SEGMENT DATA

The Company operates in one reportable segment: the manufacturing, distribution, marketing and sale of snack food products. The Company defines reporting segments as components of an organization for which discrete financial information is available and operating results are evaluated on a regular basis by the chief operating decision maker ("CODM”) in order to assess performance and allocate resources. The CODM is the Chief Executive Officer of the Company. Characteristics of the organization which were relied upon in making the determination that the Company operates in one reportable segment include the similar nature of all of the products that the Company sells, the functional alignment of the Company’s organizational structure, and the reports that are regularly reviewed by the CODM for the purpose of assessing performance and allocating resources. The CODM uses segment income/loss to evaluate income generated from the segment in deciding whether to reinvest profits into the segment or alternatives such as for acquisitions or to pay dividends, and to monitor budget versus actual results.


(in millions)	For the Fiscal Year Ended December 28, 2025		For the Fiscal Year Ended December 29, 2024		For the Fiscal Year Ended December 31, 2023
Net sales	$	1,438.8	$	1,409.2	$	1,438.2
Materials	629.3		641.0		670.7
Conversion costs (b)	180.6		181.7		220.7
Delivery (a)(d)	83.9		85.6		72.9
Other cost of goods sold (a)(c)	186.7		131.8		123.1


Gross profit (a)	358.3		369.1		350.8

Marketing (e)	25.6		19.0		11.3
Selling expenses (a)(f)	178.1		161.6		156.9
General and Administrative expenses (g)	144.3		129.5		159.2


Total selling, general and administrative expenses	348.0		310.1		327.4
Gain (loss) on sale of assets, net	9.2		(0.1)		(7.4)
Income from operations	19.5		58.9		16.0

Gain on sale of business	—		44.0		—
Interest expense	(43.1)		(44.9)		(60.6)
Loss on debt extinguishment	(0.5)		(1.3)		—
Other income	0.7		2.5		3.2
Gain on remeasurement of warrant liability	22.8		10.2		2.2
Other (expense) income, net	(20.1)		10.5		(55.2)

(Loss) income before income taxes	(0.6)		69.4		(39.2)
Income tax expense (benefit)	7.1		38.7		0.8
Net income (loss)	$	(7.7)	$	30.7	$	(40.0)

(a) As discussed in Change in Accounting Policy within Note 1. Operations and Summary of Significant Accounting Policies the company revised the presentation related to costs associated with operating its inter-location logistics, DSD distribution centers and outbound shipping and handling activities. The change in presentation has been applied retrospectively to all periods presented within our segment presentation. See below for a reconciliation of those changes:


	For the Fiscal Year Ended December 29, 2024
(in millions)	As reported		Effect of change		As adjusted
Cost of goods sold
Delivery	$	—	$	85.6	$	85.6
Other cost of goods sold	91.8		40.0		131.8

Gross profit	494.7		(125.6)		369.1

Selling, general and administrative expenses
Delivery	85.6		(85.6)		—
Selling expenses	201.6		(40.0)		161.6


	For the Fiscal Year Ended December 31, 2023
(in millions)	As reported		Effect of change		As adjusted
Cost of goods sold
Delivery	$	—	$	72.9	$	72.9
Other cost of goods sold	90.3		32.8		123.1

Gross profit	456.5		(105.7)		350.8

Selling, general and administrative expenses
Delivery	72.9		(72.9)		—
Selling expenses	189.7		(32.8)		156.9

(b) Conversion costs includes direct labor, indirect labor, and overhead expenses.

(d) Delivery charges related to amounts to ship to distribution centers, end customers, and transfer costs between facilities.

(e) Marketing expenses includes customer marketing through traditional media, digital and eCommerce, social media, sponsorships, and other costs such as agency costs, and market research.

(f) Selling costs include people costs, selling operations, co-op advertising and other customer expenses, broker fees, royalties, and other selling related costs.

(g) General and administrative expenses costs of administrative people costs, administrative operations, taxes, fees, and other administrative costs, offset by reimbursements from the transaction services agreements entered into as discussed within Note 2. Divestitures.

Historical Timeline

Fiscal Year	Filed
2025	Feb 12, 2026	Showing above
2024	Feb 20, 2025

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

Utz Brands, Inc. Segments Disclosure

Historical Timeline

About Segments Disclosures

Other Available Disclosures