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MKT CAP:$761M

Grocery Outlet Holding Corp.

Market Cap

$761M

Consumer Defensive·Grocery Stores·🇺🇸 United States·NASDAQ

Consumer Def.·Grocery Stores·🇺🇸·NASDAQ

Stock Price

$7.82-$2.35 (-23.10%)

Apr 20, 2026

Company Details

Grocery Outlet Holding Corp. owns and operates a network of independently operated stores in the United States. The company's stores offer products in various categories, such as dairy and deli, produce, floral, and fresh meat and seafood p...

CEO

Jason Potter

IPO Date

Jun 20, 2019

Website

www.groceryoutlet.com

Key Metrics TTM

Revenue

$4.6B

+7.2% YoY

Net Income

-$4M

EPS (Diluted)

-$0.05

Free Cash Flow

-$42M

Revenue / Share

$46.31

Gross Margin

30.2%

Operating Margin

0.5%

Net Margin

-0.1%

FCF Margin

-0.9%

P/S

0.2x

P/E

—

Earnings Reports

Q4 2025

May 5, 2026

PENDING

FY 2025

Mar 4, 2026

$4.7B+7.3%EPS -$2.30

Q3 2025

Nov 5, 2025

$1.2B+5.4%EPS $0.12

Q2 2025

Aug 6, 2025

$1.2B+4.5%EPS $0.05

Q1 2025

May 7, 2025

$1.1B+8.5%EPS -$0.24

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$783M	$242M	$15M
Q1 22	$831M	$251M	$19M
Q2 22	$898M	$279M	$27M
Q3 22	$918M	$281M	$25M
Q4 22	$931M	$281M	$24M
Q1 23	$965M	$301M	$33M
Q2 23	$1.0B	$327M	$36M
Q3 23	$1.0B	$316M	$38M
Q4 23	$990M	$299M	$19M
Q1 24	$1.0B	$304M	$563.0K
Q2 24	$1.1B	$349M	$26M
Q3 24	$1.1B	$345M	$40M
Q4 24	$1.1B	$324M	$11M
Q1 25	$1.1B	$342M	-$23M
Q2 25	$1.2B	$361M	$13M
Q3 25	$1.2B	$355M	$23M

Valuation

Quarter	P/S	P/E
Q4 21	0.2x	12.2x
Q1 22	0.2x	13.8x
Q2 22	0.2x	13.7x
Q3 22	0.2x	13.6x
Q4 22	0.2x	11.7x
Q1 23	0.2x	11.3x
Q2 23	0.2x	10.6x
Q3 23	0.2x	9.4x
Q4 23	0.2x	9.6x
Q1 24	0.2x	11.8x
Q2 24	0.2x	14.0x
Q3 24	0.2x	14.9x
Q4 24	0.2x	19.3x
Q1 25	0.2x	44.3x
Q2 25	0.2x	93.6x
Q3 25	0.2x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	$24M	-$10M
Q1 22	$36M	$4M
Q2 22	$48M	$22M
Q3 22	$55M	$22M
Q4 22	$46M	-$4M
Q1 23	$88M	$47M
Q2 23	$69M	$36M
Q3 23	$119M	$67M
Q4 23	$27M	-$34M
Q1 24	$8M	-$41M
Q2 24	$42M	-$808.0K
Q3 24	$23M	-$33M
Q4 24	$39M	-$27M
Q1 25	$59M	-$6M
Q2 25	$74M	$14M
Q3 25	$32M	-$23M

Capital Expenditures

Quarter	CapEx
Q4 21	$34M
Q1 22	$32M
Q2 22	$26M
Q3 22	$33M
Q4 22	$49M
Q1 23	$41M
Q2 23	$33M
Q3 23	$52M
Q4 23	$61M
Q1 24	$49M
Q2 24	$42M
Q3 24	$56M
Q4 24	$66M
Q1 25	$65M
Q2 25	$59M
Q3 25	$55M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	-3.0%	-1.5%
Q1 22	+10.5%	+11.4%
Q2 22	+15.7%	+15.8%
Q3 22	+19.4%	+20.3%
Q4 22	+18.9%	+18.2%
Q1 23	+16.1%	+14.9%
Q2 23	+12.5%	+11.8%
Q3 23	+9.3%	+8.2%
Q4 23	+6.3%	+7.1%
Q1 24	+7.4%	+11.1%
Q2 24	+11.7%	+13.2%
Q3 24	+10.4%	+10.5%
Q4 24	+10.9%	+11.9%
Q1 25	+8.5%	+10.8%
Q2 25	+4.5%	+5.9%
Q3 25	+5.4%	+7.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$8M	1.0%
Q1 22	$6M	0.7%
Q2 22	$9M	1.1%
Q3 22	$9M	1.0%
Q4 22	$8M	0.9%
Q1 23	$7M	0.7%
Q2 23	$11M	1.1%
Q3 23	$8M	0.8%
Q4 23	$6M	0.6%
Q1 24	$8M	0.8%
Q2 24	$7M	0.6%
Q3 24	$2M	0.2%
Q4 24	-$5M	-0.4%
Q1 25	$5M	0.5%
Q2 25	$2M	0.2%
Q3 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	S&M	SG&A
Q4 21	$208M	—	—
Q1 22	$231M	—	—
Q2 22	$234M	$19M	—
Q3 22	$237M	$19M	—
Q4 22	$238M	—	—
Q1 23	$268M	—	—
Q2 23	—	—	$290M
Q3 23	—	—	$278M
Q4 23	—	—	$280M
Q1 24	$303M	—	—
Q2 24	—	—	$323M
Q3 24	—	—	$305M
Q4 24	—	—	$313M
Q1 25	$331M	—	—
Q2 25	—	—	$337M
Q3 25	—	—	$331M

Revenue Segments

Quarter	Non-Perishable	Perishable
Q1 22	$531M	$301M
Q2 22	$572M	$326M
Q3 22	$594M	$325M
Q4 22	$610M	$321M
Q1 23	$620M	$346M
Q2 23	$650M	$360M
Q3 23	$652M	$352M
Q1 24	$657M	$380M
Q2 24	$704M	$424M
Q3 24	$696M	$412M
Q1 25	$695M	$431M
Q2 25	$729M	$451M
Q3 25	$727M	$441M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$138M	$0	$138M
Q2 22	$84M	$0	$84M
Q3 22	$107M	$0	$107M
Q4 22	$103M	$0	$103M
Q1 23	$82M	$0	$82M
Q2 23	$88M	$0	$88M
Q3 23	$156M	$0	$156M
Q4 23	$115M	$0	$115M
Q1 24	$67M	$0	$67M
Q2 24	$67M	$0	$67M
Q3 24	$69M	$0	$69M
Q4 24	$63M	$0	$63M
Q1 25	$51M	$0	$51M
Q2 25	$55M	$0	$55M
Q3 25	$52M	$0	$52M
Q4 25	$70M	$0	$70M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	99M	-0.1%	-0.4%
Q1 22	99M	+0.3%	-0.1%
Q2 22	100M	+0.7%	+0.5%
Q3 22	100M	+0.3%	+1.3%
Q4 22	101M	+0.1%	+1.5%
Q1 23	101M	-0.0%	+1.1%
Q2 23	101M	+0.1%	+0.5%
Q3 23	101M	+0.3%	+0.5%
Q4 23	101M	+0.2%	+0.6%
Q1 24	100M	-1.6%	-1.0%
Q2 24	100M	+0.9%	-0.3%
Q3 24	99M	-1.4%	-2.0%
Q4 24	98M	-0.9%	-3.1%
Q1 25	98M	-0.5%	-2.0%
Q2 25	98M	+1.0%	-1.9%
Q3 25	99M	+0.2%	-0.2%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$827.4K	946
Q1 22	$878.9K	946
Q2 22	$948.9K	946
Q3 22	$970.6K	946
Q4 22	$960.6K	969
Q1 23	$996.4K	969
Q2 23	$1M	969
Q3 23	$1M	969
Q4 23	$992.8K	997
Q1 24	$1M	997
Q2 24	$1M	997
Q3 24	$1M	997
Q4 24	$475.9K	2K
Q1 25	$487.9K	2K
Q2 25	$511.4K	2K
Q3 25	$506.4K	2K

Revenue / Employee