FLOWERS FOODS INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data FLOWERS FOODS INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	3,927	3,921	3,952	4,124	4,388	4,331	4,806	5,091	5,103	5,256
Cost of revenue		2,009	2,067	2,156	2,196	2,175	2,502	2,632	2,577	2,688
Gross profit		1,911	1,885	1,968	2,192	2,156	2,304	2,459	2,526	2,569
Research and development	3	2.4	4.9	4.3	4	5.6	6.1	5.9	5.1	0.01
Selling, general and administrative	1,469	1,510	1,507	1,575	1,693	1,720	1,851	2,120	2,001	2,075
Selling and marketing	33.9	33.8	40.5	48.2	60.4	77.7	74.6	99.3	89.1	93.2
Operating income	265	161	212	225	321	295	303	173	348	174
Interest expense	34.9	36.6	35.7	38.8	38.8	31.5	28.9	36.6	37.1	76.7
Interest income	20.6	22.9	27.8	27.8	26.7	23.5	23.6	20.6	17.5	17.4
Pre-tax income	250	149	197	212	201	271	299	157	329	115
Income tax	85.8	-0.83	40	47.5	48.4	64.6	70.3	33.7	80.8	31.2
Net income	164	150	157	165	152	206	228	123	248	83.8
EBITDA	406	308	356	370	463	431	445	325	508	341
EPS, basic	0.79	0.72	0.74	0.78	0.72	0.97	1.08	0.58	1.18	0.40
EPS, diluted	0.78	0.71	0.74	0.78	0.72	0.97	1.07	0.58	1.17	0.40
Shares, basic (weighted)	209	210	211	212	212	212	212	212	211	211
Shares, diluted (weighted)	210	210	212	212	212	213	213	213	212	212
Dividend per share	0.63	0.67	0.71	0.75	0.79	0.83	0.87	0.91	0.95	0.98

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	6.41	5.13	25.3	11	307	186	165	22.5	5.01	12.1
Receivables	272	280	287	286	300	305	349	328	335	353
Inventory	111	111	123	127	125	135	169	184	172	202
Other current assets	28.1	49.6	43.2	62.8	37.4	51.6	48	66.1	53.9	65.3
Total current assets	477	507	544	554	838	746	805	688	656	729
Property, plant and equipment	781	732	744	718	699	799	849	963	964	953
Lease right-of-use assets			405	376	329	289	273	277	319	321
Goodwill	466	465	545	545	545	545	545	678	680	1,048
Intangible assets	836	742	795	750	715	695	664	658	0.31	0.14
Other non-current assets	9.76	10.2	6.93	8.24	9.08	9.62	24.5	18.5	22.1	13.3
Total assets	2,761	2,660	2,846	3,178	3,323	3,253	3,313	3,427	3,400	4,184
Accounts payable	173	181	242	233	226	269	343	319	261	313
Accrued liabilities	21.2	15.3	19.5	22	28.8	25.5	26.8	28	35.5	34.5
Deferred revenue		4.94
Short-term debt	11.5	12.1	5	3.73						400
Total current liabilities	341	394	400	528	504	520	564	659	549	976
Long-term debt	947	820	975	863	960	891	892	1,048	1,022	1,356
Lease liabilities				324	290	251	237	237	254	251
Other non-current liabilities	48.2	51.9	54.5	44.2	53.7	38	35.9	33.9	35.9	41.8
Total liabilities	1,551	1,409	1,587	1,914	1,950	1,842	1,870	2,075	1,990	2,880
Total debt	809	805	980	867	960	891	892	1,048	1,022	1,755
Paid-in capital	644	651	653	648	660	678	690	700	712	730
Retained earnings	911	920	945	947	932	962	1,004	932	978	852
Treasury stock	-262	-235	-232	-226	-225	-232	-253	-281	-286	-278
Other comprehensive income	-83.3	-84.6	-109	-106	6.42	2.59	1.47	0.62	6.83	-1.13
Shareholders' equity	1,210	1,251	1,258	1,263	1,373	1,411	1,443	1,352	1,410	1,303
Total equity	1,210	1,251	1,258	1,263	1,373	1,411	1,443	1,352	1,410	1,303
Total liabilities and equity	2,761	2,660	2,846	3,178	3,323	3,253	3,313	3,427	3,400	4,184

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	164	150	157	165	152	206	228	123	248	83.8
Depreciation and amortization	141	147	144	144	141	137	142	152	159	167
Stock-based compensation	18.8	16.1	8.15	7.43	12.9	21.3	25.8	26.9	29.7	32.3
Deferred income tax	-14.5	-61.3	21.7	18.6	-31.2	6.78	1.45	-43.3	31	14.2
Change in receivables	-7.89	-11.8	-8.28	-7.81	-25	-10.6	-55.4	5.01	-4.52	-4.95
Change in inventory	-1.53	-7.8	-8.42	-4.77	-1.77	-9.77	-37.4	-15.2	8.23	-15.4
Change in payables	-0.52	10.8	60.9	-14.2	-5.77	38.1	82.1	-26.6	-59.6	40.2
Cash from operations	357	297	296	367	454	345	361	349	413	446
Capital expenditures	-102	-75.2	-99.4	-104	-97.9	-136	-169	-129	-132	-127
Acquisitions			-200					-275		-792
Cash from investing	-76.7	-35.4	-302	-97.1	-74	-191	-151	-404	-173	-943
Debt issued		612	201	609	485	498	330	898	324	1,006
Debt repaid		-736	-27.7	-724	-392	-579	-330	-743	-352	-266
Stock issued	27.6	19.3	0.79
Share buybacks	-126	-2.67	-2.49	-7.05	-0.78	-9.51	-34.6	-45.8	-22.7	-5.5
Dividends paid	-131	-141	-150	-160	-167	-176	-187	-195	-203	-209
Cash from financing	-288	-263	26.1	-284	-84	-275	-222	-88.1	-258	504
Exchange rate effect							-8.37
Net change in cash	-7.97	-1.28	20.2	-14.3	296	-122	-12.4	-143	-17.5	7.1
Free cash flow	255	222	196	263	357	209	192	220	281	319
Interest paid	26.9	34.2	32.7	36.4	35.9	52.6	27.6	34.6	36	60.4
Income taxes paid	84.1	72	13.7	39.1	68.8	69.4	53	99.1	46.4	29

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $5.74 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	48.9%	Gross profit / revenue.
Operating margin	3.3%	Operating income / revenue.
EBITDA margin	6.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	2.2%	Pre-tax income / revenue.
Net margin	1.6%	Net income / revenue.
FCF margin	6.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	8.5%	Cash from operations / revenue.
Effective tax rate	27.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	6.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.2%	Net income / average total assets.
Return on invested capital (ROIC)	4.6%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	0.0%	Research and development expense / revenue.
SG&A / revenue	39.5%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.6%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.4%	Capital expenditures / revenue.
D&A / revenue	3.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	3.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	3.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	3.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	1.7%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	3.7%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	3.2%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-50.0%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-16.9%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-11.6%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-32.7%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-8.5%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-5.9%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-66.2%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-28.4%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-11.3%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-65.8%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-28.0%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-11.1%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	8.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	7.3%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-0.4%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	13.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	18.5%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-2.2%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	3.4%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	4.1%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	4.5%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-7.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-3.3%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-1.0%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	23.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	8.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	4.7%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.2%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.75x	Current assets / current liabilities.
Quick ratio	0.37x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.01x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.35x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	42.0%	Total debt / total assets.
Liabilities / assets	68.8%	Total liabilities / total assets.
Net debt	$1.74B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	5.11x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	2.27x	Operating income / interest expense.
Working capital	-$247.1M	Current assets - current liabilities.
Goodwill and intangibles / assets	25.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	$255.6M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.39x	Revenue / average total assets.
Fixed asset turnover	5.48x	Revenue / average property, plant and equipment.
Inventory turnover	14.4x	Cost of revenue / average inventory.
Days inventory	25 days	365 x average inventory / cost of revenue.
Receivables turnover	15.3x	Revenue / average receivables.
Days sales outstanding	24 days	365 x average receivables / revenue.
Days payables	39 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	10 days	Days inventory + days sales outstanding - days payables.
FCF conversion	380.7%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	28.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.40	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$0.40	Net income per basic share, as reported (split-adjusted).
Revenue per share	$24.78	Revenue / diluted weighted shares.
FCF per share	$1.50	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2.10	Cash from operations / diluted weighted shares.
Book value per share	$6.15	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$1.20	Tangible book value / shares outstanding.
Cash per share	$0.06	(Cash + short-term investments) / shares outstanding.
Dividend per share	$0.98	Dividend declared per common share (paid, when declared is not tagged).
Payout ratio	249.7%	Dividends paid / net income, when net income is positive.
Dividends / FCF	65.6%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	1.7%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$1.22B	Share price x shares outstanding.
Enterprise value	$2.96B	Market cap + total debt - cash - short-term investments.
P/E	14.5x	Market cap / net income. Only when net income is positive.
P/S	0.23x	Market cap / revenue.
P/B	0.93x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	4.76x	Market cap / tangible book value, when positive.
P/FCF	3.81x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	2.73x	Market cap / cash from operations, when positive.
EV/Sales	0.56x	Enterprise value / revenue.
EV/EBIT	17.0x	Enterprise value / operating income, when both are positive.
EV/EBITDA	8.67x	Enterprise value / EBITDA, when both are positive.
EV/FCF	9.28x	Enterprise value / free cash flow, when both are positive.
FCF yield	26.2%	Free cash flow / market cap.
Earnings yield	6.9%	Net income / market cap (the inverse of P/E).
Dividend yield	17.2%	Dividends paid over the period / market cap.
Shareholder yield	17.7%	(Dividends paid + share buybacks) / market cap.

What was FLOWERS FOODS INC's revenue in fiscal 2025?

FLOWERS FOODS INC reported revenue of $5.26B for fiscal 2025, 3% higher than the year before.

Was FLOWERS FOODS INC profitable in fiscal 2025?

Yes. Net income was $83.8M, a net margin of 1.6%.

How much free cash flow did FLOWERS FOODS INC generate in fiscal 2025?

Cash from operations of $446.2M minus capital expenditures of $127.1M left free cash flow of $319.1M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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