Marzetti (MZTI) financial statements
Marzetti reported revenue of $1.9B in fiscal 2026, up 5.4% a year over 9 years.
Net income was $192M and the operating margin 12.4%, against 14.5% in 2017.
Free cash flow was $206M, and the company returned $109M in dividends and $36M in net buybacks.
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Marzetti's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.2B | $1.2B | $1.3B | $1.3B | $1.5B | $1.7B | $1.8B | $1.9B | $1.9B | $1.9B |
| Cost of revenue | $883M | $919M | $982M | $976M | $1.1B | $1.3B | $1.4B | $1.4B | $1.5B | $1.5B |
| Gross profit | $319M | $304M | $326M | $358M | $387M | $356M | $389M | $432M | $456M | $477M |
| Selling, general and admin | $126M | $130M | $150M | $181M | $205M | $212M | $222M | $218M | $230M | $255M |
| Operating income | $174M | $172M | $191M | $176M | $186M | $112M | $142M | $199M | $220M | $239M |
| Interest expense | — | — | — | — | — | — | — | $0 | $0 | $2M |
| Pre-tax income | $176M | $174M | $196M | $179M | $186M | $112M | $143M | $206M | $213M | $242M |
| Income tax | $60M | $39M | $45M | $42M | $43M | $23M | $32M | $47M | $46M | $50M |
| Net income | $115M | $135M | $151M | $137M | $142M | $90M | $111M | $159M | $167M | $192M |
| EPS (diluted) | $4.20 | $4.92 | $5.46 | $4.97 | $5.16 | $3.25 | $4.04 | $5.76 | $6.07 | $6.98 |
| Diluted shares | 27M | 27M | 28M | 27M | 28M | 27M | 27M | 27M | 27M | 27M |
| Gross margin | 26.5% | 24.8% | 24.9% | 26.8% | 26.4% | 21.2% | 21.3% | 23.1% | 23.9% | 24.7% |
| Operating margin | 14.5% | 14.0% | 14.6% | 13.2% | 12.7% | 6.7% | 7.8% | 10.7% | 11.5% | 12.4% |
| Net margin | 9.6% | 11.1% | 11.5% | 10.3% | 9.7% | 5.3% | 6.1% | 8.5% | 8.8% | 9.9% |
Balance sheet
Fiscal years, from Marzetti's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $143M | $206M | $196M | $198M | $188M | $60M | $88M | $163M | $161M | $25M |
| Receivables | $70M | $73M | $76M | $87M | $98M | $135M | $115M | $96M | $96M | $105M |
| Inventory | $76M | $91M | $86M | $85M | $122M | $145M | $158M | $173M | $169M | $205M |
| Total current assets | $301M | $379M | $369M | $386M | $423M | $352M | $374M | $444M | $444M | $361M |
| Property, plant and equipment | $181M | $191M | $247M | $293M | $365M | $451M | $482M | $478M | $535M | $552M |
| Goodwill | $168M | $168M | $208M | $208M | $208M | $208M | $208M | $208M | $223M | $500M |
| Total assets | $716M | $804M | $905M | $993M | $1.1B | $1.1B | $1.1B | $1.2B | $1.3B | $1.6B |
| Total current liabilities | $77M | $94M | $120M | $126M | $174M | $166M | $169M | $184M | $186M | $232M |
| Long-term debt | — | — | — | — | — | — | — | — | $0 | $189M |
| Total liabilities | $140M | $152M | $179M | $210M | $258M | $246M | $251M | $281M | $276M | $552M |
| Shareholders' equity | $576M | $652M | $727M | $783M | $843M | $845M | $862M | $926M | $998M | $1.1B |
| Net debt | -$143M | -$206M | -$196M | -$198M | -$188M | -$60M | -$88M | -$163M | -$161M | $174M |
Cash flow
Fiscal years, from Marzetti's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $146M | $161M | $198M | $171M | $174M | $102M | $226M | $252M | $261M | $284M |
| Capital spending | $27M | $31M | $71M | $83M | $88M | $132M | $90M | $68M | $58M | $78M |
| Free cash flow | $119M | $130M | $127M | $88M | $86M | -$30M | $136M | $184M | $203M | $206M |
| Stock-based compensation | $4M | $5M | $6M | $6M | $7M | $10M | $9M | $11M | $9M | $10M |
| Dividends paid | $59M | $65M | $70M | $76M | $81M | $87M | $92M | $98M | $104M | $109M |
| Share buybacks (net) | -$866,000 | -$1M | -$7M | -$5M | -$9M | -$8M | -$9M | -$8M | -$8M | -$36M |
| Net borrowing | — | — | — | — | — | — | — | $0 | $0 | -$25M |
| Free cash flow margin | 9.9% | 10.6% | 9.7% | 6.6% | 5.9% | -1.8% | 7.4% | 9.8% | 10.7% | 10.7% |
| Dividends per share | $2.15 | $2.35 | $2.55 | $2.75 | $2.95 | $3.16 | $3.36 | $3.57 | $3.77 | $3.97 |
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Open MZTI in InvestinglyQuestions
What was Marzetti's revenue in 2026?
$1.9B in fiscal 2026, from its 10-K filing.
How much free cash flow does Marzetti generate?
$206M in fiscal 2026 (operating cash flow minus capital spending).
From Marzetti's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.