FAT Brands 8.25% PFD (FATPQ) Financials
Newest figures come from the filing for Q3 FY2025, filed Nov 12, 2025. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the FATPQ SEC filings page.
FAT Brands Inc 8.25% PFD (FATPQ) reported $574.1M in revenue over the twelve months to Sep 28, 2025, down 5.3% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 8 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings.
Revenue expanded rapidly, but rising costs, persistent cash outflows, and heavier liabilities left the business less financially flexible.
In FY2024, revenue reached$592.7M while gross margin fell7.5 percentage points from FY2023, indicating added sales came with materially weaker unit economics. Operating cash flow was-$56.2M and free cash flow was-$79.0M , so operating weakness also consumed cash after reinvestment—a sign of weak earnings quality rather than a purely accounting loss.
Liabilities reached
Cost of revenue increased
Financial Health Signals
We do not publish a peer-relative financial health score for FAT Brands Inc 8.25% PFD, because the score only covers companies whose filings and listing give us what it needs to compare them with their peers. The signals and metrics below are current.
FAT Brands Inc 8.25% PFD passes 2 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 operating efficiency signals passes.
FAT Brands Inc 8.25% PFD reported a net loss of $189.8M while operations used $56.2M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
FAT Brands Inc 8.25% PFD generated $140.0M in revenue in Q3 2025. This represents a decrease of 2.3% from the same quarter a year earlier. Against the prior quarter it is down 4.6%.
FAT Brands Inc 8.25% PFD's EBITDA was -$9.5M in Q3 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 597.0% from the same quarter a year earlier. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
FAT Brands Inc 8.25% PFD reported a net loss of $58.2M in Q3 2025. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
FAT Brands Inc 8.25% PFD earned -$3.39 per diluted share (EPS) in Q3 2025. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Cash & Balance Sheet
FAT Brands Inc 8.25% PFD recorded an outflow of $16.9M in free cash flow in Q3 2025, representing a cash shortfall after capex. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
FAT Brands Inc 8.25% PFD held $2.1M in cash against $2.5M in long-term debt as of Q3 2025, with $1.6B of liabilities due within a year.
FAT Brands Inc 8.25% PFD paid $0.00 per share in dividends in Q3 2025. This represents a decrease of 100.0% from the same quarter a year earlier. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Margins & Returns
FAT Brands Inc 8.25% PFD's gross margin was 32.4% in Q3 2025, indicating the percentage of revenue retained after direct costs. This is down 0.1 percentage points from the same quarter a year earlier. Against the prior quarter it is down 0.8 percentage points.
FAT Brands Inc 8.25% PFD's operating margin was -12.4% in Q3 2025, reflecting core business profitability. This is down 6.2 percentage points from the same quarter a year earlier. Against the prior quarter it is down 1.8 percentage points.
FAT Brands Inc 8.25% PFD's net profit margin was -41.6% in Q3 2025, showing the share of revenue converted to profit. This is down 10.4 percentage points from the same quarter a year earlier. Against the prior quarter it is down 4.7 percentage points.
Not reported for Q3 2025.
Capital Allocation
FAT Brands Inc 8.25% PFD invested $2.3M in capex in Q3 2025, funding long-term assets and infrastructure. This represents a decrease of 70.4% from the same quarter a year earlier. Against the prior quarter it is down 3.1%.
Not reported for Q3 2025.
Not reported for Q3 2025.
FATPQ Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'25Filing | Q2'25Filing | Q1'25 | Q4'24Filing | Q3'24Filing | Q2'24Filing | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $140.0M-2.3% | $146.8M-3.4% | $142.0M-6.5% | $145.3M-8.4% | $143.4M+31.1% | $152.0M+42.4% | $152.0M+43.8% | $158.6M+52.8% |
| Cost of Revenue | $94.6M-2.3% | $98.0M-2.1% | $96.1M-3.0% | $97.2M-7.6% | $96.8M+63.6% | $100.1M+68.3% | $99.0M+67.6% | $105.1M |
| Gross Profit | $45.4M-2.5% | $48.8M-6.0% | $45.9M-13.2% | $48.1M-10.1% | $46.6M-7.2% | $51.9M+9.9% | $52.9M+13.5% | $53.5M |
| SG&A Expenses | $42.7M+23.7% | $44.4M+50.3% | $33.0M+10.1% | $34.5M+13.9% | $34.5M+41.0% | $29.6M+197.2% | $30.0M+5.6% | $30.3M-22.3% |
| Operating Income | -$17.4Mn/m | -$15.6Mn/m | -$8.6Mn/m | -$39.3Mn/m | -$8.8M-233.4% | -$2.7M-114.6% | -$1.4M-457.1% | -$3.1Mn/m |
| EBITDA | -$9.5M-597.0% | -$7.2M-195.0% | $1.8M-79.3% | -$28.9M-527.6% | $1.9M-86.1% | $7.5M-70.4% | $8.8M+17.4% | $6.8Mn/m |
| Income Tax | $1.1M+669.2% | $457K-76.0% | $1.8M-49.8% | -$8.3Mn/m | $143Kn/m | $1.9M+41.2% | $3.5M+39.0% | -$8.8M-163.0% |
| Net Income | -$58.2Mn/m | -$54.2Mn/m | -$46.0Mn/m | -$67.4Mn/m | -$44.8Mn/m | -$39.4Mn/m | -$38.3Mn/m | -$26.2Mn/m |
| EPS (Basic) | -$3.39n/m | -$3.17n/m | -$2.73n/m | N/A | -$2.74n/m | -$2.43n/m | -$2.37n/m | N/A |
| EPS (Diluted) | -$3.39n/m | -$3.17n/m | -$2.73n/m | N/A | -$2.74n/m | -$2.43n/m | -$2.37n/m | N/A |
| Diluted Shares (Avg) | 18M+4.8% | 18M+4.8% | 18M+4.0% | N/A | 17M+2.6% | 17M+2.9% | 17M+2.8% | N/A |
Not reported in any period shown, so not listed: R&D Expenses, Interest Expense.
FATPQ Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'25Filing | Q2'25Filing | Q1'25 | Q4'24Filing | Q3'24Filing | Q2'24Filing | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.2B-9.6% | $1.2B-8.0% | $1.3B-8.0% | $1.3B-7.1% | $1.3B+5.0% | $1.4B+11.6% | $1.4B+12.6% | $1.4B+14.4% |
| Current Assets | $49.1M-46.2% | $71.1M-29.7% | $83.1M-32.9% | $88.0M-27.3% | $91.4M-43.9% | $101.1M-3.0% | $123.9M+5.9% | $121.0M+26.4% |
| Cash & Equivalents | $2.1M-87.8% | $7.6M-53.9% | $12.2M-69.5% | $23.4M-36.9% | $16.8M-80.9% | $16.6M-45.8% | $39.9M-13.6% | $37.0M+29.2% |
| Inventory | $7.4M-12.0% | $7.7M-12.8% | $8.6M-6.8% | $8.4M-9.5% | $8.5M+23.9% | $8.9M+41.8% | $9.2M+35.7% | $9.3M+34.4% |
| Accounts Receivable | $14.0M-23.4% | $16.1M-26.3% | $17.1M-13.5% | $19.4M-8.2% | $18.3M-24.2% | $21.9M-24.7% | $19.7M-26.7% | $21.1M-11.4% |
| Goodwill | $285.3M-6.5% | $285.3M-6.5% | $285.3M-6.5% | $285.3M-6.5% | $305.1M+4.0% | $305.1M+4.0% | $305.1M+4.0% | $305.1M+4.0% |
| Total Liabilities | $1.8B+4.6% | $1.8B+5.7% | $1.8B+5.4% | $1.7B+6.1% | $1.7B+14.7% | $1.7B+19.4% | $1.7B+18.1% | $1.6B+19.8% |
| Current Liabilities | $1.6B+418.2% | $335.7M+23.4% | $316.6M+18.9% | $298.3M+7.9% | $302.2M+13.9% | $272.0M+8.2% | $266.4M+8.4% | $276.6M+3.6% |
| Non-Current Liabilities | $238.3M-83.3% | $1.5B+2.3% | $1.5B+2.9% | $1.4B+5.8% | $1.4B+14.9% | $1.4B+21.9% | $1.4B+20.2% | $1.4B+23.7% |
| Long-Term Debt | $2.5M-99.8% | $1.2B+4.3% | $1.2B+5.1% | $1.2B+8.9% | $1.2B+7.7% | $1.2B+14.7% | $1.2B+13.5% | $1.1B+15.8% |
| Total Equity | -$585.8Mn/m | -$536.5Mn/m | -$493.9Mn/m | -$455.7Mn/m | -$386.1Mn/m | -$338.6Mn/m | -$296.8Mn/m | -$255.9Mn/m |
| Retained Earnings | -$611.8Mn/m | -$553.6Mn/m | -$499.4Mn/m | -$458.6Mn/m | -$391.2Mn/m | -$346.5Mn/m | -$307.1Mn/m | -$268.8Mn/m |
Not reported in any period shown, so not listed: Short-Term Investments, Long-Term Investments.
FATPQ Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'25Filing | Q2'25Filing | Q1'25 | Q4'24Filing | Q3'24Filing | Q2'24Filing | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$14.5Mn/m | -$26.9Mn/m | -$13.2Mn/m | -$10.4Mn/m | -$3.2Mn/m | -$14.2Mn/m | -$28.4Mn/m | -$12.6Mn/m |
| Depreciation & Amortization | $7.9M-26.3% | $8.4M-18.2% | $10.4M+1.9% | $10.4M+4.4% | $10.7M+52.5% | $10.2M+45.1% | $10.2M+43.3% | $9.9M+44.8% |
| Stock-Based Compensation | $200K-60.0% | $200K-71.4% | $367K-50.7% | N/A | $500K-54.5% | $700K+40.0% | $745K-32.0% | N/A |
| Capital Expenditures | $2.3M-70.4% | $2.4M-76.5% | $4.5M+10.2% | $591K-89.2% | $7.9M+23.0% | $10.2M+104.4% | $4.1M+103.2% | $5.5M-32.2% |
| Free Cash Flow | -$16.9Mn/m | -$29.3Mn/m | -$17.8Mn/m | -$11.0Mn/m | -$11.1Mn/m | -$24.4Mn/m | -$32.5Mn/m | -$18.0Mn/m |
| Investing Cash Flow | -$2.3Mn/m | -$2.4Mn/m | -$24Kn/m | -$504Kn/m | -$7.8Mn/m | -$10.1Mn/m | -$8.0Mn/m | -$45.5M-2445.5% |
| Financing Cash Flow | -$4.4M-195.2% | $13.9M+755.2% | $5.2M-87.1% | $11.6M+4.2% | $4.6M-93.9% | $1.6Mn/m | $40.4M+25.4% | $11.1M-28.5% |
| Dividends Paid | $0-100.0% | $0-100.0% | $0-100.0% | $2.4M+1.9% | $2.4M+2.1% | $2.4M+2.5% | $2.4M+2.4% | $2.4M+1.7% |
Not reported in any period shown, so not listed: Share Buybacks.
FATPQ Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'25Filing | Q2'25Filing | Q1'25 | Q4'24Filing | Q3'24Filing | Q2'24Filing | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 32.4%-0.1pp | 33.2%-0.9pp | 32.3%-2.5pp | 33.1%-0.6pp | 32.5%-13.4pp | 34.2%-10.1pp | 34.8%-9.3pp | 33.7% |
| Operating Margin | -12.4%-6.2pp | -10.6%-8.8pp | -6.0%-5.1pp | -27.1%-25.1pp | -6.2%-12.2pp | -1.8%-19.1pp | -0.9%-1.3pp | -2.0%+29.4pp |
| Net Margin | -41.6%-10.4pp | -36.9%-11.0pp | -32.4%-7.2pp | -46.4%-29.9pp | -31.2%-8.7pp | -25.9%-19.3pp | -25.2%+5.2pp | -16.5%+51.7pp |
| Return on Assets | -4.8%-1.5pp | -4.3%-1.4pp | -3.6%-0.8pp | -5.2%-3.3pp | -3.3%-1.4pp | -2.9%-2.3pp | -2.8%-0.2pp | -1.9%+4.0pp |
| Current Ratio | 0.03-0.3x | 0.21-0.2x | 0.26-0.2x | 0.30-0.1x | 0.30-0.3x | 0.370.0x | 0.470.0x | 0.44+0.1x |
| Asset Turnover | 0.120.0x | 0.120.0x | 0.110.0x | 0.110.0x | 0.110.0x | 0.110.0x | 0.110.0x | 0.110.0x |
| FCF Margin | -12.0%-4.3pp | -20.0%-3.9pp | -12.5%+8.9pp | -7.6%+3.8pp | -7.7%-0.2pp | -16.1%-2.5pp | -21.4%-8.4pp | -11.4%+6.8pp |
Not reported in any period shown, so not listed: Return on Equity, Debt-to-Equity, Liabilities-to-Equity.
Note: Shareholder equity is negative (-$455.7M), which causes the debt-to-equity, liabilities-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
Note: The current ratio is below 1.0 (0.30), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
Where FAT Brands Inc 8.25% PFD Ranks
Frequently Asked Questions
FAT Brands Inc 8.25% PFD (FATPQ) reported $592.7M in total revenue for fiscal year 2024. This represents a 23.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
FAT Brands Inc 8.25% PFD (FATPQ) revenue grew by 23.4% year-over-year, from $480.5M to $592.7M in fiscal year 2024.
No, FAT Brands Inc 8.25% PFD (FATPQ) reported a net loss of $225.8M over the trailing 12 months to September 28, 2025. In fiscal year 2024 it reported a net loss of $189.8M, with a net profit margin of -32.0%.
FAT Brands Inc 8.25% PFD (FATPQ) had EBITDA of -$10.7M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
As of fiscal year 2024, FAT Brands Inc 8.25% PFD (FATPQ) had $23.4M in cash and equivalents against $1.2B in long-term debt.
FAT Brands Inc 8.25% PFD (FATPQ) had a gross margin of 33.7% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.
FAT Brands Inc 8.25% PFD (FATPQ) had an operating margin of -8.8% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
FAT Brands Inc 8.25% PFD (FATPQ) had a net profit margin of -32.0% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
Yes, FAT Brands Inc 8.25% PFD (FATPQ) paid $0.56 per share in dividends during fiscal year 2024.
FAT Brands Inc 8.25% PFD (FATPQ) recorded an outflow of $79.0M in free cash flow during fiscal year 2024. The change from the previous fiscal year is not meaningful, because that year’s figure was zero or negative. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
FAT Brands Inc 8.25% PFD (FATPQ) recorded an outflow of $56.2M in operating cash flow during fiscal year 2024, representing cash used by core business activities.
FAT Brands Inc 8.25% PFD (FATPQ) had $1.3B in total assets as of fiscal year 2024, including both current and long-term assets.
FAT Brands Inc 8.25% PFD (FATPQ) invested $22.8M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
FAT Brands Inc 8.25% PFD (FATPQ) had a current ratio of 0.30 as of fiscal year 2024, which is below 1.0, which may suggest potential liquidity concerns.
FAT Brands Inc 8.25% PFD (FATPQ) had a return on assets of -14.7% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
FAT Brands Inc 8.25% PFD (FATPQ) has negative shareholder equity of -$455.7M as of fiscal year 2024, so no debt-to-equity or liabilities-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
FAT Brands Inc 8.25% PFD (FATPQ) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
FAT Brands Inc 8.25% PFD (FATPQ) reported a net loss of $189.8M while operations used $56.2M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.