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Marzetti (MZTI) FY2026 results: revenue $1.9 billion, up 1.1% on the year

Marzetti Co. (MZTI) reported revenue of $1.9 billion for fiscal 2026, the year ended 30 June 2026, up 1.1% on the year before. Net income was $192 million, up 14.5%, and diluted earnings per share $6.98. The figures are the company's own, from the 10-K it filed with the SEC on 25 August 2026.

Revenue
$1.9 billion
+1.1% on the year
FY2019FY2026
Operating margin
12.4%
11.5% a year earlier
FY2019FY2026
Net income
$192 million
+14.5% on the year
FY2019FY2026
Diluted EPS
$6.98
+15.0% on the year
FY2019FY2026

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 1 new.

  • Fourth-quarter sales down, ex-TSA up: Reported fourth-quarter net sales fell 2.2% to $465.0 million; excluding prior-year non-core TSA sales of $12.2 million, they rose 0.4%.
  • Adjusted EPS rose 9.0%: Adjusted diluted EPS rose 9.0% to $1.46 from $1.34, driven by higher gross profit. GAAP diluted EPS was $1.76 versus $1.18.
  • Retail sales rose with Bachan’s: Retail net sales rose 0.9% to $243.6 million, including $15.4 million from Bachan’s, which added 640 basis points to segment growth. Segment pounds shipped fell 1.7%.
  • Gross margin rose 220 basis points: Reported gross margin rose 220 basis points to 24.5%, with gross profit of $114.0 million from cost savings programs. Adjusted gross margin rose about 160 basis points.
  • Operating cash flow reached $283.8M: Fiscal 2026 operating cash flow rose $22.3 million to $283.8 million.
Read the Q4 FY2026 earnings call summary

From this 10-K

The Marzetti Company makes and markets specialty food products for retail and foodservice customers. It is an Ohio corporation based in Westerville, Ohio, and was known as Lancaster Colony Corporation until the name change took effect on June 27, 2025. It reports two segments, Retail and Foodservice.

Marzetti Co., the 10-K for 2026

The Marzetti Company makes and markets specialty food products for retail and foodservice customers. It is an Ohio corporation based in Westerville, Ohio, and was known as Lancaster Colony Corporation until the name change took effect on June 27, 2025. It reports two segments, Retail and Foodservice.

Retail

Its Retail brands include New York Bakery frozen garlic breads and croutons, Sister Schubert's frozen yeast rolls and dinner rolls, Marzetti refrigerated salad dressings and vegetable and fruit dips, Marzetti, Cardini's and Girard's shelf-stable dressings, Japanese barbecue sauces under the Bachan's name, and Chatham Village croutons. Under brand license agreements it also makes and sells Chick-fil-A sauces and dressings, Olive Garden dressings, Buffalo Wild Wings sauces, Texas Roadhouse steak sauces and frozen rolls, and Subway sauces, and it sells Chick-fil-A's sauce and dressing products into the retail channel under an exclusive license. Its products sit in the shelf-stable, frozen and produce sections of grocery stores, and most are sold through sales personnel, food brokers and distributors in the United States. Retail sales of some frozen products rise in the fiscal second quarter and around Easter.

Foodservice

Most of its Foodservice sales are private label products for national chain restaurant accounts, mainly custom-formulated sauces, salad dressings, frozen breads and yeast rolls. It also sells branded Foodservice products to distributors, including Marzetti salad dressings, Sister Schubert's rolls and Marzetti Frozen Pasta. It supplies Chick-fil-A, one of its national chain restaurant accounts, mainly through multiple distributors.

Manufacturing

As of June 30, 2026 most of its products were made and packaged at its 13 food plants in the United States, most of which serve both segments, and some items are made by third parties in the United States, Canada and Europe. Its main raw materials include soybean oil, sweeteners, eggs, dairy products, flour, and plastic and paper packaging, which it buys mostly on the open market.

People

As of June 30, 2026 it had 3,500 employees, of whom 18% were represented under collective bargaining contracts.

From The Marzetti Company's annual report on Form 10-K for the fiscal year ended 30 June 2026. The filing

Written from the 10-K filed 25 August 2026: read the full 10-K.

The four quarters: Q1 FY2026 · Q2 FY2026 · Q3 FY2026 · Q4 FY2026

Income statement (profit and loss)

$ millionFY2026FY2025FY2024On the yearLast 8 years
Revenue1,9301,9091,872+1.1%
Cost of revenue1,4531,4531,439-0.1%
Gross profit477456432+4.7%
Gross margin24.7%23.9%23.1%
Selling, general and administrative255230218+10.6%
Operating income239220199+8.3%
Operating margin12.4%11.5%10.7%
Interest expense1.80.00.0
Pre-tax income242213206+13.4%
Income tax50.446.146.9+9.2%
Effective tax rate20.8%21.6%22.8%
Net income192167159+14.5%
Net margin9.9%8.8%8.5%
Diluted EPS$6.98$6.07$5.76+15.0%
$ 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

$ millionFY2026FY2025FY2024On the yearLast 8 years
Operating cash flow284261252+8.5%
Capital expenditure77.758.067.6+33.9%
Free cash flow206203184+1.3%
Free cash flow margin10.7%10.7%9.8%
Cash from investing-470-148-67.4
Cash from financing49.8-115-109
Depreciation and amortisation71.462.255.9+14.9%
Share-based compensation10.29.011.4+13.3%
Buybacks36.38.07.6+353.7%
Dividends paid10910497.9+5.1%
Dividend per share$3.95$3.75$3.55+5.3%
Diluted shares, weighted27m27m27m-0.3%
Shares outstanding at period end27m28m28m-0.9%

Balance sheet

$ millionFY2026FY2025FY2024On the yearLast 8 years
Shareholders' equity1,053998926+5.5%
Debt1990.00.0
Operating lease liabilities35.042.744.6-18.2%
Finance lease liabilities8.21.10.8+638.1%
Other liabilities309232236+33.1%
Total liabilities and equity1,6051,2751,207+25.9%
Fixed assets552535478+3.2%
Goodwill500223208+124.7%
Intangible assets1250.00.0
Cash and equivalents25.1161163-84.5%
Receivables10595.895.6+10.1%
Inventory205169173+21.1%
Other assets92.090.888.6+1.3%
Total assets1,6051,2751,207+25.9%

10-K for the year ended 30 June 2026, filed 25 August 2026: the filing.