Revenue growth remains challenged with a 1.8% year-over-year contraction in 2026Q2, while operating margins remain constrained at 2.6%, indicating limited scalability in the current retail environment.
| 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 | 5.4B | 5.33B | 5.64B | 5.89B | 5.68B | 4.99B | 4.61B | 4.2B | 4.09B | 4B | 3.79B | 3.78B | 3.84B | 3.74B | 3.72B | 3.57B | 3.39B | 3.25B | 3.24B | 2.85B | 2.61B | 2.27B | 2.14B | 1.99B | 1.96B | 1.95B | 1.92B | 1.81B | 1.65B | 1.54B | 1.47B |
| Revenue Growth % | -0.28% | -5.42% | -4.3% | 3.77% | 13.85% | 8.18% | 9.72% | 2.67% | 2.25% | 5.47% | 0.43% | -1.49% | 2.61% | 0.54% | 4.18% | 5.28% | 4.28% | 0.4% | 13.55% | 9.16% | 14.88% | 6.39% | 7.35% | 1.56% | 0.36% | 1.94% | 6.14% | 9.6% | 7.24% | 4.31% | 6.32% |
| Cost of Goods Sold | 4.07B | 4.06B | 4.34B | 4.49B | 4.26B | 3.68B | 3.41B | 3.18B | 3.11B | 3.04B | 2.87B | 2.89B | 2.99B | 2.91B | 2.9B | 2.78B | 2.63B | 2.51B | 2.49B | 2.17B | 1.96B | 1.69B | 1.58B | 1.47B | 1.44B | 1.44B | 1.38B | 1.31B | 1.19B | 1.12B | 1.09B |
| COGS % of Revenue | - | 76.11% | 76.95% | 76.16% | 75.07% | 73.87% | 74.01% | 75.68% | 76.05% | 75.93% | 75.64% | 76.36% | 77.97% | 77.86% | 77.93% | 77.76% | 77.5% | 77.14% | 76.9% | 75.94% | 75.03% | 74.24% | 73.86% | 73.71% | 73.54% | 73.81% | 72.16% | 72.78% | 72.42% | 72.96% | 74.29% |
| Gross Profit | 1.32B | 1.27B | 1.3B | 1.4B | 1.42B | 1.3B | 1.2B | 1.02B | 980.17M | 963.59M | 924.41M | 893.3M | 845.16M | 827.81M | 820.78M | 793.73M | 762.93M | 743.08M | 747.86M | 686.24M | 652.19M | 585.7M | 558.63M | 523.41M | 518.76M | 511.56M | 533.43M | 491.5M | 454.3M | 415.3M | 378.6M |
| Gross Margin % | 24.5% | 23.89% | 23.05% | 23.84% | 24.93% | 26.13% | 25.99% | 24.32% | 23.95% | 24.07% | 24.36% | 23.64% | 22.03% | 22.14% | 22.07% | 22.24% | 22.5% | 22.86% | 23.1% | 24.07% | 24.97% | 25.76% | 26.14% | 26.29% | 26.46% | 26.19% | 27.84% | 27.22% | 27.58% | 27.04% | 25.71% |
| Gross Profit Growth % | - | -1.98% | -7.48% | -0.77% | 8.62% | 8.78% | 17.25% | 4.27% | 1.72% | 4.24% | 3.48% | 5.7% | 2.1% | 0.86% | 3.41% | 4.04% | 2.67% | -0.64% | 8.98% | 5.22% | 11.35% | 4.85% | 6.73% | 0.9% | 1.41% | -4.1% | 8.53% | 8.19% | 9.39% | 9.69% | 10.03% |
| Operating Expenses | 1.18B | 1.16B | 1.15B | 1.11B | 1.04B | 953.38M | 917.31M | 869.81M | 855.35M | 835.68M | 795.8M | 754.12M | 721.82M | 702.24M | 696.93M | 675.21M | 653.48M | 629.86M | 624.41M | 552.72M | 536.07M | 494.2M | 472.53M | 459.7M | 450.21M | 444.34M | 475.15M | 432.9M | 402.7M | 358.5M | 324.2M |
| OpEx % of Revenue | - | 21.68% | 20.44% | 18.88% | 18.29% | 19.11% | 19.9% | 20.7% | 20.9% | 20.88% | 20.97% | 19.96% | 18.82% | 18.78% | 18.74% | 18.92% | 19.28% | 19.37% | 19.28% | 19.38% | 20.52% | 21.73% | 22.11% | 23.09% | 22.96% | 22.75% | 24.8% | 23.98% | 24.45% | 23.34% | 22.02% |
| Selling, General & Admin | 0 | 7.4M | 9.7M | 10.6M | 10.9M | 11.1M | 921.75M | 873.86M | 856.07M | 837.14M | 794.59M | 756.31M | 722.64M | 706.5M | 697.6M | 677.89M | 655.19M | 632.41M | 626.4M | 564.02M | 536.61M | 500.22M | 479.62M | 459.68M | 450.21M | 454.65M | 432.63M | 391.9M | 357.1M | 320M | 291.3M |
| SG&A % of Revenue | - | 0.14% | 0.17% | 0.18% | 0.19% | 0.22% | 19.99% | 20.8% | 20.92% | 20.91% | 20.94% | 20.02% | 18.84% | 18.9% | 18.76% | 18.99% | 19.33% | 19.45% | 19.35% | 19.78% | 20.54% | 22% | 22.44% | 23.09% | 22.96% | 23.27% | 22.58% | 21.71% | 21.68% | 20.83% | 19.78% |
| 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 | 1.15B | 1.14B | 1.1B | 1.03B | 942.28M | -4.43M | -4.05M | -728.39K | -1.46M | 1.21M | -2.19M | -825.86K | -4.26M | -670.02K | -2.68M | -1.71M | -2.55M | -1.99M | -11.3M | -539.88K | -6.02M | -7.09M | 24K | 0 | -10.3M | 42.52M | 41M | 45.6M | 38.5M | 32.9M |
| Operating Income | 145.61M | 117.58M | 147.14M | 292.3M | 376.93M | 350.06M | 280.94M | 152.19M | 124.82M | 127.91M | 128.6M | 139.18M | 123.35M | 125.57M | 123.85M | 118.52M | 109.45M | 113.22M | 123.45M | 133.51M | 116.12M | 91.5M | 86.09M | 63.71M | 68.55M | 67.21M | 58.28M | 58.6M | 51.6M | 56.8M | 54.4M |
| Operating Margin % | 2.7% | 2.2% | 2.61% | 4.96% | 6.64% | 7.02% | 6.09% | 3.62% | 3.05% | 3.2% | 3.39% | 3.68% | 3.22% | 3.36% | 3.33% | 3.32% | 3.23% | 3.48% | 3.81% | 4.68% | 4.45% | 4.02% | 4.03% | 3.2% | 3.5% | 3.44% | 3.04% | 3.25% | 3.13% | 3.7% | 3.69% |
| Operating Income Growth % | - | -20.09% | -49.66% | -22.45% | 7.68% | 24.6% | 84.59% | 21.93% | -2.42% | -0.54% | -7.6% | 12.84% | -1.78% | 1.39% | 4.5% | 8.29% | -3.34% | -8.28% | -7.54% | 14.98% | 26.91% | 6.28% | 35.14% | -7.06% | 1.99% | 15.32% | -0.54% | 13.57% | -9.15% | 4.41% | 20.09% |
| EBITDA | 267.33M | 240.47M | 268.77M | 408.28M | 494.73M | 467.16M | 397.22M | 264.71M | 237.91M | 238.84M | 235.19M | 242.06M | 221.01M | 220.46M | 214.38M | 203.92M | 194.38M | 192.9M | 192.54M | 194.45M | 175.95M | 148.13M | 144.8M | 114.64M | 116.1M | 111.27M | 100.8M | 99.6M | 97.2M | 95.3M | 87.3M |
| EBITDA Margin % | 4.95% | 4.51% | 4.77% | 6.93% | 8.71% | 9.37% | 8.62% | 6.3% | 5.81% | 5.97% | 6.2% | 6.41% | 5.76% | 5.9% | 5.77% | 5.71% | 5.73% | 5.93% | 5.95% | 6.82% | 6.74% | 6.51% | 6.77% | 5.76% | 5.92% | 5.7% | 5.26% | 5.52% | 5.9% | 6.2% | 5.93% |
| EBITDA Growth % | 25.47% | -10.53% | -34.17% | -17.47% | 5.9% | 17.61% | 50.06% | 11.27% | -0.39% | 1.55% | -2.84% | 9.52% | 0.25% | 2.84% | 5.13% | 4.91% | 0.76% | 0.19% | -0.98% | 10.52% | 18.78% | 2.3% | 26.31% | -1.26% | 4.35% | 10.39% | 1.2% | 2.47% | 1.99% | 9.16% | 20.91% |
| D&A (Non-Cash Add-back) | 121.72M | 122.89M | 121.62M | 115.98M | 117.8M | 117.1M | 116.28M | 112.52M | 113.08M | 110.93M | 106.59M | 102.88M | 97.66M | 94.89M | 90.53M | 85.41M | 84.93M | 79.68M | 69.1M | 60.94M | 59.83M | 56.63M | 58.71M | 50.93M | 47.55M | 44.05M | 42.52M | 41M | 45.6M | 38.5M | 32.9M |
| EBIT | 154.46M | 129.65M | 161.36M | 300.57M | 382.78M | 351.95M | 275.57M | 154.01M | 127.89M | 131.72M | 130.96M | 141.46M | 126.35M | 85.39M | 127.37M | 122.68M | 113.67M | 105.29M | 123.45M | 133.51M | 116.12M | 91.5M | 86.09M | 119.17M | 68.55M | 67.21M | 58.28M | 58.6M | 51.6M | 56.8M | 54.4M |
| Net Interest Income | -18.92M | -19.71M | -21.86M | -22.07M | -21.51M | -24.33M | -40.53M | -47.41M | -47.57M | -47.46M | -46.33M | -47.01M | -46.57M | -59.14M | -60.03M | -61.97M | -64.85M | -59.06M | 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 | 18.92M | 19.71M | 21.86M | 22.07M | 21.51M | 24.33M | 40.53M | 47.41M | 47.57M | 47.46M | 46.33M | 47.01M | 46.57M | 59.14M | 60.03M | 61.97M | 64.85M | 59.06M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -6.95M | -7.64M | -7.64M | -13.8M | -15.66M | -22.44M | -45.89M | -45.6M | -44.51M | -43.65M | -43.97M | -44.72M | -43.57M | -99.33M | -56.5M | -57.81M | -60.63M | -66.99M | -43.76M | -43.66M | -48.04M | -48.63M | -40.05M | 204.62M | -49.1M | -39.01M | -24.09M | -28.5M | -45.1M | -23.7M | -20.8M |
| Pretax Income | 138.66M | 109.94M | 139.5M | 278.5M | 361.27M | 327.61M | 235.04M | 106.6M | 80.32M | 84.26M | 84.63M | 94.46M | 79.78M | 26.24M | 67.35M | 60.71M | 48.82M | 46.23M | 79.68M | 89.85M | 68.08M | 42.87M | 46.04M | 268.33M | 19.45M | 28.2M | 34.19M | 30.1M | 6.5M | 33.1M | 33.6M |
| Pretax Margin % | 2.57% | 2.06% | 2.47% | 4.73% | 6.36% | 6.57% | 5.1% | 2.54% | 1.96% | 2.11% | 2.23% | 2.5% | 2.08% | 0.7% | 1.81% | 1.7% | 1.44% | 1.42% | 2.46% | 3.15% | 2.61% | 1.89% | 2.15% | 13.48% | 0.99% | 1.44% | 1.78% | 1.67% | 0.39% | 2.15% | 2.28% |
| Income Tax | 34.37M | 26.34M | 33.96M | 67.69M | 88.51M | 77.88M | 56.44M | 25.02M | -17.05M | 30.39M | 30.45M | 35.1M | 28.35M | 5.45M | 23.9M | 21.65M | 17.98M | 17.41M | 27.56M | 31.21M | 25.5M | 16.3M | 17.29M | 9.81M | 6.95M | 10.35M | 13.1M | 11.4M | 2.3M | 12.6M | 12.9M |
| Effective Tax Rate % | 24.79% | 23.96% | 24.34% | 24.31% | 24.5% | 23.77% | 24.01% | 23.47% | -21.22% | 36.06% | 35.97% | 37.16% | 35.54% | 20.76% | 35.49% | 35.66% | 36.82% | 37.65% | 34.59% | 34.74% | 37.45% | 38.02% | 37.55% | 3.66% | 35.75% | 36.7% | 38.31% | 37.87% | 35.38% | 38.07% | 38.39% |
| Net Income | 104.29M | 83.59M | 105.54M | 210.81M | 272.76M | 249.73M | 178.6M | 81.58M | 97.36M | 53.87M | 54.19M | 59.35M | 51.43M | 20.8M | 43.44M | 39.06M | 30.84M | 28.83M | 52.12M | 58.64M | 42.58M | 26.57M | 28.75M | 17.02M | 12.5M | 17.85M | 21.09M | 18.7M | 4.2M | 19.9M | 20.7M |
| Net Margin % | 1.93% | 1.57% | 1.87% | 3.58% | 4.8% | 5.01% | 3.87% | 1.94% | 2.38% | 1.35% | 1.43% | 1.57% | 1.34% | 0.56% | 1.17% | 1.09% | 0.91% | 0.89% | 1.61% | 2.06% | 1.63% | 1.17% | 1.35% | 0.85% | 0.64% | 0.91% | 1.1% | 1.04% | 0.26% | 1.3% | 1.41% |
| Net Income Growth % | 68.37% | -20.8% | -49.94% | -22.71% | 9.22% | 39.83% | 118.93% | -16.21% | 80.73% | -0.58% | -8.7% | 15.41% | 147.29% | -52.13% | 11.23% | 26.64% | 6.99% | -44.69% | -11.11% | 37.71% | 60.26% | -7.59% | 68.95% | 36.19% | -30% | -15.37% | 12.79% | 345.24% | -78.89% | -3.86% | 21.76% |
| Net Income (Continuing) | 104.29M | 83.59M | 105.54M | 210.81M | 272.76M | 249.73M | 178.6M | 81.58M | 97.36M | 53.87M | 54.19M | 59.35M | 51.43M | 20.8M | 43.44M | 39.06M | 30.84M | 28.83M | 52.12M | 58.64M | 42.58M | 26.57M | 28.75M | 17.02M | 12.5M | 17.85M | 21.09M | 18.7M | 4.2M | 20.5M | 20.7M |
| 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) | 5.49 | 4.40 | 5.56 | 11.10 | 14.36 | 12.73 | 8.82 | 4.03 | 4.81 | 2.66 | 2.67 | 2.93 | 2.27 | 0.87 | 1.79 | 1.60 | 1.30 | 1.18 | 2.13 | 2.39 | 1.74 | 1.10 | 1.22 | 0.74 | 0.64 | 0.64 | 0.93 | 0.83 | 0.19 | 0.92 | 1.03 |
| EPS Growth % | 68.4% | -20.86% | -49.91% | -22.7% | 12.8% | 44.33% | 118.86% | -16.22% | 80.83% | -0.37% | -8.87% | 29.07% | 160.92% | -51.4% | 11.88% | 23.08% | 10.17% | -44.6% | -10.88% | 37.36% | 58.18% | -9.84% | 64.86% | 15.63% | 0% | -31.18% | 12.05% | 336.84% | -79.35% | -10.68% | 17.05% |
| EPS (Basic) | - | 4.50 | 5.68 | 11.35 | 14.69 | 13.06 | 9.06 | 4.14 | 4.94 | 2.66 | 2.67 | 2.93 | 2.27 | 0.87 | 1.87 | 1.60 | 1.30 | 1.18 | 2.13 | 2.44 | 1.82 | 1.12 | 1.21 | 0.75 | 0.66 | 0.79 | 0.93 | 0.83 | 0.19 | 0.95 | 1.12 |
| Diluted Shares Outstanding | 18.99M | 18.99M | 18.99M | 18.99M | 18.99M | 19.61M | 20.26M | 20.26M | 20.26M | 20.26M | 20.26M | 20.26M | 22.61M | 23.87M | 24.27M | 24.45M | 24.49M | 24.51M | 24.51M | 24.51M | 24.47M | 24.22M | 23.58M | 23M | 23.14M | 27.89M | 22.68M | 22.53M | 22.11M | 21.63M | 20.1M |
| Basic Shares Outstanding | 18.99M | 18.99M | 18.59M | 18.57M | 18.57M | 19.12M | 19.71M | 19.71M | 19.7M | 19.69M | 19.69M | 20.26M | 22.61M | 23.87M | 23.23M | 24.45M | 24.47M | 24.47M | 24.47M | 24M | 23.4M | 23.97M | 23.51M | 22.67M | 22.41M | 22.55M | 22.68M | 22.53M | 22.11M | 20.95M | 18.48M |
| Dividend Payout Ratio | - | 14.68% | 11.62% | 5.82% | 4.49% | 5.06% | 7.28% | 15.94% | 13.35% | 24.13% | 23.98% | 21.86% | 28.12% | 146.4% | 35.35% | 39.54% | 50.16% | 53.69% | 29.65% | 26.33% | 36.19% | 57.27% | 51.19% | 84.14% | 113.92% | 79.23% | 66.97% | 74.87% | 328.57% | 64.82% | 53.62% |
Persistent Top-Line Contraction
As indicated by the most recent quarterly data, IMKTA has experienced a sustained period of top-line pressure, with revenue figures showing a consistent decline over the last several quarters, culminating in a 1.8% year-over-year decrease in 2026Q2 compared to the prior year's performance.
The consistent negative growth trajectory suggests that the company is struggling to maintain market share within its core Appalachian footprint. Investors should monitor whether this trend reflects a structural shift in consumer spending habits or an inability to effectively pass through inflationary costs to a price-sensitive rural demographic.
Based on the provided financial statements, the company's gross margin has fluctuated within a narrow band, reaching 24.9% in 2026Q2, yet operating margins remain thin at 2.6%, highlighting the limited buffer available to absorb potential increases in labor or logistics-related operational expenses.
The narrow operating margin suggests that the company's retail operations are highly sensitive to even minor fluctuations in input costs. Without a significant shift toward higher-margin private label penetration or improved utilization of the Milkco processing facility, profitability may remain constrained by the competitive nature of the regional grocery landscape.
According to the income statement history, operating income has failed to scale meaningfully alongside gross profit, with the 2026Q2 operating income of $34.1 million reflecting a lack of significant operating leverage despite the company's unique vertical integration and owned real estate asset base.
The inability to drive operating income growth suggests that fixed costs associated with property maintenance and regional logistics may be offsetting the benefits of vertical integration. This warrants further investigation into whether the company's current cost structure is optimized for the prevailing retail environment or if it requires a more aggressive modernization strategy.
While the company maintains a fortress-like balance sheet, the recent income statement data reveals a concerning trend of declining profitability, as evidenced by the 2024Q4 period where operating income dipped into negative territory, suggesting that the underlying retail business model may be facing significant headwinds.
Short-sellers might focus on the disconnect between the company's valuable real estate holdings and the deteriorating core retail performance. The reliance on historical cost accounting for assets may mask the true economic cost of operations, potentially overstating the long-term viability of the current business model in a high-inflation environment.
Quick answers to the most common questions about buying IMKTA stock.
For fiscal year 2025, Ingles Markets, Incorporated (IMKTA) reported total revenue of $5.33B. This represents a 262.2% increase compared to $1.47B in 1996.
Ingles Markets, Incorporated (IMKTA) is profitable, generating $83.6M in net income for the fiscal year ending 2025 with a net profit margin of 1.6%.
Ingles Markets, Incorporated (IMKTA) reported an operating income of $117.6M, resulting in an operating profit margin of 2.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Ingles Markets, Incorporated (IMKTA) generated $1.27B in gross profit for the year, representing a gross profit margin of 23.9%. This demonstrates the company's core pricing power and production efficiency.