AMCON Distributing Company Reports $2.82 Billion Revenue, Declines in Net Income for Fiscal Year 2025

AMCON Distributing Company reported a consolidated revenue of $2.82 billion for the fiscal year ending September 30, 2025, marking an increase of approximately 3.9% from $2.71 billion in the previous fiscal year. The company's net income available to common shareholders was $0.57 million, a significant decline from $4.34 million in fiscal 2024. This decrease in profitability was attributed to rising operational costs driven by inflation, which affected various aspects of the business, including product costs, labor, and insurance.

The company experienced notable changes in its operational structure during the fiscal year, including the acquisition of Davis-Jones, Inc. d/b/a Arrowrock Supply for approximately $6.1 million. This acquisition, along with previous acquisitions of Burklund and Richmond Master, has expanded AMCON's geographic footprint and service capabilities, positioning it as the third-largest convenience distributor in the United States by territory served. The company also opened a new distribution center in Colorado City, Colorado, further enhancing its distribution network.

In terms of operational metrics, AMCON's wholesale segment served approximately 8,500 retail outlets across 34 states, distributing over 20,000 consumer products. The retail segment, which operates 15 health food stores, reported a revenue increase of $2 million, driven by higher sales volumes in existing stores and the opening of a new location. However, this was partially offset by the closure of three stores during the fiscal year. The company maintained a workforce of 1,521 employees as of September 2025, with a slight increase in headcount compared to the previous year.

The filing indicated that the company's gross profit margin remained stable at 6.7% for both fiscal years 2025 and 2024. However, operating expenses increased by $11.3 million, primarily due to higher costs associated with recent acquisitions and rising health insurance expenses. The company reported an operating income of $12.6 million, down from $18 million in the prior year. Looking ahead, AMCON aims to maximize liquidity and cash flow while continuing to invest in technology and infrastructure to support growth in both its wholesale and retail segments. The company remains cautious about the potential impacts of regulatory changes, particularly concerning tobacco products, and ongoing inflationary pressures on its operations.