K
Karat Packaging Inc.
Period
FY 2025
Revenue
$467.74M
Net Income
$31.48M
Total Assets
$287.69M
Equity
$149.42M
Shares Out
19.96M
Op. Cash Flow
$33.81M
Business
Karat Packaging Inc. manufactures and distributes disposable foodservice products including containers, cups, tableware, cutlery, and straws in plastic, paper, and compostable materials. The company sources from approximately 150 global vendors and operates select domestic manufacturing facilities. Karat serves chains, distributors, retail establishments, and e-commerce channels through its Lollicup storefront and third-party platforms. The company operates ten distribution centers across major U.S. metropolitan areas and emphasizes eco-friendly products through its Karat Earth® line.
Summary from 10-K filed 2026-03-13
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | 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 | 468 | 423 | 406 | 423 | 364 | |
| Cost of goods sold | 296 | 258 | 253 | 291 | 256 | |
| Gross profit | 172 | 164 | 153 | 132 | 108 | |
| Selling expenses | 54 | 52 | 41 | 36 | 32 | |
| General and administrative expenses (including $2,855 and $2,358 associated with variable interest entity for the year ended December 31, 2025 and 2024, respectively) | 77 | 72 | 67 | 66 | 52 | |
| (Gain) loss, net, on disposal of machinery and impairment expense | −493,000 | 3 | 3 | −32,000 | — | |
| Total operating expenses | 131 | 127 | 111 | 102 | 85 | |
| Operating income | 41 | 38 | 42 | 30 | 23 | |
| Rental income (including $1,516 and $1,038 associated with variable interest entity for the year ended December 31, 2025 and 2024, respectively) | 3 | 2 | 1 | 949,000 | 931,000 | |
| Other income, net | 73,000 | 162,000 | — | — | — | |
| (Loss) gain on foreign currency transactions | −2 | 520,000 | 103,000 | 2 | −412,000 | |
| Interest income (including $586 and $470 associated with variable interest entity for the year ended December 31, 2025 and 2024, respectively) | 2 | 2 | 2 | 2 | 2 | |
| Interest expense (including $1,966 and $2,062 associated with variable interest entity for the year ended December 31, 2025 and 2024, respectively) | −2 | −2 | −2 | — | — | |
| Total other income, net | 2 | 3 | 908,000 | 2 | 4 | |
| Income before provision for income taxes | 43 | 41 | 43 | 33 | 28 | |
| Provision for income taxes | 10 | 10 | 10 | 7 | 5 | |
| Net income | 33 | 31 | 33 | 26 | 22 | |
| Net income attributable to noncontrolling interest | 1 | 849,000 | 710,000 | 2 | 2 | |
| Net income attributable to Karat Packaging Inc. | 31 | 30 | 32 | 24 | 21 | |
| Basic (in dollars per share) | 1.57 | 1.5 | 1.63 | 1.19 | 1.13 | |
| Diluted (in dollars per share) | 1.56 | 1.49 | 1.63 | 1.19 | 1.12 | |
| Weighted average common shares outstanding, basic (in shares) | 20 | 20 | 20 | 20 | 18 | |
| Weighted average common shares outstanding, diluted (in shares) | 20 | 20 | 20 | 20 | 19 |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | 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 (including $1,488 and $1,703 associated with variable interest entity at December 31, 2025 and December 31, 2024, respectively) | 38 | 32 | 23 | 16 | 6 | |
| Short-term investments (including $0 and $11,128 associated with variable interest entity at December 31, 2025 and December 31, 2024, respectively) | 0 | 28 | 26 | 0 | — | |
| Accounts receivable net | 36 | 27 | 28 | 30 | 33 | |
| Inventories | 82 | 71 | 72 | 71 | 58 | |
| Prepaid expenses and other current assets (including $314 and $27 associated with variable interest entity at December 31, 2025 and December 31, 2024, respectively) | 5 | 4 | 6 | 7 | 5 | |
| Total current assets | 161 | 161 | 155 | 124 | 103 | |
| Property and equipment, net (including $41,758 and $42,972 associated with variable interest entity at December 31, 2025 and December 31, 2024, respectively) | 81 | 88 | 95 | 96 | 93 | |
| Deposits | 0 | 36,000 | 1 | 12 | 7 | |
| Goodwill | 4 | 4 | 4 | 4 | 4 | |
| Intangible assets, net | 273,000 | 300,000 | 327,000 | 353,000 | 380,000 | |
| Operating right-of-use assets | 40 | 41 | 21 | 16 | 0 | |
| Deferred tax assets | 255,000 | 0 | — | — | 0 | |
| Other non-current assets (including $68 and $34 associated with variable interest entity at December 31, 2025 and December 31, 2024, respectively) | 1 | 1 | 619,000 | 818,000 | 477,000 | |
| Total assets | 288 | 295 | 276 | 252 | 208 | |
| Accrued expenses (including $535 and $489 associated with variable interest entity at December 31, 2025 and December 31, 2024, respectively) | 13 | 14 | 11 | 9 | 8 | |
| Income taxes payable (including $0 and $3 associated with variable interest entity at December 31, 2025 and December 31, 2024, respectively) | 0 | 65,000 | 0 | — | — | |
| Deferred revenue | 713,000 | 742,000 | 951,000 | — | — | |
| Long-term debt, current portion (including $12,941 and $1,179 associated with variable interest entity at December 31, 2025 and December 31, 2024, respectively) | 13 | 1 | 1 | 957,000 | 1 | |
| Operating lease liabilities, current portion | 12 | 9 | 5 | 5 | 0 | |
| Other current liabilities (including $49 and $916 associated with variable interest entity at December 31, 2025 and December 31, 2024, respectively) | 129,000 | 968,000 | 3 | 0 | — | |
| Total current liabilities | 70 | 46 | 44 | 39 | 31 | |
| Deferred tax liability | 3 | 426,000 | 4 | 5 | 6 | |
| Long-term debt, net of current portion and debt discount of $78 and $141 at December 31, 2025 and December 31, 2024, respectively (including $22,862 and $47,279 associated with variable interest entity at December 31, 2025 and December 31, 2024, respectively, and debt discount of $78 and $141 associated with variable interest entity at December 31, 2025 and December 31, 2024, respectively) | 23 | 47 | 48 | 42 | 35 | |
| Operating lease liabilities, net of current portion | 32 | 35 | 17 | 12 | 0 | |
| Other non-current liabilities (including $1,224 and $1,198 associated with variable interest entity at December 31, 2025 and December 31, 2024, respectively) | 3 | 3 | 26,000 | 3 | 4 | |
| Total liabilities | 131 | 132 | 114 | 100 | 76 | |
| Commitments and Contingencies (Note 17) | — | — | — | — | — | |
| Preferred stock, $0.001 par value, 10,000,000 shares authorized, no shares issued and outstanding, as of both December 31, 2025 and December 31, 2024 | 0 | 0 | 0 | 0 | 0 | |
| Common stock, $0.001 par value, 100,000,000 shares authorized, 20,122,505 and 19,962,131 shares issued and outstanding, respectively, as of December 31, 2025, and 20,059,505 and 20,036,505 shares issued and outstanding, respectively, as of December 31, 2024 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | |
| Additional paid in capital | 91 | 89 | 87 | 86 | 84 | |
| Treasury stock, 0.001 par value, 160,374 and 23,000 shares as of December 31, 2025 and December 31, 2024 respectively | −3 | −248,000 | −248,000 | −248,000 | — | |
| Retained earnings | 62 | 66 | 68 | 56 | 39 | |
| Total Karat Packaging Inc. stockholders equity | 149 | 156 | 154 | 142 | 123 | |
| Noncontrolling interest | 7 | 7 | 9 | 10 | 9 | |
| Total stockholders equity | 157 | 162 | 163 | 152 | 132 | |
| Total liabilities and stockholders equity | 288 | 295 | 276 | 252 | 208 |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | 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 |
|---|---|---|---|---|---|---|
| Depreciation and amortization (including $1,214 and $1,213 associated with variable interest entity for the year ended December 31, 2025 and 2024, respectively) | 11 | 11 | 11 | 10 | 10 | |
| Adjustments to allowance for bad debt | 168,000 | 468,000 | −711,000 | 1 | 0 | |
| Adjustments to inventory reserve | 70,000 | 290,000 | −399,000 | 6,000 | 68,000 | |
| Write-off of inventories | 917,000 | 1 | 4 | 3 | 1 | |
| Impairment of operating right-of-use asset | 0 | 2 | 0 | — | — | |
| (Gain) loss, net, on disposal of property and equipment | −493,000 | 759,000 | — | — | — | |
| Amortization of loan fees (including $62 associated with variable interest entity for both the year ended December 31, 2025 and 2024) | 125,000 | 92,000 | 81,000 | 40,000 | 18,000 | |
| Accrued interest on certificates of deposit (including $0 and $50 associated with variable interest entity for the year ended December 31, 2025 and 2024, respectively) | 0 | −50,000 | −155,000 | 0 | — | |
| Stock-based compensation | 1 | 2 | 770,000 | 2 | 2 | |
| Amortization of operating right-of-use assets | 10 | 8 | 5 | 4 | 0 | |
| Deferred income taxes | 2 | −4 | −959,000 | −478,000 | −483,000 | |
| Government grant income (including $33 and $187 associated with variable interest entity for the year ended December 31, 2025 and 2024, respectively) | −70,000 | −360,000 | 0 | — | — | |
| Accounts receivable (including $4 and $32 associated with variable interest entity for the year ended December 31, 2025 and 2024, respectively) | −10 | 559,000 | 3 | 2 | −9 | |
| Inventories | −12 | −942,000 | −4 | −16 | −11 | |
| Prepaid expenses and other current assets (including $255 and $23 associated with variable interest entity for the year ended December 31, 2025 and 2024, respectively) | −1 | 3 | −466,000 | −2 | 1 | |
| Other non-current assets (including $35 and $20 associated with variable interest entity for the year ended December 31, 2025 and 2024, respectively) | 15,000 | −79,000 | 1 | −36,000 | −316,000 | |
| Accounts payable (including $53 and $47 associated with variable interest entity for the year ended December 31, 2025 and 2024, respectively) | 8 | −260,000 | 696,000 | 89,000 | −2 | |
| Accrued expenses (including $46 and $102 associated with variable interest entity for the year ended December 31, 2025 and 2024, respectively) | −95,000 | 3 | 2 | 2 | 3 | |
| Related party payable | 2 | −2 | 366,000 | 3 | −3 | |
| Income taxes payable (including $0 and 3 associated with variable interest entity for the year ended December 31, 2025 and 2024, respectively) | −65,000 | 65,000 | 0 | −85,000 | 44,000 | |
| Deferred revenue | −29,000 | −281,000 | −330,000 | — | — | |
| Operating lease liabilities | −10 | −7 | −5 | −4 | 0 | |
| Other liabilities (including $66 and $0 associated with variable interest entity for the year ended December 31, 2025 and 2024, respectively) | 98,000 | −45,000 | 574,000 | 149,000 | 300,000 | |
| Net cash provided by operating activities | 34 | 48 | 53 | 29 | 9 | |
| Purchases of property and equipment | −756,000 | −934,000 | −3 | −3 | −4 | |
| Proceeds from disposal of property and equipment | 2 | 134,000 | 841,000 | 77,000 | 0 | |
| Deposits paid for property and equipment | −4 | −3 | −6 | −12 | −8 | |
| Purchases of publicly-traded equity securities | −451,000 | 29,000 | 0 | — | — | |
| Proceeds from disposal of publicly-traded equity securities | 503,000 | 0 | — | — | — | |
| Purchases of short-term investments (including $7,982 and $18,078 associated with variable interest entity for the year ended December 31, 2025 and 2024, respectively) | −16 | −51 | −49 | 0 | — | |
| Redemption of short-term investments (including $19,110 and $7,000 associated with variable interest entity for the year ended December 31, 2025 and 2024, respectively) | 45 | 49 | 23 | 0 | — | |
| Net cash provided by (used in) investing activities | 25 | −6 | −30 | −18 | −13 | |
| Payments on long-term debt (including $12,717 and $1,122 associated with variable interest entity for the year ended December 31, 2025 and 2024, respectively) | −13 | −1 | −1 | −22 | −39 | |
| Payments for lender fees | −147,000 | 0 | −61,000 | 0 | — | |
| Proceeds from line of credit | 5 | 0 | 0 | 21 | 1 | |
| Repayments on line of credit | −5 | 0 | 0 | −21 | −35 | |
| Proceeds from exercise of common stock options | 300,000 | 725,000 | 123,000 | 51,000 | 100,000 | |
| Repurchases of common stock | −3 | 0 | — | — | 0 | |
| Dividends paid to shareholders | −36 | −31 | −21 | −7 | 0 | |
| Payment of Global Wells membership interest tax withholding (including $362 and $0 associated with variable interest entity for the year ended December 31, 2025 and 2024, respectively) | −377,000 | 0 | 0 | −1 | 0 | |
| Payment of Global Wells noncontrolling membership interest redemption (including $0 and $2,010 associated with variable interest entity for the year ended December 31, 2025 and 2024, respectively) | 0 | −2 | 0 | — | — | |
| Refund of Global Wells members' tax withholding payments (including $0 and $120 associated with variable interest entity for the year ended December 31, 2025 and 2024, respectively) | 0 | 120,000 | 0 | — | — | |
| Payment of Global Wells noncontrolling membership interest redemption gain tax withholding | −879,000 | 0 | — | — | — | |
| Net cash used in financing activities | −53 | −34 | −16 | −2 | 11 | |
| Net increase in cash and cash equivalents | 6 | 9 | 7 | 10 | 6 | |
| Transfers from deposits to property and equipment | 4 | 4 | 10 | 10 | 5 | |
| Non-cash purchases of property and equipment | 962,000 | 122,000 | — | — | — | |
| Non-cash disposal of property and equipment | 480,000 | 0 | — | — | — | |
| Non-cash excise tax on share repurchases | 12,000 | 0 | — | — | — | |
| Cash paid for income taxes | 9 | 11 | 12 | — | — | |
| Cash paid for interest | 2 | 2 | 2 | 2 | 3 |
Filings
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Frequently asked questions
What is Karat Packaging Inc.'s CIK number?
Karat Packaging Inc.'s SEC CIK number is 0001758021 (1758021). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find Karat Packaging Inc.'s SEC filings?
All of Karat Packaging Inc.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did Karat Packaging Inc. last report earnings?
Karat Packaging Inc. (KRT) most recently filed an earnings 8-K with the SEC on May 7, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001758021-26-000019). This is Karat Packaging Inc.'s most recent earnings filing of record — not a forecast of its next earnings date.
What is Karat Packaging Inc.'s most recent earnings 8-K?
Karat Packaging Inc.'s latest earnings 8-K (Item 2.02) was filed May 7, 2026 under accession 0001758021-26-000019. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
View Karat Packaging Inc.'s latest earnings 8-K →
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