MARZETTI CO
MZTIBusiness Summary
The Marzetti Company operates as a manufacturer and marketer of specialty food products for the retail and foodservice channels, with financial results presented in two reportable segments: Retail and Foodservice. Over 95% of products are sold in the United States, and foreign operations and export sales have not been significant and are not expected to be significant in the future. The company does not have any fixed assets located outside of the United States. The industry is highly competitive in the areas of price, quality, and customer service, with competition from a number of manufacturers of various sizes and capabilities. Competitive factors include the position of branded goods within various categories, product quality, product innovation, promotional and marketing activity, pricing, and the ability to service customers. The company's vision is to be The Better Food Company, with a corporate purpose To Nourish Growth With All That We Do.
The company's competitive positioning relies on leading Retail market positions in several product categories with a high-quality perception, recognized innovation in Retail products, a broad customer base in both Retail and Foodservice accounts, well-regarded culinary expertise among Foodservice customers, long-standing Foodservice customer relationships that support strategic licensing opportunities in Retail, demonstrated success with strategic licensing programs, recognized leadership in Foodservice product development, experience in integrating complementary business acquisitions, and historically strong cash flow generation. The company faces competition from numerous competitors, many of which are larger in size. Net sales attributed to Walmart Inc. totaled 18% of consolidated net sales for 2026, and net sales attributed to Chick-fil-A, Inc., including Retail sales from an exclusive license agreement and Foodservice sales, totaled 30% of consolidated net sales for 2026. The top five Retail customers accounted for 62% of the Retail segment's total net sales in 2026, and the top five Foodservice direct customers accounted for 57% of the Foodservice segment's total net sales in 2026.
The company generates revenue by manufacturing and marketing specialty food products, with the majority of Retail products sold through sales personnel, food brokers, and distributors in the United States, and the majority of Foodservice products sold under private label to national chain restaurant accounts. The Retail segment sells branded products including frozen breads, refrigerated dressings and dips, and shelf-stable dressings, sauces, and croutons, as well as products under brand license agreements. The Foodservice segment primarily sells custom-formulated sauces, salad dressings, frozen breads, and yeast rolls, with most products sold under private label to national chain restaurant accounts. The company also manufactures and sells branded Foodservice products to distributors. A small portion of Retail sales are products sold under private label to retailers.
In the Retail segment, primary products include frozen garlic breads under the New York Bakery brand, frozen Parkerhouse style yeast rolls and dinner rolls under the Sister Schubert's brand, salad dressings under the Marzetti and Marzetti Simply Dressed brands, vegetable dips and fruit dips under the Marzetti brand, salad dressings under the Marzetti, Cardini's, and Girard's brands, Japanese barbecue sauces and condiments under the Bachan's brand, and croutons and salad toppings under the New York Bakery, Chatham Village, and Marzetti brands. The company also manufactures and sells products pursuant to brand license agreements, including Chick-fil-A sauces and dressings, Olive Garden dressings, Buffalo Wild Wings sauces, Texas Roadhouse steak sauces and frozen rolls, and Subway sauces. Retail segment net sales totaled $1,002.8 million in 2026, a 0.1% decrease from the prior year, with operating income of $203.7 million and an operating margin of 20.3%. Retail segment sales volumes, measured in pounds shipped, decreased 1.9% in 2026, and excluding Bachan's, decreased 3.2%.
In the Foodservice segment, primary products include salad dressings under the Marzetti brand, frozen Parkerhouse style yeast rolls and dinner rolls under the Sister Schubert's brand, and frozen pasta under the Marzetti Frozen Pasta brand. The majority of Foodservice sales are products sold under private label to national chain restaurant accounts, with the vast majority sold through sales personnel, food brokers, and distributors in the United States. The segment also manufactured and sold certain salad dressing and sauce products under a temporary supply agreement resulting from the Atlanta plant acquisition, with TSA sales commencing in March 2025 and concluding during the quarter ended March 31, 2026. Foodservice segment net sales increased 2.4% to a new record of $927.1 million in 2026, with operating income increasing 17.7% to $131.3 million and an operating margin of 14.2%. Foodservice segment sales volumes, measured in pounds shipped, increased 0.9% in 2026, and excluding all TSA sales, increased 0.3%.
Significant operational developments during the period included the acquisition of Bachan's, Inc. on May 1, 2026, for approximately $400 million, subject to customary adjustments, funded through a combination of cash on hand and borrowings under the credit facility. The company also closed its sauce and dressing production facility in Milpitas, California during the quarter ended September 30, 2025, recording restructuring and impairment charges of $1.4 million in 2026 and a gain of $18.5 million on the sale of the related real property. The company acquired a sauce and dressing production facility in the Atlanta, Georgia area in February 2025. The company's Board of Directors approved a share repurchase authorization in November 2010 of 2,000,000 common shares, of which 823,584 common shares remained authorized for future repurchases at June 30, 2026. In the fourth quarter of 2026, the company repurchased 131,661 shares at an average price of $114.39 per share.
Consolidated net sales for the year ended June 30, 2026 increased 1.1% to a new record of $1,929.8 million from the prior-year record total of $1,909.1 million. Gross profit increased 4.7% to $477.3 million, with gross margin improving to 24.7% from 23.9%. Operating income increased 8.3% to $238.7 million, with operating margin improving to 12.4% from 11.5%. Net income increased 14.5% to $191.6 million, and diluted net income per common share increased 15.0% to $6.98 from $6.07. The effective tax rate was 20.8% in 2026 compared to 21.6% in 2025. Cash provided by operating activities totaled $283.8 million in 2026, an increase of 8.5% compared to $261.5 million in 2025.
Business Outlook
For 2027, the company expects Retail sales to benefit from new items recently launched or planned for introduction in the year ahead for both legacy brands and the licensing program. In the Foodservice segment, sales are expected to remain supported by select quick-service restaurant customers in the mix of national chain restaurant accounts. External factors, including U.S. economic performance and consumer behavior, may impact topline growth for both segments in the coming year. The company continues to monitor the impact of the Cyclospora outbreak on product demand and sales. With respect to input costs, the company anticipates a moderate level of inflation in fiscal 2027 that it plans to offset through inflationary pricing and cost savings programs, remaining focused on continued margin improvement.
The acquisition of Bachan's, Inc., completed on May 1, 2026, represents a major growth vector, with the company expecting incremental sales from the rapidly growing Japanese Barbecue Sauce brand known for its authentic, clean-label products. The integration process may be difficult, costly, or time-consuming, and the success of the transaction depends on the ability to effectively integrate Bachan's operations, products, and personnel and achieve anticipated strategic and financial benefits. The company's strategic growth plan focuses on three pillars: accelerating base business growth, simplifying the supply chain to reduce costs and grow margins, and expanding the core business with the Retail licensing program and complementary mergers and acquisitions. The company also expects to continue leveraging strong Foodservice customer relationships to establish exclusive licensing agreements for the retail channel.
The company's cost savings programs are expected to continue contributing to margin improvement, with the company planning to offset moderate inflation in fiscal 2027 through inflationary pricing and cost savings programs. In 2026, consolidated gross profit benefited from cost savings programs, as partially offset by unfavorable impacts of a less favorable sales mix and lower core sales volumes. Reported gross margin improved 80 basis points while Adjusted Gross Margin increased 100 basis points. The company remains focused on continued margin improvement, with the goal of delivering top quartile financial performance and top quartile product quality, safety, and customer satisfaction.
The company ended the year with $25 million in cash and equivalents, shareholders' equity of $1,053 million, and outstanding debt of $200 million. The company believes that cash provided by operating activities and existing balances in cash and equivalents, in addition to amounts available under the credit facility, should be adequate to meet core liquidity needs over the next 12 months, including projected levels of capital expenditures and dividend payments. Based on current plans and expectations, capital expenditures for 2027 could total approximately $90 million. Beyond the next 12 months, cash provided by operating activities is expected to be the primary source of liquidity, combined with existing balances and amounts available under the facility, sufficient to meet overall cash requirements.
The company's capital allocation priorities include maintaining cash returns to shareholders through cash dividends and opportunistic share repurchases, as well as acquiring food businesses consistent with strategic goals. The regular dividend payout rate for 2026 was $3.95 per share, compared to $3.75 per share in 2025, marking the 63rd consecutive year of increased regular cash dividends. The share repurchase authorization approved in November 2010 allows for repurchases of up to 2,000,000 common shares, with 823,584 common shares remaining authorized at June 30, 2026. Future levels of share repurchases and declared dividends are subject to periodic review by the Board of Directors and are generally determined after an assessment of factors such as anticipated earnings levels, cash flow requirements, and general business conditions.
The company faces potential headwinds from increased costs or limitations in the availability of raw materials, packaging, and freight due to inflation, geopolitical events, or otherwise, which could adversely affect the business by increasing costs to produce goods. The company has observed increased volatility in the costs of many raw materials in recent years, and inflation has and may continue to adversely affect the company by increasing costs of raw materials, packaging, freight, and wage and benefit costs. Consumer spending patterns, which may be difficult to predict in an inflationary environment, may adversely affect demand for products, and consumers may shift purchases to lower-priced offerings, making it more difficult to maintain prices or effectively implement price increases.
The company faces execution risks related to the integration of the Bachan's acquisition, including potential loss of key employees, challenges in maintaining brand strength, operational or supply chain disruptions, failure to achieve projected cost synergies, diversion of management attention, and incurrence of significant integration, transaction, or other costs. Bachan's future growth rates may not meet expectations, which could adversely affect the ability to generate expected returns and lead to impairment charges related to intangible assets. The company also faces risks related to manufacturing capacity constraints, labor shortages, increased labor costs, and increased labor turnover, which could lead to production or shipping delays and increased costs.
The company faces risks related to climate change, including drought and increasingly stringent legal and market measures to address climate change, which may present challenges to the business and adversely affect operations and supply chain. Climate change may have a negative effect on agricultural productivity and subject the company to decreased availability or less favorable pricing for certain raw materials, including soybean oil, corn and corn syrup, sugar, and wheat. Increases in the frequency and severity of extreme weather and natural disasters, such as drought, have in the past and may in the future result in material damage and disruptions to manufacturing operations and distribution channels. The company also faces risks related to the conversion to more sustainable packaging, which may require significant costs or operational changes.
Risk Factors
The company's business is highly concentrated in two major customers, with net sales attributed to Walmart totaling 18% of consolidated net sales for 2026 and net sales attributed to Chick-fil-A, including Retail and Foodservice sales, totaling 30% of consolidated net sales for 2026. The loss of, or a significant reduction in, either relationship could have a material adverse effect on sales and profitability. The company also faces significant risk from the integration of the Bachan's acquisition, the largest in its history, with a purchase price of $399 million, net of cash acquired, and the potential for impairment charges related to intangible assets if growth rates do not meet expectations. The company's credit agreement imposes restrictive covenants, including a consolidated net leverage ratio not greater than 3.5 to 1 and an interest coverage ratio not less than 2.5 to 1, and limits investments and acquisitions over $150 million if the consolidated leverage ratio equals or exceeds 3.25 to 1, which could restrict operations and limit flexibility. The company is exposed to variable interest rates tied to SOFR or an alternate base rate, and an increase in interest rates would have an adverse effect on results of operations. The company's reliance on brand license agreements, including Chick-fil-A, Olive Garden, Buffalo Wild Wings, Texas Roadhouse, and Subway, poses a risk as these agreements are typically for a fixed term with no automatic renewal options and can be terminated or not renewed at the option of the licensor upon short notice.
Management Priorities
Management's message emphasizes the company's vision to be The Better Food Company and its corporate purpose To Nourish Growth With All That We Do, with company goals to bring delicious food to the table and deliver top quartile financial performance, product quality, safety, and customer satisfaction while attracting, retaining, and rewarding top quartile people. The strategic growth plan focuses on three pillars: accelerating base business growth, simplifying the supply chain to reduce costs and grow margins, and expanding the core business with the Retail licensing program and complementary mergers and acquisitions. Management highlights the acquisition of Bachan's, Inc. in May 2026 as the largest acquisition in company history, with the purchase price of $399 million, net of cash acquired, financed with cash on hand and a $200 million term loan. For 2027, management expects Retail sales to benefit from new items recently launched or planned for introduction, Foodservice sales to remain supported by select quick-service restaurant customers, and anticipates a moderate level of inflation in fiscal 2027 to be offset through inflationary pricing and cost savings programs, with a focus on continued margin improvement.
View Source Annual Report on SEC.gov ↗
References
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- [347] Item 1, Business — Retail Segment
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- [372] Item 1, Business — Foodservice Segment
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- [374] Item 1, Business — Foodservice Segment
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- [378] Item 1, Business — Foodservice Segment
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- [381] Item 1, Business — Retail Segment
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- [383] Item 1, Business — Retail Segment
- [384] Item 1, Business — Foodservice Segment
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- [388] Item 1, Business — Foodservice Segment
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- [396] Item 1, Business — Foodservice Segment
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- [400] Item 1, Business — Foodservice Segment
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- [402] Item 1, Business — Foodservice Segment
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- [408] Item 1, Business — Foodservice Segment
- [409] Item 1, Business — Retail Segment
- [410] Item 1, Business — Foodservice Segment
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- [412] Item 1, Business — Foodservice Segment
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- [416] Item 1, Business — Foodservice Segment
- [417] Item 1, Business — Retail Segment
- [418] Item 1, Business — Foodservice Segment
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- [426] Item 1, Business — Foodservice Segment
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- [428] Item 1, Business — Foodservice Segment
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- [430] Item 1, Business — Foodservice Segment
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- [434] Item 1, Business — Foodservice Segment
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- [436] Item 1, Business — Foodservice Segment
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- [438] Item 1, Business — Foodservice Segment
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- [474] Item 1, Business — Foodservice Segment
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- [902] Item 1, Business — Foodservice Segment
- [903] Item 1, Business — Retail Segment
- [904] Item 1, Business — Foodservice Segment
- [905] Item 1, Business — Retail Segment
- [906] Item 1, Business — Foodservice Segment
- [907] Item 1, Business — Retail Segment
- [908] Item 1, Business — Foodservice Segment
- [909] Item 1, Business — Retail Segment
- [910] Item 1, Business — Foodservice Segment
- [911] Item 1, Business — Retail Segment
- [912] Item 1, Business — Foodservice Segment
- [913] Item 1, Business — Retail Segment
- [914] Item 1, Business — Foodservice Segment
- [915] Item 1, Business — Retail Segment
- [916] Item 1, Business — Foodservice Segment
- [917] Item 1, Business — Retail Segment
- [918] Item 1, Business — Foodservice Segment
- [919] Item 1, Business — Retail Segment
- [920] Item 1, Business — Foodservice Segment
- [921] Item 1, Business — Retail Segment
- [922] Item 1, Business — Foodservice Segment
- [923] Item 1, Business — Retail Segment
- [924] Item 1, Business — Foodservice Segment
- [925] Item 1, Business — Retail Segment
- [926] Item 1, Business — Foodservice Segment
- [927] Item 1, Business — Retail Segment
- [928] Item 1, Business — Foodservice Segment
- [929] Item 1, Business — Retail Segment
- [930] Item 1, Business — Foodservice Segment
- [931] Item 1, Business — Retail Segment
- [932] Item 1, Business — Foodservice Segment
- [933] Item 1, Business — Retail Segment
- [934] Item 1, Business — Foodservice Segment
- [935] Item 1, Business — Retail Segment
- [936] Item 1, Business — Foodservice Segment
- [937] Item 1, Business — Retail Segment
- [938] Item 1, Business — Foodservice Segment
- [939] Item 1, Business — Retail Segment
- [940] Item 1, Business — Foodservice Segment
- [941] Item 1, Business — Retail Segment
- [942] Item 1, Business — Foodservice Segment
- [943] Item 1, Business — Retail Segment
- [944] Item 1, Business — Foodservice Segment
- [945] Item 1, Business — Retail Segment
- [946] Item 1, Business — Foodservice Segment
- [947] Item 1, Business — Retail Segment
- [948] Item 1, Business — Foodservice Segment
- [949] Item 1, Business — Retail Segment
- [950] Item 1, Business — Foodservice Segment
- [951] Item 1, Business — Retail Segment
- [952] Item 1, Business — Foodservice Segment
- [953] Item 1, Business — Retail Segment
- [954] Item 1, Business — Foodservice Segment
- [955] Item 1, Business — Retail Segment
- [956] Item 1, Business — Foodservice Segment
- [957] Item 1, Business — Retail Segment
- [958] Item 1, Business — Foodservice Segment
- [959] Item 1, Business — Retail Segment
- [960] Item 1, Business — Foodservice Segment
- [961] Item 1, Business — Retail Segment
- [962] Item 1, Business — Foodservice Segment
- [963] Item 1, Business — Retail Segment
- [964] Item 1, Business — Foodservice Segment
- [965] Item 1, Business — Retail Segment
- [966] Item 1, Business — Foodservice Segment
- [967] Item 1, Business — Retail Segment
- [968] Item 1, Business — Foodservice Segment
- [969] Item 1, Business — Retail Segment
- [970] Item 1, Business — Foodservice Segment
- [971] Item 1, Business — Retail Segment
- [972] Item 1, Business — Foodservice Segment
- [973] Item 1, Business — Retail Segment
- [974] Item 1, Business — Foodservice Segment
- [975] Item 1, Business — Retail Segment
- [976] Item 1, Business — Foodservice Segment
- [977] Item 1, Business — Retail Segment
- [978] Item 1, Business — Foodservice Segment
- [979] Item 1, Business — Retail Segment
- [980] Item 1, Business — Foodservice Segment
- [981] Item 1, Business — Retail Segment
- [982] Item 1, Business — Foodservice Segment
- [983] Item 1, Business — Retail Segment
- [984] Item 1, Business — Foodservice Segment
- [985] Item 1, Business — Retail Segment
- [986] Item 1, Business — Foodservice Segment
- [987] Item 1, Business — Retail Segment
- [988] Item 1, Business — Foodservice Segment
- [989] Item 1, Business — Retail Segment
- [990] Item 1, Business — Foodservice Segment
- [991] Item 1, Business — Retail Segment
- [992] Item 1, Business — Foodservice Segment
- [993] Item 1, Business — Retail Segment
- [994] Item 1, Business — Foodservice Segment
- [995] Item 1, Business — Retail Segment
- [996] Item 1, Business — Foodservice Segment
- [997] Item 1, Business — Retail Segment
- [998] Item 1, Business — Foodservice Segment
- [999] Item 1, Business — Retail Segment
- [1000] Item 1, Business — Retail Segment
Analysis on 8/29/2026