AMCON DISTRIBUTING CO

Listed Company

DITCIK 0000928465NYSENon-AcceleratedSmaller ReportingWholesale-Groceries, General LineDelawareFY ends Sep 30

Period

FY 2025

Revenue

—

Net Income

$568.7K

Total Assets

$391.09M

Equity

$113.07M

Shares Out

976.0K

Op. Cash Flow

$18.67M

Business

AMCON DISTRIBUTING CO operates as a wholesale distributor and specialty retail operator serving convenience, grocery, and health-focused retailers. It distributes over 20,000 consumer products, including cigarettes and tobacco products, candy, beverages, groceries, health and beauty items, frozen/refrigerated and foodservice products, and markets private label items and merchandising/data services. The company operates two business segments: a Wholesale Segment (including Team Sledd and Henry’s Foods) and a Retail Segment (Healthy Edge Retail Group operating health food stores). It serves customers across 34 U.S. states through 14 distribution centers, cross-dock facilities, and retail stores.

Summary from filing dated 2025-11-07

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-09-30	FY 2024 2024-09-30	FY 2023 2023-09-30	FY 2022 2022-09-30	FY 2021 2021-09-30
Sales (including excise taxes of $561.9 million and $569.5 million, respectively)	2,817	2,711	2,540	2,011	1,672
Cost of sales	2,628	2,529	2,369	1,883	1,572
Gross profit	188	182	171	128	101
Selling, general and administrative expenses	166	155	137	101	80
Depreciation and amortization	10	9	8	4	3
Total operating expenses	176	164	145	105	83
Operating income	13	18	26	23	18
Interest expense	10	10	—	—	—
Change in fair value of mandatorily redeemable non-controlling interest	877,409	1	1	1	—
Other (income), net	−329,254	−936,171	−1	−3	−203,228
Total other expenses (income)	11	11	9	1	1
Income from operations before income taxes	2	7	17	—	—
Income tax expense	995,000	3	6	6	5
Net income available to common shareholders	568,739	4	12	17	16
Basic earnings per share available to common shareholders	0.93	7.24	19.85	29.37	28.24
Diluted earnings per share available to common shareholders	0.92	7.15	19.46	28.59	27.36
Basic weighted average shares outstanding	613,188	599,020	584,148	567,697	550,551
Diluted weighted average shares outstanding	616,486	606,782	595,850	583,062	568,103
Dividends paid per common share	1	1	5.72	5.72	5.72

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-09-30	FY 2024 2024-09-30	FY 2023 2023-09-30	FY 2022 2022-09-30	FY 2022 2022-06-30
Cash	744,613	672,788	790,931	431,576	—
Accounts receivable, less allowance for credit losses of $2.4 million at September 2025 and $2.3 million at September 2024	73	71	71	62	—
Inventories, net	153	144	159	135	—
Income taxes receivable	140,986	718,645	2	819,595	—
Prepaid expenses and other current assets	12	13	14	13	—
Total current assets	240	229	246	211	—
Property and equipment, net	108	106	81	48	—
Operating lease right-of-use assets, net	30	26	23	20	—
Goodwill	6	6	6	5	—
Other intangible assets, net	4	5	5	2	—
Other assets	3	3	3	3	—
Total assets	391	374	363	289	—
Accounts payable	70	54	43	40	—
Accrued expenses	15	16	15	14	—
Accrued wages, salaries and bonuses	7	9	9	8	—
Current operating lease liabilities	8	7	6	6	—
Current maturities of long-term debt	5	5	2	2	—
Current mandatorily redeemable non-controlling interest	7	2	2	2	2
Total current liabilities	112	93	77	72	71
Credit facilities	127	121	140	91	—
Deferred income tax liability, net	4	4	5	2	3
Long-term operating lease liabilities	23	19	17	14	—
Long-term debt, less current maturities	11	17	12	7	—
Mandatorily redeemable non-controlling interest, less current portion	—	7	8	9	9
Other long-term liabilities	1	2	402,882	103,968	—
Preferred stock, $.01 par value, 1,000,000 shares authorized	—	—	—	—	—
Common stock, $.01 par value, 3,000,000 shares authorized, 635,609 shares outstanding at September 2025 and 630,362 shares outstanding at September 2024	9,799	9,648	9,431	9,168	—
Additional paid-in capital	37	34	31	27	—
Retained earnings	108	109	105	97	92
Treasury stock at cost	−32	−31	−31	−31	—
Total shareholders' equity	113	112	104	93	88
Total liabilities and shareholders' equity	391	374	363	289	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-09-30	FY 2024 2024-09-30	FY 2023 2023-09-30	FY 2022 2022-09-30	FY 2021 2021-09-30
Net income available to common shareholders	568,739	4	12	17	16
Depreciation	9	9	7	4	3
Amortization	506,875	537,701	415,178	70,887	—
(Gain) loss on sales of property and equipment	−90,237	−177,467	−133,659	−140,139	−9,864
Equity-based compensation	3	2	3	3	2
Deferred income taxes	−326,246	−543,644	3	797,360	−275,347
Provision for credit losses	53,549	−64,705	−133,924	−32,420	50,000
Inventory allowance	−320,305	62,349	−138,820	212,637	37,708
Change in fair value of contingent consideration	−1	−124,992	—	—	—
Accounts receivable	−3	6	−138,956	3	−2
Inventories	−6	29	−8	3	4
Prepaid and other current assets	616,232	2	−679,229	−5	−3
Other assets	−278,800	−38,193	−163,340	−730,391	48,967
Accounts payable	16	11	2	332,400	2
Accrued expenses and accrued wages, salaries and bonuses	−2	1	2	2	1
Other long-term liabilities	278,968	511,231	298,914	−653,419	−169,854
Income taxes payable and receivable	577,659	1	−1	−2	−371,248
Net cash flows from (used in) operating activities	19	68	20	23	21
Purchase of property and equipment	−9	−20	−12	−15	−2
Proceeds from sales of property and equipment	113,214	416,546	151,808	152,000	55,728
Net cash flows from (used in) investing activities	−15	−42	−66	−14	−1
Borrowings under revolving credit facilities	2,589	2,517	2,512	2,043	1,664
Repayments under revolving credit facilities	−2,583	−2,536	−2,463	−2,041	−1,682
Principal payments on long-term debt	−5	−4	−2	−5	−510,177
Repurchase of common stock	−1	—	−404,876	—	−5,738
Dividends on common stock	−645,462	−630,362	−4	−3	−3
Redemption and distributions to non-controlling interest	−2	−2	−3	−737,570	—
Net cash flows from (used in) financing activities	−4	−26	47	−9	−20
Net change in cash	71,825	−118,143	359,355	−88,015	−141,604
Cash paid during the period for interest, net of amounts capitalized	11	10	8	2	1
Cash paid during the period for income taxes, net of refunds	724,088	3	4	—	—
Equipment acquisitions classified in accounts payable	41,384	1	1	91,656	128,249
Purchase of property financed with promissory note	—	8	—	—	—
Portion of Burklund acquisition financed with promissory note	—	4	—	—	—
Portion of Burklund acquisition financed with contingent consideration	—	2	—	—	—
Issuance of common stock in connection with the vesting of equity-based awards	—	1	2	2	949,812

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