---
schema_version: "secwatch.filing_event.v1"
accession: "0000827187-25-000123"
form_type: "8-K"
ticker: "SNBR"
cik: "0000827187"
company_name: "Sleep Number Corp"
filed_at: "2025-11-10T23:59:59+00:00"
generated_at: "2026-05-16T22:48:53.042204+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# Sleep Number discloses revised credit covenants; expects FY25 adjusted EBITDA ~$70M

## Summary
- Net leverage ratio covenant set at 5.25x for Q3 2025, stepping down to 4.00x by mid-2026.
- Consolidated EBITDA definition expanded to include addbacks for cost actions not yet fully realized in trailing results.
- FY2025 adjusted EBITDA expected ~$70M; with addbacks, Consolidated EBITDA ~$110M for covenant compliance.
- Approximately $40M of structural cost changes mostly executed; expects to remain covenant-compliant in Q4 2025.
- Anticipates stabilizing marketing investments in 2026 to support new products and repeat-buyer demand.

## SEC filing metadata
- accession: 0000827187-25-000123
- form_type: 8-K
- ticker: SNBR
- cik: 0000827187
- company_name: Sleep Number Corp
- filed_at: 2025-11-10T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 7.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/827187/000082718725000123/0000827187-25-000123-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/827187/000082718725000123/snbr-20251110.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000827187-25-000123
- JSON: https://secwatch.observer/filing/0000827187-25-000123.json
- Plain text: https://secwatch.observer/filing/0000827187-25-000123.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.