Revenue growth remains consistent at 5.9% year-over-year as of 2026Q2, though profitability is frequently challenged by fluctuating gross margins that reached a low of 7.5% in 2024Q4.
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 | Sep'20 | Sep'19 | Sep'18 | Sep'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 | Sep'12 | Sep'11 | Sep'10 | Sep'09 | Sep'08 | Sep'07 | Sep'06 | Sep'05 | Sep'04 | Sep'03 | Sep'02 | Sep'01 | Sep'00 | Sep'99 | Sep'98 | Sep'97 | Sep'96 |
|---|
| Sales/Revenue | 210.44M | 205.25M | 188.32M | 174.4M | 157.96M | 137.04M | 112.87M | 115.99M | 113.28M | 106.82M | 103.62M | 99.12M | 89.8M | 82.8M | 77.33M | 72.31M | 69.99M | 67.06M | 64.21M | 61.1M | 55.01M | 49.03M | 45.93M | 40.25M | 28.3M | 26.7M | 25.16M | 22.3M | 21.8M | 20.3M | 19.8M |
| Revenue Growth % | 5.92% | 8.99% | 7.98% | 10.41% | 15.26% | 21.42% | -2.69% | 2.39% | 6.05% | 3.09% | 4.54% | 10.38% | 8.46% | 7.06% | 6.95% | 3.31% | 4.37% | 4.44% | 5.09% | 11.06% | 12.2% | 6.75% | 14.11% | 42.25% | 5.97% | 6.14% | 12.83% | 2.29% | 7.39% | 2.53% | 8.79% |
| Cost of Goods Sold | 167.35M | 166.25M | 147.43M | 141.56M | 117.6M | 108.38M | 90.15M | 89.06M | 86.11M | 81.87M | 78.49M | 74.92M | 67.32M | 62.86M | 58.93M | 54.64M | 52.56M | 50.55M | 25.69M | 25.36M | 23.26M | 20.94M | 19.87M | 17.11M | 12.42M | 12.24M | 11.04M | 9.6M | 9.5M | 8.8M | 8.7M |
| COGS % of Revenue | - | 81% | 78.28% | 81.17% | 74.45% | 79.09% | 79.87% | 76.79% | 76.01% | 76.64% | 75.75% | 75.58% | 74.96% | 75.92% | 76.2% | 75.57% | 75.09% | 75.38% | 40.01% | 41.5% | 42.29% | 42.7% | 43.26% | 42.52% | 43.9% | 45.85% | 43.86% | 43.05% | 43.58% | 43.35% | 43.94% |
| Gross Profit | 43.09M | 39M | 40.9M | 32.83M | 40.36M | 28.66M | 22.72M | 26.93M | 27.17M | 24.95M | 25.13M | 24.2M | 22.48M | 19.94M | 18.4M | 17.66M | 17.43M | 16.51M | 38.52M | 35.74M | 31.75M | 28.09M | 26.06M | 23.14M | 15.88M | 14.46M | 14.12M | 12.7M | 12.3M | 11.5M | 11.1M |
| Gross Margin % | 20.47% | 19% | 21.72% | 18.83% | 25.55% | 20.91% | 20.13% | 23.21% | 23.99% | 23.36% | 24.25% | 24.42% | 25.04% | 24.08% | 23.8% | 24.43% | 24.91% | 24.62% | 59.99% | 58.5% | 57.71% | 57.3% | 56.74% | 57.48% | 56.1% | 54.15% | 56.14% | 56.95% | 56.42% | 56.65% | 56.06% |
| Gross Profit Growth % | - | -4.64% | 24.55% | -18.64% | 40.8% | 26.16% | -15.62% | -0.91% | 8.9% | -0.68% | 3.81% | 7.66% | 12.78% | 8.34% | 4.17% | 1.33% | 5.61% | -57.15% | 7.77% | 12.58% | 13.01% | 7.8% | 12.63% | 45.76% | 9.79% | 2.38% | 11.21% | 3.25% | 6.96% | 3.6% | 7.77% |
| Operating Expenses | 33.88M | 30.87M | 34.5M | 25.81M | 33.43M | 20.01M | 19.81M | 20.61M | 19.73M | 18.7M | 18.32M | 16.8M | 15.97M | 15.3M | 14.83M | 14.54M | 13.82M | 14.06M | 36.52M | 33.64M | 30.05M | 25.93M | 24.79M | 21.11M | 13.79M | 12.46M | 12.34M | 11.1M | 10.9M | 10.4M | 11M |
| OpEx % of Revenue | - | 15.04% | 18.32% | 14.8% | 21.16% | 14.6% | 17.55% | 17.77% | 17.42% | 17.5% | 17.69% | 16.95% | 17.78% | 18.48% | 19.18% | 20.11% | 19.74% | 20.97% | 56.88% | 55.06% | 54.62% | 52.88% | 53.97% | 52.46% | 48.72% | 46.64% | 49.06% | 49.78% | 50% | 51.23% | 55.56% |
| Selling, General & Admin | 9.7M | 5.46M | 5.34M | 25.81M | 33.6M | 20.27M | 19.92M | 20.82M | 19.95M | 18.7M | 18.32M | 16.8M | 15.97M | 15.3M | 14.83M | 14.54M | 13.82M | 14.06M | 36.52M | 33.64M | 30.05M | 25.93M | 24.79M | 21.11M | 13.79M | 12.46M | 11.66M | 10.5M | 10.2M | 9.8M | 10.3M |
| SG&A % of Revenue | - | 2.66% | 2.84% | 14.8% | 21.27% | 14.79% | 17.65% | 17.95% | 17.61% | 17.5% | 17.69% | 16.95% | 17.78% | 18.48% | 19.18% | 20.11% | 19.74% | 20.97% | 56.88% | 55.06% | 54.62% | 52.88% | 53.97% | 52.46% | 48.72% | 46.64% | 46.36% | 47.09% | 46.79% | 48.28% | 52.02% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 25.41M | 29.16M | 0 | -173K | -262K | -109K | -213K | -217K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 681K | 600K | 700K | 600K | 700K |
| Operating Income | 9.2M | 8.12M | 6.4M | 7.02M | 6.93M | 8.65M | 2.91M | 6.32M | 7.44M | 6.26M | 6.8M | 7.4M | 6.51M | 4.64M | 3.57M | 3.13M | 3.62M | 2.45M | 2M | 2.1M | 1.7M | 2.17M | 1.27M | 2.02M | 2.09M | 2M | 1.78M | 1.6M | 1.4M | 1.1M | 100K |
| Operating Margin % | 4.37% | 3.96% | 3.4% | 4.03% | 4.39% | 6.31% | 2.58% | 5.45% | 6.57% | 5.86% | 6.56% | 7.47% | 7.25% | 5.6% | 4.62% | 4.32% | 5.16% | 3.65% | 3.11% | 3.44% | 3.09% | 4.42% | 2.77% | 5.03% | 7.39% | 7.5% | 7.07% | 7.17% | 6.42% | 5.42% | 0.51% |
| Operating Income Growth % | - | 27% | -8.94% | 1.37% | -19.9% | 197.15% | -53.91% | -15.15% | 18.95% | -7.98% | -8.11% | 13.62% | 40.48% | 29.85% | 14.2% | -13.5% | 47.73% | 22.35% | -4.76% | 23.6% | -21.56% | 70.15% | -37.1% | -3.16% | 4.29% | 12.58% | 11.25% | 14.29% | 27.27% | 1000% | 150% |
| EBITDA | 16.68M | 15.47M | 13.24M | 13.14M | 12.33M | 14.26M | 9.2M | 9.36M | 10.25M | 8.93M | 9.49M | 9.95M | 8.97M | 7.09M | 5.95M | 5.49M | 5.86M | 4.71M | 4.36M | 4.25M | 3.52M | 3.71M | 2.82M | 3.21M | 2.81M | 2.76M | 2.46M | 2.2M | 2.1M | 1.7M | 800K |
| EBITDA Margin % | 7.93% | 7.54% | 7.03% | 7.53% | 7.8% | 10.4% | 8.15% | 8.07% | 9.05% | 8.36% | 9.15% | 10.03% | 9.99% | 8.56% | 7.69% | 7.59% | 8.37% | 7.02% | 6.79% | 6.96% | 6.39% | 7.56% | 6.13% | 7.98% | 9.92% | 10.34% | 9.78% | 9.87% | 9.63% | 8.37% | 4.04% |
| EBITDA Growth % | 16.74% | 16.86% | 0.77% | 6.57% | -13.52% | 54.94% | -1.66% | -8.7% | 14.81% | -5.91% | -4.63% | 10.84% | 26.56% | 19.2% | 8.44% | -6.34% | 24.44% | 7.86% | 2.54% | 21.02% | -5.2% | 31.62% | -12.24% | 14.39% | 1.63% | 12.23% | 11.86% | 4.76% | 23.53% | 112.5% | 100% |
| D&A (Non-Cash Add-back) | 7.48M | 7.35M | 6.84M | 6.11M | 5.4M | 5.61M | 6.29M | 3.04M | 2.8M | 2.67M | 2.69M | 2.54M | 2.46M | 2.45M | 2.38M | 2.36M | 2.24M | 2.26M | 2.36M | 2.15M | 1.82M | 1.54M | 1.54M | 1.19M | 717K | 758K | 681K | 600K | 700K | 600K | 700K |
| EBIT | 10.7M | 9.6M | 6.61M | 7.13M | 10.57M | 18.89M | 2.96M | 6.32M | 7.44M | 6.26M | 6.8M | 7.4M | 6.51M | 4.64M | 3.64M | 3.49M | 3.72M | 2.68M | 2.1M | 2.57M | 1.64M | 2.04M | 1.27M | 2.02M | 2.79M | 2.58M | 1.78M | 1.5M | 1.4M | 1.1M | 500K |
| Net Interest Income | -686K | -561K | -812K | -959K | -626K | -880K | -787K | -654K | -683K | -498K | -465K | -508K | -592K | -790K | -733K | -248K | -380K | -204K | -392K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 280K | 396K | 207K | 108K | 131K | 58K | 49K | 54K | 70K | 102K | 92K | 102K | 144K | 28K | 73K | 367K | 103K | 232K | 103K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 966K | 957K | 1.02M | 1.07M | 757K | 938K | 836K | 708K | 753K | 600K | 557K | 610K | 736K | 818K | 806K | 615K | 483K | 436K | 495K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 1.02M | 516K | -810K | -959K | 2.88M | 9.3M | -787K | -52K | -683K | -498K | -465K | -508K | -592K | -790K | -733K | -248K | -380K | -204K | -392K | -35K | 613K | 8K | -362K | -594K | -19K | 14K | -75K | 200K | 300K | 100K | -500K |
| Pretax Income | 10.23M | 8.64M | 5.59M | 6.07M | 9.81M | 17.95M | 2.12M | 6.26M | 6.76M | 5.76M | 6.34M | 6.89M | 5.92M | 3.85M | 2.84M | 2.88M | 3.23M | 2.24M | 1.61M | 2.06M | 2.31M | 1.65M | 610K | 1.43M | 2.07M | 2.02M | 1.71M | 1.8M | 1.7M | 1.2M | 1M |
| Pretax Margin % | 4.86% | 4.21% | 2.97% | 3.48% | 6.21% | 13.1% | 1.88% | 5.4% | 5.97% | 5.39% | 6.11% | 6.95% | 6.59% | 4.65% | 3.67% | 3.98% | 4.62% | 3.34% | 2.5% | 3.38% | 4.2% | 3.37% | 1.33% | 3.55% | 7.32% | 7.56% | 6.78% | 8.07% | 7.8% | 5.91% | 5.05% |
| Income Tax | 850K | 622K | 286K | 649K | 763K | 1.19M | -60K | 887K | 1.37M | 1.37M | 1.37M | 1.65M | 1.33M | 915K | 765K | 598K | 757K | 227K | 564K | 698K | 750K | 543K | 170K | 542K | 688K | 489K | 341K | -600K | 0 | 0 | -700K |
| Effective Tax Rate % | 8.31% | 7.2% | 5.12% | 10.7% | 7.78% | 6.6% | -2.82% | 14.16% | 20.28% | 23.78% | 21.58% | 24% | 22.39% | 23.78% | 26.96% | 20.77% | 23.4% | 10.12% | 35.07% | 33.8% | 32.44% | 32.91% | 27.87% | 37.9% | 33.22% | 24.23% | 20% | -33.33% | 0% | 0% | -70% |
| Net Income | 5.97M | 5.03M | 3.36M | 4M | 6.31M | 11.78M | 1.11M | 5.38M | 3.68M | 3.02M | 3.04M | 3.46M | 2.77M | 1.98M | 1.41M | 1.45M | 1.68M | 1.39M | 1.06M | 1.27M | 1.25M | 1.11M | 440K | 888K | 1.38M | 1.53M | 1.36M | 2.4M | 1.4M | 1.1M | 800K |
| Net Margin % | 2.84% | 2.45% | 1.78% | 2.29% | 4% | 8.6% | 0.98% | 4.64% | 3.25% | 2.83% | 2.93% | 3.49% | 3.08% | 2.39% | 1.83% | 2% | 2.4% | 2.07% | 1.65% | 2.07% | 2.27% | 2.26% | 0.96% | 2.21% | 4.89% | 5.73% | 5.42% | 10.76% | 6.42% | 5.42% | 4.04% |
| Net Income Growth % | 47.36% | 49.97% | -16.08% | -36.64% | -46.44% | 961.62% | -79.36% | 46.23% | 21.75% | -0.66% | -12.16% | 25.17% | 39.86% | 39.92% | -2.48% | -13.7% | 20.88% | 31.41% | -16.57% | 1.36% | 12.92% | 151.59% | -50.45% | -35.79% | -9.55% | 12.1% | -43.17% | 71.43% | 27.27% | 37.5% | 33.33% |
| Net Income (Continuing) | 9.38M | 8.02M | 5.3M | 5.42M | 9.05M | 16.77M | 2.18M | 5.38M | 5.39M | 4.39M | 4.97M | 5.24M | 4.6M | 2.93M | 2.07M | 2.28M | 2.48M | 2.02M | 1.04M | 1.27M | 1.56M | 1.11M | 440K | 888K | 1.38M | 1.53M | 1.36M | 2.4M | 1.4M | 1.1M | 800K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 13.88M | 13.94M | 14.19M | 15.69M | 17.67M | 9.41M | 6.13M | 6.21M | 6.15M | 6.2M | 6.99M | 7.16M | 7.61M | 7.59M | 7.9M | 6.6M | 7.46M | 7.91M | 8.44M | 7.57M | 6.51M | 5.25M | 4.7M | 4.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 3.21 | 2.71 | 1.81 | 2.15 | 3.40 | 6.34 | 0.60 | 2.89 | 1.98 | 1.63 | 1.64 | 1.86 | 1.49 | 1.06 | 0.76 | 0.78 | 0.90 | 0.74 | 0.56 | 0.66 | 0.65 | 0.58 | 0.23 | 0.46 | 0.70 | 0.80 | 0.71 | 1.15 | 0.69 | 0.54 | 0.40 |
| EPS Growth % | 768.51% | 49.72% | -15.81% | -36.76% | -46.37% | 956.67% | -79.24% | 45.96% | 21.47% | -0.61% | -11.83% | 24.83% | 40.57% | 39.47% | -2.56% | -13.33% | 21.62% | 32.14% | -15.15% | 1.54% | 12.07% | 152.17% | -50% | -34.29% | -12.5% | 12.68% | -38.26% | 66.67% | 27.78% | 35% | 33.33% |
| EPS (Basic) | - | 2.71 | 1.81 | 2.15 | 3.40 | 6.34 | 0.60 | 2.89 | 1.98 | 1.63 | 1.64 | 1.86 | 1.49 | 1.06 | 0.76 | 0.78 | 0.90 | 0.74 | 0.56 | 0.67 | 0.66 | 0.58 | 0.23 | 0.46 | 0.71 | 0.80 | 0.73 | 1.21 | 0.76 | 0.59 | 0.40 |
| Diluted Shares Outstanding | 1.86M | 1.86M | 1.86M | 1.86M | 1.86M | 1.86M | 1.86M | 1.86M | 1.86M | 1.86M | 1.86M | 1.86M | 1.86M | 1.86M | 1.86M | 1.86M | 1.86M | 1.87M | 1.89M | 1.91M | 1.91M | 1.92M | 1.93M | 1.96M | 1.99M | 1.92M | 1.93M | 2.09M | 2.03M | 2.02M | 2M |
| Basic Shares Outstanding | 1.86M | 1.86M | 1.86M | 1.86M | 1.86M | 1.86M | 1.86M | 1.86M | 1.86M | 1.86M | 1.86M | 1.86M | 1.86M | 1.86M | 1.86M | 1.86M | 1.86M | 1.87M | 1.89M | 1.89M | 1.88M | 1.9M | 1.92M | 1.93M | 1.96M | 1.9M | 1.86M | 1.98M | 1.84M | 1.87M | 2M |
| Dividend Payout Ratio | - | 20.31% | 27.68% | 20.96% | 29.44% | - | - | 9.67% | 12.65% | 12.32% | 11.32% | 8.06% | - | - | - | 12.97% | - | - | - | - | 52.64% | 55.01% | 132.05% | 58.56% | 36.08% | 15.11% | 15.76% | - | - | - | - |
Regional Economic Concentration Risk
According to the provided quarterly financial data, BDL has maintained a consistent revenue growth trajectory, with the most recent 2026Q2 period showing a 5.9% year-over-year increase, suggesting that the company's localized South Florida footprint continues to capture steady consumer demand despite broader macroeconomic headwinds in the restaurant sector.
The revenue growth appears durable, likely supported by the company's unique combination of package liquor retail and casual dining. Investors should monitor whether this growth is primarily driven by price increases or volume, as the current inflationary environment may limit the company's ability to sustain these top-line gains without impacting its value-oriented brand positioning.
As reported in the company's income statements, gross margins have fluctuated significantly, reaching a low of 7.5% in 2024Q4 before recovering to 21.9% in 2026Q2, which highlights the inherent sensitivity of BDL's blended retail and restaurant model to volatile commodity costs and regional labor market pressures.
The wide variance in gross margins suggests that BDL lacks the pricing power of larger national chains to fully insulate itself from input cost spikes. This structural vulnerability warrants further investigation into how management intends to stabilize these margins, particularly given the thin operating margins that leave little room for operational error.
Based on the historical income statement figures, BDL's operating income has struggled to scale proportionally with gross profit, as evidenced by the 2026Q2 operating margin of 7.1% despite a gross margin of 21.9%, indicating that SG&A expenses remain a significant drag on the company's overall profitability.
The inconsistent relationship between gross profit and operating income suggests that the company's cost structure is heavily weighted toward fixed overheads that do not easily flex with revenue changes. This lack of operating leverage may indicate that the current unit-level economics are not yet optimized to drive meaningful bottom-line expansion.
Analysis of the reported net income reveals significant quarterly volatility, with EPS swinging from a loss of $1.71 in 2024Q4 to a gain of $1.55 in 2026Q2, a trend that appears heavily influenced by the company's use of limited partnerships and non-controlling interests.
The headline net income figures may be misleading for shareholders, as a portion of these earnings is attributable to outside partners rather than BDL equity holders. Investors should exercise caution when evaluating these earnings, as the lack of stock-based compensation is a positive, yet the underlying operational complexity complicates a clear assessment of true shareholder value.
While BDL maintains a stable niche, the company's 100% geographic concentration in South Florida, as noted in recent filings, presents a significant risk factor that could lead to rapid margin compression if regional insurance costs or climate-related disruptions impact the local consumer base more severely than anticipated.
Short-term growth may appear resilient, but the lack of geographic diversification leaves the company entirely exposed to regional economic cycles. This structural limitation suggests that BDL may continue to trade at a discount to national peers, as the market likely prices in the heightened risk of its localized operational footprint.
Quick answers to the most common questions about buying BDL stock.
For fiscal year 2025, Flanigan's Enterprises, Inc. (BDL) reported total revenue of $205.2M. This represents a 936.6% increase compared to $19.8M in 1996.
Flanigan's Enterprises, Inc. (BDL) is profitable, generating $5.0M in net income for the fiscal year ending 2025 with a net profit margin of 2.5%.
Flanigan's Enterprises, Inc. (BDL) reported an operating income of $8.1M, resulting in an operating profit margin of 4.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Flanigan's Enterprises, Inc. (BDL) generated $39.0M in gross profit for the year, representing a gross profit margin of 19.0%. This demonstrates the company's core pricing power and production efficiency.