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Grocery Outlet vs Ingles Markets: revenue, profit, margins and growth compared

Grocery Outlet brought in $4.7B of revenue in fiscal 2025, Ingles Markets $5.3B in fiscal 2025. Revenue changed by +7.3% at Grocery Outlet and -5.4% at Ingles Markets on the year before, so Grocery Outlet grew faster. Grocery Outlet kept -4.8% of its revenue as net profit, Ingles Markets 1.6%. Free cash flow was $23.8M at Grocery Outlet and $39.6M at Ingles Markets.

Side by side, latest fiscal year

GOIMKTA
Fiscal year endedFY2025 (January 3, 2026)FY2025 (September 27, 2025)
Revenue$4.7B$5.3B
Revenue growth+7.3%-5.4%
Net income-$224.9M$83.6M
Net margin-4.8%1.6%
Free cash flow$23.8M$39.6M
Free cash flow margin0.5%0.7%
Earnings per share (diluted)-$2.30n/a
Cash$69.6M$366.2M
Debt$492.9M$514.8M
Price to earningsn/an/a
Market value$1.1B$1.6B
Dividend yieldn/an/a
Rank by revenue in sector#39 of 93 · Consumer staples#36 of 93 · Consumer staples

Over the years

Revenue
GO FY2019: $2.3BGO FY2019: $2.6BGO FY2020: $3.1BGO FY2021: $3.1BGO FY2022: $3.6BGO FY2023: $4BGO FY2024: $4.4BGO FY2025: $4.7BIMKTA FY2018: $4.1BIMKTA FY2019: $4.2BIMKTA FY2020: $4.6BIMKTA FY2021: $5BIMKTA FY2022: $5.7BIMKTA FY2023: $5.9BIMKTA FY2024: $5.6BIMKTA FY2025: $5.3BFY18FY19FY20FY21FY22FY23FY24FY25
GO $4.7BIMKTA $5.3B
Net income
GO FY2019: $15.9MGO FY2019: $15.4MGO FY2020: $106.7MGO FY2021: $62.3MGO FY2022: $65.1MGO FY2023: $79.4MGO FY2024: $39.5MGO FY2025: -$224.9MIMKTA FY2018: $97.4MIMKTA FY2019: $81.6MIMKTA FY2020: $178.6MIMKTA FY2021: $249.7MIMKTA FY2022: $272.8MIMKTA FY2023: $210.8MIMKTA FY2024: $105.5MIMKTA FY2025: $83.6MFY18FY19FY20FY21FY22FY23FY24FY25
GO -$224.9MIMKTA $83.6M
Net margin
GO FY2019: 0.7%GO FY2019: 0.6%GO FY2020: 3.4%GO FY2021: 2.0%GO FY2022: 1.8%GO FY2023: 2.0%GO FY2024: 0.9%GO FY2025: -4.8%IMKTA FY2018: 2.4%IMKTA FY2019: 1.9%IMKTA FY2020: 3.9%IMKTA FY2021: 5.0%IMKTA FY2022: 4.8%IMKTA FY2023: 3.6%IMKTA FY2024: 1.9%IMKTA FY2025: 1.6%FY18FY19FY20FY21FY22FY23FY24FY25
GO -4.8%IMKTA 1.6%
Revenue growth
GO FY2019: +11.9%GO FY2020: +22.5%GO FY2021: -1.8%GO FY2022: +16.2%GO FY2023: +10.9%GO FY2024: +10.1%GO FY2025: +7.3%IMKTA FY2019: +2.7%IMKTA FY2020: +9.7%IMKTA FY2021: +8.2%IMKTA FY2022: +13.9%IMKTA FY2023: +3.8%IMKTA FY2024: -4.3%IMKTA FY2025: -5.4%FY19FY20FY21FY22FY23FY24FY25
GO +7.3%IMKTA -5.4%
Free cash flow
GO FY2019: $41MGO FY2019: $35.6MGO FY2020: $56.3MGO FY2021: $42.2MGO FY2022: $55MGO FY2023: $134.5MGO FY2024: -$74.6MGO FY2025: $23.8MIMKTA FY2018: $10.8MIMKTA FY2019: $49.8MIMKTA FY2020: $227.3MIMKTA FY2021: $165.7MIMKTA FY2022: $219.9MIMKTA FY2023: $92.8MIMKTA FY2024: $51.7MIMKTA FY2025: $39.6MFY18FY19FY20FY21FY22FY23FY24FY25
GO $23.8MIMKTA $39.6M

Fiscal years as each company reports them; the two may end in different months.

Questions about Grocery Outlet and Ingles Markets

Which is bigger by revenue, Grocery Outlet or Ingles Markets?

Ingles Markets is bigger by revenue: $5.3B in fiscal 2025, against $4.7B for Grocery Outlet in fiscal 2025.

Which keeps more of its revenue as profit, Grocery Outlet or Ingles Markets?

Grocery Outlet had a net margin of -4.8% in fiscal 2025; Ingles Markets had 1.6% in fiscal 2025.

Which grew revenue faster, Grocery Outlet or Ingles Markets?

In their latest fiscal years revenue changed by +7.3% at Grocery Outlet and -5.4% at Ingles Markets.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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