Revenue growth has turned negative at -2.17% year-over-year, while gross margins have compressed significantly to 25.7% as of 2026Q1.
| Sales/Revenue | 3B | 3.03B | 3.1B | 3.04B | 2.94B | 2.61B | 2.52B | 2.32B | 2.17B | 1.96B | 1.93B | 1.21B | 0 |
| Revenue Growth % | -2.5% | -2.17% | 1.82% | 3.56% | 12.78% | 3.61% | 8.24% | 6.97% | 11.05% | 1.5% | 58.87% | - | - |
| Cost of Goods Sold | 2.2B | 2.21B | 2.18B | 2.19B | 2.12B | 1.86B | 1.75B | 1.63B | 1.52B | 1.36B | 1.36B | 901.72M | 0 |
| COGS % of Revenue | - | 72.86% | 70.39% | 71.8% | 72.27% | 71.45% | 69.69% | 69.97% | 69.92% | 69.37% | 70.38% | 74.31% | - |
| Gross Profit | 798.02M | 823M | 917.8M | 858.7M | 815.3M | 744.3M | 762.5M | 697.9M | 653.5M | 599.4M | 571M | 311.7M | 0 |
| Gross Margin % | 26.61% | 27.14% | 29.61% | 28.21% | 27.73% | 28.55% | 30.31% | 30.03% | 30.08% | 30.63% | 29.62% | 25.69% | - |
| Gross Profit Growth % | - | -10.33% | 6.88% | 5.32% | 9.54% | -2.39% | 9.26% | 6.79% | 9.03% | 4.97% | 83.19% | - | - |
| Operating Expenses | 478.72M | 497.6M | 530.8M | 518.3M | 439.9M | 401.6M | 403.3M | 414.4M | 370.4M | 356.5M | 432.9M | 61.74M | 31.86M |
| OpEx % of Revenue | - | 16.41% | 17.12% | 17.02% | 14.96% | 15.41% | 16.03% | 17.83% | 17.05% | 18.22% | 22.46% | 5.09% | - |
| Selling, General & Admin | 129.32M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5.6M | 0 | 38M | 551K |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - | 0.29% | - | 3.13% | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 16.42M | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | 1.35% | - |
| Other Operating Expenses | 3M | 497.6M | 530.8M | 518.3M | 439.9M | 401.6M | 403.3M | 414.4M | 370.4M | 350.9M | 432.9M | -7.33M | 31.3M |
| Operating Income | 319.3M | 325.4M | 387M | 340.4M | 375.4M | 342.7M | 359.2M | 283.5M | 283.1M | 242.9M | 138.1M | 249.96M | -31.86M |
| Operating Margin % | 10.65% | 10.73% | 12.48% | 11.18% | 12.77% | 13.15% | 14.28% | 12.2% | 13.03% | 12.41% | 7.16% | 20.6% | - |
| Operating Income Growth % | - | -15.92% | 13.69% | -9.32% | 9.54% | -4.59% | 26.7% | 0.14% | 16.55% | 75.89% | -44.75% | 884.67% | - |
| EBITDA | 429.39M | 434.8M | 483.9M | 435.4M | 464M | 414.3M | 426.8M | 351.8M | 329.4M | 285.3M | 189.2M | 279.54M | -1.46M |
| EBITDA Margin % | 14.32% | 14.34% | 15.61% | 14.3% | 15.78% | 15.89% | 16.96% | 15.14% | 15.16% | 14.58% | 9.81% | 23.04% | - |
| EBITDA Growth % | -11.76% | -10.15% | 11.14% | -6.16% | 12% | -2.93% | 21.32% | 6.8% | 15.46% | 50.79% | -32.32% | 19312.27% | - |
| D&A (Non-Cash Add-back) | 110.1M | 109.4M | 96.9M | 95M | 88.6M | 71.6M | 67.6M | 68.3M | 46.3M | 42.4M | 51.1M | 29.58M | 30.4M |
| EBIT | 233.6M | 145.3M | 408.2M | 385.5M | 403.6M | 298.2M | 362.2M | 293.1M | 296.4M | 227.3M | 153M | -418.9M | -31.86M |
| Net Interest Income | -187.35M | -196.3M | -132.62M | -138.27M | -86.07M | -82.96M | -60.68M | -82.3M | -71.7M | -81.4M | -78.1M | 36.5M | 91K |
| Interest Income | 14.31M | 0 | 10.82M | 6.27M | 630.58K | 121.3K | 732.73K | 2.5M | 200K | 200K | 6.53M | 36.5M | 4K |
| Interest Expense | 88.56M | 0 | 143.43M | 144.55M | 86.71M | 83.08M | 61.42M | 82.8M | 69.3M | 58.8M | 84.62M | 0 | -87K |
| Other Income/Expense | -177.81M | -180.1M | -109.1M | -86.8M | -54.4M | -106M | -63.7M | -73.2M | -56M | -74.4M | -62.1M | -724.36M | 87K |
| Pretax Income | 141.48M | 145.3M | 277.9M | 253.6M | 321M | 236.7M | 295.5M | 210.3M | 227.1M | 168.5M | 76M | -474.4M | -31.77M |
| Pretax Margin % | 4.72% | 4.79% | 8.97% | 8.33% | 10.92% | 9.08% | 11.75% | 9.05% | 10.45% | 8.61% | 3.94% | -39.1% | - |
| Income Tax | 8.11M | 8.6M | 50.8M | 60.9M | 71.2M | 55.7M | 70.4M | 56.7M | 56.6M | 32M | 39.6M | -16.69M | 0 |
| Effective Tax Rate % | 5.73% | 5.92% | 18.28% | 24.01% | 22.18% | 23.53% | 23.82% | 26.96% | 24.92% | 18.99% | 52.11% | 3.52% | 0% |
| Net Income | 133.38M | 136.7M | 227.1M | 192.7M | 249.8M | 181M | 225.2M | 154M | 171.2M | 136.5M | 36.4M | -457.71M | -31.77M |
| Net Margin % | 4.45% | 4.51% | 7.33% | 6.33% | 8.5% | 6.94% | 8.95% | 6.63% | 7.88% | 6.98% | 1.89% | -37.72% | - |
| Net Income Growth % | -40.8% | -39.81% | 17.85% | -22.86% | 38.01% | -19.63% | 46.23% | -10.05% | 25.42% | 275% | 107.95% | -1340.79% | - |
| Net Income (Continuing) | 133.38M | 136.7M | 227.1M | 192.7M | 249.8M | 181M | 225.1M | 153.6M | 170.5M | 136.5M | 36.4M | -457.71M | -31.77M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.2M | -800K | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.94 | 0.91 | 1.40 | 1.13 | 1.41 | 1.06 | 1.06 | 0.77 | 0.97 | 0.74 | 0.20 | -3.77 | -0.22 |
| EPS Growth % | -35.53% | -35% | 23.89% | -19.86% | 33.02% | 0% | 37.66% | -20.62% | 31.08% | 270% | 105.31% | -1613.64% | - |
| EPS (Basic) | - | 0.91 | 1.41 | 1.13 | 1.41 | 1.06 | 1.08 | 0.80 | 0.97 | 0.78 | 0.20 | -3.77 | -0.22 |
| Diluted Shares Outstanding | 142M | 150.22M | 163.1M | 171.2M | 174.28M | 178.07M | 197.89M | 198.43M | 175.8M | 184.8M | 183.53M | 121.7M | 146.03M |
| Basic Shares Outstanding | 141.8M | 150.22M | 164.88M | 170.57M | 174.28M | 178.07M | 197.54M | 192M | 175.6M | 176.1M | 183.52M | 121.54M | 145.95M |
| Dividend Payout Ratio | - | 66.79% | 39.28% | - | - | - | - | - | - | - | - | - | - |
Volume erosion and margin compression
According to the most recent quarterly income statements, NOMD has experienced a sustained period of negative top-line growth, with revenue declining by 2.17% on a year-over-year basis, suggesting that the company's reliance on price-led growth strategies may be encountering significant consumer resistance in core European markets.
The consistent negative revenue growth over the last several quarters indicates that the company is struggling to maintain volume as it attempts to pass through inflationary costs. This trend suggests that the brand's pricing power may be reaching a structural ceiling, forcing a potential pivot toward volume-based recovery that could further pressure margins.
As reported in financial filings, the company's gross margin has compressed from a peak of 32.3% in 2024Q3 to 25.7% in 2026Q1, reflecting the difficulty of managing input cost volatility while maintaining competitive positioning against private label alternatives in the frozen food aisle.
The erosion of gross margins suggests that the company is unable to fully offset rising commodity and energy costs through retail pricing. Investors should monitor whether this margin contraction is a temporary cyclical phenomenon or a permanent shift in the competitive landscape of the European frozen food sector.
Based on the provided income statement data, operating income has failed to scale with revenue, dropping to $67.7M in 2026Q1 from a high of $122.4M in 2024Q3, which indicates that the company's operating leverage is currently working against its bottom-line profitability during this period of top-line decline.
The inability to maintain operating margins while revenue contracts suggests that fixed costs, including cold-chain logistics and administrative overhead, are becoming increasingly burdensome. This lack of operational flexibility may limit the company's ability to reinvest in brand equity or pursue further inorganic growth opportunities.
Analysis of the reported figures reveals a significant divergence between operating and net income, with net margins falling to 4.51% compared to operating margins of 10.73%, highlighting the impact of non-operating expenses that appear to be consistently eroding shareholder value across recent reporting periods.
The recurring gap between operating and net income suggests that interest expenses or other non-operating items are significantly impacting the bottom line. This volatility warrants further investigation into the company's capital structure and the sustainability of its current earnings profile in a high-interest rate environment.
While management has historically utilized a roll-up strategy to drive expansion, the recent -2.17% revenue growth trend suggests that the acquisition-led model may be losing its efficacy, raising concerns about the company's ability to generate organic growth in a saturated and highly competitive European grocery market.
Short-sellers may focus on the disconnect between the company's historical acquisition-based growth and the current reality of volume erosion. The reliance on M&A to mask underlying organic weakness appears increasingly risky if the company cannot demonstrate a clear path to sustainable, volume-driven revenue expansion.
Quick answers to the most common questions about buying NOMD stock.
For fiscal year 2025, Nomad Foods Limited (NOMD) reported total revenue of $3.03B.
Nomad Foods Limited (NOMD) is profitable, generating $136.7M in net income for the fiscal year ending 2025 with a net profit margin of 4.5%.
Nomad Foods Limited (NOMD) reported an operating income of $325.4M, resulting in an operating profit margin of 10.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Nomad Foods Limited (NOMD) generated $823.0M in gross profit for the year, representing a gross profit margin of 27.1%. This demonstrates the company's core pricing power and production efficiency.