hwkn-20250928

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549


FORM 10-Q


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
			SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 28, 2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
			SECURITIES EXCHANGE ACT OF 1934

Commission file number 0-7647


HAWKINS, INC.
(Exact name of registrant as specified in its charter)


Minnesota						41-0771293
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)


2381 Rosegate, Roseville, Minnesota			55113
(Address of principal executive offices)			(Zip code)


(612) 331-6910
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $.01 per share	HWKN	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.


CLASS						Shares Outstanding at October 24, 2025
Common Stock, par value $.01 per share						20,890,239

HAWKINS, INC.

INDEX TO FORM 10-Q


		Page

PART I.	FINANCIAL INFORMATION

Item 1.	Financial Statements (unaudited):

	Condensed Consolidated Balance Sheets – September 28 , 2025 and March 30, 2025	1

	Condensed Consolidated Statements of Income – Three and Six Months Ended September 28 , 2025 and September 29 , 2024	2

	Condensed Consolidated Statements of Comprehensive Income – Three and Six Months Ended September 28 , 2025 and September 29 , 2024	3

	Condensed Consolidated Statements of Shareholders' Equity – Three and Six Months Ended September 28 , 2025 and September 29 , 2024	4

	Condensed Consolidated Statements of Cash Flows – Six Months Ended September 28 , 2025 and September 29 , 2024	5

	Notes to Condensed Consolidated Financial Statements	6

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	16

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	18

Item 4.	Controls and Procedures	18

PART II.	OTHER INFORMATION

Item 1.	Legal Proceedings	19

Item 1A.	Risk Factors	19

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	19

Item 3.	Defaults Upon Senior Securities	19

Item 4.	Mine Safety Disclosures	19

Item 5.	Other Information	19

Item 6.	Exhibits	20

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

HAWKINS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(In thousands, except share data)


	September 28, 2025		March 30, 2025
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	10,415	$	5,103
Trade accounts receivables, net	131,090		131,795
Inventories	92,905		83,512
Income taxes receivable	—		2,864
Prepaid expenses and other current assets	5,148		7,417
Total current assets	239,558		230,691
PROPERTY, PLANT, AND EQUIPMENT:	455,889		420,953
Less accumulated depreciation	208,446		195,667
Net property, plant, and equipment	247,443		225,286
OTHER ASSETS:
Right-of-use assets	17,404		13,449
Goodwill	222,145		135,409
Intangible assets, net of accumulated amortization	241,077		150,121
Deferred compensation plan asset	13,950		11,185
Other	2,587		3,726
Total other assets	497,163		313,890
Total assets	$	984,164	$	769,867
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable — trade	$	55,270	$	61,195
Accrued payroll and employee benefits	14,726		19,659
Income tax payable	1,218		—
Current portion of long-term debt	9,812		9,913

Environmental remediation	7,700		7,700
Other current liabilities	9,834		8,668
Total current liabilities	98,560		107,135
LONG-TERM LIABILITIES:
Long-term debt, less current portion	268,328		138,906
Long-term lease liability	15,114		10,920
Pension withdrawal liability	2,960		3,155
Deferred income taxes	22,155		22,356
Deferred compensation liability	15,233		13,132
Earnout liabilities	54,556		12,604
Other long-term liabilities	290		1,367
Total long-term liabilities	378,636		202,440
Total liabilities	477,196		309,575
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY:
Common stock; authorized: 60,000,000 shares of $0.01 par value; 20,740,284 and 20,684,621 shares issued and outstanding as of September 28, 2025 and March 30, 2025, respectively	207		207
Additional paid-in capital	27,261		24,094
Retained earnings	478,309		434,259
Accumulated other comprehensive income	1,191		1,732
Total shareholders’ equity	506,968		460,292
Total liabilities and shareholders’ equity	$	984,164	$	769,867

See accompanying notes to condensed consolidated financial statements.

HAWKINS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

(In thousands, except share and per-share data)


	Three Months Ended				Six Months Ended
	September 28, 2025		September 29, 2024		September 28, 2025		September 29, 2024
Sales	$	280,434	$	247,029	$	573,706	$	502,908
Cost of sales	(212,791)		(186,807)		(433,701)		(378,031)

Gross profit	67,643		60,222		140,005		124,877
Selling, general and administrative expenses	(33,703)		(26,477)		(64,732)		(51,341)
Operating income	33,940		33,745		75,273		73,536
Interest expense, net	(3,832)		(1,427)		(7,101)		(2,690)
Other income	721		673		1,663		832
Income before income taxes	30,829		32,991		69,835		71,678
Income tax expense	(8,231)		(8,873)		(18,062)		(18,681)
Net income	$	22,598	$	24,118	$	51,773	$	52,997

Weighted average number of shares outstanding - basic	20,737,743		20,757,397		20,727,614		20,786,938
Weighted average number of shares outstanding - diluted	20,845,744		20,860,418		20,837,595		20,898,641

Basic earnings per share	$	1.09	$	1.16	$	2.50	$	2.55
Diluted earnings per share	$	1.08	$	1.16	$	2.48	$	2.54

Cash dividends declared per common share	$	0.19	$	0.18	$	0.37	$	0.34

See accompanying notes to condensed consolidated financial statements.

HAWKINS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

(In thousands)


	Three Months Ended				Six Months Ended
	September 28, 2025		September 29, 2024		September 28, 2025		September 29, 2024
Net income	$	22,598	$	24,118	$	51,773	$	52,997
Other comprehensive income, net of tax:

Unrealized loss on interest rate swap	(217)		(1,330)		(541)		(1,436)


Total comprehensive income	$	22,381	$	22,788	$	51,232	$	51,561

See accompanying notes to condensed consolidated financial statements.

HAWKINS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (UNAUDITED)

(In thousands, except share data)


	Common Stock			Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Total Shareholders’ Equity
	Shares	Amount
BALANCE — March 30, 2025	20,684,621	$	207	$	24,094	$	434,259	$	1,732	$	460,292
Cash dividends declared and paid ($0.18 per share)	—	—		—		(3,754)		—		(3,754)
Share-based compensation expense	—	—		2,212		—		—		2,212
Vesting of restricted stock	61,819	—		(1)		—		—		(1)
Shares surrendered for payroll taxes	(28,590)	—		(3,028)		—		—		(3,028)


Other comprehensive income, net of tax	—	—		—		—		(324)		(324)
Net income	—	—		—		29,175				29,175
BALANCE — June 29, 2025	20,717,850	$	207	$	23,277	$	459,680	$	1,408	$	484,572
Cash dividends declared and paid ($0.19 per share)	—	—		—		(3,969)		—		(3,969)
Share-based compensation expense	—	—		2,375		—		—		2,375
Vesting of restricted stock	6,734	—		—		—		—		—

ESPP shares issued	15,700	—		1,609		—		—		1,609

Other comprehensive income, net of tax	—	—		—		—		(217)		(217)
Net income	—	—		—		22,598		—		22,598
BALANCE — September 28, 2025	20,740,284	$	207	$	27,261	$	478,309	$	1,191	$	506,968




















	Common Stock			Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Total Shareholders’ Equity
	Shares	Amount
BALANCE — March 31, 2024	20,790,261	$	208	$	38,154	$	364,549	$	3,115	$	406,026
Cash dividends declared and paid ($0.16 per share)	—	—		—		(3,358)		—		(3,358)
Share-based compensation expense	—	—		1,467		—		—		1,467
Vesting of restricted stock	83,658	1		(1)		—		—		—
Shares surrendered for payroll taxes	(34,047)	(1)		(2,540)		—		—		(2,541)

Shares repurchased	(105,541)	(1)		(9,148)		—		—		(9,149)
Other comprehensive income, net of tax	—	—		—		—		(106)		(106)
Net income	—	—		—		28,879		—		28,879
BALANCE — June 30, 2024	20,734,331	$	207	$	27,932	$	390,070	$	3,009	$	421,218
Cash dividends declared and paid ($0.18 per share)	—	—		—		(3,763)		—		(3,763)
Share-based compensation expense	—	—		1,832		—		—		1,832
Vesting of restricted stock	10,647	—		—		—		—		—

SEC Form 10-Q filed by Hawkins Inc.