Short answer
CENTRAL GARDEN & PET CO (CENTA) filed its fiscal 2025 10-K annual report with the SEC on Nov 26, 2025. It reported revenue of $3.1B (−2.2% year over year) and net income of $163M.
- Top risk flagged: Regulatory risk from H.R. 1 “One Big Beautiful Bill Act” affecting tax provisions including interest deduction limits and asset depreciation
FY2025 key financial metrics · XBRL
- Revenue
- $3.1B
- −2.2% YoY
- Net income
- $163M
- +50.8% YoY
- Operating margin
- 8.0%
- +2.2 pp YoY
- Gross margin
- 31.9%
- +2.4 pp YoY
- EPS (diluted)
- $2.55
- +57.4% YoY
- ROE
- 10.3%
- +3.3 pp YoY
- Operating cash flow
- $333M
- −15.8% YoY
Source: XBRL data from the CENTRAL GARDEN & PET CO (CENTA) FY2025 10-K on SEC EDGAR. USD.
CENTRAL GARDEN & PET CO FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Integrated manufacturer and marketer of pet supplies and lawn & garden products
- Strategic emphasis on consignment revenue recognition for Garden segment in FY2025, involving complex third-party and customer data processing
- Operating income $250M in FY2025, up from $185M in FY2024 despite net sales decline to $3.13B from $3.2B
- Equity structure shows a reduction in outstanding common and Class A shares: 9.65M and 51.6M shares in FY2025 vs. 11.07M and 54.4M in FY2024
- Noteworthy: Effective internal controls affirmed by Deloitte for FY2025 with detailed audit focus on consignment revenue arrangement's critical audit matter
Management Discussion & Analysis
- Revenue $3.13B fiscal 2025, down from $3.20B in fiscal 2024, a decline of $71M YoY
- Operating margin GAAP 8.0% vs 5.8% in prior year; Non-GAAP 8.5% vs 7.0% in fiscal 2024
- Best segment: Pet operating income $215.7M, margin 12.0% vs prior $203.4M, 11.1%; Worst: Garden operating income $142.4M, margin 10.7% vs prior $81.9M, 6.0%
- Operating cash flow $332.5M, down $62.4M YoY; capex forecast $50-$60M; share repurchases $148.4M vs $10.8M prior year; total debt $1.19B stable
- Risks: rising tariffs and inflation pressures expected to impact fiscal 2026; seasonality with 64% Garden sales in Q2-Q3; potential acquisition needs additional capital
Risk Factors
- Regulatory risk from H.R. 1 “One Big Beautiful Bill Act” affecting tax provisions including interest deduction limits and asset depreciation
- Geopolitical exposure via wind-down of UK operations with $10 million one-time closure costs impacting European market access
- Operational risk in facility consolidation with $5 million expenses for closing Ontario and Salt Lake City sites, network optimization ongoing
- Market disruption from declining Pet segment sales, notably outdoor cushions and pet beds, pressured by competitive branded product sales drop of $36 million
- Financial risk from leverage with $1.2 billion debt and $32.8 million net interest expense at 4.5% average borrowing rate
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