Revenue growth remains stagnant at 0.1% in 2025Q3, while structural margin fragility is evidenced by a -30.2% operating margin during the same period.
| Metric | TTM | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 |
|---|
| Sales/Revenue | 3.34B | 3.35B | 3.43B | 3.3B | 2.81B | 4.35B | 4.29B | 4.59B | 4.85B | 6.18B | 3.21B | 2.95B | 2.29B | 2.18B | 2.05B | 1.82B | 1.51B | 1.5B | 1.16B | 939.4M | 707.73M | 694.62M | 696.13M | 683.82M |
| Revenue Growth % | -0.69% | -2.26% | 4.08% | 17.16% | -35.3% | 1.42% | -6.52% | -5.46% | -21.42% | 92.59% | 8.84% | 28.43% | 5.12% | 6.45% | 12.82% | 20.2% | 0.73% | 29.6% | 23.26% | 32.73% | 1.89% | -0.22% | 1.8% | - |
| Cost of Goods Sold | 2.75B | 2.81B | 2.86B | 2.77B | 2.34B | 3.55B | 3.49B | 3.7B | 3.87B | 5.05B | 2.56B | 2.34B | 1.82B | 1.73B | 1.58B | 1.39B | 1.19B | 1.21B | 917.61M | 738.82M | 560.09M | 537.97M | 517.9M | 503.24M |
| COGS % of Revenue | - | 83.65% | 83.21% | 84.16% | 83.24% | 81.56% | 81.42% | 80.55% | 79.84% | 81.76% | 79.91% | 79.41% | 79.27% | 79.2% | 76.91% | 76.26% | 78.41% | 80.54% | 79.25% | 78.65% | 79.14% | 77.45% | 74.4% | 73.59% |
| Gross Profit | 589.2M | 548.4M | 576.1M | 522.4M | 471.6M | 802.2M | 796.8M | 892.2M | 978.1M | 1.13B | 644.3M | 606.6M | 475.55M | 453.91M | 473.3M | 431.33M | 326.37M | 292.02M | 240.29M | 200.58M | 147.64M | 156.65M | 178.24M | 180.58M |
| Gross Margin % | 17.66% | 16.35% | 16.79% | 15.84% | 16.76% | 18.44% | 18.58% | 19.45% | 20.16% | 18.24% | 20.09% | 20.59% | 20.73% | 20.8% | 23.09% | 23.74% | 21.59% | 19.46% | 20.75% | 21.35% | 20.86% | 22.55% | 25.6% | 26.41% |
| Gross Profit Growth % | - | -4.81% | 10.28% | 10.77% | -41.21% | 0.68% | -10.69% | -8.78% | -13.14% | 74.78% | 6.21% | 27.56% | 4.77% | -4.1% | 9.73% | 32.16% | 11.76% | 21.53% | 19.8% | 35.86% | -5.75% | -12.11% | -1.3% | - |
| Operating Expenses | 741M | 445.3M | 429.2M | 535M | 515.8M | 653.1M | 812.9M | 808.8M | 898.9M | 1.22B | 404.6M | 388.45M | 297.38M | 277.08M | 285.02M | 254.78M | 195.56M | 204.9M | 155.35M | 116.22M | 119.05M | 85.08M | 75.6M | 76.15M |
| OpEx % of Revenue | - | 13.28% | 12.51% | 16.23% | 18.33% | 15.01% | 18.95% | 17.63% | 18.52% | 19.78% | 12.62% | 13.19% | 12.96% | 12.7% | 13.9% | 14.02% | 12.94% | 13.65% | 13.42% | 12.37% | 16.82% | 12.25% | 10.86% | 11.14% |
| Selling, General & Admin | 341.4M | 351.3M | 375.7M | 424.3M | 384.6M | 511.3M | 510.1M | 592.9M | 629.2M | 744.8M | 342.2M | 333.39M | 256.06M | 239.75M | 244.16M | 227.25M | 188.4M | 177.47M | 148.57M | 132.8M | 117.32M | 72.5M | 68.86M | 12.61M |
| SG&A % of Revenue | - | 10.47% | 10.95% | 12.87% | 13.67% | 11.75% | 11.89% | 12.92% | 12.97% | 12.06% | 10.67% | 11.32% | 11.16% | 10.99% | 11.91% | 12.51% | 12.46% | 11.83% | 12.83% | 14.14% | 16.58% | 10.44% | 9.89% | 1.84% |
| 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 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 94M | 53.5M | 110.7M | 131.2M | 141.8M | 302.8M | 215.9M | 269.7M | 476.8M | 62.4M | 55.05M | 41.32M | 37.33M | 40.86M | 27.54M | 7.16M | 27.43M | 6.78M | -16.57M | 1.73M | 12.58M | 6.74M | 63.54M |
| Operating Income | -151.8M | 103.1M | 146.9M | -12.6M | -44.2M | 149.1M | -16.1M | 83.4M | 79.2M | -95.5M | 239.7M | 218.15M | 178.16M | 176.83M | 188.28M | 176.55M | 130.81M | 87.13M | 84.94M | 84.35M | 28.59M | 71.57M | 102.64M | 104.43M |
| Operating Margin % | -4.55% | 3.07% | 4.28% | -0.38% | -1.57% | 3.43% | -0.38% | 1.82% | 1.63% | -1.55% | 7.48% | 7.4% | 7.77% | 8.1% | 9.18% | 9.72% | 8.65% | 5.81% | 7.34% | 8.98% | 4.04% | 10.3% | 14.74% | 15.27% |
| Operating Income Growth % | - | -29.82% | 1265.87% | 71.49% | -129.64% | 1026.09% | -119.3% | 5.3% | 182.93% | -139.84% | 9.88% | 22.45% | 0.76% | -6.08% | 6.64% | 34.97% | 50.14% | 2.57% | 0.7% | 195.06% | -60.05% | -30.27% | -1.71% | - |
| EBITDA | 11M | 250.2M | 288.8M | 127M | 99.2M | 352.3M | 194.5M | 308.6M | 312.1M | 192.8M | 361.8M | 334.07M | 286.81M | 275.04M | 271.29M | 246.33M | 178.15M | 132.98M | 120.09M | 109.06M | 45.53M | 86.43M | 116.67M | 105.98M |
| EBITDA Margin % | 0.33% | 7.46% | 8.42% | 3.85% | 3.52% | 8.1% | 4.54% | 6.73% | 6.43% | 3.12% | 11.28% | 11.34% | 12.5% | 12.6% | 13.23% | 13.56% | 11.79% | 8.86% | 10.37% | 11.61% | 6.43% | 12.44% | 16.76% | 15.5% |
| EBITDA Growth % | -94.77% | -13.37% | 127.4% | 28.02% | -71.84% | 81.13% | -36.97% | -1.12% | 61.88% | -46.71% | 8.3% | 16.48% | 4.28% | 1.38% | 10.13% | 38.27% | 33.97% | 10.73% | 10.12% | 139.53% | -47.32% | -25.92% | 10.09% | - |
| D&A (Non-Cash Add-back) | 162.8M | 147.1M | 141.9M | 139.6M | 143.4M | 203.2M | 210.6M | 225.2M | 232.9M | 288.3M | 122.1M | 115.92M | 108.64M | 98.22M | 83.02M | 69.78M | 47.34M | 45.85M | 35.15M | 24.7M | 16.94M | 14.86M | 14.03M | 1.55M |
| EBIT | -161.5M | 96.5M | 158.2M | 71M | -14.1M | 121.9M | -53.4M | 47.8M | 93.9M | -76.2M | 216.7M | 178.61M | 174.21M | 175.82M | 192.87M | 182.09M | 140.5M | 67.07M | 84.94M | 84.35M | 28.59M | 71.57M | 102.64M | 104.43M |
| Net Interest Income | -78.4M | -59.2M | -34.7M | -54.4M | -67.4M | -104.8M | -102.4M | -105.4M | -122.4M | -114.47M | -42.5M | -41.05M | -47.12M | -50.97M | -53.02M | -45.69M | -18.39M | -27.51M | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 3.2M | 4.2M | 40.1M | 15.5M | 4.7M | 0 | 0 | 0 | 0 | 3.98M | 3M | 990K | 2.19M | 643K | 48K | 0 | 45K | 107K | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 81.6M | 63.4M | 74.8M | 69.9M | 72.1M | 104.8M | 102.4M | 105.4M | 122.4M | 118.45M | 45.5M | 42.04M | 49.3M | 51.61M | 53.07M | 45.69M | 18.43M | 27.61M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -91.3M | -70M | -63.5M | 13.7M | -42M | -132M | -139.7M | -141M | -107.7M | -99.9M | -68.5M | -81.58M | -53.25M | -52.62M | -48.48M | -40.15M | -8.73M | -47.67M | -18.42M | -12.32M | -1.15M | -826K | -750K | -948K |
| Pretax Income | -243.1M | 33.1M | 83.4M | 1.1M | -86.2M | 17.1M | -155.8M | -57.6M | -28.5M | -195.4M | 171.2M | 136.57M | 124.91M | 124.21M | 139.8M | 136.4M | 122.07M | 39.45M | 66.53M | 72.03M | 27.44M | 70.74M | 101.89M | 103.48M |
| Pretax Margin % | -7.29% | 0.99% | 2.43% | 0.03% | -3.06% | 0.39% | -3.63% | -1.26% | -0.59% | -3.16% | 5.34% | 4.64% | 5.45% | 5.69% | 6.82% | 7.51% | 8.08% | 2.63% | 5.75% | 7.67% | 3.88% | 10.18% | 14.64% | 15.13% |
| Income Tax | -1.3M | 6.2M | 24.4M | 10.3M | -17.6M | -32.1M | -45.5M | -11.4M | -139.8M | 33.2M | 56.3M | 46.69M | 37.92M | 35.85M | 45.39M | 45.48M | 40.76M | 10.89M | 24.87M | 27.33M | 15.17M | 26.07M | 38.02M | 0 |
| Effective Tax Rate % | 0.53% | 18.73% | 29.26% | 936.36% | 20.42% | -187.72% | 29.2% | 19.79% | 490.53% | -16.99% | 32.89% | 34.19% | 30.36% | 28.86% | 32.47% | 33.34% | 33.39% | 27.61% | 37.39% | 37.94% | 55.3% | 36.85% | 37.32% | 0% |
| Net Income | -241.8M | 26.9M | 53.1M | -146.3M | -12.5M | 13.8M | -361M | -64.4M | -279.5M | -228.6M | 114.9M | 89.88M | 86.99M | 88.36M | 94.41M | 90.92M | 81.31M | 28.22M | 41.62M | 44.86M | 11.58M | 35.08M | 67.76M | 45.01M |
| Net Margin % | -7.25% | 0.8% | 1.55% | -4.44% | -0.44% | 0.32% | -8.42% | -1.4% | -5.76% | -3.7% | 3.58% | 3.05% | 3.79% | 4.05% | 4.61% | 5% | 5.38% | 1.88% | 3.59% | 4.78% | 1.64% | 5.05% | 9.73% | 6.58% |
| Net Income Growth % | -895.06% | -49.34% | 136.3% | -1070.4% | -190.58% | 103.82% | -460.56% | 76.96% | -22.27% | -298.96% | 27.84% | 3.32% | -1.56% | -6.4% | 3.84% | 11.81% | 188.1% | -32.19% | -7.21% | 287.49% | -67% | -48.23% | 50.54% | - |
| Net Income (Continuing) | -241.8M | 26.9M | 59M | -9.2M | -68.6M | 49.2M | -110.3M | -46.2M | 111.3M | -228.6M | 114.9M | 89.88M | 86.99M | 88.36M | 94.41M | 90.92M | 81.31M | 28.56M | 41.65M | 44.7M | 12.27M | 44.67M | 63.86M | 64.6M |
| Discontinued Operations | 0 | 0 | -5.9M | -137.1M | 56.1M | -35.4M | -250.7M | -18.2M | -390.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -336K | -30K | 155K | -689K | -9.6M | 3.89M | 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 |
| EPS (Diluted) | -4.79 | 0.51 | 0.94 | -2.61 | -0.22 | 0.24 | -6.42 | -1.10 | -5.01 | -4.10 | 2.63 | 2.23 | 2.33 | 2.38 | 2.56 | 2.51 | 2.48 | 0.90 | 1.33 | 1.43 | 0.37 | 1.13 | 2.18 | 1.45 |
| EPS Growth % | -920.79% | -45.74% | 136.02% | -1086.36% | -191.67% | 103.74% | -483.64% | 78.04% | -22.2% | -255.89% | 17.94% | -4.29% | -2.1% | -7.03% | 1.99% | 1.21% | 175.56% | -32.33% | -6.99% | 286.49% | -67.26% | -48.17% | 50.34% | - |
| EPS (Basic) | - | 0.52 | 0.95 | -2.61 | -0.22 | 0.24 | -6.42 | -1.10 | -5.01 | -4.10 | 2.67 | 2.28 | 2.39 | 2.44 | 2.64 | 2.59 | 2.54 | 0.90 | 1.33 | 1.44 | 0.38 | 1.14 | 2.20 | 1.46 |
| Diluted Shares Outstanding | 50.5M | 52.6M | 56.4M | 56M | 55.9M | 56.7M | 56.2M | 56M | 57.1M | 55.72M | 43.71M | 40.24M | 37.4M | 37.12M | 36.95M | 36.17M | 32.8M | 31.47M | 31.35M | 31.4M | 31.11M | 31.06M | 31.06M | 31.06M |
| Basic Shares Outstanding | 50.5M | 52.2M | 55.8M | 56M | 55.9M | 56.5M | 56.2M | 56M | 57.1M | 55.72M | 43.05M | 39.35M | 36.42M | 36.16M | 35.8M | 35.08M | 31.98M | 31.34M | 31.2M | 31.16M | 30.91M | 30.8M | 30.8M | 30.8M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Margin volatility and restructuring
According to the latest quarterly financial data, TreeHouse Foods reported a marginal revenue growth of 0.1% in 2025Q3, reflecting a broader trend of top-line stagnation as the company navigates the complex divestiture of its legacy meal preparation assets in favor of higher-margin snacking categories.
The company's revenue trajectory appears heavily influenced by strategic SKU rationalization rather than organic volume expansion. Investors should monitor whether the pivot toward snacking can offset the loss of scale from divested business lines, as current figures suggest a lack of consistent top-line momentum.
As reported in recent income statements, the company's gross margin fluctuated significantly, reaching 18.8% in 2025Q3, yet the underlying operating margin remains pressured by high variable costs and the inherent limitations of a private-label business model that lacks significant pricing power against national brands.
The narrow corridor between gross and operating margins suggests that TreeHouse possesses limited capacity to absorb inflationary shocks or supply chain inefficiencies. This structural sensitivity implies that profitability is highly dependent on manufacturing throughput and the successful pass-through of commodity costs to retail partners.
Based on the provided quarterly data, SG&A expenses have remained relatively sticky despite revenue volatility, with 2025Q3 showing an operating loss of $254.1M, indicating that the company has yet to achieve the necessary operating leverage to scale profitability effectively during periods of strategic transition.
The inability to consistently scale operating income faster than gross profit suggests that the company's cost structure remains burdened by legacy overhead. Further investigation is warranted to determine if recent restructuring efforts will eventually lead to a more efficient SG&A profile or if structural complexity will persist.
As evidenced by the significant net loss of $265.8M in 2025Q3, the quality of reported earnings appears heavily impacted by non-operating items and restructuring charges, which complicates the assessment of the company's true underlying operational performance and long-term earnings power for potential investors.
The recurring nature of these charges suggests that GAAP net income may not be a reliable proxy for cash-generating capability. Analysts should focus on adjusted metrics to strip away the noise of portfolio transformation, though the persistence of these items warrants caution regarding future earnings stability.
While the company positions itself as a category captain, the market may be underestimating the risk that major retailers could unbundle their private label supply chains, potentially eroding the competitive moat that TreeHouse relies upon to maintain its current manufacturing footprint and volume absorption levels.
If retailers shift toward more direct or fragmented sourcing strategies, the company's reliance on high-volume, low-margin contracts could become a liability. This potential for disintermediation poses a significant threat to the long-term viability of the current business model, regardless of recent management efforts to simplify operations.
Quick answers to the most common questions about buying THS stock.
For fiscal year 2024, TreeHouse Foods, Inc. (THS) reported total revenue of $3.35B. This represents a 390.5% increase compared to $683.8M in 2002.
TreeHouse Foods, Inc. (THS) is profitable, generating $26.9M in net income for the fiscal year ending 2024 with a net profit margin of 0.8%.
TreeHouse Foods, Inc. (THS) reported an operating income of $103.1M, resulting in an operating profit margin of 3.1%. This margin reflects the operational efficiency of the business before interest and taxes.
TreeHouse Foods, Inc. (THS) generated $548.4M in gross profit for the year, representing a gross profit margin of 16.4%. This demonstrates the company's core pricing power and production efficiency.