The J. M. Smucker Company (SJM) Income Statement

30Y historyFree accessUpdated daily

Revenue growth has reaccelerated to 5.0% in Q1 FY2027, and gross margin has expanded significantly to 44.1% from a low of 22.5% a year prior, indicating the portfolio pivot is yielding tangible top-line and margin benefits.

Annual statement

SJM Income Statement

The J. M. Smucker Company (SJM) annual income statement — 30-year revenue, gross profit & net income history

Annual Quarterly

Metric	TTM	Apr'26	Apr'25	Apr'24	Apr'23	Apr'22	Apr'21	Apr'20	Apr'19	Apr'18	Apr'17	Apr'16	Apr'15	Apr'14	Apr'13	Apr'12	Apr'11	Apr'10	Apr'09	Apr'08	Apr'07	Apr'06	Apr'05	Apr'04	Apr'03	Apr'02	Apr'01	Apr'00	Apr'99	Apr'98	Apr'97

Sales/Revenue	9.16B	9.05B	8.73B	8.18B	8.53B	8B	8B	7.8B	7.84B	7.36B	7.39B	7.81B	5.69B	5.61B	5.9B	5.53B	4.83B	4.61B	3.76B	2.52B	2.15B	2.15B	2.04B	1.37B	1.31B	687.15M	651.24M	641.88M	602.46M	565.48M	542.6M
Revenue Growth %	5.08%	3.72%	6.69%	-4.11%	6.63%	-0.05%	2.59%	-0.47%	6.54%	-0.48%	-5.36%	37.21%	1.46%	-4.87%	6.73%	14.51%	4.79%	22.55%	48.84%	17.54%	-0.31%	5.42%	49.24%	4.41%	90.9%	5.51%	1.46%	6.54%	6.54%	4.22%	2.65%
Cost of Goods Sold	5.62B	6.02B	5.34B	5.06B	5.73B	5.3B	4.86B	4.8B	4.92B	4.52B	4.56B	4.84B	3.72B	3.58B	3.87B	3.68B	3.03B	2.82B	2.51B	1.74B	1.45B	1.46B	1.39B	886.96M	855.66M	462.16M	438.48M	414.48M	395.94M	365.61M	327.1M
COGS % of Revenue	-	66.47%	61.21%	61.91%	67.15%	66.24%	60.78%	61.52%	62.8%	61.45%	61.65%	62.01%	65.42%	63.8%	65.62%	66.61%	62.73%	61.2%	66.7%	69.02%	67.32%	67.84%	67.83%	64.76%	65.23%	67.26%	67.33%	64.57%	65.72%	64.66%	60.28%
Gross Profit	3.54B	3.03B	3.38B	3.12B	2.8B	2.7B	3.14B	3B	2.92B	2.84B	2.84B	2.97B	1.97B	2.03B	2.03B	1.85B	1.8B	1.79B	1.25B	782.16M	702.05M	692.85M	657.42M	482.6M	456.08M	224.99M	212.76M	218.01M	206.51M	199.86M	193.65M
Gross Margin %	38.65%	33.53%	38.79%	38.09%	32.85%	33.76%	39.22%	38.48%	37.2%	38.55%	38.35%	37.99%	34.58%	36.2%	34.38%	33.39%	37.27%	38.8%	33.3%	30.98%	32.68%	32.16%	32.17%	35.24%	34.77%	32.74%	32.67%	33.96%	34.28%	35.34%	35.69%
Gross Profit Growth %	-	-10.35%	8.64%	11.19%	3.74%	-13.95%	4.55%	2.96%	2.81%	0.03%	-4.46%	50.75%	-3.07%	0.17%	9.89%	2.6%	0.66%	42.77%	60%	11.41%	1.33%	5.39%	36.22%	5.81%	102.71%	5.75%	-2.41%	5.57%	3.33%	3.21%	1.13%
Operating Expenses	2.71B	2.67B	4.06B	1.81B	2.64B	1.68B	1.75B	1.78B	1.99B	1.79B	1.79B	1.82B	1.2B	1.11B	1.12B	1.07B	1.01B	995.78M	799.15M	497.99M	445M	464.11M	436.65M	305.58M	291.55M	170.2M	158.13M	186.17M	157.74M	152.18M	143.8M
OpEx % of Revenue	-	29.55%	46.51%	22.13%	31%	20.96%	21.89%	22.8%	25.35%	24.36%	24.25%	23.33%	21.02%	19.82%	18.94%	19.31%	21.02%	21.62%	21.27%	19.72%	20.72%	21.54%	21.36%	22.31%	22.23%	24.77%	24.28%	29%	26.18%	26.91%	26.5%
Selling, General & Admin	1.53B	1.5B	1.53B	1.45B	1.46B	1.36B	1.52B	1.47B	1.51B	1.36B	1.38B	1.51B	1.03B	988.8M	973.9M	892.7M	863.1M	878.22M	673.57M	490.67M	442.81M	438.46M	407.84M	296.95M	279.76M	165.17M	155.97M	162.28M	147.54M	142.8M	122M
SG&A % of Revenue	-	16.54%	17.52%	17.68%	17.06%	17.01%	19.03%	18.9%	19.25%	18.52%	18.66%	19.34%	18.12%	17.62%	16.51%	16.16%	17.89%	19.07%	17.92%	19.43%	20.61%	20.35%	19.95%	21.68%	21.33%	24.04%	23.95%	25.28%	24.49%	25.25%	22.48%
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	2M	1.18B	2.53B	363.4M	1.19B	316.6M	228.8M	304.6M	478.5M	429.2M	413.1M	312.2M	165.4M	123.2M	143.3M	174.2M	151.1M	117.56M	125.59M	7.33M	2.18M	25.66M	28.81M	8.63M	11.79M	5.03M	2.15M	23.89M	10.21M	9.38M	21.8M
Operating Income	826.2M	360.2M	-673.9M	1.31B	157.5M	1.02B	1.39B	1.22B	928.6M	1.04B	1.04B	1.15B	772M	919M	910.4M	778.3M	784.3M	790.91M	452.27M	284.17M	257.06M	228.74M	220.77M	177.02M	164.53M	54.79M	54.64M	41.23M	58.98M	57.06M	53.2M
Operating Margin %	9.02%	3.98%	-7.72%	15.97%	1.85%	12.8%	17.33%	15.68%	11.85%	14.19%	14.1%	14.66%	13.56%	16.38%	15.44%	14.08%	16.25%	17.17%	12.04%	11.26%	11.97%	10.62%	10.8%	12.93%	12.54%	7.97%	8.39%	6.42%	9.79%	10.09%	9.81%
Operating Income Growth %	-	153.45%	-151.61%	729.08%	-84.62%	-26.18%	13.38%	31.71%	-11.05%	0.13%	-8.97%	48.35%	-16%	0.94%	16.97%	-0.77%	-0.84%	74.87%	59.15%	10.55%	12.38%	3.61%	24.71%	7.59%	200.3%	0.28%	32.5%	-30.08%	3.35%	7.26%	-1.46%
EBITDA	1.03B	570.8M	-171.4M	1.74B	588.5M	1.48B	1.84B	1.67B	1.37B	1.46B	1.46B	1.58B	1.04B	1.18B	1.16B	986.8M	970.3M	972.79M	570.55M	346.79M	315.93M	299.82M	276.82M	215.58M	202.28M	83.34M	81.56M	67.43M	82.37M	79.6M	31.4M
EBITDA Margin %	11.24%	6.31%	-1.96%	21.23%	6.9%	18.54%	22.98%	21.4%	17.54%	19.81%	19.77%	20.17%	18.25%	20.95%	19.69%	17.86%	20.11%	21.12%	15.18%	13.74%	14.71%	13.91%	13.54%	15.74%	15.42%	12.13%	12.52%	10.51%	13.67%	14.08%	5.79%
EBITDA Growth %	319.38%	433.02%	-109.87%	195.09%	-60.31%	-19.38%	10.16%	21.43%	-5.64%	-0.31%	-7.22%	51.6%	-11.59%	1.21%	17.68%	1.7%	-0.26%	70.5%	64.52%	9.77%	5.37%	8.31%	28.41%	6.58%	142.7%	2.19%	20.95%	-18.13%	3.47%	153.48%	-13.95%
D&A (Non-Cash Add-back)	202.9M	210.6M	502.5M	430.8M	431M	459.1M	452.5M	446.5M	446.3M	413.1M	419M	430.1M	267.2M	256.4M	250.9M	208.5M	186M	181.88M	118.27M	62.62M	58.87M	71.08M	56.05M	38.56M	37.75M	28.56M	26.92M	26.2M	23.39M	22.54M	-21.8M
EBIT	785.3M	318.8M	-658.1M	1.26B	142.8M	1B	1.35B	1.22B	909.5M	1.04B	1.04B	1.15B	602.9M	929.1M	910.7M	781M	784.3M	795.94M	458.54M	295.38M	259.24M	254.4M	249.58M	185.65M	176.32M	59.82M	54.64M	641.88M	612.66M	574.86M	53.2M
Net Interest Income	-363.3M	-381.2M	-358.5M	-250.7M	-152M	-160.9M	-177.1M	-189.2M	-207.9M	-174.1M	-163.1M	-171.1M	-253.2M	-79.4M	-93.4M	-79.8M	-67.1M	-62.39M	-55.48M	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	2.51M	2.79M	6.99M	0	0	0	0	0	0	0	0	0	0	0	0
Interest Expense	363.3M	381.2M	358.5M	250.7M	152M	160.9M	177.1M	189.2M	207.9M	174.1M	163.1M	171.1M	79.9M	79.4M	93.4M	79.8M	69.59M	65.19M	62.48M	0	0	0	0	0	0	0	0	0	0	0	0
Other Income/Expense	-404.2M	-422.6M	-372.9M	-309.4M	-166.7M	-180M	-214.9M	-196.4M	-227M	-183M	-164.2M	-167.4M	-249M	-69.3M	-93.1M	-77.1M	-67.1M	-60.16M	-56.21M	-29.39M	-16.06M	-13.17M	-16.16M	151K	-9.14M	-4.59M	-4.68M	296K	2.66M	3.69M	-104K
Pretax Income	422M	-62.4M	-1.05B	996.4M	-9.2M	843.8M	1.17B	1.03B	701.6M	861M	878.4M	977.9M	523M	849.7M	817.3M	701.2M	717.2M	730.75M	396.06M	254.79M	241M	215.57M	204.61M	177.17M	155.39M	50.2M	49.96M	41.53M	61.63M	60.76M	53.1M
Pretax Margin %	4.61%	-0.69%	-12%	12.18%	-0.11%	10.55%	14.64%	13.16%	8.95%	11.7%	11.88%	12.52%	9.19%	15.14%	13.86%	12.69%	14.86%	15.87%	10.54%	10.09%	11.22%	10%	10.01%	12.94%	11.85%	7.31%	7.67%	6.47%	10.23%	10.74%	9.79%
Income Tax	192.5M	76.3M	184M	252.4M	82.1M	212.1M	295.6M	247.2M	187.2M	-477.6M	286.1M	289.2M	178.1M	284.5M	273.1M	241.5M	237.7M	236.62M	130.11M	84.41M	83.78M	72.22M	74.15M	65.87M	59.05M	19.35M	18.3M	15.17M	23.87M	24.41M	22.2M
Effective Tax Rate %	45.62%	-122.28%	-17.58%	25.33%	-892.39%	25.14%	25.22%	24.08%	26.68%	-55.47%	32.57%	29.57%	34.05%	33.48%	33.41%	34.44%	33.14%	32.38%	32.85%	33.13%	34.76%	33.5%	36.24%	37.18%	38%	38.54%	36.63%	36.54%	38.73%	40.18%	41.81%
Net Income	229.5M	-138.7M	-1.23B	744M	-91.3M	631.7M	876.3M	779.5M	514.4M	1.34B	592.3M	688.7M	344.9M	565.2M	544.2M	459.7M	479.5M	494.14M	265.95M	170.38M	157.22M	143.35M	129.07M	111.35M	96.34M	30.85M	30.67M	26.27M	38.23M	31.81M	30.9M
Net Margin %	2.51%	-1.53%	-14.1%	9.1%	-1.07%	7.9%	10.95%	9.99%	6.56%	18.19%	8.01%	8.82%	6.06%	10.07%	9.23%	8.32%	9.94%	10.73%	7.08%	6.75%	7.32%	6.65%	6.32%	8.13%	7.34%	4.49%	4.71%	4.09%	6.35%	5.63%	5.69%
Net Income Growth %	115.72%	88.73%	-265.43%	914.9%	-114.45%	-27.91%	12.42%	51.54%	-61.57%	126%	-14%	99.68%	-38.98%	3.86%	18.38%	-4.13%	-2.96%	85.8%	56.09%	8.37%	9.67%	11.06%	15.92%	15.58%	212.28%	0.6%	16.72%	-31.28%	20.18%	2.95%	5.1%
Net Income (Continuing)	229.5M	-138.7M	-1.23B	744M	-91.3M	631.7M	876.3M	779.5M	514.4M	1.34B	592.3M	688.7M	344.9M	565.2M	544.2M	459.7M	479.5M	494.14M	265.95M	170.38M	157.22M	143.35M	130.46M	111.3M	96.34M	30.85M	31.66M	26.27M	38.23M	34.77M	30.9M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-1.39M	52K	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)	2.14	-1.30	-11.57	7.13	-0.86	5.83	7.79	6.84	4.52	11.78	5.10	5.76	3.33	5.42	5.00	4.06	4.05	4.15	3.11	3.00	2.76	2.45	2.24	2.24	2.02	1.31	1.12	1.27	1.85	1.54	1.49
EPS Growth %	115.62%	88.76%	-262.27%	929.07%	-114.75%	-25.16%	13.89%	51.33%	-61.63%	130.98%	-11.46%	72.97%	-38.56%	8.4%	23.15%	0.25%	-2.41%	33.44%	3.67%	8.7%	12.65%	9.38%	0%	10.89%	54.2%	16.96%	-11.81%	-31.35%	20.13%	3.36%	4.93%
EPS (Basic)	-	-1.30	-11.57	7.14	-0.86	5.84	7.79	6.84	4.52	11.79	5.11	5.77	3.33	5.42	5.00	4.06	4.06	4.15	3.11	3.03	2.79	2.48	2.26	2.24	2.04	1.33	1.13	1.27	1.85	1.54	1.49
Diluted Shares Outstanding	107.1M	106.7M	106.4M	104.4M	106.2M	108.4M	112.4M	114M	113.7M	113.6M	116.12M	119.48M	103.7M	104.35M	108.85M	113.31M	117.12M	119.08M	85.55M	56.79M	56.96M	58.51M	57.62M	50.38M	47.69M	23.55M	27.38M	20.69M	20.69M	20.69M	20.69M
Basic Shares Outstanding	106.8M	106.7M	106.4M	104.1M	106.2M	108.2M	112.4M	114M	113.7M	113.6M	116.01M	119.44M	103.69M	104.33M	108.83M	113.26M	117.01M	118.95M	85.45M	56.23M	56.35M	57.8M	57.11M	49.71M	47.23M	23.2M	27.14M	20.68M	20.68M	20.68M	20.68M
Dividend Payout Ratio	-	-	-	58.8%	-	66.19%	46.01%	50.9%	73.46%	26.17%	57.29%	45.97%	73.64%	42.11%	40.94%	46.48%	40.46%	33.64%	144.72%	39.95%	40.47%	43.71%	43.43%	41.06%	34.88%	50.46%	54.41%	65.51%	42.49%	47.46%	48.87%

Key Metrics

Growth RegimeAccelerating

ProfitabilityStrained

Balance SheetAdequate

Cash FlowMixed

Top Statement Risk

Margin volatility from portfolio reshaping

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2027Q1)

Growth Reaccelerates on Portfolio Momentum

After a period of contraction, SJM's revenue growth has reaccelerated to 5.0% in Q1 FY2027, suggesting the company's portfolio pivot, particularly the integration of Hostess and strength in coffee and pet snacks, is beginning to drive top-line expansion.

The shift from negative growth in early FY2026 to a consistent positive trajectory indicates the company is successfully navigating its portfolio transformation. This acceleration appears to be driven by a combination of volume recovery and pricing actions, moving beyond the divestiture headwinds that weighed on results in prior quarters.

Gross Margin Recovery Amid Structural Pressure

Gross margin expanded significantly to 44.1% in Q1 FY2027 from a low of 22.5% in Q1 FY2026, indicating successful price-pack architecture adjustments and a more favorable product mix, though it remains below the 41.4% level seen in Q4 FY2024.

The dramatic swing in gross margin over the past year highlights the company's exposure to volatile input costs and the lag in passing them through to retailers. The recent recovery suggests management has regained pricing discipline, but the margin level remains sensitive to commodity swings in coffee and peanuts, warranting close monitoring.

Operating Leverage Restored After Impairment Quarter

Operating income surged to $511.6M in Q1 FY2027, representing a 23.1% operating margin, a stark reversal from the negative margins in Q4 FY2026 and Q3 FY2025, which were heavily distorted by non-cash impairments and integration costs.

The return to strong operating leverage indicates the underlying business is generating healthy cash flow once stripped of one-time charges. The significant improvement in SG&A as a percentage of revenue suggests the company is achieving better overhead efficiency as it scales its higher-growth platforms like Uncrustables and Hostess.

Net Income Volatility Masks Core Profitability

Reported net income has swung wildly from a loss of $724.2M in Q3 FY2026 to a profit of $324.3M in Q1 FY2027, a pattern that suggests significant non-operating items like impairments and tax effects are obscuring the true earnings power of the core brands.

The negative net margin of -31.0% in Q3 FY2026, followed by a positive 14.6% margin, is a clear indicator of portfolio reshaping charges. Investors should focus on adjusted operating income as a more reliable measure of performance, as the reported EPS is highly distorted by these non-recurring events.

Q1 FY2027 Marks Operational Turnaround

The most significant inflection point appears to be Q1 FY2027, where the company delivered strong revenue growth, a 44.1% gross margin, and a 23.1% operating margin, suggesting the portfolio restructuring is now yielding tangible financial benefits.

This quarter represents a clear break from the volatile and often negative results of the prior year. The combination of top-line growth and margin expansion indicates that the strategic bets on coffee, pet snacks, and sweet snacks are beginning to pay off, potentially establishing a new, higher baseline for profitability.

Sustainability of Margin Recovery in Question

The impressive Q1 FY2027 margin recovery may be partially unsustainable, as it follows a period of aggressive price increases that could eventually meet consumer resistance, especially if private-label alternatives gain traction in SJM's more commoditized categories.

While the current gross margin of 44.1% is strong, it is significantly above the 33.53% structural level noted in the company intelligence. This suggests the current level may be inflated by favorable pricing lags and mix, and could compress if input costs rise again or if retailers push back on further price increases, a risk that peers like Conagra are also facing.

SJM — Frequently Asked Questions

Quick answers to the most common questions about buying SJM stock.

What was The J. M. Smucker Company's (SJM) revenue in 2026?

For fiscal year 2026, The J. M. Smucker Company (SJM) reported total revenue of $9.05B. This represents a 1568.1% increase compared to $542.6M in 1997.

Is The J. M. Smucker Company (SJM) profitable?

The J. M. Smucker Company (SJM) reported a net loss of $138.7M for the fiscal year ending 2026.

What is The J. M. Smucker Company's operating profit margin?

The J. M. Smucker Company (SJM) reported an operating income of $360.2M, resulting in an operating profit margin of 4.0%. This margin reflects the operational efficiency of the business before interest and taxes.

What is The J. M. Smucker Company's gross profit and gross margin?

The J. M. Smucker Company (SJM) generated $3.03B in gross profit for the year, representing a gross profit margin of 33.5%. This demonstrates the company's core pricing power and production efficiency.