Every 10-K that Where Food Comes From, Inc. (WFCF) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow WFCF and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full WFCF filings page.
Where Food Comes From, Inc. (WFCF) filed Amendment No. 2 to its annual report for the year ended December 31, 2025 to replace the Controls and Procedures section and newly disclose a material weakness in internal control over financial reporting related to lease accounting under FASB ASC 842. Management and the auditor identified that a November 21, 2025 lease amendment with The Move, LLC, which shortened the lease term to December 31, 2027, was improperly accounted for, causing a material overstatement of right of use assets and other income. Management concluded that disclosure controls and procedures and internal control over financial reporting were not effective as of December 31, 2025, but states the financial statements fairly present the company’s financial position and that no material misstatements have been identified. The company reports that it has remediated the weakness by properly applying ASC 842 and plans to consider using additional experts for rare or non-routine transactions.
Where Food Comes From, Inc. filed an amendment to its 2025 annual report to add a previously omitted material weakness in internal control over financial reporting tied to lease accounting under FASB ASC 842.
The issue arose after a November 21, 2025 lease amendment that shortened the lease term from an anticipated July 31, 2031 end date (including renewal options) to a contractual term through December 31, 2027. An improper application of ASC 842 caused a material overstatement of right of use assets and other income for 2025. Management states it has remediated the weakness by correctly applying ASC 842 and considering the use of additional experts for rare or non-routine transactions. They report no material misstatements were identified in the 2025 financial statements and maintain that disclosure controls and procedures were effective as of December 31, 2025.
Where Food Comes From, Inc. reported 2025 revenue of $24.9M, slightly below 2024’s $25.7M, as tight U.S. cattle supplies and industry cyclicality weighed on its core beef-related business.
Verification and certification services generated 80.8% of revenue, product sales 14.5%, and professional services the balance. Gross profit declined to $9.5M, with margins pressured by higher tag costs, rising wages and benefits, and competitive pricing.
Net income was $1.5M, or $0.30 per basic and diluted share, down from $2.1M and $0.40 in 2024, reflecting lower volumes and cost inflation. Cash and cash equivalents increased to $3.2M, supported by operating cash flow and proceeds from the sale of a 10% stake in Progressive Beef.
The company continued returning capital via its stock buyback plan, repurchasing 66,469 shares for $0.8M in the 2025 fourth quarter and canceling 1,237,700 treasury shares. Management highlights long-term growth drivers in sustainability, traceability, and regulatory requirements, but also flags risks from cattle-cycle contraction, inflation, evolving regulations, ESG expectations, climate-related disruptions, cybersecurity threats and the need to retain key leaders.