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Flowers Foods Inc (FLO) stock

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NYSE: FLO NYSE Packaged Foods & Meats Next results ~November 12, 2026

C Fundamentals grade

Flowers Foods Inc is a US-listed company in the packaged foods & meats industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$18

Cash-flow model

Base case. Range ~$11–$26 across our lower- and higher-growth cases (-3%–7% a year).

Price vs value

Undervalued

The price is below our entire value range; our base value is 159% above it.

Price used: $6.77, November 2, 2026

Flowers Foods Inc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders2 buying, 2 selling2 purchases and 3 sales by directors and officers, last 12 monthsInsider trades
  • Funds277 adding, 181 cuttingOf 51 active managers that changed their stake, 25 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Flowers Foods files

Where Flowers Foods stands after its latest 10-Q

Revenue for the twelve months to July 2026 was $5.22bn, up 2.5% on a year earlier, slower than the 3.8% growth a quarter earlier. Free-cash-flow margin fell to 5.9% from 7.5% a year earlier. Operating margin narrowed to 2.7% from 6.5%. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 1 of our 6 financial-health checks. Our cash-flow model value is $17.64 a share, against a share price of $6.14.

Source: 10-Q filed August 20, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 12, 2026 (estimated)

Flowers Foods Inc's trailing-twelve-month revenue grew 2.5% year on year, with a free-cash-flow margin of 5.9%.

Our discounted-cash-flow model values the business at ~$18 per share in the base case (~$11–$26 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 20.2% while net income fell 74.9%: a 55pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $6.77 is 159% below our value per share of $18.

Things to watch

  • Results due soon. Results are expected around 5 November; the share price can move sharply on the day.
  • Margins narrowing. Operating margin is down 3.7 points on a year ago.
  • Heavily shorted. 23.6% of the shares available to trade are sold short (6.0 days of average volume to cover).
  • Missing expectations. Earnings per share fell short of the consensus estimate in 2 of the last four quarters.
  • Estimates being cut. Analysts' consensus for next year's earnings per share has fallen 18.2% over 90 days.
  • Earnings expected to fall. The consensus expects earnings per share to fall 12% next year.

Latest results: FY2026 Q2

Filed August 20, 2026
Earnings per share
$0.21 against an average estimate of $0.22: missed by 5.8%
Revenue
$1.19bn, down 4.0% on a year earlier
Share reaction
-6.8% in the first session after the results on August 20, 2026, against -0.4% for the S&P 500
Guidance given
net sales $5.07bn to $5.14bn (52-week Fiscal 2026); adjusted EBITDA $453m to $481m (52-week Fiscal 2026)
Next report
November 12, 2026; average EPS estimate $0.15

Flowers Foods' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+8.0%
  • 1 week+10.3%
  • 1 month+21.5%
  • This year-33.7%
  • 1 year-38.1%
  • 5 years-65.9%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$5.2B
Operating margin
2.7%
Net margin
1.1%
EPS (TTM, diluted)
$0.26

Growth

Revenue growth
+2.5%
Change in growth rate
−1.3 pts
Share count change
+0.1%

Cash

Free cash flow (TTM)
$306M
FCF margin
5.9%
Stock pay % of revenue
0.6%

Earnings

Last results
August 20, 2026
Next results (est.)
November 5, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement
  2. Dividend
  3. Governance
  4. Results
  5. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Flowers Foods Inc valuation models and calculator

What the price is pricing in

The share price implies cash flow shrinking about 8.5% a year for five years.That is slower than the 3.8% a year revenue growth Flowers Foods has delivered.

Read with care: free cash flow has swung sharply in the past year (often a one-off tax, legal or working-capital item), so the cash-flow base behind this reading may be unusually low or high.

  • Priced in-8.5%
  • Last 12 months2.5%
  • 3 years a year1.4%
  • 5 years a year3.8%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($6.62, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Buy12-month view
12-month price target
~$18
Price used
$6.62close November 3, 2026
Implied change
▲ +165%
Uncertainty
High

How we got here: a discounted-cash-flow model of Flowers Foods Inc's free cash flow after stock-based pay with after-tax interest added back ($340M, FY2026 Q2 TTM), growing -1.5% and 1.3% in the next two years (forecasts, guidance and its record), then back to 2% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$11–~$26 ; that spread sets a 35% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Flowers Foods Inc's free cash flow after stock-based pay ( $340M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Flowers Foods Inc as an operating company, with every model that fits that kind of business. Cost of equity 7%: the 10-year Treasury yield (4.9%) plus a beta of 0.42 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$18 ~$11–$26 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$6.7 ~$7.1–$12 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$9.5 ~$7.3–$13 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$11 ~$9.2–$12 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$12 ~$6.7–$18 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Flowers Foods Inc with Packaged Foods & Meats in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −34%
  • Revenue growth 5 points higher ▲ +45%
  • Free-cash-flow margin 1 point lower ▼ −19%
  • Last year's free-cash-flow margin change, if it persists ▼ −24%
  • Discount rate 1 point higher ▼ −19%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $15$24$35$49$68$92
8.5% $10$16$24$34$47$65
10% $7$11$17$25$35$49

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$13.63$13.16$13.19$12.94$15.91$17.14$21.54$23.26$18.92$17.94$10.12$6.77
Market value$2.9bn$2.8bn$2.8bn$2.7bn$3.4bn$3.6bn$4.6bn$5.0bn$4.0bn$3.8bn$2.1bn$1.4bn
+ Net debt (− = net cash)$996m−$6m$835m$982m$1.2bn$657m$714m$735m$1.0bn$1.0bn$1.8bn$1.6bn
Enterprise value$3.9bn$2.8bn$3.6bn$3.7bn$4.6bn$4.3bn$5.3bn$5.7bn$5.1bn$4.8bn$3.9bn$3.1bn
Multiples
Price / sales 0.8x0.7x0.7x0.7x0.8x0.8x1.1x1.0x0.8x0.7x0.4x0.3x
Price / earnings 15.4x16.9x18.5x17.4x20.5x23.9x22.3x21.7x32.7x15.3x25.6x26.1x
Price / free cash flow 11.9x10.9x12.5x13.9x12.8x10.2x22.0x25.9x18.3x13.6x6.7x4.7x
EV / EBITDA 9.1x6.8x11.7x10.4x12.4x9.3x12.3x12.8x15.6x9.5x11.4x9.9x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

54 /100

Moderate moat

How hard Flowers Foods's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 7 / 20

    Net income has been a median 5.4% of total assets over 10 years.

  • Durability 7 / 20

    Operating margin has been a median 6.1%; its worst year was 2.7%.

  • Cash conversion 13 / 20

    Free cash flow was positive in 10 of 10 years, at a median 6.0% of revenue.

  • Discipline 17 / 20

    The diluted share count fell 0.2% over five years; stock-based pay has been a median 0.4% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 12, 2026, after the close. Analysts expect revenue of $1.2bn and EPS of $0.15 (range $0.14 to $0.18) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $0.77 −30% $5.1bn −3%
Next $0.67 −13% $5.1bn −0%

Next year's EPS estimate has moved −18.2% in 90 days, across 5 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −7.2% on 90 days ago. In the last 30 days, 0 analysts raised Flowers Foods Inc's forecast and 1 cut it.

Consensus EPS forecast Flowers Foods Inc, last 90 days
$0.65 $0.70 $0.75 $0.80 $0.85 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $0.83 Current fiscal year, 60 days ago: $0.78 Current fiscal year, 30 days ago: $0.78 Current fiscal year, 7 days ago: $0.77 Current fiscal year, Now: $0.77 $0.77 Next fiscal year, 90 days ago: $0.82 Next fiscal year, 60 days ago: $0.71 Next fiscal year, 30 days ago: $0.71 Next fiscal year, 7 days ago: $0.68 Next fiscal year, Now: $0.67 $0.67

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $0.83$0.82
60 days ago $0.78$0.71
30 days ago $0.78$0.71
7 days ago $0.77$0.68
Now $0.77$0.67

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.22 $0.21 −5.8%
Mar 2026 $0.27 $0.29 +8.2%
Dec 2025 $0.15 $0.22 +45.6%
Sept 2025 $0.23 $0.23 −1.4%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 20, 2026
  • Net sales 52-week Fiscal 2026 $5.07bn to $5.142bn Lowered
    “Net sales of approximately $5.070 billion to $5.142 billion, representing a -3.5% to -2.2% change compared to the prior year.” source
  • Adjusted diluted EPS 52-week Fiscal 2026 $0.75 to $0.85 Non-GAAP Lowered
    “Adjusted diluted EPS (2) of approximately $0.75 to $0.85 per share, compared to prior guidance of $0.80 to $0.90 per share.” source
  • Net income per diluted common share Full Year Fiscal 2026 Guidance $0.64 to $0.74 GAAP
    “Net income per diluted common share $ 0.64 to $ 0.74” source
  • Adjusted EBITDA 52-week Fiscal 2026 $453m to $481m Non-GAAP Lowered
    “Adjusted EBITDA (3) in the range of approximately $453 million to $481 million, compared to prior guidance of $465 million to $495 million.” source
  • Depreciation and amortization 52-week Fiscal 2026 $165m to $170m
    “Depreciation and amortization of approximately $165 million to $170 million.” source
  • Net interest expense 52-week Fiscal 2026 $65m to $70m
    “Net interest expense of approximately $65 million to $70 million.” source
Show 3 more items
  • Effective tax rate 52-week Fiscal 2026 about 26%
    “An effective tax rate of approximately 26%.” source
  • Weighted average diluted share count 52-week Fiscal 2026 about 214m
    “Weighted average diluted share count for the year of approximately 213.5 million shares.” source
  • Capital expenditures 52-week Fiscal 2026 $115m to $125m
    “Capital expenditures of approximately $115 million to $125 million.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Flowers Foods Inc's revenue by -1.5% next year and +1.3% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (-3.0%, weight 51%) , management guidance (-2.4%, weight 21%) and the company's own record (+2.0%, weight 28%) . How the weights are set.

Analyst recommendations

5 analysts, Nov 2026
Buy120%
Hold360%
Sell120%

Monthly trend

  1. Nov 20261315
  2. Oct 20261315
  3. Sep 20261315

Counts of recommendations published by analysts covering Flowers Foods Inc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
23.6%
of tradable shares
Days to cover
6.03
at average volume
Short interest, 1 month
−0%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
8.0%
of shares
Employees
10,300
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −38.1%

$10.93 on October 31, 2025 to $6.77

ThenNowEffect
Revenue (last 12 months) $5.1bn $5.2bn +2.5%
Net margin 4.3% 1.1% −75.5%
P/E multiple 10.6x 26.1x +146.6%
Share count 212m 212m −0.1%

Biggest factor: net margin.

Last 3 years −63.4%

$18.51 on November 3, 2023 to $6.77

ThenNowEffect
Revenue (last 12 months) $5.0bn $5.2bn +4.4%
Net margin 4.5% 1.1% −76.4%
P/E multiple 17.6x 26.1x +47.7%
Share count 213m 212m +0.4%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
FLO+26%+8%−19%−4%−44%−34%
Industry peers (median)+8%−4%−4%−2%−16%−15%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
FLO75%50%33%58%17%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
FLO−10%−16%−28%−18%−48%−51%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 77% from December 5, 2022 to September 30, 2026. Getting back needed a 339% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$5.55 – $11.22
From 52-week high
−39.6%
vs 50-day average
+10.5%
vs 200-day average
−12.4%
Volatility (1 year)
41%
Beta vs S&P 500
-0.03

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
3 up, 9 down
typical move ±4.8%
After a week
2 up, 10 down
typical move ±5.4%
After a month
5 up, 7 down
typical move ±7.9%
Results releasedNext dayS&P 500 next day5 days21 days
August 20, 2026 −6.8% −0.4% −6.4% −18.4%
May 21, 2026 +9.7% +0.6% +5.5% +6.0%
February 12, 2026 −11.4% −1.5% −13.9% −21.9%
November 6, 2025 −1.9% −1.0% −5.9% −9.4%
August 15, 2025 −4.9% −0.3% −4.5% −16.0%
May 16, 2025 +0.4% +0.7% −3.5% −5.7%
February 7, 2025 −4.5% −0.2% −4.3% −1.1%
November 8, 2024 −2.1% +0.5% −2.1% +0.3%
August 16, 2024 +1.5% +1.2% +1.7% +5.6%
May 16, 2024 −4.2% −0.1% −7.4% −10.3%
February 9, 2024 −3.3% +0.5% −4.1% +0.2%
November 9, 2023 −6.9% +0.8% −5.9% +0.2%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Flowers Foods Inc’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: fundamentals grade C (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Flowers Foods Inc in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Flowers Foods Inc
$5B $5.1B $5.2B $5.3B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $5B Revenue (TTM), FY23 Q4: $5.1B Revenue (TTM), FY24 Q1: $5.1B Revenue (TTM), FY24 Q2: $5.1B Revenue (TTM), FY24 Q3: $5.1B Revenue (TTM), FY24 Q4: $5.1B Revenue (TTM), FY25 Q1: $5.1B Revenue (TTM), FY25 Q2: $5.1B Revenue (TTM), FY25 Q3: $5.1B Revenue (TTM), FY25 Q4: $5.3B Revenue (TTM), FY26 Q1: $5.3B Revenue (TTM), FY26 Q2: $5.2B $5.2B

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $5B
FY23 Q4 $5.1B
FY24 Q1 $5.1B
FY24 Q2 $5.1B
FY24 Q3 $5.1B
FY24 Q4 $5.1B
FY25 Q1 $5.1B
FY25 Q2 $5.1B
FY25 Q3 $5.1B
FY25 Q4 $5.3B
FY26 Q1 $5.3B
FY26 Q2 $5.2B
Revenue growth, TTM YoY Flowers Foods Inc
-5% 0% 5% 10% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 7.2% Revenue growth, TTM YoY, FY23 Q4: 5.9% Revenue growth, TTM YoY, FY24 Q1: 4.7% Revenue growth, TTM YoY, FY24 Q2: 2.5% Revenue growth, TTM YoY, FY24 Q3: 1.5% Revenue growth, TTM YoY, FY24 Q4: 0.2% Revenue growth, TTM YoY, FY25 Q1: -1.0% Revenue growth, TTM YoY, FY25 Q2: -0.6% Revenue growth, TTM YoY, FY25 Q3: 0.3% Revenue growth, TTM YoY, FY25 Q4: 3.0% Revenue growth, TTM YoY, FY26 Q1: 3.8% Revenue growth, TTM YoY, FY26 Q2: 2.5% 2.5%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 7.2%
FY23 Q4 5.9%
FY24 Q1 4.7%
FY24 Q2 2.5%
FY24 Q3 1.5%
FY24 Q4 0.2%
FY25 Q1 -1.0%
FY25 Q2 -0.6%
FY25 Q3 0.3%
FY25 Q4 3.0%
FY26 Q1 3.8%
FY26 Q2 2.5%
Operating margin (TTM) Flowers Foods Inc
2% 4% 6% 8% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 3.7% Operating margin (TTM), FY23 Q4: 3.4% Operating margin (TTM), FY24 Q1: 3.5% Operating margin (TTM), FY24 Q2: 3.7% Operating margin (TTM), FY24 Q3: 6.6% Operating margin (TTM), FY24 Q4: 6.8% Operating margin (TTM), FY25 Q1: 6.5% Operating margin (TTM), FY25 Q2: 6.5% Operating margin (TTM), FY25 Q3: 6.0% Operating margin (TTM), FY25 Q4: 3.3% Operating margin (TTM), FY26 Q1: 3.2% Operating margin (TTM), FY26 Q2: 2.7% 2.7%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 3.7%
FY23 Q4 3.4%
FY24 Q1 3.5%
FY24 Q2 3.7%
FY24 Q3 6.6%
FY24 Q4 6.8%
FY25 Q1 6.5%
FY25 Q2 6.5%
FY25 Q3 6.0%
FY25 Q4 3.3%
FY26 Q1 3.2%
FY26 Q2 2.7%
FCF margin (TTM) Flowers Foods Inc
3% 4% 5% 6% 7% 8% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 3.7% FCF margin (TTM), FY23 Q4: 4.3% FCF margin (TTM), FY24 Q1: 5.2% FCF margin (TTM), FY24 Q2: 5.2% FCF margin (TTM), FY24 Q3: 5.0% FCF margin (TTM), FY24 Q4: 5.5% FCF margin (TTM), FY25 Q1: 6.3% FCF margin (TTM), FY25 Q2: 7.5% FCF margin (TTM), FY25 Q3: 6.3% FCF margin (TTM), FY25 Q4: 6.1% FCF margin (TTM), FY26 Q1: 5.6% FCF margin (TTM), FY26 Q2: 5.9% 5.9%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 3.7%
FY23 Q4 4.3%
FY24 Q1 5.2%
FY24 Q2 5.2%
FY24 Q3 5.0%
FY24 Q4 5.5%
FY25 Q1 6.3%
FY25 Q2 7.5%
FY25 Q3 6.3%
FY25 Q4 6.1%
FY26 Q1 5.6%
FY26 Q2 5.9%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Flowers Foods took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $5.3B
  2. Selling, general and admin $2.1B · 39.5%
  3. Other operating costs $3B · 57.2%
  4. Operating income $174M · 3.3%
  5. Income tax $31.2M · 0.6%
  6. Interest and other $58.9M · 1.1%
  7. Net income $83.8M · 1.6%

Shares of revenue. Source: Flowers Foods's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Jan 2010 2010 Jan 2011 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Jan 2015 2015 Jan 2016 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Jan 2021 2021 Jan 2022 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Jan 2026 LTM Jul 2026
Income
Revenue 2,601 2,574 2,773 3,031 3,733 3,749 3,779 3,927 3,921 3,952 4,124 4,388 4,331 4,806 5,091 5,103 5,256 5,224
EBITDA 287 291 284 321 454 404 430 406 308 356 370 463 431 445 325 508 341 312
Operating income 206 206 189 219 335 275 298 265 161 212 225 321 295 303 173 348 174 143
Net income 130 137 123 136 231 176 189 164 150 157 165 152 206 228 123 248 84 55
Diluted EPS $0.63 $0.66 $0.60 $0.66 $1.09 $0.82 $0.89 $0.78 $0.71 $0.74 $0.78 $0.72 $0.97 $1.07 $0.58 $1.17 $0.40 $0.26
Growth (year on year)
Revenue +7.7% −1.0% +7.8% +9.3% +23.1% +0.4% +0.8% +3.9% −0.2% +0.8% +4.4% +6.4% −1.3% +11.0% +5.9% +0.2% +3.0% +2.5%
EBITDA +12.2% +1.3% −2.5% +13.2% +41.3% −10.9% +6.4% −5.6% −24.2% +15.8% +3.7% +25.2% −6.8% +3.2% −27.1% +56.4% −32.7% −36.7%
Operating income +12.9% −0.2% −8.2% +15.6% +53.4% −17.8% +8.2% −11.1% −39.2% +31.9% +6.2% +42.6% −8.3% +2.8% −43.0% +101.5% −50.0% −56.6%
Net income +9.3% +5.2% −9.9% +10.3% +69.6% −23.9% +7.7% −13.4% −8.3% +4.7% +4.7% −7.4% +35.4% +10.8% −46.0% +101.0% −66.2% −74.9%
Diluted EPS +10.2% +5.3% −9.1% +10.0% +65.2% −24.8% +8.5% −12.4% −9.0% +4.2% +5.4% −7.7% +34.7% +10.3% −45.8% +101.7% −65.8% −74.9%
Margins
EBITDA margin 11.0% 11.3% 10.2% 10.6% 12.2% 10.8% 11.4% 10.3% 7.8% 9.0% 9.0% 10.5% 10.0% 9.3% 6.4% 9.9% 6.5% 6.0%
Operating margin 7.9% 8.0% 6.8% 7.2% 9.0% 7.3% 7.9% 6.7% 4.1% 5.4% 5.5% 7.3% 6.8% 6.3% 3.4% 6.8% 3.3% 2.7%
Net margin 5.0% 5.3% 4.5% 4.5% 6.2% 4.7% 5.0% 4.2% 3.8% 4.0% 4.0% 3.5% 4.8% 4.8% 2.4% 4.9% 1.6% 1.1%
Free-cash-flow margin 6.3% 8.1% 2.0% 4.9% 4.6% 6.2% 6.5% 6.5% 5.7% 5.0% 6.4% 8.1% 4.8% 4.0% 4.3% 5.5% 6.1% 5.9%
Cash flow
Cash from operations 236 306 134 217 270 315 336 357 297 296 367 454 345 361 349 413 446 421
Capital spending 72 98 79 67 99 84 91 102 75 99 104 98 136 169 129 132 127 115
Free cash flow 164 208 55 150 171 231 245 255 222 196 263 357 209 192 220 281 319 306
Stock-based pay 12 14 14 10 16 19 16 19 16 8 7 13 21 26 27 30 32 32
Free cash flow after stock pay 152 194 41 140 155 213 229 236 206 188 256 344 187 166 193 251 287 274
Balance sheet
Cash 19 7 8 13 9 8 14 6 5 25 11 307 186 165 23 5 12 53
Total debt 252 127 326 610 927 767 1,010 — 840 1,008 1,210 964 900 900 1,055 1,027 1,770 1,700
Net debt (negative = net cash) 233 121 318 597 919 760 996 −6 835 982 1,199 657 714 735 1,032 1,022 1,758 1,647
Diluted shares 209m 207m 205m 208m 212m 213m 213m 210m 210m 212m 212m 212m 213m 213m 213m 212m 212m 212m
Returned to shareholders
Dividends 62 71 79 86 93 102 120 131 141 150 160 167 176 187 195 203 209 186
Buybacks 41 39 27 19 9 39 7 126 3 2 7 1 10 35 46 23 5 4
Total returned 103 110 106 105 102 141 127 257 144 153 167 168 185 221 241 226 215 189

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

1 of 6 checks passed · July 18, 2026
What it owns · $4.2bn
Short-term assets $786mLonger-term assets $3.4bn
What it owes, and who funded it · $2.3bn
Short-term liabilities $1.0bnShareholders' equity $1.3bn
  • Short-term assets cover short-term liabilities $786m of assets due within a year against $1.0bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $53m of cash against $1.7bn of debt.
  • Debt below 40% of shareholders' equity Debt is 127% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 63% to 127% over five years.
  • A year's operating cash flow covers at least 20% of debt $421m of operating cash flow against $1.7bn of debt.
  • Operating profit covers interest at least five times over Operating income of $143m against $81m of interest.

From Flowers Foods Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$3.8M
Dividends (TTM)
$186M
Returned to shareholders
62%
of free cash flow
Buybacks, last 3 fiscal years
$74M
Diluted share count
+0.1%
year over year
Total shareholder yield
13.2%
dividends 12.9% + buybacks 0.3% of market value
Dividend payout ratio
336%
of net income paid out
Sales & admin spending
39.9%
of revenue

Competitors: side by side with peers

Closest by revenue in packaged foods & meats
Last 12 months unless stated FLO DMC LW MKC NOMD POST Median
Revenue, last 12 months $5.2bn $4.4bn $6.6bn $7.7bn $3.4bn $8.4bn $1.5bn
Revenue growth, last 12 months 2.5% 1.4% 2.6% 13.2% 2.2% 6.2% 2.1%
Revenue growth, 3-year average 1.4% 0.2% 4.0% 5.2% — 8.3% 1.5%
Revenue growth, latest quarter −4.0% 7.2% 0.7% 17.4% — −1.8% −1.8%
Gross margin — 9.6% 19.4% 39.1% 27.1% 28.8% 25.6%
Operating margin 2.7% 2.9% 7.8% 13.4% 10.7% 9.6% 3.1%
Operating margin, 3-year average 4.3% 2.3% 10.7% 15.0% 12.1% 9.9% 4.8%
Net margin 1.1% 1.9% 3.8% 19.4% 4.5% 3.5% 2.1%
Cash from operations / revenue 8.1% 1.5% 12.5% 14.8% 10.9% 11.8% 8.0%
Free-cash-flow margin 5.9% −0.8% 6.2% 12.0% 8.3% 6.6% 3.9%
Free-cash-flow margin, 3-year average 6.2% 2.2% 3.7% 11.1% 8.3% 6.5% 5.7%
Stock pay / revenue 0.6% 0.2% 0.8% 0.6% 0.3% 1.0% 0.6%
Change in share count 0.1% −0.8% −2.1% −0.0% −7.2% −12.4% 0.0%

Median of all 44 companies we cover in packaged foods & meats. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

44 packaged foods & meats companies
Measure Company Peer median Rank
Revenue growth Growth 2.5% 2.2% 21 of 44
Change in growth rate Growth -1.3pp -1.0pp 26 of 44
Operating margin Profitability 2.7% 3.4% 23 of 42
Net margin Profitability 1.1% 2.3% 25 of 44
Free-cash-flow margin Cash generation 5.9% 4.3% 20 of 43
Stock pay as % of revenue Cash generation 0.6% 0.6% 21 of 39
Long-term debt as % of assets Balance sheet 30.7% 18.5% 23 of 35
Change in share count Balance sheet 0.1% 0.1% 23 of 40

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to January 3, 2026
Products and services
Line of business Revenue Share YoY
Branded Retail $3.5B 65.9% ▲ 6.2%
Other $1.8B 34.1% ▼ 2.7%

From Flowers Foods Inc's 10-K filed February 25, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$1.7B
Institutions reporting
448
Shares held vs prior quarter
▲ 24.9%
Positions opened / closed
92 / 71

Top buyers and sellers, Q2 2026: 277 institutions bought and 181 sold ; the biggest buyer was Blackrock, Inc (+14.6M shares) and the biggest seller Millennium Management LLC (−4.0M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $274M 34.6M 15.7% ▲ 73.0%
Vanguard Portfolio Management LLC $109M 13.8M 6.3% ▲ 28.4%
Fuller & Thaler Asset Management, Inc. $86.8M 11.0M 5.0% ▼ 3.2%
Vanguard Capital Management LLC $69.7M 8.8M 4.0% ▲ 1.1%
State Street Corp $69.2M 8.8M 4.0% ▼ 26.8%
Quantinno Capital Management LP $67.4M 8.5M 3.9% ▲ 151.1%
Charles Schwab Investment Management Inc $64.8M 8.2M 3.7% ▲ 25.8%
Invesco Ltd. $58.8M 7.4M 3.4% ▲ 41.7%
AQR Capital Management LLC $56.6M 7.2M 3.2% ▲ 65.0%
Gotham Asset Management, LLC $52.5M 6.7M 3.0% ▲ 1295.0%
Morgan Stanley $47M 5.9M 2.7% ▲ 55.9%
Dimensional Fund Advisors LP $41.6M 5.3M 2.4% ▼ 30.2%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Flowers Foods Inc's complete shareholder register. Values are as reported by the filers ; 2 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $42,522 2 trades by 2 insiders, last 12 months Insider sales History → $4M 3 trades by 2 insiders · 0% under pre-set plans
Net ▼ $3.9M net selling
Insider Date Trade Shares Price Value
Cox Cindy Chief Human Resources Officer October 8, 2026 Sell 4,400 $5.89 $25,937
Scaglione Diego Anthony Chief Financial Officer June 8, 2026 Buy 5,000 $7.51 $37,550
Mcmullian Ryals Chairman and CEO April 1, 2026 Sell 209,000 $8.03 $1.7M
Mcmullian Ryals Chairman and CEO January 2, 2026 Sell 209,000 $10.87 $2.3M
Stith Melvin T Director December 3, 2025 Buy 456 $10.90 $4,972

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 12 trades and filings

No trades in Flowers Foods Inc disclosed in the last 12 months; 12 earlier trades on record.

  • Lisa C. McClain(R-MI 9):Sale (full), $1,001 - $15,000, traded September 11, 2025, filed October 22, 2025
  • Lisa C. McClain(R-MI 9):Purchase, $1,001 - $15,000, traded August 4, 2025, filed September 12, 2025
  • Lisa C. McClain(R-MI 9):Sale (full), $1,001 - $15,000, traded June 11, 2025, filed August 13, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 5, 2026 estimated from the company's past filing pattern, not announced

  • August 20, 2026
  • May 21, 2026
  • February 12, 2026
  • November 6, 2025
  • August 15, 2025
  • May 16, 2025

Recent SEC filings

Data status

When each part of this page on Flowers Foods Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Flowers Foods Inc in brief

What does Flowers Foods Inc do?
Flowers Foods Inc is a US-listed company in the packaged foods & meats industry. Its financial year ends in December.
What is Flowers Foods Inc's stock ticker?
Flowers Foods Inc trades under the ticker FLO on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Flowers Foods Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Flowers Foods Inc reported revenue of $5.2B, 2.5% higher than a year earlier, according to its SEC filings.
What is Flowers Foods Inc's free cash flow?
Flowers Foods Inc's free-cash-flow margin is 5.9% of revenue over the trailing twelve months, ranking 20 of the 43 packaged foods & meats companies we cover.
What is Flowers Foods Inc's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Flowers Foods Inc's free cash flow after stock-based pay gives ~$18 per share in the base case, and ~$11–$26 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Flowers Foods Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Portfolio Management LLC and Fuller & Thaler Asset Management, Inc. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Flowers Foods Inc buying back stock, and does it pay a dividend?
Flowers Foods Inc spent $3.8M on share repurchases over the trailing twelve months, and its diluted share count still rose 0.1% over the year.
What is Flowers Foods Inc's market cap?
On November 2, 2026, Flowers Foods Inc's market capitalisation was about $1.4B, with a price-to-earnings ratio of 26.1 and net debt of $1.6B. Market figures come from third-party market data and may be delayed.
Does Flowers Foods Inc pay a dividend?
Yes: Flowers Foods Inc paid $186M in dividends over the trailing twelve months, a dividend yield of 12.90% and a payout ratio of 336.3%.
How much debt does Flowers Foods Inc have?
Flowers Foods Inc's debt-to-equity ratio is 127.4%, from its latest balance sheet (63.1% five years earlier). The financial health section below sets out its other solvency checks.
Who are Flowers Foods Inc's competitors?
In our Packaged Foods & Meats peer group, the companies closest to Flowers Foods Inc are DEL Monte Corp, Lamb Weston Holdings, Inc., McCormick & Company, Nomad Foods Ltd and Post Holdings, Inc. The side-by-side comparison below sets their revenue, margins and growth against Flowers Foods Inc's.
Are insiders buying or selling Flowers Foods Inc stock?
Over the last 12 months, Flowers Foods Inc's directors and officers reported 2 open-market purchases and 3 sales on Form 4. The insider trading page charts every trade.
When is Flowers Foods Inc's next earnings date?
Around November 12, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Flowers Foods Inc announces its own schedule.