UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended January 3, 2026 For the transition period from to Commission file number 1-16247 FLOWERS FOODS, INC. (Exact name of registrant as specified in its charter) Georgia 58-2582379 (State or other jurisdiction of incorporation or organization) 1919 Flowers Circle Thomasville, Georgia 31757 (Address of principal ...

Core Viewpoint - Flowers Foods (FLO) is currently attracting significant investor interest due to its 10% dividend yield, leading to discussions about the sustainability of its dividend payments [1] Company Summary - Flowers Foods is a bread company that is under scrutiny regarding its ability to maintain dividend payments amidst investor debates [1] Industry Context - The focus on dividend yields is prevalent among investors in the food manufacturing sector, particularly for companies like Flowers Foods that are perceived to have stable cash flows [1]

Core Insights - Flowers Foods, Inc. (FLO) reported fourth-quarter fiscal 2025 results with adjusted earnings per share exceeding estimates, concluding the fiscal year at the high end of guidance due to strong brand performance and efficiency initiatives [1][11] Financial Performance - Adjusted diluted earnings per share for the quarter was 22 cents, flat year over year, surpassing the Zacks Consensus Estimate of 16 cents, benefiting from an extra week in the fiscal year [2][11] - Net sales increased by 11% year over year to $1,232.9 million, slightly above the Zacks Consensus Estimate of $1,232 million, driven by the additional week, Simple Mills acquisition, and favorable price/mix, despite volume declines in certain categories [3][11] - Branded retail sales rose 16.6% to $811.6 million, while other sales, including store-branded retail and foodservice, increased by 1.6% to $421.3 million [4] Cost and Margin Analysis - Gross margin, excluding depreciation and amortization, declined by 30 basis points year over year to 48.5%, primarily due to increased outside purchases related to the Simple Mills business model [5] - Selling, distribution, and administrative expenses were 39.9% of net sales, down 10 basis points from the prior year, with adjusted SD&A improving 60 basis points to 39% of sales due to efficiency initiatives [6] EBITDA and Debt Position - Adjusted EBITDA increased by 14.7% year over year to $117.4 million, representing 9.5% of net sales, with the Simple Mills acquisition contributing $57.5 million in net sales [7] - At the end of fiscal 2025, Flowers Foods had cash and cash equivalents of $12.1 million and long-term debt of $1.76 billion, with net debt to trailing 12-month adjusted EBITDA at approximately 3.3 times [8] Cash Flow and Shareholder Returns - Cash flow from operating activities for fiscal 2025 increased to $446.2 million, with capital expenditures totaling $127.1 million and dividends paid to shareholders amounting to $209.3 million [9] Fiscal 2026 Outlook - For fiscal 2026, Flowers Foods expects net sales between $5.163 billion and $5.267 billion, indicating a potential decline of 1.8% to an increase of 0.2% year over year, with adjusted EBITDA projected between $465 million and $495 million [13] - Management indicated that the guidance reflects one less week of operations, continued category headwinds, and inflationary pressures, describing 2026 as an investment and transition year focused on brand optimization and supply-chain enhancements [14]

Financial Data and Key Metrics Changes - The company produced results at the high end of its 2025 guidance range, but guidance for 2026 reflects ongoing category challenges and inflationary pressures [4] - The expected category decline is around 4%, with an additional 150 basis points of pressure from an extra week in the previous year [28] Business Line Data and Key Metrics Changes - The traditional loaf segment, particularly the Nature's Own brand, has been underperforming, which is a key focus area for revitalization [9][22] - The company is conducting a comprehensive review of its brand portfolio and supply chain to enhance efficiency and growth [8][10] Market Data and Key Metrics Changes - The competitive environment remains stable, with no significant changes in production capabilities among competitors [72] - Price per unit in the category increased slightly, likely due to a shift towards premium products [73] Company Strategy and Development Direction - The company is focused on navigating near-term challenges while laying the foundation for sustainable long-term growth [4] - A comprehensive review of operations, including brand portfolio and supply chain, is underway to strengthen execution and expand margins [4][10] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenges posed by inflation and category performance but remains optimistic about the potential for growth in the traditional loaf segment [4][25] - The company is committed to maintaining a strong balance sheet and evaluating capital allocation, including the dividend policy [12][33] Other Important Information - Maintenance CapEx is estimated at around $2 million per bakery per year, with additional investments planned for growth initiatives [56] - The company is optimistic about Simple Mills, expecting double-digit growth in the upcoming year despite some disruptions in Q4 [59] Q&A Session Summary Question: Details on the comprehensive review of brands and operations - Management is in the early stages of a thorough review, focusing on brand support and investment needs, particularly for the Nature's Own brand [8][9] Question: Capital allocation and dividend policy - The company is reviewing its capital structure and dividend policy in light of its overall strategy and financial health [12][33] Question: Stabilizing the traditional loaf market - Management believes there is potential for stabilization and growth in the traditional loaf segment through strategic investments and innovation [22][25] Question: Impact of SNAP budget reductions and debt refinancing - The company is monitoring the effects of reduced SNAP budgets and is confident in its ability to refinance upcoming debt maturities [38][40] Question: Supply chain review and potential bakery consolidation - The review includes evaluating bakery operations and leveraging technology for efficiency, with ongoing assessments of production capabilities [48] Question: Changes in competition and promotional strategies - The competitive landscape remains stable, and the company is cautious with promotional activities, focusing on trial and repurchase rather than volume gains [75]

Financial Data and Key Metrics Changes - The company produced results at the high end of its 2025 guidance range despite ongoing category challenges and inflationary pressures [4] - The guidance for 2026 reflects a downtrend in the category, with expectations of a 4% decline [28] Business Line Data and Key Metrics Changes - The traditional loaf segment, particularly the Nature's Own brand, has been underperforming, which is a key focus area for revitalization [9][22] - The company is conducting a comprehensive review of its brand portfolio and supply chain to enhance efficiency and support growth [8][10] Market Data and Key Metrics Changes - The competitive environment in the fourth quarter was normal, with no major changes in bakery consolidation reported [72] - Price per unit in the category increased slightly, likely due to a mix shift towards premium products [73] Company Strategy and Development Direction - The company is focused on navigating near-term challenges while laying the foundation for sustainable long-term growth [4] - A comprehensive review of operations, including brand portfolio and supply chain, is underway to strengthen execution and expand margins [4][10] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenges posed by inflation and a changing consumer landscape, particularly in the traditional loaf category [4][22] - There is optimism about the potential for growth in the Nature's Own brand, given its high loyalty and awareness [24] Other Important Information - The company remains committed to maintaining a strong balance sheet and is evaluating its capital allocation strategy, including the dividend [12][33] - Maintenance CapEx is expected to be around $2 million per bakery per year, with additional investments planned for growth initiatives [56] Q&A Session Summary Question: Details on the comprehensive review of brands and operations - Management is in the early stages of a thorough review of the brand portfolio and operational efficiency, focusing on areas needing investment [8][10] Question: Capital allocation and dividend considerations - The company is reviewing its capital structure and dividend in light of its overall strategy and financial health [33] Question: Stabilizing the traditional loaf market - Management believes there is a path to stabilize the traditional loaf segment through targeted investments and innovation [24][25] Question: Impact of SNAP budget reductions and debt refinancing - The company is monitoring the effects of reduced SNAP budgets and is confident in its ability to refinance upcoming debt maturities [38][40] Question: Simple Mills sales performance and margin impacts - Sales were affected by inventory issues and input costs, but management remains optimistic about future growth for Simple Mills [59][64] Question: Competitive landscape and promotional strategies - The competitive environment remains stable, with a focus on delivering products that meet consumer demands while managing promotional activities prudently [75][76]

Financial Data and Key Metrics Changes - The company produced results at the high end of its 2025 guidance range, but guidance for 2026 reflects ongoing category challenges, inflationary pressures, and one fewer week in the fiscal year [4] - The company is conducting a comprehensive review of operations, including brand portfolio and financial strategy, to strengthen execution and position for top-line growth and margin expansion [4][10] Business Line Data and Key Metrics Changes - The traditional loaf segment, particularly the Nature's Own brand, has been underperforming, which has downstream effects on operating leverage [9][24] - The company is focused on reinvigorating the Nature's Own brand to generate demand and improve performance in the traditional loaf category [10][24] Market Data and Key Metrics Changes - The overall category is expected to be down 4%, with the company anticipating a rational approach to navigate headwinds [27] - The competitive environment remains normal, with no major uptick in bakery consolidation, and price per unit in the category has increased slightly due to a shift towards premium products [72] Company Strategy and Development Direction - The company is focused on navigating near-term challenges while laying the foundation for sustainable long-term growth [4] - A comprehensive review of capital allocation is underway, with a focus on maintaining a strong balance sheet and evaluating the dividend in light of the capital structure [13][32] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenges posed by inflation and changing consumer preferences, particularly in the traditional loaf segment [21][74] - The company is optimistic about the potential for growth in the Simple Mills brand, expecting double-digit growth next year despite recent disruptions [59] Other Important Information - The company is reviewing its supply chain and distribution network to enhance efficiency and reduce costs [47] - There is an ongoing evaluation of the brand portfolio, which may include potential divestitures, but no concrete plans are currently in place [50] Q&A Session Summary Question: Details on the comprehensive review of brands and operations - Management is in the early stages of a comprehensive review, focusing on brand portfolio support and areas needing investment, particularly in traditional loaf [8][11] Question: Capital allocation and dividend considerations - The company is reviewing its capital structure and dividend commitments, emphasizing the importance of shareholder value [12][30] Question: Stabilizing the traditional loaf market - Management believes that traditional loaf remains important, and they are focused on strategies to reinvigorate demand for Nature's Own [21][24] Question: Factors impacting the 2026 outlook - The company is considering various factors, including SNAP budget reductions and potential impacts from a Supreme Court case, in its 2026 guidance [34][37] Question: Supply chain review and potential bakery consolidation - The supply chain review includes evaluating production capabilities, but no major consolidation is currently planned [46][72] Question: Changes in brand investment strategy - The company has ramped up brand investment and innovation, particularly focusing on traditional loaf to address current market challenges [68][70]

FOURTH QUARTER AND FULL YEAR 2025 REVIEW February 12, 2026 REGARDING FORWARD -LOOKING STATEMENTS Statements contained in this presentation 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 regar ...

分组1 - Flowers Foods reported quarterly earnings of $0.22 per share, exceeding the Zacks Consensus Estimate of $0.16 per share, with an earnings surprise of +39.51% [1] - The company posted revenues of $1.23 billion for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 0.09%, compared to $1.11 billion in the same quarter last year [2] - Flowers Foods has outperformed the S&P 500, gaining about 7.4% since the beginning of the year, while the S&P 500 has gained 1.4% [3] 分组2 - The current consensus EPS estimate for the coming quarter is $0.32 on revenues of $1.57 billion, and for the current fiscal year, it is $1.01 on revenues of $5.24 billion [7] - The Zacks Industry Rank for Food - Miscellaneous is currently in the bottom 22% of over 250 Zacks industries, indicating potential challenges for the sector [8]

Financial Data and Key Metrics Changes - Net sales increased by 11% year-over-year, with a price mix contributing 70 basis points to this growth, while volume declined by 2.2% due to pressures in certain product lines [16][17] - Gross margin as a percentage of sales decreased by 30 basis points to 48.5%, influenced by increased outside purchases related to the Simple Mills business model [17] - GAAP diluted EPS for the quarter was a loss of $0.32, a decrease of $0.52 from the prior year, primarily due to a $136 million non-cash impairment of intangible assets [18][19] Business Line Data and Key Metrics Changes - The fresh packaged bread category saw Flowers maintain unit share, with Dave's Killer Bread gaining 20 basis points, while traditional loaf unit sales declined by 4% in Q4 [3][4] - The cake business experienced a 5% growth in unit sales, driven by the strength of the Wonder brand, despite a 3% decline in category unit sales [11] - Specialty premium loaf gained 60 basis points of unit share, largely driven by DKB, which added 50 basis points [10] Market Data and Key Metrics Changes - The overall bread category experienced a 2% decline, while the food category saw a modest increase in unit sales [4] - The competitive environment remained rational but challenging, with the average price per unit in the bread category rising by 1.1% [26] - Consumer behavior is shifting towards value-seeking, with increased sales in club stores and a decline in center store volumes [28][29] Company Strategy and Development Direction - The company is conducting a comprehensive review of operations to reignite top-line growth and expand margins, focusing on optimizing the brand portfolio and enhancing supply chain capabilities [4][5] - Investments in marketing and innovation are expected to create near-term margin pressure but are deemed essential for long-term growth [5][22] - The integration of Simple Mills is progressing well, with expectations for significant growth driven by innovation and expanded distribution [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism for 2026, anticipating continued category headwinds, particularly in traditional loaf, and inflationary pressures on inputs [21][22] - The company plans to balance investments in leading brands with the need to manage costs and maintain profitability [22][30] - Management remains committed to navigating current challenges while positioning for future success through strategic initiatives [30] Other Important Information - The company generated cash flow from operating activities of $446 million in 2025, an increase of $34 million over the prior year [20] - Capital expenditures decreased to $127 million, while dividends paid increased to $209 million [20] - The company is focused on maintaining a strong balance sheet, with net debt to trailing 12-month adjusted EBITDA at approximately 3.3x [20] Q&A Session Summary Question: What are the expectations for 2026? - The company expects total sales to be down 180 basis points to up 20 basis points, with category headwinds anticipated to be around 4% [21] Question: How is the Simple Mills integration progressing? - The integration is progressing well, with expectations for double-digit sales growth driven by innovation and expanded distribution [24]

Financial Data and Key Metrics Changes - The company achieved a net sales increase of 11% year-over-year, with a price mix increase of 70 basis points, while volume declined by 2.2% [16][17] - Gross margin as a percentage of sales decreased by 30 basis points to 48.5%, influenced by increased outside purchases related to the Simple Mills business model [17] - GAAP diluted EPS for the quarter was a loss of $0.32, a decrease of $0.52 from the prior year, primarily due to a $136 million non-cash impairment of intangible assets [18][19] Business Line Data and Key Metrics Changes - The fresh packaged bread category saw Flowers maintain unit share, with Dave's Killer Bread gaining 20 basis points, while traditional loaf unit sales declined by 4% in Q4 [3][4] - The cake business experienced a 5% growth in unit sales, driven by Wonder's brand recognition, despite a 3% decline in category unit sales [11] - Specialty Premium Loaf gained 60 basis points of unit share, largely driven by DKB, which added 50 basis points [10] Market Data and Key Metrics Changes - The overall bread category experienced a 2% decline, while the food category saw a modest increase in unit sales [4] - The competitive environment remained rational but challenging, with a 1.1% increase in average price per unit in the bread category [26] - Consumer behavior is shifting towards value-seeking, with increased sales in club stores and a decline in center store volumes [28][29] Company Strategy and Development Direction - The company is conducting a comprehensive review of operations to reignite top-line growth and expand margins, focusing on brand portfolio optimization and supply chain enhancements [4][5] - Investments in marketing and innovation are expected to create near-term margin pressure but are deemed essential for long-term growth [5][22] - The integration of Simple Mills is progressing well, with expectations for significant growth driven by innovation and expanded distribution [12][24] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism for 2026, anticipating continued category headwinds, particularly in traditional loaf, and inflationary pressures [21][22] - The company plans to balance investments in leading brands with the need to manage costs and maintain profitability [22][30] - Management emphasized the importance of adapting to consumer trends by prioritizing better-for-you products and innovative offerings [29][30] Other Important Information - The company generated cash flow from operating activities of $446 million in 2025, an increase of $34 million over the prior year [20] - Capital expenditures decreased to $127 million, while dividends paid increased to $209 million [20] - The company is committed to maintaining a strong balance sheet, with a net debt to trailing twelve-month Adjusted EBITDA ratio of approximately 3.3 times [20] Q&A Session Summary Question: What are the expectations for growth in 2026? - The company expects fiscal 2026 net sales to be between $5.163 billion and $5.267 billion, with adjusted EBITDA of $465 million to $495 million, and adjusted diluted EPS of $0.80 to $0.90 [24][25] Question: How is the integration of Simple Mills progressing? - The integration is progressing well, with expectations for double-digit sales growth driven by expanded distribution and innovation [24]