約翰遜戶外第三季純利飆93% 受惠關稅退款入賬

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q 

☒  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended July 3, 2026 

OR

☐  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

For the transition period from _________ to _________

Commission file number 0-16255 

JOHNSON OUTDOORS INC. 
(Exact name of Registrant as specified in its charter)
 

Wisconsin39-1536083
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)

555 Main Street, Racine, Wisconsin 53403 
(Address of principal executive offices)

(262) 631-6600 
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading SymbolName of each exchange on which registered
Class A Common Stock, $.05 par value per shareJOUTNASDAQ Global Select MarketSM

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒   No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes ☒   No ☐

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act: Large accelerated filer ☐Accelerated filer ☒Non-accelerated filer ☐Smaller reporting company ☒ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐  No ☒

As of July 30, 2026, 9,273,554 shares of Class A and 1,206,116 shares of Class B common stock of the Registrant were outstanding. 

JOHNSON OUTDOORS INC.

IndexPage No.

PART IFINANCIAL INFORMATION

Item 1.Financial Statements

Condensed Consolidated Statements of Operations - Three and Nine months ended July 3, 2026 and June 27, 2025
- 1

Condensed Consolidated Statements of Comprehensive Income (Loss) - Three and Nine months ended July 3, 2026 and June 27, 2025
- 2

Condensed Consolidated Balance Sheets - July 3, 2026, October 3, 2025 and June 27, 2025
- 3

Condensed Consolidated Statements of Shareholders' Equity - Three and Nine months ended July 3, 2026 and June 27, 2025
- 4

Condensed Consolidated Statements of Cash Flows - Nine months ended July 3, 2026 and June 27, 2025
- 6

Notes to Condensed Consolidated Financial Statements
- 7

Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations
- 24

Item 3.Quantitative and Qualitative Disclosures about Market Risk
- 29

Item 4.Controls and Procedures
- 29

PART IIOTHER INFORMATION

Item 1.Legal Proceedings
- 30

Item 1A.Risk Factors
- 30

Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
-30

Item 3.Defaults Upon Senior Securities
-30

Item 4.Mine Safety Disclosure
-30

Item 5. Other Information
 - 30

Item 6.Exhibits
- 30

Signatures
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Exhibit Index
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JOHNSON OUTDOORS INC.

PART I      FINANCIAL INFORMATION
Item 1.     Financial Statements

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)

Three Months EndedNine Months Ended
(thousands, except per share data)July 3, 2026June 27, 2025July 3, 2026June 27, 2025
Net sales$189,731 $180,655 $525,146 $456,653 
Cost of sales103,796 112,728 312,113 297,677 
Gross profit85,935 67,927 213,033 158,976 
Operating expenses:
Marketing and selling41,811 37,553 118,582 102,581 
Administrative management, finance and information systems17,098 15,423 43,559 41,134 

Research and development8,683 7,621 25,112 23,269 
Total operating expenses67,592 60,597 187,253 166,984 
Operating income (loss)18,343 7,330 25,780 (8,008)
Interest income(1,199)(927)(3,151)(2,585)
Interest expense50 49 155 164 
Other expense (income), net(3,778)(2,292)(3,446)(1,318)
Income (loss) before income taxes23,270 10,500 32,222 (4,269)
Income tax expense8,322 2,758 11,165 975 
Net income (loss)$14,948 $7,742 $21,057 $(5,244)

Weighted average common shares - Basic:
Class A9,112 9,066 9,093 9,052 
Class B1,206 1,208 1,206 1,208 
Participating securities70 19 61 20 
Weighted average common shares - Dilutive10,388 10,293 10,360 10,280 
Net income (loss) per common share - Basic:
Class A$1.44 $0.75 $2.04 $(0.52)
Class B$1.31 $0.72 $1.85 $(0.52)
Net income (loss) per common share - Diluted:
Class A$1.42 $0.75 $2.00 $(0.52)
Class B$1.42 $0.75 $2.00 $(0.52)

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

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JOHNSON OUTDOORS INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) 
(unaudited)
 

Three Months EndedNine Months Ended
(thousands)July 3, 2026June 27, 2025July 3, 2026June 27, 2025
Net income (loss)$14,948 $7,742 $21,057 $(5,244)
Other comprehensive income (loss):
 Foreign currency translation (733)5,192 (1,222)1,410 
Unrealized (loss) gain on available-for-sale securities, net of tax— (8)— (13)
Change in pension plans, net of tax8 9 23 25 
Total other comprehensive income (loss)(725)5,193 (1,199)1,422 
Total comprehensive income (loss)$14,223 $12,935 $19,858 $(3,822)

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

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JOHNSON OUTDOORS INC.

CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
(thousands, except share data)July 3, 2026October 3, 2025June 27, 2025
ASSETS
Current assets:
Cash and cash equivalents$175,245 $176,399 $158,691 
Short term investments— — 2,331 
Accounts receivable, net76,414 50,454 81,993 
Inventories188,263 170,726 163,732 
Other current assets7,979 11,209 13,326 
Total current assets447,901 408,788 420,073 

Property, plant and equipment, net of accumulated depreciation of $221,822, $210,262 and $205,136, respectively
95,919 93,744 94,335 
Right of use assets49,485 46,570 45,038 
Deferred income taxes1,020 3,074 25,360 
Goodwill11,048 10,456 10,162 
Other intangible assets, net9,068 9,529 9,635 
Deferred compensation plan assets32,450 30,681 28,617 
Other assets1,479 1,261 1,253 
Total assets$648,370 $604,103 $634,473 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable$53,192 $40,085 $43,478 
Current lease liability9,408 8,260 7,793 
Accrued liabilities:
Salaries, wages and benefits24,772 20,649 16,999 
Accrued warranty15,269 12,149 12,443 
Income taxes payable5,230 1,757 1,676 
Accrued discounts and returns9,350 7,063 8,452 
Accrued customer programs4,597 4,373 4,941 
Other11,135 10,304 9,780 
Total current liabilities132,953 104,640 105,562 
Non-current lease liability42,219 40,424 39,137 
Deferred income taxes2,039 2,061 2,025 
Retirement benefits1,718 1,706 1,682 
Deferred compensation liability32,476 30,681 28,618 
Other liabilities6,330 6,172 6,985 
Total liabilities217,735 185,684 184,009 
Shareholders’ equity:
Common stock:
Class A shares issued and outstanding: 9,275,079, 9,166,621 and 9,164,729, respectively
465 460 460 
Class B shares issued and outstanding: 1,206,210, 1,206,210 and 1,207,534, respectively 
61 61 61 
Capital in excess of par value94,571 91,867 91,422 
Retained earnings332,559 321,768 354,205 
Accumulated other comprehensive income6,090 7,289 7,386 
Treasury stock at cost, shares of Class A common stock: 50,327, 48,259 and 48,775, respectively
(3,111)(3,026)(3,070)
Total shareholders’ equity430,635 418,419 450,464 
Total liabilities and shareholders’ equity$648,370 $604,103 $634,473 

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

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(unaudited)

Nine Months Ended July 3, 2026
(thousands except for shares)SharesCommon StockCapital in
Excess of Par
ValueRetained
EarningsAccumulated
Other
Comprehensive
Income (Loss)Treasury
Stock
BALANCE AT OCTOBER 3, 202510,372,831 $521 $91,867 $321,768 $7,289 $(3,026)
Net loss— — — (3,300)— — 
Dividends declared— — — (3,399)— — 

Award of non-vested shares82,172 4 (4)— — — 

Stock-based compensation— — 806 — — — 

Currency translation adjustment— — — — 1,095 — 

Change in pension plans, net of tax of $3
— — — — 8 — 

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

BALANCE AT JANUARY 2, 202610,453,054 $525 $92,669 $315,069 $8,392 $(3,106)
Net income— — — 9,409 — — 
Dividends declared— — — (3,439)— — 

Award of non-vested shares21,757 1 (1)— — — 
Stock-based compensation— — 948 — — — 

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

Change in pension plans, net of tax of $2
— — — — 7 — 

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

BALANCE AT April 3, 202610,474,692 $526 $93,616 $321,039 $6,815 $(3,111)
Net income— — — 14,948 — — 
Dividends declared— — — (3,428)— — 

Award of non-vested shares6,597 — — — — 
Stock-based compensation— — 955 — — — 

Currency translation adjustment— — — — (733)— 

Change in pension plans, net of tax— — — — 8 — 

BALANCE AT JULY 3, 202610,481,289 $526 $94,571 $332,559 $6,090 $(3,111)

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JOHNSON OUTDOORS INC.

Nine Months Ended June 27, 2025
(thousands except for shares)SharesCommon StockCapital in
Excess of Par
ValueRetained
EarningsAccumulated
Other
Comprehensive
IncomeTreasury
Stock
BALANCE AT SEPTEMBER 27, 202410,301,738 $517 $90,146 $369,592 $5,964 $(2,795)
Net loss— — — (15,290)— — 
Dividends declared— — — (3,362)— — 

Award of non-vested shares32,121 1 (1)— — — 

Stock-based compensation— — 507 — — — 

Currency translation adjustment— — — — (4,915)— 
Unrealized loss on available-for-sale securities, net of tax— — — — (1)— 
Change in pension plans, net of tax of $3
— — — — 9 — 
Non-vested stock forfeitures(3,690)— 200 — — (200)
Purchase of treasury stock at cost(2,657)— — — — (88)

BALANCE AT DECEMBER 27, 202410,327,512 $518 $90,852 $350,940 $1,057 $(3,083)
Net income— — — 2,304 — — 
Dividends declared— — — (3,372)— — 

Award of non-vested shares38,548 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
— — — — 7 — 

BALANCE AT MARCH 28, 202510,366,060 $521 $91,599 $349,872 $2,193 $(3,083)
Net income— — — 7,742 — — 
Dividends declared— — — (3,409)— — 
Issuance of stock under employee stock purchase plan6,203 — 120 — — 

Stock-based compensation— — (284)— — — 
B to A conversion— — (13)— — — 
Tax effects on stock based awards— — — — — — 
Non-vested stock forfeitures— — — — — 13 
Currency translation adjustment— — — — 5,192 — 
Unrealized gain (loss) on available-for-sale securities, net of tax— — — — (8)— 
Change in pension plans, net of tax of $2
— — — 9 — 
BALANCE AT JUNE 27, 202510,372,263 $521 $91,422 $354,205 $7,386 $(3,070)

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

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)

Nine Months Ended
(thousands)July 3, 2026June 27, 2025
CASH PROVIDED BY OPERATING ACTIVITIES
Net income (loss)$21,057 $(5,244)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation14,545 14,872 
Amortization of intangible assets470 427 
Amortization of deferred financing costs51 55 

Stock based compensation2,709 973 
Loss on disposal of productive assets133 80 

Deferred income taxes2,079 (1,711)
Change in operating assets and liabilities:
Accounts receivable, net(26,130)(40,761)
Inventories, net(17,847)48,928 
Accounts payable and accrued liabilities26,864 12,728 
Other current assets3,215 2,986 
Other non-current assets(275)(23)
Other long-term liabilities282 (1,072)
Other, net(159)572 
26,994 32,810 
CASH USED FOR INVESTING ACTIVITIES
Payments for purchase of businesses— (12,197)

Proceeds from maturity of short-term investments— 14,021 
Proceeds from sale of productive assets21 — 
Capital expenditures(16,350)(11,826)
(16,329)(10,002)
CASH USED FOR FINANCING ACTIVITIES

Common stock transactions— 121 
Debt issuance costs paid— (55)
Dividends paid(10,232)(10,120)
Purchases of treasury stock(85)(88)
(10,317)(10,142)
Effect of foreign currency rate changes on cash(1,502)527 
(Decrease) Increase in cash and cash equivalents(1,154)13,193 
CASH AND CASH EQUIVALENTS
Beginning of period176,399 145,498 
End of period$175,245 $158,691 

Supplemental Disclosure:
Cash paid for taxes$2,093 $2,020 
Accrued dividends34 23 
Cash paid for interest94 121 
Non-cash treasury stock activity85 187 

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

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

1    BASIS OF PRESENTATION

The condensed consolidated financial statements included herein are unaudited. 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 July 3, 2026 and June 27, 2025, 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 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 $1,423, $1,232 and $670 as of July 3, 2026, October 3, 2025 and June 27, 2025, respectively. The determination of the allowance for credit losses is based on a combination of factors. In circumstances where specific collection concerns about a receivable exist, a reserve is established to value the affected account receivable at an amount the Company believes will be collected. For all other customers, the Company recognizes allowances for credit losses based on historical experience of bad debts as a percent of accounts receivable outstanding for each business segment. Uncollectible accounts are written off against the allowance for credit losses after collection efforts have been exhausted. The Company typically does not require collateral on its accounts receivable.

3    EARNINGS PER SHARE (“EPS”)

Net income or loss per share of Class A common stock and Class B common stock is computed using the two-class method.  Grants of restricted stock which receive non-forfeitable dividends are classified as participating securities and are required to be included as part of the basic weighted average share calculation under the two-class method.

Holders of Class A common stock are entitled to cash dividends equal to 110% of all dividends declared and paid on each share of Class B common stock. The Company grants shares of unvested restricted stock in the form of Class A shares, which carry the same distribution rights as the Class A common stock described above.  As such, the undistributed earnings for each period are allocated to each class of common stock based on the proportionate share of the amount of cash dividends that each such class is entitled to receive.
 
Basic EPS

Basic net income or loss per share is computed by dividing net income or loss allocated to Class A common stock and Class B common stock by the weighted-average number of shares of Class A common stock and Class B common stock outstanding, respectively.  In periods with cumulative year to date net income and undistributed income, the undistributed income for each period is allocated to each class of common stock based on the proportionate share of the amount of cash dividends that each such class is entitled to receive.  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 and nine month periods ended July 3, 2026 and 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 described above. For the nine month period ended June 27, 2025, basic net loss per share for Class A and Class B shares was the same because there were no cumulative undistributed earnings. 

Diluted EPS

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 
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JOHNSON OUTDOORS INC.

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 and nine month periods ended July 3, 2026 and 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, the effect of non-vested restricted stock units is excluded from the diluted 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 156,842 and 95,654 for the three months ended July 3, 2026 and June 27, 2025, respectively, and 154,040 and 80,507 for the nine months ended July 3, 2026 and June 27, 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 48,517 and 102,291 for the three months ended July 3, 2026 and June 27, 2025, respectively, and 57,945 and 101,638 for the nine months ended July 3, 2026 and June 27, 2025, respectively. 

Dividends per share

Dividends per share for the three and nine month periods ended July 3, 2026 and June 27, 2025 were as follows:

Three Months EndedNine Months Ended
July 3, 2026June 27, 2025July 3, 2026June 27, 2025
Dividends declared per common share:
Class A$0.33 $0.33 $0.99 $0.99 
Class B$0.30 $0.30 $0.90 $0.90 

4    STOCK-BASED COMPENSATION AND STOCK OWNERSHIP PLANS

The Company’s current stock ownership plans allow for issuance of stock options to acquire shares of Class A common stock by key executives and non-employee directors. 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 645,732 shares of the Company’s Class A common stock available for future grant to non-employee directors and key executives at July 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. 
 
Non-vested Stock

All shares of non-vested restricted stock awarded by the Company have been granted in the form of shares of Class A common stock at their fair market value on the date of grant and vest within one year from the date of grant for stock granted to directors and within a period ranging from one to four years from the date of grant for stock granted to officers and employees, based on the terms of the agreement with such officer or employee.  The fair value at date of grant is based on the number of shares granted and the average of the Company’s high and low Class A common stock 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 price on the last preceding date on which the Company’s Class A shares traded.

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JOHNSON OUTDOORS INC.

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

SharesWeighted Average
Grant Price
Non-vested stock at October 3, 202592,894 $40.56 
Non-vested stock grants109,478 43.39 
Restricted stock vested(39,223)36.27 

Non-vested stock at July 3, 2026163,149 43.50 

 
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 2,068 and 1,609 during the nine month periods ended July 3, 2026 and June 27, 2025, respectively.

Stock compensation expense, net of forfeitures, related to non-vested stock was $769 and $462 for the three month periods ended July 3, 2026 and June 27, 2025, respectively, and $2,189 and $1,278 for the nine month periods ended July 3, 2026 and June 27, 2025, respectively. Unrecognized compensation cost related to non-vested stock as of July 3, 2026 was $4,209, 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 nine month periods ended July 3, 2026 and June 27, 2025 was $1,894 and $690, 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 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 July 3, 2026 follows:

Number of RSUsWeighted Average
Grant Price
RSUs at October 3, 2025121,253 $44.76 
RSUs granted28,899 40.92 
RSUs vested and canceled due to performance targets not being met(31,250)56.54 

RSUs at July 3, 2026118,902 40.73 

 
The Company recognized expense related to RSUs of $187 and $520 for the three and nine month periods ended July 3, 2026, respectively. 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 would not be met for certain awards. Unrecognized compensation cost related to non-vested RSUs as of July 3, 2026 was $1,617, 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 nine month periods ended July 3, 2026 and June 27, 2025. 

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JOHNSON OUTDOORS INC.

The fair value of restricted stock units recognized as a tax deduction during the nine month periods ended July 3, 2026 and June 27, 2025 was $0 and $0, respectively. 

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 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 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.

Employees’ Stock Purchase Plan

The Company’s shareholders previously adopted the Johnson Outdoors Inc. 2009 Employees’ Stock Purchase Plan, which was most recently amended on March 2, 2017, but was terminated effective as of May 9, 2025. 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 and nine month periods ended July 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 June 27, 2025, the Company issued 6,203 shares of Class A common stock and recognized $86 of expense in connection with this 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 this plan.

5    LEASES

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 July 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). Some leases also contain options to extend or terminate the lease. To the extent the Company is reasonably certain to exercise these options, they have been considered in the calculation of the right-of-use ("ROU") assets and lease liabilities. Under current lease agreements, there are no residual value guarantees or restrictive lease covenants. In calculating the ROU assets and lease liabilities, several assumptions and judgments were made by the Company, including whether a contract is or contains a lease under the applicable definition, and the determination of the discount rate, which is assumed to be the incremental borrowing rate. 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 July 3, 2026 and June 27, 2025 were as follows:

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Index

JOHNSON OUTDOORS INC.

Three months endedNine Months Ended
July 3, 2026June 27, 2025July 3, 2026June 27, 2025
Lease Cost
Operating lease costs$2,832 $2,680 $8,174 $7,951 
Short-term leas