10-Q · April 29, 2026
John B. Sanfilippo & Son reported robust third-quarter results for fiscal 2026, with revenues of $281.8 million, exceeding expectations and representing an 8% year-over-year increase. Earnings per share also surpassed…
Earnings analysis · 10-K
JBSS earnings analysis
Filed August 19, 2026 · Our reading of the company's report
The latest report
JBSS delivered solid fiscal-year growth, with revenue up 6.2% to $1.176 billion and diluted EPS up to $5.26, supported by pricing, commercial ingredients and contract manufacturing. However, sales volume declined 2.5%…
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JBSS delivered solid fiscal-year growth, with revenue up 6.2% to $1.176 billion and diluted EPS up to $5.26, supported by pricing, commercial ingredients and contract manufacturing. However, sales volume declined 2.5% overall, gross margin compressed to 18.0% from 18.4%, and consumer-channel volume fell 4.5%, highlighting pressure from elevated prices and softer snack demand. The company is investing heavily in bar capacity and infrastructure, but tariff uncertainty, customer concentration and changing consumer preferences temper the outlook.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $5.26
What stood out
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Private-Brand Bars Anchor Growth Strategy
The Long-Range Plan targets growth in private-brand bars, expanded Fisher and Orchard Valley Harvest distribution, product and packaging innovation, and targeted acquisitions. Bar growth is supported by capacity expansion and an innovation pipeline focused on nutrition and protein bars.
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Three-Year Revenue and EPS Growth
Fiscal 2026 net sales increased 6.2% to $1.176 billion, following 3.8% growth to $1.107 billion in fiscal 2025 from $1.067 billion in fiscal 2024. Diluted EPS rose to $5.26 from $5.03 in fiscal 2025 and $5.15 in fiscal 2024.
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Ingredient Channel Leads Volume Growth
Commercial Ingredients was the fastest-growing channel, with revenue up 10.2% and volume up 4.7%; Contract Manufacturing revenue increased 4.4% and volume increased 2.9%. Consumer revenue rose 5.9%, although consumer volume declined 4.5%.
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Vertical Integration and Capacity Moat
The company cites vertical integration across procurement, shelling, processing, packaging and marketing for pecans, peanuts and walnuts as a cost and quality advantage. Its Elgin site has estimated capacity for an additional 15% to 20% of current production, while the expanded Huntley warehouse is expected to provide a 40% increase in storage capacity.
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Operating Cash Flow Rebounded
Operating cash flow improved to $123.8 million in fiscal 2026 from $30.5 million in fiscal 2025 and $101.7 million in fiscal 2024, primarily due to favorable working-capital changes. Inventory declined 3.4% to $245.8 million at year-end.
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Heavy Investment with Debt Reduction
The company invested $88.1 million in property and equipment and paid $46.8 million of dividends in fiscal 2026. It also reduced Credit Facility borrowings by $24.0 million, while receiving $35.0 million of Equipment Loan proceeds; planned fiscal 2027 capex is approximately $48.0 million.
What to watch
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Uncertain Tariff and Import Costs
Tariff exposure became more material: approximately 28% of the dollar value of fiscal 2026 nut, dried fruit and oat purchases came from foreign countries. The company paid approximately $4.0 million of IEEPA tariffs in the third quarter and received a similar refund in the fourth quarter, while new Section 301 tariffs of 10% or 12.5% became effective July 24, 2026.
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Elevated Retailer Concentration
Customer concentration increased: Walmart represented approximately 41% of fiscal 2026 net sales and Target 12%, while the five largest customers represented 67% of net sales versus 51% for the two largest customers in the prior-year comparison. The company also states that losing a major customer could leave recent customer-specific equipment investments without an adequate return.
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Category Softness and Changing Preferences
Demand risk is becoming more pronounced as higher snack prices and economic uncertainty reduce purchases of snack nuts, trail mix and mainstream bars. Management says sales volumes for these categories are declining and specifically notes that GLP-1 drugs and other health trends may reduce snacking demand; consumer-channel volume fell 4.5% in fiscal 2026 and branded volume declined 10.8%.
Management's outlook
No numeric revenue or EPS guidance was provided in the 10-K; the company states that expected operating cash flow and available credit are sufficient to fund operations and planned capital expenditures for the next twelve months. Fiscal 2027 capital expenditures are expected to be approximately $48.0 million.
Earlier filings 4
10-Q · April 30, 2025
John B. Sanfilippo & Son reported quarterly revenue of $260,907,000, down from $271,884,000 in the year‑ago quarter, while gross profit improved to $55,893,000 (21.4% margin) and operating income rose to $28,197,000…
10-Q · October 30, 2024
Revenue increased materially year-over-year to $276,196 (from $234,105), driven by the consumer channel, but margin compression and higher cost of goods reduced profitability. Net income and diluted EPS fell to $11,659…
10-Q · February 1, 2024
John B. Sanfilippo & Son reported a quarter of revenue and profit growth: net sales rose to $291,222,000 (vs. $274,328,000 a year ago) and diluted EPS increased to $1.64 (vs. $1.45). Operating income climbed to…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.