Revenue growth remains inconsistent, fluctuating from a 17.7% surge in 2025Q1 to a 0.6% contraction by 2025Q4, while gross margins have exhibited extreme sensitivity to input costs, bottoming at 22.5% in 2026Q1.
| Metric | Apr'26 | Apr'25 | Apr'24 | Apr'23 | Apr'22 | Apr'21 | Apr'20 | Apr'19 | Apr'18 | Apr'17 | Apr'16 | Apr'15 | Apr'14 | Apr'13 | Apr'12 | Apr'11 | Apr'10 | Apr'09 | Apr'08 | Apr'07 | Apr'06 | Apr'05 | Apr'04 | Apr'03 | Apr'02 | Apr'01 | Apr'00 | Apr'99 | Apr'98 | Apr'97 |
|---|
| Sales/Revenue | 9.05B | 8.73B | 8.18B | 8.53B | 8B | 8B | 7.8B | 7.84B | 7.36B | 7.39B | 7.81B | 5.69B | 5.61B | 5.9B | 5.53B | 4.83B | 4.61B | 3.76B | 2.52B | 2.15B | 2.15B | 2.04B | 1.37B | 1.31B | 687.15M | 651.24M | 641.88M | 602.46M | 565.48M | 542.6M |
| Revenue Growth % | 3.72% | 6.69% | -4.11% | 6.63% | -0.05% | 2.59% | -0.47% | 6.54% | -0.48% | -5.36% | 37.21% | 1.46% | -4.87% | 6.73% | 14.51% | 4.79% | 22.55% | 48.84% | 17.54% | -0.31% | 5.42% | 49.24% | 4.41% | 90.9% | 5.51% | 1.46% | 6.54% | 6.54% | 4.22% | 2.65% |
| Cost of Goods Sold | 6.02B | 5.34B | 5.06B | 5.73B | 5.3B | 4.86B | 4.8B | 4.92B | 4.52B | 4.56B | 4.84B | 3.72B | 3.58B | 3.87B | 3.68B | 3.03B | 2.82B | 2.51B | 1.74B | 1.45B | 1.46B | 1.39B | 886.96M | 855.66M | 462.16M | 438.48M | 414.48M | 395.94M | 365.61M | 327.1M |
| COGS % of Revenue | 66.47% | 61.21% | 61.91% | 67.15% | 66.24% | 60.78% | 61.52% | 62.8% | 61.45% | 61.65% | 62.01% | 65.42% | 63.8% | 65.62% | 66.61% | 62.73% | 61.2% | 66.7% | 69.02% | 67.32% | 67.84% | 67.83% | 64.76% | 65.23% | 67.26% | 67.33% | 64.57% | 65.72% | 64.66% | 60.28% |
| Gross Profit | 3.03B | 3.38B | 3.12B | 2.8B | 2.7B | 3.14B | 3B | 2.92B | 2.84B | 2.84B | 2.97B | 1.97B | 2.03B | 2.03B | 1.85B | 1.8B | 1.79B | 1.25B | 782.16M | 702.05M | 692.85M | 657.42M | 482.6M | 456.08M | 224.99M | 212.76M | 218.01M | 206.51M | 199.86M | 193.65M |
| Gross Margin % | 33.53% | 38.79% | 38.09% | 32.85% | 33.76% | 39.22% | 38.48% | 37.2% | 38.55% | 38.35% | 37.99% | 34.58% | 36.2% | 34.38% | 33.39% | 37.27% | 38.8% | 33.3% | 30.98% | 32.68% | 32.16% | 32.17% | 35.24% | 34.77% | 32.74% | 32.67% | 33.96% | 34.28% | 35.34% | 35.69% |
| Gross Profit Growth % | -10.35% | 8.64% | 11.19% | 3.74% | -13.95% | 4.55% | 2.96% | 2.81% | 0.03% | -4.46% | 50.75% | -3.07% | 0.17% | 9.89% | 2.6% | 0.66% | 42.77% | 60% | 11.41% | 1.33% | 5.39% | 36.22% | 5.81% | 102.71% | 5.75% | -2.41% | 5.57% | 3.33% | 3.21% | 1.13% |
| Operating Expenses | 2.67B | 4.06B | 1.81B | 2.64B | 1.68B | 1.75B | 1.78B | 1.99B | 1.79B | 1.79B | 1.82B | 1.2B | 1.11B | 1.12B | 1.07B | 1.01B | 995.78M | 799.15M | 497.99M | 445M | 464.11M | 436.65M | 305.58M | 291.55M | 170.2M | 158.13M | 186.17M | 157.74M | 152.18M | 143.8M |
| OpEx % of Revenue | 29.55% | 46.51% | 22.13% | 31% | 20.96% | 21.89% | 22.8% | 25.35% | 24.36% | 24.25% | 23.33% | 21.02% | 19.82% | 18.94% | 19.31% | 21.02% | 21.62% | 21.27% | 19.72% | 20.72% | 21.54% | 21.36% | 22.31% | 22.23% | 24.77% | 24.28% | 29% | 26.18% | 26.91% | 26.5% |
| Selling, General & Admin | 1.5B | 1.53B | 1.45B | 1.46B | 1.36B | 1.52B | 1.47B | 1.51B | 1.36B | 1.38B | 1.51B | 1.03B | 988.8M | 973.9M | 892.7M | 863.1M | 878.22M | 673.57M | 490.67M | 442.81M | 438.46M | 407.84M | 296.95M | 279.76M | 165.17M | 155.97M | 162.28M | 147.54M | 142.8M | 122M |
| SG&A % of Revenue | 16.54% | 17.52% | 17.68% | 17.06% | 17.01% | 19.03% | 18.9% | 19.25% | 18.52% | 18.66% | 19.34% | 18.12% | 17.62% | 16.51% | 16.16% | 17.89% | 19.07% | 17.92% | 19.43% | 20.61% | 20.35% | 19.95% | 21.68% | 21.33% | 24.04% | 23.95% | 25.28% | 24.49% | 25.25% | 22.48% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1.18B | 2.53B | 363.4M | 1.19B | 316.6M | 228.8M | 304.6M | 478.5M | 429.2M | 413.1M | 312.2M | 165.4M | 123.2M | 143.3M | 174.2M | 151.1M | 117.56M | 125.59M | 7.33M | 2.18M | 25.66M | 28.81M | 8.63M | 11.79M | 5.03M | 2.15M | 23.89M | 10.21M | 9.38M | 21.8M |
| Operating Income | 360.2M | -673.9M | 1.31B | 157.5M | 1.02B | 1.39B | 1.22B | 928.6M | 1.04B | 1.04B | 1.15B | 772M | 919M | 910.4M | 778.3M | 784.3M | 790.91M | 452.27M | 284.17M | 257.06M | 228.74M | 220.77M | 177.02M | 164.53M | 54.79M | 54.64M | 41.23M | 58.98M | 57.06M | 53.2M |
| Operating Margin % | 3.98% | -7.72% | 15.97% | 1.85% | 12.8% | 17.33% | 15.68% | 11.85% | 14.19% | 14.1% | 14.66% | 13.56% | 16.38% | 15.44% | 14.08% | 16.25% | 17.17% | 12.04% | 11.26% | 11.97% | 10.62% | 10.8% | 12.93% | 12.54% | 7.97% | 8.39% | 6.42% | 9.79% | 10.09% | 9.81% |
| Operating Income Growth % | 153.45% | -151.61% | 729.08% | -84.62% | -26.18% | 13.38% | 31.71% | -11.05% | 0.13% | -8.97% | 48.35% | -16% | 0.94% | 16.97% | -0.77% | -0.84% | 74.87% | 59.15% | 10.55% | 12.38% | 3.61% | 24.71% | 7.59% | 200.3% | 0.28% | 32.5% | -30.08% | 3.35% | 7.26% | -1.46% |
| EBITDA | 570.8M | -171.4M | 1.74B | 588.5M | 1.48B | 1.84B | 1.67B | 1.37B | 1.46B | 1.46B | 1.58B | 1.04B | 1.18B | 1.16B | 986.8M | 970.3M | 972.79M | 570.55M | 346.79M | 315.93M | 299.82M | 276.82M | 215.58M | 202.28M | 83.34M | 81.56M | 67.43M | 82.37M | 79.6M | 31.4M |
| EBITDA Margin % | 6.31% | -1.96% | 21.23% | 6.9% | 18.54% | 22.98% | 21.4% | 17.54% | 19.81% | 19.77% | 20.17% | 18.25% | 20.95% | 19.69% | 17.86% | 20.11% | 21.12% | 15.18% | 13.74% | 14.71% | 13.91% | 13.54% | 15.74% | 15.42% | 12.13% | 12.52% | 10.51% | 13.67% | 14.08% | 5.79% |
| EBITDA Growth % | 433.02% | -109.87% | 195.09% | -60.31% | -19.38% | 10.16% | 21.43% | -5.64% | -0.31% | -7.22% | 51.6% | -11.59% | 1.21% | 17.68% | 1.7% | -0.26% | 70.5% | 64.52% | 9.77% | 5.37% | 8.31% | 28.41% | 6.58% | 142.7% | 2.19% | 20.95% | -18.13% | 3.47% | 153.48% | -13.95% |
| D&A (Non-Cash Add-back) | 210.6M | 502.5M | 430.8M | 431M | 459.1M | 452.5M | 446.5M | 446.3M | 413.1M | 419M | 430.1M | 267.2M | 256.4M | 250.9M | 208.5M | 186M | 181.88M | 118.27M | 62.62M | 58.87M | 71.08M | 56.05M | 38.56M | 37.75M | 28.56M | 26.92M | 26.2M | 23.39M | 22.54M | -21.8M |
| EBIT | 318.8M | -658.1M | 1.26B | 142.8M | 1B | 1.35B | 1.22B | 909.5M | 1.04B | 1.04B | 1.15B | 602.9M | 929.1M | 910.7M | 781M | 784.3M | 795.94M | 458.54M | 295.38M | 259.24M | 254.4M | 249.58M | 185.65M | 176.32M | 59.82M | 54.64M | 641.88M | 612.66M | 574.86M | 53.2M |
| Net Interest Income | -381.2M | -358.5M | -250.7M | -152M | -160.9M | -177.1M | -189.2M | -207.9M | -174.1M | -163.1M | -171.1M | -253.2M | -79.4M | -93.4M | -79.8M | -67.1M | -62.39M | -55.48M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.51M | 2.79M | 6.99M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 381.2M | 358.5M | 250.7M | 152M | 160.9M | 177.1M | 189.2M | 207.9M | 174.1M | 163.1M | 171.1M | 79.9M | 79.4M | 93.4M | 79.8M | 69.59M | 65.19M | 62.48M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -422.6M | -372.9M | -309.4M | -166.7M | -180M | -214.9M | -196.4M | -227M | -183M | -164.2M | -167.4M | -249M | -69.3M | -93.1M | -77.1M | -67.1M | -60.16M | -56.21M | -29.39M | -16.06M | -13.17M | -16.16M | 151K | -9.14M | -4.59M | -4.68M | 296K | 2.66M | 3.69M | -104K |
| Pretax Income | -62.4M | -1.05B | 996.4M | -9.2M | 843.8M | 1.17B | 1.03B | 701.6M | 861M | 878.4M | 977.9M | 523M | 849.7M | 817.3M | 701.2M | 717.2M | 730.75M | 396.06M | 254.79M | 241M | 215.57M | 204.61M | 177.17M | 155.39M | 50.2M | 49.96M | 41.53M | 61.63M | 60.76M | 53.1M |
| Pretax Margin % | -0.69% | -12% | 12.18% | -0.11% | 10.55% | 14.64% | 13.16% | 8.95% | 11.7% | 11.88% | 12.52% | 9.19% | 15.14% | 13.86% | 12.69% | 14.86% | 15.87% | 10.54% | 10.09% | 11.22% | 10% | 10.01% | 12.94% | 11.85% | 7.31% | 7.67% | 6.47% | 10.23% | 10.74% | 9.79% |
| Income Tax | 76.3M | 184M | 252.4M | 82.1M | 212.1M | 295.6M | 247.2M | 187.2M | -477.6M | 286.1M | 289.2M | 178.1M | 284.5M | 273.1M | 241.5M | 237.7M | 236.62M | 130.11M | 84.41M | 83.78M | 72.22M | 74.15M | 65.87M | 59.05M | 19.35M | 18.3M | 15.17M | 23.87M | 24.41M | 22.2M |
| Effective Tax Rate % | -122.28% | -17.58% | 25.33% | -892.39% | 25.14% | 25.22% | 24.08% | 26.68% | -55.47% | 32.57% | 29.57% | 34.05% | 33.48% | 33.41% | 34.44% | 33.14% | 32.38% | 32.85% | 33.13% | 34.76% | 33.5% | 36.24% | 37.18% | 38% | 38.54% | 36.63% | 36.54% | 38.73% | 40.18% | 41.81% |
| Net Income | -138.7M | -1.23B | 744M | -91.3M | 631.7M | 876.3M | 779.5M | 514.4M | 1.34B | 592.3M | 688.7M | 344.9M | 565.2M | 544.2M | 459.7M | 479.5M | 494.14M | 265.95M | 170.38M | 157.22M | 143.35M | 129.07M | 111.35M | 96.34M | 30.85M | 30.67M | 26.27M | 38.23M | 31.81M | 30.9M |
| Net Margin % | -1.53% | -14.1% | 9.1% | -1.07% | 7.9% | 10.95% | 9.99% | 6.56% | 18.19% | 8.01% | 8.82% | 6.06% | 10.07% | 9.23% | 8.32% | 9.94% | 10.73% | 7.08% | 6.75% | 7.32% | 6.65% | 6.32% | 8.13% | 7.34% | 4.49% | 4.71% | 4.09% | 6.35% | 5.63% | 5.69% |
| Net Income Growth % | 88.73% | -265.43% | 914.9% | -114.45% | -27.91% | 12.42% | 51.54% | -61.57% | 126% | -14% | 99.68% | -38.98% | 3.86% | 18.38% | -4.13% | -2.96% | 85.8% | 56.09% | 8.37% | 9.67% | 11.06% | 15.92% | 15.58% | 212.28% | 0.6% | 16.72% | -31.28% | 20.18% | 2.95% | 5.1% |
| Net Income (Continuing) | -138.7M | -1.23B | 744M | -91.3M | 631.7M | 876.3M | 779.5M | 514.4M | 1.34B | 592.3M | 688.7M | 344.9M | 565.2M | 544.2M | 459.7M | 479.5M | 494.14M | 265.95M | 170.38M | 157.22M | 143.35M | 130.46M | 111.3M | 96.34M | 30.85M | 31.66M | 26.27M | 38.23M | 34.77M | 30.9M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.39M | 52K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.30 | -11.57 | 7.13 | -0.86 | 5.83 | 7.79 | 6.84 | 4.52 | 11.78 | 5.10 | 5.76 | 3.33 | 5.42 | 5.00 | 4.06 | 4.05 | 4.15 | 3.11 | 3.00 | 2.76 | 2.45 | 2.24 | 2.24 | 2.02 | 1.31 | 1.12 | 1.27 | 1.85 | 1.54 | 1.49 |
| EPS Growth % | 88.76% | -262.27% | 929.07% | -114.75% | -25.16% | 13.89% | 51.33% | -61.63% | 130.98% | -11.46% | 72.97% | -38.56% | 8.4% | 23.15% | 0.25% | -2.41% | 33.44% | 3.67% | 8.7% | 12.65% | 9.38% | 0% | 10.89% | 54.2% | 16.96% | -11.81% | -31.35% | 20.13% | 3.36% | 4.93% |
| EPS (Basic) | -1.30 | -11.57 | 7.14 | -0.86 | 5.84 | 7.79 | 6.84 | 4.52 | 11.79 | 5.11 | 5.77 | 3.33 | 5.42 | 5.00 | 4.06 | 4.06 | 4.15 | 3.11 | 3.03 | 2.79 | 2.48 | 2.26 | 2.24 | 2.04 | 1.33 | 1.13 | 1.27 | 1.85 | 1.54 | 1.49 |
| Diluted Shares Outstanding | 106.7M | 106.4M | 104.4M | 106.2M | 108.4M | 112.4M | 114M | 113.7M | 113.6M | 116.12M | 119.48M | 103.7M | 104.35M | 108.85M | 113.31M | 117.12M | 119.08M | 85.55M | 56.79M | 56.96M | 58.51M | 57.62M | 50.38M | 47.69M | 23.55M | 27.38M | 20.69M | 20.69M | 20.69M | 20.69M |
| Basic Shares Outstanding | 106.7M | 106.4M | 104.1M | 106.2M | 108.2M | 112.4M | 114M | 113.7M | 113.6M | 116.01M | 119.44M | 103.69M | 104.33M | 108.83M | 113.26M | 117.01M | 118.95M | 85.45M | 56.23M | 56.35M | 57.8M | 57.11M | 49.71M | 47.23M | 23.2M | 27.14M | 20.68M | 20.68M | 20.68M | 20.68M |
| Dividend Payout Ratio | - | - | 58.8% | - | 66.19% | 46.01% | 50.9% | 73.46% | 26.17% | 57.29% | 45.97% | 73.64% | 42.11% | 40.94% | 46.48% | 40.46% | 33.64% | 144.72% | 39.95% | 40.47% | 43.71% | 43.43% | 41.06% | 34.88% | 50.46% | 54.41% | 65.51% | 42.49% | 47.46% | 48.87% |
Portfolio integration and margin volatility
According to recent financial disclosures, SJM's revenue growth has exhibited significant inconsistency, fluctuating from a 17.7% surge in 2025Q1 to a 0.6% contraction by 2025Q4, suggesting that the company's top-line performance is heavily dependent on the timing of acquisitions and divestitures rather than organic demand.
The erratic revenue trajectory appears to be a direct consequence of the company's aggressive portfolio reshaping strategy. Investors should monitor whether the recent pivot toward indulgent snacking can provide a more stable organic growth baseline, as current figures remain heavily distorted by non-recurring portfolio adjustments.
As reported in quarterly income statements, SJM's gross margin has experienced extreme volatility, bottoming out at 22.5% in 2026Q1 before recovering to 41.5% in 2026Q4, which indicates a high sensitivity to commodity input costs and the timing of price-pack architecture adjustments across its core segments.
The wide variance in gross margins suggests that the company struggles to pass through inflationary pressures in real-time, leading to periodic margin compression. This structural vulnerability warrants further investigation into the company's ability to maintain pricing power in the face of shifting consumer preferences and potential trade-down behavior.
Based on the provided income statement data, SJM's net income has been frequently impacted by large, non-operating charges, resulting in a net margin that swung from a negative 34.0% in 2025Q4 to a positive 17.1% in 2026Q4, complicating the assessment of underlying operational profitability.
The frequent divergence between operating income and net income suggests that one-time items, likely related to M&A integration and asset impairments, are masking the true earnings power of the business. Analysts should focus on adjusted metrics to determine if the core operations are generating sustainable value for shareholders.
While management emphasizes the growth potential of the snacking portfolio, the income statement reveals that operating margins have been highly unstable, with a negative 23.9% operating margin reported in 2026Q4, raising concerns about the long-term profitability of the company's recent capital allocation decisions.
Short-sellers may focus on the persistent volatility in operating income as evidence that the company's portfolio transformation is not yet yielding the expected operational efficiencies. The reliance on M&A to drive growth may be masking underlying weakness in legacy segments, which warrants a cautious outlook on future margin expansion.
Quick answers to the most common questions about buying SJM stock.
For fiscal year 2026, The J. M. Smucker Company (SJM) reported total revenue of $9.05B. This represents a 1568.1% increase compared to $542.6M in 1997.
The J. M. Smucker Company (SJM) reported a net loss of $138.7M for the fiscal year ending 2026.
The J. M. Smucker Company (SJM) reported an operating income of $360.2M, resulting in an operating profit margin of 4.0%. This margin reflects the operational efficiency of the business before interest and taxes.
The J. M. Smucker Company (SJM) generated $3.03B in gross profit for the year, representing a gross profit margin of 33.5%. This demonstrates the company's core pricing power and production efficiency.