UTZHIGH SIGNALFINANCIAL10-K

UTZ experienced a dramatic collapse in profitability with net income falling to near-breakeven levels while operating performance deteriorated substantially.

The company's earnings effectively disappeared despite maintaining reasonable revenue levels, suggesting severe operational challenges or one-time charges that management will need to explain. The substantial decline in operating income combined with reduced gross margins indicates fundamental business pressures that could persist into future periods.

Comparing 2026-02-12 vs 2025-02-20View on EDGAR →
FINANCIAL ANALYSIS

UTZ's financial performance deteriorated markedly, with gross profit declining 27.6% to $358.3M while operating income fell substantially to $19.5M. Net income collapsed to just $800K from $16.0M in the prior year, representing near-breakeven performance. The balance sheet showed mixed signals with current assets growing 21.2% and inventory increasing 17.7%, while total debt rose 10.5% to $849.6M, suggesting the company may be managing through operational challenges while maintaining liquidity.

FINANCIAL STATEMENT CHANGES
Net Income
P&L
-95%
$16.0M→$800K

Net income declined 95% — review whether driven by operations, interest costs, or non-recurring items.

Operating Income
P&L
-66.9%
$58.9M→$19.5M

Operating income deteriorated sharply — investigate whether driven by one-time charges or structural cost issues.

Gross Profit
P&L
-27.6%
$494.8M→$358.3M

Gross margin compression — rising input costs, pricing pressure, or unfavorable product mix shift.

Current Assets
Balance Sheet
+21.2%
$317.3M→$384.4M

Current assets grew 21.2% — improving short-term liquidity or inventory/receivables build.

SG&A Expense
P&L
-20.1%
$435.8M→$348.0M

SG&A reduced 20.1% — improved cost efficiency or headcount reduction improving operating margins.

Inventory
Balance Sheet
+17.7%
$101.4M→$119.3M

Inventory built 17.7% — monitor whether demand supports this build or if write-downs may follow.

Accounts Receivable
Balance Sheet
-15.9%
$119.9M→$100.8M

Receivables declined — improved collection efficiency or conservative revenue recognition.

Current Liabilities
Balance Sheet
+13.3%
$285.3M→$323.2M

Current liabilities rose 13.3% — increased short-term obligations, watch current ratio.

Total Debt
Balance Sheet
+10.5%
$768.6M→$849.6M

Debt rose 10.5% — additional borrowing for investment or operations; monitor coverage ratios.

LANGUAGE CHANGES
NEW — 2026-02-12
PRIOR — 2025-02-20
ADDED
As of February 9, 2026, 88,432,904 Class A Common Stock, par value $0.0001 per share, and 55,349,000 Class V Common Stock, par value $0.0001 per share, were issued and outstanding.
All of our products must be compliant with laws and regulations promulgated by various governmental authorities, and changes in the legal and regulatory environment, including with respect to the One Big Beautiful Bill Act, could limit our business activities, increase our operating costs, reduce demand for our products or result in litigation or other regulatory action.
Overview We were founded in 1921 in Hanover, Pennsylvania and benefit from over 100 years of brand awareness and heritage in the salty snack industry.
We are a leading United States manufacturer of branded salty snacks, producing a broad offering of salty snacks, including potato chips, tortilla chips, pretzels, cheese snacks, pork skins, pub/party mixes and other snacks.
Our iconic portfolio of authentic, craft and better-for-you ("BFY") brands includes Utz , On The Border , Zapp s , Boulder Canyon , Golden Flake , Hawaiian Brand and Miguelito's , among others, and enjoys strong household penetration in the United States, where our products can be found in approximately 50% of U.S.
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REMOVED
As of February 18, 2025, 86,061,319 Class A Common Stock, par value $0.0001 per share, and 55,349,000 Class V Common Stock, par value $0.0001 per share, were issued and outstanding.
Our private placement warrants may have an adverse effect on the market price of our Class A Common Stock, and the valuation of our private placement warrants could increase the volatility in our earnings results.
representing our Expansion geographies (our Expansion Geographies ).
Overview We are a leading United States manufacturer of branded salty snacks.
We produce a broad offering of salty snacks, including potato chips, tortilla chips, pretzels, cheese snacks, pork skins, pub/party mixes, and other snacks.
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