Ingles Markets (NASDAQ: IMKTA) Q3 2026 net income reaches $25.9M
Rhea-AI Filing Summary
Ingles Markets, Incorporated reported financial results for the three and nine months ended June 27, 2026. For the third quarter, net sales were $1.37 billion versus $1.35 billion a year earlier, with gross profit of $332.4 million, or 24.3% of sales. Operating and administrative expenses were $298.0 million, interest expense was $4.5 million, and net income was $25.9 million, compared with $26.2 million in the prior-year quarter. Basic earnings per share for Class A Common Stock were $1.39, with diluted EPS of $1.36.
For the first nine months of fiscal 2026, net sales totaled $4.05 billion versus $3.97 billion in the prior-year period. Gross profit was $992.3 million, or 24.5% of sales, compared with $939.4 million, or 23.7% of sales, and net income was $78.3 million versus $57.9 million. Class A basic and diluted EPS were $4.21 and $4.12, respectively. Total debt was $500.5 million and cash and cash equivalents were $455.1 million as of June 27, 2026. Capital expenditures for the first nine months were $76.4 million, and full-year 2026 capital spending is expected to be approximately $120 million to $130 million. The company operated 195 supermarkets and noted that three stores damaged by Hurricane Helene remained temporarily closed but are expected to reopen in 2026 and 2027.
Positive
- Nine‑month net income was $78.3 million versus $57.9 million in the prior-year period, and Class A basic EPS increased to $4.21 from $3.11, indicating substantially higher earnings year to date.
Negative
- None.
8-K Event Classification
Key Figures
Key Terms
forward-looking statements regulatory
capital expenditures financial
line of credit financial
deferred income taxes financial
letter of credit financial
Earnings Snapshot
Capital expenditures for fiscal 2026 are expected to be approximately $120 million to $130 million.
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Date of Report (Date of earliest event reported) |
(State or other jurisdiction | (Commission | (IRS Employer |
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of incorporation) | File Number) | Identification No.) |
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(Address of principal executive offices) | (Zip Code) |
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Class A | The |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). | |
Emerging growth company | |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ☐ |
Exhibit Number | Description of Exhibit |
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99.1 | Press release issued August 6, 2026 |
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104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
INGLES MARKETS, INCORPORATED |
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(Registrant) |
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Date: August 6, 2026 | ||
By: | /s/ Patricia E. Jackson |
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Patricia E. Jackson |
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Chief Financial Officer |
Exhibit 99.1
PRESS RELEASE
Ingles Markets, Inc. Contact: Pat Jackson, Chief Financial Officer pjackson@ingles-markets.com (828) 669-2941 (Ext. 223) | August 6, 2026 For Immediate Release |
Ingles Markets, Incorporated Reports Results for Third Quarter
and First Nine Months of Fiscal 2026
ASHEVILLE, N.C. - Ingles Markets, Incorporated (NASDAQ: IMKTA) today reported results for the three and nine months ended June 27, 2026.
Robert P. Ingle II, Chairman of the Board, stated, “We are pleased with our results and thank our associates for their continued focus on our customers’ experience as we strive to provide value, selection and quality offerings.”
Third Quarter Results
Net sales totaled $1.37 billion for the quarter ended June 27, 2026, compared with $1.35 billion for the quarter ended June 28, 2025.
Gross profit for the third quarter of fiscal 2026 totaled $332.4 million, or 24.3% of sales. Gross profit for the third quarter of fiscal 2025 was $327.3 million, or 24.3% of sales.
Operating and administrative expenses for the third quarter of fiscal 2026 totaled $298.0 million compared with $290.1 million for the third quarter of fiscal 2025.
Interest expenses totaled $4.5 million for the third quarter of fiscal 2026 compared with $4.9 million for the third quarter of fiscal 2025.
Net income totaled $25.9 million for the third quarter of fiscal 2026, as compared with $26.2 million for the third quarter of fiscal 2025. Basic and diluted earnings per share for Class A Common Stock were $1.39 and $1.36, respectively, for the quarter ended June 27, 2026, as compared with $1.41 and $1.38, respectively, for the quarter ended June 28, 2025. Basic and diluted earnings per share for Class B Common Stock were each $1.27 for the quarter ended June 27, 2026, as compared with $1.28 for the quarter ended June 28, 2025.
Nine Month Results
Net sales totaled $4.05 billion for the nine months ended June 27, 2026, as compared with $3.97 billion for the nine months ended June 28, 2025.
Gross profit for the nine months ended June 27, 2026, totaled $992.3 million, or 24.5% of sales. Gross profit for the nine months ended June 28, 2025, totaled $939.4 million, or 23.7% of sales.
Operating and administrative expenses totaled $884.6 million for the nine months ended June 27, 2026, as compared to $860.0 million for the nine months ended June 28, 2025.
Interest expense totaled $13.6 million for the nine-month period ended June 27, 2026, and $14.7 million for the nine-month period ended June 28, 2025. Total debt as of June 27, 2026, was $500.5 million compared to $518.0 million as of June 28, 2025.
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PRESS RELEASE
Net income totaled $78.3 million for the nine-month period ended June 27, 2026, compared with $57.9 million for the nine-month period ended June 28, 2025. Basic and diluted earnings per share for Class A Common Stock were $4.21 and $4.12, respectively, for the nine months ended June 27, 2026, as compared with $3.11 and $3.05, respectively, for the nine months ended June 28, 2025. Basic and diluted earnings per share for Class B Common Stock were each $3.83 for the nine months ended June 27, 2026, as compared with $2.83 for the nine months ended June 28, 2025.
Capital expenditures for the nine months ended June 27, 2026, totaled $76.4 million, as compared with $91.4 million for the nine months ended June 28, 2025. Capital expenditures for the entire fiscal year 2026 are expected to be approximately $120 million to $130 million.
As of June 27, 2026, the Company had outstanding only a single letter of credit in the amount of $900,000 under its $150.0 million line of credit and otherwise had no borrowings outstanding thereunder. The Company believes its financial resources, including its line of credit and other internal and external sources of funds, will be sufficient to meet planned capital expenditures, debt service and working capital requirements for the foreseeable future.
About Ingles Markets, Incorporated
Ingles Markets, Incorporated is a leading grocer with operations in six southeastern states. Headquartered in Asheville, North Carolina, the Company operates 195 supermarkets. At June 27, 2026, three of the four stores temporarily closed due to damage sustained in Hurricane Helene remained closed but are expected to reopen at various times in 2026 and 2027. In conjunction with its supermarket operations, the Company operates neighborhood shopping centers, most of which contain an Ingles supermarket. The Company also owns a fluid dairy facility that supplies Ingles supermarkets and unaffiliated customers. To learn more about Ingles Markets visit ingles-markets.com.
Cautionary Note Regarding Forward-Looking Statements
This press release includes certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may address, among other things, our expected financial and operational results and the related assumptions underlying our expected results. These forward-looking statements are distinguished by use of words such as “anticipate,” “aim,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “will,” “would” and the negative of these terms, and similar references to future periods. These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from these expectations due to, among other things: business and economic conditions generally in the Company’s operating area, including inflation or deflation; shortages of labor, distribution capacity, and some product shortages; inflation in food, labor and gasoline prices; the Company’s ability to successfully implement our expansion and operating strategies; pricing pressures and other competitive factors, including online-based procurement of products the Company sells; sudden or significant changes in the availability of gasoline and retail gasoline prices; the maturation of new and expanded stores; general concerns about food safety; the Company’s ability to manage technology and data security; the availability and terms of financing; and increases in costs, including food, utilities, labor and other goods and services significant to the Company’s operations. Detailed information about these factors and additional important factors can be found in the documents that the Company files with the Securities and Exchange Commission, such as Form 10-K, Form 10-Q and Form 8-K. Forward-looking statements speak only as of the date the statements were made. The Company does not undertake an obligation to update forward-looking information, except to the extent required by applicable law.
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PRESS RELEASE
INGLES MARKETS, INCORPORATED |
(Amounts in thousands except per share data) |
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Unaudited Financial Highlights |
Condensed Consolidated Statements of Income (Unaudited) |
| | Three Months Ended | | | Nine Months Ended | |
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| | June 27, | | | June 28, | | | June 27, | | | June 28, | |
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| | 2026 | | | 2025 | | | 2026 | | | 2025 | |
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Net sales | | $ | 1,368,324 | | | $ | 1,346,222 | | | $ | 4,049,165 | | | $ | 3,965,609 | |
Gross profit | | | 332,444 | | | | 327,330 | | | | 992,261 | | | | 939,442 | |
Operating and administrative expenses | | | 298,005 | | | | 290,131 | | | | 884,573 | | | | 859,985 | |
Gain from sale or disposal of assets | | | 44 | | | | 143 | | | | 401 | | | | 3,097 | |
Income from operations | | | 34,483 | | | | 37,342 | | | | 108,089 | | | | 82,554 | |
Other income, net | | | 3,037 | | | | 2,769 | | | | 8,720 | | | | 8,909 | |
Interest expense | | | 4,503 | | | | 4,856 | | | | 13,605 | | | | 14,746 | |
Income tax expense | | | 7,118 | | | | 9,056 | | | | 24,909 | | | | 18,824 | |
Net income | | $ | 25,899 | | | $ | 26,199 | | | $ | 78,295 | | | $ | 57,893 | |
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Basic earnings per common share – Class A | | $ | 1.39 | | | $ | 1.41 | | | $ | 4.21 | | | $ | 3.11 | |
Diluted earnings per common share – Class A | | $ | 1.36 | | | $ | 1.38 | | | $ | 4.12 | | | $ | 3.05 | |
Basic earnings per common share – Class B | | $ | 1.27 | | | $ | 1.28 | | | $ | 3.83 | | | $ | 2.83 | |
Diluted earnings per common share – Class B | | $ | 1.27 | | | $ | 1.28 | | | $ | 3.83 | | | $ | 2.83 | |
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Additional selected information: | | | | | | | | | | | | | | | | |
Depreciation and amortization expense | | $ | 30,096 | | | $ | 30,678 | | | $ | 90,462 | | | $ | 92,214 | |
Rent expense | | $ | 1,732 | | | $ | 1,779 | | | $ | 5,194 | | | $ | 5,507 | |
Condensed Consolidated Balance Sheets (Unaudited) |
| | June 27, | | | Sept. 27, | |
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| | 2026 | | | 2025 | |
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ASSETS | | | | | | | | |
Cash and cash equivalents | | $ | 455,087 | | | $ | 366,246 | |
Receivables-net | | | 102,682 | | | | 106,355 | |
Inventories | | | 479,654 | | | | 482,979 | |
Other current assets | | | 19,341 | | | | 19,976 | |
Property and equipment-net | | | 1,501,441 | | | | 1,515,070 | |
Other assets | | | 75,300 | | | | 75,429 | |
TOTAL ASSETS | | $ | 2,633,505 | | | $ | 2,566,055 | |
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LIABILITIES AND STOCKHOLDERS' EQUITY | | | | | | | | |
Current maturities of long-term debt | | $ | 17,481 | | | $ | 17,477 | |
Accounts payable, accrued expenses and current portion of other long-term liabilities | | | 311,727 | | | | 285,426 | |
Deferred income taxes | | | 51,743 | | | | 65,040 | |
Long-term debt | | | 483,046 | | | | 497,289 | |
Other long-term liabilities | | | 84,716 | | | | 84,891 | |
Total Liabilities | | | 948,713 | | | | 950,123 | |
Stockholders' equity | | | 1,684,792 | | | | 1,615,932 | |
TOTAL LIABILITIES AND | | | | | | | | |
STOCKHOLDERS' EQUITY | | $ | 2,633,505 | | | $ | 2,566,055 | |
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