Revenue growth exhibits significant quarterly variance ranging from 2.6% to 55.1%, while gross margins remain compressed between 4.2% and 7.0%, indicating a lack of structural profitability.
| 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 | 3.34B | 2.82B | 2.71B | 2.54B | 2.01B | 1.67B | 1.13B | 1.39B | 1.32B | 1.27B | 1.29B | 1.28B | 1.24B | 1.21B | 1.17B | 1.04B | 1.01B | 907.95M | 860.45M | 853.57M | 839.54M | 845.92M | 823.81M | 772.14M | 847.12M | 582.04M | 466.13M | 385.5M | 294.3M | 179M | 176.1M |
| Revenue Growth % | 19.6% | 3.9% | 6.73% | 26.32% | 20.24% | 48.26% | -18.99% | 5.3% | 3.71% | -1.52% | 1% | 3.65% | 2.12% | 3.14% | 12.72% | 3.08% | 11.3% | 5.52% | 0.81% | 1.67% | -0.75% | 2.68% | 6.69% | -8.85% | 45.54% | 24.87% | 20.91% | 30.99% | 64.41% | 1.65% | - |
| Cost of Goods Sold | 3.16B | 2.63B | 2.53B | 2.37B | 1.88B | 1.57B | 1.04B | 1.31B | 1.25B | 1.2B | 1.22B | 1.21B | 1.16B | 1.13B | 1.1B | 967.47M | 938.83M | 839.81M | 795.77M | 789.32M | 779.41M | 785.57M | 765.63M | 711.97M | 785.19M | 536.35M | 410.51M | 343M | 262.6M | 159.4M | 155.9M |
| COGS % of Revenue | - | 93.32% | 93.27% | 93.27% | 93.65% | 93.99% | 92.22% | 93.97% | 94.18% | 94.32% | 94.22% | 94.03% | 93.81% | 93.61% | 93.27% | 92.88% | 92.9% | 92.5% | 92.48% | 92.47% | 92.84% | 92.87% | 92.94% | 92.21% | 92.69% | 92.15% | 88.07% | 88.98% | 89.23% | 89.05% | 88.53% |
| Gross Profit | 187.33M | 188.23M | 182.35M | 170.84M | 127.72M | 100.55M | 87.73M | 84.02M | 76.93M | 72.45M | 74.77M | 76.57M | 76.51M | 77.36M | 79.06M | 74.16M | 71.71M | 68.14M | 64.68M | 64.25M | 60.13M | 60.35M | 58.17M | 60.16M | 61.92M | 45.69M | 55.61M | 42.5M | 31.7M | 19.6M | 20.2M |
| Gross Margin % | 5.6% | 6.68% | 6.73% | 6.73% | 6.35% | 6.01% | 7.78% | 6.03% | 5.82% | 5.68% | 5.78% | 5.97% | 6.19% | 6.39% | 6.73% | 7.12% | 7.1% | 7.5% | 7.52% | 7.53% | 7.16% | 7.13% | 7.06% | 7.79% | 7.31% | 7.85% | 11.93% | 11.02% | 10.77% | 10.95% | 11.47% |
| Gross Profit Growth % | - | 3.22% | 6.74% | 33.77% | 27.02% | 14.61% | 4.42% | 9.22% | 6.19% | -3.11% | -2.35% | 0.08% | -1.1% | -2.16% | 6.6% | 3.43% | 5.24% | 5.36% | 0.67% | 6.84% | -0.36% | 3.74% | -3.3% | -2.85% | 35.54% | -17.85% | 30.86% | 34.07% | 61.73% | -2.97% | - |
| Operating Expenses | 175.35M | 175.67M | 164.37M | 144.88M | 105.12M | 82.72M | 78.65M | 74.8M | 69.1M | 66.22M | 63.9M | 65.03M | 67.11M | 66.29M | 65.64M | 58.61M | 56.18M | 52.76M | 53.02M | 52.8M | 53.66M | 72.19M | 62.02M | 55.33M | 54.77M | 44.71M | 48.71M | 34.6M | 26.2M | 193.2M | 17.5M |
| OpEx % of Revenue | - | 6.24% | 6.06% | 5.7% | 5.23% | 4.95% | 6.97% | 5.37% | 5.23% | 5.19% | 4.94% | 5.07% | 5.43% | 5.47% | 5.59% | 5.63% | 5.56% | 5.81% | 6.16% | 6.19% | 6.39% | 8.53% | 7.53% | 7.17% | 6.47% | 7.68% | 10.45% | 8.98% | 8.9% | 107.93% | 9.94% |
| Selling, General & Admin | 125.5M | 0 | 154.88M | 137.3M | 101.47M | 79.63M | 0 | 72.18M | 66.78M | 64.17M | 61.73M | 62.77M | 64.72M | 63.88M | 63.25M | 56.37M | 54.45M | 51.54M | 51.63M | 50.96M | 51.72M | 56.49M | 56.05M | 53.05M | 51.61M | 42.19M | 45.91M | 32.8M | 25.1M | 15.9M | 16.7M |
| SG&A % of Revenue | - | - | 5.71% | 5.41% | 5.05% | 4.76% | - | 5.18% | 5.05% | 5.03% | 4.77% | 4.9% | 5.23% | 5.27% | 5.39% | 5.41% | 5.39% | 5.68% | 6% | 5.97% | 6.16% | 6.68% | 6.8% | 6.87% | 6.09% | 7.25% | 9.85% | 8.51% | 8.53% | 8.88% | 9.48% |
| 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 | 3M | 175.67M | 9.5M | 7.58M | 3.64M | 3.09M | 78.65M | 2.62M | 54.04K | 39.51K | 104.96K | 69.05K | 102.92K | 251.27K | 2.39M | 2.23M | 1.74M | 1.22M | 1.39M | 1.83M | 1.94M | 15.69M | 846.23K | 2.28M | 3.16M | 2.61M | 2.79M | 1.8M | 1.1M | 177.3M | 800K |
| Operating Income | 11.98M | 12.56M | 17.98M | 25.97M | 22.6M | 17.82M | 9.08M | 9.28M | 5.92M | 6.22M | 10.87M | 11.53M | 9.4M | 11.06M | 13.42M | 15.55M | 15.53M | 15.38M | 11.66M | 11.45M | 6.48M | -11.83M | -3.84M | 4.83M | 7.15M | 980.11K | 6.91M | 7.9M | 5.4M | 2.8M | 2.8M |
| Operating Margin % | 0.36% | 0.45% | 0.66% | 1.02% | 1.12% | 1.07% | 0.81% | 0.67% | 0.45% | 0.49% | 0.84% | 0.9% | 0.76% | 0.91% | 1.14% | 1.49% | 1.54% | 1.69% | 1.35% | 1.34% | 0.77% | -1.4% | -0.47% | 0.63% | 0.84% | 0.17% | 1.48% | 2.05% | 1.83% | 1.56% | 1.59% |
| Operating Income Growth % | - | -30.17% | -30.76% | 14.89% | 26.8% | 96.29% | -2.19% | 56.85% | -4.91% | -42.76% | -5.73% | 22.76% | -15.08% | -17.55% | -13.73% | 0.19% | 0.92% | 31.95% | 1.79% | 76.88% | 154.71% | -207.89% | -179.63% | -32.49% | 629.53% | -85.81% | -12.55% | 46.3% | 92.86% | 0% | - |
| EBITDA | 21.73M | 22.39M | 27.48M | 33.54M | 26.25M | 20.92M | 12.2M | 11.9M | 8.24M | 8.27M | 13.04M | 13.8M | 11.78M | 13.48M | 15.81M | 17.79M | 17.26M | 16.6M | 13.05M | 13.29M | 8.41M | -9.01M | -1.31M | 7.35M | 10.6M | 3.5M | 9.7M | 9.8M | 6.5M | 3.7M | 3.6M |
| EBITDA Margin % | 0.65% | 0.79% | 1.01% | 1.32% | 1.31% | 1.25% | 1.08% | 0.85% | 0.62% | 0.65% | 1.01% | 1.08% | 0.95% | 1.11% | 1.35% | 1.71% | 1.71% | 1.83% | 1.52% | 1.56% | 1% | -1.06% | -0.16% | 0.95% | 1.25% | 0.6% | 2.08% | 2.54% | 2.21% | 2.07% | 2.04% |
| EBITDA Growth % | -13.18% | -18.51% | -18.09% | 27.81% | 25.47% | 71.49% | 2.49% | 44.49% | -0.45% | -36.53% | -5.53% | 17.11% | -12.57% | -14.76% | -11.12% | 3.05% | 3.99% | 27.25% | -1.81% | 57.93% | 193.4% | -589.09% | -117.79% | -30.71% | 203% | -63.93% | -0.99% | 50.77% | 75.68% | 2.78% | - |
| D&A (Non-Cash Add-back) | 9.75M | 9.84M | 9.5M | 7.58M | 3.64M | 3.09M | 3.12M | 2.62M | 2.32M | 2.05M | 2.16M | 2.26M | 2.39M | 2.41M | 2.39M | 2.23M | 1.74M | 1.22M | 1.39M | 1.83M | 1.94M | 2.83M | 2.54M | 2.52M | 3.45M | 2.52M | 2.79M | 1.9M | 1.1M | 900K | 800K |
| EBIT | 11.5M | 1.56M | 17.88M | 25.85M | 23.73M | 18.03M | 9.57M | 6.41M | 5.97M | 6.26M | 10.98M | 11.6M | 9.4M | 11.34M | 13.76M | 15.78M | 15.61M | 15.49M | 11.66M | 11.45M | 6.69M | 3.84M | 8.37M | 7.37M | 7.15M | 980.11K | 6.92M | 7.86M | 5.5M | -173.6M | 2.7M |
| Net Interest Income | -10.22M | -10.44M | -10.41M | -8.55M | -2.25M | -1.34M | -1.69M | -1.6M | -1.19M | -825.69K | -723.22K | -841.74K | -907.76K | -1.08M | -1.33M | -1.39M | -1.46M | -1.63M | 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 | 27.6K | 25.95K | 32.69K | 45.14K | 43.92K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 10.22M | 10.44M | 10.41M | 8.55M | 2.25M | 1.34M | 1.69M | 1.6M | 1.19M | 825.69K | 723.22K | 841.74K | 935.36K | 1.11M | 1.36M | 1.43M | 1.5M | 1.63M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -10.7M | -10.99M | -10.52M | -8.66M | 544.27K | 2.22M | -1.4M | -1.54M | -1.14M | -786.18K | -618.26K | -772.68K | -804.84K | -830.93K | -1.02M | -1.21M | -1.42M | -1.52M | -2.87M | -4.62M | -4.72M | -4.9M | -8.47M | -164.09K | -3.86M | -3.77M | -250.96K | -1.21M | -1.6M | 500K | -500K |
| Pretax Income | 1.28M | 1.56M | 7.46M | 17.3M | 23.15M | 20.05M | 7.69M | 4.81M | 4.78M | 5.44M | 10.26M | 10.76M | 8.59M | 10.23M | 12.4M | 14.35M | 14.11M | 13.86M | 8.79M | 6.83M | 1.75M | -16.26M | -6.65M | 1.66M | 3.29M | -2.79M | 6.02M | 6.2M | 3.9M | 3.3M | 2.3M |
| Pretax Margin % | 0.04% | 0.06% | 0.28% | 0.68% | 1.15% | 1.2% | 0.68% | 0.35% | 0.36% | 0.43% | 0.79% | 0.84% | 0.69% | 0.84% | 1.06% | 1.38% | 1.4% | 1.53% | 1.02% | 0.8% | 0.21% | -1.92% | -0.81% | 0.21% | 0.39% | -0.48% | 1.29% | 1.61% | 1.33% | 1.84% | 1.31% |
| Income Tax | 852K | 995K | 3.13M | 5.71M | 6.47M | 4.5M | 2.14M | 1.61M | 1.16M | 2.49M | 4.28M | 4.4M | 3.63M | 4.38M | 5.03M | 6.28M | 5.14M | 5.37M | 3.19M | 2.63M | 432K | -4.91M | -2.42M | 629K | 1.32M | -1.02M | 2.12M | 2.3M | 1.5M | 1.3M | 1M |
| Effective Tax Rate % | 66.52% | 63.63% | 41.89% | 32.98% | 27.97% | 22.45% | 27.88% | 33.44% | 24.36% | 45.77% | 41.68% | 40.89% | 42.27% | 42.75% | 40.59% | 43.79% | 36.44% | 38.72% | 36.35% | 38.44% | 24.62% | 30.18% | 36.42% | 38% | 40.02% | 36.5% | 35.14% | 37.1% | 38.46% | 39.39% | 43.48% |
| Net Income | 428.76K | 568.74K | 4.34M | 11.6M | 16.67M | 15.55M | 5.54M | 3.2M | 3.61M | 2.95M | 5.98M | 6.36M | 4.96M | 5.86M | 7.37M | 8.06M | 8.97M | 12.97M | 5.33M | 4.44M | -1.11M | -12.74M | -4.14M | 1.03M | 1.97M | -3.34M | 3.9M | 3.8M | 2.4M | 1.9M | 1.3M |
| Net Margin % | 0.01% | 0.02% | 0.16% | 0.46% | 0.83% | 0.93% | 0.49% | 0.23% | 0.27% | 0.23% | 0.46% | 0.5% | 0.4% | 0.48% | 0.63% | 0.77% | 0.89% | 1.43% | 0.62% | 0.52% | -0.13% | -1.51% | -0.5% | 0.13% | 0.23% | -0.57% | 0.84% | 0.99% | 0.82% | 1.06% | 0.74% |
| Net Income Growth % | -71.12% | -86.88% | -62.6% | -30.45% | 7.25% | 180.47% | 73.05% | -11.39% | 22.55% | -50.68% | -5.98% | 28.26% | -15.35% | -20.48% | -8.64% | -10.06% | -30.89% | 143.31% | 20.09% | 499.56% | 91.28% | -207.89% | -503.18% | -47.95% | 159.01% | -185.59% | 2.75% | 58.33% | 26.32% | 46.15% | - |
| Net Income (Continuing) | 428.76K | 568.74K | 4.34M | 11.6M | 16.67M | 15.55M | 5.54M | 3.2M | 3.61M | 2.95M | 5.98M | 6.36M | 4.96M | 5.86M | 7.37M | 8.06M | 8.97M | 8.49M | 5.59M | 4.21M | 1.46M | -867.5K | 3.5M | 2.89M | 1.97M | -1.77M | 4.31M | 4.12M | 2.4M | 1.9M | 1.3M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 575.27K | 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 | 97.1K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.69 | 0.92 | 7.15 | 19.46 | 28.59 | 27.36 | 9.76 | 5.25 | 5.38 | 4.26 | 8.38 | 8.59 | 6.75 | 7.79 | 9.40 | 10.44 | 11.99 | 16.61 | 6.26 | 5.16 | -1.57 | -24.18 | -7.36 | 0.92 | 3.81 | -7.32 | 8.22 | 8.10 | 5.10 | 4.31 | 2.78 |
| EPS Growth % | 114.81% | -87.13% | -63.26% | -31.93% | 4.5% | 180.33% | 85.9% | -2.42% | 26.29% | -49.16% | -2.44% | 27.26% | -13.35% | -17.13% | -9.96% | -12.93% | -27.81% | 165.34% | 21.32% | 428.66% | 93.51% | -228.53% | -900% | -75.85% | 152.05% | -189.05% | 1.48% | 58.82% | 18.33% | 55.04% | - |
| EPS (Basic) | - | 0.93 | 7.24 | 19.85 | 29.37 | 28.24 | 9.88 | 5.36 | 5.47 | 4.34 | 9.37 | 9.96 | 7.81 | 9.08 | 11.56 | 13.09 | 15.36 | 22.61 | 9.16 | 7.63 | -2.11 | -24.18 | -7.84 | 0.94 | 3.90 | -7.32 | 8.58 | 8.46 | 5.22 | 4.31 | 2.78 |
| Diluted Shares Outstanding | 618.1K | 616.49K | 606.78K | 595.85K | 583.06K | 568.1K | 567.96K | 609.84K | 672.45K | 692.18K | 713.9K | 740.23K | 735.23K | 751.81K | 784.11K | 772.59K | 747.86K | 781.26K | 851.3K | 860.12K | 708.95K | 527.06K | 562.56K | 537.04K | 518.2K | 456.45K | 475.65K | 476K | 470.59K | 449.79K | 448.5K |
| Basic Shares Outstanding | 616.79K | 618.2K | 599.02K | 584.15K | 567.7K | 550.55K | 561.17K | 597.96K | 660.92K | 679.48K | 621.43K | 619.29K | 610.39K | 622.9K | 614.05K | 594.18K | 564.36K | 548.62K | 536.32K | 527.06K | 527.06K | 527.06K | 527.77K | 527.7K | 505.41K | 456.45K | 455.9K | 454.74K | 459.77K | 449.79K | 448.5K |
| Dividend Payout Ratio | - | 113.49% | 14.54% | 30.48% | 20.63% | 21.58% | 10.73% | 19.87% | 19.43% | 23.97% | 10.56% | 7.35% | 9.44% | 8.02% | 6.39% | 5.56% | 4.65% | 1.76% | 1.71% | - | - | - | - | 36.12% | 19.41% | - | 9.54% | 3.92% | - | - | - |
Razor-thin operating margin volatility
As reported in recent financial filings, DIT's revenue growth has exhibited significant quarterly variance, ranging from 2.6% to 55.1% year-over-year, suggesting that top-line performance is heavily influenced by transactional timing and tobacco excise tax fluctuations rather than consistent, organic volume expansion across its core distribution network.
The wide swings in quarterly revenue figures indicate that the company's top-line is not a reliable indicator of underlying operational health. Investors should interpret these growth spikes as potential accounting artifacts related to inventory procurement cycles rather than genuine market share gains in the competitive convenience store distribution space.
Based on the provided income statement data, DIT's gross margin has fluctuated between 4.2% and 7.0% over the last ten quarters, reflecting a highly sensitive cost structure where even minor shifts in product mix or input pricing can disproportionately impact the company's already narrow profitability profile.
The consistent compression of gross margins toward the lower end of this range suggests that the company lacks significant pricing power in its wholesale tobacco segment. This lack of margin buffer leaves the firm highly exposed to inflationary pressures in logistics and labor, which may continue to erode net profitability.
According to the latest quarterly results, DIT's operating margin has frequently dipped into negative territory or hovered near zero, indicating that the company fails to achieve meaningful operating leverage as it scales, likely due to the high variable cost nature of its regional distribution model.
The inability to scale operating income faster than gross profit suggests that the company's overhead and logistics costs are essentially fixed in their inefficiency. This lack of operating leverage implies that the business model may be fundamentally incapable of generating significant bottom-line growth without a radical shift in its distribution strategy.
Analysis of the income statement reveals that net income has frequently swung between profitability and losses, with the most recent 2026Q2 period showing a net loss of $2.2 million, highlighting the extreme fragility of earnings in the face of rising operating expenses and stock-based compensation.
The presence of recurring stock-based compensation during periods of net losses warrants further investigation into management's alignment with shareholder interests. The inconsistency in bottom-line results suggests that reported EPS may not be a reliable metric for assessing the company's long-term earnings power or cash-generating capability.
As evidenced by the 2026Q2 operating loss of $384.7K, the company's reliance on a low-margin, high-volume model appears increasingly unsustainable, as the firm struggles to maintain positive operating margins despite its established regional footprint and long-standing relationships with independent convenience store operators in the heartland.
Short-term observers might argue that the company's regional density provides a defensive moat, but the financials suggest this moat is insufficient to protect against rising operational costs. The persistent risk of net margin erosion indicates that the company may be one supply chain disruption away from a more severe financial contraction.
Quick answers to the most common questions about buying DIT stock.
For fiscal year 2025, AMCON Distributing Company (DIT) reported total revenue of $2.82B. This represents a 1499.5% increase compared to $176.1M in 1996.
AMCON Distributing Company (DIT) is profitable, generating $0.6M in net income for the fiscal year ending 2025 with a net profit margin of 0.0%.
AMCON Distributing Company (DIT) reported an operating income of $12.6M, resulting in an operating profit margin of 0.4%. This margin reflects the operational efficiency of the business before interest and taxes.
AMCON Distributing Company (DIT) generated $188.2M in gross profit for the year, representing a gross profit margin of 6.7%. This demonstrates the company's core pricing power and production efficiency.