hwkn-20251228

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 December 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 January 23, 2026
Common Stock, par value $.01 per share						20,902,093

HAWKINS, INC.

INDEX TO FORM 10-Q


		Page

PART I.	FINANCIAL INFORMATION

Item 1.	Financial Statements (unaudited):

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

	Condensed Consolidated Statements of Income – Three and Nine Months Ended December 28 , 2025 and Dece m be r 29 , 2024	2

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

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

	Condensed Consolidated Statements of Cash Flows – Nine Months Ended December 28 , 2025 and December 29 , 2024	6

	Notes to Condensed Consolidated Financial Statements	7

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	17

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	19

Item 4.	Controls and Procedures	19

PART II.	OTHER INFORMATION

Item 1.	Legal Proceedings	20

Item 1A.	Risk Factors	20

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	20

Item 3.	Defaults Upon Senior Securities	20

Item 4.	Mine Safety Disclosures	20

Item 5.	Other Information	20

Item 6.	Exhibits	21

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

HAWKINS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(In thousands, except share data)


	December 28, 2025		March 30, 2025
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	8,209	$	5,103
Trade accounts receivables, net	123,742		131,795
Inventories	85,933		83,512
Income taxes receivable	—		2,864
Prepaid expenses and other current assets	10,319		7,417
Total current assets	228,203		230,691
PROPERTY, PLANT, AND EQUIPMENT:	468,594		420,953
Less accumulated depreciation	215,610		195,667
Net property, plant, and equipment	252,984		225,286
OTHER ASSETS:
Right-of-use assets	17,598		13,449
Goodwill	223,035		135,409
Intangible assets, net of accumulated amortization	238,381		150,121
Deferred compensation plan asset	14,250		11,185
Other	2,075		3,726
Total other assets	495,339		313,890
Total assets	$	976,526	$	769,867
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable — trade	$	46,384	$	61,195
Accrued payroll and employee benefits	20,814		19,659
Income tax payable	1,986		—
Current portion of long-term debt	9,812		9,913

Environmental remediation	7,700		7,700
Other current liabilities	10,459		8,668
Total current liabilities	97,155		107,135
LONG-TERM LIABILITIES:
Long-term debt, less current portion	253,375		138,906
Long-term lease liability	15,100		10,920
Pension withdrawal liability	2,862		3,155
Deferred income taxes	22,061		22,356
Deferred compensation liability	15,829		13,132
Earnout liabilities	50,837		12,604
Other long-term liabilities	401		1,367
Total long-term liabilities	360,465		202,440
Total liabilities	457,620		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 December 28, 2025 and March 30, 2025, respectively	207		207
Additional paid-in capital	29,112		24,094
Retained earnings	488,652		434,259
Accumulated other comprehensive income	935		1,732
Total shareholders’ equity	518,906		460,292
Total liabilities and shareholders’ equity	$	976,526	$	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				Nine months ended
	December 28, 2025		December 29, 2024		December 28, 2025		December 29, 2024
Sales	$	244,080	$	226,205	$	817,786	$	729,113
Cost of sales	(193,267)		(177,781)		(626,968)		(555,812)

Gross profit	50,813		48,424		190,818		173,301
Selling, general and administrative expenses	(28,257)		(27,361)		(92,989)		(78,702)
Operating income	22,556		21,063		97,829		94,599
Interest expense, net	(3,434)		(1,216)		(10,535)		(3,906)
Other income	459		436		2,122		1,268
Income before income taxes	19,581		20,283		89,416		91,961
Income tax expense	(5,269)		(5,262)		(23,331)		(23,943)
Net income	$	14,312	$	15,021	$	66,085	$	68,018

Weighted average number of shares outstanding - basic	20,740,284		20,766,764		20,731,837		20,780,213
Weighted average number of shares outstanding - diluted	20,843,980		20,875,387		20,850,721		20,902,456

Basic earnings per share	$	0.69	$	0.72	$	3.19	$	3.27
Diluted earnings per share	$	0.69	$	0.72	$	3.17	$	3.25

Cash dividends declared per common share	$	0.19	$	0.18	$	0.56	$	0.52

See accompanying notes to condensed consolidated financial statements.

HAWKINS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

(In thousands)


	Three months ended				Nine months ended
	December 28, 2025		December 29, 2024		December 28, 2025		December 29, 2024
Net income	$	14,312	$	15,021	$	66,085	$	68,018
Other comprehensive income, net of tax:

Unrealized (loss) gain on interest rate swap	(256)		629		(797)		(807)


Total comprehensive income	$	14,056	$	15,650	$	65,288	$	67,211

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 loss, 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 loss, 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
Cash dividends declared and paid ($0.19 per share)	—	—		—		(3,969)		—		(3,969)
Share-based compensation expense	—	—		1,851		—		—		1,851




Other comprehensive loss, net of tax	—	—		—		—		(256)		(256)
Net income	—	—		—		14,312		—		14,312
BALANCE — December 28, 2025	20,740,284	$	207	$	29,112	$	488,652	$	935	$	518,906


	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

SEC Form 10-Q filed by Hawkins Inc.