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10-K annual report · filed Aug 25, 2026

MARZETTI CO (MZTI) FY2026 10-K Annual Report

MZTI overviewOriginal on SEC EDGAR
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MARZETTI CO (MZTI) filed its fiscal 2026 10-K annual report with the SEC on Aug 25, 2026. It reported revenue of $1.9B (+1.1% year over year) and net income of $192M.

  • Top risk flagged: Regulatory risk: Increased scrutiny under Federal Food, Drug, and Cosmetic Act and Food Safety Modernization Act with potential for costly recalls and legal claims

FY2026 key financial metrics · XBRL

Revenue
$1.9B
+1.1% YoY
Net income
$192M
+14.5% YoY
Operating margin
12.4%
+0.8 pp YoY
Gross margin
24.7%
+0.9 pp YoY
EPS (diluted)
$6.98
+15.0% YoY
ROE
18.2%
+1.4 pp YoY
Operating cash flow
$284M
+8.5% YoY

Source: XBRL data from the MARZETTI CO (MZTI) FY2026 10-K on SEC EDGAR. USD.

MARZETTI CO FY2026 10-K analysis

AI summary of each section, grounded in the filing text

Business Overview

  • Core business model: Manufacturer and marketer of specialty food products for Retail and Foodservice channels in the U.S.
  • New emphasis on Retail licensing program launched to expand core business, complementing base growth and supply chain simplification.
  • Strategic name change from Lancaster Colony Corporation to The Marzetti Company effective June 27, 2025, aligning brand with vision "The Better Food Company"
  • Employee count steady at 3,500 with 18% unionized, highlighting robust human capital focus including safety, talent acquisition, and engagement
  • Significant customer sales: Chick-fil-A contributed ~30% of consolidated net sales in 2026, up from 28% in 2024, reinforcing strong partner relationship

Management Discussion & Analysis

  • Revenue $1,929.8M, up 1.1% YoY (+$20.7M), driven by pricing, Bachan’s acquisition ($15.4M), TSA sales ($6.2M), offset by lower Retail volume
  • Operating margin 12.4% vs 11.5% YoY; Operating income $238.7M, up 8.3% (+$18.4M) from cost savings and favorable restructuring impacts
  • Foodservice segment best performer: sales $927.1M (+2.4%), operating income $131.3M (+17.7%), margin 14.2% vs 12.3%; Retail weakest: sales $1,002.8M (-0.1%), operating income $203.7M (-3.8%), margin 20.3% vs 21.1%
  • Operating cash flow $283.8M (+8.5%), investing cash flow -$470.0M reflecting $399.3M acquisition of Bachan’s, financing cash flow +$49.8M due to borrowing $200M term loan; dividends $3.95/share (+$0.20)
  • 2027 outlook: expect sales growth from Bachan’s and new product launches; moderate inflation to be offset by pricing and cost savings; risks include economic factors, input cost inflation, Cyclospora outbreak impact

Risk Factors

  • Regulatory risk: Increased scrutiny under Federal Food, Drug, and Cosmetic Act and Food Safety Modernization Act with potential for costly recalls and legal claims
  • Geopolitical/macroeconomic risk: Raw material cost/availability impacted by tariffs, drought, avian influenza, and geopolitical instability affecting supply chain
  • Operational risk: Single-site and third-party manufacturing dependencies risk production disruptions and loss of product placement
  • Competitive risk: Walmart accounts for 18% of sales; any loss or reduction of this business could materially reduce sales and profitability
  • Financial risk: Credit Agreement requires net leverage ≤3.5x and interest coverage ≥2.5x; breaches could accelerate debt and limit business flexibility

Generated from the filing text; verify against the original. How to read a 10-K

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