Short answer
Simply Good Foods Co (SMPL) filed its fiscal 2025 10-K annual report with the SEC on Oct 28, 2025. It reported revenue of $1.5B (+9.0% year over year) and net income of $104M.
- Top risk flagged: Regulatory risk from OWYN Acquisition integration under FTC scrutiny of brand and product compliance
FY2025 key financial metrics · XBRL
- Revenue
- $1.5B
- +9.0% YoY
- Net income
- $104M
- −25.6% YoY
- Operating margin
- 10.8%
- −4.7 pp YoY
- Gross margin
- 36.2%
- −2.2 pp YoY
- EPS (diluted)
- $1.02
- −26.1% YoY
- ROE
- 5.7%
- −2.3 pp YoY
- Operating cash flow
- $178M
- −17.3% YoY
Source: XBRL data from the Simply Good Foods Co (SMPL) FY2025 10-K on SEC EDGAR. USD.
Simply Good Foods Co FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: protein-rich, low-carb nutritious snacking products marketed mainly under Quest, Atkins, and OWYN brands
- New OWYN brand acquisition in June 2024 expanding plant-based, allergen-tested RTD shakes and powders segment
- Strategic marketing shift to target consumers using FDA-approved weight management medications alongside traditional health-focused buyers
- Fiscal 2025 sales heavily concentrated: Walmart 31%, Amazon 18%, with e-commerce channel ~19-26% by brand, reflecting distribution expansion
- Asset-light model driving strong free cash flow; 57% of selling & marketing expense allocated to advertising in FY 2025
Management Discussion & Analysis
- Net cash from operations $178.5M, down $37.2M YoY from $215.7M, driven by working capital use increasing $51.9M
- Income from operations $156.9M vs $206.5M, operating expenses rose due to impairment loss, partially offset by higher gross profit
- Investing cash use $20.9M vs $286.9M prior, prior year includes $280.4M OWYN acquisition, current year $20.5M capex at manufacturing facilities
- Financing cash used $191.2M vs $115.9M provided prior, includes $150M term loan principal payments and $50.9M repurchases of common stock
- Management cautious on future revenue projections, performed impairment on Atkins brand and certain intangibles due to reduced outlook
Risk Factors
- Regulatory risk from OWYN Acquisition integration under FTC scrutiny of brand and product compliance
- Macroeconomic exposure to unfavorable commodity expense increases reducing gross profit margin despite sales growth
- Supply chain dependence on contract manufacturing partners for raw ingredients, packaging, and warehousing costs
- Market disruption risk from declining Atkins brand distribution amid consumer preference shifts benefiting competitors
- Financial risk from transaction costs and impairment charges related to OWYN Acquisition impacting adjusted EBITDA margins
Generated from the filing text; verify against the original. How to read a 10-K
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