Utz Brands, Inc.
UTZ NYSE Miscellaneous Food Preparations & Kindred Products Financials FY2018–FY2025
Revenue
Total sales reported in the income statement.
$1.4B
2.1%
vs prior year
Operating margin
Operating income as a share of revenue.
1.4%
2.8 pts
Net income
Profit after all expenses, interest and tax.
$0.8M
95.0%
Free cash flow
Cash from operations minus capital spending.
$9.4M
23.7%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
1.1%
1.6 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On −$0.33 EPS (TTM)
What Utz Brands, Inc. does
No business description yet.
- Legal name
- Utz Brands, Inc.
- Fiscal year ends
- December 28, 2025
- Latest annual report
- 10-K · Feb 12, 2026
- Accession · CIK
- 0001628280-26-007757
0001739566
Revenue and margins
Utz Brands, Inc. had $1.4B of revenue in fiscal 2025, up 2.1% on the year before.
FY18
Revenue $772M
FY19
Revenue $768M
FY21
Revenue —
FY22
Revenue $1.4B
FY23
Revenue $1.4B
FY24
Revenue $1.4B
FY25
Revenue $1.4B
Q3 '23
Revenue $372M
Q4 '23
Revenue $352M
Q1 '24
Revenue $347M
Q2 '24
Revenue $356M
Q3 '24
Revenue $366M
Q4 '24
Revenue $341M
Q1 '25
Revenue $352M
Q2 '25
Revenue $367M
Q3 '25
Revenue $378M
Q4 '25
Revenue $342M
Q1 '26
Revenue $361M
Q2 '26
Revenue $372M
FY18
Gross 34.5%
Operating 2.5%
Net −4.0%
FCF 0.4%
FY19
Gross 33.0%
Operating −0.1%
Net 1.0%
FCF −2.6%
FY21
Gross —
Operating —
Net —
FCF —
FY22
Gross 31.9%
Operating 0.4%
Net −0.0%
FCF −2.8%
FY23
Gross 24.4%
Operating 1.1%
Net −1.7%
FCF 1.5%
FY24
Gross 26.2%
Operating 4.2%
Net 1.1%
FCF 0.5%
FY25
Gross 24.9%
Operating 1.4%
Net 0.1%
FCF 0.7%
Gross
Operating
Net
FCF
Q3 '23
Gross 32.1%
Operating 1.4%
Net 4.3%
FCF 10.2%
Q4 '23
Gross 2.7%
Operating 2.9%
Net −7.9%
FCF 5.0%
Q1 '24
Gross 25.5%
Operating 2.8%
Net −1.2%
FCF −6.5%
Q2 '24
Gross 26.7%
Operating 6.3%
Net 5.6%
FCF −4.3%
Q3 '24
Gross 26.9%
Operating 5.3%
Net −0.6%
FCF 8.0%
Q4 '24
Gross 25.5%
Operating 2.1%
Net 0.7%
FCF 4.8%
Q1 '25
Gross 23.4%
Operating 1.6%
Net 2.1%
FCF −16.8%
Q2 '25
Gross 26.0%
Operating 1.7%
Net 2.9%
FCF −2.9%
Q3 '25
Gross 24.2%
Operating 0.9%
Net −3.9%
FCF 7.3%
Q4 '25
Gross 26.0%
Operating 1.2%
Net −0.7%
FCF 15.0%
Q1 '26
Gross 25.4%
Operating 2.2%
Net −0.5%
FCF −7.2%
Q2 '26
Gross 25.9%
Operating −1.5%
Net −2.7%
FCF −0.5%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY18
Net income −$30.5M
FY19
Net income $8.0M
FY21
Net income —
FY22
Net income −$0.4M
FY23
Net income −$24.9M
FY24
Net income $15.9M
FY25
Net income $0.8M
Q3 '23
Net income $16.0M
Q4 '23
Net income −$27.6M
Q1 '24
Net income −$4.0M
Q2 '24
Net income $19.8M
Q3 '24
Net income −$2.2M
Q4 '24
Net income $2.3M
Q1 '25
Net income $7.5M
Q2 '25
Net income $10.5M
Q3 '25
Net income −$14.7M
Q4 '25
Net income −$2.5M
Q1 '26
Net income −$1.7M
Q2 '26
Net income −$10.1M
FY18
Diluted EPS —
FY19
Diluted EPS —
FY21
Diluted EPS —
FY22
Diluted EPS $0.00
FY23
Diluted EPS −$0.31
FY24
Diluted EPS $0.19
FY25
Diluted EPS $0.01
Q3 '23
Diluted EPS $0.19
Q4 '23
Diluted EPS −$0.34
Q1 '24
Diluted EPS −$0.05
Q2 '24
Diluted EPS $0.23
Q3 '24
Diluted EPS −$0.03
Q4 '24
Diluted EPS $0.04
Q1 '25
Diluted EPS $0.09
Q2 '25
Diluted EPS $0.12
Q3 '25
Diluted EPS −$0.17
Q4 '25
Diluted EPS −$0.03
Q1 '26
Diluted EPS −$0.02
Q2 '26
Diluted EPS −$0.11
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY18
Return on capital —
Return on equity −610.0%
Return on assets −6.9%
FY19
Return on capital —
Return on equity 159.5%
Return on assets 1.8%
FY21
Return on capital —
Return on equity —
Return on assets —
FY22
Return on capital 0.3%
Return on equity −0.1%
Return on assets −0.0%
FY23
Return on capital 0.8%
Return on equity −3.6%
Return on assets −0.9%
FY24
Return on capital 2.7%
Return on equity 2.3%
Return on assets 0.6%
FY25
Return on capital 1.1%
Return on equity 0.1%
Return on assets 0.0%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $9.4M in fiscal 2025, 0.7% of revenue. Cash from operations minus capital spending.
FY18
Free cash flow $2.7M
FY19
Free cash flow −$20.4M
FY21
Free cash flow —
FY22
Free cash flow −$39.8M
FY23
Free cash flow $20.9M
FY24
Free cash flow $7.6M
FY25
Free cash flow $9.4M
Q3 '23
Free cash flow $37.9M
Q4 '23
Free cash flow $17.5M
Q1 '24
Free cash flow −$22.7M
Q2 '24
Free cash flow −$15.3M
Q3 '24
Free cash flow $29.1M
Q4 '24
Free cash flow $16.5M
Q1 '25
Free cash flow −$59.0M
Q2 '25
Free cash flow −$10.6M
Q3 '25
Free cash flow $27.7M
Q4 '25
Free cash flow $51.3M
Q1 '26
Free cash flow −$26.0M
Q2 '26
Free cash flow −$1.9M
FY18
Cash from operations $15.7M
Capital spending $13.0M
FY19
Cash from operations −$0.4M
Capital spending $20.0M
FY21
Cash from operations —
Capital spending —
FY22
Cash from operations $48.2M
Capital spending $88.0M
FY23
Cash from operations $76.6M
Capital spending $55.7M
FY24
Cash from operations $106M
Capital spending $98.6M
FY25
Cash from operations $112M
Capital spending $103M
Cash from operations
Capital spending
Q3 '23
Cash from operations $53.4M
Capital spending $15.5M
Q4 '23
Cash from operations $27.5M
Capital spending $10.0M
Q1 '24
Cash from operations −$9.1M
Capital spending $13.6M
Q2 '24
Cash from operations $8.9M
Capital spending $24.2M
Q3 '24
Cash from operations $52.2M
Capital spending $23.1M
Q4 '24
Cash from operations $54.2M
Capital spending $37.7M
Q1 '25
Cash from operations −$20.2M
Capital spending $38.8M
Q2 '25
Cash from operations $16.3M
Capital spending $26.9M
Q3 '25
Cash from operations $51.2M
Capital spending $23.5M
Q4 '25
Cash from operations $64.9M
Capital spending $13.6M
Q1 '26
Cash from operations −$12.2M
Capital spending $13.8M
Q2 '26
Cash from operations $11.7M
Capital spending $13.6M
Cash from operations
Capital spending
Dividends, buybacks and share count
Utz Brands, Inc. returned $22.3M to shareholders in fiscal 2025, 237% of free cash flow. The diluted share count rose 2.7%.
FY18
Dividends $0.0M
Buybacks —
FY19
Dividends $0.0M
Buybacks —
FY21
Dividends —
Buybacks —
FY22
Dividends $17.2M
Buybacks —
FY23
Dividends $18.5M
Buybacks —
FY24
Dividends $21.7M
Buybacks —
FY25
Dividends $22.3M
Buybacks —
Dividends
Buybacks
Q3 '23
Dividends $4.6M
Buybacks —
Q4 '23
Dividends $4.6M
Buybacks —
Q1 '24
Dividends $4.6M
Buybacks —
Q2 '24
Dividends $4.8M
Buybacks —
Q3 '24
Dividends $6.5M
Buybacks —
Q4 '24
Dividends $5.8M
Buybacks —
Q1 '25
Dividends $5.4M
Buybacks —
Q2 '25
Dividends $6.2M
Buybacks —
Q3 '25
Dividends $5.3M
Buybacks —
Q4 '25
Dividends $5.4M
Buybacks —
Q1 '26
Dividends $6.2M
Buybacks —
Q2 '26
Dividends $5.6M
Buybacks —
Dividends
Buybacks
FY18
Diluted shares —
FY19
Diluted shares —
FY21
Diluted shares —
FY22
Diluted shares 0.08B
FY23
Diluted shares 0.08B
FY24
Diluted shares 0.09B
FY25
Diluted shares 0.09B
Balance sheet
Cash, debt and the ratios that show how comfortably Utz Brands, Inc. can carry it.
FY18
Cash $6.9M
Debt —
FY19
Cash $0.6M
Debt —
FY21
Cash $41.9M
Debt $850M
FY22
Cash $72.9M
Debt $923M
FY23
Cash $52.0M
Debt $910M
FY24
Cash $56.1M
Debt $778M
FY25
Cash $120M
Debt $857M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $41.9M | $72.9M | $52.0M | $56.1M | $120M |
| Debt incl. finance leases | $850M | $923M | $910M | $778M | $857M |
| Net debt / EBITDA | — | 9.2x | 9.0x | 5.6x | 7.2x |
| Debt / equity | 1.2x | 1.3x | 1.3x | 1.1x | 1.2x |
| Interest coverage | — | 0.1x | 0.3x | 1.3x | 0.5x |
| Current ratio | 1.5x | 1.6x | 1.4x | 1.1x | 1.2x |
| Quick ratio | 1.1x | 1.1x | 1.0x | 0.8x | 0.8x |
| Total assets | $2.7B | $2.8B | $2.7B | $2.7B | $2.8B |
| Total liabilities | $1.3B | $1.4B | $1.4B | $1.3B | $1.4B |
| Shareholders' equity | $680M | $703M | $669M | $697M | $714M |
| Net debt (− = net cash) | $808M | $850M | $858M | $722M | $737M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY18 | FY19 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Net income is positive | ✕ | ✓ | ✕ | ✕ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✕ | ✓ | ✓ | ✓ | ✓ |
| Return on assets rose | — | ✓ | — | ✕ | ✓ | ✕ |
| Cash from operations exceeds net income | ✓ | ✕ | ✓ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | — | ✕ | ✕ | ✓ | ✕ |
| Current ratio rose | — | ✕ | ✓ | ✕ | ✕ | ✓ |
| Share count didn't rise | — | — | — | ✕ | ✕ | ✕ |
| Gross margin rose | — | ✕ | — | ✕ | ✓ | ✕ |
| Revenue rose relative to assets | — | ✕ | — | ✓ | ✕ | ✕ |
| F-score | — / 3 | 2 / 7 | — / 5 | 3 / 9 | 6 / 9 | 4 / 9 |
| Accruals ratio | −10.4% | 1.9% | −1.7% | −3.6% | −3.3% | −4.0% |
| Altman Z'' | 0.66 | 0.35 | 0.56 | 0.43 | 0.40 | 0.33 |
7 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY18 | FY19 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | $772M | $768M | — | $1.4B | $1.4B | $1.4B | $1.4B |
| Gross profit | $267M | $254M | — | $449M | $351M | $369M | $358M |
| Operating income | $19.4M | −$1.0M | — | $5.3M | $16.0M | $58.9M | $19.5M |
| Interest expense | $45.7M | $48.4M | — | $44.4M | $60.6M | $44.9M | $43.1M |
| Pretax income | −$25.7M | −$10.2M | — | −$38.0M | −$39.2M | $69.4M | −$0.6M |
| Income tax | $1.9M | $3.1M | — | −$23.9M | $0.8M | $38.7M | $7.1M |
| Net income | −$30.5M | $8.0M | — | −$0.4M | −$24.9M | $15.9M | $0.8M |
| Diluted EPS | — | — | — | $0.00 | −$0.31 | $0.19 | $0.01 |
| Diluted shares | — | — | — | 0.08B | 0.08B | 0.09B | 0.09B |
| Cash flow | |||||||
| Cash from operations | $15.7M | −$0.4M | — | $48.2M | $76.6M | $106M | $112M |
| Capital expenditure | $13.0M | $20.0M | — | $88.0M | $55.7M | $98.6M | $103M |
| Free cash flow | $2.7M | −$20.4M | — | −$39.8M | $20.9M | $7.6M | $9.4M |
| Depreciation and amortization | $30.4M | $29.3M | — | $86.8M | $79.5M | $70.9M | $82.4M |
| Stock-based compensation | — | $0.0M | — | $10.6M | $17.1M | $18.3M | $17.1M |
| Acquisitions | $0.0M | $0.0M | — | $0.1M | $0.0M | $0.0M | — |
| Dividends paid | $0.0M | $0.0M | — | $17.2M | $18.5M | $21.7M | $22.3M |
| Dividends and buybacks | $0.0M | $0.0M | — | $17.2M | $18.5M | $21.7M | $22.3M |
| Balance sheet | |||||||
| Cash and short-term investments | $6.9M | $0.6M | $41.9M | $72.9M | $52.0M | $56.1M | $120M |
| Total debt | — | — | $842M | $912M | $900M | $769M | $850M |
| Finance lease liabilities | — | $6.1M | $8.2M | $11.0M | $10.1M | $9.7M | $7.7M |
| Current assets | $1.3M | $0.7M | $278M | $372M | $328M | $317M | $384M |
| Current liabilities | $0.1M | $0.6M | $188M | $237M | $231M | $285M | $323M |
| Inventory | — | $50.9M | $79.5M | $118M | $105M | $101M | $119M |
| Property and equipment, net | — | $172M | $304M | $345M | — | — | — |
| Goodwill | $131M | $4.1M | $915M | $915M | $915M | $865M | $865M |
| Intangible assets | — | $184M | $1.1B | $1.1B | $1.1B | $997M | $964M |
| Total assets | $443M | $452M | $2.7B | $2.8B | $2.7B | $2.7B | $2.8B |
| Total liabilities | $15.6M | $16.1M | $1.3B | $1.4B | $1.4B | $1.3B | $1.4B |
| Shareholders' equity | $5.0M | $5.0M | $680M | $703M | $669M | $697M | $714M |
| Margins | |||||||
| Gross margin | 34.5% | 33.0% | — | 31.9% | 24.4% | 26.2% | 24.9% |
| Operating margin | 2.5% | −0.1% | — | 0.4% | 1.1% | 4.2% | 1.4% |
| EBITDA margin | 6.4% | 3.7% | — | 6.5% | 6.6% | 9.2% | 7.1% |
| Net margin | −4.0% | 1.0% | — | −0.0% | −1.7% | 1.1% | 0.1% |
| FCF margin | 0.4% | −2.6% | — | −2.8% | 1.5% | 0.5% | 0.7% |
| Returns | |||||||
| Return on capital | — | — | — | 0.3% | 0.8% | 2.7% | 1.1% |
| Return on capital employed | 4.4% | −0.2% | — | 0.2% | 0.6% | 2.4% | 0.8% |
| Return on equity | −610.0% | 159.5% | — | −0.1% | −3.6% | 2.3% | 0.1% |
| Return on assets | −6.9% | 1.8% | — | −0.0% | −0.9% | 0.6% | 0.0% |
| Growth | |||||||
| Revenue growth | — | −0.5% | — | — | 2.1% | −2.0% | 2.1% |
| Net income growth | — | — | — | — | — | — | −95.0% |
| EPS growth | — | — | — | — | — | — | −94.7% |
| FCF growth | — | −851.4% | — | — | — | −63.6% | 23.7% |
| Share count change | — | — | — | — | 1.2% | 5.4% | 2.7% |
| Financial health | |||||||
| Net debt / EBITDA | — | — | — | 9.2x | 9.0x | 5.6x | 7.2x |
| Debt / equity | — | — | 1.2x | 1.3x | 1.3x | 1.1x | 1.2x |
| Interest coverage | 0.4x | −0.0x | — | 0.1x | 0.3x | 1.3x | 0.5x |
| Current ratio | 8.5x | 1.2x | 1.5x | 1.6x | 1.4x | 1.1x | 1.2x |
| Quick ratio | 8.5x | −83.2x | 1.1x | 1.1x | 1.0x | 0.8x | 0.8x |
| Capital allocation | |||||||
| Capex / revenue | 1.7% | 2.6% | — | 6.2% | 3.9% | 7.0% | 7.1% |
| Stock comp / revenue | — | 0.0% | — | 0.8% | 1.2% | 1.3% | 1.2% |
| Payouts / FCF | 0.0% | — | — | — | 88.5% | 285.5% | 237.2% |
| Quality scores | |||||||
| Piotroski F-score | — | 2.0 | — | — | 3.0 | 6.0 | 4.0 |
| Altman Z'' | 0.7 | 0.4 | — | 0.6 | 0.4 | 0.4 | 0.3 |
| Accruals ratio | −10.4% | 1.9% | — | −1.7% | −3.6% | −3.3% | −4.0% |
Source: SEC EDGAR XBRL filings (CIK 0001739566). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.