SONOS INC, 10-Q filed on 8/6/2025
Quarterly Report
v3.25.2
COVER - shares
 9 Months Ended
Jun. 28, 2025
Jul. 22, 2025
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 28, 2025  
Document Transition Report false  
Entity File Number 001-38603  
Entity Registrant Name SONOS, INC.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 03-0479476  
Entity Address, Address Line One 301 Coromar Drive  
Entity Address, City or Town Santa Barbara  
Entity Address, State or Province CA  
Entity Address, Postal Zip Code 93117  
City Area Code 805  
Local Phone Number 965-3001  
Title of 12(b) Security Common Stock, $0.001 par value  
Trading Symbol SONO  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Small Reporting Company false  
Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   120,880,277
Entity Central Index Key 0001314727  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q3  
Amendment Flag false  
Current Fiscal Year End Date --09-27  
v3.25.2
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 28, 2025
Sep. 28, 2024
Current assets:    
Cash and cash equivalents $ 201,273 $ 169,732
Marketable securities 52,681 51,426
Accounts receivable, net 94,201 44,513
Inventories 115,427 231,505
Prepaids and other current assets 39,559 53,910
Total current assets 503,141 551,086
Property and equipment, net 80,726 102,148
Operating lease right-of-use assets 46,625 50,175
Goodwill 82,854 82,854
Intangible assets, net    
In-process research and development 0 73,770
Other intangible assets 78,008 14,266
Deferred tax assets 10,012 10,314
Other noncurrent assets 33,036 31,699
Total assets 834,402 916,312
Current liabilities:    
Accounts payable 143,992 194,590
Accrued expenses 75,872 87,783
Accrued compensation 26,408 15,701
Deferred revenue, current 21,867 21,802
Other current liabilities 47,464 46,277
Total current liabilities 315,603 366,153
Operating lease liabilities, noncurrent 55,147 56,588
Deferred revenue, noncurrent 61,098 61,075
Deferred tax liabilities 512 60
Other noncurrent liabilities 2,736 3,816
Total liabilities 435,096 487,692
Commitments and contingencies (Note 7)
Stockholders’ equity:    
Common stock, $0.001 par value 122 123
Treasury stock (16,322) (17,096)
Additional paid-in capital 488,548 498,245
Accumulated deficit (74,220) (50,934)
Accumulated other comprehensive income (loss) 1,178 (1,718)
Total stockholders’ equity 399,306 428,620
Total liabilities and stockholders’ equity $ 834,402 $ 916,312
v3.25.2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Jun. 28, 2025
Sep. 28, 2024
Statement of Financial Position [Abstract]    
Common stock, par value (in dollars per share) $ 0.001 $ 0.001
v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Jun. 28, 2025
Jun. 29, 2024
Jun. 28, 2025
Jun. 29, 2024
Income Statement [Abstract]        
Revenue $ 344,764 $ 397,146 $ 1,155,376 $ 1,262,676
Cost of revenue 195,040 205,505 650,637 676,320
Gross profit 149,724 191,641 504,739 586,356
Operating expenses        
Research and development 59,750 74,223 218,011 233,780
Sales and marketing 62,576 71,643 213,430 217,428
General and administrative 30,327 33,186 89,357 113,825
Total operating expenses 152,653 179,052 520,798 565,033
Operating income (loss) (2,929) 12,589 (16,059) 21,323
Other income (expense), net        
Interest income 1,572 2,629 5,406 9,638
Interest expense (117) (106) (336) (333)
Other income (expense), net 661 (2,464) (5,176) 4,507
Total other income (expense), net 2,116 59 (106) 13,812
Income (loss) before provision for income taxes (813) 12,648 (16,165) 35,135
Provision for income taxes 2,566 8,939 7,121 20,188
Net income (loss) $ (3,379) $ 3,709 $ (23,286) $ 14,947
Net income (loss) per share:        
Basic (in USD per share) $ (0.03) $ 0.03 $ (0.19) $ 0.12
Diluted (in USD per share) $ (0.03) $ 0.03 $ (0.19) $ 0.12
Weighted-average shares used in computing net income (loss) per share:        
Basic (in shares) 120,423,439 122,553,129 120,804,730 123,828,150
Diluted (in shares) 120,423,439 127,245,459 120,804,730 127,886,368
Total comprehensive income (loss)        
Net income (loss) $ (3,379) $ 3,709 $ (23,286) $ 14,947
Change in foreign currency translation adjustment 3,496 681 3,036 (267)
Net unrealized loss on marketable securities (23) (6) (140) (32)
Comprehensive income (loss) $ 94 $ 4,384 $ (20,390) $ 14,648
v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)
$ in Thousands
Total
Common stock
Additional paid-in capital
Treasury stock
Retained earnings (accumulated deficit)
Accumulated other comprehensive income (loss)
Total stockholders' equity, beginning balances at Sep. 30, 2023 $ 518,657 $ 130 $ 607,345 $ (72,586) $ (12,788) $ (3,444)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Issuance of common stock pursuant to equity incentive plans   6 16,306      
Retirement of treasury stock   (10) (150,440) 150,450    
Stock-based compensation expense     64,961      
Repurchase of common stock, including excise tax and commission       (129,430)    
Repurchase of common stock related to shares withheld for tax in connection with vesting of stock awards       (20,757)    
Net income (loss) 14,947       14,947  
Change in foreign currency translation adjustment (267)         (267)
Unrealized loss on investments (32)         (32)
Total stockholders' equity, ending balances at Jun. 29, 2024 464,391 $ 126 538,172 $ (72,323) 2,159 (3,743)
Common stock, beginning balances (in shares) at Sep. 30, 2023   130,399,940        
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Issuance of common stock pursuant to equity incentive plans (in shares)   4,911,125        
Retirement of treasury stock (in shares)   (9,788,975)        
Common stock, ending balances (in shares) at Jun. 29, 2024   125,522,090        
Treasury stock, Beginning balances (in shares) at Sep. 30, 2023       (5,286,024)    
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Retirement of treasury stock (in shares)       (9,788,975)    
Repurchase of common stock (in shares)       (7,777,208)    
Repurchase of common stock related to shares withheld for tax in connection with vesting of stock awards (in shares)       (1,274,606)    
Treasury stock, ending balances (in shares) at Jun. 29, 2024       (4,548,863)    
Total stockholders' equity, beginning balances at Mar. 30, 2024 494,004 $ 128 577,840 $ (77,996) (1,550) (4,418)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Issuance of common stock pursuant to equity incentive plans   2 4,405      
Retirement of treasury stock   (4) (66,003) 66,007    
Stock-based compensation expense     21,930      
Repurchase of common stock, including excise tax and commission       (52,820)    
Repurchase of common stock related to shares withheld for tax in connection with vesting of stock awards       (7,514)    
Net income (loss) 3,709       3,709  
Change in foreign currency translation adjustment 681         681
Unrealized loss on investments (6)         (6)
Total stockholders' equity, ending balances at Jun. 29, 2024 464,391 $ 126 538,172 $ (72,323) 2,159 (3,743)
Common stock, beginning balances (in shares) at Mar. 30, 2024   127,825,196        
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Issuance of common stock pursuant to equity incentive plans (in shares)   1,582,772        
Retirement of treasury stock (in shares)   (3,885,878)        
Common stock, ending balances (in shares) at Jun. 29, 2024   125,522,090        
Treasury stock, Beginning balances (in shares) at Mar. 30, 2024       (4,747,402)    
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Retirement of treasury stock (in shares)       (3,885,878)    
Repurchase of common stock (in shares)       (3,253,468)    
Repurchase of common stock related to shares withheld for tax in connection with vesting of stock awards (in shares)       (433,871)    
Treasury stock, ending balances (in shares) at Jun. 29, 2024       (4,548,863)    
Total stockholders' equity, beginning balances at Sep. 28, 2024 428,620 $ 123 498,245 $ (17,096) (50,934) (1,718)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Issuance of common stock pursuant to equity incentive plans   5 2,648      
Retirement of treasury stock   (6) (81,709) 81,715    
Stock-based compensation expense     69,364      
Repurchase of common stock, including excise tax and commission       (60,187)    
Repurchase of common stock related to shares withheld for tax in connection with vesting of stock awards       (20,754)    
Net income (loss) (23,286)       (23,286)  
Change in foreign currency translation adjustment 3,036         3,036
Unrealized loss on investments (140)         (140)
Total stockholders' equity, ending balances at Jun. 28, 2025 $ 399,306 $ 122 488,548 $ (16,322) (74,220) 1,178
Common stock, beginning balances (in shares) at Sep. 28, 2024   123,046,510        
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Issuance of common stock pursuant to equity incentive plans (in shares)   4,806,666        
Retirement of treasury stock (in shares)   (5,794,677)        
Common stock, ending balances (in shares) at Jun. 28, 2025   122,058,499        
Treasury stock, Beginning balances (in shares) at Sep. 28, 2024       (1,282,734)    
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Retirement of treasury stock (in shares) (5,794,677)     (5,794,677)    
Repurchase of common stock (in shares)       (4,167,203)    
Repurchase of common stock related to shares withheld for tax in connection with vesting of stock awards (in shares)       (1,622,098)    
Treasury stock, ending balances (in shares) at Jun. 28, 2025       (1,277,358)    
Total stockholders' equity, beginning balances at Mar. 29, 2025 $ 382,859 $ 124 507,805 $ (51,934) (70,841) (2,295)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Issuance of common stock pursuant to equity incentive plans   1 (1)      
Retirement of treasury stock   (3) (40,040) 40,042    
Stock-based compensation expense     20,784      
Repurchase of common stock, including excise tax and commission       77    
Repurchase of common stock related to shares withheld for tax in connection with vesting of stock awards       (4,507)    
Net income (loss) (3,379)       (3,379)  
Change in foreign currency translation adjustment 3,496         3,496
Unrealized loss on investments (23)         (23)
Total stockholders' equity, ending balances at Jun. 28, 2025 $ 399,306 $ 122 $ 488,548 $ (16,322) $ (74,220) $ 1,178
Common stock, beginning balances (in shares) at Mar. 29, 2025   123,760,168        
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Issuance of common stock pursuant to equity incentive plans (in shares)   1,129,089        
Retirement of treasury stock (in shares)   (2,830,758)        
Common stock, ending balances (in shares) at Jun. 28, 2025   122,058,499        
Treasury stock, Beginning balances (in shares) at Mar. 29, 2025       (3,692,282)    
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Retirement of treasury stock (in shares)       (2,830,758)    
Repurchase of common stock (in shares)       0    
Repurchase of common stock related to shares withheld for tax in connection with vesting of stock awards (in shares)       (415,834)    
Treasury stock, ending balances (in shares) at Jun. 28, 2025       (1,277,358)    
v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Jun. 28, 2025
Jun. 29, 2024
Cash flows from operating activities    
Net income (loss) $ (23,286) $ 14,947
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Stock-based compensation expense 64,789 64,961
Depreciation and amortization 48,657 35,154
Provision for inventory obsolescence 9,242 2,005
Restructuring and other charges 6,323 266
Deferred income taxes 942 819
Other 2,432 2,973
Foreign currency transaction loss (gain) 572 (2,750)
Changes in operating assets and liabilities:    
Accounts receivable (49,010) (64,218)
Inventories 106,223 189,613
Other assets 11,616 (15,285)
Accounts payable and accrued expenses (55,341) (16,942)
Accrued compensation 10,352 10,251
Deferred revenue (1,033) 1,685
Other liabilities 1,470 4,161
Net cash provided by operating activities 133,948 227,640
Cash flows from investing activities    
Purchases of marketable securities (43,949) (68,676)
Purchases of property and equipment (23,418) (39,477)
Maturities of marketable securities 43,200 20,000
Net cash used in investing activities (24,167) (88,153)
Cash flows from financing activities    
Payments for repurchase of common stock, including excise tax and commission (60,602) (128,739)
Payments for repurchase of common stock related to shares withheld for tax in connection with vesting of stock awards (20,754) (20,757)
Proceeds from exercise of common stock options 2,653 16,312
Net cash used in financing activities (78,703) (133,184)
Effect of exchange rate changes on cash and cash equivalents 463 580
Net increase in cash and cash equivalents 31,541 6,883
Cash and cash equivalents    
Beginning of period 169,732 220,231
End of period 201,273 227,114
Supplemental disclosure    
Cash paid for interest 197 195
Cash paid for taxes, net of refunds 19,065 17,134
Cash paid for amounts included in the measurement of lease liabilities, net of tenant improvement reimbursements received 3,460 9,637
Supplemental disclosure of non-cash investing and financing activities    
Purchases of property and equipment in accounts payable and accrued expenses 2,155 9,910
Right-of-use assets obtained in exchange for new operating lease liabilities 1,491 11,277
Excise tax on share repurchases, accrued but not paid $ 187 $ 691
v3.25.2
Business Overview and Basis of Presentation
 9 Months Ended
Jun. 28, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Business Overview and Basis of Presentation
1. Business Overview and Basis of Presentation
Description of business
Sonos, Inc. and its wholly owned subsidiaries (collectively, "Sonos," the "Company," "we," "us" or "our") designs, develops, manufactures, and sells audio products and services. The Sonos sound system provides customers with an immersive listening experience created by the design of its speakers, headphones and components, a proprietary software platform, and the ability to stream content from a variety of sources over the customer’s wireless network or over Bluetooth.
The Company’s products are sold through third-party physical retailers, including custom installers of home audio systems, select e-commerce retailers, and its website, sonos.com. The Company’s products are distributed in over 60 countries through its wholly owned subsidiaries: Sonos Europe B.V. in the Netherlands, Beijing Sonos Technology Co. Ltd. in China, Sonos Japan GK in Japan, and Sonos Australia Pty Ltd. in Australia.
Basis of presentation and preparation
The accompanying condensed consolidated financial statements are unaudited. The condensed consolidated balance sheet as of September 28, 2024, has been derived from the audited consolidated financial statements of the Company.
The accompanying condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP") for interim financial information and the applicable rules and regulations of the Securities and Exchange Commission ("SEC"). Accordingly, they do not include all the information and footnotes required by U.S. GAAP for annual financial statements. They should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the fiscal year ended September 28, 2024, (the "Annual Report"), filed with the SEC on November 15, 2024.
In management’s opinion, the accompanying unaudited condensed consolidated financial statements include all adjustments, consisting of only normal recurring adjustments, necessary for the fair statement of the Company’s financial position, its results of operations, and its cash flows for the interim periods presented. The results of operations for the three and nine months ended June 28, 2025, are not necessarily indicative of the results to be expected for the full fiscal year or any other period.
The Company operates on a 52- week or 53- week fiscal year ending on the Saturday nearest September 30 each year. The Company’s fiscal year is divided into four quarters of 13 weeks, each beginning on a Sunday and containing two 4-week periods followed by a 5-week period. An additional week is included in the fourth fiscal quarter approximately every five years to realign fiscal quarters with calendar quarters. This last occurred in the fourth quarter of the Company’s fiscal year ended October 3, 2020, and will reoccur in the fiscal year ending October 3, 2026. The nine months ended June 28, 2025 and June 29, 2024, spanned 39 weeks each. As used in this Quarterly Report on Form 10-Q, "fiscal 2025" refers to the fiscal year ending September 27, 2025 and "fiscal 2024" refers to the fiscal year ended September 28, 2024.
Use of estimates and judgments
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and judgments that affect the amounts reported and disclosed in the condensed consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates. On an ongoing basis, the Company evaluates its estimates and judgments compared to historical experience and expected trends.
v3.25.2
Summary of Significant Accounting Policies
 9 Months Ended
Jun. 28, 2025
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies
2. Summary of Significant Accounting Policies
There have been no changes in the Company’s significant accounting policies, recently adopted accounting pronouncements, or recent accounting pronouncements pending adoption from those disclosed in the Annual Report, except as noted below.
Recent accounting pronouncements pending adoption
In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03, Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This standard requires disclosure of disaggregated information about significant expenses within relevant income statement captions, such as purchases of inventory, employee compensation, depreciation, and amortization. Also
required is a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated. In January 2025, FASB issued ASU 2025-01, Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date, which clarifies that the amendments in ASU 2024-03 are effective for fiscal years beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. The amendments may be applied retrospectively or prospectively, with early adoption permitted. The Company is currently evaluating the pronouncement to determine the impact it may have on the Company's consolidated financial statements and related disclosures.
v3.25.2
Financial Instruments
 9 Months Ended
Jun. 28, 2025
Fair Value Disclosures [Abstract]  
Financial Instruments
3. Financial Instruments
The carrying values of the Company’s accounts receivable and accounts payable, approximate their fair values due to the short period of time to maturity or repayment. The Company utilizes the following fair value hierarchy to establish priorities of the inputs used to measure fair value:
•Level 1: Quoted prices in active markets for identical assets or liabilities.
•Level 2: Observable inputs other than quoted market prices included in Level 1, such as quoted prices for similar assets or liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.
The following table summarizes cash, cash equivalents and marketable securities by investment category as of June 28, 2025 and September 28, 2024:
June 28, 2025
Amortized CostUnrealized GainUnrealized LossEstimated Fair ValueCash and Cash EquivalentsMarketable Securities
Cash$172,644 $— $— $172,644 $172,644 $— 
Level 1:
Money market funds28,629 — — 28,629 28,629 — 
Subtotal28,629 — — 28,629 28,629 — 
Level 2:
U.S. Treasury securities52,699 2 (20)52,681 — 52,681 
Subtotal52,699 2 (20)52,681 — 52,681 
Total$253,972 $2 $(20)$253,954 $201,273 $52,681 

September 28, 2024
Amortized CostUnrealized GainUnrealized LossEstimated Fair ValueCash and Cash EquivalentsMarketable Securities
Cash$144,184 $— $— $144,184 $144,184 $— 
Level 1:
Money market funds25,548 — — 25,548 25,548 — 
Subtotal25,548 — — 25,548 25,548 — 
Level 2:
U.S. Treasury securities51,304 122 — 51,426 — 51,426 
Subtotal51,304 122 — 51,426 — 51,426 
Total$221,036 $122 $— $221,158 $169,732 $51,426 
Marketable securities
As of June 28, 2025, the Company held no securities with original maturities exceeding one year. Realized gains and losses on the sale of securities are recorded in other income (expense), net in the condensed consolidated statements of operations and comprehensive income.
There were no realized gains or losses on sales of marketable securities during the three and nine months ended June 28, 2025. For securities in a loss position, the Company does not intend to sell the securities, and it is more-likely-than-not that it will not be required to sell before recovery of their amortized cost basis. The Company evaluated whether the decline in fair value resulted from credit losses or other factors and concluded these amounts were related to temporary fluctuations in value of the securities and were due primarily to changes in interest rates and market conditions of the underlying securities. Accordingly, an allowance for credit losses was deemed unnecessary for these securities as of June 28, 2025.
Accrued interest receivable related to our marketable securities was immaterial as of June 28, 2025. No accrued interest receivables were written off during the three and nine months ended June 28, 2025.
v3.25.2
Revenue and Geographic Information
 9 Months Ended
Jun. 28, 2025
Revenue from Contract with Customer [Abstract]  
Revenue and Geographic Information
4. Revenue and Geographic Information
Disaggregation of revenue
Revenue is attributed to each region based on ship-to address, and also includes the applicable service revenue for software upgrades and cloud-based services attributable to each region. Revenue by region is as follows:
Three Months EndedNine Months Ended
June 28,
2025		June 29,
2024		June 28,
2025		June 29,
2024
(In thousands)
Americas$229,656 $264,611 $731,041 $827,238 
Europe, Middle East and Africa ("EMEA")97,245 110,902 363,642 372,074 
Asia Pacific ("APAC")17,863 21,633 60,693 63,364 
Total revenue$344,764 $397,146 $1,155,376 $1,262,676 
Revenue is attributed to individual countries based on ship-to address and also includes the applicable service revenue for software upgrades and cloud-based services attributable to each country. Revenue by significant countries is as follows:
Three Months EndedNine Months Ended
June 28,
2025		June 29,
2024		June 28,
2025		June 29,
2024
(In thousands)
United States$213,815 $248,094 $675,546 $765,639 
Other countries130,949 149,052 479,830 497,037 
Total revenue$344,764 $397,146 $1,155,376 $1,262,676 
Revenue by product category also includes the applicable service revenue for software upgrades and cloud-based services attributable to each product category. Revenue by major product category is as follows:
Three Months EndedNine Months Ended
June 28,
2025		June 29,
2024		June 28,
2025		June 29,
2024
(In thousands)
Sonos speakers$253,669 $301,105 $915,330 $991,378 
Sonos system products73,179 75,186 183,993 209,013 
Partner products and other revenue17,916 20,855 56,053 62,285 
Total revenue$344,764 $397,146 $1,155,376 $1,262,676 
v3.25.2
Balance Sheet Components
 9 Months Ended
Jun. 28, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Balance Sheet Components
5. Balance Sheet Components
Accounts receivable, net
Accounts receivable, net consist of the following:
June 28,
2025		September 28,
2024
(In thousands)
Accounts receivable$147,287 $96,254 
Allowance for credit losses(2,904)(2,619)
Allowance for sales incentives(50,182)(49,122)
Accounts receivable, net of allowances$94,201 $44,513 
Inventories
Inventories consist of the following:
June 28,
2025		September 28,
2024
(In thousands)  
Finished goods$93,264 $199,825 
Component parts22,163 31,680 
Inventories$115,427 $231,505 
As of June 28, 2025 and September 28, 2024, inventory write-downs were $39.0 million and $33.3 million, respectively.
Property and equipment
Property and equipment net of accumulated depreciation were as follows:
June 28,
2025		September 28,
2024
(In thousands)
Property and equipment
$296,833 $280,247 
Less: accumulated depreciation
(216,107)(178,099)
Property and equipment, net$80,726 $102,148 
Intangible assets
In the first quarter of fiscal year 2025, the Company determined that the underlying project related to the in-process research and development from the acquisition of Mayht Holding BV ("Mayht") was completed. As a result, the acquired $73.8 million of in-process research and development was reclassified as definite-lived developed technology and is being amortized over its estimated economic life of 7 years. The following table reflects the changes in the net carrying amount of the components of intangible assets associated with the Company's acquisition activity:
June 28, 2025
Gross Carrying AmountAccumulated Amortization Foreign Currency TranslationNet Carrying Value
Weighted-Average Remaining Life
(In years)
(In thousands, except weighted-average remaining life)
Trade name$451 $(244)$16 $223 2.75
Technology-based94,419 (16,634)- 77,785 5.97
Total intangible assets$94,870 $(16,878)$16 $78,008 5.96
September 28, 2024
Gross Carrying AmountAccumulated Amortization Foreign Currency Translation Net Carrying Value
Weighted-Average Remaining Life
(In years)
(In thousands, except weighted-average remaining life)
Trade name
$451 $(188)$7 $270 3.50
Technology-based31,480 (17,484)- 13,996 4.52
Total finite-lived intangible assets31,931 (17,672)7 14,266 4.51
In-process research and development not subject to amortization
73,770 - - 73,770 
Total intangible assets$105,701 $(17,672)$7 $88,036 
The following table summarizes the estimated future amortization expense of the Company's intangible assets as of June 28, 2025:
Fiscal years endingFuture Amortization Expense
(In thousands)
Remainder of fiscal 2025$2,651 
202613,585 
202713,570 
202813,451 
202912,453 
2030 and thereafter22,298 
Total future amortization expense$78,008 
Cloud computing arrangements
Capitalized costs to implement cloud computing arrangements net of accumulated amortization are reported as a component of other noncurrent assets on the Company's condensed consolidated balance sheets and were as follows:
June 28,
2025		September 28,
2024
(In thousands)
Cloud computing implementation costs$26,844 $25,038 
Less: accumulated amortization(12,314)(9,697)
Cloud computing implementation costs, net$14,530 $15,341 
Amortization expense for implementation costs for cloud-based computing arrangements for the three months ended June 28, 2025 and June 29, 2024, were $0.9 million. Amortization expense for implementation costs for cloud-based computing arrangements for the nine months ended June 28, 2025 and June 29, 2024, were $2.6 million.
Accrued expenses
Accrued expenses included the following:
June 28,
2025		September 28,
2024
(In thousands)
Accrued inventory and supply chain costs$36,773 $34,204 
Accrued taxes10,668 19,084 
Accrued advertising and marketing10,562 12,893 
Accrued general and administrative expenses8,969 10,870 
Accrued product development4,928 4,338 
Other accrued payables3,972 6,394 
Total accrued expenses$75,872 $87,783 
Deferred revenue
Amounts invoiced in advance of revenue recognition are recorded as deferred revenue on the condensed consolidated balance sheets. For the nine months ended June 28, 2025 and June 29, 2024, deferred revenue included revenue allocated to unspecified software upgrades and cloud-based services of $82.3 million and $82.4 million, respectively, as well as current deferred revenue related to newly launched products sold to resellers not recognized as revenue until the date of general availability was reached.
The following table presents the changes in the Company’s deferred revenue:
Nine Months Ended
June 28,
2025		June 29,
2024
(In thousands)
Deferred revenue, beginning of period$82,877 $80,838 
Recognition of revenue included in beginning of period deferred revenue(15,041)(17,723)
Revenue deferred, net of revenue recognized on contracts in the respective period15,129 19,871 
Deferred revenue, end of period$82,965 $82,986 
The Company expects the following recognition of deferred revenue as of June 28, 2025:
 For the fiscal years ending
 Remainder of 20252026202720282029 and
Beyond		Total
(In thousands)
Deferred revenue expected to be recognized$6,225 $20,546 $17,813 $14,690 $23,691 $82,965 
Other current liabilities
Other current liabilities consist of the following:
June 28,
2025		September 28,
2024
(In thousands)
Reserve for returns$23,108 $20,304 
Warranty liability9,708 10,565 
Short-term operating lease liabilities7,023 7,551 
Other 7,625 7,857 
Total other current liabilities$47,464 $46,277 
The following table presents the changes in the Company’s warranty liability:
June 28,
2025		June 29,
2024
(In thousands)
Warranty liability, beginning of period$10,565 $7,466 
Provision for warranties issued during the period10,312 13,363 
Settlements of warranty claims during the period(11,169)(12,039)
Warranty liability, end of period$9,708 $8,790 
v3.25.2
Debt
 9 Months Ended
Jun. 28, 2025
Debt Disclosure [Abstract]  
Debt
6. Debt
On October 13, 2021, the Company entered into a Revolving Credit Agreement with JPMorgan Chase Bank, N.A., as the administrative agent, and Bank of America N.A., Morgan Stanley Senior Funding, Inc., and Goldman Sachs Bank USA as the other lenders party thereto (the "Revolving Credit Agreement"). The Revolving Credit Agreement provides for (i) a five-year senior secured revolving credit facility in the amount of up to $100.0 million and (ii) an uncommitted incremental facility subject to certain conditions. Proceeds are to be used for working capital and general corporate purposes. In June 2023, the Company amended the Revolving Credit Agreement, replacing prior references to LIBOR with references to SOFR as a result of the discontinuation of LIBOR. The facility may be drawn as an Alternative Base Rate Loan (at 1.00% plus an applicable margin) or Term Benchmark Loan (at the Term SOFR Rate, plus the applicable Term SOFR Adjustment ranging from 0.11% to 0.43%, plus an applicable margin (in total, "Adjusted Term SOFR")). The Company must also pay (i) an unused commitment fee ranging from 0.200% to 0.275% per annum of the average daily unused portion of the aggregate revolving credit commitment under the agreement and (ii) a per annum fee equal to the applicable margin over Adjusted Term SOFR multiplied by the aggregate face amount of outstanding letters of credit. As of June 28, 2025, the Company did not have any outstanding borrowings and had $2.4 million in undrawn letters of credit that reduce the availability under the Revolving Credit Agreement.
The Company’s obligations under the Revolving Credit Agreement are secured by substantially all of the Company’s assets. The Revolving Credit Agreement contains customary representations and warranties, customary affirmative and negative covenants, a financial covenant that is tested quarterly and requires the Company to maintain a certain consolidated leverage ratio, and customary events of default. As of June 28, 2025, the Company was in compliance with all financial covenants under the Revolving Credit Agreement.
v3.25.2
Commitments and Contingencies
 9 Months Ended
Jun. 28, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies
7. Commitments and Contingencies
Commitments to suppliers
As of June 28, 2025, the Company's open purchase orders to contract manufacturers for finished goods were approximately $147 million, the majority of which are expected to be paid over the next six months. As of June 28, 2025, the Company's expected commitments to suppliers for components were in the range of $216 million to $244 million, the majority of which is expected to be paid and/or utilized by our contract manufacturers in building finished goods within the next two years. The expected commitments are subject to change as a result of fluctuations in the demand forecast, as well as ongoing negotiations with contract manufacturers and suppliers. These commitments are related to components that can be specific to Sonos products and comprised 1) indirect obligations to third-party
manufacturers and suppliers, 2) the inventory owned by contract manufacturers procured to manufacture Sonos products, and 3) purchase commitments made by contract manufacturers to their upstream suppliers.
Legal proceedings
From time to time, the Company is involved in legal proceedings in the ordinary course of business, including claims relating to employee relations, business practices, and patent infringement. Litigation can be expensive and disruptive to normal business operations. Moreover, the results of complex legal proceedings are difficult to predict, and the Company’s view of these matters may change in the future as the litigation and events related thereto unfold. The Company expenses legal fees as incurred. The Company records a provision for contingent losses when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. An unfavorable outcome to any legal matter, if material, could have an adverse effect on the Company’s operations or its financial position, liquidity or results of operations.
The Company’s Lawsuits Against Google:
On January 7, 2020, the Company filed a complaint with the U.S. International Trade Commission ("ITC") against Alphabet Inc. ("Alphabet") and Google LLC ("Google") and a counterpart lawsuit in the U.S. District Court for the Central District of California against Google. The complaint and lawsuit each allege infringement by Alphabet and Google of certain Sonos patents related to its smart speakers and related technology. The counterpart lawsuit was stayed pending completion of the ITC investigation and appeal thereof. The ITC concluded its investigation in January 2022, finding all five of the Company’s asserted patents to be valid and infringed by Google, and further finding that one redesign per patent proposed by Google would avoid infringement. The ITC issued a limited exclusion order and a cease-and-desist order with respect to Google’s infringing products. The Company and Google each appealed the ITC’s determination, which was upheld in its entirety by a panel of the appeals court. Google's petition for rehearing by the full appeals court has been denied. The stay in the counterpart lawsuit has been lifted. Google moved to file counterclaims on two of its own patents related to device setup and the court has added those patents to the case. No trial date has been set.
On September 29, 2020, the Company filed another lawsuit against Google alleging infringement of additional Sonos patents and seeking monetary damages and other non-monetary relief. A jury trial was held in May 2023, which found one Sonos patent to be infringed and another Sonos patent not infringed, and returned an award of $32.5 million based on a royalty rate of $2.30 per infringing unit. After trial, the court held Sonos’ patents unenforceable under the doctrine of prosecution laches and invalid as a result of amendments made during prosecution. The Company is appealing the ruling.
Google’s Lawsuits Against the Company:
On June 11, 2020, Google filed a lawsuit in the U.S. District Court for the Northern District of California against the Company alleging infringement by the Company of five Google patents and seeking monetary damages and other non-monetary relief. All five of these patents have since been found invalid or non-infringed by the Court or by the U.S. Patent and Trademark Office or have been withdrawn from the case by Google. The Court has now entered final judgment for Sonos and against Google. Google has appealed.
On August 8, 2022, Google filed two complaints with the ITC against the Company and two counterpart lawsuits in the Northern District of California against the Company, collectively alleging infringement by the Company of seven Google patents generally related to wireless charging, device setup, and voice control, and seeking monetary damages and other non-monetary relief. The counterpart lawsuits are stayed pending completion of the ITC investigations. In the first ITC investigation, the ITC terminated the investigation as to one Google patent as a result of the expiration of that Google patent and found the other two Google patents invalid as indefinite, thus concluding the first investigation. Google’s time to appeal the decision of indefiniteness has not yet expired. The second ITC investigation concluded in December 2023 with a final determination of no violation by the Company. Google did not appeal this determination.
Implicit
On March 10, 2017, Implicit, LLC (“Implicit”) filed a patent infringement action in the United States District Court, District of Delaware against the Company. Implicit is asserting that the Company has infringed on certain claims of two patents in this case. The Company denies the allegations. The claims at issue have been held unpatentable by the U.S. Patent and Trademark Office. Implicit has appealed this ruling, which is currently scheduled to be heard by the appeals court in 2025. A range of loss, if any, associated with this matter is not probable or reasonably estimable as of June 28, 2025.
The Company is involved in certain other litigation matters not listed above but does not consider these matters to be material either individually or in the aggregate at this time. The Company’s view of the matters not listed may change in the future as the litigation and events related thereto unfold.
v3.25.2
Stockholders' Equity
 9 Months Ended
Jun. 28, 2025
Equity [Abstract]  
Stockholders' Equity
8. Stockholders' Equity
On November 15, 2023, the Board of Directors (the "Board") authorized a common stock repurchase program of up to $200.0 million (the "2023 Stock Repurchase Program"). On February 24, 2025, the Board authorized a new common stock repurchase program of up to $150.0 million (the "2025 Stock Repurchase Program") resulting in the expiration of the $11.1 million remaining under the 2023 Stock Repurchase Program.
During the nine months ended June 28, 2025, the Company repurchased 4,167,203 shares for an aggregate purchase price of $60.0 million and at an average price of $14.39 per share under the 2023 Stock Repurchase Program. The Company has not made any repurchases under the 2025 Stock Repurchase Program. Aggregate purchase price and average price per share exclude commission and excise tax. The Company's share repurchases in excess of issuances are subject to a 1% excise tax enacted by the Inflation Reduction Act. Any excise tax incurred is recognized as part of the cost basis of the shares acquired in the condensed consolidated statements of equity.
Treasury stock during the nine months ended June 28, 2025, included 1,622,098 shares withheld to satisfy employees' tax withholding requirements in connection with vesting of stock awards. Additionally, during the nine months ended June 28, 2025, the Company retired 5,794,677 shares of treasury stock.
v3.25.2
Stock-based Compensation
 9 Months Ended
Jun. 28, 2025
Share-Based Payment Arrangement [Abstract]  
Stock-based Compensation
9. Stock-based Compensation
2018 Equity Incentive Plan
In July 2018, the Board adopted the 2018 Equity Incentive Plan (the "2018 Plan").
Stock options
The summary of the Company’s stock option activity is as follows:
Number of Options Weighted-Average Exercise PriceWeighted-Average Remaining Contractual TermAggregate Intrinsic Value
(In years)(In thousands)
Outstanding at September 28, 20247,082,389$14.24 2.8$210 
Exercised(195,479)$13.59  
Forfeited / expired(1,010,510)$14.24  
Outstanding at June 28, 20255,876,400$14.26 1.7$— 
As of June 28, 2025 and September 28, 2024, all outstanding stock options have vested and the Company had no unrecognized stock-based compensation expense related to stock options.
Restricted stock units ("RSU")
Pursuant to the 2018 Plan, the Company issues RSUs to employees and directors. The summary of the Company’s RSU activity is as follows:
Number of Units
Weighted-Average Grant Date Fair
Value		Aggregate Intrinsic Value
(In thousands)
Outstanding at September 28, 202410,763,098$14.79 $130,772 
Granted7,252,030$12.41  
Released(4,603,993)$15.17  
Forfeited(3,322,526)$13.66  
Outstanding at June 28, 202510,088,609$13.28 $108,251 
As of June 28, 2025 and September 28, 2024, the Company had $94.7 million and $115.4 million of unrecognized stock-based compensation expense related to RSUs, which are expected to be recognized over weighted-average periods of 2.3 years and 2.4 years, respectively.
Performance stock units ("PSU")
Pursuant to the 2018 Plan, the Company has issued and may issue certain PSUs that vest on the satisfaction of service and performance conditions. The number of outstanding PSUs is based on the target number of share awards. The number of shares vested at the end of the performance period is based on achievement of performance conditions and includes a performance adjustment to reflect the extent to which the corresponding performance goals have been achieved. The summary of the Company’s PSU activity is as follows:
Number of Units
Weighted-Average Grant Date Fair
Value		Aggregate Intrinsic Value
(In thousands)
Outstanding at September 28, 2024684,080$18.37 $8,312 
Granted339,837$11.53 
Released(7,194)$17.54 
Performance adjustment
(121,250)$21.80 
Forfeited(137,914)$17.40 
Outstanding at June 28, 2025757,559$14.93 $8,129 
As of June 28, 2025 and September 28, 2024, the Company had $4.3 million and $0.2 million of unrecognized stock-based compensation expense related to PSUs, which are expected to be recognized over weighted-average periods of 1.3 years and 1.5 years, respectively.
Stock-based compensation
Total stock-based compensation expense by functional category was as follows:
Three Months EndedNine Months Ended
June 28,
2025		June 29,
2024		June 28,
2025		June 29,
2024
(In thousands)
Cost of revenue$1,633 $655 $4,588 $1,995 
Research and development7,944 9,735 29,816 29,133 
Sales and marketing3,568 4,510 13,227 13,297 
General and administrative7,639 7,030 21,733 20,536 
Total stock-based compensation expense$20,784 $21,930 $69,364 $64,961 
For the three and nine months ended June 28, 2025, the Company incurred non-recurring stock-based compensation expenses related to restructuring activities.
v3.25.2
Income Taxes
 9 Months Ended
Jun. 28, 2025
Income Tax Disclosure [Abstract]  
Income Taxes
10. Income Taxes
The Company’s income tax provision and the resulting effective tax rate for interim periods is generally determined based upon its estimated annual effective tax rate ("AETR"), adjusted for the effect of discrete items arising in that quarter. The impact of such inclusions could result in a higher or lower effective tax rate during a quarter, based upon the mix and timing of actual earnings or losses versus annual projections. In each quarter, the Company updates its estimate of the AETR, and if the estimated AETR changes, a cumulative adjustment is made in that quarter.
The Company recorded a provision for income taxes of $2.6 million and $8.9 million for the three months ended June 28, 2025 and June 29, 2024, respectively, related to U.S. and non-U.S. income taxes. The Company recorded a provision for income taxes of $7.1 million and $20.2 million for the nine months ended June 28, 2025 and June 29, 2024, respectively, related to U.S. and non-U.S. income taxes.
For the three and nine months ended June 28, 2025, the Company utilized the AETR method to calculate separate U.S. and foreign income tax provisions. Separate U.S. and foreign AETRs were calculated in accordance with U.S. GAAP since Sonos, Inc. is forecasted to a full-year loss with no corresponding deferred tax benefit while all non-U.S. entities are forecasted to profitability and, unlike the prior year, small fluctuations in forecasted pre-tax income (loss) are not expected to have a material impact on the estimated U.S. AETR. For the three and nine months ended June 29, 2024, the Company calculated its U.S. income tax provision using the discrete method as though the interim period was an annual period since minor deviations in the projected pre-tax net income (loss) in the U.S. could have resulted in a disproportionate and unreliable effective tax rate under the AETR method.
For the three and nine months ended June 28, 2025, the Company’s tax provision is comprised of a U.S. tax provision resulting from the application of a negative U.S. AETR to year-to-date U.S. pretax loss and a tax provision for non-U.S. income taxes. For the three and nine months ended June 29, 2024, the Company's U.S. income tax provision was adversely impacted by Section 174 as the Company recorded a current U.S. tax expense with no corresponding deferred tax benefit due to the valuation allowance maintained against its U.S. deferred tax assets.
For the nine months ended June 28, 2025, the Company concluded that a full valuation allowance on its deferred tax assets in the U.S. continued to be appropriate considering cumulative pre-tax losses in recent years and uncertainty with respect to future taxable income. Release of the valuation allowance in the U.S. would result in a benefit to the income tax provision in the period the release is recorded, which could have a material impact on net earnings. The timing and amount of the potential valuation allowance release are subject to significant management judgment, as well as prospective earnings in the U.S.
On July 4, 2025, H.R.1, commonly referred to as the One Big Beautiful Bill Act (“OBBBA”) was enacted. The Company continues to evaluate the bill's impact on its consolidated financial statements.
v3.25.2
Net Income (Loss) Per Share
 9 Months Ended
Jun. 28, 2025
Earnings Per Share [Abstract]  
Net Income (Loss) Per Share
11. Net Income (Loss) Per Share
Basic net income (loss) per share is calculated by dividing net income (loss) by the weighted-average number of shares of common stock outstanding less shares subject to repurchase. Diluted net income (loss) per share adjusts the basic net income (loss) per
share and the weighted-average number of shares of common stock outstanding for the potentially dilutive impact of stock awards, using the treasury stock method.
The following table sets forth the computation of the Company’s basic and diluted net income (loss) per share:
Three Months EndedNine Months Ended
June 28,
2025		June 29,
2024		June 28,
2025		June 29,
2024
(In thousands, except share and per share data)
Numerator:
Net income (loss) - basic and diluted
$(3,379)$3,709 $(23,286)$14,947 
Denominator:
Weighted-average shares of common stock—basic120,423,439122,553,129120,804,730 123,828,150 
Effect of potentially dilutive stock options— 1,116,000 — 956,598 
Effect of RSUs— 3,543,526 — 3,085,571 
Effect of PSUs— 32,804 — 16,049 
Weighted-average shares of common stock—diluted120,423,439127,245,459120,804,730 127,886,368 
Net income (loss) per share:
Basic$(0.03)$0.03 $(0.19)$0.12 
Diluted$(0.03)$0.03 $(0.19)$0.12 
The following shares were excluded from the computation of diluted net income (loss) per share because their effect would have been antidilutive:
Three Months EndedNine Months Ended
June 28,
2025		June 29,
2024		June 28,
2025		June 29,
2024
Stock options to purchase common stock6,338,1656,371,6046,673,4036,998,738
Restricted stock units10,863,0069,556,87913,394,2709,828,619
Performance stock units516,697187,255201,69188,030
Total17,717,86816,115,73820,269,36416,915,387
v3.25.2
Retirement Plans
 9 Months Ended
Jun. 28, 2025
Retirement Benefits [Abstract]  
Retirement Plans
12. Retirement Plans
The Company has a defined contribution 401(k) plan (the "401(k) Plan") for the Company’s U.S.-based employees, as well as various defined contribution plans for its international employees. Eligible U.S. employees may make tax-deferred contributions under the 401(k) plan but are limited to the maximum annual dollar amount allowable under the Internal Revenue Code of 1986, as amended. The Company matches contributions towards the 401(k) Plan and international defined contribution plans. The Company's matching contributions totaled $1.6 million and $2.5 million for the three months ended June 28, 2025 and June 29, 2024, respectively. The Company's matching contributions totaled $5.9 million and $7.4 million for the nine months ended June 28, 2025 and June 29, 2024, respectively.
v3.25.2
Restructuring and Other Charges
 9 Months Ended
Jun. 28, 2025
Restructuring and Related Activities [Abstract]  
Restructuring and Other Charges
13. Restructuring and Other Charges
The Company started a cost transformation initiative in the second half of fiscal 2024 with the goal of optimizing investments for sustainable, long-term growth. This included the August 14, 2024 initiation of a restructuring plan (the "2024 restructuring plan") that involved a reduction in force of approximately 6% of its employees and a reduction to its real estate footprint. Building on this effort, the Company announced a subsequent restructuring on February 5, 2025, including a reduction in force involving approximately 12% of its employees (the “2025 restructuring plan”). This cost transformation also involved charges related to rationalization of its product roadmap. Furthermore, in January 2025, Patrick Spence stepped down from his role as Chief Executive Officer ("CEO") and as a member of the Board, resulting in the Company incurring costs related to this transition, which are also included in restructuring and other charges.
The following table summarizes the components of restructuring and other charges:
Three Months EndedNine Months Ended
(in thousands)June 28,
2025		June 29,
2024		June 28,
2025		June 29,
2024
Cash restructuring charges:
Employee-related costs$1,874 $443 $17,227 $443 
Other restructuring costs (1)
(1,327)850 2,071 1,157 
Total cash charges$547 $1,293 $19,298 $1,600 
Non-cash charges:
Stock-based awards (2)
$1,434 $— $4,577 $— 
Asset write-offs— — 1,746 266 
Total non-cash charges$1,434 $— $6,323 $266 
Total restructuring and other charges$1,981 $1,293 $25,621 $1,866 
(1)Other restructuring charges include estimated costs primarily related to rationalization of the Company's product roadmap, including a benefit for the three months ended June 28, 2025, related to a change in estimate resulting from favorable contract negotiations with one of the Company's contract manufacturers.
(2)Non-cash charges for stock-based awards were related to modifications for equity awards primarily in connection with the CEO transition. These modifications included accelerated vesting of certain RSUs and an extension of the post-termination exercise period for certain stock options.
The following table summarizes restructuring and other charges recorded in the Company's condensed consolidated statements of operations and comprehensive income (loss):
Three Months EndedNine Months Ended
(in thousands)June 28,
2025		June 29,
2024		June 28,
2025		June 29,
2024
Cost of revenue
$(514)$— $3,420 $— 
Research and development
(824)478 11,882 801 
Sales and marketing
1,038 185 3,831 297 
General and administrative
2,281 630 6,488 768 
Total restructuring and other charges
$1,981 $1,293 $25,621 $1,866 
The following table summarizes the Company's restructuring and other charges recorded in accrued expenses and accrued compensation within the condensed consolidated balance sheets:
(in thousands)
Employee Related Costs
Other
Restructuring Costs
Total
Balance as of September 28, 2024(1)
$2,152 $1,037 $3,189 
Restructuring charges17,227 2,071 19,298 
Cash paid(16,294)(1,529)(17,823)
Balance as of June 28, 2025
$3,085 $1,579 $4,664 
(1)Balance as of September 28, 2024, relates to activities under the 2024 restructuring plan.
v3.25.2
Subsequent Event
 9 Months Ended
Jun. 28, 2025
Subsequent Events [Abstract]  
Subsequent Event
14. Subsequent Event
On July 22, 2025, the Board of Directors (the “Board”) appointed Tom Conrad Chief Executive Officer and President effective immediately, following his tenure as interim Chief Executive Officer since January 13, 2025. Mr. Conrad will remain on the Board.
v3.25.2
Insider Trading Arrangements
 3 Months Ended
Jun. 28, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.2
Business Overview and Basis of Presentation (Policies)
 9 Months Ended
Jun. 28, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of presentation and preparation
The accompanying condensed consolidated financial statements are unaudited. The condensed consolidated balance sheet as of September 28, 2024, has been derived from the audited consolidated financial statements of the Company.
The accompanying condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP") for interim financial information and the applicable rules and regulations of the Securities and Exchange Commission ("SEC"). Accordingly, they do not include all the information and footnotes required by U.S. GAAP for annual financial statements. They should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the fiscal year ended September 28, 2024, (the "Annual Report"), filed with the SEC on November 15, 2024.
In management’s opinion, the accompanying unaudited condensed consolidated financial statements include all adjustments, consisting of only normal recurring adjustments, necessary for the fair statement of the Company’s financial position, its results of operations, and its cash flows for the interim periods presented. The results of operations for the three and nine months ended June 28, 2025, are not necessarily indicative of the results to be expected for the full fiscal year or any other period.
Fiscal period
The Company operates on a 52- week or 53- week fiscal year ending on the Saturday nearest September 30 each year. The Company’s fiscal year is divided into four quarters of 13 weeks, each beginning on a Sunday and containing two 4-week periods followed by a 5-week period. An additional week is included in the fourth fiscal quarter approximately every five years to realign fiscal quarters with calendar quarters. This last occurred in the fourth quarter of the Company’s fiscal year ended October 3, 2020, and will reoccur in the fiscal year ending October 3, 2026. The nine months ended June 28, 2025 and June 29, 2024, spanned 39 weeks each. As used in this Quarterly Report on Form 10-Q, "fiscal 2025" refers to the fiscal year ending September 27, 2025 and "fiscal 2024" refers to the fiscal year ended September 28, 2024.
Use of estimates and judgments
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and judgments that affect the amounts reported and disclosed in the condensed consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates. On an ongoing basis, the Company evaluates its estimates and judgments compared to historical experience and expected trends.
Recent accounting pronouncements pending adoption
In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03, Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This standard requires disclosure of disaggregated information about significant expenses within relevant income statement captions, such as purchases of inventory, employee compensation, depreciation, and amortization. Also
required is a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated. In January 2025, FASB issued ASU 2025-01, Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date, which clarifies that the amendments in ASU 2024-03 are effective for fiscal years beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. The amendments may be applied retrospectively or prospectively, with early adoption permitted. The Company is currently evaluating the pronouncement to determine the impact it may have on the Company's consolidated financial statements and related disclosures.
v3.25.2
Financial Instruments (Tables)
 9 Months Ended
Jun. 28, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets Measured on Recurring Basis
The following table summarizes cash, cash equivalents and marketable securities by investment category as of June 28, 2025 and September 28, 2024:
June 28, 2025
Amortized CostUnrealized GainUnrealized LossEstimated Fair ValueCash and Cash EquivalentsMarketable Securities
Cash$172,644 $— $— $172,644 $172,644 $— 
Level 1:
Money market funds28,629 — — 28,629 28,629 — 
Subtotal28,629 — — 28,629 28,629 — 
Level 2:
U.S. Treasury securities52,699 2 (20)52,681 — 52,681 
Subtotal52,699 2 (20)52,681 — 52,681 
Total$253,972 $2 $(20)$253,954 $201,273 $52,681 

September 28, 2024
Amortized CostUnrealized GainUnrealized LossEstimated Fair ValueCash and Cash EquivalentsMarketable Securities
Cash$144,184 $— $— $144,184 $144,184 $— 
Level 1:
Money market funds25,548 — — 25,548 25,548 — 
Subtotal25,548 — — 25,548 25,548 — 
Level 2:
U.S. Treasury securities51,304 122 — 51,426 — 51,426 
Subtotal51,304 122 — 51,426 — 51,426 
Total$221,036 $122 $— $221,158 $169,732 $51,426 
v3.25.2
Revenue and Geographic Information (Tables)
 9 Months Ended
Jun. 28, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue
Revenue is attributed to each region based on ship-to address, and also includes the applicable service revenue for software upgrades and cloud-based services attributable to each region. Revenue by region is as follows:
Three Months EndedNine Months Ended
June 28,
2025		June 29,
2024		June 28,
2025		June 29,
2024
(In thousands)
Americas$229,656 $264,611 $731,041 $827,238 
Europe, Middle East and Africa ("EMEA")97,245 110,902 363,642 372,074 
Asia Pacific ("APAC")17,863 21,633 60,693 63,364 
Total revenue$344,764 $397,146 $1,155,376 $1,262,676 
Revenue is attributed to individual countries based on ship-to address and also includes the applicable service revenue for software upgrades and cloud-based services attributable to each country. Revenue by significant countries is as follows:
Three Months EndedNine Months Ended
June 28,
2025		June 29,
2024		June 28,
2025		June 29,
2024
(In thousands)
United States$213,815 $248,094 $675,546 $765,639 
Other countries130,949 149,052 479,830 497,037 
Total revenue$344,764 $397,146 $1,155,376 $1,262,676 
Revenue by product category also includes the applicable service revenue for software upgrades and cloud-based services attributable to each product category. Revenue by major product category is as follows:
Three Months EndedNine Months Ended
June 28,
2025		June 29,
2024		June 28,
2025		June 29,
2024
(In thousands)
Sonos speakers$253,669 $301,105 $915,330 $991,378 
Sonos system products73,179 75,186 183,993 209,013 
Partner products and other revenue17,916 20,855 56,053 62,285 
Total revenue$344,764 $397,146 $1,155,376 $1,262,676 
v3.25.2
Balance Sheet Components (Tables)
 9 Months Ended
Jun. 28, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Accounts Receivable, Net
Accounts receivable, net
Accounts receivable, net consist of the following:
June 28,
2025		September 28,
2024
(In thousands)
Accounts receivable$147,287 $96,254 
Allowance for credit losses(2,904)(2,619)
Allowance for sales incentives(50,182)(49,122)
Accounts receivable, net of allowances$94,201 $44,513 
Schedule of Inventories
Inventories consist of the following:
June 28,
2025		September 28,
2024
(In thousands)  
Finished goods$93,264 $199,825 
Component parts22,163 31,680 
Inventories$115,427 $231,505 
Schedule of Property, and Equipment
Property and equipment net of accumulated depreciation were as follows:
June 28,
2025		September 28,
2024
(In thousands)
Property and equipment
$296,833 $280,247 
Less: accumulated depreciation
(216,107)(178,099)
Property and equipment, net$80,726 $102,148 
Schedule of Indefinite-Lived Intangible Assets The following table reflects the changes in the net carrying amount of the components of intangible assets associated with the Company's acquisition activity:
June 28, 2025
Gross Carrying AmountAccumulated Amortization Foreign Currency TranslationNet Carrying Value
Weighted-Average Remaining Life
(In years)
(In thousands, except weighted-average remaining life)
Trade name$451 $(244)$16 $223 2.75
Technology-based94,419 (16,634)- 77,785 5.97
Total intangible assets$94,870 $(16,878)$16 $78,008 5.96
September 28, 2024
Gross Carrying AmountAccumulated Amortization Foreign Currency Translation Net Carrying Value
Weighted-Average Remaining Life
(In years)
(In thousands, except weighted-average remaining life)
Trade name
$451 $(188)$7 $270 3.50
Technology-based31,480 (17,484)- 13,996 4.52
Total finite-lived intangible assets31,931 (17,672)7 14,266 4.51
In-process research and development not subject to amortization
73,770 - - 73,770 
Total intangible assets$105,701 $(17,672)$7 $88,036 
Schedule of Finite-Lived Intangible Assets The following table reflects the changes in the net carrying amount of the components of intangible assets associated with the Company's acquisition activity:
June 28, 2025
Gross Carrying AmountAccumulated Amortization Foreign Currency TranslationNet Carrying Value
Weighted-Average Remaining Life
(In years)
(In thousands, except weighted-average remaining life)
Trade name$451 $(244)$16 $223 2.75
Technology-based94,419 (16,634)- 77,785 5.97
Total intangible assets$94,870 $(16,878)$16 $78,008 5.96
September 28, 2024
Gross Carrying AmountAccumulated Amortization Foreign Currency Translation Net Carrying Value
Weighted-Average Remaining Life
(In years)
(In thousands, except weighted-average remaining life)
Trade name
$451 $(188)$7 $270 3.50
Technology-based31,480 (17,484)- 13,996 4.52
Total finite-lived intangible assets31,931 (17,672)7 14,266 4.51
In-process research and development not subject to amortization
73,770 - - 73,770 
Total intangible assets$105,701 $(17,672)$7 $88,036 
Schedule of Estimated Future Amortization Expense
The following table summarizes the estimated future amortization expense of the Company's intangible assets as of June 28, 2025:
Fiscal years endingFuture Amortization Expense
(In thousands)
Remainder of fiscal 2025$2,651 
202613,585 
202713,570 
202813,451 
202912,453 
2030 and thereafter22,298 
Total future amortization expense$78,008 
Schedule of Cloud Computing Arrangements
Capitalized costs to implement cloud computing arrangements net of accumulated amortization are reported as a component of other noncurrent assets on the Company's condensed consolidated balance sheets and were as follows:
June 28,
2025		September 28,
2024
(In thousands)
Cloud computing implementation costs$26,844 $25,038 
Less: accumulated amortization(12,314)(9,697)
Cloud computing implementation costs, net$14,530 $15,341 
Schedule of Accrued Expenses
Accrued expenses included the following:
June 28,
2025		September 28,
2024
(In thousands)
Accrued inventory and supply chain costs$36,773 $34,204 
Accrued taxes10,668 19,084 
Accrued advertising and marketing10,562 12,893 
Accrued general and administrative expenses8,969 10,870 
Accrued product development4,928 4,338 
Other accrued payables3,972 6,394 
Total accrued expenses$75,872 $87,783 
Schedule of Changes in Deferred Balances and Expected Revenue Recognition
The following table presents the changes in the Company’s deferred revenue:
Nine Months Ended
June 28,
2025		June 29,
2024
(In thousands)
Deferred revenue, beginning of period$82,877 $80,838 
Recognition of revenue included in beginning of period deferred revenue(15,041)(17,723)
Revenue deferred, net of revenue recognized on contracts in the respective period15,129 19,871 
Deferred revenue, end of period$82,965 $82,986 
Schedule of Remaining Performance Obligation
The Company expects the following recognition of deferred revenue as of June 28, 2025:
 For the fiscal years ending
 Remainder of 20252026202720282029 and
Beyond		Total
(In thousands)
Deferred revenue expected to be recognized$6,225 $20,546 $17,813 $14,690 $23,691 $82,965 
Schedule of Other Current Liabilities
Other current liabilities consist of the following:
June 28,
2025		September 28,
2024
(In thousands)
Reserve for returns$23,108 $20,304 
Warranty liability9,708 10,565 
Short-term operating lease liabilities7,023 7,551 
Other 7,625 7,857 
Total other current liabilities$47,464 $46,277 
Schedule of Product Warranty Liability
The following table presents the changes in the Company’s warranty liability:
June 28,
2025		June 29,
2024
(In thousands)
Warranty liability, beginning of period$10,565 $7,466 
Provision for warranties issued during the period10,312 13,363 
Settlements of warranty claims during the period(11,169)(12,039)
Warranty liability, end of period$9,708 $8,790 
v3.25.2
Stock-based Compensation (Tables)
 9 Months Ended
Jun. 28, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock Option Activity
The summary of the Company’s stock option activity is as follows:
Number of Options Weighted-Average Exercise PriceWeighted-Average Remaining Contractual TermAggregate Intrinsic Value
(In years)(In thousands)
Outstanding at September 28, 20247,082,389$14.24 2.8$210 
Exercised(195,479)$13.59  
Forfeited / expired(1,010,510)$14.24  
Outstanding at June 28, 20255,876,400$14.26 1.7$— 
Schedule of Restricted Stock Unit Activity The summary of the Company’s RSU activity is as follows:
Number of Units
Weighted-Average Grant Date Fair
Value		Aggregate Intrinsic Value
(In thousands)
Outstanding at September 28, 202410,763,098$14.79 $130,772 
Granted7,252,030$12.41  
Released(4,603,993)$15.17  
Forfeited(3,322,526)$13.66  
Outstanding at June 28, 202510,088,609$13.28 $108,251 
Schedule of Performance Stock Units Activity The summary of the Company’s PSU activity is as follows:
Number of Units
Weighted-Average Grant Date Fair
Value		Aggregate Intrinsic Value
(In thousands)
Outstanding at September 28, 2024684,080$18.37 $8,312 
Granted339,837$11.53 
Released(7,194)$17.54 
Performance adjustment
(121,250)$21.80 
Forfeited(137,914)$17.40 
Outstanding at June 28, 2025757,559$14.93 $8,129 
Schedule of Stock-based Compensation Expense
Total stock-based compensation expense by functional category was as follows:
Three Months EndedNine Months Ended
June 28,
2025		June 29,
2024		June 28,
2025		June 29,
2024
(In thousands)
Cost of revenue$1,633 $655 $4,588 $1,995 
Research and development7,944 9,735 29,816 29,133 
Sales and marketing3,568 4,510 13,227 13,297 
General and administrative7,639 7,030 21,733 20,536 
Total stock-based compensation expense$20,784 $21,930 $69,364 $64,961 
v3.25.2
Net Income (Loss) Per Share (Tables)
 9 Months Ended
Jun. 28, 2025
Earnings Per Share [Abstract]  
Schedule of net Income (Loss) Per Share, Basic and Diluted
The following table sets forth the computation of the Company’s basic and diluted net income (loss) per share:
Three Months EndedNine Months Ended
June 28,
2025		June 29,
2024		June 28,
2025		June 29,
2024
(In thousands, except share and per share data)
Numerator:
Net income (loss) - basic and diluted
$(3,379)$3,709 $(23,286)$14,947 
Denominator:
Weighted-average shares of common stock—basic120,423,439122,553,129120,804,730 123,828,150 
Effect of potentially dilutive stock options— 1,116,000 — 956,598 
Effect of RSUs— 3,543,526 — 3,085,571 
Effect of PSUs— 32,804 — 16,049 
Weighted-average shares of common stock—diluted120,423,439127,245,459120,804,730 127,886,368 
Net income (loss) per share:
Basic$(0.03)$0.03 $(0.19)$0.12 
Diluted$(0.03)$0.03 $(0.19)$0.12 
Schedule of Antidilutive Securities
The following shares were excluded from the computation of diluted net income (loss) per share because their effect would have been antidilutive:
Three Months EndedNine Months Ended
June 28,
2025		June 29,
2024		June 28,
2025		June 29,
2024
Stock options to purchase common stock6,338,1656,371,6046,673,4036,998,738
Restricted stock units10,863,0069,556,87913,394,2709,828,619
Performance stock units516,697187,255201,69188,030
Total17,717,86816,115,73820,269,36416,915,387
v3.25.2
Restructuring and Other Charges (Tables)
 9 Months Ended
Jun. 28, 2025
Restructuring and Related Activities [Abstract]  
Schedule of Restructuring and Related Costs
The following table summarizes the components of restructuring and other charges:
Three Months EndedNine Months Ended
(in thousands)June 28,
2025		June 29,
2024		June 28,
2025		June 29,
2024
Cash restructuring charges:
Employee-related costs$1,874 $443 $17,227 $443 
Other restructuring costs (1)
(1,327)850 2,071 1,157 
Total cash charges$547 $1,293 $19,298 $1,600 
Non-cash charges:
Stock-based awards (2)
$1,434 $— $4,577 $— 
Asset write-offs— — 1,746 266 
Total non-cash charges$1,434 $— $6,323 $266 
Total restructuring and other charges$1,981 $1,293 $25,621 $1,866 
(1)Other restructuring charges include estimated costs primarily related to rationalization of the Company's product roadmap, including a benefit for the three months ended June 28, 2025, related to a change in estimate resulting from favorable contract negotiations with one of the Company's contract manufacturers.
(2)Non-cash charges for stock-based awards were related to modifications for equity awards primarily in connection with the CEO transition. These modifications included accelerated vesting of certain RSUs and an extension of the post-termination exercise period for certain stock options.
The following table summarizes the Company's restructuring and other charges recorded in accrued expenses and accrued compensation within the condensed consolidated balance sheets:
(in thousands)
Employee Related Costs
Other
Restructuring Costs
Total
Balance as of September 28, 2024(1)
$2,152 $1,037 $3,189 
Restructuring charges17,227 2,071 19,298 
Cash paid(16,294)(1,529)(17,823)
Balance as of June 28, 2025
$3,085 $1,579 $4,664 
(1)Balance as of September 28, 2024, relates to activities under the 2024 restructuring plan.
Schedule of Restructuring Reserve by Type of Cost
The following table summarizes restructuring and other charges recorded in the Company's condensed consolidated statements of operations and comprehensive income (loss):
Three Months EndedNine Months Ended
(in thousands)June 28,
2025		June 29,
2024		June 28,
2025		June 29,
2024
Cost of revenue
$(514)$— $3,420 $— 
Research and development
(824)478 11,882 801 
Sales and marketing
1,038 185 3,831 297 
General and administrative
2,281 630 6,488 768 
Total restructuring and other charges
$1,981 $1,293 $25,621 $1,866 
v3.25.2
Business Overview and Basis of Presentation (Details)
Jun. 28, 2025
country
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Number of countries where products distributed 60
v3.25.2
Financial Instruments - Cash, Cash Equivalents and Marketable Securities by Investment Category (Details) - USD ($)
$ in Thousands
Jun. 28, 2025
Sep. 28, 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash $ 172,644 $ 144,184
Amortized Cost 253,972 221,036
Unrealized Gain 2 122
Unrealized Loss (20) 0
Estimated Fair Value 253,954 221,158
Cash and cash equivalents 201,273 169,732
Marketable securities 52,681 51,426
Level 1:    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Amortized Cost 28,629 25,548
Estimated Fair Value 28,629 25,548
Cash and cash equivalents 28,629 25,548
Level 1: | Money market funds    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Amortized Cost 28,629 25,548
Estimated Fair Value 28,629 25,548
Cash and Cash Equivalents 28,629 25,548
Level 2:    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Amortized Cost 52,699 51,304
Estimated Fair Value 52,681 51,426
Cash and Cash Equivalents 0 0
Unrealized Gain 2 122
Unrealized Loss (20) 0
Marketable securities 52,681 51,426
Level 2: | U.S. Treasury securities    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Amortized Cost 52,699 51,304
Estimated Fair Value 52,681 51,426
Cash and Cash Equivalents 0 0
Unrealized Gain 2 122
Unrealized Loss (20) 0
Marketable securities $ 52,681 $ 51,426
v3.25.2
Financial Instruments - Narrative (Details)
 3 Months Ended 9 Months Ended
Jun. 28, 2025
USD ($)
Jun. 28, 2025
USD ($)
Fair Value Disclosures [Abstract]    
Debt securities, available-for-sale, noncurrent $ 0 $ 0
Realized gain (loss) 0 0
Accrued interest 0 0
Accrued interest writeoff $ 0 $ 0
v3.25.2
Revenue and Geographic Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Jun. 28, 2025
Jun. 29, 2024
Jun. 28, 2025
Jun. 29, 2024
Disaggregation of Revenue [Line Items]        
Revenue $ 344,764 $ 397,146 $ 1,155,376 $ 1,262,676
Sonos speakers        
Disaggregation of Revenue [Line Items]        
Revenue 253,669 301,105 915,330 991,378
Sonos system products        
Disaggregation of Revenue [Line Items]        
Revenue 73,179 75,186 183,993 209,013
Partner products and other revenue        
Disaggregation of Revenue [Line Items]        
Revenue 17,916 20,855 56,053 62,285
Americas        
Disaggregation of Revenue [Line Items]        
Revenue 229,656 264,611 731,041 827,238
Europe, Middle East and Africa ("EMEA")        
Disaggregation of Revenue [Line Items]        
Revenue 97,245 110,902 363,642 372,074
Asia Pacific ("APAC")        
Disaggregation of Revenue [Line Items]        
Revenue 17,863 21,633 60,693 63,364
United States        
Disaggregation of Revenue [Line Items]        
Revenue 213,815 248,094 675,546 765,639
Other countries        
Disaggregation of Revenue [Line Items]        
Revenue $ 130,949 $ 149,052 $ 479,830 $ 497,037
v3.25.2
Balance Sheet Components - Schedule of Accounts Receivable (Details) - USD ($)
$ in Thousands
Jun. 28, 2025
Sep. 28, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Accounts receivable $ 147,287 $ 96,254
Allowance for credit losses (2,904) (2,619)
Allowance for sales incentives (50,182) (49,122)
Accounts receivable, net of allowances $ 94,201 $ 44,513
v3.25.2
Balance Sheet Components - Schedule of Inventories (Details) - USD ($)
$ in Thousands
Jun. 28, 2025
Sep. 28, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Finished goods $ 93,264 $ 199,825
Component parts 22,163 31,680
Inventories $ 115,427 $ 231,505
v3.25.2
Balance Sheet Components - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jun. 28, 2025
Dec. 28, 2024
Jun. 29, 2024
Jun. 28, 2025
Jun. 29, 2024
Sep. 28, 2024
Finite-Lived Intangible Assets [Line Items]            
Accumulated inventory write-downs $ 39.0     $ 39.0   $ 33.3
Amortization expenses $ 0.9   $ 0.9 2.6 $ 2.6  
Revenue recognized from previous period       $ 82.3 $ 82.4  
Mayht Holding BV | In Process Research and Development            
Finite-Lived Intangible Assets [Line Items]            
Provisional information, adjustment, intangibles   $ 73.8        
Finite-lived intangible asset, useful life   7 years        
v3.25.2
Balance Sheet Components - Schedule of Property Plant and Equipment (Details) - USD ($)
$ in Thousands
Jun. 28, 2025
Sep. 28, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Property and equipment $ 296,833 $ 280,247
Less: accumulated depreciation (216,107) (178,099)
Property and equipment, net $ 80,726 $ 102,148
v3.25.2
Balance Sheet Components - Schedule of Finite-Lived Intangible Assets (Details) - USD ($)
$ in Thousands
 9 Months Ended 12 Months Ended
Jun. 28, 2025
Sep. 28, 2024
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 94,870 $ 31,931
Accumulated Amortization (16,878) (17,672)
Foreign Currency Translation 16 7
Total future amortization expense $ 78,008 $ 14,266
Weighted-Average Remaining Life (In years) 5 years 11 months 15 days 4 years 6 months 3 days
Indefinite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount   $ 105,701
Net Carrying Value   88,036
In Process Research and Development    
Indefinite-Lived Intangible Assets [Line Items]    
In-process research and development not subject to amortization   73,770
Trade name    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 451 451
Accumulated Amortization (244) (188)
Foreign Currency Translation 16 7
Total future amortization expense $ 223 $ 270
Weighted-Average Remaining Life (In years) 2 years 9 months 3 years 6 months
Technology-based    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 94,419 $ 31,480
Accumulated Amortization (16,634) (17,484)
Foreign Currency Translation 0 0
Total future amortization expense $ 77,785 $ 13,996
Weighted-Average Remaining Life (In years) 5 years 11 months 19 days 4 years 6 months 7 days
v3.25.2
Balance Sheet Components - Schedule of Estimated Future Amortization Expense (Details) - USD ($)
$ in Thousands
Jun. 28, 2025
Sep. 28, 2024
Future Amortization Expense    
Remainder of fiscal 2025 $ 2,651  
2026 13,585  
2027 13,570  
2028 13,451  
2029 12,453  
2030 and thereafter 22,298  
Total future amortization expense $ 78,008 $ 14,266
v3.25.2
Balance Sheet Components - Schedule of Cloud Computing Arrangements (Details) - USD ($)
$ in Thousands
Jun. 28, 2025
Sep. 28, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Cloud computing implementation costs $ 26,844 $ 25,038
Less: accumulated amortization (12,314) (9,697)
Cloud computing implementation costs, net $ 14,530 $ 15,341
v3.25.2
Balance Sheet Components - Schedule of Accrued Expenses (Details) - USD ($)
$ in Thousands
Jun. 28, 2025
Sep. 28, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Accrued inventory and supply chain costs $ 36,773 $ 34,204
Accrued taxes 10,668 19,084
Accrued advertising and marketing 10,562 12,893
Accrued general and administrative expenses 8,969 10,870
Accrued product development 4,928 4,338
Other accrued payables 3,972 6,394
Total accrued expenses $ 75,872 $ 87,783
v3.25.2
Balance Sheet Components -Schedule of Changes in Deferred Revenue (Details) - USD ($)
$ in Thousands
 9 Months Ended
Jun. 28, 2025
Jun. 29, 2024
Contract with Customer, Liability [Roll Forward]    
Deferred revenue, beginning of period $ 82,877 $ 80,838
Recognition of revenue included in beginning of period deferred revenue (15,041) (17,723)
Revenue deferred, net of revenue recognized on contracts in the respective period 15,129 19,871
Deferred revenue, end of period $ 82,965 $ 82,986
v3.25.2
Balance Sheet Components - Schedule of Expected Recognition of Deferred Revenue (Details)
$ in Thousands
Jun. 28, 2025
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Deferred revenue expected to be recognized $ 82,965
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-06-29  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Deferred revenue expected to be recognized $ 6,225
Revenue, remaining performance obligation, period 3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-09-28  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Deferred revenue expected to be recognized $ 20,546
Revenue, remaining performance obligation, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-10-04  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Deferred revenue expected to be recognized $ 17,813
Revenue, remaining performance obligation, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-10-03  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Deferred revenue expected to be recognized $ 14,690
Revenue, remaining performance obligation, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-10-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Deferred revenue expected to be recognized $ 23,691
Revenue, remaining performance obligation, period
v3.25.2
Balance Sheet Components - Schedule of Other Current Liabilities (Details) - USD ($)
$ in Thousands
Jun. 28, 2025
Sep. 28, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Reserve for returns $ 23,108 $ 20,304
Warranty liability 9,708 10,565
Short-term operating lease liabilities $ 7,023 $ 7,551
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Total other current liabilities Total other current liabilities
Other $ 7,625 $ 7,857
Total other current liabilities $ 47,464 $ 46,277
v3.25.2
Balance Sheet Components - Schedule of Warranty Liability (Details) - USD ($)
$ in Thousands
 9 Months Ended
Jun. 28, 2025
Jun. 29, 2024
Movement in Standard Product Warranty Accrual [Roll Forward]    
Warranty liability, beginning of period $ 10,565 $ 7,466
Provision for warranties issued during the period 10,312 13,363
Settlements of warranty claims during the period (11,169) (12,039)
Warranty liability, end of period $ 9,708 $ 8,790
v3.25.2
Debt (Details) - Credit Facility - USD ($)
 1 Months Ended
Oct. 13, 2021
Jun. 30, 2023
Jun. 28, 2025
Revolving Credit Facility      
Debt Instrument [Line Items]      
Term of debt 5 years    
Maximum borrowing capacity $ 100,000,000.0    
Long-term debt     $ 0
Revolving Credit Facility | Minimum      
Debt Instrument [Line Items]      
Commitment fee percentage 0.20%    
Revolving Credit Facility | Maximum      
Debt Instrument [Line Items]      
Commitment fee percentage 0.275%    
Revolving Credit Facility | Base Rate      
Debt Instrument [Line Items]      
Interest rate, spread on variable rate   1.00%  
Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) | Minimum      
Debt Instrument [Line Items]      
Interest rate, spread on variable rate   0.11%  
Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) | Maximum      
Debt Instrument [Line Items]      
Interest rate, spread on variable rate   0.43%  
Letter of Credit      
Debt Instrument [Line Items]      
Long-term debt     $ 2,400,000
v3.25.2
Commitments and Contingencies (Details)
 1 Months Ended 9 Months Ended
Aug. 08, 2022
patent
lawsuit
complaint
Jun. 11, 2020
patent
Mar. 10, 2017
patent
May 31, 2024
USD ($)
patent
Jan. 31, 2022
patent
Jun. 28, 2025
USD ($)
Lawsuits Against Google            
Loss Contingencies [Line Items]            
Gain contingency, patents found infringed upon | patent       1 5  
Amount awarded to other party       $ 32,500,000    
Royalty rate per infringing unit (in dollars per share)       $ 2.30    
Google Lawsuits Against Sonos            
Loss Contingencies [Line Items]            
Loss contingency, patents allegedly infringed upon, number | patent 7 5     2  
Loss contingency, pending claims, number | complaint 2          
Loss contingency, number of defendants | lawsuit 2          
Loss contingency, patents found not infringed upon, number | patent 1          
Implicit Against Sonos            
Loss Contingencies [Line Items]            
Loss contingency, patents allegedly infringed upon, number | patent     2      
Supply Commitment            
Loss Contingencies [Line Items]            
Commitments expected to be paid           2 years
Supply Commitment | Minimum            
Loss Contingencies [Line Items]            
Commitments to suppliers           $ 216,000,000
Supply Commitment | Maximum            
Loss Contingencies [Line Items]            
Commitments to suppliers           244,000,000
Purchase Commitment            
Loss Contingencies [Line Items]            
Purchase commitments           $ 147,000,000
Commitments expected to be paid           6 months
v3.25.2
Stockholders' Equity (Details) - USD ($)
$ / shares in Units, $ in Millions
 9 Months Ended
Jun. 28, 2025
Apr. 25, 2025
Feb. 24, 2025
Nov. 15, 2023
Share Repurchase Program [Line Items]        
Treasury stock withheld for employees' tax withholding requirements (in shares) 1,622,098      
Retirement of treasury stock (in shares) 5,794,677      
2023 Stock Repurchase Program        
Share Repurchase Program [Line Items]        
Stock repurchase program, authorized amount       $ 200.0
Stock repurchase program, amount expired   $ 11.1    
Repurchase of common stock (in shares) 4,167,203      
Purchase price of common stock $ 60.0      
Average price per share (in dollars per share) $ 14.39      
2025 Stock Repurchase Program        
Share Repurchase Program [Line Items]        
Stock repurchase program, authorized amount     $ 150.0  
Repurchase of common stock (in shares) 0      
v3.25.2
Stock-based Compensation - Stock Option Activity (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 28, 2024
Jun. 28, 2025
Number of Options    
Beginning balance (in shares)   7,082,389
Exercised (in shares)   (195,479)
Forfeited / expired (in shares)   (1,010,510)
Ending balance (in shares) 7,082,389 5,876,400
Weighted-Average Exercise Price    
Beginning balance (in USD per share)   $ 14.24
Exercised (in USD per share)   13.59
Forfeited / expired (in USD per share)   14.24
Ending balance (in USD per share) $ 14.24 $ 14.26
Weighted-Average Remaining Contractual Term 2 years 9 months 18 days 1 year 8 months 12 days
Aggregate Intrinsic Value $ 210 $ 0
v3.25.2
Stock-based Compensation - Narrative (Details) - USD ($)
 9 Months Ended 12 Months Ended
Jun. 28, 2025
Sep. 28, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Options, unrecognized stock-based compensation expense $ 0 $ 0
Restricted stock units    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Unrecognized stock-based compensation expense $ 94,700,000 $ 115,400,000
Unrecognized stock-based compensation expense, period of recognition 2 years 3 months 18 days 2 years 4 months 24 days
Performance stock units    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Unrecognized stock-based compensation expense $ 4,300,000 $ 200,000
Unrecognized stock-based compensation expense, period of recognition 1 year 3 months 18 days 1 year 6 months
v3.25.2
Stock-Based Compensation - Restricted Stock Unit Activity (Details) - Restricted stock units - USD ($)
$ / shares in Units, $ in Thousands
 9 Months Ended
Jun. 28, 2025
Sep. 28, 2024
Number of Units    
Outstanding, beginning balance (in shares) 10,763,098  
Granted (in shares) 7,252,030  
Released (in shares) (4,603,993)  
Forfeited (in shares) (3,322,526)  
Outstanding, ending balance (in shares) 10,088,609  
Weighted-Average Grant Date Fair Value    
Outstanding, beginning balance (in USD per share) $ 14.79  
Granted (in USD per share) 12.41  
Released (in USD per share) 15.17  
Forfeited (in USD per share) 13.66  
Outstanding, ending balance (in USD per share) $ 13.28  
Aggregate Intrinsic Value $ 108,251 $ 130,772
v3.25.2
Stock-based Compensation - Performance Stock Units Activity (Details) - Performance stock units - USD ($)
$ / shares in Units, $ in Thousands
 9 Months Ended
Jun. 28, 2025
Sep. 28, 2024
Number of Units    
Outstanding, beginning balance (in shares) 684,080  
Granted (in shares) 339,837  
Released (in shares) (7,194)  
Performance adjustment (in shares) (121,250)  
Forfeited (in shares) (137,914)  
Outstanding, ending balance (in shares) 757,559  
Weighted-Average Grant Date Fair Value    
Outstanding, beginning balance (in USD per share) $ 18.37  
Granted (in USD per share) 11.53  
Released (in USD per share) 17.54  
Performance adjustment (in dollars per share) 21.80  
Forfeited (in USD per share) 17.40  
Outstanding, ending balance (in USD per share) $ 14.93  
Aggregate Intrinsic Value $ 8,129 $ 8,312
v3.25.2
Stock-based Compensation - Stock-based Compensation Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Jun. 28, 2025
Jun. 29, 2024
Jun. 28, 2025
Jun. 29, 2024
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total stock-based compensation expense $ 20,784 $ 21,930 $ 69,364 $ 64,961
Cost of revenue        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total stock-based compensation expense 1,633 655 4,588 1,995
Research and development        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total stock-based compensation expense 7,944 9,735 29,816 29,133
Sales and marketing        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total stock-based compensation expense 3,568 4,510 13,227 13,297
General and administrative        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total stock-based compensation expense $ 7,639 $ 7,030 $ 21,733 $ 20,536
v3.25.2
Income Taxes (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Jun. 28, 2025
Jun. 29, 2024
Jun. 28, 2025
Jun. 29, 2024
Income Tax Disclosure [Abstract]        
Provision for income taxes $ 2,566 $ 8,939 $ 7,121 $ 20,188
v3.25.2
Net Income (Loss) Per Share - Computation of Basic and Diluted Net Income (Loss) Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 9 Months Ended
Jun. 28, 2025
Jun. 29, 2024
Jun. 28, 2025
Jun. 29, 2024
Numerator:        
Net income (loss) - basic $ (3,379) $ 3,709 $ (23,286) $ 14,947
Net income (loss) - diluted $ (3,379) $ 3,709 $ (23,286) $ 14,947
Denominator:        
Weighted-average shares of common stock - basic (in shares) 120,423,439 122,553,129 120,804,730 123,828,150
Weighted-average shares of common stock - diluted (in shares) 120,423,439 127,245,459 120,804,730 127,886,368
Net income (loss) per share:        
Basic (in USD per share) $ (0.03) $ 0.03 $ (0.19) $ 0.12
Diluted (in USD per share) $ (0.03) $ 0.03 $ (0.19) $ 0.12
Effect of potentially dilutive stock options        
Denominator:        
Effect of potentially dilutive stock options, RSUs, and PSUs (in shares) 0 1,116,000 0 956,598
Effect of RSUs        
Denominator:        
Effect of potentially dilutive stock options, RSUs, and PSUs (in shares) 0 3,543,526 0 3,085,571
Effect of PSUs        
Denominator:        
Effect of potentially dilutive stock options, RSUs, and PSUs (in shares) 0 32,804 0 16,049
v3.25.2
Net Income (Loss) Per Share - Antidilutive Securities (Details) - shares
 3 Months Ended 9 Months Ended
Jun. 28, 2025
Jun. 29, 2024
Jun. 28, 2025
Jun. 29, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Potentially antidilutive securities (in shares) 17,717,868 16,115,738 20,269,364 16,915,387
Stock options to purchase common stock        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Potentially antidilutive securities (in shares) 6,338,165 6,371,604 6,673,403 6,998,738
Restricted stock units        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Potentially antidilutive securities (in shares) 10,863,006 9,556,879 13,394,270 9,828,619
Performance stock units        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Potentially antidilutive securities (in shares) 516,697 187,255 201,691 88,030
v3.25.2
Retirement Plans (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jun. 28, 2025
Jun. 29, 2024
Jun. 28, 2025
Jun. 29, 2024
Retirement Benefits [Abstract]        
Employer contribution $ 1.6 $ 2.5 $ 5.9 $ 7.4
v3.25.2
Restructuring and Other Charges - Narrative (Details)
Feb. 05, 2025
Aug. 14, 2024
Restructuring and Related Activities [Abstract]    
Percent reduction in force 12.00% 6.00%
v3.25.2
Restructuring and Other Charges - Schedule of Restructuring Components and Other Charges (Details)
$ in Thousands
 3 Months Ended 9 Months Ended
Jun. 28, 2025
USD ($)
manufacturer
Jun. 29, 2024
USD ($)
Jun. 28, 2025
USD ($)
Jun. 29, 2024
USD ($)
Restructuring Cost and Reserve [Line Items]        
Total restructuring and other charges $ 1,981 $ 1,293 $ 25,621 $ 1,866
Favorable change in estimate due to contract negotiations, number of contract manufacturers | manufacturer 1      
Restructuring Plan, Cash Charges        
Restructuring Cost and Reserve [Line Items]        
Total restructuring and other charges $ 547 1,293 19,298 1,600
Employee-related costs        
Restructuring Cost and Reserve [Line Items]        
Total restructuring and other charges 1,874 443 17,227 443
Other restructuring costs        
Restructuring Cost and Reserve [Line Items]        
Total restructuring and other charges (1,327) 850 2,071 1,157
Restructuring Plan, Non-Cash Charges        
Restructuring Cost and Reserve [Line Items]        
Total restructuring and other charges 1,434 0 6,323 266
Stock-based awards        
Restructuring Cost and Reserve [Line Items]        
Total restructuring and other charges 1,434 0 4,577 0
Asset write-offs        
Restructuring Cost and Reserve [Line Items]        
Total restructuring and other charges $ 0 $ 0 $ 1,746 $ 266
v3.25.2
Restructuring and Other Charges - Schedule of Restructuring and Other Charges (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Jun. 28, 2025
Jun. 29, 2024
Jun. 28, 2025
Jun. 29, 2024
Restructuring Cost and Reserve [Line Items]        
Total restructuring and other charges $ 1,981 $ 1,293 $ 25,621 $ 1,866
Cost of revenue        
Restructuring Cost and Reserve [Line Items]        
Total restructuring and other charges (514) 0 3,420 0
Research and development        
Restructuring Cost and Reserve [Line Items]        
Total restructuring and other charges (824) 478 11,882 801
Sales and marketing        
Restructuring Cost and Reserve [Line Items]        
Total restructuring and other charges 1,038 185 3,831 297
General and administrative        
Restructuring Cost and Reserve [Line Items]        
Total restructuring and other charges $ 2,281 $ 630 $ 6,488 $ 768
v3.25.2
Restructuring and Other Charges - Schedule of Restructuring Activities Recorded in Accrued Expenses and Accrued Compensation (Details)
$ in Thousands
 9 Months Ended
Jun. 28, 2025
USD ($)
Restructuring Cost and Reserve [Line Items]  
Restructuring reserve, beginning balance $ 3,189
Restructuring charges 19,298
Cash paid (17,823)
Restructuring reserve, ending balance 4,664
Employee Related Costs  
Restructuring Cost and Reserve [Line Items]  
Restructuring reserve, beginning balance 2,152
Restructuring charges 17,227
Cash paid (16,294)
Restructuring reserve, ending balance 3,085
Other Restructuring Costs  
Restructuring Cost and Reserve [Line Items]  
Restructuring reserve, beginning balance 1,037
Restructuring charges 2,071
Cash paid (1,529)
Restructuring reserve, ending balance $ 1,579