Sleep Number Corp. Files 8-K

TL;DR

SNBR filed a standard 8-K on 11/10/25, no major news.

AI Summary

Sleep Number Corp. filed an 8-K on November 10, 2025, to report information under Regulation FD. The filing does not contain specific financial transactions or material events beyond the standard reporting requirement for the date.

Why It Matters

This 8-K filing indicates Sleep Number Corp. is meeting its regulatory disclosure obligations. It does not appear to contain new material information that would immediately impact the company's stock.

Risk Assessment

Risk Level: low — The filing is a routine 8-K for Regulation FD disclosure and does not contain any specific material events or financial transactions.

Key Players & Entities

• Sleep Number Corp. (company) — Registrant
• November 10, 2025 (date) — Date of Report
• Minnesota (location) — State of Incorporation
• Minneapolis (location) — Principal Executive Offices

FAQ

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share SNBR Nasdaq Global Select Mar
• $70 million — r 2025 adjusted EBITDA of approximately $70 million. Consolidated EBITDA in the credit agre
• $40 million — pany expects to implement approximately $40 million of structural changes, the majority of
• $110 m — in Consolidated EBITDA of approximately $110 million, supporting its covenant complian

Filing Documents

• snbr-20251110.htm (8-K) — 33KB
• snbr-20251110_g1.jpg (GRAPHIC) — 12KB
• 0000827187-25-000123.txt ( ) — 166KB
• snbr-20251110.xsd (EX-101.SCH) — 2KB
• snbr-20251110_lab.xml (EX-101.LAB) — 21KB
• snbr-20251110_pre.xml (EX-101.PRE) — 12KB
• snbr-20251110_htm.xml (XML) — 3KB

01 REGULATION FD DISCLOSURE

ITEM 7.01 REGULATION FD DISCLOSURE As disclosed in Sleep Number Corporation's Form 8-K dated November 5, 2025, the Company secured an amendment and extension of its credit agreement through 2027. A copy of this updated agreement (the Twelfth Amendment to the Amended and Restated Credit and Security Agreement dated February 14, 2018), was filed as Exhibit 10.1 to the Company's Form 10-Q on November 5, 2025. As stated in the Company's most recent earnings call, the updated agreement aligns with and provides the financial flexibility for the Company's planned turnaround, demonstrating lender confidence in the Company's strategy and management team. In order to address questions it has received from investors, the Company is filing this report to provide additional context and clarity on the terms of the updated agreement regarding covenant compliance and the definition of "Consolidated EBITDA." Increased covenant levels: the leverage ratio thresholds for the next several quarters were increased to align with the Company's turnaround plan. The permissible maximum Net Leverage Ratios (as defined in the Twelfth Amendment) are (a) 5.25 to 1.00 for the quarterly reporting period ended September 27, 2025, (b) 4.50 to 1.00 for the quarterly reporting period ending January 3, 2026, (c) 4.75 to 1.00 for the quarterly reporting period ending April 4, 2026, (d) 4.80 to 1.00 for the quarterly reporting period ending July 4, 2026, and (e) 4.00 to 1.00 for each quarterly reporting period thereafter. Expanded addbacks: the definition of Consolidated EBITDA (as defined in the Twelfth Amendment) used to calculate the Net Leverage Ratio now includes addbacks for pro forma adjustments for cost actions implemented but not yet fully realized in the trailing twelve month results of operations that are approved by the administrative agent under the credit agreement. This definition reflects standard practices and aligns lender and Company interests as cost-reduction initiatives are ex

Forward-looking Statements

Forward-looking Statements Statements used in this Form 8-K relating to future plans, events, financial results or performance, such as the statements that: the Company's updated agreement aligns with and provides financial flexibility for the Company's planned turnaround, demonstrating lender confidence in the Company's strategy and management team; the updated agreement aligns lender and Company interests as cost-reduction initiatives are executed; the updated agreement's increased covenant levels and expanded addbacks support the Company's stated expectation that with its turnaround plan and anticipated outcomes, it expects to be in compliance with its new covenants, including in the fourth quarter of 2025; the Company has certain expectations for full year 2025 adjusted EBITDA and 2025 exit rate of profitability; the Company anticipates stabilizing and modestly increasing marketing investments in 2026, to support new product initiatives, attract a broader set of consumers, and build on demand from repeat buyers; and the Company's belief that its actions, together with expanded distribution opportunities and continued cost discipline, will enable it to restart growth, ensuring it can continue to maintain compliance with revised covenants, and generate meaningful free cash in 2026 are forward-looking statements subject to certain risks and uncertainties which could cause the Company's results to differ materially. The most important risks and uncertainties are described in the Company's filings with the Securities and Exchange Commission, including in Item 1A of the Company's Annual Report on Form 10-K and other periodic reports. Forward-looking statements speak only as of the date they are made, and the Company does not undertake any obligation to update any forward-looking statement. The Company defines earnings before interest, taxes, depreciation and amortization (adjusted EBITDA) as net income (loss) plus: income tax expense (benefit), interest expense, d