Grocery Outlet Holding Corp. GO
Grocery Outlet is a growth-oriented extreme value retailer of quality, name-brand consumables and fresh products sold primarily through a network of independently operated stores. As of January 3, 2026, we had 570 stores in California, Washington, Oregon, Pennsylvania, Tennessee, Idaho, Nevada, Maryland, Ohio, New Jersey, North Carolina, Georgia, Alabama, Delaware, Kentucky and Virginia. Our headquarters is in Emeryville, California.
Each of our stores offers a fun, treasure hunt shopping experience in an easy-to-navigate, small-box format. An ever-changing assortment of "WOW!" deals, complemented by everyday staple products, generates customer excitement and encourages frequent visits from bargain-minded shoppers. Our flexible buying model allows us to offer quality, name-brand opportunistic products at prices generally 40% to 70% below those of conventional retailers. Our Grocery Outlet stores are primarily run by entrepreneurial independent operators ("IOs") who create a neighborhood feel through personalized customer service and a localized product offering. This differentiated approach has historically driven positive comparable store sales growth.
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 | $4.69B | $4.37B | $3.97B | $3.58B | $3.08B | $3.13B | $2.56B | $2.29B | $2.08B | — |
| Cost of revenue | $3.27B | $3.05B | $2.73B | $2.49B | $2.13B | $2.16B | $1.77B | $1.59B | $1.44B | — |
| Gross profit | $1.42B | $1.32B | $1.24B | $1.09B | $948.8M | $973.3M | $787.1M | $695.4M | $631.9M | — |
| SG&A | $1.33B | $1.23B | $1.12B | $997.1M | $859.7M | $772.4M | $639.4M | $557.1M | $510.1M | — |
| Total operating expenses | — | — | — | $997.1M | $859.7M | $866.0M | $718.8M | $612.9M | $554.9M | — |
| Operating income | -$221.7M | $78.3M | $125.8M | $95.0M | $89.1M | $107.4M | $68.3M | $82.5M | $76.9M | — |
| Pre-tax income | -$249.2M | $56.2M | $104.1M | $75.7M | $77.5M | $87.1M | $16.8M | $21.9M | $25.8M | — |
| Income tax | $24.3M | $16.7M | $24.6M | $10.7M | $15.2M | $19.6M | $1.4M | $6.0M | $5.2M | — |
| Net income | -$224.9M | $39.5M | $79.4M | $65.1M | $62.3M | $106.7M | $15.4M | $15.9M | $20.6M | — |
| EPS, basic | -2.30 | 0.40 | 0.80 | 0.67 | 0.65 | 1.16 | 0.20 | 0.24 | 0.30 | — |
| EPS, diluted | -2.30 | 0.40 | 0.79 | 0.65 | 0.63 | 1.08 | 0.19 | 0.23 | 0.30 | — |
| Shares, diluted (wtd. avg.) | $98.0M | $99.6M | $100.8M | $100.2M | $99.4M | $98.5M | $81.9M | $68.5M | $68.3M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $69.6M | $62.8M | $115.0M | $102.7M | $140.1M | $105.3M | $28.1M | $21.1M | $5.8M | $6.9M |
| Receivables | $14.7M | $15.6M | — | $9.0M | $5.8M | $3.3M | $5.1M | $3.8M | — | — |
| Total current assets | $497.6M | $503.9M | $516.6M | $467.4M | $442.7M | $382.0M | $270.8M | $240.4M | — | — |
| Property, plant and equipment | $743.0M | $750.4M | $642.5M | $560.7M | $499.4M | $433.7M | $356.6M | $304.0M | — | — |
| Goodwill | $633.8M | $782.7M | $747.9M | $747.9M | $747.9M | $747.9M | $747.9M | $747.9M | — | — |
| Other intangibles | $78.4M | $78.8M | $78.6M | $64.0M | $51.9M | $48.2M | $47.8M | $68.8M | — | — |
| Total assets | $3.09B | $3.17B | $2.97B | $2.77B | $2.67B | $2.49B | $2.19B | $1.38B | — | — |
| Short-term debt | $15.0M | $15.0M | $5.6M | $0 | — | — | — | — | — | — |
| Total current liabilities | $364.0M | $349.6M | $384.0M | $280.5M | $237.9M | $232.6M | $208.6M | $150.9M | — | — |
| Long-term debt | $477.9M | $462.5M | $287.1M | $379.6M | $460.0M | $460.0M | $460.4M | — | — | — |
| Total liabilities | $2.11B | $1.98B | $1.75B | $1.66B | $1.66B | $1.56B | $1.44B | $1.08B | — | — |
| Retained earnings | $156.5M | $381.4M | $342.0M | $262.5M | $197.5M | $135.2M | $28.0M | $12.4M | — | — |
| Total equity | $983.7M | $1.20B | $1.22B | $1.11B | $1.01B | $922.3M | $745.4M | $300.0M | $427.1M | $406.4M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $222.1M | $112.0M | $303.4M | $185.5M | $165.6M | $181.2M | $132.8M | $105.8M | $84.7M | — |
| Depreciation and amortisation | $107.6M | $90.7M | $76.6M | $78.3M | $63.4M | $50.7M | $42.9M | $37.1M | $31.8M | — |
| Stock-based compensation | $10.5M | $10.5M | $31.1M | $32.6M | $17.6M | $38.1M | $31.4M | $10.4M | $1.7M | — |
| Capital expenditure | $198.3M | $186.6M | $169.0M | $130.5M | $123.4M | $124.9M | $97.2M | $64.8M | $71.1M | — |
| Investing cash flow | -$229.7M | -$274.0M | -$194.2M | -$149.9M | -$136.7M | -$133.8M | -$108.0M | -$73.5M | -$77.8M | — |
| Financing cash flow | $14.3M | $109.9M | -$97.0M | -$72.9M | $5.9M | $29.8M | -$17.8M | -$17.0M | -$7.9M | — |
| Dividends paid | $0 | $0 | $15.0K | $100.0K | $186.0K | $434.0K | $3.6M | $153.6M | $1.3M | — |
| Buybacks | $0 | $81.4M | $5.9M | $3.5M | $0 | $0 | — | — | — | — |
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 0001771515-26-000045.
Others in SIC 5411
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| KR | KROGER CO | $35.90B | 38.0x | 0.4% |
| SFM | Sprouts Farmers Market, Inc. | $7.59B | 15.3x | 14.1% |
| ACI | Albertsons Companies, Inc. | $6.09B | 31.4x | 3.5% |
| WMK | WEIS MARKETS INC | $1.78B | 19.7x | 3.5% |
| NGVC | Natural Grocers by Vitamin Cottage, Inc. | $643.7M | 14.0x | 7.2% |
| HCWC | HEALTHY CHOICE WELLNESS CORP. | $227.9M | — | 12.7% |
| MSS | Maison Solutions Inc. | $38.2M | 21.6x | 114.0% |
| VLGEA | VILLAGE SUPER MARKET INC | — | — | 3.8% |