AMCON Distributing Company Reports Results for the Quarter Ended December 31, 2025

OMAHA, Neb.--(BUSINESS WIRE)--AMCON Distributing Company (“AMCON” or “the Company”) (NYSE American: DIT), an Omaha, Nebraska based Convenience and Foodservice Distributor, is pleased to announce fully diluted earnings per share of $1.28 on net income available to common shareholders of $0.8 million for its first fiscal quarter ended December 31, 2025.

“AMCON’s industry leading suite of programs and services provides the foundational support for our operating philosophy centered on a superior level of customer service. AMCON’s commitment to proprietary foodservice programs and custom curated store level merchandising is a value-added approach to convenience distribution. We now have the capability to offer turn-key solutions that will enable our retail partners the ability to compete head-on with the Quick Service Restaurant industry,” said Christopher H. Atayan, AMCON’s Chairman and Chief Executive Officer. He further noted, “We continue to actively seek strategic acquisition opportunities for Convenience and Foodservice Distributors, and their families, who want to align with our customer focused approach philosophy and further the legacy of their enterprises.”

“Our customer-centric approach provides extraordinary value to our retail partners in challenging weather conditions as our AMCON teams ensure a consistent and timely flow of goods and services. As we grow, our customer base has demonstrated enthusiasm for our integrated state-of-the-art advertising, design, print and electronic display programs. These marketing tools provide our customers a competitive edge,” said Andrew C. Plummer, AMCON’s President and Chief Operating Officer.

For the fiscal quarter ended December 2025, the wholesale distribution segment reported revenues of $719.3 million and operating income of $6.9 million, and the retail health food segment reported revenues of $10.8 million and an operating loss of $0.2 million.

“We continue our relentless daily focus on managing the Company’s balance sheet and maximizing our liquidity position. At December 31, 2025, our shareholders’ equity was $114.1 million,” said Charles J. Schmaderer, AMCON’s Chief Financial Officer. Mr. Schmaderer also added, “Cost structures for Convenience Distributors have been impacted by the cumulative impact of inflation over a multi-year period. These inflationary pressures have resulted in higher operating expenses in areas such as product costs, labor and employee benefits, equipment, and insurance.”

AMCON, and its subsidiaries Team Sledd, LLC and Henry’s Foods, Inc., is a leading Convenience and Foodservice Distributor of consumer products, including beverages, candy, tobacco, groceries, foodservice, frozen and refrigerated foods, automotive supplies and health and beauty care products serving thirty-four (34) states from fourteen (14) distribution centers in Colorado, Idaho, Illinois, Indiana, Minnesota, Missouri, Nebraska, North Dakota, South Dakota, Tennessee and West Virginia. Through its Healthy Edge Retail Group, AMCON operates fifteen (15) health and natural product retail stores in the Midwest and Florida.

This news release contains forward-looking statements that are subject to risks and uncertainties and which reflect management's current beliefs and estimates of future economic circumstances, industry conditions, Company performance and financial results. A number of factors could affect the future results of the Company and could cause those results to differ materially from those expressed in the Company's forward-looking statements including, without limitation, availability of sufficient cash resources to conduct its business and meet its capital expenditures needs and the other factors described under Item 1.A. of the Company’s Annual Report on Form 10-K. Moreover, past financial performance should not be considered a reliable indicator of future performance. Accordingly, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 with respect to all such forward-looking statements.

Visit AMCON Distributing Company's web site at: www.amcon.com

AMCON Distributing Company and Subsidiaries Condensed Consolidated Balance Sheets December 31, 2025 and September 30, 2025
	December			September
		2025			2025
	(Unaudited)
ASSETS
Current assets:
Cash	$	778,753		$	744,613
Accounts receivable, less allowance for credit losses of $2.3 million at December 2025 and $2.4 million at September 2025		69,140,693			73,192,069
Inventories, net		144,398,247			153,276,545
Income taxes receivable		—			140,986
Prepaid expenses and other current assets		15,643,754			12,150,645
Total current assets		229,961,447			239,504,858
Property and equipment, net		106,101,670			107,844,655
Operating lease right-of-use assets, net		29,633,198			30,488,841
Goodwill		5,778,325			5,778,325
Other intangible assets, net		4,124,433			4,240,359
Other assets		3,110,244			3,231,488
Total assets	$	378,709,317		$	391,088,526
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	48,459,134		$	69,532,355
Accrued expenses		14,468,462			15,459,406
Accrued wages, salaries and bonuses		3,385,796			6,745,698
Income taxes payable		360,668			—
Current operating lease liabilities		7,579,283			7,862,117
Current maturities of long-term debt		5,517,971			5,471,310
Current mandatorily redeemable non-controlling interest		7,343,535			7,020,895
Total current liabilities		87,114,849			112,091,781
Credit facilities		140,682,183			126,804,775
Deferred income tax liability, net		3,791,416			4,048,070
Long-term operating lease liabilities		22,240,107			22,845,456
Long-term debt, less current maturities		9,624,864			11,033,949
Other long-term liabilities		1,141,885			1,193,081
Shareholders’ equity:
Preferred stock, $.01 par value, 1,000,000 shares authorized		—			—
Common stock, $.01 par value, 3,000,000 shares authorized, 650,709 shares outstanding at December 2025 and 635,609 shares outstanding at September 2025		9,950			9,799
Additional paid-in capital		37,539,841			36,991,031
Retained earnings		108,969,480			108,475,842
Treasury stock at cost		(32,405,258	)		(32,405,258	)
Total shareholders’ equity		114,114,013			113,071,414
Total liabilities and shareholders’ equity	$	378,709,317		$	391,088,526

 

AMCON Distributing Company and Subsidiaries Condensed Consolidated Unaudited Statements of Operations for the three months ended December 31, 2025 and 2024
	For the three months ended December
		2025			2024
Sales (including excise taxes of $143.1 million and $143.4 million, respectively)	$	730,055,330		$	711,273,256
Cost of sales		682,007,003			664,379,704
Gross profit		48,048,327			46,893,552
Selling, general and administrative expenses		41,591,659			40,587,630
Depreciation and amortization		2,513,773			2,635,601
		44,105,432			43,223,231
Operating income		3,942,895			3,670,321
Other expense (income):
Interest expense		2,661,636			2,846,621
Change in fair value of mandatorily redeemable non-controlling interest		322,640			194,812
Other (income), net		(79,345	)		(111,531	)
		2,904,931			2,929,902
Income from operations before income taxes		1,037,964			740,419
Income tax expense		245,000			392,000
Net income available to common shareholders	$	792,964		$	348,419
Basic earnings per share available to common shareholders	$	1.29		$	0.57
Diluted earnings per share available to common shareholders	$	1.28		$	0.57
Basic weighted average shares outstanding		616,788			611,322
Diluted weighted average shares outstanding		618,101			613,573
Dividends paid per common share	$	0.18		$	0.18

 

AMCON Distributing Company and Subsidiaries Condensed Consolidated Unaudited Statements of Shareholders’ Equity for the three months ended December 31, 2025 and 2024
									Additional
	Common Stock			Treasury Stock					Paid-in		Retained
	Shares	Amount		Shares		Amount			Capital		Earnings			Total
THREE MONTHS ENDED DECEMBER 2024
Balance, October 1, 2024	964,945	$	9,648	(334,583	)	$	(31,272,163	)	$	34,439,735	$	108,552,565		$	111,729,785
Dividends on common stock, $0.46 per share	—		—	—			—			—		(296,913	)		(296,913	)
Compensation expense related to equity-based awards	15,100		151	—			—			637,711		—			637,862
Net income available to common shareholders	—		—	—			—			—		348,419			348,419
Balance, December 31, 2024	980,045	$	9,799	(334,583	)	$	(31,272,163	)	$	35,077,446	$	108,604,071		$	112,419,153
THREE MONTHS ENDED DECEMBER 2025
Balance, October 1, 2025	980,045	$	9,799	(344,436	)	$	(32,405,258	)	$	36,991,031	$	108,475,842		$	113,071,414
Dividends on common stock, $0.46 per share	—		—	—			—			—		(299,326	)		(299,326	)
Compensation expense related to equity-based awards	15,100		151	—			—			548,810		—			548,961
Net income available to common shareholders	—		—	—			—			—		792,964			792,964
Balance, December 31, 2025	995,145	$	9,950	(344,436	)	$	(32,405,258	)	$	37,539,841	$	108,969,480		$	114,114,013

 

AMCON Distributing Company and Subsidiaries Condensed Consolidated Unaudited Statements of Cash Flows for the three months ended December 31, 2025 and 2024
	December			December
		2025			2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income available to common shareholders	$	792,964		$	348,419
Adjustments to reconcile net income available to common shareholders to net cash flows from (used in) operating activities:
Depreciation		2,397,847			2,501,175
Amortization		115,926			134,426
(Gain) loss on sales of property and equipment		4,869			(840	)
Equity-based compensation		548,961			637,862
Deferred income taxes		(256,654	)		69,577
Provision for credit losses		(49,000	)		112,746
Inventory allowance		8,538			24,405
Change in fair value of contingent consideration		—			(1,453,452	)
Change in fair value of mandatorily redeemable non-controlling interest		322,640			194,812
Changes in assets and liabilities:
Accounts receivable		4,100,376			(49,572	)
Inventories		8,869,760			(30,293,089	)
Prepaid and other current assets		(3,493,109	)		668,184
Other assets		121,244			(190,306	)
Accounts payable		(21,064,250	)		(6,911,400	)
Accrued expenses and accrued wages, salaries and bonuses		(4,565,585	)		(6,055,070	)
Other long-term liabilities		(51,196	)		71,823
Income taxes payable and receivable		501,654			322,423
Net cash flows from (used in) operating activities		(11,695,015	)		(39,867,877	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment		(678,402	)		(3,453,711	)
Proceeds from sales of property and equipment		9,700			12,442
Net cash flows from (used in) investing activities		(668,702	)		(3,441,269	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under revolving credit facilities		699,127,269			713,853,301
Repayments under revolving credit facilities		(685,249,861	)		(669,224,693	)
Principal payments on long-term debt		(1,362,424	)		(1,340,204	)
Dividends on common stock		(117,127	)		(116,184	)
Net cash flows from (used in) financing activities		12,397,857			43,172,220
Net change in cash		34,140			(136,926	)
Cash, beginning of period		744,613			672,788
Cash, end of period	$	778,753		$	535,862
Supplemental disclosure of cash flow information:
Cash paid during the period for interest, net of amounts capitalized	$	2,635,661		$	2,815,683
Supplemental disclosure of non-cash information:
Equipment acquisitions classified in accounts payable	$	32,413		$	772,820
Dividends declared, not paid		182,199			180,729