Grocery Outlet Holding (GO) FY2025 results: revenue $4.7 billion, up 7.3% on the year
Grocery Outlet Holding Corp. (GO) reported revenue of $4.7 billion for fiscal 2025, the year ended 3 January 2026, up 7.3% on the year before. Net income was -$225 million, and diluted earnings per share $-2.30. The figures are the company's own, from the 10-K it filed with the SEC on 4 March 2026.
Revenue
$4.7 billion
+7.3% on the year
FY2018FY2025
Operating margin
-4.7%
1.8% a year earlier
FY2018FY2025
Net income
-$225 million
FY2018FY2025
Diluted EPS
-$2.30
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 12 new.
Fourth-quarter net sales rose 10.7%: Net sales rose 10.7% to $1.22 billion, including $82.4 million from the 53rd week. The increase came from new store sales, partly offset by the comparable decline.
Q4 operating loss from impairments: Management reported an operating loss of $234.8 million and a net loss of $218.2 million, or $(2.22) per diluted share, against net income of $2.3 million a year earlier.
Adjusted EBITDA rose in the quarter: Adjusted EBITDA was $68.0 million, or 5.6% of net sales, against $57.2 million, or 5.2%, a year earlier. Diluted adjusted EPS was $0.19, against $0.15.
Full-year net loss against prior profit: Fiscal 2025 net loss was $224.9 million, or $(2.30) per diluted share, against net income of $39.5 million, or $0.40 per diluted share, in fiscal 2024.
Fourth-quarter comparable sales fell 0.8%: Comparable store sales declined 0.8% on a 13-week basis. Average transaction size dropped 1.7%, partly offset by a 0.9% rise in transactions.
$ million except per share. Read moreFree 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
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
222
112
303
+98.4%
Capital expenditure
198
187
169
+6.3%
Free cash flow
23.8
-74.6
134
Free cash flow margin
0.5%
-1.7%
3.4%
Cash from investing
-230
-274
-194
Cash from financing
14.3
110
-97.0
-87.0%
Depreciation and amortisation
129
108
88.0
+19.1%
Share-based compensation
10.5
10.5
31.1
-0.2%
Buybacks
0.0
81.4
5.9
Dividends paid
0.0
0.0
0.0
Diluted shares, weighted
98m
100m
101m
-1.6%
Shares outstanding at period end
98m
97m
99m
+0.9%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
984
1,197
1,219
-17.8%
Debt
493
478
293
+3.2%
Operating lease liabilities
1,228
1,104
1,034
+11.2%
Finance lease liabilities
1.8
2.6
4.7
-30.6%
Other liabilities
385
393
419
-2.0%
Total liabilities and equity
3,091
3,174
2,970
-2.6%
Fixed assets
743
750
642
-1.0%
Goodwill
634
783
748
-19.0%
Intangible assets
78.4
78.8
78.6
-0.5%
Cash and equivalents
69.6
62.8
115
+10.8%
Receivables
14.7
15.6
13.1
-5.8%
Other assets
1,552
1,483
1,372
+4.6%
Total assets
3,091
3,174
2,970
-2.6%
10-K for the year ended 3 January 2026, filed 4 March 2026: the filing.