Grocery Outlet Holding (GO) FY2024 results: revenue $4.4 billion, up 10.1% on the year

Grocery Outlet Holding Corp. (GO) reported revenue of $4.4 billion for fiscal 2024, the year ended 28 December 2024, up 10.1% on the year before. Net income was $39 million, down 50.3%, and diluted earnings per share $0.40. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2025.

Revenue

$4.4 billion

+10.1% on the year

FY2017FY2024

Operating margin

1.8%

3.2% a year earlier

FY2017FY2024

Net income

$39 million

-50.3% on the year

FY2017FY2024

Diluted EPS

$0.40

-49.4% 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	4,372	3,969	3,578	+10.1%
Cost of revenue	3,050	2,728	2,486	+11.8%
Gross profit	1,322	1,242	1,092	+6.5%
Gross margin	30.2%	31.3%	30.5%
Selling, general and administrative	1,228	1,116	997	+10.0%
Operating income	78.3	126	95.0	-37.7%
Operating margin	1.8%	3.2%	2.7%
Pre-tax income	56.2	104	75.7	-46.0%
Income tax	16.7	24.6	10.7	-32.2%
Effective tax rate	29.7%	23.7%	14.1%
Net income	39.5	79.4	65.1	-50.3%
Net margin	0.9%	2.0%	1.8%
Diluted EPS	$0.40	$0.79	$0.65	-49.4%

$ 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	112	303	186	-63.1%
Capital expenditure	187	169	130	+10.4%
Free cash flow	-74.6	134	55.0
Free cash flow margin	-1.7%	3.4%	1.5%
Cash from investing	-274	-194	-150
Cash from financing	110	-97.0	-72.9
Depreciation and amortisation	108	88.0	78.3	+23.0%
Share-based compensation	10.5	31.1	32.6	-66.2%
Buybacks	81.4	5.9	3.5	+1,280.5%
Dividends paid	0.0	0.0	0.1
Diluted shares, weighted	100m	101m	100m	-1.2%
Shares outstanding at period end	97m	99m	98m	-2.0%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	1,197	1,219	1,110	-1.8%
Debt	478	293	380	+63.1%
Operating lease liabilities	1,104	1,034	976	+6.8%
Finance lease liabilities	2.6	4.7	4.4	-45.5%
Other liabilities	393	419	302	-6.3%
Total liabilities and equity	3,174	2,970	2,772	+6.9%
Fixed assets	750	642	561	+16.8%
Goodwill	783	748	748	+4.7%
Intangible assets	78.8	78.6	64.0	+0.3%
Cash and equivalents	62.8	115	103	-45.4%
Receivables	15.6	13.1	9.0	+18.5%
Other assets	1,483	1,372	1,288	+8.1%
Total assets	3,174	2,970	2,772	+6.9%

10-K for the year ended 28 December 2024, filed 26 February 2025: the filing.