Flowers Foods (FLO) FY2024 results: revenue $5.1 billion, up 0.2% on the year

Flowers Foods Inc. (FLO) reported revenue of $5.1 billion for fiscal 2024, the year ended 28 December 2024, up 0.2% on the year before. Net income was $248 million, up 101.0%, and diluted earnings per share $1.17. The figures are the company's own, from the 10-K it filed with the SEC on 18 February 2025.

Revenue

$5.1 billion

+0.2% on the year

FY2017FY2024

Operating margin

6.8%

3.4% a year earlier

FY2017FY2024

Net income

$248 million

+101.0% on the year

FY2017FY2024

Diluted EPS

$1.17

+101.7% on the year

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	5,103	5,091	4,806	+0.2%
Cost of revenue	2,577	2,632	2,502	-2.1%
Gross profit	2,526	2,459	2,304	+2.7%
Gross margin	49.5%	48.3%	47.9%
Research and development	5.1	5.9	6.1	-13.6%
Selling, general and administrative	2,001	2,120	1,851	-5.6%
Operating income	348	173	303	+101.5%
Operating margin	6.8%	3.4%	6.3%
Interest expense	37.1	36.6	28.9	+1.4%
Pre-tax income	329	157	299	+109.4%
Income tax	80.8	33.7	70.3	+139.9%
Effective tax rate	24.6%	21.4%	23.5%
Net income	248	123	228	+101.0%
Net margin	4.9%	2.4%	4.8%
Diluted EPS	$1.17	$0.58	$1.07	+101.7%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2024	FY2023	FY2022	On the year
Operating cash flow	413	349	361	+18.1%
Capital expenditure	132	129	169	+2.3%
Free cash flow	281	220	192	+27.4%
Free cash flow margin	5.5%	4.3%	4.0%
Cash from investing	-173	-404	-151
Cash from financing	-258	-88.1	-222
Depreciation and amortisation	159	152	142	+4.9%
Share-based compensation	29.7	26.9	25.8	+10.4%
Buybacks	22.7	45.8	34.6	-50.4%
Dividends paid	203	195	187	+4.0%
Dividend per share	$0.95	$0.91	$0.87	+4.4%
Diluted shares, weighted	212m	213m	213m	-0.6%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	1,410	1,352	1,443	+4.3%
Debt	1,276	1,285	1,129	-0.7%
Operating lease liabilities	254	237	237	+7.4%
Finance lease liabilities	0.0	0.0	0.1	-52.2%
Other liabilities	460	553	504	-16.9%
Total liabilities and equity	3,400	3,427	3,313	-0.8%
Fixed assets	964	963	849	+0.1%
Goodwill	680	678	545	+0.3%
Intangible assets	0.3	658	664	-100.0%
Cash and equivalents	5.0	22.5	165	-77.8%
Inventory	172	184	169	-6.8%
Other assets	1,579	921	920	+71.4%
Total assets	3,400	3,427	3,313	-0.8%

10-K for the year ended 28 December 2024, filed 18 February 2025: the filing.