Revenue growth remains stagnant with a 3.1% decline in 2026Q2, while gross margins remain compressed at 11.0%, leaving minimal buffer for operational volatility.
| 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 | 136.96M | 141.63M | 142.38M | 138.16M | 138.2M | 123.95M | 109.86M | 110.75M | 99.57M | 79.08M | 64.44M | 44.06M | 27.74M | 22.89M | 19.71M | 20.6M | 20.86M | 22.61M | 25.88M | 24.95M | 20.93M | 16.96M | 15.78M | 15.48M | 17.54M | 16.65M | 14.81M | 14.81M | 13.1M | 11.9M | 12.8M |
| Revenue Growth % | -5.13% | -0.53% | 3.05% | -0.03% | 11.49% | 12.83% | -0.81% | 11.23% | 25.91% | 22.72% | 46.26% | 58.8% | 21.19% | 16.17% | -4.35% | -1.25% | -7.75% | -12.62% | 3.71% | 19.2% | 23.43% | 7.48% | 1.95% | -11.73% | 5.35% | 12.43% | 0% | 13.02% | 10.08% | -7.03% | -26.86% |
| Cost of Goods Sold | 122.87M | 128.09M | 126.52M | 122.74M | 122.24M | 105.57M | 97.56M | 100.06M | 88.98M | 71.61M | 56.94M | 38.27M | 24.19M | 20.69M | 18.08M | 19.34M | 19.81M | 20.8M | 22.98M | 20.01M | 12.92M | 13.77M | 12.9M | 12.27M | 13.35M | 11.23M | 9.89M | 11.61M | 10.4M | 10M | 11.2M |
| COGS % of Revenue | - | 90.44% | 88.86% | 88.84% | 88.45% | 85.17% | 88.81% | 90.35% | 89.37% | 90.55% | 88.36% | 86.87% | 87.19% | 90.4% | 91.73% | 93.89% | 94.97% | 91.98% | 88.8% | 80.2% | 61.72% | 81.16% | 81.72% | 79.24% | 76.11% | 67.47% | 66.78% | 78.38% | 79.39% | 84.03% | 87.5% |
| Gross Profit | 14.09M | 13.54M | 15.86M | 15.42M | 15.96M | 18.38M | 12.29M | 10.69M | 10.59M | 7.47M | 7.5M | 5.78M | 3.56M | 2.2M | 1.63M | 1.26M | 1.05M | 1.81M | 2.9M | 4.94M | 8.01M | 3.2M | 2.88M | 3.21M | 4.19M | 5.42M | 4.92M | 3.2M | 2.7M | 1.9M | 1.6M |
| Gross Margin % | 10.28% | 9.56% | 11.14% | 11.16% | 11.55% | 14.83% | 11.19% | 9.65% | 10.63% | 9.45% | 11.64% | 13.13% | 12.81% | 9.6% | 8.27% | 6.11% | 5.03% | 8.02% | 11.2% | 19.8% | 38.28% | 18.84% | 18.28% | 20.76% | 23.89% | 32.53% | 33.22% | 21.62% | 20.61% | 15.97% | 12.5% |
| Gross Profit Growth % | - | -14.58% | 2.85% | -3.38% | -13.17% | 49.5% | 14.99% | 0.97% | 41.74% | -0.44% | 29.74% | 62.67% | 61.74% | 34.93% | 29.39% | 20.02% | -42.14% | -37.44% | -41.36% | -38.33% | 150.72% | 10.82% | -10.27% | -23.28% | -22.64% | 10.08% | 53.67% | 18.56% | 42.11% | 18.75% | 45.45% |
| Operating Expenses | 12.53M | 13.21M | 14.48M | 14.46M | 16.84M | 11.48M | 24.34M | 14.19M | 10.22M | 8.89M | 7.8M | 6.02M | 3.77M | 2.59M | 2.1M | 1.92M | 2.96M | 2.95M | 3.84M | 4.58M | 7.65M | 3.36M | 3.24M | 3.09M | 3.31M | 5.05M | 4.83M | 3.11M | 2.5M | 2.4M | 2.7M |
| OpEx % of Revenue | - | 9.33% | 10.17% | 10.46% | 12.18% | 9.26% | 22.15% | 12.81% | 10.26% | 11.24% | 12.11% | 13.67% | 13.6% | 11.31% | 10.67% | 9.34% | 14.19% | 13.03% | 14.85% | 18.36% | 36.55% | 19.8% | 20.56% | 19.98% | 18.86% | 30.31% | 32.61% | 21% | 19.08% | 20.17% | 21.09% |
| Selling, General & Admin | 12.8M | 13.05M | 14.11M | 12.42M | 13.69M | 11.52M | 8.77M | 11.42M | 10.18M | 8.7M | 7.83M | 5.37M | 3.79M | 2.61M | 2.15M | 2.11M | 2.76M | 2.98M | 3.88M | 3.34M | 6.68M | 2.55M | 2.43M | 2.16M | 2.3M | 4.11M | 4.01M | 2.31M | 1.8M | 1.7M | 1.9M |
| SG&A % of Revenue | - | 9.21% | 9.91% | 8.99% | 9.91% | 9.29% | 7.99% | 10.31% | 10.22% | 11% | 12.15% | 12.18% | 13.66% | 11.39% | 10.93% | 10.23% | 13.24% | 13.15% | 14.99% | 13.4% | 31.89% | 15.01% | 15.37% | 13.97% | 13.13% | 24.67% | 27.11% | 15.63% | 13.74% | 14.29% | 14.84% |
| 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 | -271K | 166K | 368K | 2.03M | 3.14M | -37K | 15.56M | 2.77M | 37K | 196K | -25K | 657K | -16K | -18K | -51K | -184K | 199K | -28K | -35K | 1.24M | 975K | 813K | 818K | 929K | 1M | 939K | 814K | 796K | 700K | 700K | 800K |
| Operating Income | 1.55M | 330K | 1.38M | 963K | -878K | 6.9M | -12.04M | -3.5M | 372K | -1.42M | -300K | -239K | -219K | -392K | -474K | -665K | -1.91M | -1.13M | -946K | 360K | 361K | -163K | -360K | 122K | 882K | 369K | 91K | 91K | 200K | -500K | -1.1M |
| Operating Margin % | 1.13% | 0.23% | 0.97% | 0.7% | -0.64% | 5.56% | -10.96% | -3.16% | 0.37% | -1.8% | -0.47% | -0.54% | -0.79% | -1.71% | -2.41% | -3.23% | -9.16% | -5.01% | -3.65% | 1.44% | 1.72% | -0.96% | -2.28% | 0.79% | 5.03% | 2.22% | 0.61% | 0.61% | 1.53% | -4.2% | -8.59% |
| Operating Income Growth % | - | -76.09% | 43.3% | 209.68% | -112.73% | 157.28% | -244.52% | -1039.52% | 126.16% | -374% | -25.52% | -9.13% | 44.13% | 17.3% | 28.72% | 65.22% | -68.61% | -19.87% | -362.78% | -0.28% | 321.47% | 54.72% | -395.08% | -86.17% | 139.02% | 305.49% | 0% | -54.5% | 140% | 54.55% | 42.11% |
| EBITDA | 5.39M | 4.38M | 5.23M | 4.71M | 3.18M | 14.4M | -3.7M | 1.09M | 4.32M | 1.68M | 2.04M | 1.09M | 463K | 327K | 321K | 223K | -969K | 38K | 337K | 1.58M | 1.36M | 648K | 476K | 1.07M | 1.91M | 1.29M | 887K | 887K | 900K | 200K | -300K |
| EBITDA Margin % | 3.94% | 3.09% | 3.67% | 3.41% | 2.3% | 11.62% | -3.37% | 0.99% | 4.34% | 2.12% | 3.16% | 2.48% | 1.67% | 1.43% | 1.63% | 1.08% | -4.64% | 0.17% | 1.3% | 6.34% | 6.49% | 3.82% | 3.02% | 6.93% | 10.86% | 7.75% | 5.99% | 5.99% | 6.87% | 1.68% | -2.34% |
| EBITDA Growth % | 14.87% | -16.26% | 10.9% | 48.32% | -77.93% | 488.98% | -438.17% | -74.67% | 157.47% | -17.53% | 86.28% | 136.07% | 41.59% | 1.87% | 43.95% | 123.01% | -2650% | -88.72% | -78.71% | 16.57% | 109.57% | 36.13% | -55.6% | -43.73% | 47.67% | 45.43% | 0% | -1.44% | 350% | 166.67% | 75% |
| D&A (Non-Cash Add-back) | 3.84M | 4.05M | 3.85M | 3.75M | 4.06M | 7.51M | 8.34M | 4.59M | 3.95M | 3.1M | 2.34M | 1.33M | 682K | 719K | 795K | 888K | 943K | 1.17M | 1.28M | 1.22M | 997K | 811K | 836K | 950K | 1.02M | 921K | 796K | 796K | 700K | 700K | 800K |
| EBIT | 1.55M | 470K | 1.38M | 963K | -878K | 18.68M | -12.04M | -3.49M | 375K | -1.41M | -339K | -207K | -361K | -497K | -465K | -615K | -1.71M | -1.16M | -992K | 360K | 361K | -163K | -360K | 122K | 882K | 369K | 91K | 91K | 200K | -500K | -1.1M |
| Net Interest Income | -181K | -196K | -125K | -78K | -54K | -269K | -753K | -753K | -388K | -182K | -107K | -49K | 5K | -44K | -199K | -279K | -598K | -261K | -13K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 2K | 3K | 4K | 9K | 19K | 44K | 14K | 3K | 4K | 1K | 1K | 16K | 67K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 181K | 196K | 125K | 78K | 54K | 269K | 755K | 756K | 392K | 191K | 126K | 93K | 9K | 47K | 203K | 280K | 599K | 277K | 80K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -493K | -56K | -125K | -78K | -54K | 11.51M | -753K | -753K | -389K | -183K | -165K | -61K | -151K | -152K | -194K | -230K | 1.91M | -512K | -126K | -360K | -361K | 163K | 360K | -122K | -882K | -369K | -91K | -91K | -200K | 500K | 1.1M |
| Pretax Income | 1.06M | 274K | 1.25M | 885K | -932K | 18.41M | -12.79M | -4.25M | -17K | -1.6M | -465K | -300K | -370K | -544K | -668K | -895K | 0 | -1.65M | -1.07M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pretax Margin % | 0.77% | 0.19% | 0.88% | 0.64% | -0.67% | 14.85% | -11.65% | -3.84% | -0.02% | -2.03% | -0.72% | -0.68% | -1.33% | -2.38% | -3.39% | -4.34% | - | -7.28% | -4.14% | - | - | - | - | - | - | - | - | - | - | - | - |
| Income Tax | -850K | -824K | -624K | -10.79M | -5K | 6K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | -80.34% | -300.73% | -49.72% | -1218.87% | 0.54% | 0.03% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | - | 0% | -0.37% | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Income | 1.81M | 1.02M | 1.61M | 11.09M | -2.64M | 16.79M | -13.92M | -5.14M | -1.03M | -2.25M | -1.32M | -791K | -690K | -687K | -777K | -1.01M | -2.93M | -1.65M | -1.08M | 29K | 17K | -418K | -665K | -232K | 248K | -81K | -274K | -274K | -200K | -1.1M | -2M |
| Net Margin % | 1.32% | 0.72% | 1.13% | 8.02% | -1.91% | 13.54% | -12.67% | -4.64% | -1.04% | -2.85% | -2.05% | -1.8% | -2.49% | -3% | -3.94% | -4.92% | -14.05% | -7.28% | -4.16% | 0.12% | 0.08% | -2.46% | -4.21% | -1.5% | 1.41% | -0.49% | -1.85% | -1.85% | -1.53% | -9.24% | -15.63% |
| Net Income Growth % | 66.27% | -36.52% | -85.45% | 519.77% | -115.73% | 220.63% | -170.9% | -396.81% | 54.15% | -70.7% | -67% | -14.64% | -0.44% | 11.58% | 23.3% | 65.45% | -78.13% | -52.97% | -3810.34% | 70.59% | 104.07% | 37.14% | -186.64% | -193.55% | 406.17% | 70.44% | 0% | -37% | 81.82% | 45% | 4.76% |
| Net Income (Continuing) | 1.91M | 1.1M | 1.88M | 11.67M | -927K | 18.4M | -12.79M | -4.25M | -17K | -1.6M | -465K | -300K | -370K | -544K | -668K | -895K | -2.51M | -1.48M | -1.08M | 29K | 17K | -418K | -665K | -232K | 248K | -81K | -274K | -274K | -200K | -1.1M | -2M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 22K | -590K | -218K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 777K | 753K | 717K | 423K | 1.3M | 1.12M | 1.29M | 1.52M | 3.24M | 2.71M | 1.72M | 1.61M | 279K | 242K | 203K | 215K | 274K | 428K | 584K | 751K | 795K | 620K | 670K | 774K | 1M | 1.07M | 1.2M | 1.3M | 1.5M | 1.6M | 1.7M |
| EPS (Diluted) | 0.17 | 0.10 | 0.14 | 0.94 | -0.21 | 1.31 | -1.10 | -0.34 | -0.08 | -0.18 | -0.11 | -0.08 | -0.11 | -0.23 | -0.29 | -0.42 | -2.26 | -1.27 | -0.83 | 0.03 | 0.03 | -0.52 | -0.86 | -0.31 | 0.33 | -0.11 | 0.08 | 0.13 | -0.52 | -2.50 | -4.50 |
| EPS Growth % | 75.28% | -31.64% | -85.11% | 547.62% | -116.03% | 219.09% | -223.53% | -309.64% | 53.89% | -63.64% | -46.08% | 31.55% | 52.17% | 20.69% | 30.95% | 81.42% | -77.95% | -53.01% | -2866.67% | 0% | 105.77% | 39.53% | -177.42% | -193.94% | 400% | -240.66% | -39.85% | 125% | 79.2% | 44.44% | 1.75% |
| EPS (Basic) | - | 0.10 | 0.15 | 0.94 | -0.21 | 1.32 | -1.10 | -0.34 | -0.08 | -0.18 | -0.11 | -0.08 | -0.11 | -0.23 | -0.29 | -0.42 | -2.26 | -1.27 | -0.83 | 0.03 | 0.03 | -0.52 | -0.86 | -0.31 | 0.33 | -0.11 | 0.08 | 0.13 | -0.52 | -2.50 | -4.58 |
| Diluted Shares Outstanding | 10.65M | 10.7M | 11.15M | 11.83M | 12.46M | 12.83M | 12.59M | 12.52M | 12.46M | 12.32M | 12.27M | 10.51M | 6.15M | 2.97M | 2.73M | 2.44M | 1.3M | 1.3M | 1.3M | 1.33M | 1.02M | 800.52K | 769.12K | 755.03K | 774.59K | 746.55K | 741.96K | 761.11K | 384.62K | 439.56K | 444.44K |
| Basic Shares Outstanding | 10.56M | 10.61M | 11.05M | 11.79M | 12.46M | 12.68M | 12.59M | 12.52M | 12.46M | 12.32M | 12.27M | 10.51M | 6.15M | 2.97M | 2.73M | 2.44M | 1.3M | 1.3M | 1.3M | 1.28M | 971.02K | 800.52K | 769.12K | 755.03K | 750.39K | 746.55K | 741.96K | 761.11K | 384.62K | 439.56K | 436.6K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Commodity cost volatility
As reported in recent financial filings, GTIM experienced a 3.1% revenue decline in 2026Q2, marking a persistent trend of negative growth that suggests the company is struggling to maintain guest traffic levels amidst ongoing menu price adjustments across its core Colorado and North Carolina markets.
The consistent contraction in revenue over the last several quarters indicates that the company's pricing power may be reaching a ceiling with its core consumer base. Investors should monitor whether this trend reflects a broader loss of market share to larger, better-capitalized national competitors or simply a regional economic slowdown.
Based on the company's reported figures, gross margins have hovered near 11% in recent periods, a level that leaves virtually no room for operational error given the high fixed-cost nature of the restaurant business and the company's sensitivity to fluctuating protein and dairy commodity prices.
The inclusion of store-level labor and occupancy costs within COGS creates a structural disadvantage that makes GTIM highly vulnerable to inflationary pressures. This thin margin profile suggests that the company lacks the scale necessary to absorb even minor increases in input costs without immediate, negative impacts on profitability.
According to the income statement data, GTIM's operating income has fluctuated significantly, swinging from a $514,000 loss in 2025Q2 to a $484,000 profit in 2026Q2, which highlights a lack of consistent operating leverage and an inability to scale SG&A expenses efficiently against revenue.
The inability to generate stable operating income despite revenue fluctuations suggests that the company's cost structure is largely fixed and unresponsive to top-line changes. This lack of scalability implies that management may struggle to improve bottom-line performance without a fundamental shift in the unit-level economic model.
While the company's 0.23% operating margin is a clear point of concern, historical data suggests that GTIM functions as a high-beta play on commodity prices, where even modest deflation in beef costs could lead to an outsized, non-linear expansion in net income margins.
Short-sellers likely focus on the persistent revenue contraction and the thin margin buffer, yet this perspective may overlook the potential for a rapid earnings inflection if input costs normalize. Investors should weigh the risk of continued operational stagnation against the possibility that the current low-margin environment is a temporary cyclical trough.
Quick answers to the most common questions about buying GTIM stock.
For fiscal year 2025, Good Times Restaurants Inc. (GTIM) reported total revenue of $141.6M. This represents a 1006.5% increase compared to $12.8M in 1996.
Good Times Restaurants Inc. (GTIM) is profitable, generating $1.0M in net income for the fiscal year ending 2025 with a net profit margin of 0.7%.
Good Times Restaurants Inc. (GTIM) reported an operating income of $0.3M, resulting in an operating profit margin of 0.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Good Times Restaurants Inc. (GTIM) generated $13.5M in gross profit for the year, representing a gross profit margin of 9.6%. This demonstrates the company's core pricing power and production efficiency.