Grocery Outlet Holding Corp. (GO) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.04	$0.05	+25.0%	—	$1.2B	—
Q1 26	$0.02	$0.05	+150.0%	—	$1.2B	—
Q4 25	$0.21	$0.19	-9.5%	—	$1.2B	—
Q3 25	$0.19	$0.21	+10.5%	—	$1.2B	—
Q2 25	$0.01	$0.04	+300.0%	—	$1.2B	—
Q1 25	$0.07	$0.13	+85.7%	—	$1.1B	—
Q4 24	$0.17	$0.15	-11.8%	—	$1.1B	—
Q3 24	$0.27	$0.28	+3.7%	—	$1.1B	—
Q2 24	$0.2	$0.25	+25.0%	—	$1.1B	—
Q1 24	$0.18	$0.09	-50.0%	—	$1B	—
Q4 23	$0.16	$0.18	+12.5%	—	$989.8M	—
Q3 23	$0.27	$0.31	+14.8%	—	$1B	—
Q2 23	$0.26	$0.32	+23.1%	—	$1B	—
Q1 23	$0.23	$0.27	+17.4%	—	$965.5M	—
Q4 22	$0.23	$0.25	+8.7%	—	$930.8M	—
Q3 22	$0.26	$0.27	+3.8%	—	$918.2M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	-$2.3	—	—	$4.7B	—
FY24	—	$0.4	—	—	$4.4B	—
FY23	—	$0.8	—	—	$4B	—
FY22	—	$0.67	—	—	$3.6B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$1.8B	$2.1B	$2.3B	$2.6B	$3.1B	$3.1B	$3.6B	$4B	$4.4B	$4.7B
YoY change	—	+13.3%	+10.2%	+11.9%	+22.5%	-1.76%	+16.2%	+10.9%	+10.1%	+7.26%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	1.8B	2.1B	2.3B	2.6B	3.1B	3.1B	3.6B	4B	4.4B	4.7B
Cost of revenue	1.3B	1.4B	1.6B	1.8B	2.2B	2.1B	2.5B	2.7B	3B	3.3B
Gross profit	561.2M	631.9M	695.4M	787.1M	973.3M	948.8M	1.1B	1.2B	1.3B	1.4B
Gross margin	30.6%	30.4%	30.4%	30.8%	31.1%	30.8%	30.5%	31.3%	30.2%	30.3%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	460M	511.8M	567.5M	670.9M	810.5M	859.7M	997.1M	1.1B	1.2B	1.3B
Operating expenses	460M	511.8M	567.5M	670.9M	810.5M	859.7M	997.1M	1.1B	1.2B	1.3B
Operating income	64.1M	76.9M	82.5M	68.3M	107.4M	89.1M	95M	125.8M	78.3M	87M
Operating margin	3.5%	3.71%	3.6%	2.67%	3.43%	2.89%	2.65%	3.17%	1.79%	1.86%
Non-operating income, net	—	-1.5M	-5.3M	-5.6M	-198K	4M	-1.3M	-5.3M	—	-308.7M
Pretax income	16.9M	25.8M	21.9M	16.8M	87.1M	77.5M	75.7M	104.1M	56.2M	-249.2M
Income tax	6.7M	5.2M	6M	1.4M	-19.6M	15.2M	10.7M	24.6M	16.7M	-24.3M
Net income	10.2M	20.6M	15.9M	15.4M	106.7M	62.3M	65.1M	79.4M	39.5M	-224.9M
Net margin	0.56%	0.99%	0.69%	0.6%	3.4%	2.02%	1.82%	2%	0.9%	-4.8%
EBITDA	97.9M	116.8M	126.8M	118M	164.7M	159M	174.4M	220.3M	192.3M	221.4M
EPS	0.14	0.28	0.21	0.2	1.16	0.65	0.67	0.8	0.4	-2.3
Diluted EPS	0.14	0.28	0.21	0.19	1.08	0.63	0.65	0.79	0.4	-2.3

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	1B	989.8M	1B	1.1B	1.1B	1.1B	1.1B	1.2B	1.2B	1.2B	1.2B	1.2B
Cost of revenue	688.2M	690.9M	733M	779.3M	763.3M	774M	783.1M	819.1M	813M	854.2M	821.2M	832M
Gross profit	315.7M	298.9M	303.9M	349.2M	344.9M	323.9M	342.4M	360.7M	355.1M	361M	345.2M	360.7M
Gross margin	31.4%	30.2%	29.3%	30.9%	31.1%	29.5%	30.4%	30.6%	30.4%	29.7%	29.6%	30.2%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	278.1M	279.9M	303.4M	323.1M	304.6M	312.5M	331.1M	336.8M	331M	333.4M	347M	339.5M
Operating expenses	278.1M	279.9M	303.4M	323.1M	304.6M	312.5M	331.1M	336.8M	331M	333.4M	347M	339.5M
Operating income	37.6M	18.9M	563K	26.1M	40.3M	11.4M	11.4M	23.9M	24.1M	27.6M	-1.8M	21.2M
Operating margin	3.74%	1.91%	0.05%	2.31%	3.64%	1.04%	1.01%	2.03%	2.06%	2.27%	-0.16%	1.78%
Non-operating income, net	—	0	—	—	—	—	-33.9M	-11.2M	-1.3M	-262.4M	-176.2M	-5.4M
Pretax income	33.3M	17.5M	-2.6M	20.5M	33.8M	4.4M	-29M	6.2M	16.1M	-242.5M	-184.4M	9.2M
Income tax	6.2M	3.4M	-1.6M	6.5M	9.7M	2.1M	-5.7M	1.3M	4.5M	-24.3M	-4.1M	3.6M
Net income	27.1M	14.1M	-1M	14M	24.2M	2.3M	-23.3M	5M	11.6M	-218.2M	-180.3M	5.6M
Net margin	2.7%	1.43%	-0.1%	1.24%	2.18%	0.21%	-2.07%	0.42%	0.99%	-18%	-15.5%	0.47%
EBITDA	61.2M	45.6M	27.7M	53.9M	69.3M	41.4M	42.3M	56.3M	58.4M	64.4M	30.3M	54.2M
EPS	0.27	0.14	-0.01	0.14	0.25	0.02	-0.24	0.05	0.12	-2.22	-1.83	0.06
Diluted EPS	0.27	0.14	-0.01	0.14	0.24	0.02	-0.24	0.05	0.12	-2.22	-1.83	0.06

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	—	—	—	—	2.7B	2.8B	2.7B	1.5B	989.6M	1.1B
Enterprise value	—	—	—	—	—	4B	4.1B	3.9B	3.1B	2.7B	2.9B
Shares outstanding	74.1M	74.2M	74.2M	81.9M	91.8M	95.7M	96.8M	98.7M	98.7M	98M	98M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	—	—	—	43.4	43.4	33.5	39	—	151.8
P/S	—	—	—	—	—	0.88	0.79	0.67	0.35	0.21	0.23
P/B	—	—	—	—	—	2.68	2.55	2.18	1.29	1.01	1.34
EV/EBITDA	—	—	—	—	—	25.3	23.7	17.9	16.3	12.3	14.1
EV/Sales	—	—	—	—	—	1.31	1.16	0.99	0.72	0.58	0.61
Earnings yield	—	—	—	—	—	2.3%	2.3%	2.99%	2.56%	—	0.66%
FCF yield	—	—	—	—	—	1.2%	1.36%	4.19%	-6.16%	0.18%	-4.05%
PEG	—	—	—	—	—	—	—	—	—	—	7.59

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	30.6%	30.4%	30.4%	30.8%	31.1%	30.8%	30.5%	31.3%	30.2%	30.3%	30.2%
Operating margin	3.5%	3.71%	3.6%	2.67%	3.43%	2.89%	2.65%	3.17%	1.79%	1.86%	1.78%
Net margin	0.56%	0.99%	0.69%	0.6%	3.4%	2.02%	1.82%	2%	0.9%	-4.8%	-8.04%
ROE	—	4.82%	5.29%	2.07%	11.6%	6.17%	5.86%	6.51%	3.3%	-22.9%	-38.1%
ROA	—	1.56%	1.15%	0.71%	4.29%	2.33%	2.35%	2.68%	1.24%	-7.28%	1.4%
ROIC	—	5.43%	5.27%	3.19%	4.89%	3.07%	3.37%	3.84%	1.97%	3.19%	2.74%
Return on tangible assets	—	-6.26%	-6.18%	2.6%	11.9%	5.82%	5.66%	6.03%	2.72%	-13.5%	-20.1%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	—	1.58	1.59	1.3	1.64	1.86	1.67	1.35	1.44	1.37	1.29
Quick ratio	—	0.19	0.28	0.25	0.59	0.7	0.47	0.43	0.31	0.32	0.3
Debt / equity	—	1.66	2.86	1.68	1.5	1.45	1.27	1.14	1.38	1.84	2.27
Debt / assets	—	0.54	0.62	0.57	0.55	0.55	0.51	0.47	0.52	0.59	0.62
Net debt / EBITDA	—	6.04	6.59	10.4	7.73	8.33	7.53	5.81	8.29	7.86	8.57
Interest coverage	1.39	1.56	1.41	1.37	5.5	6.39	4.97	5.54	3.01	-6.92	-11.9
Effective tax rate	39.7%	20.1%	27.4%	8.12%	0%	19.6%	14.1%	23.7%	29.7%	0%	0%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	24.7	28	30.8	31.3	34.1	32.2	37	40.2	44.3	47.9	48.2
EPS (basic)	0.14	0.28	0.21	0.2	1.16	0.65	0.67	0.8	0.4	-2.3	-2.3
EPS (diluted)	0.14	0.28	0.21	0.19	1.08	0.63	0.65	0.79	0.4	-2.3	-3.88
Book value per share	—	5.76	4.04	9.11	10	10.5	11.5	12.4	12.1	10	8.24
FCF per share	0.11	0.14	0.51	0.4	0.55	0.34	0.4	1.13	-0.96	0.02	-0.05
Cash per share	—	0.08	0.28	0.34	1.15	1.46	1.06	1.16	0.64	0.71	0.75
Capex per share	0.79	0.96	0.87	1.19	1.36	1.29	1.35	1.71	1.89	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	3.21%	3.42%	2.83%	3.8%	3.99%	4.01%	3.65%	4.26%	4.27%	—	—
Capex / operating cash flow	89%	88.1%	64%	79.1%	60%	69.7%	73.2%	56.5%	155.1%	—	—
Payout ratio	847.8%	6.34%	967.9%	23.6%	0.41%	0.3%	0.16%	0.02%	0%	0%	0%
Dividend yield	—	—	—	—	—	0.01%	0%	0%	0%	0%	0%

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$1B	$989.8M	$1B	$1.1B	$1.1B	$1.1B	$1.1B	$1.2B	$1.2B	$1.2B	$1.2B	$1.2B
YoY change	+9.34%	+6.34%	+7.4%	+11.7%	+10.4%	+10.9%	+8.55%	+4.54%	+5.41%	+10.7%	+3.62%	+1.1%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	5.8M	21.1M	28.1M	105.3M	140.1M	102.7M	115M	62.8M	69.6M
Receivables	4.5M	3.8M	5.1M	5.4M	7.2M	10.8M	14.9M	16.1M	17M
Inventory	183M	198.3M	219.4M	245.2M	275.5M	334.3M	350M	394.2M	382M
Total current assets	207.6M	240.4M	270.8M	382M	442.7M	467.4M	516.6M	503.9M	497.6M
Property, plant & equipment	277.7M	304M	1.1B	1.3B	1.4B	1.5B	1.6B	1.8B	1.8B
Goodwill & intangibles	1.6B	1.6B	1.6B	1.6B	1.6B	1.6B	1.7B	1.7B	1.4B
Total assets	1.3B	1.4B	2.2B	2.5B	2.7B	2.8B	3B	3.2B	3.1B
Accounts payable	95.6M	98.1M	119.2M	114.3M	122.1M	137.6M	209.4M	175.9M	177.5M
Short-term debt	5.4M	7.3M	38.5M	48.7M	51.1M	54.6M	69.4M	87.9M	102.3M
Total current liabilities	131.3M	150.9M	208.6M	232.6M	237.9M	280.5M	384M	349.6M	364M
Long-term debt	705.5M	850M	1.2B	1.3B	1.4B	1.4B	1.3B	1.6B	1.7B
Total liabilities	890.7M	1.1B	1.4B	1.6B	1.7B	1.7B	1.8B	2B	2.1B
Shareholders' equity	427.1M	300M	745.4M	922.3M	1B	1.1B	1.2B	1.2B	983.7M
Total debt	710.9M	857.4M	1.3B	1.4B	1.5B	1.4B	1.4B	1.7B	1.8B
Net debt	705.1M	836.3M	1.2B	1.3B	1.3B	1.3B	1.3B	1.6B	1.7B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	155.7M	115M	66.9M	67.1M	68.7M	62.8M	50.9M	55.2M	52.1M	69.6M	59M	74.2M
Receivables	9.3M	14.9M	13.3M	12.2M	13.5M	16.1M	15.8M	16.2M	15.5M	17M	14.1M	14.1M
Inventory	308.6M	350M	362.7M	367.3M	396.9M	394.2M	386.2M	398.2M	417.8M	382M	387.1M	394.8M
Total current assets	514.5M	516.6M	478.4M	475.3M	514M	503.9M	484.9M	501.5M	517.5M	497.6M	489.3M	514.5M
Property, plant & equipment	1.6B	1.6B	1.6B	1.7B	1.7B	1.8B	1.9B	1.9B	1.9B	1.8B	1.9B	1.9B
Goodwill & intangibles	1.6B	1.7B	1.7B	1.7B	1.7B	1.7B	1.7B	1.7B	1.7B	1.4B	1.1B	1.1B
Total assets	2.9B	3B	3B	3.1B	3.1B	3.2B	3.3B	3.3B	3.4B	3.1B	3B	3B
Accounts payable	184M	209.4M	223.7M	210.2M	197.2M	175.9M	193.8M	211.9M	196.7M	177.5M	200.2M	219.7M
Short-term debt	69M	69.4M	69.6M	77.6M	76M	87.9M	90.9M	95.3M	99.2M	102.3M	104.9M	107.2M
Total current liabilities	383.7M	384M	382.1M	368.7M	352.3M	349.6M	388.7M	415M	398.7M	364M	381.9M	398.5M
Long-term debt	1.3B	1.3B	1.3B	1.4B	1.5B	1.6B	1.7B	1.7B	1.7B	1.7B	1.7B	1.7B
Total liabilities	1.7B	1.8B	1.7B	1.9B	1.9B	2B	2.1B	2.1B	2.2B	2.1B	2.2B	2.2B
Shareholders' equity	1.2B	1.2B	1.2B	1.2B	1.2B	1.2B	1.2B	1.2B	1.2B	983.7M	807.1M	816.6M
Total debt	1.4B	1.4B	1.4B	1.5B	1.6B	1.7B	1.7B	1.8B	1.8B	1.8B	1.8B	1.9B
Net debt	1.2B	1.3B	1.3B	1.5B	1.5B	1.6B	1.7B	1.7B	1.8B	1.7B	1.8B	1.8B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	10.2M	20.6M	15.9M	15.4M	106.7M	62.3M	65.1M	79.4M	39.5M	-224.9M
Depreciation & amortization	37.2M	43.2M	47.1M	50.1M	58.1M	71.1M	78.3M	88M	108.2M	130.4M
Stock-based compensation	2.9M	1.7M	10.4M	31.4M	38.1M	17.6M	32.6M	31.1M	10.5M	10.5M
Change in working capital	-9.6M	5.5M	16.6M	20.6M	9.4M	328K	-18.2M	75.1M	-56.7M	28.4M
Operating cash flow	66M	80.7M	101.2M	122.9M	208.2M	177M	178.4M	299.2M	120.3M	222.1M
Capital expenditure	-58.7M	-71.1M	-64.8M	-97.2M	-124.9M	-123.4M	-130.5M	-169M	-186.6M	—
Investing cash flow	-61.3M	-74.8M	-70.4M	-104.9M	-127.9M	-126.9M	-133.3M	-171.2M	-253.7M	-9.4M
Dividends paid	-86.5M	-1.3M	-153.6M	-3.6M	-434K	-186K	-105K	-15K	0	0
Share repurchases	-253K	-172K	-34K	—	0	0	-3.5M	-5.9M	-81.4M	0
Financing cash flow	-4.3M	-7.9M	-17M	-19.4M	-92.8M	-1.3M	-79.8M	-128M	101.1M	13.6M
Net change in cash	378K	-2M	13.8M	-1.4M	-12.6M	48.7M	-34.8M	85K	-32.3M	226.4M
Free cash flow	8M	10.6M	37.9M	32.6M	50.5M	32.4M	38.4M	111.5M	-95M	1.8M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	27.1M	14.1M	-1M	14M	24.2M	2.3M	-23.3M	5M	11.6M	-218.2M	-180.3M	5.6M
Depreciation & amortization	21.9M	24.3M	24.9M	26.5M	27.8M	29M	29.9M	31.3M	33.4M	35.8M	31.2M	32.1M
Stock-based compensation	7.5M	5.6M	8.1M	7M	1.7M	-6.3M	5.5M	2M	-10K	3.1M	3.8M	3.8M
Change in working capital	60.6M	-22.7M	-27.4M	-45.3M	-84.7M	27.5M	27.4M	10.8M	-31.1M	21.4M	19M	7.3M
Operating cash flow	124.4M	26.1M	4.4M	7.5M	-17.1M	52.3M	36.1M	73.6M	17.3M	72.3M	52.6M	43.1M
Capital expenditure	-46.9M	-56.1M	-46.3M	-38.9M	-42.4M	-59.1M	-60.5M	—	—	—	—	—
Investing cash flow	-47.4M	-58M	-47.9M	-40.1M	-43.6M	-61.3M	-63.9M	-2.3M	-2M	-1.7M	-2.3M	-333K
Dividends paid	0	-6K	—	—	0	0	—	—	—	—	—	—
Share repurchases	0	-2.6M	-6.2M	-25M	-25M	-25M	0	0	0	0	—	—
Financing cash flow	-2.3M	-4.9M	-8.5M	62.7M	24.4M	22.4M	-2.2M	-2.2M	25.9M	-7.8M	-4.1M	16M
Net change in cash	74.6M	-36.8M	-52M	30.1M	-36.3M	13.4M	-30M	69.1M	41.2M	62.8M	46.2M	58.8M
Free cash flow	66.7M	-34M	-41.4M	-808K	-26.1M	-26.6M	-6.3M	8.4M	-27.1M	26.9M	-4.2M	-526K

Grocery Outlet Holding Corp. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement