FLOWERS FOODS INC FLO
Flowers Foods, Inc. (which we reference to herein as "we," "our," "us," the "company," "Flowers" or "Flowers Foods"), founded in 1919 as a Georgia corporation and headquartered in Thomasville, Georgia, is currently the second-largest producer and marketer of packaged bakery foods in the United States ("U.S."). Our principal products include breads, buns, rolls, snack items (bars, cakes, cookies, and crackers), bagels, English muffins, tortillas, and baking mixes and are sold under a variety of brand names, including Nature's Own, Dave's Killer Bread ("DKB"), Canyon Bakehouse, Simple Mills, Wonder, and Tastykake. Our brands are among the best known in the U.S. baking industry. Many of our brands have a major presence in the product categories in which they compete.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.26B | $5.10B | $5.09B | $4.81B | $4.33B | $4.39B | $4.12B | $3.95B | $3.92B | $3.93B |
| R&D | $9.3K | $5.1M | $5.9M | $6.1M | $5.6M | $4.0M | $4.3M | $4.9M | $2.4M | $3.0M |
| SG&A | $2.08B | $2.00B | $2.12B | $1.85B | $1.72B | $1.69B | $1.58B | $1.51B | $1.51B | $1.47B |
| Operating income | $174.0M | $348.3M | $172.9M | $303.2M | $294.9M | $321.5M | $225.4M | $212.3M | $161.0M | $264.9M |
| Interest expense | $76.7M | $37.1M | $36.6M | $28.9M | $31.5M | $38.8M | $38.8M | $35.7M | $36.6M | $34.9M |
| Pre-tax income | $115.1M | $328.9M | $157.1M | $298.7M | $270.8M | $200.7M | $212.1M | $197.2M | $149.3M | $249.5M |
| Income tax | $31.2M | $80.8M | $33.7M | $70.3M | $64.6M | $48.4M | $47.5M | $40.0M | $827.0K | $85.8M |
| Net income | $83.8M | $248.1M | $123.4M | $228.4M | $206.2M | $152.3M | $164.5M | $157.2M | $150.1M | $163.8M |
| EPS, basic | 0.40 | 1.18 | 0.58 | 1.08 | 0.97 | 0.72 | 0.78 | 0.74 | 0.72 | 0.79 |
| EPS, diluted | 0.40 | 1.17 | 0.58 | 1.07 | 0.97 | 0.72 | 0.78 | 0.74 | 0.71 | 0.78 |
| Shares, diluted (wtd. avg.) | $212.1M | $212.1M | $213.4M | $213.2M | $213.0M | $212.3M | $212.0M | $211.6M | $210.4M | $210.4M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $12.1M | $5.0M | $22.5M | $165.1M | $185.9M | $307.5M | $11.0M | $25.3M | $5.1M | $6.4M |
| Inventory | $201.7M | $171.9M | $184.5M | $168.7M | $135.0M | $125.2M | $127.1M | $122.6M | $111.0M | $110.9M |
| Total current assets | $729.1M | $656.4M | $687.7M | $804.9M | $746.1M | $838.2M | $553.9M | $543.7M | $507.2M | $476.8M |
| Property, plant and equipment | $952.7M | $964.3M | $963.0M | $849.3M | $798.7M | $699.4M | $717.8M | $743.8M | $732.0M | $781.0M |
| Goodwill | $1.05B | $679.9M | $677.8M | $545.2M | $545.2M | $545.2M | $545.2M | $545.4M | $464.8M | $801.0K |
| Other intangibles | $137.0K | $314.0K | $657.7M | $664.4M | $695.4M | $568.3M | $750.2M | $794.9M | $742.4M | $836.0M |
| Total assets | $4.18B | $3.40B | $3.43B | $3.31B | $3.25B | $3.32B | $3.18B | $2.85B | $2.66B | $2.76B |
| Accounts payable | $312.7M | $260.7M | $318.6M | $343.4M | $268.5M | $225.9M | $233.0M | $242.1M | $181.4M | $173.1M |
| Short-term debt | $399.6M | — | — | — | — | — | $3.7M | $5.0M | — | — |
| Total current liabilities | $976.2M | $548.6M | $659.2M | $564.4M | $519.9M | $504.1M | $528.1M | $400.3M | $394.0M | $340.6M |
| Long-term debt | $1.36B | $1.02B | $1.05B | $891.8M | $890.6M | $960.1M | $862.8M | $974.6M | $805.1M | $808.7M |
| Retained earnings | $852.1M | $977.6M | $932.5M | $1.00B | $962.4M | $932.1M | $947.0M | $945.4M | $919.7M | $910.5M |
| Total equity | $1.30B | $1.41B | $1.35B | $1.44B | $1.41B | $1.37B | $1.26B | $1.26B | $1.25B | $1.21B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $446.2M | $412.7M | $349.4M | $360.9M | $344.6M | $454.5M | $367.0M | $295.9M | $297.4M | $356.6M |
| Depreciation and amortisation | $167.4M | $159.2M | $151.7M | $142.0M | $136.6M | $141.4M | $144.2M | $144.1M | $146.7M | $140.9M |
| Stock-based compensation | $32.3M | $29.7M | $26.9M | $25.8M | $21.3M | $12.9M | $7.4M | $8.1M | $16.1M | $18.8M |
| Capital expenditure | $127.1M | $132.1M | $129.1M | $169.1M | $136.0M | $97.9M | $103.7M | $99.4M | $75.2M | $101.7M |
| Investing cash flow | -$943.2M | -$172.7M | -$403.8M | -$151.1M | -$191.4M | -$74.0M | -$97.1M | -$301.8M | -$35.4M | -$76.7M |
| Financing cash flow | $504.0M | -$257.5M | -$88.1M | -$222.2M | -$274.8M | -$84.0M | -$284.1M | $26.1M | -$263.3M | -$287.8M |
| Dividends paid | $209.3M | $203.0M | $195.2M | $186.5M | $175.9M | $167.3M | $160.0M | $150.2M | $141.0M | $131.1M |
| Buybacks | $5.5M | $22.7M | $45.8M | $34.6M | $9.5M | $783.0K | $7.1M | $2.5M | $2.7M | $126.3M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-043025.
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