Gross margins have deteriorated significantly from 29.2% in 2024Q1 to 17.5% in 2026Q2, reflecting a persistent inability to offset rising input costs.
| Metric | TTM | Oct'25 | Oct'24 | Oct'23 | Oct'22 | Oct'21 | Oct'20 | Oct'19 | Oct'18 | Oct'17 | Oct'16 | Oct'15 | Oct'14 | Oct'13 | Oct'12 | Oct'11 | Oct'10 | Oct'09 | Oct'08 | Oct'07 | Oct'06 | Oct'05 | Oct'04 | Oct'03 | Oct'02 | Oct'01 | Oct'00 | Oct'99 | Oct'98 | Oct'97 | Oct'96 |
|---|
| Sales/Revenue | 233.16M | 230.99M | 223.65M | 251.64M | 265.9M | 240.43M | 197.97M | 188.78M | 174.26M | 167.22M | 140.06M | 130.45M | 133.4M | 129M | 127.36M | 118.26M | 117.66M | 122.67M | 120.99M | 125.09M | 134.26M | 130.84M | 137.87M | 136.25M | 139.2M | 156.36M | 156.29M | 138.8M | 134.8M | 127.9M | 118.3M |
| Revenue Growth % | 3.78% | 3.28% | -11.12% | -5.36% | 10.59% | 21.45% | 4.87% | 8.34% | 4.21% | 19.39% | 7.37% | -2.21% | 3.41% | 1.29% | 7.69% | 0.52% | -4.08% | 1.38% | -3.28% | -6.83% | 2.61% | -5.09% | 1.18% | -2.12% | -10.97% | 0.04% | 12.6% | 2.97% | 5.39% | 8.12% | 5.16% |
| Cost of Goods Sold | 190.4M | 186.42M | 167.32M | 181.28M | 193.84M | 189.05M | 138.45M | 127.12M | 117.75M | 105.64M | 84.85M | 83.58M | 94.74M | 83.57M | 83.06M | 80.74M | 70.56M | 71.17M | 80.32M | 81.13M | 85.13M | 85.45M | 90.31M | 86.21M | 88.46M | 96.31M | 95.3M | 80.5M | 80.9M | 80.6M | 75.9M |
| COGS % of Revenue | - | 80.71% | 74.81% | 72.04% | 72.9% | 78.63% | 69.94% | 67.34% | 67.57% | 63.17% | 60.58% | 64.07% | 71.02% | 64.78% | 65.22% | 68.27% | 59.97% | 58.02% | 66.39% | 64.85% | 63.41% | 65.31% | 65.5% | 63.27% | 63.55% | 61.59% | 60.97% | 58% | 60.01% | 63.02% | 64.16% |
| Gross Profit | 42.76M | 44.56M | 56.33M | 70.36M | 72.06M | 51.38M | 59.52M | 61.66M | 56.51M | 61.59M | 55.21M | 46.87M | 38.66M | 45.44M | 44.3M | 37.53M | 47.09M | 51.49M | 40.67M | 43.97M | 49.13M | 45.39M | 47.56M | 50.04M | 50.74M | 60.06M | 61M | 58.3M | 53.9M | 47.3M | 42.4M |
| Gross Margin % | 18.34% | 19.29% | 25.19% | 27.96% | 27.1% | 21.37% | 30.06% | 32.66% | 32.43% | 36.83% | 39.42% | 35.93% | 28.98% | 35.22% | 34.78% | 31.73% | 40.03% | 41.98% | 33.61% | 35.15% | 36.59% | 34.69% | 34.5% | 36.73% | 36.45% | 38.41% | 39.03% | 42% | 39.99% | 36.98% | 35.84% |
| Gross Profit Growth % | - | -20.89% | -19.94% | -2.36% | 40.24% | -13.67% | -3.48% | 9.13% | -8.25% | 11.54% | 17.8% | 21.24% | -14.92% | 2.58% | 18.04% | -20.31% | -8.55% | 26.63% | -7.5% | -10.51% | 8.24% | -4.56% | -4.96% | -1.38% | -15.51% | -1.54% | 4.63% | 8.16% | 13.95% | 11.56% | 4.43% |
| Operating Expenses | 63.55M | 63.46M | 62.59M | 65.57M | 65.23M | 60.13M | 55.35M | 52.84M | 50.74M | 50.11M | 44.38M | 38.76M | 43.6M | 42.35M | 40.36M | 38.64M | 41.57M | 44.45M | 46.53M | 44.64M | 47.74M | 47.64M | 48.07M | 48.09M | 48.47M | 49.98M | 46.86M | 42M | 39.8M | 36.6M | 33.3M |
| OpEx % of Revenue | - | 27.47% | 27.99% | 26.06% | 24.53% | 25.01% | 27.96% | 27.99% | 29.12% | 29.97% | 31.68% | 29.71% | 32.69% | 32.83% | 31.69% | 32.67% | 35.33% | 36.24% | 38.46% | 35.68% | 35.56% | 36.41% | 34.87% | 35.29% | 34.82% | 31.97% | 29.98% | 30.26% | 29.53% | 28.62% | 28.15% |
| Selling, General & Admin | 61.66M | 61.82M | 60.63M | 63.98M | 63.86M | 60.13M | 54.33M | 52.81M | 49.44M | 50.08M | 44.54M | 38.23M | 42.85M | 40.88M | 40.43M | 38.22M | 25.77M | 41.72M | 43.25M | 41.25M | 43.96M | 43.39M | 43.73M | 43.78M | 44.26M | 45.95M | 43.08M | 38.7M | 36.9M | 33.6M | 30.8M |
| SG&A % of Revenue | - | 26.77% | 27.11% | 25.42% | 24.02% | 25.01% | 27.45% | 27.97% | 28.37% | 29.95% | 31.8% | 29.31% | 32.12% | 31.69% | 31.75% | 32.32% | 21.9% | 34.01% | 35.75% | 32.98% | 32.74% | 33.16% | 31.72% | 32.13% | 31.8% | 29.39% | 27.57% | 27.88% | 27.37% | 26.27% | 26.04% |
| 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 | 1.79M | 1.64M | 1.97M | 1.59M | 1.37M | 0 | 1.02M | 31K | 1.31M | 26K | -166K | 525K | 1.88M | 1.48M | -73K | 418K | 15.8M | 2.73M | 3.28M | 3.39M | 3.78M | 4.25M | 4.34M | 4.31M | 4.21M | 4.03M | 3.77M | 3.3M | 2.9M | 3M | 2.5M |
| Operating Income | -20.8M | -18.9M | -6.27M | 4.79M | 6.83M | -8.74M | 3.2M | 9.12M | -1.29M | 10.13M | 10.84M | 8.11M | -5.46M | 3.08M | 3.85M | -1.11M | 5.52M | 7.04M | -5.87M | -673K | 1.39M | -2.25M | -1.07M | 1.95M | 2.27M | 10.07M | 14.14M | 16.3M | 14.1M | 10.7M | 9.1M |
| Operating Margin % | -8.92% | -8.18% | -2.8% | 1.9% | 2.57% | -3.64% | 1.62% | 4.83% | -0.74% | 6.06% | 7.74% | 6.21% | -4.09% | 2.39% | 3.03% | -0.94% | 4.69% | 5.74% | -4.85% | -0.54% | 1.04% | -1.72% | -0.77% | 1.43% | 1.63% | 6.44% | 9.05% | 11.74% | 10.46% | 8.37% | 7.69% |
| Operating Income Growth % | - | -201.55% | -230.84% | -29.83% | 178.07% | -373.05% | -64.88% | 806.2% | -112.75% | -6.55% | 33.68% | 248.46% | -276.99% | -19.95% | 446.58% | -120.13% | -21.57% | 220.01% | -771.92% | -148.38% | 161.71% | -111.25% | -154.69% | -14.09% | -77.45% | -28.77% | -13.25% | 15.6% | 31.78% | 17.58% | -14.15% |
| EBITDA | -14.58M | -12.52M | 273K | 11.35M | 13.51M | -2.07M | 8.72M | 13.27M | 2.65M | 13.49M | 13.88M | 11.16M | -2.63M | 5.32M | 5.57M | 690K | 7.69M | 9.78M | -2.58M | 2.72M | 5.06M | 2M | 3.28M | 6.26M | 6.48M | 14.11M | 17.91M | 19.6M | 17M | 13.7M | 11.6M |
| EBITDA Margin % | -6.25% | -5.42% | 0.12% | 4.51% | 5.08% | -0.86% | 4.4% | 7.03% | 1.52% | 8.07% | 9.91% | 8.55% | -1.97% | 4.12% | 4.37% | 0.58% | 6.54% | 7.97% | -2.14% | 2.17% | 3.77% | 1.53% | 2.38% | 4.6% | 4.65% | 9.02% | 11.46% | 14.12% | 12.61% | 10.71% | 9.81% |
| EBITDA Growth % | -476.4% | -4684.62% | -97.59% | -15.99% | 751.3% | -123.8% | -34.32% | 400.94% | -80.37% | -2.79% | 24.41% | 523.7% | -149.48% | -4.47% | 707.25% | -91.03% | -21.32% | 478.14% | -195.18% | -46.35% | 153.48% | -39.08% | -47.67% | -3.32% | -54.07% | -21.26% | -8.61% | 15.29% | 24.09% | 18.1% | -7.94% |
| D&A (Non-Cash Add-back) | 6.21M | 6.38M | 6.54M | 6.56M | 6.68M | 6.67M | 5.51M | 4.15M | 3.94M | 3.37M | 3.04M | 3.05M | 2.83M | 2.24M | 1.72M | 1.8M | 2.17M | 2.73M | 3.28M | 3.39M | 3.67M | 4.25M | 4.34M | 4.31M | 4.21M | 4.03M | 3.77M | 3.3M | 2.9M | 3M | 2.5M |
| EBIT | -18.69M | -13.04M | -4.26M | 5.07M | 62.51M | -6.07M | 5.32M | 8.16M | 6.58M | 11.42M | 10.73M | 8.12M | -4.95M | 2.26M | 4.02M | -986K | 5.52M | 7.04M | -5.87M | -673K | 1.39M | -2.25M | -514K | 1.95M | 2.27M | 10.07M | 14.14M | 16.3M | 14.1M | 10.7M | 9.1M |
| Net Interest Income | -516K | -314K | -429K | -579K | -1.11M | -1.21M | -186K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 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 |
| Interest Expense | -32K | 314K | 429K | 579K | 1.11M | 1.21M | 186K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 3.07M | 847K | 1.57M | -295K | 54.58M | 1.46M | 720K | -580K | 14.1M | 2.7M | 109K | 0 | 0 | 825K | 0 | 0 | 0 | 0 | 0 | 0 | 106K | 0 | 553K | 0 | 0 | 0 | 0 | -200K | -100K | -100K | 100K |
| Pretax Income | -17.72M | -18.05M | -4.69M | 4.5M | 61.41M | -7.28M | 5.13M | 8.54M | 12.81M | 12.83M | 10.84M | 8.12M | -4.43M | 3.08M | 4.02M | -1.11M | 5.52M | 7.04M | -5.87M | -673K | 1.5M | -2.25M | 39K | 1.95M | 2.27M | 10.07M | 14.14M | 16.1M | 14M | 10.6M | 9.2M |
| Pretax Margin % | -7.6% | -7.81% | -2.1% | 1.79% | 23.09% | -3.03% | 2.59% | 4.52% | 7.35% | 7.67% | 7.74% | 6.22% | -3.32% | 2.39% | 3.15% | -0.94% | 4.69% | 5.74% | -4.85% | -0.54% | 1.11% | -1.72% | 0.03% | 1.43% | 1.63% | 6.44% | 9.05% | 11.6% | 10.39% | 8.29% | 7.78% |
| Income Tax | -4.76M | -4.69M | -1.31M | 1.02M | 16.34M | -1.78M | -2.19M | 2.05M | 6.3M | 4M | 3.07M | -7.32M | -88K | 169K | 365K | -669K | 1.2M | 255K | 6.58M | -381K | 257K | -1.31M | 15K | 741K | 1.13M | 3.83M | 5.37M | 6.1M | 5.3M | 4M | 3.5M |
| Effective Tax Rate % | 26.85% | 25.99% | 27.94% | 22.71% | 26.61% | 24.43% | -42.75% | 24.05% | 49.14% | 31.17% | 28.29% | -90.22% | 1.99% | 5.48% | 9.09% | 60.16% | 21.8% | 3.62% | -112.12% | 56.61% | 17.17% | 58.16% | 38.46% | 37.98% | 49.89% | 38.01% | 38% | 37.89% | 37.86% | 37.74% | 38.04% |
| Net Income | -14.15M | -13.36M | -3.38M | 3.47M | 45.07M | -5.5M | 7.32M | 6.48M | 6.52M | 8.83M | 7.77M | 15.44M | -4.34M | 2.92M | 3.65M | -443K | 4.32M | 6.79M | -12.45M | -292K | 1.24M | -943K | 24K | 1.21M | 1.14M | 6.24M | 8.77M | 10M | 8.7M | 6.6M | 5.7M |
| Net Margin % | -6.07% | -5.78% | -1.51% | 1.38% | 16.95% | -2.29% | 3.7% | 3.43% | 3.74% | 5.28% | 5.55% | 11.84% | -3.26% | 2.26% | 2.87% | -0.37% | 3.67% | 5.53% | -10.29% | -0.23% | 0.92% | -0.72% | 0.02% | 0.89% | 0.82% | 3.99% | 5.61% | 7.2% | 6.45% | 5.16% | 4.82% |
| Net Income Growth % | -91.41% | -295.12% | -197.32% | -92.29% | 918.94% | -175.15% | 12.94% | -0.51% | -26.19% | 13.63% | -49.68% | 455.48% | -248.97% | -20.13% | 924.15% | -110.26% | -36.36% | 154.53% | -4162.67% | -123.55% | 231.5% | -4029.17% | -98.02% | 6.33% | -81.77% | -28.77% | -12.34% | 14.94% | 31.82% | 15.79% | -13.64% |
| Net Income (Continuing) | -14.15M | -13.36M | -3.38M | 3.47M | 45.07M | -5.5M | 7.32M | 6.48M | 6.52M | 8.83M | 7.77M | 15.44M | -4.34M | 2.92M | 3.65M | -443K | 4.32M | 6.79M | -12.45M | -292K | 1.24M | -943K | 24K | 1.21M | 1.14M | 6.24M | 8.77M | 10M | 8.7M | 6.6M | 5.7M |
| 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 | 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 |
| EPS (Diluted) | -1.56 | -1.47 | -0.37 | 0.38 | 4.97 | -0.61 | 0.81 | 0.71 | 0.72 | 0.97 | 0.86 | 1.70 | -0.48 | 0.32 | 0.40 | -0.05 | 0.46 | 0.72 | -1.30 | -0.03 | 0.13 | -0.09 | 0.00 | 0.12 | 0.11 | 0.59 | 0.80 | 0.88 | 0.70 | 0.48 | 0.41 |
| EPS Growth % | -245.09% | -297.3% | -197.37% | -92.35% | 914.75% | -175.31% | 14.08% | -1.39% | -25.77% | 12.79% | -49.41% | 454.17% | -250% | -20% | 938.57% | -110.37% | -36.11% | 155.38% | -4321.77% | -122.62% | 237.86% | - | -98% | 9.09% | -81.36% | -26.25% | -9.09% | 25.71% | 45.83% | 17.07% | -14.58% |
| EPS (Basic) | - | -1.47 | -0.37 | 0.38 | 4.97 | -0.61 | 0.81 | 0.71 | 0.72 | 0.97 | 0.86 | 1.70 | -0.48 | 0.32 | 0.40 | -0.05 | 0.46 | 0.72 | -1.30 | -0.03 | 0.13 | -0.09 | 0.00 | 0.12 | 0.11 | 0.59 | 0.80 | 0.88 | 0.70 | 0.48 | 0.41 |
| Diluted Shares Outstanding | 9.08M | 9.08M | 9.08M | 9.08M | 9.08M | 9.08M | 9.08M | 9.08M | 9.08M | 9.08M | 9.08M | 9.1M | 9.12M | 9.15M | 9.18M | 9.28M | 9.33M | 9.43M | 9.58M | 9.93M | 9.97M | 9.99M | 10.13M | 10.38M | 10.49M | 10.6M | 10.93M | 11.36M | 12.43M | 13.77M | 13.79M |
| Basic Shares Outstanding | 9.08M | 9.08M | 9.08M | 9.08M | 9.08M | 9.08M | 9.08M | 9.08M | 9.08M | 9.08M | 9.08M | 9.1M | 9.12M | 9.15M | 9.18M | 9.28M | 9.33M | 9.41M | 9.58M | 9.93M | 9.97M | 9.99M | 10.13M | 10.38M | 10.45M | 10.54M | 10.91M | 11.36M | 12.43M | 13.77M | 13.79M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | 15.71% | - | - | 21.6% | - | - | - | - | - | 2137.5% | 137.6% | 238.75% | 47.31% | 34.93% | 27% | 28.74% | 34.85% | 40.35% |
Persistent Operating Margin Erosion
According to historical income statements, BRID's revenue trajectory remains inconsistent, fluctuating between $47.3M and $75.8M over the last ten quarters, which suggests that the company struggles to maintain a stable growth baseline in its core snack and frozen food segments despite recent modest year-over-year gains.
The lack of a clear upward trend in top-line performance indicates that the company's reliance on impulse-driven retail channels leaves it highly susceptible to shifts in consumer foot traffic. Investors should monitor whether the recent revenue fluctuations reflect genuine demand volatility or are merely a byproduct of aggressive, yet ineffective, trade promotion activity.
As reported in financial filings, BRID's gross margin has deteriorated from a peak of 29.2% in 2024Q1 to 17.5% in 2026Q2, highlighting a significant inability to pass through rising commodity costs for lean beef and flour to its price-sensitive retail customer base.
This persistent margin compression suggests that the company lacks the necessary pricing power to offset inflationary pressures within its cost structure. The inability to maintain gross margins above the 20% threshold in recent periods raises concerns regarding the long-term viability of its current product mix and manufacturing efficiency.
Based on the provided income statement data, BRID's operating leverage is currently non-existent, as SG&A expenses consistently outpace gross profit, resulting in an operating margin of -11.7% in the most recent quarter, which underscores a fundamental disconnect between operational scale and overhead costs.
The company's proprietary Direct Store Delivery network appears to be a significant burden, as the fixed costs associated with this distribution model are not being adequately amortized by current revenue levels. This suggests that without a substantial increase in volume or a radical reduction in logistics overhead, the company may continue to face structural operating losses.
Data from recent quarterly reports indicates that while SG&A expenses have been managed within a range of $13.6M to $18.9M, this discipline has failed to prevent net losses, as the underlying gross profit remains insufficient to cover the company's fixed operational footprint.
The absence of R&D spending suggests a focus on maintaining legacy operations rather than innovating to improve product margins or manufacturing throughput. This cost structure appears rigid, leaving management with limited flexibility to respond to the ongoing erosion of profitability without potentially compromising the service levels of their DSD network.
With a cash balance of only $876,000 against a backdrop of recurring quarterly operating losses, the company's financial position appears increasingly precarious, suggesting that the current business model may require external capital or asset liquidation to sustain operations in the near term.
Short-sellers would likely focus on the rapid depletion of cash reserves and the lack of a clear path to positive operating cash flow. The reliance on a thin liquidity cushion warrants further investigation into whether the company has access to sufficient credit facilities to bridge the gap until profitability is restored.
Quick answers to the most common questions about buying BRID stock.
For fiscal year 2025, Bridgford Foods Corporation (BRID) reported total revenue of $231.0M. This represents a 95.3% increase compared to $118.3M in 1996.
Bridgford Foods Corporation (BRID) reported a net loss of $13.4M for the fiscal year ending 2025.
Bridgford Foods Corporation (BRID) reported an operating income of $-18.9M, resulting in an operating profit margin of -8.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Bridgford Foods Corporation (BRID) generated $44.6M in gross profit for the year, representing a gross profit margin of 19.3%. This demonstrates the company's core pricing power and production efficiency.