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Weis Markets, Inc. reports 2025 net sales of $4.96 billion, up 3.5% from 2024, while net income declined 11.6% to $93.7 million. Comparable store sales excluding fuel rose 2.1%, with pharmacy a key growth driver.
The company restated financial statements for 2023–2024 and several 2025 interim periods after discovering overstated inventory and understated cost of goods sold at a single meat manufacturing plant, tied to misconduct by a former non‑executive employee. Retained earnings as of December 31, 2022 were reduced by $5.5 million net of tax.
Management identified material weaknesses in internal control over financial reporting as of December 27, 2025 and is implementing remediation. Weis operates 202 supermarkets across seven states, generated a 25.1% gross margin, and maintained its annual dividend at $1.36 per share. In 2025 it also spent $140 million to repurchase 2.15 million shares from two family trusts.
Weis Markets, Inc. reported that it is delaying its Annual Report on Form 10-K for the fiscal year ended December 27, 2025 while it completes a review and restatement of historical financial statements tied to incorrectly recorded overstated inventory amounts.
The company currently estimates the inventory overstatement is up to $22 million as of the quarter ended September 27, 2025, representing about 6.7% of inventories within current assets and about 1.1% of total assets. These figures are preliminary and may change in the final restatement.
Weis Markets expects to file the 10-K, including all required restated financial statements, no later than March 12, 2026, though the timing may be further delayed. The company also disclosed preliminary unaudited results showing net sales and other revenue of $4.96 billion for fiscal 2025, up from $4.79 billion a year earlier, an increase of 3.5%. Comparable store sales excluding fuel rose 2.1% year over year and 4.0% on a two-year stacked basis.
Weis Markets, Inc. has notified the SEC that its 2025 Annual Report on Form 10-K will be late because the company needs additional time to complete a review and restatement of historical financial statements related to incorrectly recorded overstated inventory amounts.
The company stated the Audit Committee concluded certain prior-year audited and quarterly financial statements "should no longer be relied upon." Weis expects to file the 2025 Form 10-K, including restated financials, by March 12, 2026 if possible, but said timing may be subject to further delay.
Weis Markets, Inc. is warning that its previously issued financial statements for year-end 2022, 2023 and 2024 and for the first three quarters of 2025 should no longer be relied upon. The change follows an inventory issue at a single meat product manufacturing plant.
The company’s preliminary estimate is that inventory was overstated by up to $22 million as of the quarter ended September 27, 2025, representing about 6.7% of inventories within current assets and 1.1% of total assets. The adjustment would not affect net sales but will require restating the affected periods.
Weis Markets’ Audit Committee, with management, its independent auditor RSM and outside legal counsel, is investigating the matter and assessing its impact on internal control over financial reporting.
Weis Markets, Inc. approved a new employment agreement with Chairman, President and CEO Jonathan H. Weis, effective January 1, 2026 through December 31, 2028. The agreement sets a minimum annual base salary of $1,447,819 and is subject to the company’s clawback policy for incentive-based pay.
The contract defines detailed termination scenarios, including “Without Cause Termination,” “Good Reason,” disability and cause, with severance limited to accrued obligations in adverse cases. Mr. Weis is bound by confidentiality, non-compete and non-solicitation restrictions during employment and for four years after leaving.
The Board’s Compensation Committee also adopted a Chief Executive Officer Incentive Award Plan, effective January 1, 2026. The CEO can earn an annual incentive that includes a retention award equal to 2.0 times base salary, with all incentive awards generally payable in a lump sum after December 31, 2028. For a Without Cause Termination between 2026 and 2028, payouts range from 4.00x to 5.50x base salary, and a $3,500,000 benefit is payable to the CEO’s spouse or estate upon death.
Weis Markets (WMK) disclosed an insider share purchase by its Chief Operating Officer.
The officer bought 500 shares of common stock on 11/07/2025 at $65.5072, bringing direct holdings to 1,000 shares. The filing lists the ownership form as direct.
Weis Markets (WMK) reported Q3 results with total revenue of $1,242,307 thousand, up 4.4% year over year. Comparable store sales rose 2.5%. Gross margin held at 24.9%. Operating, general and administrative expenses increased to $286,313 thousand, lifting O, G & A to 23.1% of net sales. Net income was $18,233 thousand and earnings per share were $0.74.
Year-to-date, revenue reached $3,661,879 thousand and net cash from operating activities was $120,612 thousand. The company completed a related party share purchase on June 6, acquiring 2,153,846 shares for $140,000,000 at approximately $65.00 per share; members of the Weis family own approximately 61% of outstanding common stock afterward. The transaction added $1.2 million to operating expenses and a $1.4 million excise tax liability. Shares outstanding were 24,744,597 as of November 6, 2025. The Board declared a quarterly dividend of $0.34 per share.
Weis Markets, Inc. (WMK) filed an 8-K to report that it released earnings for the third quarter ended September 27, 2025. The filing cites Item 2.02 (Results of Operations and Financial Condition) and includes the company’s news release as Exhibit 99.1.
The disclosure, dated November 4, 2025, indicates that the detailed financial results are contained in the attached exhibit. The company’s common stock trades on the NYSE under the symbol WMK.
Weis Markets (WMK) Q2 FY-25 10-Q highlights
- Total revenue rose 2.8% YoY to $1.22 bn; YTD revenue up 2.1% to $2.42 bn.
- Net income for the quarter increased 1.0% to $26.5 m (EPS $1.01, +3.1% on a 2.0% lower share count). YTD net income slipped 4.9% to $47.0 m.
- Gross margin expanded 10 bp to 25.4%; operating margin declined 10 bp to 2.6% as O&G&A outpaced sales (+3.7%).
- Comparable-store sales (ex-fuel) gained 2.3% in the quarter and 1.7% YTD; two-year stacked comps +2.6% and +3.5% respectively.
- Liquidity shift: Cash & equivalents plunged to $61.9 m (-$128 m YTD) after a $140 m related-party share repurchase (2.15 m shares at $65, 8% of outstanding). Marketable securities trimmed to $126.9 m from $192 m to help fund the deal.
- Treasury stock now 8.3 m shares; shares outstanding 24.74 m. Existing 2004 repurchase authorization (0.75 m shares) remains intact.
- Capex accelerated to $88.3 m YTD (3.8% of sales) for two new stores and remodels; company acquired Saylor’s Market for $7.5 m (adds $8 m sales).
- Balance sheet remains debt-light; revolving credit facility availability $17.4 m net of LCs.
- Quarterly dividend maintained at $0.34 per share.
- Effective tax rate fell to 24.4% vs. 27.3% prior year.
Key takeaways: modest top-line growth and stable gross margins were offset by higher operating costs, yielding flat quarterly earnings and softer YTD profit. The large, one-off insider share purchase sharply reduced cash reserves but is EPS-accretive and leaves the company with minimal leverage.