What changed in this filing

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Item 1. Financial Statements

2026-05-08 compared with 2026-02-06 · 182 added, 121 removed, 504 unchanged (38% of the section changed)

1 unchanged sentence

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Three Months Ended

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

Three Months Ended Six Months Ended

(thousands, except per share data) April 3, 2026 March 28, 2025 April 3, 2026 March 28, 2025

Net sales $ 194,480 $ 168,349 $ 335,415 $ 275,998

6 unchanged sentences

Total operating expenses 65,139 53,965 119,661 106,387

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

Operating income (loss) 10,349 4,901 7,437 ( 15,338 )

Interest income ( 632 ) ( 625 ) ( 1,952 ) ( 1,658 )

Interest expense 48 68 105 115

Other income, net ( 394 ) ( 326 )

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

Other expense (income), net 726 1,300 332 974

Income (loss) before income taxes 10,207 4,158 8,952 ( 14,769 )

Income tax expense (benefit) 798 1,854 2,843 ( 1,783 )

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

Net income (loss) $ 9,409 $ 2,304 $ 6,109 $ ( 12,986 )

Weighted average common shares - Basic:

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Weighted average common shares - Dilutive 10,383 10,272 10,370 10,272

Net loss per common share - Basic:

Net income (loss) per common share - Basic:

Class A $ 0.91 $ 0.22 $ 0.58 $ ( 1.26 )

Class B $ 0.83 $ 0.22 $ 0.58 $ ( 1.26 )

Net loss per common share - Diluted:

Net income (loss) per common share - Diluted:

Class A $ 0.89 $ 0.22 $ 0.58 $ ( 1.26 )

3 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

Three Months Ended

(thousands) January 2, 2026 December 27, 2024

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

Three Months Ended Six Months Ended

(thousands) April 3, 2026 March 28, 2025 April 3, 2026 March 28, 2025

Net income (loss) $ 9,409 $ 2,304 $ 6,109 $ ( 12,986 )

Other comprehensive income (loss):

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Total other comprehensive income (loss) ( 1,576 ) 1,136 ( 473 ) ( 3,771 )

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

Total comprehensive income (loss) $ 7,833 $ 3,440 $ 5,636 $ ( 16,757 )

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

1 unchanged sentence

CONDENSED CONSOLIDATED BALANCE SHEETS

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

(thousands, except share data) April 3, 2026 October 3, 2025 March 28, 2025

Current assets:

49 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY

Three Months Ended January 2, 2026

Six Months Ended April 3, 2026

(thousands except for shares) Shares Common Stock Capital in

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

Three Months Ended December 27, 2024

Net income — — — 9,409 — —

Dividends declared — — — ( 3,439 ) — —

Award of non-vested shares 21,757 1 ( 1 ) — — —

Stock-based compensation — — 948 — — —

Currency translation adjustment — — — — ( 1,584 ) —

Change in pension plans, net of tax of $ 2

Purchase of treasury stock at cost ( 119 ) — — — — ( 5 )

BALANCE AT APRIL 3, 2026 10,474,692 $ 526 $ 93,616 $ 321,039 $ 6,815 $ ( 3,111 )

JOHNSON OUTDOORS INC.

Six Months Ended March 28, 2025

(thousands except for shares) Shares Common Stock Capital in

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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-sales 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 )

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

1 unchanged sentence

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Three Months Ended

(thousands) January 2, 2026 December 27, 2024

Six Months Ended

(thousands) April 3, 2026 March 28, 2025

CASH USED FOR OPERATING ACTIVITIES

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

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

Net income (loss) $ 6,109 $ ( 12,986 )

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

Depreciation 9,783 9,765

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Proceeds from maturity of short-term investments — 11,826

Proceeds from sale of productive assets 21 —

Capital expenditures ( 10,496 ) ( 7,378 )

1 unchanged sentence

CASH USED FOR FINANCING ACTIVITIES

Debt issuance costs paid — ( 55 )

Dividends paid ( 6,812 ) ( 6,736 )

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Cash paid for taxes $ 1,224 $ 1,583

Accrued dividends 27 ( 2 )

Cash paid for interest 39 88

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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 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.

and subsidiaries (collectively, the “Company”) as of April 3, 2026 and March 28, 2025, and their results of operations for the three and six month periods then ended and cash flows for the six 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.

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2 ACCOUNTS RECEIVABLE

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.

Accounts receivable are stated net of allowances for credit losses of $ 1,234 , $ 1,232 and $ 692 as of April 3, 2026, October 3, 2025 and March 28, 2025, 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 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.

For the three month period ended April 3, 2026, 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 described above.

For the six month period ended April 3, 2026 and the three and six month periods ended March 28, 2025, basic net income (loss) per share for Class A and Class B shares was the same because there were no cumulative undistributed earnings.

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 “units”) and non-vested restricted stock.

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

Anti-dilutive stock options, units and non-vested stock are excluded from the

JOHNSON OUTDOORS INC.

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

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.

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 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.

For the three month period ended April 3, 2026, 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 six month period ended April 3, 2026 and the three and six month periods ended March 28, 2025, 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 164,187 and 69,486 for the three months ended April 3, 2026 and March 28, 2025, respectively, and 152,639 and 64,525 for the six months ended April 3, 2026 and March 28, 2025, 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 58,192 and 105,840 for the three months ended April 3, 2026 and March 28, 2025, respectively, and 61,749 and 101,625 for the six months ended April 3, 2026 and March 28, 2025, respectively.

Dividends per share

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 per share for the three and six month periods ended April 3, 2026 and March 28, 2025 were as follows:

Three Months Ended Six months ended

April 3, 2026 March 28, 2025 April 3, 2026 March 28, 2025

Dividends declared per common share:

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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 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.

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 652,329 shares of the Company’s Class A common stock available for future grant to non-employee directors and key executives at April 3, 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.

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JOHNSON OUTDOORS INC.

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:

A summary of non-vested stock activity for the six months ended April 3, 2026 related to the Company’s stock ownership plans is as follows:

Shares Weighted Average

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Restricted stock vested ( 39,223 ) 36.27

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

Non-vested stock at April 3, 2026 156,552 43.41

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 1,949 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.

Shares tendered back to the Company were 2,068 and 1,609 during the six month periods ended April 3, 2026 and March 28, 2025, respectively.

Stock compensation expense, net of forfeitures, related to non-vested stock was $ 777 and $ 462 for the three month periods ended April 3, 2026 and March 28, 2025, respectively, and $ 1,421 and $ 816 for the six month periods ended April 3, 2026 and March 28, 2025, respectively.

Unrecognized compensation cost related to non-vested stock as of April 3, 2026 was $ 4,676 , 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 six month periods ended April 3, 2026 and March 28, 2025 was $ 276 and $ 690 , respectively.

Restricted Stock Units

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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 three months ended January 2, 2026 follows:

A summary of RSU activity for the six months ended April 3, 2026 follows:

Number of RSUs Weighted Average

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RSUs vested and canceled due to performance targets not being met ( 31,250 ) 56.54

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.

RSUs at April 3, 2026 118,902 40.73

The Company recognized expense related to RSUs of $ 171 and $ 160 for the three month periods ended April 3, 2026 and March 28, 2025, respectively, and $ 333 and $ 276 for the six month periods ended April 3, 2026 and March 28, 2025, respectively.

Unrecognized compensation cost related to non-vested RSUs as of April 3, 2026 was $ 1,592 , 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.

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.

Shares tendered back to the Company for this purpose were 0 during both of the six month periods ended April 3, 2026 and March 28, 2025.

The fair value of restricted stock units recognized as a tax deduction during the six month periods ended April 3, 2026 and March 28, 2025 was $ 0 and $ 0 , respectively.

JOHNSON OUTDOORS INC.

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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 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.

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

For the units granted prior to fiscal 2026, the financial goals are related to cumulative net sales and cumulative pre-tax income, weighted equally, 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.

The payouts for achievement at maximum levels of performance are equal to 150 % of the target award amount for units awarded prior to fiscal 2025 and payouts for achievement at maximum levels of performance are equal to 200 % of the target award amount for units awarded in fiscal 2025.

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

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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 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.

During the three and six month periods ended April 3, 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 March 28, 2025, the Company issued 0 shares of Class A common stock and recognized $ 128 of expense in connection with this plan.

During the six month period ended March 28, 2025, the Company issued 0 shares of Class A common stock and recognized $ 165 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 January 2, 2026, the Company had approximately 150 leases, with remaining terms ranging from less than one year to 14 years.

As of April 3, 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 months ended January 2, 2026 and December 27, 2024 were as follows:

Three months ended

January 2, 2026 December 27, 2024

The components of lease expense recognized in the accompanying Condensed Consolidated Statements of Operations for the three and six months ended April 3, 2026 and March 28, 2025 were as follows:

JOHNSON OUTDOORS INC.

Three months ended Six months ended

April 3, 2026 March 28, 2025 April 3, 2026 March 28, 2025

Operating lease costs $ 2,683 $ 2,647 $ 5,342 $ 5,271

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Total lease cost $ 3,285 $ 3,258 $ 6,575 $ 6,498

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.

Included in the amounts in the table above were rent expense to related parties of $ 314 and $ 627 for the three and six months ended April 3, 2026, respectively, and $ 313 and $ 627 for the three and six months ended March 28, 2025, respectively.

As of April 3, 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 January 2, 2026.

As of January 2, 2026, 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 April 3, 2026.

As of April 3, 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:

Three months ended

January 2, 2026 December 27, 2024

Six months ended

April 3, 2026 March 28, 2025

Operating leases:

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ROU assets obtained in exchange for lease liabilities $ 1,897 $ 4,032

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:

Future minimum rental commitments under non-cancelable operating leases with an initial lease term in excess of one year at April 3, 2026 were as follows:

JOHNSON OUTDOORS INC.

Year Related parties included

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6 INCOME TAXES

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

For the three and six months ended April 3, 2026 and March 28, 2025, the Company’s earnings before income taxes, income tax expense and effective income tax rate were as follows:

Three Months Ended Six Months Ended

(thousands, except tax rate data)

January 2, 2026 December 27, 2024

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

April 3, 2026 March 28, 2025 April 3, 2026 March 28, 2025

Income (Loss) before income taxes $ 10,207 $ 4,158 $ 8,952 $ ( 14,769 )

Income tax expense (benefit) 798 1,854 2,843 ( 1,783 )

Effective income tax rate 7.8 % 44.6 % 31.8 % 12.1 %

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.

The change in the Company’s effective tax rate for the three and six months ended April 3, 2026 compared to the three and six months ended March 28, 2025 was primarily due to an adjustment related to its U.S.

valuation allowance on deferred tax assets.

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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 January 2, 2026 and December 27, 2024 were:

January 2, 2026 December 27, 2024

The significant tax jurisdictions that have a valuation allowance for the periods ended April 3, 2026 and March 28, 2025 were:

April 3, 2026 March 28, 2025

Indonesia Indonesia

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United States

JOHNSON OUTDOORS INC.

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.

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On July 4, 2025, the One Big Beautiful Bill (OBBB) Act, which includes a broad range of tax reform provisions, was signed into law in the United States.

We are currently assessing its potential impact on our estimated annual effective tax rate.

We do not expect the Act to have a material impact.

7 INVENTORIES

1 unchanged sentence

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

JOHNSON OUTDOORS INC.

2026 October 3,

2025 December 27,

2025 March 28,

Raw materials $ 91,747 $ 90,993 $ 96,172

1 unchanged sentence

$ 186,900 $ 170,726 $ 180,057

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

The changes in goodwill during the six months ended April 3, 2026 and March 28, 2025 were as follows:

April 3, 2026 March 28, 2025

Balance at beginning of period $ 10,456 $ —

2 unchanged sentences

Balance at end of period $ 10,638 $ 9,890

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

The goodwill at April 3, 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.

See Note 18 below for additional information on this acquisition.

The Company evaluates the carrying value of goodwill for a reporting unit on an annual basis or more frequently when events and circumstances warrant such an evaluation.

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

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

The following table summarizes the Company’s warranty activity for the six months ended April 3, 2026 and March 28, 2025.

JOHNSON OUTDOORS INC.

April 3, 2026 March 28, 2025

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

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11 INDEBTEDNESS

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

JOHNSON OUTDOORS INC.

The Company had no debt outstanding at April 3, 2026, October 3, 2025, or March 28, 2025.

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

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

JOHNSON OUTDOORS INC.

• 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 :

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• 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.

The interest rates on the Revolver at April 3, 2026 and March 28, 2025 were approximately 4.8 % and 5.4 %, respectively.

Other Borrowings

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

The Company had no unsecured revolving credit facilities at its foreign subsidiaries as of April 3, 2026 or March 28, 2025.

The Company utilizes letters of credit primarily as security for the payment of future claims under its workers’ compensation insurance, which totaled approximately $ 51 and $ 67 as of April 3, 2026 and March 28, 2025, respectively.

12 FAIR VALUE MEASUREMENTS

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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.

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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 January 2, 2026, October 3, 2025 and December 27, 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 April 3, 2026, October 3, 2025 and March 28, 2025 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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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 January 2, 2026:

The following table summarizes the Company’s financial assets measured at fair value as of April 3, 2026:

JOHNSON OUTDOORS INC.

Level 1 Level 2 Level 3 Total

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Total $ 30,681 $ — $ — $ 30,681

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

JOHNSON OUTDOORS INC.

The following table summarizes the Company’s financial assets measured at fair value as of March 28, 2025:

Level 1 Level 2 Level 3 Total

2 unchanged sentences

Total $ 27,396 $ 4,315 $ — $ 31,711

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

The effect of changes in the fair value of financial instruments on the accompanying Condensed Consolidated Statements of Operations for the three and six month periods ended April 3, 2026 and March 28, 2025 was:

Three Months Ended Six months ended

Location of income recognized in Statement of Operations April 3, 2026 March 28, 2025 April 3, 2026 March 28, 2025

Rabbi trust assets Other income (expense), net $ ( 901 ) $ ( 1,277 ) $ ( 1,703 ) $ ( 2,765 )

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.

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 six month periods ended April 3, 2026 or March 28, 2025.

13 CASH, CASH EQUIVALENTS, AND MARKETABLE SECURITIES

5 unchanged sentences

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.

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:

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

The following table summarizes the Company’s marketable securities measured at fair value as of March 28, 2025:

Amortized Cost Fair Value Gross unrealized gains Gross unrealized losses

Fixed rate US Government Bonds $ — $ — $ — $ —

Fixed rate Canadian Government Bonds 4,298 4,315 17 —

Total $ 4,298 $ 4,315 $ 17 $ —

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.

There were no purchases or sales of available-for-sale securities during the six month periods ended April 3, 2026 or March 28, 2025, respectively.

Proceeds from the maturities of available-for-sale securities were $ 0 and $ 11,826 for the six month period ended April 3, 2026 and March 28, 2025, respectively.

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

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.

At March 28, 2025, 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.

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):

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

Improvements to Reportable Segment Disclosures.

22 unchanged sentences

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.

Adoption is expected to result in expanded qualitative and quantitative disclosures in the Company’s annual financial statements,

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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.

8 unchanged sentences

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

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.

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.

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

9 unchanged sentences

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

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 .

At April 3, 2026, the right to returns asset was $ 1,447 and the accrued returns liability was $ 3,782 .

At March 28, 2025, the right to returns asset was $ 1,615 and the accrued returns liability was $ 4,283 .

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.

7 unchanged sentences

16 SEGMENTS OF BUSINESS

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The Company conducts its worldwide operations through separate business segments , each of which represents major product lines.

8 unchanged sentences

Total assets represent assets that are used in the Company’s operations in each business segment at the end of the periods presented.

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

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

JOHNSON OUTDOORS INC.

Three Months Ended April 3, 2026 Fishing Camping & Watercraft Recreation Diving Other/Corporate Total

Unaffiliated customers $ 158,586 $ 18,039 $ 17,315 $ 540 $ 194,480

11 unchanged sentences

Total assets (end of period) $ 354,372 $ 72,581 $ 93,782 $ 97,538 $ 618,273

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

Three Months Ended March 28, 2025 Fishing Camping & Watercraft Recreation Diving Other/Corporate Total

Unaffiliated customers $ 134,462 $ 17,826 $ 15,814 $ 247 $ 168,349

11 unchanged sentences

Total assets (end of period) $ 359,016 $ 73,171 $ 90,137 $ 102,150 $ 624,474

JOHNSON OUTDOORS INC.

Six Months Ended April 3, 2026 Fishing Camping & Watercraft Recreation Diving Other/Corporate Total

Unaffiliated customers $ 270,732 $ 28,624 $ 35,289 $ 770 $ 335,415

Interunit transfers 663 30 — ( 693 ) —

Net Sales 271,395 28,654 35,289 77 335,415

Cost of goods sold 175,977 16,623 15,816 ( 99 ) 208,317

Gross profit 95,418 12,031 19,473 176 127,098

Marketing and selling expense 51,224 8,963 12,113 4,471 76,771

Administrative management, finance and information systems expense 5,565 2,093 5,381 13,422 26,461

Goodwill impairment — — — — —

Research and development expense 12,404 1,305 2,551 169 16,429

Operating profit (loss) $ 26,225 $ ( 330 ) $ ( 572 ) $ ( 17,886 ) $ 7,437

Depreciation and Amortization Expense $ 7,490 $ 808 $ 629 $ 1,170 $ 10,097

Capital Expenditures $ ( 8,490 ) $ ( 502 ) $ ( 89 ) $ ( 1,415 ) $ ( 10,496 )

Total assets (end of period) $ 354,372 $ 72,581 $ 93,782 $ 97,538 $ 618,273

Six Months Ended March 28, 2025 Fishing Camping & Watercraft Recreation Diving Other/Corporate Total

Unaffiliated customers $ 216,895 $ 27,269 $ 31,494 $ 340 $ 275,998

Interunit transfers 468 34 10 ( 512 ) —

Net Sales 217,363 27,303 31,504 ( 172 ) 275,998

Cost of goods sold 157,068 14,986 13,175 ( 280 ) 184,949

Gross profit 60,295 12,317 18,329 108 91,049

Marketing and selling expense 41,514 8,331 9,427 5,756 65,028

Administrative management, finance and information systems expense 5,595 2,160 7,779 10,177 25,711

Goodwill impairment — — — — —

Research and development expense 11,978 1,226 2,444 — 15,648

Operating profit (loss) $ 1,208 $ 600 $ ( 1,321 ) $ ( 15,825 ) $ ( 15,338 )

Depreciation and Amortization Expense 7,063 849 482 1,647 10,041

Capital Expenditures ( 6,275 ) ( 243 ) ( 543 ) ( 317 ) ( 7,378 )

Total assets (end of period) $ 359,016 $ 73,171 $ 90,137 $ 102,150 $ 624,474

Other Segment Information

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 .

During the three and six month periods ended April 3, 2026, 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 sales of approximately $ 49,314 and $ 79,679 , respectively.

During the three and six month periods ended March 28, 2025, 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 $ 63,291 and $ 87,549 , respectively.

17 ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

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

The changes in Accumulated Other Comprehensive Income (“AOCI”) by component, net of tax, for the six months ended April 3, 2026 were as follows:

JOHNSON OUTDOORS INC.

10 unchanged sentences

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:

Other comprehensive income before reclassifications ( 1,584 ) — — ( 1,584 )

Amounts reclassified from accumulated other comprehensive income — — 9 9

Tax effects — — ( 2 ) ( 2 )

Balance at April 3, 2026 $ 6,867 $ — $ ( 52 ) $ 6,815

The changes in AOCI by component, net of tax, for the six months ended March 28, 2025 were as follows:

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

5 unchanged sentences

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

Other comprehensive income before reclassifications ( 4,915 ) ( 1 ) — ( 4,916 )

Other comprehensive loss before reclassifications ( 4,915 ) ( 1 ) — ( 4,916 )

Amounts reclassified from accumulated other comprehensive income — 11 11

1 unchanged sentence

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

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

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

Amounts reclassified from accumulated other comprehensive income — — 10 10

Tax effects — — ( 3 ) ( 3 )

Balance at March 29, 2025 $ 2,274 $ 12 $ ( 93 ) $ 2,193

The reclassifications out of AOCI for the three and six months ended April 3, 2026 and March 28, 2025 were as follows:

Three Months Ended Six Months Ended

April 3, 2026 March 28, 2025 April 3, 2026 March 28, 2025 Statement of Operations

Unamortized loss on defined benefit pension plans:

4 unchanged sentences

On October 25, 2024, the Company acquired all the outstanding common stock of Endless Summer Technologies Proprietary, Ltd ("EST") and related patents and other assets used in EST's business and operations in a purchase transaction with EST's sole shareholder (the "Seller").

EST, based in Durban, South Africa, has been a long term supplier of products to the Company and it specializes in the design, development and manufacturing of scuba equipment through unique application of existing, new and emerging technologies.

EST, based in Durban, South Africa, has been a long term

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supplier of products to the Company and it specializes in the design, development and manufacturing of scuba equipment through unique application of existing, new and emerging technologies.

The EST acquisition is included in the Company's Diving segment, and is expected to provide new innovative products, unlock synergies and enhance operating efficiencies for the Diving segment.

1 unchanged sentence

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

JOHNSON OUTDOORS INC.

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 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.

15 unchanged sentences

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

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.

Total transaction costs incurred for the acquisition were approximately $ 635 , of which approximately $ 110 was recognized during the six months ended March 28, 2025, 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