The adjusted EPS beat is modest and the revenue miss is concerning, but the record gross margin and strong cash flow provide a floor. The lack of formal FY2027 guidance creates uncertainty — watch the upcoming conference call for any color on organic growth trajectory and Bachans integration milestones. The $199M debt load from the Bachans acquisition will pressure interest costs (~$1.8M/quarter) going forward.
Price Chart
Executive Summary
Marzetti reported fiscal Q4 2026 results with GAAP EPS of $1.76, well above the $1.18 prior year, but this was heavily inflated by an $18.5M gain on the sale of Milpitas property. Adjusted Diluted EPS of $1.46 beat consensus of $1.40 by 4.3%, while reported revenue of $465.0M missed the $476.0M estimate and declined 2.2% YoY. The core business showed mixed signals — record gross profit and margin expansion offset by declining volumes and higher acquisition-related costs from the Bachans integration, with no formal FY2027 guidance provided beyond qualitative commentary on inflation and margin improvement.
Key Financial Metrics
Key Facts
- Q4 GAAP EPS $1.76 vs $1.18 prior year, but includes $0.66/share from Milpitas property sale gain
- Adjusted Diluted EPS $1.46 beat consensus of $1.40 by 4.3%
- Reported revenue $465.0M missed $476.0M consensus and declined 2.2% YoY
- Excluding TSA sales, adjusted consolidated net sales increased 0.4%
- Retail segment net sales +0.9% to $243.6M, including $15.4M from Bachans acquisition
- Foodservice segment net sales -5.3% to $221.4M; adjusted -0.1% ex-TSA
- Record Q4 gross profit $114.0M, gross margin +220bps to 24.5%
- SGA expenses surged $12.3M to $74.3M, including $10.5M in acquisition costs
- Fiscal 2026 operating cash flow record $283.8M, up $22.3M YoY
- Company paid $108.8M in dividends and repurchased $36.3M of stock in FY2026
- No formal FY2027 guidance provided; management cited moderate inflation and margin improvement focus
- Cash balance dropped to $25.1M from $161.5M, with $199.3M in total debt from Bachans financing
Financial Impact
Adjusted EPS beat consensus by ~$0.06 (4.3%), but revenue missed by ~$11M (2.3%). The $18.5M Milpitas gain masks underlying operating trends.
Risk Factors
- Revenue decline of 2.2% YoY with Retail volumes down 1.7% and Foodservice volumes down 4.1%
- SGA expenses surged 19.8% YoY, outpacing gross profit growth
- Cash balance collapsed from $161.5M to $25.1M, with $199.3M in new debt
- No formal FY2027 guidance provided, increasing uncertainty
- Cyclospora outbreak mentioned as potential demand risk
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000057515-26-000018 |
| Document: 0000057515-26-000018-index.html | 0000057515-26-000018 |
| Document: 0000057515-26-000018.txt | 0000057515-26-000018 |
| 8-K Data (Synthetic) | 0000057515-26-000018 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 13, 2026 14d ago | DEF 14A | $100.95 | awaiting T+60 | — | $107.81 (+6.80%) |
Oct 9, 2026 18d ago | 8-K | $99.30 | awaiting T+60 | — | $107.81 (+8.57%) |
Aug 25, 2026 9w ago | 8-K | $117.35 | awaiting T+60 | — | $107.81 (−8.13%) |
Aug 19, 2026 9w ago | 8-K | $116.92 | awaiting T+60 | — | $107.81 (−7.79%) |
Jun 12, 2026 19w ago | Insider Cluster | $111.61 $104.03 | ▼ −6.79% | ▼ −10.06% | $107.81 (−3.40%) |
May 4, 2026 25w ago | 8-K | $116.22 $111.24 | ▲ +4.29% | ▲ +6.14% | $107.81 (+7.24%) |
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