Track market-moving stories before they get noisy

Antero Midstream now guides for single-digit growth. AM's stock price has risen substantially since 2020. That rise has pushed valuation metrics, including a P/E ratio nearing 20, to uncomfortable highs. Current pricing exposes investors to downside risk relative to historical valuation norms.

Antero Midstream generated $288 million in Q1 2026 adjusted EBITDA with a partial quarter contribution from its HG Midstream acquisition. It expects roughly $309 million per quarter in adjusted EBITDA during the rest of the year. Future growth results in a projected $1.4 billion in 2028 adjusted EBITDA in a base case scenario and $1.5 billion in an upside scenario.

Just over four months into 2026, and it's not a stretch to say the daily barrage of oil price headlines wears out investors. To put things succinctly, the war in Iran (yes, you've heard this before) pushed crude prices higher.

West Texas Intermediate (WTI) futures are down 16.6% for the month ending May 7 but are hovering around $95 a barrel late on May 7. That's still too high because it's demand-destructive and likely to weigh on the upcoming summer travel season. That's the bad news, but the good news is that energy investors are reaping rewards.

This quartet of oil dividend stocks is worth examining this month. Image source: Getty Images.

The Energy Select Sector SPDR ETF (XLE +1.37%) is up 39.4% year to date. On top of that, the bellwether energy exchange-traded fund (ETF) carries a dividend yield of 2.67%, or more than double what investors earn on an S&P 500 index fund. Speaking of payouts, 82 energy stocks trading in the U.S. yield 3%. Here's a "barrel" of four worth examining this month.

Angles on Antero Antero Midstream (AM +2.08%) is part of an expansive group of pipeline stocks with tempting dividend yields. In this case, we're talking 4.3%. The door may be ajar for value hunters with Antero, as the shares are off 6.3 over the past month, with roughly half of that loss accruing over the past week, indicating investors were dissatisfied with the company's first-quarter earnings update delivered on April 29.

The post-earnings decline may be a symptom of flat year-over-year net income, but a close examination of the results reveals some green shoots. For example, gathering volumes jumped 14% from the year-earlier period, while free cash flow increased by 8%. Plus, Antero repurchased $18 million worth of its shares during the quarter.

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This midstream energy company has $318 million remaining on an existing buyback program, and Q1 marked the 46th consecutive quarter in which Antero has paid a dividend since its November 2014 initial public offering (IPO). The point is that Antero prioritizes returning capital to investors in two forms.

Chevron: Dividend reliability in the oil patch When it comes to energy-sector dividend reliability, Chevron (CVX +1.25%) is nearly unrivaled. The yield of 3.8% is appealing, particularly relative to the broader sector and the S&P 500, but even more impressive is a streak of 39 consecutive years of payout increases. The implication there is that this dividend isn't highly sensitive to oil prices.

Regarding oil prices, that issue is primary near-term headwind or tailwind to Chevron stock. The aforementioned decline in crude prices sent this stock down 5.3% over the past month, but that retrenchment isn't a threat to shareholder rewards.

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At its November 2025 investor day, Chevron forecast capital spending and dividend "breakeven" below $50 per barrel in Brent crude terms through 2030. The company also noted that it has repurchased shares in 18 of the prior 22 years and that it will retire $10 billion to $20 billion of its shares per year through 2030 at average Brent prices of $60 to $80. Brent traded around $102.50 on May 7, suggesting Chevron's shareholder rewards are likely safe in the long term.

For a big yield, meet MPLX MPLX LP (MPLX +1.43%) is a midstream shale operator with an eye-catching dividend yield of 8.3%. That certainly puts this energy into the conversation about high-yield dividend stocks, particularly the energy variety, but investors don't need to worry about it being a yield trap.

In the first quarter, MPLX generated adjusted free cash flow of $549 million, and its distribution of $1.07 per share was covered by 1.3x. Plus, the company concluded the quarter with $1.5 billion in cash and access to another $3.5 billion in liquidity. Alone, the cash-on-hand war chest implies the distribution is safe, if not in a position to grow.

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And for good measure, MPLX bought $50 million worth of stock in the first three months and has $1.1 billion remaining on its buyback plan, confirming it has avenues to reduce its shares outstanding count while boosting earnings.

Examining EOG EOG Resources (EOG +1.22%) has also been stung by oil's recent pullback, not surprising given that it is an exploration and production company, but that retrenchment could prove to be a buying opportunity. When it delivered Q1 results on May 5, EOG told investors it expects to slightly increase 2026 production of oil and natural gas liquids (NGLs) while keeping spending unchanged at $6.5 billion.

EOG, which yields 3.2%, spent nearly $1 billion in the first three months of the year on buybacks and dividends, and those efforts are not taxing it because it generated $1.5 billion in free cash flow during that period.

While EOG isn't the highest yielder in the oil patch, it's arguably one of the safer dividend payers in the group. Its payout increase streak is approaching a decade, and it concluded the March quarter with $3.85 billion in cash, giving it one of the strongest balance sheets among domestic independent energy producers.

Mattel is downgraded to 'hold' after persistent underperformance, margin pressures, and disappointing execution despite a surprise Q1 profit. Tariff headwinds are fading, but oil-driven cost inflation and continued weakness in the toddler segment offset potential margin recovery for MAT. MAT's Q1 benefited from a one-time accounting gain; underlying free cash flow guidance is cut to $300–375 million, with a 7% free cash flow yield.

Mattel is transforming from a stagnant toy manufacturer into a brand-driven IP company, leveraging movies and mobile gaming for growth. MAT's $1.5B buyback plan could retire 35% of shares in three years, following a prior 15% reduction, enhancing per-share value. The Barbie movie's success validated MAT's brand monetization strategy, with future films and full ownership of Mattel 163 driving high-margin growth.

EL SEGUNDO, Calif.--(BUSINESS WIRE)--Mattel, Inc. (NASDAQ: MAT) and Vrbo today announced a partnership to unveil six limited-time vacation home stays, giving travelers the chance to have a game night to remember. Through this collaboration, the iconic card game is going beyond the tabletop, with travelers able to book these wildly fun, UNO-themed stays. Located across some of Vrbo's top vacation destinations, each home offers the perfect setting for UNO fans to compete, connect, and play togeth.

Mattel, Inc (NASDAQ:MAT) is expected to see improved growth in 2026, according to Jefferies, which raised its forecasts and price target for the toymaker, citing potential upside from its entertainment-driven product slate.

Jefferies has increased its fiscal 2026 sales growth estimate to 6.6% year over year, up from a prior 4.5% and above the roughly 6% consensus.

The firm also lifted its earnings per share forecast to $1.35 and set a price target of $19.

Shares of Mattel traded up 2.5% at about $15 on Wednesday afternoon.

The analysts pointed to two key variables for 2026: upcoming releases tied to the “Masters of the Universe” franchise and Disney’s “Toy Story 5,” for which Mattel holds the toy license. According to Jefferies, neither film would need a breakout box office performance to drive incremental revenue and profit upside.

For “Masters of the Universe,” scenario analysis suggests a wide range of outcomes, with estimated sales contributions between $9.8 million and $243 million and EBIT ranging from $3.7 million to $47.3 million. The projections assume a 4% royalty rate tied to box office performance, along with additional merchandise-related uplift.

“Toy Story 5” is also seen as a meaningful contributor. Based on historical trends from the 2019 release, Jefferies’ base case assumes toy sales of about $182 million, with a potential increase to more than $327 million in a stronger scenario. Estimated EBIT contribution ranges from roughly $10.2 million to $45.8 million.

Jefferies said both franchises would primarily benefit Mattel’s Challenger and “Other” categories, which the company has indicated should post strong growth. Under its base case, the firm expects these segments to grow about 14%, compared with consensus expectations of 6%.

In a more optimistic scenario, the two entertainment properties could contribute roughly six percentage points of additional sales growth, though the analysts cautioned that gains in these categories could be partially offset by weaker trends in other segments, including dolls.

EL SEGUNDO, Calif.--(BUSINESS WIRE)--Mattel, Inc. (NASDAQ: MAT) (“Mattel” or the “Company”) issued the following statement regarding Southeastern Asset Management, Inc.'s (“Southeastern”) letter to the Company's Board of Directors (the “Board”). Mattel maintains ongoing communication with its shareholders and values their perspectives. We appreciate Southeastern's continued engagement with the Company, including our conversations this year. Our Board of Directors and management team are committ.

Ariel Appreciation Fund traded up +1.14% in the quarter, lagging the Russell Midcap Value Index's +3.68% gain and the +1.29% return posted by the Russell Midcap Index. Demand was broad based across high growth markets including AI networking, aerospace and defense, non-terrestrial satellite communications and semiconductors. Mattel's results were also pressured by tariff uncertainty and elevated promotions, which pinched margins.

Partial cover of American Girl "Daisy Davenport Saves the Day" book.

Mattel

Mattel’s American Girl doll brand is continuing to celebrate its 40th anniversary with an early look at its 2027 Girl of the Year in a new book.

Since 2001, American Girl has named a Girl of the Year and released a doll to represent the character. The purpose of the Girl of the Year line, according to Mattel, is to introduce girls to “a contemporary character whose experiences, passions, and challenges reflect the world around them – inspiring confidence, individuality, and imagination for a new generation.”

ForbesMattel’s First ‘KPop Demon Hunters’ Toys Arrive In Stores And OnlineBy Tim Lammers

As such, Mattel announced on Thursday that its American Girl 2027 Girl of the Year is Daisy Davenport, who is energetic, loves soccer and is about to experience her first summer away from home at sleepaway camp.

While the American Girl doll for Daisy will not be available until September, Mattel is releasing a companion book about the character, which goes on sale Thursday at the American Girl retail site.

MORE FOR YOU

Cover of American Girl "Daisy Davenport Saves the Day."

Mattel

Authored by Megan Wagner Lloyd, the new American Girl book is titled Daisy Davenport Saves the Day. In the book, per Mattel, Daisy’s plans for a fun summer at the Camp Gowonagin take an unexpected turn when her best friend, Callie — who was also set to attend the camp — can’t go because she is injured.

Apart from being homesick and being faced with the challenge of making new friendships, Daisy must step out of her comfort zone and must face her fear of the dark and new experiences, including canoeing and hiking at night alone.

ForbesJasmine From ‘Aladdin’ Joins American Girl’s Disney Princess LineBy Tim Lammers

What Cassie doesn’t realize is that being out of her comfort zone will help her learn such skills as perseverance, kindness and courage — which will ultimately give her more confidence — and help make her experience at Camp Gowonagin a memorable one.

American Girl "Girl of the Year" Dolls From 2001/2002 to 2026.

Mattel

Raquel Reyes Is The 2026 American Girl ‘Girl Of The Year’The introduction of Daisy Davenport as the 2027 American Girl Girl of the Year marks the 25th release in the brand’s annual doll line. Previously, Raquel Reyes was named the 2026 Girl of the Year.

The previous characters named American Girl’s “Girl of the Year” are:

2001/2002 – Lindsey Bergman2003/2004 – Kailey Hopkins2005 – Marisol Luna2006 – Jess McConnell2007 – Nicki Fleming2008 – Mia St. Claire2009 – Chrissa Maxwell2010 – Lanie Holland2011 – Kanani Akina2012 – McKenna BrooksForbesMattel Celebrating American Girl’s 40th Anniversary With New Dolls, BooksBy Tim Lammers2013 – Saige Copeland2014 – Isabelle Palmer2015 – Grace Thomas2016 – Lea Clark2017 – Gabriela McBride2018 – Luciana Vega2019 – Blaire Wilson2020 – Joss Kendrick2021– Kira Bailey2022 – Corinne Tan2023 – Kavi Sharma2024 – Lila Monetti2025 – Summer McKinny2026 – Raquel ReyesEstablished in 1986, the American Girl doll brand has sold more than 36 million dolls and introduced more than 50 characters across its universe. In February, Mattel and Disney Consumer Products renewed a multi-year licensing agreement to produced more American Girl dolls and accessories featuring characters from the Disney Princess and Disney Frozen franchises.

Also, as part Netflix’s agreement with Mattel to make the toymaker the global master licensee for dolls and action figures based on the blockbuster animated movie musical KPop Demon Hunters, American Girl dolls are being produced of the HUNTR/X singing trio of Rumi, Mira and Zoey.

ForbesCompanies Give First Look At New ‘KPop Demon Hunters’ Dolls And ToysBy Tim Lammers

Mattel, Inc. (NASDAQ: MAT), a leading global play and family entertainment company and owner of one of the most iconic brand portfolios in the world, today unv

It has been about a month since the last earnings report for Mattel (MAT - Free Report) . Shares have lost about 1.3% in that time frame, underperforming the S&P 500.

But investors have to be wondering, will the recent negative trend continue leading up to its next earnings release, or is Mattel due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its latest earnings report in order to get a better handle on the important drivers.

Mattel Q1 Earnings Beat Estimates on Vehicles-Led Net SalesMattel reported first-quarter 2026 results, with adjusted earnings and net sales beating the Zacks Consensus Estimate. Revenues improved, while the bottom line fell from the prior-year quarter levels.

The company posted an adjusted loss of 20 cents per share, narrower than the Zacks Consensus Estimate of a loss of 24 cents by 16.67%. The bottom line declined from an adjusted loss of 2 cents reported in the prior-year quarter.

Net sales of $862 million topped the consensus mark of $801 million by 7.59% and increased 4% year over year. Gross billings, a key demand indicator in the toy industry, rose 2% year over year in constant currency to $972 million, led by Vehicles' momentum.

MAT Sees International Growth Cushion U.S. Softness in Q1Segment results reflected a clear geographic split in the first quarter. International net sales rose 15% year over year to $387.0 million, driven by broad-based growth across EMEA, Latin America and Asia Pacific. Management also cited positive consumer demand trends, with global point-of-sale up mid-single digits.

North America remained pressured. Net sales declined 3% year over year to $475.1 million, down from $491.4 million a year ago. Management attributed the softness primarily to U.S. retailer ordering patterns shifting from direct import to domestic shipping, while noting those patterns appear to be stabilizing and expecting the region to return to growth in the second quarter.

Mattel Vehicles Lead Growth as Dolls and ITPS WeakenCategory performance again highlighted Vehicles as the primary engine. Worldwide gross billings for Vehicles increased 17% year over year to $361 million, or 13% in constant currency, supported by continued momentum in Hot Wheels. Management also pointed to double-digit growth for Hot Wheels and Disney and Pixar’s Cars within the Vehicles portfolio.

Other categories trended lower. Dolls gross billings declined 8% year over year to $272 million, primarily due to lower Barbie results, partially offset by Monster High. Infant, Toddler and Preschool gross billings fell 16% year over year to $106 million, reflecting weaker Fisher-Price performance, though Little People delivered double-digit growth. Action Figures, Building Sets, Games and Other increased 21% year over year to $233 million, aided by Games growth (including a partial-quarter contribution from Mattel163), strength in Action Figures tied to owned and partner properties, and continued expansion of Mattel Brick Shop.

MAT’s Q1 Margin Slides on Tariffs, FX & Inflation HeadwindsProfitability deteriorated despite the stronger net sales performance. Adjusted gross margin declined 450 basis points year over year to 45.1%, reflecting a higher cost environment and limited near-term offsets.

Management quantified the year-over-year pressure as 240 basis points from the gross incremental cost of tariffs, 140 basis points from unfavorable foreign exchange and 90 basis points from inflation. Tariff mitigation actions and savings initiatives provided partial relief, but the net impact weighed on gross profit in the quarter. Mattel reiterated its expectation for sequential improvement as the year progresses, with the second quarter still below 50% and stronger margin performance anticipated in the second half.

Mattel’s Expenses Rise With Marketing and Strategic SpendOperating costs moved higher as Mattel invested in brands and growth platforms. Advertising and promotion expense increased $23.0 million year over year to $92.9 million, reflecting the timing of Easter and the inclusion of Mattel163 expenses.

SG&A also rose as strategic initiatives ramped. On an adjusted basis, SG&A increased $19.0 million to $366.3 million, which management attributed primarily to the company’s strategic investments. Mattel reiterated its plans for approximately $150 million of investments in 2026 to accelerate growth and profitability across self-published mobile games, building sets, DTC, first-party data, and technology and infrastructure. The company also highlighted ongoing progress integrating Mattel163 and pointed to an entertainment slate that includes the global theatrical release of Masters of the Universe on June 5.

MAT’s Cash Flow Weakens on Mattel163 and BuybacksCash generation turned negative in the quarter as the company executed on capital allocation priorities. Cash flows used in operating activities totaled $22.9 million, against an inflow of $24.8 million reported in the year-ago period.

Investing activity was also elevated. Cash flows used in investing activities were $143.6 million, primarily tied to cash paid for the Mattel163 acquisition (net of cash acquired) and higher capital expenditures.

Capital spending increased to $65.1 million, resulting in free cash flow of negative $88.1 million. Mattel repurchased $200 million of shares during the quarter and reiterated its target of $400 million in repurchases for 2026, while ending the period with $866 million of cash and equivalents and $2,332.8 million of long-term debt. Inventory was $676.9 million at quarter’s end, a modest increase year over year that management linked to tariff-related costs.

MAT Reaffirms 2026 Outlook as Q2 Shipping AcceleratesManagement reaffirmed its 2026 outlook, projecting net sales growth of 3% to 6% in constant currency. The company also expects adjusted gross margin to be approximately 50% for the full year, with sequential improvement through 2026 and stronger performance in the second half.

On a recast basis, Mattel guided to adjusted operating income of $580 million to $630 million and adjusted earnings of $1.27 to $1.39 per share, with an adjusted tax rate of approximately 24%. Management also pointed to top-line acceleration early in the second quarter, supported by stronger shipping trends and expectations that U.S. ordering patterns will stabilize, as the company advances its IP-driven play and family entertainment strategy alongside continued integration of Mattel163.

How Have Estimates Been Moving Since Then?Since the earnings release, investors have witnessed a downward trend in estimates review.

The consensus estimate has shifted -50.73% due to these changes.

VGM ScoresCurrently, Mattel has a poor Growth Score of F, however its Momentum Score is doing a lot better with a B. Charting a somewhat similar path, the stock was allocated a score of A on the value side, putting it in the top quintile for this investment strategy.

Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.

OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, Mattel has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

BOSTON--(BUSINESS WIRE)--Starting today, Dunkin' is serving summer in pink with a vibrant lineup of iced beverages. From the all-new Pink Pineapple and Pink Daydream Refreshers to a collaboration with Barbie®, the iconic fashion doll and cultural icon from Mattel, Inc. (NASDAQ: MAT), Dunkin' invites guests to sip their way through a collection that brings its signature color to life in new ways all season long. Serving Pink, On and Off the Menu To kick off the season, Dunkin' is teaming up with.

ST. LOUIS--(BUSINESS WIRE)--The Board of Directors of Belden Inc. (NYSE: BDC) today declared a quarterly dividend to holders of common stock of $0.05 per share payable on July 9, 2026, to shareholders of record as of June 16, 2026. About Belden Belden Inc. delivers complete connection solutions that unlock untold possibilities for our customers, their customers and the world. We advance ideas and technologies that enable a safer, smarter and more prosperous future. Throughout our 120+ year hist.

Hercules Capital (HTGC) now trades at 1.2x NAV, offering a compelling entry point for income-focused investors. HTGC maintains a robust, internally managed portfolio with a 12% dividend yield, supported by stable net investment income and disciplined underwriting. Recent valuation compression reflects market concerns over AI-driven disruption in software, but only a third of HTGC's portfolio is exposed.

We take a look at the action in business development companies through the third week of May and highlight some of the key themes we are watching. BDCs were lower on the week, with PSEC hit by a dividend cut and OTF rebounding after prior software loan-driven losses. Q1 BDC results show no significant systemic deterioration; average total NAV return was flat, but dispersion remains wide across names.

Kayne Anderson BDC (KBDC) offers a near 10% yield and trades at a 9% discount to NAV, yet I maintain a Hold rating. KBDC's fundamentals remain resilient, with high first-lien exposure and solid dividend coverage, but deal flow and investment activity have declined sharply. Rising non-accruals, increased payment-in-kind income, and persistent inflation signal potential credit quality deterioration and macro risks for KBDC.

Kayne Anderson BDC is rated Hold, balancing solid dividend coverage and portfolio resilience against rising non-accruals and watchlist exposure. KBDC maintains a defensive portfolio: 93% first-lien, low software exposure, high diversification, and stable leverage at 1.05x, supporting dividend stability. Non-accruals and watchlist percentages have increased, but management expects improvement as certain troubled assets are resolved in coming quarters.

Artificial intelligence stocks have taken off in 2026 as their fundamentals get stronger, but it's getting harder to find good deals. Even so, Google owner Alphabet (GOOG +0.33%) (GOOGL +0.65%) still looks like a smart pick for those who believe in AI stocks. Brady Corporation (BRC +0.81%), which focuses on printing, labeling, and product identification, and Belden (BDC +2.61%), which makes data and networking products, also offer solid value. With both companies increasing their involvement in AI data center spending, they look like attractive buys.

Alphabet's valuation The IT giant's capital spending is soaring as it builds out the AI infrastructure necessary to service future AI growth. Consequently, its annual free cash flow (FCF) is declining. What will its FCF look like after the big ramp-up in capital spending is over?

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According to PwC, total spending on data centers will begin to decline significantly in the 2030, and by the end of the year, digital network spending (inference using AI) will exceed data center infrastructure spending (building and training AI).

As such, investors should look for Alphabet's capital spending to moderate and fall as a share of revenue over time, while FCF increases as a share of revenue. That's what the Wall Street consensus is calling for, according to data from S&P Global Market Intelligence.

Data source: S&P Global Market Intelligence. Capex is capital expenditures.

If Wall Street's predictions are correct, Alphabet could reach steady 30% FCF margins and just over $1 trillion in revenue by the 2030s. That would mean about $333 billion in FCF. Using a cautious FCF multiple of 20, Alphabet's value could reach $6.7 trillion in five years, up from $4.66 trillion today.

Brady Corporation How can a printing, labeling, and product ID company be an AI play? The answer lies in the fact that data center-related growth is disproportionately contributing to its growth.

It's critical for data centers to correctly label their infrastructure to ensure operational functionality and reduce downtime. Brady's data center-related revenue comes from its wire identification products, and CEO Russell Shaller recently disclosed that the products account for 20% of its Americas and Asia revenue and 13% of its Europe and Australia revenue in its third quarter of 2026.

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But here's the thing: Wire identification products grew 19% and 13% in the two regional segments, respectively. Together, the figures significantly outpace the overall company's 13.8% growth in the quarter and will account for a much larger share of its overall sales in the coming years.

In addition, Brady has a long-term growth opportunity from its forthcoming acquisition of Honeywell's Productivity Solutions and Services (PSS) business.

It's an exciting deal as it combines PSS leadership in mobile and handheld scanning devices with Brady's printing and labeling expertise. In addition, Brady can probably extract better value from PSS, given that Honeywell's management has been focused on its core businesses of aerospace, automation, and materials as it continues its breakup.

Brady will start integrating PSS in fiscal 2027, and Wall Street analysts expect $6.09 in earnings per share in 2027, putting it at 14.4 times expected 2027 earnings. That's a good value for a company with data center earnings drivers and potential from the PSS acquisition.

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Belden Remember what I said about inference spending being higher than data center spending in the 2030s? The good news is Belden's connectivity products (including cables, connectors, switches, racks, and enclosures), a key point if you're worried about buying into a data center capital-spending play at a high valuation and walking into a spending decline in the 2030s.

The reality is that not only will Belden see growth from the massive ramp-up in data center build-out to 2030, but it will also benefit from solid growth in inference spending thereafter. Moreover, it trades at a significant discount to peers such as TE Connectivity and Amphenol, reflecting their greater exposure to data center spending.

BDC PE Ratio (Forward) data by YCharts

However, Belden's exposure is fast-growing, up double digits in its last quarter , and the $1.85 billion acquisition of RUCKUS Networks, which specializes in enterprise networking, will increase its exposure to inference spending as customers build on-site server rooms.

Pure-play AI infrastructure companies are no longer cheap, but Brady and Belden's exposure and valuations make them attractive to value investors seeking AI upside as well.

We take a look at the action in business development companies through the last week of May and highlight some of the key themes we are watching. BDCs outperformed all other income sectors last week, with historic underperformers PSEC, TCPC, and HRZN rallying despite median valuations remaining near recessionary lows. Relative valuations for holdings like BCSF, BBDC, and GBDC have improved, but yield compression after outperformance warrants reassessment of fundamental appeal and potential portfolio rotation.

On June 10, 2026, Belden Inc (BDC) shares fell 3.9%, bringing the current price to $105.83. This decline is notable within the context of the stock's 52-week ra

Belden Inc. (NYSE: BDC) (“Belden” or the “Company”), a leading global supplier of specialty networking solutions, announced today that it has successfu

Resources Investor Relations Journalists Agencies Client Login Send a Release News Products Contact , /PRNewswire/ -- Flowers Foods, Inc. (NYSE: FLO) will report its first quarter 2026 financial results on Thursday, May 21, 2026, after the market close. The company will host a live question and answer webcast at 8:30 a.m. Eastern Time the next day. Access to the webcast, press release, pre-recorded remarks by management with accompanying transcript, and supporting slide presentation will be available and archived at investors.flowersfoods.com.

About Flowers Foods

Headquartered in Thomasville, Ga., Flowers Foods, Inc. (NYSE: FLO) is one of the largest producers of packaged bakery foods in the United States with 2025 net sales of $5.3 billion. Flowers operates bakeries across the country that produce a wide range of bakery products. Among the company's top brands are Nature's Own, Dave's Killer Bread, Canyon Bakehouse, Simple Mills, Wonder, and Tastykake. Learn more at www.flowersfoods.com.

FLO-IR

SOURCE Flowers Foods, Inc.

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Key Takeaways FLO's Q1 revenues are expected to rise 0.5% year over year to nearly $1.56 billion.Flowers Foods gains from strength in Dave's Killer Bread, Nature's Own and Simple Mills sales.FLO faces margin pressure from inflation, weak bread demand and cautious consumer spending. Flowers Foods, Inc. (FLO - Free Report) is likely to witness top-line growth when it reports first-quarter fiscal 2026 earnings on May 21, after market close. The Zacks Consensus Estimate for revenues is pegged at around $1.56 billion, indicating a 0.5% increase from the prior-year quarter’s reported figure.

The consensus mark for earnings has remained unchanged in the past 30 days at 28 cents per share, implying a decline of 20% from the figure reported in the year-ago quarter. FLO has a trailing four-quarter earnings surprise of 8.3%, on average.

Factors Likely to Influence FLO’s Upcoming ResultsFlowers Foods’ first-quarter fiscal 2026 performance is likely to have benefited from continued strength across its branded portfolio and contributions from the Simple Mills acquisition. On its last earnings call, management highlighted sustained momentum in brands such as Dave’s Killer Bread, Nature’s Own and Wonder, particularly in faster-growing segments like specialty premium loaf, breakfast and buns and rolls.

Innovation in better-for-you offerings, expanded distribution gains and favorable consumer response to newer products are expected to have supported branded retail sales trends during the quarter. Our model suggests branded retail sales growth of 1% year over year in the fiscal first quarter.

The company is also likely to have gained from continued growth in Simple Mills and pricing actions implemented late in the fiscal fourth quarter. Management noted that Simple Mills continued to outperform its categories, supported by expanded distribution, innovation and positive velocity trends. In addition, pricing increases taken across branded retail products to offset inflationary pressures are expected to have aided revenue growth in the fiscal first quarter.

However, Flowers Foods is expected to continue facing headwinds from weakness in the traditional packaged bread category and elevated cost pressures. Management noted that traditional loaf trends remained challenging, while cautious consumer spending and value-seeking behavior continued to pressure volumes. At the same time, inflationary pressures related to labor, logistics and commodity inputs, along with higher marketing and innovation investments, are likely to have weighed on margins and earnings performance in the quarter. We expect the adjusted operating margin to contract 90 basis points to 6.4% in the quarter under review.

Earnings Whispers for FLOOur proven model doesn’t conclusively predict an earnings beat for Flowers Foods this time. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat, which is not the case here.

Flowers Foods carries a Zacks Rank #4 (Sell) and has an Earnings ESP of 0.00%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.

Stocks With the Favorable CombinationHere are some companies worth considering, as our model shows that these have the right combination of elements to beat on earnings this reporting cycle.

Casey's General Stores (CASY - Free Report) currently has an Earnings ESP of +1.02% and a Zacks Rank of 2. You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for Casey's upcoming quarter’s EPS is pegged at $3.44, which implies 30.8% growth year over year. The consensus estimate for the quarterly revenues is pinned at $4.33 billion, which indicates 8.4% growth from the figure reported in the prior-year quarter. CASY delivered a trailing four-quarter earnings surprise of 20%, on average.

Costco Wholesale Corporation (COST - Free Report) currently has an Earnings ESP of +0.82% and a Zacks Rank of 3. The Zacks Consensus Estimate for its upcoming quarter’s revenues is pegged at $69.36 billion, indicating a 9.7% rise from the figure reported in the prior-year quarter.

The consensus estimate for Costco’s earnings is pegged at $4.91 per share, implying 14.7% growth from the year-ago quarter. COST delivered a trailing four-quarter earnings surprise of 1.1%, on average.

Target Corporation (TGT - Free Report) currently has an Earnings ESP of +4.19% and a Zacks Rank #3. The consensus estimate for quarterly revenues is pegged at $24.37 billion, which indicates an increase of 2.2% from the figure reported in the prior-year quarter.

The Zacks Consensus Estimate for Target’s upcoming quarter’s earnings per share is pegged at $1.35, implying 3.9% year-over-year growth. TGT delivered a trailing four-quarter earnings surprise of negative 2%, on average.

, /PRNewswire/ -- Flowers Foods, Inc. (NYSE: FLO) today reported financial results for the company's 16-week first quarter ended April 25, 2026.

First Quarter Summary:
Compared to the prior year first quarter where applicable

Net sales(1) increased 1.1% to $1.572 billion as the Simple Mills acquisition and pricing/mix more than offset volume declines. Net income decreased 20.6% to $42.1 million, representing 2.7% of sales, a 70-basis point decrease, primarily due to a challenging consumer environment and higher interest expense, partly offset by the prior year plant closure costs and moderating ingredient costs. Adjusted net income(2) decreased 17.4% to $60.9 million. Adjusted EBITDA(2) decreased 1.8% to $159.0 million, representing 10.1% of net sales, a 30-basis point decrease. Diluted EPS decreased $0.05 to $0.20. Adjusted diluted EPS(2) decreased $0.06 to $0.29. Quarterly Cash Dividend Declared
The company today announced that its board of directors has declared a quarterly dividend of $0.1250 per share, representing the 95th consecutive quarterly dividend paid by the company and is payable on June 26, 2026, to shareholders of record on June 12, 2026.

Chairman and CEO Remarks:
"Flowers' first quarter reflects our team's disciplined cost management, helping us deliver financial performance in-line with expectations despite softer top-line results driven by ongoing challenging macroeconomic conditions impacting the category," said Ryals McMullian, chairman and CEO of Flowers Foods. "At the same time, we've made meaningful progress in strengthening our long-term position by evolving our product portfolio to better meet consumers' needs, including the relaunch of Nature's Own, now with simple ingredients and Non-GMO Project Verified certification – a mainstream category first. While we continue to approach the balance of the year with appropriate caution given the ongoing challenging external environment, we remain confident in the strength of our brands, robust supply chain and delivery network, growing presence in the better-for-you categories, and improving balance sheet. These factors give us confidence we are well positioned to navigate headwinds and drive long-term shareholder value."

"The comprehensive review of our brand portfolio, supply chain, and financial strategy announced last quarter is well underway and helping to further clarify how we allocate resources to strengthen our position and support the growth of our strongest brands," McMullian added. "As part of this effort, we reset our quarterly dividend to $0.125 per share, or $0.50 per share on an annualized basis, allowing us to prioritize meaningful debt reduction while continuing to invest behind the brands, innovation, and capabilities that we believe will drive sustainable above-category growth over time. As we move forward and execute our strategy, we expect dividends to remain an important component of our overall shareholder value proposition. With respect to our 2026 outlook, we are reaffirming guidance and our team remains focused on disciplined execution, managing the areas of the business we can directly influence and delivering against our strategic and financial objectives for the year."

For the 52-week Fiscal 2026, the Company Expects:

Net sales of approximately $5.163 billion to $5.267 billion, representing a -1.8% to 0.2% change compared to the prior year. Adjusted EBITDA(3) in the range of approximately $465 million to $495 million. Adjusted diluted EPS(2) of approximately $0.80 to $0.90. The company's outlook is based on the following assumptions:

Depreciation and amortization of approximately $165 million to $170 million. Net interest expense of approximately $65 million to $70 million. An effective tax rate of approximately 26%. Weighted average diluted share count for the year of approximately 213.5 million shares. Capital expenditures of approximately $115 million to $125 million. Matters Affecting Comparability:

Reconciliation of Earnings per Share to Adjusted Earnings per Share

For the 16-Week
Period Ended

For the 16-Week
Period Ended

April 25, 2026

April 19, 2025

Net income per diluted common share

$

0.20

$

0.25

Business process improvement costs

NM

NM

Plant closure costs and impairment of assets

—

0.03

Restructuring charges

0.01

NM

Restructuring-related implementation costs

0.03

0.02

Acquisition and integration-related costs

NM

(a)

0.05

Legal settlements and related costs

0.05

NM

Adjusted net income per diluted common share

$

0.29

$

0.35

(a) Deductible tax impact of prior period acquisition-related costs that impacted this period by $0.01 per share.

NM - not meaningful.

Certain amounts may not add due to rounding.

Consolidated First Quarter Operating Highlights
Compared to the prior year first quarter where applicable

Net sales increased 1.1% to $1.572 billion. Pricing/mix(4) increased 2.1%, volume(5) declined 3.3%, and the Simple Mills acquisition, which cycled on February 21, 2026, added 2.3%. Branded Retail net sales increased $34.1 million, or 3.4%, to $1.045 billion due to favorable pricing/mix and acquisition contribution, partially offset by volume declines. Pricing/mix(4) rose 4.0%, volume(5) decreased 4.2%, and the Simple Mills acquisition contributed 3.6%. Other net sales decreased $16.7 million, or 3.1%, to $526.2 million due to inflationary pressure on consumer spending and from executing margin optimization strategies. Pricing/mix(4) decreased 1.2% and volume(5) declined 1.9%. Materials, supplies, labor, and other production costs (exclusive of depreciation and amortization) were 50.6% of net sales, a 50-basis point increase. These costs increased as a percentage of net sales mostly due to an increase in outside purchases of product (sales with no associated ingredient costs) and lower production volumes. This increase was partially offset by moderating ingredient costs. Selling, distribution, and administrative (SD&A) expenses were 40.9% of net sales, a 10-basis point increase. SD&A expenses increased as a percentage of net sales due to higher workforce-related costs and greater legal settlements and restructuring implementation costs, partially offset by lower distributor distribution fees and prior year acquisition costs. Excluding matters affecting comparability, adjusted SD&A(2) was 39.3% of net sales, a 20-basis point decrease. Plant closure costs and impairment of assets decreased $7.4 million due to the closure of a bakery in the first quarter of 2025. Depreciation and amortization (D&A) expenses were $51.8 million or 3.3% of net sales, a 10-basis point increase. Net interest expense increased $5.6 million primarily due to higher interest expense from the issuance of debt to fund the Simple Mills acquisition and related fees and expenses. Net income decreased 20.6% to $42.1 million, representing 2.7% of sales, a 70-basis point decrease, and diluted EPS decreased $0.05 to $0.20. Adjusted net income(2) decreased 17.4% to $60.9 million and adjusted diluted EPS(2) decreased $0.06 to $0.29. Adjusted EBITDA(2) decreased 1.8% to $159.0 million, representing 10.1% of net sales, a 30-basis point decrease. Cash Flow, Capital Allocation, and Capital Return

In the first quarter, cash flow from operating activities decreased $27.8 million to $107.9 million, capital expenditures decreased $4.9 million to $20.6 million, and dividends paid to shareholders increased $2.1 million to $54.4 million. Cash and cash equivalents were $11.5 million at quarter end. (1) Any reference to sales refers to net sales inclusive of allowances and deductions against gross sales for variable consideration and consideration payable to customers
(2) Adjusted for items affecting comparability. See reconciliations of non-GAAP measures in the financial statements following this release. Earnings are net income. EBITDA and Adjusted EBITDA are reconciled to net income.
(3) No reconciliation of the forecasted range for adjusted EBITDA to net income for the 52-week Fiscal 2026 is included in this press release because the company is unable to quantify certain amounts that would be required to be included in the GAAP measure without unreasonable efforts. In addition, the company believes such reconciliation would imply a degree of precision that would be confusing or misleading to investors. For the same reasons, the company is unable to address the probable significance of the unavailable information, which could be material to future results.
(4) Calculated as (current year period units X change in price per unit) / prior year period net sales dollars
(5) Calculated as (prior year period price per unit X change in units) / prior year period net sales dollars

Pre-Recorded Management Remarks and Question and Answer Webcast
In conjunction with this release, Flowers Foods will post pre-recorded management remarks and a supporting slide presentation on the investors page of flowersfoods.com. The company will host a live question and answer webcast at 8:30 a.m. Eastern Time on May 22, 2026, which will be archived on the investors page along with the other related materials.

About Flowers Foods
Headquartered in Thomasville, Ga., Flowers Foods, Inc. (NYSE: FLO) is one of the largest producers of packaged bakery foods in the United States with 2025 net sales of $5.3 billion. Flowers operates bakeries across the country that produce a wide range of bakery products. Among the company's top brands are Nature's Own, Dave's Killer Bread, Canyon Bakehouse, Simple Mills, Wonder, and Tastykake. Learn more at www.flowersfoods.com. 

FLO-CORP FLO-IR

Forward-Looking Statements
Statements contained in this press release and certain other written or oral statements made from time to time by Flowers Foods, Inc. (the "company", "Flowers Foods", "Flowers", "us", "we", or "our") and its representatives that are not historical facts are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements relate to current expectations regarding our business and our future financial condition and results of operations and are often identified by the use of words and phrases such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "predict," "project," "should," "will," "would," "is likely to," "is expected to" or "will continue," or the negative of these terms or other comparable terminology. These forward-looking statements are based upon assumptions we believe are reasonable. Forward-looking statements are based on current information and are subject to risks and uncertainties that could cause our actual results to differ materially from those projected. Certain factors that may cause actual results, performance, liquidity, and achievements to differ materially from those projected are discussed in our Annual Report on Form 10-K for the year ended January 3, 2026 (the "Form 10-K") and our Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission ("SEC") and may include, but are not limited to, (a) unexpected changes in any of the following: (1) general economic and business conditions; (2) the competitive setting in which we operate, including advertising or promotional strategies by us or our competitors, as well as changes in consumer demand; (3) interest rates and other terms available to us on our borrowings; (4) supply chain conditions and any related impact on energy and raw materials costs and availability and hedging counter-party risks; (5) relationships with or increased costs related to our employees and third-party service providers; (6) laws and regulations (including environmental and health-related issues and the impacts of tariffs, including retaliatory tariffs); and (7) accounting standards or tax rates in the markets in which we operate, (b) the loss or financial instability of any significant customer(s), including as a result of product recalls or safety concerns related to our products, (c) changes in consumer behavior, trends and preferences, including health and whole grain trends and consumer buying habits, the movement toward less expensive store branded products, and the continued reduction of purchases in the fresh packaged bread category, (d) the level of success we achieve in developing and introducing new products and entering new markets, (e) our ability to implement new technology and customer requirements as required, (f) our ability to operate existing, and any new, manufacturing lines according to schedule, (g) our ability to implement and achieve our corporate responsibility goals in accordance with regulatory requirements and the expectations of our stakeholders, suppliers, and customers; (h) our ability to execute our business strategies which may involve, among other things, (1) the ability to realize the intended benefits of completed, planned or contemplated acquisitions, dispositions or joint ventures, such as the acquisition of Simple Mills, (2) the deployment of new systems (e.g., our enterprise resource planning ("ERP") system), distribution channels and technology, and (3) an enhanced organizational structure (e.g., our sales and supply chain reorganization), (i) consolidation within the baking industry and related industries, (j) changes in pricing, customer and consumer reaction to pricing actions (including decreased volumes), and the pricing environment among competitors within the industry, (k) our ability to adjust pricing to offset, or partially offset, inflationary pressure or tariffs (including retaliatory tariffs) on the cost of our products, including ingredient and packaging costs; (l) disruptions in our direct-store-delivery distribution model, including litigation or an adverse ruling by a court or regulatory or governmental body that could affect the independent contractor classifications of the independent distributor partners ("IDPs"), and changes to our direct-store-delivery distribution model in California, (m) increasing legal complexity and legal proceedings that we are or may become subject to, (n) labor shortages and turnover or increases in employee and employee-related costs, (o) the credit, business, and legal risks associated with IDPs and customers, which operate in the highly competitive retail food and foodservice industries, (p) any business disruptions due to political instability, pandemics, armed hostilities, incidents of terrorism, natural disasters, labor strikes or work stoppages, technological breakdowns, product contamination, product recalls or safety concerns related to our products, or the responses to or repercussions from any of these or similar events or conditions and our ability to insure against such events, (q) the failure of our information technology systems to perform adequately, including any interruptions, intrusions, cyber-attacks or security breaches of such systems or risks associated with the implementation of the upgrade of our ERP system; and (r) the potential impact of climate change on the company, including physical and transition risks, our availability or restriction of resources, higher regulatory and compliance costs, reputational risks, and our availability of capital on attractive terms. The foregoing list of important factors does not include all such factors, nor does it necessarily present them in order of importance. In addition, you should consult other disclosures made by the company (such as in our other filings with the SEC or in company press releases) for other factors that may cause actual results to differ materially from those projected by the company. Refer to Part I, Item 1A., Risk Factors, of our Form 10-K, Part II, Item 1A., Risk Factors, of the Form 10-Q for the quarter ended April 25, 2026 and subsequent filings with the SEC for additional information regarding factors that could affect the company's results of operations, financial condition and liquidity. We caution you not to place undue reliance on forward-looking statements, as they speak only as of the date made and are inherently uncertain. The company undertakes no obligation to publicly revise or update such statements, except as required by law. You are advised, however, to consult any further public disclosures by the company (such as in our filings with the SEC or in company press releases) on related subjects.

Information Regarding Non-GAAP Financial Measures
The company prepares its consolidated financial statements in accordance with U.S. Generally Accepted Accounting Principles (GAAP). However, from time to time, the company may present in its public statements, press releases and SEC filings, non-GAAP financial measures such as, EBITDA, adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted diluted EPS, adjusted income tax expense, adjusted selling, distribution and administrative expenses (SD&A), and gross margin excluding depreciation and amortization. The reconciliations attached provide reconciliations of the non-GAAP measures used in this presentation or release to the most comparable GAAP financial measure. The company's definitions of these non-GAAP measures may differ from similarly titled measures used by others. These non-GAAP measures should be considered supplemental to, and not a substitute for, financial information prepared in accordance with GAAP.

The company defines EBITDA as earnings before interest, taxes, depreciation and amortization. Earnings are net income. The company believes that EBITDA is a useful tool for managing the operations of its business and is an indicator of the company's ability to incur and service indebtedness and generate free cash flow. The company also believes that EBITDA measures are commonly reported and widely used by investors and other interested parties as measures of a company's operating performance and debt servicing ability because EBITDA measures assist in comparing performance on a consistent basis without regard to depreciation or amortization, which can vary significantly depending upon accounting methods and non-operating factors (such as historical cost). EBITDA is also a widely-accepted financial indicator of a company's ability to incur and service indebtedness.

EBITDA should not be considered an alternative to (a) income from operations or net income (loss) as a measure of operating performance; (b) cash flows provided by operating, investing and financing activities (as determined in accordance with GAAP) as a measure of the company's ability to meet its cash needs; or (c) any other indicator of performance or liquidity that has been determined in accordance with GAAP.

The company defines adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted diluted EPS, adjusted income tax expense and adjusted SD&A, respectively, to exclude additional costs that the company considers important to present to investors to increase the investors' insights about the company's core operations. These costs include, but are not limited to, the costs of closing a plant or costs associated with acquisition and integration-related activities, restructuring activities, certain impairment charges, legal settlements, costs to implement an enterprise resource planning system and enhance bakery digital capabilities (business process improvement costs) to provide investors direct insight into these costs, and other costs impacting past and future comparability. The company believes that these measures, when considered together with its GAAP financial results, provide management and investors with a more complete understanding of its business operating results, including underlying trends, by excluding the effects of certain charges. Adjusted EBITDA is used as the primary performance measure in the company's 2014 Omnibus Equity and Incentive Compensation Plan (Amended and Restated Effective May 25, 2023).

Presentation of gross margin includes depreciation and amortization in the materials, supplies, labor and other production costs according to GAAP. Our method of presenting gross margin excludes the depreciation and amortization components, as discussed above.

The reconciliations attached provide reconciliations of the non-GAAP measures used in this release to the most comparable GAAP financial measure.

Flowers Foods, Inc.

Condensed Consolidated Balance Sheets

(000's omitted)

April 25, 2026

January 3, 2026

Assets

Cash and cash equivalents

$

11,519

$

12,100

Other current assets

728,985

694,753

Property, plant and equipment, net

931,774

952,725

Right-of-use leases, net

316,968

321,116

Distributor notes receivable (1)

129,263

130,723

Other assets

41,416

40,007

Cost in excess of net tangible assets, net          

2,020,705

2,032,437

Total assets

$

4,180,630

$

4,183,861

Liabilities and Stockholders' Equity

Current liabilities

$

521,627

$

502,804

Long-term debt (2)

1,723,772

1,755,132

Right-of-use lease liabilities (3)

318,902

325,075

Other liabilities

313,883

297,363

Stockholders' equity

1,302,446

1,303,487

Total liabilities and stockholders' equity

$

4,180,630

$

4,183,861

(1)  Includes current portion of $21,035 and $22,241, respectively.

(2)  Includes current portion of $399,753 and $399,575, respectively.

(3)  Includes current portion of $66,826 and $73,778, respectively.

Flowers Foods, Inc.

Consolidated Statement of Operations

 (000's omitted, except per share data)

For the 16-Week Period
Ended

For the 16-Week Period
Ended

April 25, 2026

April 19, 2025

Net sales

$

1,571,577

$

1,554,230

Materials, supplies, labor and other production costs (exclusive of
   depreciation and amortization shown separately below)

795,389

778,346

Selling, distribution, and administrative expenses

642,934

633,513

Restructuring charges

1,652

573

Plant closure costs and impairment of assets

—

7,397

Depreciation and amortization expense

51,790

49,268

Income from operations

79,812

85,133

Other pension cost (benefit)

118

(117)

Interest expense, net

19,634

14,048

Income before income taxes

60,060

71,202

Income tax expense

18,005

18,204

Net income

$

42,055

$

52,998

Net income per diluted common share

$

0.20

$

0.25

Diluted weighted average shares outstanding

212,577

212,138

Flowers Foods, Inc.

Condensed Consolidated Statement of Cash Flows

(000's omitted)

For the 16-Week Period
Ended

For the 16-Week Period
Ended

April 25, 2026

April 19, 2025

Cash flows from operating activities:

Net income

$

42,055

$

52,998

Adjustments to reconcile net income to net cash from operating
   activities:

   Total non-cash adjustments

86,488

77,135

   Changes in assets and liabilities

(20,686)

5,501

Net cash provided by operating activities

107,857

135,634

Cash flows from investing activities:

   Purchase of property, plant and equipment

(20,623)

(25,556)

   Acquisition of business, net of cash acquired

—

(791,880)

   Other

990

(18,578)

Net cash disbursed for investing activities

(19,633)

(836,014)

Cash flows from financing activities:

   Dividends paid

(54,430)

(52,323)

   Stock repurchases

(3,787)

(5,499)

   Net change in debt borrowings

(32,000)

776,580

   Payment of financing fees

(1,767)

(10,056)

   Other

3,179

(5,987)

Net cash (disbursed for) provided by financing activities

(88,805)

702,715

Net (decrease) increase in cash and cash equivalents

(581)

2,335

Cash and cash equivalents at beginning of period

12,100

5,005

Cash and cash equivalents at end of period

$

11,519

$

7,340

Flowers Foods, Inc.

Net Sales by Sales Class and Net Sales Bridge

(000's omitted)

Net Sales by Sales Class              

For the 16-Week Period
Ended

For the 16-Week Period
Ended

April 25, 2026

April 19, 2025

$ Change

% Change

Branded Retail

$

1,045,373

$

1,011,322

$

34,051

3.4

%

Other

526,204

542,908

(16,704)

(3.1)

%

Total Net Sales

$

1,571,577

$

1,554,230

$

17,347

1.1

%

Net Sales Bridge 

For the 16-week period ended April 25, 2026

Branded Retail

Other

Total

Pricing/mix^*

4.0

%

(1.2)

%

2.1

%

Volume*

(4.2)

%

(1.9)

%

(3.3)

%

Acquisition (until cycled on February 21, 2026)

3.6

%

—

2.3

%

Total percentage point change in net sales

3.4

%

(3.1)

%

1.1

%

The table above presents certain sales by category that have been reclassified from amounts previously reported to conform
to the current period presentation.

^ Includes sales reductions from variable consideration and payments to customers.

* Computations above are calculated as follows (the Total column is consolidated and is not adding the Branded Retail and
Other columns):

      Price/Mix $ = Current year period units × change in price per unit

      Price/Mix % = Price/Mix $ ÷ Prior year period Net Sales $

      Volume $ = Prior year period price per unit × change in units

      Volume % = Volume $ ÷ Prior year period Net Sales $

Flowers Foods, Inc.

Reconciliation of GAAP to Non-GAAP Measures

(000's omitted, except per share data)

Reconciliation of Earnings per Share to Adjusted Earnings
per Share

For the 16-Week Period
Ended

For the 16-Week Period
Ended

April 25, 2026

April 19, 2025

Net income per diluted common share

$

0.20

$

0.25

Business process improvement costs

NM

NM

Plant closure costs and impairment of assets

—

0.03

Restructuring charges

0.01

NM

Restructuring-related implementation costs

0.03

0.02

Acquisition and integration-related costs

NM

(a)

0.05

Legal settlements and related costs

0.05

NM

Adjusted net income per diluted common share

$

0.29

$

0.35

NM - not meaningful.

Certain amounts may not add due to rounding.

(a) Deductible tax impact of prior period acquisition-related costs that impacted this period by $0.01 per share.

Reconciliation of Gross Margin

For the 16-Week Period
Ended

For the 16-Week Period
Ended

April 25, 2026

April 19, 2025

Net sales

$

1,571,577

$

1,554,230

Materials, supplies, labor and other production costs (exclusive
   of depreciation and amortization)

795,389

778,346

Gross margin excluding depreciation and amortization

776,188

775,884

Less depreciation and amortization for production activities

28,961

27,484

Gross margin

$

747,227

$

748,400

Depreciation and amortization for production activities

$

28,961

$

27,484

Depreciation and amortization for selling, distribution, and
   administrative activities

22,829

21,784

Total depreciation and amortization

$

51,790

$

49,268

Reconciliation of Selling, Distribution, and Administrative
Expenses to Adjusted SD&A

For the 16-Week Period Ended

For the 16-Week Period Ended

April 25, 2026

April 19, 2025

Selling, distribution, and administrative expenses
   (SD&A)

$

642,934

$

633,513

Business process improvement costs

(1,241)

(891)

Restructuring-related implementation costs

(8,227)

(4,288)

Acquisition and integration-related costs

(1,897)

(13,764)

Legal settlements and related costs

(14,400)

(697)

Adjusted SD&A

$

617,169

$

613,873

Flowers Foods, Inc.

Reconciliation of GAAP to Non-GAAP Measures

(000's omitted, except per share data)

Reconciliation of Net Income to EBITDA and Adjusted
EBITDA

For the 16-Week Period Ended

For the 16-Week Period Ended

April 25, 2026

April 19, 2025

Net income

$

42,055

$

52,998

Income tax expense

18,005

18,204

Interest expense, net

19,634

14,048

Depreciation and amortization

51,790

49,268

EBITDA

131,484

134,518

Other pension cost (benefit)

118

(117)

Business process improvement costs

1,241

891

Plant closure costs and impairment of assets

—

7,397

Restructuring charges

1,652

573

Restructuring-related implementation costs

8,227

4,288

Acquisition and integration-related costs

1,897

13,764

Legal settlements and related costs

14,400

697

Adjusted EBITDA

$

159,019

$

162,011

Net sales

$

1,571,577

$

1,554,230

Adjusted EBITDA margin

10.1

%

10.4

%

Reconciliation of Income Tax Expense to Adjusted Income Tax
Expense

For the 16-Week Period Ended

For the 16-Week Period Ended

April 25, 2026

April 19, 2025

Income tax expense

$

18,005

$

18,204

Tax impact of:

Business process improvement costs

310

223

Plant closure costs and impairment of assets

—

1,850

Restructuring charges

413

144

Restructuring-related implementation costs

2,057

1,072

Acquisition and integration-related costs

2,214

(a)

3,439

Legal settlements and related costs

3,600

174

Adjusted income tax expense

$

26,599

$

25,106

(a) Includes certain deductible tax acquisition-related costs from the prior period.

Flowers Foods, Inc.

Reconciliation of GAAP to Non-GAAP Measures

(000's omitted, except per share data)

Reconciliation of Net Income to Adjusted Net Income

For the 16-Week
Period Ended

For the 16-Week
Period Ended

April 25, 2026

April 19, 2025

Net income

$

42,055

$

52,998

Business process improvement costs

931

668

Plant closure costs and impairment of assets

—

5,547

Restructuring charges

1,239

429

Restructuring-related implementation costs

6,170

3,216

Acquisition and integration-related costs

(317)

(a)

10,325

Legal settlements and related costs

10,800

523

Adjusted net income

$

60,878

$

73,706

(a) Includes certain deductible tax acquisition-related costs from the prior period.

Reconciliation of Earnings per Share -
Full Year Fiscal 2026 Guidance

Range Estimate

Net income per diluted common share

$

0.71

to

$

0.81

Business process improvement costs

NM

NM

Restructuring charges

0.01

0.01

Restructuring-related implementation costs

0.03

0.03

Acquisition and integration-related costs

NM

NM

Legal settlements and related costs

0.05

0.05

Adjusted net income per diluted common share

$

0.80

to

$

0.90

NM - not meaningful.

Certain amounts may not add due to rounding.

SOURCE Flowers Foods, Inc.