHEETS

(thousands, except share data) June 27, 2025 September 27, 2024 June 28, 2024

(thousands, except share data) January 2, 2026 October 3, 2025 December 27, 2024

Current assets:

5 unchanged sentences

Total current assets 409,034 408,788 388,052

Investments — — 2,237

Property, plant and equipment, net of accumulated depreciation of $ 215,268 , $ 210,262 and $ 195,989 , respectively

4 unchanged sentences

Other intangible assets, net 9,390 9,529 9,781

Deferred compensation plan assets 29,587 30,681 28,665

Other assets 1,266 1,261 1,192

35 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY

Nine Months Ended June 27, 2025

Three Months Ended January 2, 2026

(thousands except for shares) Shares Common Stock Capital in

4 unchanged sentences

Income (Loss) Treasury

BALANCE AT SEPTEMBER 27, 2024 10,301,738 $ 517 $ 90,146 $ 369,592 $ 5,964 $ ( 2,795 )

BALANCE AT OCTOBER 3, 2025 10,372,831 $ 521 $ 91,867 $ 321,768 $ 7,289 $ ( 3,026 )

Net loss — — — ( 3,300 ) — —

3 unchanged sentences

Currency translation adjustment — — — — 1,095 —

Unrealized loss on available-for-sale securities, net of tax — — — — ( 1 ) —

Change in pension plans, net of tax of $ 3

Non-vested stock forfeitures ( 3,690 ) — 200 — — ( 200 )

Purchase of treasury stock at cost ( 1,949 ) — — — — ( 80 )

BALANCE AT DECEMBER 27, 2024 10,327,512 $ 518 $ 90,852 $ 350,940 $ 1,057 $ ( 3,083 )

Net income — — — 2,304 — —

Dividends declared — — — ( 3,372 ) — —

Award of non-vested shares 38,548 3 ( 3 ) — — —

Stock-based compensation — — 750 — — —

Currency translation adjustment — — — — 1,133 —

Unrealized loss on available-for-sale securities, net of tax — — — — ( 4 ) —

Change in pension plans, net of tax of $ 3

BALANCE AT MARCH 28, 2025 10,366,060 $ 521 $ 91,599 $ 349,872 $ 2,193 $ ( 3,083 )

Net income — — — 7,742 — —

Dividends declared — — — ( 3,409 ) — —

Issuance of stock under employee stock purchase plan 6,203 — 120 — — —

Stock-based compensation — — ( 284 ) — — —

B to A conversion — — ( 13 ) — — 13

Currency translation adjustment — — — — 5,192 —

Unrealized loss on available-for-sale securities, net of tax — — — — ( 8 ) —

Change in pension plans, net of tax — — — — 9 —

BALANCE AT JUNE 27, 2025 10,372,263 $ 521 $ 91,422 $ 354,205 $ 7,386 $ ( 3,070 )

JOHNSON OUTDOORS INC.

Nine Months Ended June 28, 2024

BALANCE AT JANUARY 2, 2026 10,453,054 $ 525 $ 92,669 $ 315,069 $ 8,392 $ ( 3,106 )

Three Months Ended December 27, 2024

(thousands except for shares) Shares Common Stock Capital in

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BALANCE AT SEPTEMBER 27, 2024 10,301,738 $ 517 $ 90,146 $ 369,592 $ 5,964 $ ( 2,795 )

Net income — — — 3,955 — —

Net loss — — — ( 15,290 ) — —

Dividends declared — — — ( 3,362 ) — —

2 unchanged sentences

Currency translation adjustment — — — — ( 4,915 ) —

Unrealized gain on available-for-sale securities, net of tax — — — — 102 —

Unrealized loss on available-for-sale securities, net of tax — — — — ( 1 ) —

Change in pension plans, net of tax of $ 3

Non-vested stock forfeitures ( 3,690 ) — 200 — — ( 200 )

Purchase of treasury stock at cost ( 2,657 ) — — — — ( 88 )

BALANCE AT DECEMBER 27, 2024 10,327,512 $ 518 $ 90,852 $ 350,940 $ 1,057 $ ( 3,083 )

Net income — — — 2,156 — —

Dividends declared — — — ( 3,368 ) — —

Award of non-vested shares 22,692 1 ( 1 ) — —

Stock-based compensation — — ( 180 ) — — —

Currency translation adjustment — — — — ( 2,379 ) —

Unrealized loss on available-for-sales securities, net of tax — — — — ( 18 ) —

Change in pension plans, net of tax of $ 3

Non-vested stock forfeitures ( 5,350 ) — 341 — — ( 341 )

BALANCE AT MARCH 29, 2024 10,301,342 $ 517 $ 88,990 $ 408,970 $ 4,102 $ ( 2,490 )

Net income — — — 1,622 — —

Dividends declared — — — ( 3,369 ) — —

Issuance of stock under employee stock purchase plan 4,937 — 172 — —

Stock-based compensation — — 574 — — —

Non-vested stock forfeitures ( 1,887 ) — 110 — — ( 110 )

Currency translation adjustment — — — — ( 439 ) —

Unrealized gain (loss) on available-for-sale securities, net of tax — — — — 14 —

Change in pension plans, net of tax of $ 3

BALANCE AT JUNE 28, 2024 10,304,392 $ 517 $ 89,846 $ 407,223 $ 3,683 $ ( 2,600 )

The accompanying notes are an integral part of the condensed consolidated financial statements.

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Nine Months Ended

(thousands) June 27, 2025 June 28, 2024

CASH PROVIDED BY OPERATING ACTIVITIES

Net (loss) income $ ( 5,244 ) $ 7,733

Adjustments to reconcile net (loss) income to net cash used for operating activities:

Three Months Ended

(thousands) January 2, 2026 December 27, 2024

CASH USED FOR OPERATING ACTIVITIES

Net loss $ ( 3,300 ) $ ( 15,290 )

Adjustments to reconcile net loss to net cash used for operating activities:

Depreciation 4,942 4,675

2 unchanged sentences

Stock based compensation 806 507

Loss (Gain) on disposal of productive assets 80 ( 1,874 )

Loss on disposal of productive assets 10 19

Deferred income taxes 1,582 ( 6,471 )

8 unchanged sentences

( 38,415 ) ( 36,909 )

CASH (USED FOR) PROVIDED BY INVESTING ACTIVITIES

CASH USED FOR INVESTING ACTIVITIES

Payments for purchase of businesses — ( 12,180 )

Purchase of investments — ( 2,220 )

Proceeds from maturity of short-term investments — 9,764

Proceeds from sale of productive assets — 2,244

Capital expenditures ( 4,293 ) ( 4,084 )

1 unchanged sentence

CASH USED FOR FINANCING ACTIVITIES

Common stock transactions 121 172

Debt issuance costs paid ( 55 ) —

Dividends paid ( 3,399 ) ( 3,362 )

2 unchanged sentences

Effect of foreign currency rate changes on cash 519 ( 3,369 )

Increase in cash and cash equivalents 13,193 14,969

Decrease in cash and cash equivalents ( 45,668 ) ( 50,228 )

CASH AND CASH EQUIVALENTS

3 unchanged sentences

Cash paid for taxes $ 126 $ 1,080

Accrued dividends 23 17

Cash paid for interest 5 35

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In the opinion of management, these statements contain all adjustments (consisting of only normal recurring items) necessary to present fairly the financial position of Johnson Outdoors Inc.

and subsidiaries (collectively, the “Company”) as of June 27, 2025 and June 28, 2024, and their results of operations for the three and nine month periods then ended and cash flows for the nine month periods then ended.

These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended September 27, 2024 which was filed with the Securities and Exchange Commission on December 11, 2024.

and subsidiaries (collectively, the “Company”) as of January 2, 2026 and December 27, 2024, and their results of operations for the three month periods then ended and cash flows for the three month periods then ended.

These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended October 3, 2025 which was filed with the Securities and Exchange Commission on December 12, 2025.

All monetary amounts, other than share and per share amounts, are stated in thousands.

2 ACCOUNTS RECEIVABLE

Accounts receivable are stated net of allowances for credit losses of $ 670 , $ 3,543 and $ 649 as of June 27, 2025, September 27, 2024 and June 28, 2024, respectively.

Accounts receivable are stated net of allowances for credit losses of $ 1,148 , $ 1,232 and $ 3,587 as of January 2, 2026, October 3, 2025 and December 27, 2024, respectively.

The determination of the allowance for credit losses is based on a combination of factors.

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In periods where there is a cumulative year to date net loss or no undistributed income because distributions through dividends exceed net income, Class B shares are treated as anti-dilutive and, therefore, net losses are allocated equally on a per share basis among all participating securities.

For the three month period ended June 27, 2025, basic income per share for the Class A and Class B shares has been presented using the two class method and reflects the allocation of undistributed income as described above.

For the nine month period ended June 27, 2025, and the three and nine month periods ended June 28, 2024, basic net income (loss) per share for Class A and Class B shares was the same because there were no cumulative undistributed earnings, which has been presented using the two class method described above.

Diluted net income per share is computed by dividing allocated net income by the weighted-average number of common shares outstanding, adjusted for the effect of dilutive stock options, restricted stock units (“stock units” or

JOHNSON OUTDOORS INC.

“units”) and non-vested restricted stock.

For the three month periods ended January 2, 2026, and December 27, 2024, basic net income (loss) per share for Class A and Class B shares was the same because there were no cumulative undistributed earnings.

Accordingly, basic loss per share for Class A and Class B shares has been presented using the two class method described above.

Anti-dilutive stock options, units and non-vested stock are excluded from the calculation of diluted EPS.

The computation of diluted net income per share of Class A common stock assumes that Class B common stock is converted into Class A common stock.

The computation of diluted net income per share of Class A common stock assumes that

JOHNSON OUTDOORS INC.

Class B common stock is converted into Class A common stock.

Therefore, diluted net income per share is the same for both Class A and Class B common shares.

In periods where the Company reports a net loss or no undistributed income because distributions through dividends exceed net income, the effect of anti-dilutive stock options and units is excluded and diluted loss per share is equal to basic loss per share for both classes of stock.

For the three month period ended June 27, 2025, diluted net income per share reflects the effect of dilutive stock units and assumes the conversion of Class B common stock into Class A common Stock.

For the nine month period ended June 27, 2025, and the three and nine month periods ended June 27, 2025 and June 28, 2024, the effect of non-vested restricted stock units is excluded from the diluted income (loss) per share calculation as their inclusion would have been anti-dilutive.

Shares of non-vested stock that could potentially dilute earnings per share in the future which were not included in the fully diluted computation because they would have been anti-dilutive totaled 95,654 and 69,044 for the three months ended June 27, 2025 and June 28, 2024, respectively, and 80,507 and 67,429 for the nine months ended June 27, 2025 and June 28, 2024, respectively.

Stock units that could potentially dilute earnings per share in the future and which were not included in the fully diluted computation because they would have been anti-dilutive were 102,291 and 71,176 for the three months ended June 27, 2025 and June 28, 2024, respectively, and 101,638 and 71,776 for the nine months ended June 27, 2025 and June 28, 2024, respectively

For the three month periods ended January 2, 2026 and December 27, 2024, the effect of non-vested restricted stock units is excluded from the diluted income (loss) per share calculation as their inclusion would have been anti-dilutive.

Shares of non-vested stock that could potentially dilute earnings per share in the future which were not included in the fully diluted computation because they would have been anti-dilutive totaled 141,089 and 59,564 for the three months ended January 2, 2026 and December 27, 2024, respectively.

Stock units that could potentially dilute earnings per share in the future and which were not included in the fully diluted computation because they would have been anti-dilutive were 59,386 and 97,763 for the three months ended January 2, 2026 and December 27, 2024, respectively.

Dividends per share

Dividends per share for the three and nine month periods ended June 27, 2025 and June 28, 2024 were as follows:

Three Months Ended Nine months ended

June 27, 2025 June 28, 2024 June 27, 2025 June 28, 2024

Dividends per share for the three month periods ended January 2, 2026 and December 27, 2024 were as follows:

Three Months Ended

January 2, 2026 December 27, 2024

Dividends declared per common share:

4 unchanged sentences

Current plans also allow for issuance of shares of restricted stock, restricted stock units or stock appreciation rights in lieu of stock options.

Under the Company’s 2023 Non-Employee Director Stock Ownership Plan and the 2020 Long-Term Incentive Plan (the only plans where shares currently remain available for future equity incentive awards) there were a total of 284,109 shares of the Company’s Class A common stock available for future grant to non-employee directors and key executives at June 27, 2025.

Under the Company’s 2023 Non-Employee Director Stock Ownership Plan and the 2020 Long-Term Incentive Plan (the only plans where shares currently remain available for future equity incentive awards) there were a total of 173,038 shares of the Company’s Class A common stock available for future grant to non-employee directors and key executives at January 2, 2026.

Share awards previously made under the Company's 2012 Non-Employee Director Stock Ownership Plan, which no longer allow for additional share grants, also remain outstanding.

3 unchanged sentences

JOHNSON OUTDOORS INC.

A summary of non-vested stock activity for the nine months ended June 27, 2025 related to the Company’s stock ownership plans is as follows:

A summary of non-vested stock activity for the three months ended January 2, 2026 related to the Company’s stock ownership plans is as follows:

Shares Weighted Average

Non-vested stock at September 27, 2024 56,389 $ 59.69

Non-vested stock at October 3, 2025 92,894 $ 40.56

Non-vested stock grants 82,172 41.67

Restricted stock vested ( 6,332 ) 80.94

Forfeitures ( 3,690 ) 54.20

Non-vested stock at June 27, 2025 95,654 40.44

Non-vested stock at January 2, 2026 168,734 39.59

Non-vested stock grantees may elect to reimburse the Company for withholding taxes due as a result of the vesting of shares by tendering a portion of the vested shares back to the Company.

Shares tendered back to the Company were 1,609 and 2,330 during the nine month periods ended June 27, 2025 and June 28, 2024, respectively.

Stock compensation expense, net of forfeitures, related to non-vested stock was $ 462 and $ 398 for the three month periods ended June 27, 2025 and June 28, 2024, respectively, and $ 1,278 and $ 1,148 for the nine month periods ended June 27, 2025 and June 28, 2024, respectively.

Unrecognized compensation cost related to non-vested stock as of June 27, 2025 was $ 1,907 , which amount will be amortized to expense through December 2027 or adjusted for changes in future estimated or actual forfeitures.

The fair value of restricted stock vested during the nine month periods ended June 27, 2025 and June 28, 2024 was $ 690 and $ 964 , respectively.

Shares tendered back to the Company were 1,949 and 1,609 during the three month periods ended January 2, 2026 and December 27, 2024, respectively.

Stock compensation expense, net of forfeitures, related to non-vested stock was $ 644 and $ 354 for the three month periods ended January 2, 2026 and December 27, 2024, respectively.

Unrecognized compensation cost related to non-vested stock as of January 2, 2026 was $ 4,427 , which amount will be amortized to expense through December 2028 or adjusted for changes in future estimated or actual forfeitures.

The fair value of restricted stock vested during the three month periods ended January 2, 2026 and December 27, 2024 was $ 260 and $ 169 , respectively.

Restricted Stock Units

All restricted stock units (RSUs) awarded by the Company have been granted in the form of units payable in shares of Class A common stock upon vesting.

The units are valued at the fair market value of a share of Class A common stock on the date of grant and vest within one year from the date of grant for RSUs granted to directors, and subject to satisfaction of applicable performance criteria, three years from the date of grant for RSUs granted to employees.

The units are valued at the fair market value of a share of Class A common stock on the date of grant and vest within one year from the date of grant for RSUs granted to directors, and subject to satisfaction of applicable performance and/or continued service criteria, three years from the date of grant for RSUs granted to employees.

The fair value at the date of grant is based on the number of units granted and the average of the Company’s high and low Class A common stock trading price on the date of grant or, if the Company’s Class A shares did not trade on the date of grant, the average of the Company’s high and low Class A common stock trading price on the last preceding date on which the Company’s Class A shares traded.

A summary of RSU activity for the nine months ended June 27, 2025 follows:

A summary of RSU activity for the three months ended January 2, 2026 follows:

Number of RSUs Weighted Average

RSUs at September 27, 2024 84,192 $ 64.58

RSUs at October 3, 2025 121,253 $ 44.76

RSUs granted 28,899 40.92

RSUs vested and canceled due to performance targets not being met ( 31,619 ) 56.54

RSU's forfeited ( 3,690 ) 54.20

RSUs at June 27, 2025 121,253 44.76

The Company recognized income related to RSUs of $ 660 and $ 384 for the three and nine month periods ended June 27, 2025, respectively, as a result of reversing compensation expense previously recognized, due to an expectation that performance conditions wouldn't be met for certain awards.

The Company recognized expense of $ 201 and income of $ 239 related to RSUs for the three and nine month periods ended June 28, 2024, respectively.

Unrecognized compensation cost related to non-vested RSUs as of June 27, 2025 was $ 542 , which amount will be amortized to expense through September 2027 or adjusted for changes in future estimated or actual forfeitures.

RSUs at January 2, 2026 118,533 40.68

The Company recognized expense related to RSUs of $ 162 and $ 115 for the three month periods ended January 2, 2026 and December 27, 2024, respectively.

Unrecognized compensation cost related to non-vested RSUs as of January 2, 2026 was $ 1,531 , which amount will be amortized to expense through September 2028 or adjusted for changes in future estimated or actual forfeitures.

RSU grantees may elect to reimburse the Company for withholding taxes due as a result of the vesting of units and issuance of unrestricted shares of Class A common stock by tendering a portion of such unrestricted shares back to the Company.

Because performance criteria was not met, the RSUs expiring in the nine month period ended June 27,

Shares tendered back to the Company for this purpose were 0 during both of the three month periods ended January 2, 2026 and December 27, 2024.

The fair value of restricted stock units recognized as a tax deduction during the three month periods ended January 2, 2026 and December 27, 2024 was $ 0 and $ 0 , respectively.

JOHNSON OUTDOORS INC.

2025 were canceled so shares tendered back to the Company for this purpose were 0 during the nine month period ended June 27, 2025.

Shares tendered back to the Company for the reimbursement of withholding taxes were 2,331 during the nine month period ended June 28, 2024.

The fair value of restricted stock units recognized as a tax deduction during the nine month periods ended June 27, 2025 and June 28, 2024 was $ 0 and $ 1,171 , respectively.

Compensation expense related to units earned by employees (as opposed to grants to outside directors) is based upon the attainment of certain Company financial goals related to cumulative net sales and cumulative operating profit over a three-year performance period.

Compensation expense related to units earned by employees (as opposed to grants to outside directors) is based upon the attainment of certain pre-determined financial performance goals for the Company.

For awards made in fiscal 2026, those goals are based on fiscal 2026 net sales and pre-tax income as a percentage of sales, weighted equally.

The awards cover a one-year performance period but have a time based vesting requirement of three years .

Awards are only paid if at least 70 % of the target levels are met, and maximum payouts are made if 120 % or more of target levels are achieved.

The payouts for achievement at the threshold levels of performance are equal to 25 % of the target award amount.

The payouts for achievement at maximum levels of performance are equal to 150 % of the target award amount, which payout level was increased to 200 % of the target award amount for the RSU awards issued to employees for the fiscal 2025 – 2027 performance period.

To the extent earned, awards are issued in shares of Company Class A common stock after the end of the three-year performance period.

The payouts for achievement at maximum levels of performance are equal to 200 % of the target award amount for units granted in fiscal 2026 and fiscal 2025.

For the units granted prior to fiscal 2026, the financial goals are related to cumulative net sales and cumulative operating profit and are measured over a three-year performance period.

Awards are only paid if at least 80 % of the target levels are met, and maximum payouts are made if 120 % or more of target levels are achieved.

The payouts for achievement at the threshold levels of performance are equal to 50 % of the target award amount.

The payouts for achievement at maximum levels of performance are equal to 150 % of the target award amount for units awarded prior to fiscal 2026.

To the extent earned, awards are issued in shares of Company Class A common stock after the end of the vesting period.

Employees’ Stock Purchase Plan

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Prior to termination, this plan provided for the issuance of shares of Class A common stock at a purchase price of not less than 85 % of the fair market value of such shares on the date of grant or on the date of purchase, whichever is lower.

During the three month period ended June 27, 2025, the Company issued 6,203 shares of Class A common stock and recognized $ 86 of income in connection with the Employees' Stock Purchase Plan.

During the nine month period ended June 27, 2025, the Company issued 6,203 shares of Class A common stock and recognized $ 79 of expense in connection with the Employees' Stock Purchase Plan.

During the three month period ended June 28, 2024, the Company issued 4,937 shares of Class A common stock and recognized $ 25 of expense in connection with this plan.

During the nine month period ended June 28, 2024, the Company issued 4,937 shares of Class A common stock and recognized $ 83 of expense in connection with this plan.

During the three month period ended January 2, 2026, the Company issued 0 shares of Class A common stock and recognized $ 0 of income in connection with the Employees' Stock Purchase Plan.

During the three month period ended December 27, 2024, the Company issued 0 shares of Class A common stock and recognized $ 38 of expense in connection with this plan.

The Company leases certain facilities and machinery and equipment under long-term, non-cancelable operating leases.

The Company determines if an arrangement is a lease at inception.

As of June 27, 2025, the Company had approximately 150 leases, with remaining terms ranging from less than one year to 14 years.

As of January 2, 2026, the Company had approximately 150 leases, with remaining terms ranging from less than one year to 14 years.

Some of the leases contain variable payment terms, such as payments based on fluctuations in the Consumer Price Index (CPI).

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The incremental borrowing rate is derived from information available to the Company at the lease commencement date based on lease length and location.

The components of lease expense recognized in the accompanying Condensed Consolidated Statements of Operations for the three and nine months ended June 27, 2025 and June 28, 2024 were as follows:

JOHNSON OUTDOORS INC.

Three months ended Nine months ended

June 27, 2025 June 28, 2024 June 27, 2025 June 28, 2024

The components of lease expense recognized in the accompanying Condensed Consolidated Statements of Operations for the three months ended January 2, 2026 and December 27, 2024 were as follows:

Three months ended

January 2, 2026 December 27, 2024

Operating lease costs $ 2,659 $ 2,624

2 unchanged sentences

Total lease cost $ 3,290 $ 3,240

Included in the amounts in the table above was rent expense to related parties of $ 314 and $ 941 for the three and nine months ended June 27, 2025, respectively, and $ 314 and $ 941 for the three and nine months ended June 28, 2024, respectively.

As of June 27, 2025, the Company did not have any finance leases or sublease agreements.

JOHNSON OUTDOORS INC.

Included in the amounts in the table above was rent expense to related parties of $ 313 and $ 314 for the three month periods ended January 2, 2026 and December 27, 2024, respectively.

As of January 2, 2026, the Company did not have any finance leases or sublease agreements.

Additionally, the Company does not have any leases in which it is the lessor.

While the Company extended or renewed various existing leases during the quarter, there were no significant new leases entered into during the quarter ended June 27, 2025.

As of June 27, 2025, the Company did not have any significant operating lease commitments that have not yet commenced.

While the Company extended or renewed various existing leases during the quarter, there were no significant new leases entered into during the quarter ended January 2, 2026.

As of January 2, 2026, the Company did not have any significant operating lease commitments that have not yet commenced.

Supplemental balance sheet, cash flow, and other information related to operating leases was as follows:

Nine months ended

June 27, 2025 June 28, 2024

Three months ended

January 2, 2026 December 27, 2024

Operating leases:

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ROU assets obtained in exchange for lease liabilities $ 233 $ 3,228

Future minimum rental commitments under non-cancelable operating leases with an initial lease term in excess of one year at June 27, 2025 were as follows:

JOHNSON OUTDOORS INC.

Future minimum rental commitments under non-cancelable operating leases with an initial lease term in excess of one year at January 2, 2026 were as follows:

Year Related parties included

2 unchanged sentences

2027 226 8,131

2027 226 7,473

Thereafter — 26,537

3 unchanged sentences

6 INCOME TAXES

For the three and nine months ended June 27, 2025 and June 28, 2024, the Company’s earnings before income taxes, income tax expense and effective income tax rate were as follows:

Three Months Ended Nine Months Ended

For the three months ended January 2, 2026 and December 27, 2024, the Company’s earnings before income taxes, income tax expense and effective income tax rate were as follows:

JOHNSON OUTDOORS INC.

Three Months Ended

(thousands, except tax rate data)

June 27, 2025 June 28, 2024 June 27, 2025 June 28, 2024

Profit (loss) before income taxes $ 10,500 $ 907 $ ( 4,269 ) $ 9,818

January 2, 2026 December 27, 2024

Loss before income taxes $ ( 1,255 ) $ ( 18,927 )

Income tax expense (benefit) 2,045 ( 3,637 )

Effective income tax rate ( 162.9 ) % 19.2 %

The change in the Company’s effective tax rate for the three months ended June 27, 2025 versus the prior year period was primarily due to the change in the geographic mix of profits or losses from a tax perspective in the current year.

The Company's effective tax rate is impacted by valuation allowances in certain foreign tax jurisdictions and, as a result, changes in the geographic source of Company profits or losses between periods can, in certain instances, have varying impacts on the Company's effective tax rate during a particular period.

The change in the effective tax rate for the nine months ended June 27, 2025 compared to the nine months ended June 28, 2024 was primarily due to the recording of an unrecognized tax benefit and the change in the geographic mix of profits or losses from a tax perspective in the current year as compared to the prior year.

The change in the Company’s effective tax rate for the three months ended January 2, 2026 versus the prior year period was primarily due to an adjustment related to its U.S.

valuation allowance on deferred tax assets.

Additionally, the change was further driven by the geographic mix of profits or losses from a tax perspective in the current year.

The Company's effective tax rate is impacted by valuation allowances in domestic and certain foreign tax jurisdictions and, as a result, changes in the geographic source of Company profits or losses between periods can, in certain instances, have varying impacts on the Company's effective tax rate during a particular period.

The Company maintains valuation allowances when it is more likely than not that all or a portion of a deferred tax asset will not be realized.

3 unchanged sentences

net deferred tax assets.

The evaluation concluded that the Company's U.S.

deferred tax assets are realizable.

The Company will continue to monitor the need for a valuation allowance on its U.S.

deferred tax assets.

The Company determined during fiscal year 2025 that it was more likely than not that certain deferred tax assets will not be realized and a valuation allowance was reported against the net deferred tax assets for the U.S.

The impact of the Company’s operations in jurisdictions where a valuation allowance is assessed is removed from the overall effective tax rate methodology and recorded directly based on year to date results for the year for which no tax expense or benefit can be recognized.

The significant tax jurisdictions that have a valuation allowance for the periods ended June 27, 2025 and June 28, 2024 were:

JOHNSON OUTDOORS INC.

June 27, 2025 June 28, 2024

The significant tax jurisdictions that have a valuation allowance for the periods ended January 2, 2026 and December 27, 2024 were:

January 2, 2026 December 27, 2024

Indonesia Indonesia

Switzerland Switzerland

United States

The Company regularly assesses the adequacy of its provisions for income tax contingencies in accordance with the applicable authoritative guidance on accounting for income taxes.

As a result, the Company may adjust the reserves for unrecognized tax benefits due to the impact of changes in its assumptions or as a result of new facts and developments, such as changes to interpretations of relevant tax law, assessments from taxing authorities, settlements with taxing authorities and lapses of statutes of limitation.

The Company recorded a $ 858 unrecognized tax benefit including interest and penalties of $ 258 during the nine month period ended June 27, 2025 and estimates that reductions to unrecognized tax benefits for the remainder of fiscal 2025 will total $ 700 due mainly to lapses in statutes of limitations.

In accordance with its accounting policy, the Company recognizes accrued interest and penalties related to unrecognized benefits as a component of income tax expense.

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Inventories at the end of the respective periods consisted of the following:

2025 September 27,

2024 June 28,

JOHNSON OUTDOORS INC.

2026 October 3,

2025 December 27,

Raw materials $ 85,965 $ 90,993 $ 103,447

1 unchanged sentence

$ 183,940 $ 170,726 $ 201,606

The changes in goodwill during the nine months ended June 27, 2025 and June 28, 2024 were as follows:

June 27, 2025 June 28, 2024

The changes in goodwill during the three months ended January 2, 2026 and December 27, 2024 were as follows:

January 2, 2026 December 27, 2024

Balance at beginning of period $ 10,456 $ —

2 unchanged sentences

Balance at end of period $ 10,882 $ 10,451

The goodwill at June 27, 2025 relates to the acquisition of Endless Summer Technologies Proprietary, Ltd.

The goodwill at January 2, 2026 relates to the acquisition of Endless Summer Technologies Proprietary, Ltd.

in the Company's Diving segment.

See Note 18 below for additional information on the acquisition.

2 unchanged sentences

Fair value is determined primarily by using a discounted cash flow methodology that requires considerable management judgment and long-term assumptions and is considered a Level 3 (unobservable) fair value determination in the fair value hierarchy (see Note 12) below.

JOHNSON OUTDOORS INC.

During the fourth quarter of fiscal 2024, the Company's annual goodwill impairment test indicated the carrying value of the Fishing reporting unit exceeded its estimated fair value as of the measurement date of August 30, 2024.

As a result, the Company recognized a goodwill impairment charge in the fourth quarter of fiscal 2024, which reduced the carrying value of the balance of goodwill reported as of June 28, 2024 of $ 11,167 to $ 0 as of September 27, 2024.

This non-cash impairment was primarily driven by reduced cash flow projections in the Fishing reporting unit, prompted by ongoing market challenges and competitive pressure occurring in this segment.

The Company provides warranties on certain of its products as they are sold.

The following table summarizes the Company’s warranty activity for the nine months ended June 27, 2025 and June 28, 2024.

June 27, 2025 June 28, 2024

The following table summarizes the Company’s warranty activity for the three months ended January 2, 2026 and December 27, 2024.

January 2, 2026 December 27, 2024

Balance at beginning of period $ 12,149 $ 10,211

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11 INDEBTEDNESS

The Company had no debt outstanding at June 27, 2025, September 27, 2024, or June 28, 2024.

The Company and certain of its subsidiaries have entered into an unsecured credit facility with PNC Bank National Association and Associated Bank, N.A.

The Company had no debt outstanding at January 2, 2026, October 3, 2025, or December 27, 2024.

JOHNSON OUTDOORS INC.

The Company and certain of its subsidiaries entered into an unsecured credit facility with PNC Bank National Association and Associated Bank, N.A.

("the Lending Group").

This credit facility consists of a $ 75 million Revolving Credit Facility among the Company, certain of the Company’s subsidiaries, PNC Bank National Association, as lender and as administrative agent, and the other lender named therein (as amended, the “Credit Agreement” or “Revolver”).

The Revolver provides for borrowing of up to an aggregate principal amount not to exceed $ 75,000 with a $ 50,000 accordion feature that gives the Company the option to request an increase of the maximum financing availability (i.e., an aggregate borrowing amount of $ 125,000 ) subject to the conditions of the Credit Agreement and subject to the approval of the lenders.

This credit facility consisted of a $ 75 million Revolving Credit Facility among the Company, certain of the Company’s subsidiaries, PNC Bank National Association, as lender and as administrative agent, and the other lender named therein (as amended, the “Credit Agreement” or “Revolver”).

The Revolver provides for borrowing of up to an aggregate principal amount not to exceed $ 75,000 with a $ 50,000 accordion feature that gave the Company the option to request an increase of the maximum financing availability (i.e., an aggregate borrowing amount of $ 125,000 ) subject to the conditions of the Credit Agreement and subject to the approval of the lenders.

On July 15, 2021, the Company entered into a First Amendment to this credit facility that extended its expiration date from November 15, 2022, to July 15, 2026.

On January 29, 2025, the Company entered into a Second Amendment to this credit facility that reduced the Revolver to $ 50,000 (but maintained the accordion feature) and modified the terms of the Credit Agreement as disclosed below for the period from the amendment date until the earlier of (1) the Company’s compliance with both a 3.00 x maximum leverage ratio and a 3.50 x minimum interest coverage ratio for the trailing twelve month period or (2) delivery of the Company’s fiscal 2025 financial statements and compliance certificate (the “Second Amendment Period”):

• suspension of application of the maximum leverage and minimum interest coverage ratios during the Second Amendment Period;

• the Company and its subsidiaries must maintain a $ 50,000 minimum cash balance;

• acquisition, dividends, repurchases and distributions permitted, provided the Company and its subsidiaries maintain a $ 50,000 minimum cash balance;

• monthly financial reporting if the facility availability is less than or equal to 95 %;

• the granting of a security interest in the Company’s personal property assets if the facility availability is less than or equal to 95 %.

JOHNSON OUTDOORS INC.

Other key provisions of the credit facility remained as outlined herein and the description herein is qualified in its entirety by the terms and conditions of the original Credit Agreement (a copy of which was filed as Exhibit 99.1 to the current report on Form 8-K dated and filed with the Securities and Exchange Commission on November 20, 2017), the First Amendment, (a copy of which was filed as Exhibit 10.1 to the current report on Form 8-K dated and filed with the Securities and Exchange Commission on July 16, 2021), and the aforementioned Second Amendment (a copy of which was filed as Exhibit 10.1 to the quarterly report on Form 10-Q dated and filed with the Securities and Exchange Commission on February 3, 2025).

The interest rate is based on the Secured Overnight Financing Rate ("SOFR") plus an applicable margin.

The applicable margin ranges from 1.00 % to 1.75 % and is dependent on the Company’s leverage ratio for the trailing twelve month period.

The interest rates on the Revolver at both June 27, 2025 and June 28, 2024 were approximately 5.4 % and 6.45 %, respectively.

During the Second Amendment Period, the interest rate on borrowings under the Revolver will equal SOFR plus a 1.75 % applicable margin.

The Credit Agreement restricts the Company's ability to incur additional debt, includes maximum leverage ratio and minimum interest coverage ratio covenants and is unsecured, except as noted above during the Second Amendment Period.

Effective as of December 9, 2025, the Company and certain of its subsidiaries entered into a Second Amended and Restated Credit Agreement which amends and restates the Company’s Amended and Restated Credit Agreement dated as of November 15, 2017, as previously amended effective July 15, 2021 and January 29, 2025, among the Company, certain of the Company’s subsidiaries named therein, PNC Bank, National Association, as lender and as administrative agent, PNC Capital Markets LLC, as sole lead arranger and bookrunner, and the other lender named therein.

The material provisions of the new Credit Agreement are as follows:

• The new Credit Agreement provides for borrowings of up to an aggregate principal amount not to exceed $ 50 million through December 9, 2029 (i.e., the maturity date), including letter of credit and swingline borrowing sublimits of $ 10 million each;

• Borrowings under the new Credit Agreement are secured generally by substantially all of the personal property of the Company and the subsidiary borrowers.

The new credit facility requires springing borrowing base certificate requirements if the availability under the facility is less than $ 25 million;

• The new Credit Agreement provides the Company with the option to request additional increases in the revolving credit facility for an additional aggregate amount of $ 50 million (i.e., an aggregate borrowing amount of $ 100 million) subject to the conditions of the Credit Agreement and subject to the approval of the Lenders;

• Interest is payable under the new Credit Agreement, at the Company’s option, based upon an overnight bank rate, SOFR or the prime rate plus an applicable margin and it resets the interest rate calculation at the Company’s option on an either one, three or six month basis by instituting an applicable margin based on the Company’s net leverage ratio (net of up to $ 25 million in unrestricted cash and cash equivalents on hand) for the trailing twelve month period.

The applicable SOFR margin ranges from 1.25 percent to 2.00 percent;

• The new Credit Agreement requires the Company to maintain a net leverage ratio of less than 3 :00 to 1.00 and an interest coverage ratio of not less than 3.50 :

1.00, each tested on a quarterly basis;

• The new Credit Agreement restricts the Company’s ability to incur additional debt and engage in certain asset or stock acquisitions or dispositions and includes maximum leverage ratio and minimum interest coverage ratio covenants.

The interest rates on the Revolver at January 2, 2026 and December 27, 2024 were approximately 4.8 % and 5.5 %, respectively.

Other Borrowings

The Company had no unsecured revolving credit facilities at its foreign subsidiaries as of June 27, 2025 or June 28, 2024.

The Company utilizes letters of credit primarily as security for the payment of future claims under its workers’ compensation insurance, which totaled approximately $ 67 and $ 67 as of June 27, 2025 and June 28, 2024, respectively.

The Company had no unsecured revolving credit facilities at its foreign subsidiaries as of January 2, 2026 or December 27, 2024.

12 FAIR VALUE MEASUREMENTS

2 unchanged sentences

A fair value hierarchy has been established based on three levels of inputs, of which the first two are considered observable and the last unobservable.

JOHNSON OUTDOORS INC.

• Level 1 - Quoted prices in active markets for identical assets or liabilities.

4 unchanged sentences

These inputs reflect the reporting entity’s own assumptions of the data that market participants would use in pricing the asset or liability, based on the best information available in the circumstances.

The carrying amounts of accounts receivable, accounts payable and accrued expenses approximated their fair values at June 27, 2025, September 27, 2024 and June 28, 2024 due to the short term maturities of these instruments.

The carrying amounts of accounts receivable, accounts payable and accrued expenses approximated their fair values at January 2, 2026, October 3, 2025 and December 27, 2024 due to the short term maturities of these instruments.

See Note 13 for discussion of fair value of cash and cash equivalents.

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The rabbi trust assets are used to fund amounts the Company owes to certain officers and other employees under the Company’s non-qualified deferred compensation plan.

These assets are included in "Other assets" in the accompanying Company's Condensed Consolidated Balance Sheets, and the mark to market adjustments on the assets are recorded in “Other income, net” in the accompanying Condensed Consolidated Statements of Operations.

The offsetting deferred compensation liability is also reported at fair value as "Deferred compensation liability" in the Company's accompanying Condensed

JOHNSON OUTDOORS INC.

Consolidated Balance Sheets.

These assets are reported as "Deferred compensation plan assets" in the accompanying Condensed Consolidated Balance Sheets, and the mark to market adjustments on the assets are recorded in “Other income, net” in the accompanying Condensed Consolidated Statements of Operations.

The offsetting deferred compensation liability is also reported at fair value as "Deferred compensation liability" in the accompanying Condensed Consolidated Balance Sheets.

Changes in the liability are recorded in "Administrative management, finance and information systems" expense in the accompanying Condensed Consolidated Statements of Operations.

1 unchanged sentence

Marketable securities are classified as available-for-sale, with fair values determined using significant other observable inputs, which include quoted prices in markets that are not active, quoted prices of similar securities, recently executed transactions, broker quotations, and other inputs that are observable.

The following table summarizes the Company’s financial assets measured at fair value as of June 27, 2025:

The following table summarizes the Company’s financial assets measured at fair value as of January 2, 2026:

Level 1 Level 2 Level 3 Total

2 unchanged sentences

Total $ 29,587 $ — $ — $ 29,587

The following table summarizes the Company’s financial assets measured at fair value as of September 27, 2024:

The following table summarizes the Company’s financial assets measured at fair value as of October 3, 2025:

Level 1 Level 2 Level 3 Total

2 unchanged sentences

Total $ 30,681 $ — $ — $ 30,681

The following table summarizes the Company’s financial assets measured at fair value as of June 28, 2024:

The following table summarizes the Company’s financial assets measured at fair value as of December 27, 2024:

JOHNSON OUTDOORS INC.

Level 1 Level 2 Level 3 Total

2 unchanged sentences

Total $ 28,665 $ 6,347 $ — $ 35,012

The effect of changes in the fair value of financial instruments on the accompanying Condensed Consolidated Statements of Operations for the three and nine month periods ended June 27, 2025 and June 28, 2024 was:

Three Months Ended Nine months ended

Location of income recognized in Statement of Operations June 27, 2025 June 28, 2024 June 27, 2025 June 28, 2024

The effect of changes in the fair value of financial instruments on the accompanying Condensed Consolidated Statements of Operations for the three month periods ended January 2, 2026 and December 27, 2024 was:

Three Months Ended

Location of income recognized in Statement of Operations January 2, 2026 December 27, 2024

Rabbi trust assets Other income (expense), net $ ( 802 ) $ ( 1,488 )

There were no assets or liabilities measured at fair value on a non-recurring basis in periods subsequent to their initial recognition for either of the nine month periods ended June 27, 2025 or June 28, 2024.

There were no assets or liabilities measured at fair value on a non-recurring basis in periods subsequent to their initial recognition for either of the three month periods ended January 2, 2026 or December 27, 2024.

13 CASH, CASH EQUIVALENTS, AND MARKETABLE SECURITIES

1 unchanged sentence

Cash equivalents are stated at cost which approximates market value.

JOHNSON OUTDOORS INC.

The Company has classified all marketable securities as available-for-sale which requires the securities to be reported at estimated fair value, with unrealized gains and losses, net of tax, reported as a separate component of accumulated other comprehensive income in the Condensed Consolidated Statements of Shareholders' Equity.

At June 27, 2025, cost for marketable securities was determined using the specific identification method.

Cost for marketable securities is determined using the specific identification method.

A summary of the amortized costs and fair values of the Company’s marketable securities at the end of the period presented is shown in the following table.

All of the Company’s marketable securities are classified as Level 2, as defined by FASB ASC 820, with fair values determined using significant other observable inputs, which include quoted prices in markets that are not active, quoted prices of similar securities, recently executed transactions, broker quotations, and other inputs that are observable.

The following table summarizes the Company’s marketable securities measured at fair value as of June 27, 2025:

Amortized Cost Fair Value Gross unrealized gains Gross unrealized losses

Fixed rate Canadian Government Bonds $ 2,326 $ 2,331 $ 5 $ —

Total $ 2,326 $ 2,331 $ 5 $ —

The following table summarizes the Company’s marketable securities measured at fair value as of September 27, 2024:

Amortized Cost Fair Value Gross unrealized gains Gross unrealized losses

Fixed rate US Government Bonds $ 7,493 $ 7,496 $ 3 $ —

Fixed rate Canadian Government Bonds 9,025 9,045 20 —

Total $ 16,518 $ 16,541 $ 23 $ —

The following table summarizes the Company’s marketable securities measured at fair value as of June 28, 2024:

There were no marketable securities held as of January 2, 2026 or October 3, 2025.

The following table summarizes the Company’s marketable securities measured at fair value as of December 27, 2024:

Amortized Cost Fair Value Gross unrealized gains Gross unrealized losses

2 unchanged sentences

Total $ 6,325 $ 6,347 $ 22 $ —

Proceeds from the maturities of available for sale securities were $ 14,021 and $ 19,650 for the nine month periods ended June 27, 2025 and June 28, 2024, respectively.

There were no sales or purchases of available-for-sale securities for the nine month periods ended June 27, 2025 or June 28, 2024.

There were no purchases or sales of available-for-sale securities during the three month periods ended January 2, 2026.

Proceeds from the maturities of available-for-sale securities were $ 9,764 for the three month period ended December 27, 2024.

No unrealized gains or losses were reclassified out of accumulated other comprehensive income during the same periods.

The future contractual maturities of the marketable securities held at June 27, 2025 are as follows:

$ 2,331 within one year, classified as Short-Term Investments on the Condensed Consolidated Balance Sheets, and $ 0 greater than one year, but less than five years, classified as Investments on the Condensed Consolidated Balance Sheets.

At December 27, 2024, contractual maturities were all within one year from the period end and therefore were classified as Short-Term Investments on the accompanying Condensed Consolidated Balance Sheets.

JOHNSON OUTDOORS INC.

14 NEW ACCOUNTING PRONOUNCEMENTS

Recently adopted accounting pronouncements

In November 2023, the Financial Account Standards Board (FASB), issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures.

ASU 2023-07 is intended to improve the disclosures about a public entity's reportable segments and address requests from investors for additional, more detailed information about a reportable segment's expenses.

The amendments in this ASU do not change how a public entity identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine its reportable segments.

The amendments to this standard apply to all public entities that are required to report segment information in accordance with Topic 280, Segment Reporting and are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024.

The Company adopted this guidance for the year ending October 3, 2025 and subsequent interim periods.

The adoption of this standard did not impact the Company’s results of operations or financial position.

See Note 16 Segments of Business for the new disclosures required by the standard.

Recently issued accounting pronouncements

JOHNSON OUTDOORS INC.

In November 2024, the Financial Account Standards Board (FASB), issued Accounting Standards Update (ASU) 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40).

ASU 2024-03 is intended to improve disclosures and provide more detailed information about a public entity’s expenses, specifically amounts related to purchases of inventory, employee compensation, depreciation, intangible asset amortization, and selling expenses, along with qualitative descriptions of certain other types of expenses.

This guidance in this ASU is effective in fiscal 2028, and interim periods in fiscal 2029, with early adoption permitted.

The Company is currently reviewing this ASU and its potential impact on its financial statements and disclosures.

In March 2024, the United States Securities and Exchange Commission (SEC) issued Final Rulemaking Release No.

The Enhancement and Standardization of Climate-Related Disclosures for Investors.

This release is intended to improve consistency, completeness and transparency related to climate risks and events.

The disclosure requirements related to this new rule will be phased in, and effective for the Company beginning in fiscal 2027 on a prospective basis.

The Company is currently evaluating the potential impact of this release on its financial statements and disclosures.

In July 2025, the FASB issued ASU 2025-05, Financial Instruments - Credit Losses:

Measurement of Credit Losses for Accounts Receivable and Contract Assets (Topic 326).

The update permits entities to elect a practical expedient for estimating expected credit losses on current trade receivables and current contract assets by assuming that conditions existing at the balance sheet date will remain unchanged over the life of those assets.

The updated standard is effective for fiscal years beginning after December 15, 2025, including interim periods within those fiscal years, with early adoption permitted.

The Company is currently assessing the impact of the amendment to this standard on its consolidated financial statements.

In November 2024, the FASB, issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures.

ASU 2024-03 is intended to improve disclosures about a public business entity's expenses and provide more detailed information to investors about the types of expenses in commonly presented expense captions.

In January 2025, the FASB issued ASU No.

2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40) Clarifying the Effective Date , which is intended to clarify the effective date of ASU No.

As clarified in ASU 2025-01, the new guidance is effective for annual reporting periods beginning after December 15, 2026 with early adoption permitted.

While we anticipate that the adoption of this standard will require additional disclosures, the Company is currently assessing the impact of the amendment to this standard on its consolidated financial statements.

In December 2023, the FASB, issued ASU 2023-09, Income Taxes (Topic 740):

2 unchanged sentences

The amendments in this ASU are effective for the Company in fiscal 2026 on a prospective basis, with early adoption permitted.

The Company is currently evaluating the potential impact of this guidance on its financial statements and disclosures.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures.

The amendments in this ASU are effective in fiscal 2025, and interim periods in fiscal 2026, on a retrospective basis, with early adoption permitted.

The Company does not expect this guidance to have a material effect on its financial statements and disclosures.

The Company is currently evaluating the impacts of ASU 2023-09 on its income tax disclosures.

Adoption is expected to result in expanded qualitative and quantitative disclosures in the Company’s annual financial statements, including increased disaggregation within the effective tax rate reconciliation and additional detail related to income taxes paid by jurisdiction.

The Company does not expect the adoption of ASU 2023-09 to have a material impact on its consolidated financial position, results of operations, or cash flows.

In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements:

Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative.

This ASU covers a variety of codification topics, and the effective date for each amendment will be the date on which the SEC's removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited.

For all entities within the scope of the affected Codification subtopics, if, by June 30, 2027, the SEC has not removed the applicable requirement from Regulation S-X or Regulation S-K, the pending content of the associated amendment will be removed from the Codification and will not become effective for any entities.

The Company will monitor the removal of various requirements from the current regulations to determine when to adopt the related amendments, but it does not anticipate that the adoption of the new guidance will have a material impact on the Company’s consolidated financial statements and related disclosures.

Revenue is recognized when obligations under the terms of a contract with our customer are satisfied;

2 unchanged sentences

The amount of consideration received can vary, primarily because of customer incentive or rebate arrangements.

The Company estimates variable consideration based on the expected value of total consideration to which customers are likely to be entitled based on historical experience and projected market expectations.

JOHNSON OUTDOORS INC.

Company estimates variable consideration based on the expected value of total consideration to which customers are likely to be entitled based on historical experience and projected market expectations.

Included in the estimate is an assessment as to whether any variable consideration is constrained.

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The Company provides customers the right to return eligible products under certain circumstances.

At June 27, 2025, the right to returns asset was $ 1,447 and the accrued returns liability was $ 3,783 .

At June 28, 2024, the right to returns asset was $ 1,195 and the accrued returns liability was $ 2,981 .

At January 2, 2026, the right to returns asset was $ 1,177 and the accrued returns liability was $ 3,033 .

At December 27, 2024, the right to returns asset was $ 1,384 and the accrued returns liability was $ 3,679 .

The Company also offers assurance-type warranties relating to its products sold to end customers that continue to be accounted for under ASC 460 Guarantees.

JOHNSON OUTDOORS INC.

The Company accounts for shipping and handling activities as a fulfillment activity, consistent with the timing of revenue recognition;

8 unchanged sentences

Operations are conducted in the United States and various foreign countries, primarily in Europe, Canada and the Pacific Basin.

The Company has historically reported "Camping" and "Watercraft Recreation" segments separately.

As of December 27, 2024, the Company combined these two segments into one segment, "Camping & Watercraft Recreation," consistent with the manner in which its chief operating decision maker ("CODM") assesses performance and makes resource allocations.

The operating segment change was for financial reporting purposes only and did not impact or result in changes to operations of the business segments, nor did it impact the Company's consolidated financial statements, but it did impact our previous segment footnote disclosure and the table below, including the corresponding items of segment information disclosed in the prior year.

The Company’s Chief Executive Officer, who has been identified as the chief operating decision maker, "CODM," primarily uses operating profit as the measure of profit or loss to assess segment performance and allocate resources.

Operating profit represents net sales less cost of goods sold and operating expenses.

Net Sales are directly attributed to each segment.

Segment operating expenses include operating expenses directly attributable to the segment, as well as certain shared corporate administration and other costs which are allocated to the segments in a reasonable manner considering the specific facts and circumstances of the expenses being allocated.

The CODM evaluates segment profitability based on operating profit (loss) because it provides key insights to operational leverage and other key operational metrics for each segment.

Additionally, segment operating profit (loss) is used in the annual budgeting and forecasting process, and budget-to-actual and forecast-to-actual variances are considered when determining how resources should be allocated to each segment.

Net sales and operating profit include both sales to customers, as reported in the Company’s accompanying Condensed Consolidated Statements of Operations, and interunit transfers, which are priced to recover cost plus an appropriate profit margin.

2 unchanged sentences

A summary of the Company’s operations by business segment is presented below:

Three Months Ended Nine Months Ended

June 27, 2025 June 28, 2024 June 27, 2025 June 28, 2024 September 27, 2024

Unaffiliated customers $ 140,243 $ 130,415 $ 357,138 $ 379,242

Interunit transfers 436 122 904 395

Camping & Watercraft Recreation:

Three Months Ended January 2, 2026 Fishing Camping & Watercraft Recreation Diving Other/Corporate Total

Unaffiliated customers $ 112,146 $ 10,585 $ 17,974 $ 230 $ 140,935

Interunit transfers 224 16 — ( 240 ) —

Net Sales 112,370 10,601 17,974 ( 10 ) 140,935

Cost of goods sold 74,399 6,328 8,664 ( 66 ) 89,325

Gross profit 37,971 4,273 9,310 56 51,610

Marketing and selling expense 21,794 3,814 5,882 2,014 33,504

Administrative management, finance and information systems expense 2,700 980 2,486 6,990 13,156

Goodwill impairment — — — — —

Research and development expense 5,957 597 1,278 30 7,862

Operating profit (loss) $ 7,520 $ ( 1,118 ) $ ( 336 ) $ ( 8,978 ) $ ( 2,912 )

Depreciation and Amortization Expense $ 3,763 $ 405 $ 298 $ 633 $ 5,099

Capital Expenditures $ 3,739 $ 295 $ 46 $ 213 $ 4,293

Total assets (end of period) $ 318,679 $ 70,277 $ 95,096 $ 116,081 $ 600,133

Three Months Ended December 27, 2024 Fishing Camping & Watercraft Recreation Diving Other/Corporate Total

Unaffiliated customers $ 82,433 $ 9,443 $ 15,680 $ 93 $ 107,649

Interunit transfers 39 8 4 ( 51 ) —

Other / Corporate 331 255 671 621

Eliminations ( 464 ) ( 178 ) ( 976 ) ( 520 )

Total $ 180,655 $ 172,472 $ 456,653 $ 486,972

Net Sales 82,472 9,451 15,684 42 107,649

Cost of goods sold 63,871 4,936 6,650 9 75,466

Gross profit 18,601 4,515 9,034 33 32,183

Marketing and selling expense 18,521 3,560 4,718 3,585 30,384

Administrative management, finance and information systems expense 2,559 1,011 4,034 6,872 14,476

Goodwill impairment — — — — —

Research and development expense 5,782 590 1,190 — 7,562

Operating profit (loss) $ ( 8,261 ) $ ( 646 ) $ ( 908 ) $ ( 10,424 ) $ ( 20,239 )

Fishing $ 14,553 $ 5,258 $ 15,761 $ 24,214

Camping & Watercraft Recreation:

1,588 2,031 2,188 1,534

Diving 1,576 898 255 22

Other / Corporate ( 10,387 ) ( 8,693 ) ( 26,212 ) ( 26,483 )

$ 7,330 $ ( 506 ) $ ( 8,008 ) $ ( 713 )

Depreciation and Amortization Expense 3,292 421 237 853 4,803

Capital Expenditures 3,646 10 322 106 4,084

Total assets (end of period) $ 341,990 $ 69,383 $ 90,543 $ 110,952 $ 612,868

Fishing $ 304,451 $ 365,842 $ 325,882

Camping & Watercraft Recreation:

78,304 77,821 69,516

Diving 97,008 81,818 77,465

Other / Corporate 154,710 154,344 162,349

$ 634,473 $ 679,825 $ 635,212

Other Segment Information

During the three and nine month periods ended June 27, 2025, one customer of the Company's Fishing and Camping & Watercraft Recreation segments accounted for more than 10% of the Company's consolidated revenues, which amounted to net sales of approximately $ 34,171 and $ 95,215 , respectively, of the Company's consolidated revenues.

During the three and nine month periods ended June 28, 2024, one customer of the Company's Fishing and Camping & Watercraft Recreation segments accounted for more than 10% of the Company's consolidated revenues, which amounted to net sales of approximately $ 41,273 and $ 150,166 , respectively, of the Company's consolidated revenues.

During the first quarter of fiscal 2024, the Fishing segment of the Company sold a building, which resulted in a gain of approximately $ 1,900 , which was recorded in Other income, net in the accompanying Condensed Consolidated Statements of Operations.

During the three month period ended January 2, 2026, two customers of the Company's Fishing and Camping & Watercraft Recreation segments each accounted for more than 10 % of the Company's consolidated revenues, which amounted to sales of approximately $ 51,651 .

During the three month period ended December 27, 2024, two customers of the Company's Fishing and Camping & Watercraft Recreation segments each accounted for more than 10 % of the Company's consolidated revenues, which amounted to sales of approximately $ 32,875 .

17 ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The changes in Accumulated Other Comprehensive Income (“AOCI”) by component, net of tax, for the nine months ended June 27, 2025 were as follows:

The changes in Accumulated Other Comprehensive Income (“AOCI”) by component, net of tax, for the three months ended January 2, 2026 were as follows:

JOHNSON OUTDOORS INC.

5 unchanged sentences

Income (Loss)

Balance at September 27, 2024 $ 6,056 $ 17 $ ( 109 ) $ 5,964

Balance at October 3, 2025 $ 7,356 $ — $ ( 67 ) $ 7,289

Other comprehensive loss before reclassifications 1,095 — — 1,095

1 unchanged sentence

Tax effects — — ( 3 ) ( 3 )

Balance at December 27, 2024 $ 1,141 $ 16 $ ( 100 ) $ 1,057

Other comprehensive income before reclassifications 1,133 ( 4 ) — 1,129

Amounts reclassified from accumulated other comprehensive income — — 10 10

Tax effects — — ( 3 ) ( 3 )

Balance at March 28, 2025 $ 2,274 $ 12 $ ( 93 ) $ 2,193

Other comprehensive income before reclassifications 5,192 ( 8 ) — 5,184

Amounts reclassified from accumulated other comprehensive income — — 11 11

Tax effects — — ( 2 ) ( 2 )

Balance at June 27, 2025 $ 7,466 $ 4 $ ( 84 ) $ 7,386

The changes in AOCI by component, net of tax, for the nine months ended June 28, 2024 were as follows:

Balance at January 2, 2026 $ 8,451 $ — $ ( 59 ) $ 8,392

The changes in AOCI by component, net of tax, for the three months ended December 27, 2024 were as follows:

Adjustment Unrealized gain (loss) on available-for sale securities Unamortized

9 unchanged sentences

Balance at December 27, 2024 $ 1,141 $ 16 $ ( 100 ) $ 1,057

Other comprehensive loss before reclassifications ( 2,379 ) ( 24 ) — ( 2,403 )

Amounts reclassified from accumulated other comprehensive income — — 10 10

Tax effects — 6 ( 2 ) 4

Balance at March 29, 2024 $ 4,261 $ ( 37 ) $ ( 122 ) $ 4,102

Other comprehensive loss before reclassifications ( 439 ) 20 — ( 419 )

Amounts reclassified from accumulated other comprehensive income — — 9 9

Tax effects — ( 6 ) ( 3 ) ( 9 )

Balance at June 28, 2024 $ 3,822 $ ( 23 ) $ ( 116 ) $ 3,683

The reclassifications out of AOCI for the three and nine months ended June 27, 2025 and June 28, 2024 were as follows:

JOHNSON OUTDOORS INC.

Three Months Ended Nine Months Ended

June 27, 2025 June 28, 2024 June 27, 2025 June 28, 2024 Statement of Operations

The reclassifications out of AOCI for the three months ended January 2, 2026 and December 27, 2024 were as follows:

Three Months Ended

January 2, 2026 December 27, 2024 Statement of Operations

Unamortized loss on defined benefit pension plans:

8 unchanged sentences

Approximately $ 1,650 of the purchase price was paid into segregated escrow accounts which were set aside to fund (1) any potential downward purchase price adjustment tied to cash, debt and net working capital levels as of the closing or (2) potential indemnity claims that may be made by the Company against the Seller in connection with the inaccuracy of certain representations and warranties made by the Seller or related to the breach or nonperformance of certain other actions, agreements or conditions related to the acquisition, for a period of 24 months from the acquisition date.

The Company cannot estimate the probability or likelihood of bringing such an indemnity claim against the Seller or any related costs at this time.

The Company cannot estimate the probability or likelihood of bringing such an indemnity claim against the Seller or any related costs at this

JOHNSON OUTDOORS INC.

The remaining escrow balance, if any, net of any indemnity claim then pending, will be released to the Seller once the 24 month period has lapsed.

The Company is currently in the process of finalizing the fair value of the assets acquired and the liabilities assumed in this acquisition and anticipates completing the valuation of intangibles and other assets, including any final cash, debt, net working capital adjustments and the related tax effects, within this fiscal year.

The following table summarizes the provisional fair values of the assets acquired and liabilities assumed, and the resulting goodwill acquired at the date of acquisition:

The Company finalized the purchase accounting during the fourth quarter of fiscal 2025, and there were no material adjustments made during the measurement period.

The following table summarizes the fair values of the assets acquired and liabilities assumed, and the resulting goodwill acquired at the date of acquisition:

Recognized amounts of identifiable assets acquired and liabilities assumed

12 unchanged sentences

Pro forma financial information has not been presented because such amounts are not material to the unaudited condensed consolidated financial statements.

JOHNSON OUTDOORS INC.

Transaction costs incurred for the acquisition to date were approximately $ 635 , of which approximately $ 135 was recognized during the nine months ended June 27, 2025, and which are included in Administrative management, finance and information systems expenses in the accompanying Condensed Consolidated Statements of Operations.

Total transaction costs incurred for the acquisition were approximately $ 635 , of which approximately $ 110 was recognized during the three months ended December 27, 2024, and the remainder was recognized in fiscal 2024.

The costs are included in Administrative management, finance and information systems expenses in the accompanying Condensed Consolidated Statements of Operations.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements