FLOWERS FOODS INC

Listed Company

FLOCIK 0001128928NYSELarge AcceleratedFood And Kindred ProductsGeorgiaFY ends Jan 2

Period

FY 2025

Revenue

$5.26B

Net Income

$83.83M

Total Assets

$4.18B

Equity

$1.30B

Shares Out

211.55M

Op. Cash Flow

$446.20M

Business

FLOWERS FOODS INC produces and markets packaged bakery foods in the U.S. It offers breads, buns, rolls, bagels, English muffins, tortillas and snack cakes under brands such as Nature’s Own, Dave’s Killer Bread, Wonder, Canyon Bakehouse, Tastykake and Mrs. Freshley’s. The company reports one operating segment, sells through branded retail and other channels, and operates direct-store-delivery and warehouse distribution while pursuing digital initiatives and M&A, including an agreement to acquire Simple Mills. Products are sold nationwide through supermarkets, mass merchandisers, club and discount stores, convenience and drugstores, e-commerce and foodservice.

Summary from filing dated 2025-02-18

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net sales	5,256	5,103	5,091	4,806	4,331
Materials, supplies, labor and other production costs (exclusive of depreciation and amortization shown separately below)	2,688	2,577	2,632	2,502	2,175
Selling, distribution and administrative expenses	2,075	2,001	2,120	1,851	1,720
Depreciation and amortization	167	159	152	142	137
Restructuring charges	6	7	7	—	—
Plant closure costs and impairment of assets	7	10	7	8	—
Impairment of intangible assets	136	—	—	—	—
Loss on inferior ingredients	3	—	—	—	—
Income from operations	174	348	173	303	295
Interest expense	77	37	37	29	32
Interest income	−17	−18	−21	−24	−24
Other components of net periodic pension and postretirement benefits credit	−381,000	−273,000	−269,000	−773,000	−405,000
Income before income taxes	115	329	157	299	271
Income tax expense	31	81	34	70	65
Net income	84	248	123	228	206
Net income per common share (per share)	0.4	1.18	0.58	1.08	0.97
Weighted average shares outstanding	211	211	212	212	212
Net income per common share (per share)	0.4	1.17	0.58	1.07	0.97
Weighted average shares outstanding	212	212	213	213	213
Cash dividends paid per common share	0.98	0.95	0.91	0.87	0.83

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	12	5	23	165	186
Accounts and notes receivable, net of allowances of $18,131 and $17,922, respectively	353	335	328	349	305
Raw materials	75	67	73	71	54
Packaging materials	28	28	29	28	25
Finished goods	98	77	83	69	56
Inventories, net	202	172	184	169	135
Spare parts and supplies	98	91	86	74	68
Other	65	54	66	48	52
Total current assets	729	656	688	805	746
Land	135	130	128	112	113
Buildings	626	624	616	554	551
Machinery and equipment	1,477	1,443	1,395	1,309	1,257
Furniture, fixtures and transportation equipment	324	317	303	185	185
Construction in progress	64	61	59	138	87
Property, plant and equipment, gross	2,625	2,575	2,501	2,297	2,192
Less: accumulated depreciation	−1,672	−1,611	−1,538	−1,447	−1,394
Property, plant and equipment, net	953	964	963	849	799
Financing lease right-of-use assets	295,000	166,000	130,000	2	3
Operating lease right-of-use assets	321	319	277	273	289
Notes receivable from independent distributor partners	108	108	124	137	154
Assets held for sale	27	25	22	12	11
Other assets	13	22	18	25	10
Goodwill	1,048	680	678	545	545
Customer relationships,, net	293	140	—	—	—
Trademarks - finite-lived, net	209	359	—	—	—
Trademarks - indefinite-lived	483	127	—	—	—
Other intangible assets, net	137,000	314,000	658	664	695
Total assets	4,184	3,400	3,427	3,313	3,253
Current maturities of long-term debt	400	—	—	—	—
Current maturities of financing leases	116,000	84,000	99,000	2	2
Current maturities of operating leases	74	68	48	44	46
Accounts payable	313	261	319	343	269
Other accrued liabilities	190	219	293	175	203
Total current liabilities	976	549	659	564	520
Noncurrent long-term debt	1,356	1,022	1,048	892	891
Noncurrent financing lease obligations	115,000	11,000	23,000	116,000	2
Noncurrent operating lease obligations	251	254	237	237	251
Total long-term debt and right-of-use lease liabilities	1,607	1,276	1,285	1,129	1,143
Post-retirement/post-employment obligations	9	6	6	6	7
Deferred taxes	247	124	91	135	134
Other long-term liabilities	42	36	34	36	38
Total other long-term liabilities	297	166	131	176	179
Commitments and contingencies	—	—	—	—	—
Common stock $.01 stated par value and $.001 current par value; 500,000,000 authorized shares; 228,729,585 issued shares	199,000	199,000	199,000	199,000	199,000
Treasury stock - 17,551,360 and 18,132,027 shares, respectively	−278	−286	−281	−253	−232
Capital in excess of par value	730	712	700	690	678
Retained earnings	852	978	932	1,004	962
Accumulated other comprehensive (loss) income	−1	7	621,000	1	3
Total stockholders equity	1,303	1,410	1,352	1,443	1,411
Total liabilities and stockholders equity	4,184	3,400	3,427	3,313	3,253

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Stock-based compensation	32	30	27	26	21
Impairment of assets	141	10	10	4	—
Loss reclassified from accumulated other comprehensive income to net income	816,000	1	3	—	—
Deferred income taxes	14	31	−43	1	7
Provision for inventory obsolescence	5	4	2	4	16,000
Allowances for accounts receivable	7	8	8	9	6
Pension and postretirement plans expense	411,000	638,000	592,000	629,000	1
Other	2	1	2	−5	2
Qualified pension plan contributions	—	—	−1	−1	—
Accounts receivable	−5	−5	5	−55	−11
Inventories	−15	8	−15	−37	−10
Hedging activities, net	3	−639,000	−1	−224,000	−5
Accounts payable	40	−60	−27	82	38
Other assets and accrued liabilities	−31	−25	104	−39	−47
Net cash provided by operating activities	446	413	349	361	345
Purchases of property, plant and equipment	−127	−132	−129	−169	−136
Repurchase of independent distributor territories	−28	−49	−10	−8	−5
Cash paid at issuance of notes receivable	−23	−20	−18	−12	−12
Principal payments from notes receivable	24	26	28	39	32
Proceeds from sales of property, plant and equipment	616,000	2	2	8	3
Proceeds from insurance settlement	1	—	—	—	—
Acquisition of business	−792	—	−275	—	—
Investment in unconsolidated affiliate	—	—	−2	−9	—
Other investing activities	805,000	745,000	64,000	473,000	1
Net cash disbursed for investing activities	−943	−173	−404	−151	−191
Dividends paid, including dividends on share-based payment awards	−209	−203	−195	−187	−176
Payments for debt issuance costs	−10	−190,000	−533,000	−282,000	−6
Stock repurchases	−5	−23	−46	−35	−10
Change in bank overdrafts	−11	−4	220,000	799,000	261,000
Proceeds from debt borrowings	1,006	324	898	330	498
Debt obligation payments	−266	−352	−743	−330	−579
Payments on financing leases	−84,000	−70,000	−2	−2	−2
Net cash provided by (disbursed for) financing activities	504	−258	−88	−222	−275
Net increase (decrease) in cash and cash equivalents	7	−18	−143	−12	−122
Right-of-use assets obtained in exchange for new financing lease liabilities	126,000	106,000	34,000	—	37,000
Right-of-use assets obtained in exchange for new operating lease liabilities	75	94	55	34	56
Distributor routes sold with deferred gains, net	889,000	1	132,000	280,000	241,000
Purchase of property, plant and equipment included in accounts payable	4	7	5	7	9
Interest	60	36	35	28	53
Income taxes paid, net of refunds of $5,825, $337 and $120, respectively	29	46	99	53	69

Filings

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