Grocery Outlet Holding Corp. financial statements

Income statement, balance sheet and cash flow statement for the last 9 fiscal years, taken from the XBRL data Grocery Outlet Holding Corp. 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

	FY2017	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	2,075	2,288	2,560	3,135	3,080	3,578	3,969	4,372	4,689
Cost of revenue	1,444	1,592	1,773	2,161	2,131	2,486	2,728	3,050	3,269
Gross profit	632	695	787	973	949	1,092	1,242	1,322	1,419
Selling, general and administrative	510	557	639	772	860	997	1,116	1,228	1,332
Selling and marketing						34.6	36.4	43	46.8
General and administrative						160	178	210
Operating expenses	555	613	719	866	860	997
Operating income	76.9	82.5	68.3	107	89.1	95	126	78.3	-222
Interest income	1.13	1.35	2.01	1.77	1.32	3.39	7.63	6.72	4.92
Other non-operating income	-51.2	-60.6	-51.6	-20.2	-11.6	-19.2	-21.7	-22.2	-27.5
Pre-tax income	25.8	21.9	16.8	87.1	77.5	75.7	104	56.2	-249
Income tax	5.17	5.98	1.36	-19.6	15.2	10.7	24.6	16.7	-24.3
Net income	20.6	15.9	15.4	107	62.3	65.1	79.4	39.5	-225
EBITDA	120	128	116	163	157	173	214	187	-114
EPS, basic	0.30	0.24	0.20	1.16	0.65	0.67	0.80	0.40	-2.30
EPS, diluted	0.30	0.23	0.19	1.08	0.63	0.65	0.79	0.40	-2.30
Shares, basic (weighted)	68.2	68.5	79	91.8	95.7	96.8	98.7	98.7	98
Shares, diluted (weighted)	68.3	68.5	81.9	98.5	99.4	100	101	99.6	98

Balance sheet

	FY2017	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	5.8	21.1	28.1	105	140	103	115	62.8	69.6
Receivables		3.76	5.15	3.28	5.83	9.03	13.1	15.6	14.7
Inventory		198	219	245	276	334	350	394	382
Other current assets		13.4	13.5	20.1	16.8	15.1	32.4	26.7	25.4
Total current assets		240	271	382	443	467	517	504	498
Property, plant and equipment		304	357	434	499	561	642	750	743
Lease right-of-use assets			734	835	898	902	946	1,015	1,090
Goodwill		748	748	748	748	748	748	783	634
Intangible assets		68.8	47.8	48.2	51.9	64	78.6	78.8	78.4
Other non-current assets		2.05	7.7	7.48	8.14	7.67	10.2	6.87	4.7
Total assets		1,377	2,186	2,486	2,670	2,772	2,970	3,174	3,091
Accounts payable		98.1	119	114	122	138	209	176	177
Accrued liabilities		31.2	31.4	35.7	49	27.2	24.7	19.7	17.8
Short-term debt		7.35	0.25	0		0	5.63	15	15
Total current liabilities		151	209	233	238	281	384	350	364
Long-term debt		850	448	449	451	380	287	463	478
Lease liabilities			762	876	956	976	1,034	1,104	1,228
Other non-current liabilities					0	1.49	2.27	1.91	2.88
Total liabilities		1,077	1,440	1,563	1,661	1,662	1,750	1,976	2,107
Total debt		857	460	460	460	380	293	478	493
Paid-in capital		287	717	787	812	848	877	816	827
Retained earnings		12.4	28	135	197	263	342	381	157
Shareholders' equity	427	300	745	922	1,009	1,110	1,219	1,197	984
Total equity	427	300	745	922	1,009	1,110	1,219	1,197	984
Total liabilities and equity		1,377	2,186	2,486	2,670	2,772	2,970	3,174	3,091
Shares outstanding			89	94.9	96.1	97.7	99.2	97.3	98.2

Cash flow statement

	FY2017	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	20.6	15.9	15.4	107	62.3	65.1	79.4	39.5	-225
Depreciation and amortization	43.2	45.4	47.9	55.5	68.4	78.3	88	108	108
Stock-based compensation	1.66	10.4	31.4	38.1	17.6	32.6	31.1	10.5	10.5
Deferred income tax	4.75	5.83	0.87	-19.6	12.9	10.4	18.8	12.1	-23
Change in receivables	-2.6	-0.64	-3.65	-4.94	-0.02	-7.23	-11	-7.52	-11.2
Change in inventory	-18.2	-15.3	-21.1	-25.7	-30.3	-58.8	-15.7	-30	12.2
Cash from operations	84.7	106	133	181	166	186	303	112	222
Capital expenditures	-71.1	-64.8	-97.2	-125	-123	-130	-169	-187	-198
Acquisitions						0	0	-60.5	0
Cash from investing	-77.8	-73.6	-108	-134	-137	-150	-194	-274	-230
Debt issued	0	872	0	0	0	0	300	0	0
Debt repaid	-5.32	-725	-415	-0.19	0	-75
Share buybacks				0	0	-3.45	-5.89	-81.4	0
Dividends paid	-1.31	-154	-3.65	-0.43	-0.19	-0.1	-0.02	0	0
Cash from financing	-7.94	-17	-17.8	29.8	5.89	-72.9	-97	110	14.3
Net change in cash	-1.05	15.3	7.04	77.2	34.8	-37.4	12.3	-52.2	6.77
Free cash flow	13.6	41	35.6	56.3	42.2	55	134	-74.6	23.8
Interest paid	45.8	47.3	49.4	20.3	14.6	19.1	22.7	26.2	32.8
Income taxes paid	-0.07	0.29	-0.07	5.19	0.48	-1.72	7.56	3.38	2.28

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to July 4, 2026; growth uses fiscal years. Valuation uses the share price of $11.07 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	30.0%	Gross profit / revenue.
Operating margin	-7.9%	Operating income / revenue.
EBITDA margin	-5.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-8.5%	Pre-tax income / revenue.
Net margin	-8.0%	Net income / revenue.
FCF margin	0.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	3.9%	Cash from operations / revenue.
Return on equity (ROE)	-46.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-12.7%	Net income / average total assets.
Return on invested capital (ROIC)	-23.7%	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%.
SG&A / revenue	28.5%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.2%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.7%	Capital expenditures / revenue.
D&A / revenue	2.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	7.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	9.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	8.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	7.4%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	9.1%	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	7.8%	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	-383.1%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-161.2%	EBITDA vs the same period a year earlier. Only from a positive base.
Net income growth, 1y	-669.9%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-675.0%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	98.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	6.2%	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	4.2%	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 CAGR, 3y	-24.4%	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	-15.8%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-17.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-4.0%	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	1.3%	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	-2.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	3.7%	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	4.5%	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	-1.6%	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	-0.7%	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	-0.1%	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	1.29x	Current assets / current liabilities.
Quick ratio	0.22x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.19x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.62x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	16.9%	Total debt / total assets.
Liabilities / assets	72.7%	Total liabilities / total assets.
Net debt	$431.4M	Total debt - cash - short-term investments. Negative means more cash than debt.
Working capital	$116.1M	Current assets - current liabilities.
Goodwill and intangibles / assets	18.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	$269.1M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.58x	Revenue / average total assets.
Fixed asset turnover	6.13x	Revenue / average property, plant and equipment.
Inventory turnover	8.41x	Cost of revenue / average inventory.
Days inventory	43 days	365 x average inventory / cost of revenue.
Receivables turnover	400x	Revenue / average receivables.
Days sales outstanding	1 days	365 x average receivables / revenue.
Days payables	24 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	20 days	Days inventory + days sales outstanding - days payables.
Capex / operating cash flow	93.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$3.82	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.
Revenue per share	$47.53	Revenue / diluted weighted shares.
FCF per share	$0.12	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.86	Cash from operations / diluted weighted shares.
Book value per share	$8.24	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$2.72	Tangible book value / shares outstanding.
Cash per share	$0.75	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$1.10B	Share price x shares outstanding.
Enterprise value	$1.53B	Market cap + total debt - cash - short-term investments.
P/S	0.23x	Market cap / revenue.
P/B	1.34x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	4.08x	Market cap / tangible book value, when positive.
P/FCF	90.6x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	5.92x	Market cap / cash from operations, when positive.
EV/Sales	0.32x	Enterprise value / revenue.
EV/FCF	126x	Enterprise value / free cash flow, when both are positive.
FCF yield	1.1%	Free cash flow / market cap.
Earnings yield	-34.8%	Net income / market cap (the inverse of P/E).

What was Grocery Outlet Holding Corp.'s revenue in fiscal 2025?

Grocery Outlet Holding Corp. reported revenue of $4.69B for fiscal 2025, 7.3% higher than the year before.

Was Grocery Outlet Holding Corp. profitable in fiscal 2025?

No. It reported a net loss of $224.9M.

How much free cash flow did Grocery Outlet Holding Corp. generate in fiscal 2025?

Cash from operations of $222.1M minus capital expenditures of $198.3M left free cash flow of $23.8M.

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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