Karat Packaging (KRT) financial statements
Karat Packaging reported revenue of $468M in fiscal 2025, up 9.6% a year over 5 years.
Net income was $31M and the operating margin 8.9%, against 9.4% in 2020.
Free cash flow was $33M, and the company returned $36M in dividends and $3M in net buybacks.
The diluted share count rose 31% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Karat Packaging's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | $296M | $364M | $423M | $406M | $423M | $468M |
| Cost of revenue | $206M | $256M | $291M | $253M | $258M | $296M |
| Gross profit | $89M | $108M | $132M | $153M | $164M | $172M |
| Selling, general and admin | $61M | $85M | $102M | $108M | $124M | $131M |
| Operating income | $28M | $23M | $30M | $42M | $38M | $41M |
| Interest expense | — | $3M | $2M | $2M | $2M | $2M |
| Pre-tax income | $22M | $28M | $33M | $43M | $41M | $43M |
| Income tax | $5M | $5M | $7M | $10M | $10M | $10M |
| Net income | $18M | $21M | $24M | $32M | $30M | $31M |
| EPS (diluted) | $1.13 | $1.12 | $1.19 | $1.63 | $1.49 | $1.56 |
| Diluted shares | 15M | 19M | 20M | 20M | 20M | 20M |
| Gross margin | 30.2% | 29.6% | 31.2% | 37.7% | 38.9% | 36.8% |
| Operating margin | 9.4% | 6.4% | 7.1% | 10.4% | 8.9% | 8.9% |
| Net margin | 5.9% | 5.7% | 5.6% | 8.0% | 7.1% | 6.7% |
Balance sheet
Fiscal years, from Karat Packaging's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Cash and short-term investments | $448,000 | $6M | $16M | $49M | $60M | $38M |
| Receivables | $24M | $33M | $30M | $28M | $27M | $36M |
| Inventory | $49M | $58M | $71M | $72M | $71M | $82M |
| Total current assets | $80M | $103M | $124M | $155M | $161M | $161M |
| Property, plant and equipment | $96M | $93M | $96M | $95M | $88M | $81M |
| Goodwill | $3M | $4M | $4M | $4M | $4M | $4M |
| Total assets | $181M | $208M | $252M | $276M | $295M | $288M |
| Total current liabilities | $43M | $31M | $39M | $44M | $46M | $70M |
| Long-term debt | $100,000 | $200,000 | $216,000 | $203,000 | — | — |
| Total liabilities | $141M | $76M | $100M | $114M | $132M | $131M |
| Shareholders' equity | $32M | $123M | $142M | $154M | $156M | $149M |
| Net debt | $11M | -$5M | -$15M | -$22M | -$30M | -$25M |
Cash flow
Fiscal years, from Karat Packaging's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Operating cash flow | $15M | $9M | $29M | $53M | $48M | $34M |
| Capital spending | $30M | $4M | $3M | $3M | $934,000 | $756,000 |
| Free cash flow | -$15M | $5M | $27M | $51M | $47M | $33M |
| Stock-based compensation | $0 | $2M | $2M | $770,000 | $2M | $1M |
| Dividends paid | $606,000 | $0 | $7M | $21M | $31M | $36M |
| Share buybacks (net) | -$248,000 | $0 | — | — | $0 | -$3M |
| Net borrowing | $17M | -$23M | -$22M | -$1M | -$1M | -$13M |
| Free cash flow margin | -5.1% | 1.2% | 6.3% | 12.5% | 11.1% | 7.1% |
| Dividends per share | $0.04 | — | $0.35 | $1.05 | $1.54 | $1.79 |
Questions
What was Karat Packaging's revenue in 2025?
$468M in fiscal 2025, from its 10-K filing.
How much free cash flow does Karat Packaging generate?
$33M in fiscal 2025 (operating cash flow minus capital spending).
From Karat Packaging's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.