Hillman Reports First Quarter 2026 Results
Rhea-AI Summary
Hillman (Nasdaq: HLMN) reported Q1 2026 results for the 13 weeks ended March 28, 2026: net sales $370.1M (+3.0% YoY), net loss $(4.7)M, adjusted diluted EPS $0.07, and adjusted EBITDA $50.1M. The company closed two acquisitions after quarter-end and raised its FY2026 net sales guidance to $1.63–$1.73B while reiterating adjusted EBITDA and free cash flow guidance.
At quarter end gross debt was $737.8M, net debt $710.1M (2.6x trailing adjusted EBITDA), liquidity $282.4M, and Hillman repurchased ~1.2M shares for $10.1M.
Positive
- Net sales of $370.1M (+3.0% YoY)
- Closed two acquisitions expanding industrial MRO and pro distribution
- Updated FY2026 net sales guidance to $1.63–$1.73B
- Repurchased ~1.2M shares for $10.1M
Negative
- Net loss of $(4.7)M in Q1 2026
- Adjusted EBITDA down to $50.1M from $54.5M prior year
- Free Cash Flow of $(34.3)M and operating cash use $(19.5)M
- Gross debt increased to $737.8M, net debt $710.1M (2.6x)
Key Figures
Market Reality Check
Peers on Argus
HLMN was down 1.34% pre-release while key peers like KMT, TKR, TTC, and EML showed modest gains and SWK appeared in momentum scanners down 1.79%, suggesting a stock-specific setup rather than a broad hardware/tools sector move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Mar 31 | Earnings date set | Neutral | +4.4% | Announced Q1 2026 earnings release timing and webcast details for investors. |
| Feb 17 | FY25 earnings, guidance | Positive | -10.1% | Reported record 2025 results and issued 2026 guidance with revenue and EBITDA growth. |
| Jan 16 | Earnings date set | Neutral | -0.2% | Scheduled Q4 2025 earnings release and guidance presentation date and webcast. |
| Nov 04 | Record Q3 2025 results | Positive | -2.8% | Reported record Q3 2025 net sales and Adjusted EBITDA and raised full-year guidance. |
| Oct 14 | Earnings date set | Neutral | +3.1% | Announced Q3 2025 earnings release date and results presentation logistics. |
Past earnings-related events with strong reported results or guidance often saw negative price reactions, indicating a tendency for divergence around fundamentals-focused news.
Recent history shows Hillman using earnings and events to frame a growth narrative. In November 2025, it reported record Q3 results and raised 2025 Adjusted EBITDA guidance, yet shares fell. In February 2026, record full-year 2025 results and 2026 guidance were followed by a double‑digit percentage decline. Scheduling releases in October 2025, January 2026, and March 2026 produced mixed but generally modest moves. Today’s Q1 2026 report and guidance update slots into this pattern of active communication around financial performance.
Historical Comparison
In the past 12 months, Hillman issued 5 earnings-related releases, with an average move of -1.12%. Strong fundamental updates have not consistently translated into positive next-day performance.
Earnings communications progressed from setting dates in 2025 to reporting record Q3 and full-year 2025 results and providing 2026 guidance. The current Q1 2026 report and updated full-year outlook continue this cadence of using quarterly results to update investors on execution versus multi-year growth targets.
Regulatory & Risk Context
Hillman has an effective automatic shelf registration on Form S-3ASR filed on 2025-08-05, allowing it to issue an unlimited amount of various securities over the life of the shelf. No takedowns have been recorded in the provided context, but the shelf gives flexibility to raise capital for growth or refinancing, which could affect existing holders if utilized.
Market Pulse Summary
This announcement combines modest Q1 net sales growth to $370.1M with weaker Adjusted EPS and EBITDA and more negative Free Cash Flow, while raising full-year 2026 net sales guidance to $1.630–$1.730B. Recent acquisitions broaden industrial MRO and pro distribution exposure but come alongside higher gross debt of $737.8M and leverage of 2.6x net debt to trailing Adjusted EBITDA. Future updates on margins, cash generation, and use of the S-3ASR shelf will be important to monitor.
Key Terms
adjusted ebidta financial
free cash flow financial
non-gaap financial
revolving credit facility financial
form 10-q regulatory
AI-generated analysis. Not financial advice.
Closed two acquisitions subsequent to quarter end - expanding Industrial MRO and Pro Distribution presence
Increases FY 2026 Net Sales guidance; reiterates Adj. EBITDA and Free Cash Flow guidance
CINCINNATI, April 27, 2026 (GLOBE NEWSWIRE) -- Hillman Solutions Corp. (Nasdaq: HLMN) (the “Company” or “Hillman”), a leading provider of hardware products and merchandising solutions, reported financial results for the thirteen weeks ended March 28, 2026.
First Quarter 2026 Highlights (Thirteen weeks ended March 28, 2026)
- Net sales increased
3.0% to$370.1 million compared to$359.3 million in the prior year quarter - Net loss totaled
$(4.7) million , or$(0.02) per diluted share, compared to$(0.3) million , or$(0.00) per diluted share, in the prior year quarter - Adjusted diluted EPS1 totaled
$0.07 per diluted share compared to$0.10 per diluted share in the prior year quarter - Adjusted EBITDA1 totaled
$50.1 million compared to$54.5 million in the prior year quarter - Net cash used by operating activities was
$(19.5) million compared to$(0.7) million in the prior year quarter - Free Cash Flow1 totaled
$(34.3) million compared to$(21.3) million in the prior year quarter - Hillman repurchased approximately 1.2 million shares of its common stock at an average price of
$8.29 per share, which totaled$10.1 million - Subsequent to the quarter end, closed two acquisitions:
- Campbell Chain & Fittings, a premier manufacturer and supplier of industrial chain and related products
- Delaney Hardware, a U.S.-based supplier of door hardware and builder’s hardware used in residential, multifamily, and commercial construction
Balance Sheet and Liquidity at March 28, 2026
- Gross debt was
$737.8 million compared to$693.1 million on December 27, 2025 - Net debt1 was
$710.1 million compared to$665.8 million on December 27, 2025 - Liquidity available totaled
$282.4 million ; consisting of$254.7 million of available borrowing under the revolving credit facility and$27.7 million of cash and equivalents - Net debt1 to trailing twelve month Adjusted EBITDA was 2.6x at quarter end compared to 2.4x on December 27, 2025
Management Commentary
"Consistent demand for our hardware products, driven by repair, maintenance, and remodeling projects, coupled with mid-single digit growth in our robotics and digital solutions business ('RDS') drove a solid quarter for Hillman, despite the impact from weather and the macro," commented Jon Michael Adinolfi, President and CEO of Hillman.
"We are raising our full year net sales guidance, driven by the two acquisitions we made subsequent to the end of the quarter. These tuck-in acquisitions support two important strategic initiatives for Hillman: category expansion and pro distribution."
"After the quarter end, we acquired Campbell Chain and Fittings, a premier manufacturer and supplier of industrial chain and chain-related products. This acquisition adds U.S.-based manufacturing and complements our existing retail chain business. Campbell also expands our position within the industrial MRO sector, a key focus area for our future growth.
"Additionally, one week later, we acquired Delaney Hardware, a U.S.-based supplier of door hardware and builder’s hardware used in residential, multifamily, and commercial construction. This acquisition expands our product breadth in our residential pro distribution business.
"We will continue to be laser focused on strengthening our leadership position, executing our strategy to expand across categories and channels, and unlocking meaningful growth opportunities. As we look to the rest of the year, we remain confident in our ability to drive growth and manage this dynamic environment while taking great care of our customers and delivering value for our shareholders.”
Full Year 2026 Guidance - Updated
Based on year-to-date performance and its expectations for the remainder of the year, management is updating its guidance most recently provided on February 17, 2026.
| Previous FY 2026 Guidance | Updated FY 2026 Guidance | |
| Net Sales | ||
| Adjusted EBITDA1 | ||
| Free Cash Flow1 |
1) Denotes Non-GAAP metric. For additional information, including our definitions, use of, and reconciliations of these metrics to the most directly comparable financial measures under GAAP, please see the reconciliations toward the end of the press release.
First Quarter 2026 Results Presentation
Hillman plans to host a conference call and webcast presentation on April 28, 2026, at 8:30 a.m. Eastern Time to discuss its results. President and Chief Executive Officer Jon Michael Adinolfi and Chief Financial Officer Rocky Kraft will host the results presentation.
Date: Tuesday, April 28, 2026
Time: 8:30 a.m. Eastern Time
Listen-Only Webcast: https://edge.media-server.com/mmc/p/3we7oiaa
A webcast replay will be available approximately one hour after the conclusion of the call using the link above.
Hillman’s quarterly presentation and Form 10-Q are expected to be filed with the SEC and posted to its Investor Relations website, https://ir.hillmangroup.com, prior to the webcast presentation.
About Hillman Solutions Corp.
Founded in 1964 and headquartered in Cincinnati, Hillman is a leading provider of hardware and related products serving retail, pro distribution, and industrial MRO customers. Over the last 60-plus years, Hillman has built a legacy of service and growth by forming strategic partnerships with North America’s leading home improvement, hardware, and farm and fleet retailers. Hillman differentiates itself from the competition with its dedicated field sales team of 1,200+ associates, direct-to-store distribution capabilities, and world class global sourcing and supply chain expertise. The company offers an extensive product portfolio of more than 111,000 SKUs, including fasteners (power screws, nuts, and bolts), hardware (builder’s hardware, door locks, rope & chain, accessories), project gear & supplies (gloves, work gear, paint & cleaning sundries), and key and engraving services (key duplication, auto keys, and engraving). Hillman is committed to delivering exceptional customer service, innovative products, and dependable solutions to its customers and regularly earns vendor of the year recognition from top customers. For more information on Hillman, visit www.hillman.com.
Forward-Looking Statements
All statements made in this press release that are considered to be forward-looking are made in good faith by the Company and are intended to qualify for the safe harbor from liability established by Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the Private Securities Litigation Reform Act of 1995. You should not rely on these forward-looking statements as predictions of future events. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," “target”, “goal”, "may," "will," "could," "should," "believes," "predicts," "potential," "continue," and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, the Company’s expectations with respect to future performance. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside the Company's control and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) unfavorable economic conditions that may affect our and our customers’, suppliers’ and other business partners’ operations, financial condition and cash flows including spending on home renovation or construction projects, inflation, recessions, instability in the financial markets or credit markets; (2) increased supply chain costs, including tariffs, raw materials, sourcing, transportation and energy; (3) the highly competitive nature of the markets that we serve; (4) the ability to continue to innovate with new products and services; (5) seasonality; (6) large customer concentration; (7) the ability to recruit and retain qualified employees; (8) the outcome of any legal proceedings that may be instituted against the Company; (9) adverse changes in currency exchange rates; or (10) regulatory changes and potential legislation that could adversely impact financial results. The foregoing list of factors is not exclusive, and readers should also refer to those risks that are included in the Company’s filings with the Securities and Exchange Commission (“SEC”), including the Annual Report on Form 10-K filed on February 17, 2026. Given these uncertainties, current or prospective investors are cautioned not to place undue reliance on any such forward-looking statements.
Except as required by applicable law, the Company does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements in this communication to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based.
Contact:
Michael Koehler
Vice President – Corporate Development, Investor Relations, Treasury
513-826-5495
IR@hillmangroup.com
HILLMAN SOLUTIONS CORP.
Condensed Consolidated Statement of Net Loss, GAAP Basis
(dollars in thousands) Unaudited
| Thirteen Weeks Ended March 28, 2026 | Thirteen Weeks Ended March 29, 2025 | ||||||
| Net sales | $ | 370,073 | $ | 359,343 | |||
| Cost of sales (exclusive of depreciation and amortization shown separately below) | 201,496 | 190,740 | |||||
| Selling, warehouse, general and administrative expenses | 124,571 | 119,052 | |||||
| Depreciation | 21,999 | 19,395 | |||||
| Amortization | 15,276 | 15,415 | |||||
| Other income, net | (483 | ) | (274 | ) | |||
| Income from operations | 7,214 | 15,015 | |||||
| Interest expense, net | 13,005 | 14,460 | |||||
| Refinancing costs | — | 906 | |||||
| loss before income taxes | (5,791 | ) | (351 | ) | |||
| Income tax benefit | (1,059 | ) | (34 | ) | |||
| Net loss | $ | (4,732 | ) | $ | (317 | ) | |
| Basic and diluted loss per share | $ | (0.02 | ) | $ | (0.00 | ) | |
| Weighted average basic and diluted shares outstanding | 196,626 | 197,284 | |||||
HILLMAN SOLUTIONS CORP.
Condensed Consolidated Balance Sheets
(dollars in thousands)
Unaudited
| March 28, 2026 | December 27, 2025 | ||||||
| ASSETS | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 27,731 | $ | 27,276 | |||
| Accounts receivable, net of allowances of | 138,767 | 114,926 | |||||
| Inventories, net | 483,323 | 485,938 | |||||
| Other current assets | 20,066 | 18,342 | |||||
| Total current assets | 669,887 | 646,482 | |||||
| Property and equipment, net of accumulated depreciation of | 224,575 | 231,482 | |||||
| Goodwill | 830,372 | 830,747 | |||||
| Other intangibles, net of accumulated amortization of | 530,707 | 546,171 | |||||
| Operating lease right of use assets | 77,222 | 75,152 | |||||
| Other assets | 28,216 | 26,160 | |||||
| Total assets | $ | 2,360,979 | $ | 2,356,194 | |||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 139,832 | $ | 141,662 | |||
| Current portion of debt and financing lease liabilities | 14,898 | 14,830 | |||||
| Current portion of operating lease liabilities | 19,432 | 17,947 | |||||
| Accrued expenses: | |||||||
| Salaries and wages | 10,419 | 35,790 | |||||
| Pricing allowances | 5,514 | 8,098 | |||||
| Income and other taxes | 8,429 | 9,466 | |||||
| Other accrued liabilities | 28,559 | 29,766 | |||||
| Total current liabilities | 227,083 | 257,559 | |||||
| Long-term debt | 714,055 | 668,337 | |||||
| Deferred tax liabilities | 132,061 | 131,870 | |||||
| Operating lease liabilities | 63,934 | 63,459 | |||||
| Other non-current liabilities | 7,868 | 6,462 | |||||
| Total liabilities | $ | 1,145,001 | $ | 1,127,687 | |||
| Commitments and contingencies (Note 6) | |||||||
| Stockholders' equity: | |||||||
| Common stock: | 20 | 20 | |||||
| Treasury stock, at cost, 2,590,489 shares in 2026 and 1,369,568 shares in 2025 | (22,539 | ) | (12,423 | ) | |||
| Additional paid-in capital | 1,460,059 | 1,457,422 | |||||
| Accumulated deficit | (183,378 | ) | (178,646 | ) | |||
| Accumulated other comprehensive loss | (38,184 | ) | (37,866 | ) | |||
| Total stockholders' equity | 1,215,978 | 1,228,507 | |||||
| Total liabilities and stockholders' equity | $ | 2,360,979 | $ | 2,356,194 | |||
HILLMAN SOLUTIONS CORP.
Condensed Consolidated Statement of Cash Flows
(dollars in thousands)
Unaudited
| Thirteen Weeks Ended March 28, 2026 | Thirteen Weeks Ended March 29, 2025 | ||||||
| Cash flows from operating activities: | |||||||
| Net loss | $ | (4,732 | ) | $ | (317 | ) | |
| Adjustments to reconcile net loss to net cash used for operating activities: | |||||||
| Depreciation and amortization | 37,275 | 34,810 | |||||
| Deferred income taxes | 218 | (974 | ) | ||||
| Deferred financing and original issue discount amortization | 1,253 | 1,257 | |||||
| Stock-based compensation expense | 4,007 | 3,278 | |||||
| Loss on debt restructuring | — | 906 | |||||
| Cash paid to third parties in connection with debt restructuring | — | (906 | ) | ||||
| Loss (gain) on disposal of property and equipment | 14 | (139 | ) | ||||
| Change in fair value of contingent consideration | (509 | ) | (326 | ) | |||
| Changes in operating items: | |||||||
| Accounts receivable, net | (24,128 | ) | (24,617 | ) | |||
| Inventories, net | 2,909 | 7,319 | |||||
| Other assets | (3,950 | ) | (2,152 | ) | |||
| Accounts payable | (1,548 | ) | 11,340 | ||||
| Accrued salaries and wages | (25,415 | ) | (20,769 | ) | |||
| Other accrued expenses | (4,927 | ) | (9,365 | ) | |||
| Net cash used for operating activities | (19,533 | ) | (655 | ) | |||
| Net cash from investing activities | |||||||
| Capital expenditures | (14,815 | ) | (20,658 | ) | |||
| Other investing activities | (55 | ) | (67 | ) | |||
| Net cash used for investing activities | (14,870 | ) | (20,725 | ) | |||
| Cash flows from financing activities: | |||||||
| Repayments of senior term loans | (2,128 | ) | (2,128 | ) | |||
| Borrowings on revolving credit loans | 72,162 | 62,000 | |||||
| Repayments of revolving credit loans | (25,000 | ) | (44,000 | ) | |||
| Principal payments under finance lease obligations | (1,484 | ) | (1,270 | ) | |||
| Proceeds from exercise of stock options | 1,483 | 306 | |||||
| Repurchases of common stock | (10,116 | ) | — | ||||
| Payments of contingent consideration | (77 | ) | (75 | ) | |||
| Other financing activities | (114 | ) | (440 | ) | |||
| Net cash provided by financing activities | 34,726 | 14,393 | |||||
| Effect of exchange rate changes on cash | 132 | (1,214 | ) | ||||
| Net increase (decrease) in cash and cash equivalents | 455 | (8,201 | ) | ||||
| Cash and cash equivalents at beginning of period | 27,276 | 44,510 | |||||
| Cash and cash equivalents at end of period | $ | 27,731 | $ | 36,309 | |||
Reconciliations of Non-GAAP Financial Measures to the Most Directly Comparable GAAP Financial Measures
The Company uses non-GAAP financial measures to analyze underlying business performance and trends. The Company believes that providing these non-GAAP financial measures enhances the Company’s and investors’ ability to compare the Company’s past financial performance with its current performance. These non-GAAP financial measures are provided as supplemental information to the financial measures presented in this press release that are calculated and presented in accordance with GAAP. Non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures determined or calculated in accordance with GAAP. The Company’s definitions of its non-GAAP financial measures may not be comparable to similarly titled measures reported by other companies. Because GAAP financial measures on a forward-looking basis are not accessible, and reconciling information is not available without unreasonable effort, reconciliations to GAAP financial measures are not provided for forward-looking non-GAAP measures. For the same reasons, the Company is unable to address the probable significance of the unavailable information, which could be material to future results.
Non-GAAP financial measures such as consolidated adjusted EBITDA and Adjusted Diluted Earnings per Share (EPS) exclude from the relevant GAAP metrics items that neither relate to the ordinary course of the Company’s business, nor reflect the Company’s underlying business performance.
Reconciliation of Adjusted EBITDA (Unaudited)
(dollars in thousands)
Adjusted EBITDA is a non-GAAP financial measure and is the primary basis used to measure the operational strength and performance of our businesses as well as to assist in the evaluation of underlying trends in our businesses. This measure eliminates the significant level of noncash depreciation and amortization expense that results from the capital-intensive nature of our businesses and from intangible assets recognized in business combinations. It is also unaffected by our capital and tax structures, as our management excludes these results when evaluating our operating performance. Our management use this financial measure to evaluate our consolidated operating performance and the operating performance of our operating segments as well as to allocate resources and capital to our operating segments. Additionally, we believe that Adjusted EBITDA is useful to investors because it is one of the bases for comparing our operating performance with that of other companies in our industries, although our measure of Adjusted EBITDA may not be directly comparable to similar measures used by other companies.
| Thirteen Weeks Ended March 28, 2026 | Thirteen Weeks Ended March 29, 2025 | ||||||
| Net loss | $ | (4,732 | ) | $ | (317 | ) | |
| Income tax benefit | (1,059 | ) | (34 | ) | |||
| Interest expense, net | 13,005 | 14,460 | |||||
| Depreciation | 21,999 | 19,395 | |||||
| Amortization | 15,276 | 15,415 | |||||
| EBITDA | $ | 44,489 | $ | 48,919 | |||
| Stock compensation expense | 4,007 | 3,278 | |||||
| Restructuring and other (1) | 2,011 | 1,691 | |||||
| Transaction and integration expense (2) | 92 | 58 | |||||
| Change in fair value of contingent consideration | (509 | ) | (326 | ) | |||
| Refinancing costs (3) | — | 906 | |||||
| Total adjusting items | 5,601 | 5,607 | |||||
| Adjusted EBITDA | $ | 50,090 | $ | 54,526 | |||
| (1) | Includes consulting and other costs associated with severance related to our distribution center relocations and corporate restructuring activities. |
| (2) | Transaction and integration expense includes professional fees and other costs related to acquisition activity, including the to the Campbell Chain and Fittings and Delaney Hardware acquisitions in 2026. |
| (3) | In the first quarter of 2025, we entered into a Repricing Amendment on our existing Senior Term Loan due July 14, 2028. |
Reconciliation of Adjusted Diluted Earnings Per Share
(in thousands, except per share data)
Unaudited
We define Adjusted Diluted EPS as reported diluted EPS excluding the effect of one-time, non-recurring activity and volatility associated with our income tax expense. The Company believes that Adjusted Diluted EPS provides further insight and comparability in operating performance as it eliminates the effects of certain items that are not comparable from one period to the next. The following is a reconciliation of reported diluted EPS from continuing operations to Adjusted Diluted EPS from continuing operations:
| Thirteen Weeks Ended March 28, 2026 | Thirteen Weeks Ended March 29, 2025 | ||||||
| Reconciliation to Adjusted Net Income | |||||||
| Net Loss | $ | (4,732 | ) | $ | (317 | ) | |
| Remove adjusting items (1) | 5,601 | 5,607 | |||||
| Remove amortization expense | 15,276 | 15,415 | |||||
| Remove tax benefit on adjusting items and amortization expense (2) | (1,506 | ) | (1,720 | ) | |||
| Adjusted Net Income | $ | 14,639 | $ | 18,985 | |||
| Reconciliation to Adjusted Diluted Earnings per Share | |||||||
| Diluted Earnings per Share | $ | (0.02 | ) | $ | 0.00 | ||
| Remove adjusting items (1) | 0.03 | 0.03 | |||||
| Remove amortization expense | 0.08 | 0.08 | |||||
| Remove tax benefit on adjusting items and amortization expense (2) | (0.01 | ) | (0.01 | ) | |||
| Adjusted Diluted Earnings per Share | $ | 0.07 | $ | 0.10 | |||
| Diluted Shares, as reported | 196,626 | 197,284 | |||||
| Non-GAAP dilution adjustments: | |||||||
| Dilutive effect of stock options and awards | 2,467 | 2,553 | |||||
| Adjusted Diluted Shares | 199,093 | 199,837 | |||||
Note: Adjusted EPS may not add due to rounding.
| (1) | Please refer to the "Reconciliation of Adjusted EBITDA" table above for additional information on adjusting items. See the "Per share impact of Adjusting Items" table below for the per share impact of each adjustment. | ||
| (2) | We have calculated the income tax effect of the non-GAAP adjustments shown above at the applicable statutory rate of | ||
| a. | The tax impact of stock compensation expense was calculated using the statutory rates above, excluding certain awards that are non-deductible. | ||
| b. | Amortization expense for financial accounting purposes was offset by the tax benefit of deductible amortization expense using the statutory rate of | ||
Per Share Impact of Adjusting Items
| Thirteen Weeks Ended March 28, 2026 | Thirteen Weeks Ended March 29, 2025 | ||||||
| Stock compensation expense | $ | 0.02 | $ | 0.02 | |||
| Restructuring and other costs | 0.01 | 0.01 | |||||
| Transaction and integration expense | 0.00 | 0.00 | |||||
| Change in fair value of contingent consideration | 0.00 | 0.00 | |||||
| Refinancing costs | 0.00 | 0.00 | |||||
| Total adjusting items | $ | 0.03 | $ | 0.03 | |||
Note: Adjusting items may not add due to rounding.
Reconciliation of Net Debt
We define Net Debt as reported gross debt less cash on hand. Net debt is not defined under U.S. GAAP and may not be computed the same as similarly titled measures used by other companies. The Company believes that Net Debt provides further insight and comparability into liquidity and capital structure. The following is the calculation of Net Debt:
| March 28, 2026 | December 27, 2025 | ||||||
| Revolving loans | $ | 83,162 | $ | 36,000 | |||
| Senior term loan, due 2028 | 634,832 | 636,960 | |||||
| Finance leases and other obligations | 19,851 | 20,090 | |||||
| Gross debt | $ | 737,845 | $ | 693,050 | |||
| Less cash | 27,731 | 27,276 | |||||
| Net debt | $ | 710,114 | $ | 665,774 | |||
Reconciliation of Free Cash Flow
We calculate free cash flow as cash flows from operating activities less capital expenditures. Free cash flow is not defined under U.S. GAAP and may not be computed the same as similarly titled measures used by other companies. We believe free cash flow is an important indicator of how much cash is generated by our business operations and is a measure of incremental cash available to invest in our business and meet our debt obligations.
| Thirteen Weeks Ended March 28, 2026 | Thirteen Weeks Ended March 29, 2025 | ||||||
| Net cash used by operating activities | $ | (19,533 | ) | $ | (655 | ) | |
| Capital expenditures | (14,815 | ) | (20,658 | ) | |||
| Free cash flow | $ | (34,348 | ) | $ | (21,313 | ) | |
Source: Hillman Solutions Corp.
