AMCON Distributing Company Reports Results for the Quarter Ended June 30, 2026

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 $2.85 on net income available to common shareholders of $2.7 million for its third fiscal quarter ended June 30, 2026.

“AMCON’s operating philosophy has always been centered on a superior level of customer service. We are seeing the benefits of our approach and the associated commitment in facilities and geographic reach to support our retail partners,” 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 desire to align with our customer focused approach philosophy and further the legacy of their enterprises.”

“AMCON’s ability to deliver product in an efficient fashion is a key strategic benefit to our retail partners in an era of rising costs,” said Andrew C. Plummer, AMCON’s President and Chief Operating Officer. He further noted, “AMCON’s broad geographic scope enables us to service customers across multiple time zones. 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, especially in support of foodservice.”

For the fiscal quarter ended June 2026, the wholesale distribution segment reported revenues of $824.7 million and operating income of $9.2 million, and the retail health food segment reported revenues of $10.7 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 June 30, 2026, our shareholders’ equity was $115.5 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. We were pleased to be able to divest two of our facilities in the third quarter which enabled us to realize greater operating efficiency as a result.”

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 thirteen (13) distribution centers in Colorado, Idaho, Illinois, Indiana, Minnesota, Missouri, Nebraska, Ohio, 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 June 30, 2026 and September 30, 2025
	June			September
	2026			2025
	(Unaudited)
ASSETS
Current assets:
Cash	$	636,644		$	744,613
Accounts receivable, less allowance for credit losses of $2.7 million at June 2026 and $2.4 million at September 2025		77,799,572			73,192,069
Inventories, net		153,611,733			153,276,545
Income taxes receivable		—			140,986
Prepaid expenses and other current assets		17,199,541			12,150,645
Total current assets		249,247,490			239,504,858
Property and equipment, net		108,959,374			107,844,655
Operating lease right-of-use assets, net		27,859,940			30,488,841
Goodwill		5,778,325			5,778,325
Other intangible assets, net		3,892,581			4,240,359
Other assets		3,587,673			3,231,488
Total assets	$	399,325,383		$	391,088,526
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	56,103,868		$	69,532,355
Accrued expenses		15,978,173			15,459,406
Accrued wages, salaries and bonuses		5,090,221			6,745,698
Income taxes payable		996,840			—
Current operating lease liabilities		7,666,894			7,862,117
Current maturities of long-term debt		4,854,777			5,471,310
Current mandatorily redeemable non-controlling interest		—			7,020,895
Total current liabilities		90,690,773			112,091,781
Credit facilities		160,766,169			126,804,775
Deferred income tax liability, net		3,102,139			4,048,070
Long-term operating lease liabilities		20,364,983			22,845,456
Long-term debt, less current maturities		7,478,293			11,033,949
Other long-term liabilities		1,437,230			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, 976,028 shares outstanding at June 2026 and 953,378 shares outstanding at September 2025		13,203			9,799
Additional paid-in capital		38,634,508			36,991,031
Retained earnings		109,243,343			108,475,842
Treasury stock at cost		(32,405,258	)		(32,405,258	)
Total shareholders’ equity		115,485,796			113,071,414
Total liabilities and shareholders’ equity	$	399,325,383		$	391,088,526

AMCON Distributing Company and Subsidiaries Condensed Consolidated Unaudited Statements of Operations for the three and nine months ended June 30, 2026 and 2025
	For the three months ended June						For the nine months ended June
	2026			2025			2026			2025
Sales (including excise taxes of $157.7 million and $141.7 million, and $438.8 and $411.2 million, respectively)	$	835,340,185		$	739,615,416		$	2,281,047,956		$	2,070,391,760
Cost of sales		785,535,765			690,000,517			2,139,706,010			1,930,855,424
Gross profit		49,804,420			49,614,899			141,341,946			139,536,336
Selling, general and administrative expenses		43,013,403			42,529,118			125,988,512			123,224,702
Depreciation and amortization		2,338,431			2,222,243			7,342,674			7,315,871
Operating expenses		45,351,834			44,751,361			133,331,186			130,540,573
Gain on sales of real estate		(1,796,723	)		—			(1,796,723	)		—
		43,555,111			44,751,361			131,534,463			130,540,573
Operating income		6,249,309			4,863,538			9,807,483			8,995,763
Other expense (income):
Interest expense		2,590,977			2,671,004			7,480,651			7,784,032
Change in fair value of mandatorily redeemable non-controlling interest		—			195,750			438,240			663,418
Other income, net		(43,234	)		(111,763	)		(249,457	)		(279,693	)
		2,547,743			2,754,991			7,669,434			8,167,757
Income from operations before income taxes		3,701,566			2,108,547			2,138,049			828,006
Income tax expense		1,015,000			790,000			833,000			751,000
Net income available to common shareholders	$	2,686,566		$	1,318,547		$	1,305,049		$	77,006
Basic earnings per share available to common shareholders	$	2.89		$	1.43		$	1.41		$	0.08
Diluted earnings per share available to common shareholders	$	2.85		$	1.42		$	1.40		$	0.08
Basic weighted average shares outstanding		930,727			922,857			928,846			920,866
Diluted weighted average shares outstanding		943,918			926,551			934,865			924,387
Dividends paid per common share	$	0.12		$	0.12		$	0.55		$	0.55

AMCON Distributing Company and Subsidiaries Condensed Consolidated Unaudited Statements of Shareholders’ Equity for the three and nine months ended June 30, 2026 and 2025
									Additional
	Common Stock			Treasury Stock					Paid-in		Retained
	Shares	Amount		Shares		Amount			Capital		Earnings			Total
THREE MONTHS ENDED JUNE 2025
Balance, April 1, 2025	1,297,814	$	9,799	(329,656	)	$	(31,272,163	)	$	35,715,308	$	106,897,928		$	111,350,872
Dividends on common stock, $0.12 per share	—		—	—			—			—		(116,183	)		(116,183	)
Compensation expense related to equity-based awards	—		—	—			—			637,861		—			637,861
Net income available to common shareholders	—		—	—			—			—		1,318,547			1,318,547
Balance, June 30, 2025	1,297,814	$	9,799	(329,656	)	$	(31,272,163	)	$	36,353,169	$	108,100,292		$	113,191,097
THREE MONTHS ENDED JUNE 2026
Balance, April 1, 2026	1,320,464	$	13,203	(344,436	)	$	(32,405,258	)	$	38,085,548	$	106,673,900		$	112,367,393
Dividends on common stock, $0.12 per share	—		—	—			—			—		(117,123	)		(117,123	)
Compensation expense related to equity-based awards	—		—	—			—			548,960		—			548,960
Net income available to common shareholders	—		—	—			—			—		2,686,566			2,686,566
Balance, June 30, 2026	1,320,464	$	13,203	(344,436	)	$	(32,405,258	)	$	38,634,508	$	109,243,343		$	115,485,796

									Additional
	Common Stock			Treasury Stock					Paid-in			Retained
	Shares	Amount		Shares		Amount			Capital			Earnings			Total
NINE MONTHS ENDED JUNE 2025
Balance, October 1, 2024	1,275,164	$	9,648	(329,656	)	$	(31,272,163	)	$	34,439,735		$	108,552,565		$	111,729,785
Dividends on common stock, $0.55 per share	—		—	—			—			—			(529,279	)		(529,279	)
Compensation expense and issuance of stock in connection with equity-based awards	22,650		151	—			—			1,913,434			—			1,913,585
Net income available to common shareholders	—		—	—			—			—			77,006			77,006
Balance, June 30, 2025	1,297,814	$	9,799	(329,656	)	$	(31,272,163	)	$	36,353,169		$	108,100,292		$	113,191,097
NINE MONTHS ENDED JUNE 2026
Balance, October 1, 2025	1,297,814	$	9,799	(344,436	)	$	(32,405,258	)	$	36,991,031		$	108,475,842		$	113,071,414
Dividends on common stock, $0.55 per share	—		—	—			—			—			(537,548	)		(537,548	)
Compensation expense and issuance of stock in connection with equity-based awards	22,650		151	—			—			1,646,730			—			1,646,881
Issuance of shares for stock split	—		3,253	—			—			(3,253	)		—			—
Net income available to common shareholders	—		—	—			—			—			1,305,049			1,305,049
Balance, June 30, 2026	1,320,464	$	13,203	(344,436	)	$	(32,405,258	)	$	38,634,508		$	109,243,343		$	115,485,796

AMCON Distributing Company and Subsidiaries Condensed Consolidated Unaudited Statements of Cash Flows for the nine months ended June 30, 2026 and 2025
	June			June
	2026			2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income available to common shareholders	$	1,305,049		$	77,006
Adjustments to reconcile net income available to common shareholders to net cash flows from (used in) operating activities:
Depreciation		6,994,896			6,924,921
Amortization		347,778			390,950
Gain on sales of real estate		(1,796,723	)		—
Gain on sales of property and equipment		(94,394	)		(83,186	)
Equity-based compensation		1,646,881			1,913,585
Deferred income taxes		(945,931	)		(1,049,698	)
Provision for credit losses		326,000			289,549
Inventory allowance		33,445			(108,194	)
Change in fair value of contingent consideration		—			(1,453,452	)
Change in fair value of mandatorily redeemable non-controlling interest		438,240			663,418
Changes in assets and liabilities, net of effects of business combinations:
Accounts receivable		(4,933,503	)		(8,471,600	)
Inventories		(368,633	)		(1,924,234	)
Prepaid and other current assets		(5,048,896	)		(1,998,163	)
Other assets		(356,185	)		(255,431	)
Accounts payable		(13,645,498	)		(7,669,560	)
Accrued expenses and accrued wages, salaries and bonuses		(1,183,505	)		(1,068,207	)
Other long-term liabilities		244,149			400,606
Income taxes payable and receivable		1,137,826			950,130
Net cash flows from (used in) operating activities		(15,899,004	)		(12,471,560	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment		(11,749,261	)		(8,238,960	)
Proceeds from sales of real estate		5,573,241			—
Proceeds from sales of property and equipment		174,533			106,163
Acquisition of Arrowrock Supply		—			(6,131,527	)
Net cash flows from (used in) investing activities		(6,001,487	)		(14,264,324	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under revolving credit facilities		2,163,783,506			1,929,823,754
Repayments under revolving credit facilities		(2,129,822,112	)		(1,896,504,987	)
Principal payments on long-term debt		(4,172,189	)		(3,938,660	)
Dividends on common stock		(537,548	)		(529,279	)
Redemption and distributions to non-controlling interest		(7,459,135	)		(1,961,410	)
Net cash flows from (used in) financing activities		21,792,522			26,889,418
Net change in cash		(107,969	)		153,534
Cash, beginning of period		744,613			672,788
Cash, end of period	$	636,644		$	826,322
Supplemental disclosure of cash flow information:
Cash paid during the period for interest, net of amounts capitalized	$	7,461,969		$	7,756,278
Cash paid during the period for income taxes, net of refunds		635,980			831,068
Supplemental disclosure of non-cash information:
Equipment acquisitions classified in accounts payable	$	258,395		$	42,729