What is Karat Packaging's operating income?

Karat Packaging's total operating income in 2025 was $41.41 million, based on the following breakdown: Total Gross Profit: $172.14 million Total Operating Expenses: $130.72 million

Karat Packaging (KRT) Financials

$38.73 +0.64 (+1.68%)

As of 02:12 PM Eastern

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Annual Income Statements for Karat Packaging

This table shows Karat Packaging's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	18	21	24	32	30	31
Consolidated Net Income / (Loss)	17	22	26	33	31	33
Net Income / (Loss) Continuing Operations	17	22	26	33	31	33
Total Pre-Tax Income	22	28	33	43	41	43
Total Operating Income	28	23	30	42	38	41
Total Gross Profit	89	108	132	153	164	172
Total Revenue	296	364	423	406	423	468
Operating Revenue	296	364	423	406	423	468
Total Cost of Revenue	206	256	291	253	258	296
Operating Cost of Revenue	206	256	291	253	258	296
Total Operating Expenses	61	85	102	111	127	131
Selling, General & Admin Expense	61	85	102	108	124	131
Impairment Charge	-	-	-0.03	2.53	2.75	-0.49
Total Other Income / (Expense), net	-5.77	4.38	2.50	0.91	2.93	1.61
Interest Expense	0.00	-2.09	2.02	2.04	2.12	2.06
Interest & Investment Income	-5.17	2.44	3.18	2.89	4.38	5.13
Other Income / (Expense), net	-0.60	-0.15	1.34	0.06	0.68	-1.47
Income Tax Expense	5.26	5.09	6.68	9.80	9.87	10
Net Income / (Loss) Attributable to Noncontrolling Interest	-0.85	1.66	2.19	0.71	0.85	1.19
Basic Earnings per Share	$1.15	$1.13	$1.19	$1.63	$1.50	$1.57
Weighted Average Basic Shares Outstanding	15.18M	18.41M	19.82M	19.90M	20.00M	20.06M
Diluted Earnings per Share	$1.13	$1.12	$1.19	$1.63	$1.49	$1.56
Weighted Average Diluted Shares Outstanding	15.45M	18.57M	19.93M	19.98M	20.12M	20.18M
Weighted Average Basic & Diluted Shares Outstanding	-	19.81M	19.89M	19.97M	20.04M	19.96M
Cash Dividends to Common per Share	$0.04	-	$0.35	$1.05	$1.55	$1.80

This table shows Karat Packaging's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	9.07	3.90	6.17	9.10	9.09	5.62	6.41	11	7.33	6.81	6.74
Consolidated Net Income / (Loss)	9.14	4.18	6.48	9.23	9.26	5.86	6.82	11	7.60	7.19	7.14
Net Income / (Loss) Continuing Operations	9.14	4.18	6.48	9.23	9.26	5.86	6.82	11	7.60	7.19	7.14
Total Pre-Tax Income	12	4.94	8.45	12	12	8.32	8.94	15	9.91	9.67	9.38
Total Operating Income	11	4.63	8.08	11	11	7.30	7.82	17	8.57	8.47	8.46
Total Gross Profit	39	34	38	43	43	40	41	49	43	39	42
Total Revenue	106	96	96	113	113	102	104	124	125	116	117
Operating Revenue	106	96	96	113	113	102	104	124	125	116	117
Total Cost of Revenue	67	61	58	69	69	62	63	75	82	76	75
Operating Cost of Revenue	67	61	58	69	69	62	63	75	82	76	75
Total Operating Expenses	28	29	30	32	32	33	33	33	34	31	33
Selling, General & Admin Expense	28	29	28	32	32	32	33	33	35	31	33
Other Special Charges / (Income)	-	-	-	-	-	-	-0.02	-	-	-	0.00
Total Other Income / (Expense), net	0.66	0.31	0.38	0.95	0.59	1.02	1.12	-2.04	1.33	1.20	0.92
Interest Expense	0.54	0.53	0.52	0.55	0.54	0.52	0.51	0.52	0.54	0.49	0.41
Interest & Investment Income	0.71	1.07	0.72	1.13	1.36	1.16	1.34	1.43	1.13	1.24	0.98
Other Income / (Expense), net	0.49	-0.23	0.18	0.37	-0.24	0.38	0.28	-2.95	0.75	0.45	0.34
Income Tax Expense	2.90	0.76	1.98	2.84	2.60	2.46	2.12	3.46	2.30	2.47	2.24
Net Income / (Loss) Attributable to Noncontrolling Interest	0.08	0.28	0.31	0.13	0.17	0.24	0.41	0.12	0.28	0.38	0.40
Basic Earnings per Share	$0.46	$0.19	$0.31	$0.46	$0.45	$0.28	$0.32	$0.55	$0.36	$0.34	$0.34
Weighted Average Basic Shares Outstanding	19.89M	19.90M	19.97M	19.99M	20.02M	20.00M	20.04M	20.06M	20.09M	20.06M	19.96M
Diluted Earnings per Share	$0.45	$0.20	$0.31	$0.45	$0.45	$0.28	$0.32	$0.54	$0.36	$0.34	$0.34
Weighted Average Diluted Shares Outstanding	19.99M	19.98M	20.08M	20.11M	20.13M	20.12M	20.20M	20.19M	20.20M	20.18M	20.07M
Weighted Average Basic & Diluted Shares Outstanding	19.96M	19.97M	19.98M	20.01M	20.02M	20.04M	20.06M	20.09M	20.10M	19.96M	19.96M
Cash Dividends to Common per Share	$0.50	-	$0.30	$0.35	$0.50	-	$0.45	$0.45	$0.45	-	$0.45

This table details how cash moves in and out of Karat Packaging's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-0.35	6.04	9.56	7.04	8.51	6.30
Net Cash From Operating Activities	15	8.68	29	53	48	34
Net Cash From Continuing Operating Activities	15	8.68	29	53	48	34
Net Income / (Loss) Continuing Operations	17	22	26	33	31	33
Consolidated Net Income / (Loss)	17	22	26	33	31	33
Depreciation Expense	8.57	10	10	11	11	11
Amortization Expense	0.01	0.02	3.86	5.05	7.71	10
Non-Cash Adjustments To Reconcile Net Income	1.82	-6.03	7.74	7.44	4.45	-6.94
Changes in Operating Assets and Liabilities, net	-13	-18	-18	-3.08	-5.68	-13
Net Cash From Investing Activities	-37	-13	-18	-30	-5.86	25
Net Cash From Continuing Investing Activities	-37	-13	-18	-30	-5.86	25
Purchase of Property, Plant & Equipment	-30	-12	-2.66	-9.14	-0.93	-0.76
Purchase of Investments	-	-	0.00	-49	-51	-17
Sale of Property, Plant & Equipment	0.02	0.00	0.08	0.84	0.13	1.51
Sale and/or Maturity of Investments	-	0.00	0.00	23	49	45
Other Investing Activities, net	-6.95	0.00	-9.39	7.22	-3.13	-3.25
Net Cash From Financing Activities	22	11	-2.07	-16	-34	-53
Net Cash From Continuing Financing Activities	22	11	-2.07	-16	-34	-53
Repayment of Debt	-7.73	-59	-43	-1.01	-1.12	-17
Repurchase of Common Equity	-0.25	-	-	-	0.00	-3.00
Payment of Dividends	-0.61	0.00	-6.96	-23	-33	-36
Issuance of Debt	31	1.47	49	8.00	0.00	4.50
Other Financing Activities, net	0.00	0.10	-1.01	0.04	0.73	-1.10
Cash Interest Paid	3.89	2.90	1.98	2.00	2.03	1.91

This table details how cash moves in and out of Karat Packaging's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	9.91	-5.09	-9.93	6.17	20	-7.32	0.89	-1.92	-6.53	14	-9.20
Net Cash From Operating Activities	12	10	6.56	14	19	8.25	7.73	9.75	0.98	15	7.19
Net Cash From Continuing Operating Activities	12	10	6.56	14	19	8.61	7.73	9.75	0.98	15	7.19
Net Income / (Loss) Continuing Operations	9.14	4.18	6.48	9.23	9.26	5.86	6.82	11	7.60	7.19	7.14
Consolidated Net Income / (Loss)	9.14	4.18	6.48	9.23	9.26	5.86	6.82	11	7.60	7.19	7.14
Depreciation Expense	2.71	2.73	2.63	2.66	2.69	2.70	2.69	2.68	2.77	2.76	2.74
Amortization Expense	1.35	1.38	1.49	2.02	2.04	2.17	2.28	2.67	2.69	2.71	2.76
Non-Cash Adjustments To Reconcile Net Income	-3.56	4.39	1.08	0.57	1.77	0.41	0.13	3.15	-12	-0.32	1.82
Changes in Operating Assets and Liabilities, net	2.40	-2.38	-5.12	-0.78	3.72	-2.52	-4.18	-9.79	0.15	3.01	-7.27
Net Cash From Investing Activities	7.98	-8.83	-7.95	-0.52	10	-7.68	3.53	-2.37	4.28	20	-6.88
Net Cash From Continuing Investing Activities	7.98	-8.83	-7.95	-0.52	10	-7.70	3.53	-2.37	4.28	20	-6.88
Purchase of Property, Plant & Equipment	-1.05	-6.27	-0.16	-0.25	-0.30	-0.22	-0.11	-0.17	-0.25	-0.24	-0.57
Purchase of Investments	-	-21	-12	-10	-11	-17	-8.36	-8.39	-	-	-5.99
Sale of Property, Plant & Equipment	0.58	0.24	0.02	0.07	0.03	0.02	0.06	0.42	0.13	0.91	0.00
Sale and/or Maturity of Investments	10	13	5.14	11	22	10	13	5.77	6.03	20	0.00
Other Investing Activities, net	-1.55	5.39	-0.76	-1.28	-0.55	-0.54	-0.80	-	-1.63	-0.63	-0.33
Net Cash From Financing Activities	-10	-6.54	-8.54	-7.01	-10	-7.89	-10	-9.31	-12	-21	-9.51
Net Cash From Continuing Financing Activities	-10	-6.54	-8.54	-7.01	-10	-8.01	-10	-9.31	-12	-21	-9.51
Repayment of Debt	-0.26	-0.28	-0.28	-0.28	-0.28	-0.29	-0.30	-0.29	-7.29	-9.34	-0.42
Payment of Dividends	-9.95	-6.29	-8.32	-7.00	-10	-8.01	-9.02	-9.03	-9.04	-9.01	-8.98
Other Financing Activities, net	0.10	0.02	0.05	0.27	0.12	0.28	-1.06	0.01	0.04	-0.10	-0.11
Cash Interest Paid	0.47	0.50	0.50	0.54	0.52	0.47	0.48	0.47	0.53	0.44	0.38

This table presents Karat Packaging's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	181	208	252	276	295	288
Total Current Assets	80	103	124	155	161	161
Cash & Equivalents	0.45	6.48	16	23	32	38
Short-Term Investments	-	-	0.00	26	28	0.00
Accounts Receivable	24	33	30	28	27	36
Inventories, net	49	58	71	72	71	82
Prepaid Expenses	6.53	5.14	6.64	6.22	3.61	5.22
Plant, Property, & Equipment, net	96	93	96	95	88	81
Total Noncurrent Assets	5.79	11	33	26	46	45
Goodwill	3.11	3.51	3.51	3.51	3.51	3.51
Intangible Assets	0.00	0.38	0.35	0.33	0.30	0.27
Noncurrent Deferred & Refundable Income Taxes	0.06	-	-	-	0.00	0.26
Other Noncurrent Operating Assets	2.62	7.36	29	22	42	41
Total Liabilities & Shareholders' Equity	181	208	252	276	295	288
Total Liabilities	141	76	100	114	132	131
Total Current Liabilities	43	31	39	44	46	70
Short-Term Debt	11	1.18	0.96	1.12	1.18	13
Accounts Payable	25	20	23	24	21	31
Accrued Expenses	4.96	7.81	9.01	11	14	13
Current Deferred Revenue	-	1.22	1.28	0.95	0.74	0.71
Current Deferred & Payable Income Tax Liabilities	0.04	0.09	-	0.00	0.07	0.00
Other Current Liabilities	1.12	-	4.51	8.00	9.95	12
Total Noncurrent Liabilities	98	45	61	69	86	61
Long-Term Debt	87	35	42	48	47	23
Noncurrent Deferred & Payable Income Tax Liabilities	6.18	5.63	5.16	4.20	0.43	2.94
Other Noncurrent Operating Liabilities	5.05	3.84	14	17	38	35
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	40	132	152	163	162	157
Total Preferred & Common Equity	32	123	142	154	156	149
Preferred Stock	-	-	0.00	0.00	0.00	0.00
Total Common Equity	32	123	142	154	156	149
Common Stock	14	84	86	87	89	91
Retained Earnings	19	39	56	68	66	62
Other Equity Adjustments	-	-	-0.25	-0.25	-0.25	-3.25
Noncontrolling Interest	7.46	9.13	10	8.57	6.63	7.45

This table presents Karat Packaging's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	239	273	287	280	279	311	307	312	321	303	283
Total Current Assets	125	142	161	159	161	170	170	172	186	171	161
Cash & Equivalents	7.53	23	18	28	13	19	39	32	31	24	29
Short-Term Investments	-	10	28	18	34	33	22	24	26	20	5.74
Accounts Receivable	37	33	33	34	30	34	34	32	36	38	42
Inventories, net	73	71	76	72	79	80	71	80	89	84	80
Prepaid Expenses	7.26	4.45	5.63	6.82	4.49	4.27	4.87	3.40	4.10	4.71	4.33
Plant, Property, & Equipment, net	94	99	96	97	94	92	90	86	83	84	79
Total Noncurrent Assets	20	32	30	25	25	49	47	54	51	48	43
Goodwill	3.51	3.51	3.51	3.51	3.51	3.51	3.51	3.51	3.51	3.51	3.51
Intangible Assets	0.36	0.35	0.34	0.33	0.32	0.31	0.31	0.29	0.29	0.28	0.27
Noncurrent Deferred & Refundable Income Taxes	-	-	-	-	-	-	-	0.20	0.20	0.20	0.26
Other Noncurrent Operating Assets	16	28	26	21	21	45	43	50	47	44	39
Total Liabilities & Shareholders' Equity	239	273	287	280	279	311	307	312	321	303	283
Total Liabilities	85	112	122	115	119	147	143	152	158	141	128
Total Current Liabilities	35	44	51	46	48	56	54	60	69	80	70
Short-Term Debt	0.95	0.96	0.97	1.11	1.14	1.15	1.17	1.19	1.21	22	13
Accounts Payable	24	28	31	22	27	28	27	30	41	28	30
Accrued Expenses	8.47	7.88	7.95	8.86	11	14	13	15	14	16	13
Current Deferred Revenue	1.19	0.96	-	0.80	-	0.88	0.91	1.14	1.14	1.12	1.17
Current Deferred & Payable Income Tax Liabilities	0.20	1.78	5.11	8.01	-	-	-	2.19	0.15	0.00	1.27
Other Current Liabilities	-	4.96	5.08	4.98	8.31	11	12	11	12	12	12
Total Noncurrent Liabilities	51	68	71	70	70	91	89	92	89	62	57
Noncurrent Deferred & Payable Income Tax Liabilities	5.63	5.16	5.16	5.16	4.20	4.20	4.20	0.62	0.62	0.62	2.94
Other Noncurrent Operating Liabilities	3.13	13	17	16	18	39	37	44	41	38	32
Other Noncurrent Nonoperating Liabilities	-	-	49	-	48	-	-	47	-	-	23
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	154	161	165	165	160	164	164	160	163	162	155
Total Preferred & Common Equity	144	151	155	154	154	158	157	153	156	154	147
Preferred Stock	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	144	151	155	154	154	158	157	153	156	154	147
Common Stock	86	86	86	87	87	88	89	90	90	91	91
Retained Earnings	59	65	69	68	68	70	69	64	66	64	59
Other Equity Adjustments	-	-	-0.25	-0.25	-0.25	-0.25	-0.25	-0.25	-0.25	-0.25	-3.25
Noncontrolling Interest	10	10	11	11	5.99	6.12	6.28	6.90	6.86	7.11	7.73

This table displays calculated financial ratios and metrics derived from Karat Packaging's official financial filings.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	0.00	19,799,424.00	-	-	-	20,099,505.00
DEI Adjusted Shares Outstanding	0.00	19,799,424.00	-	-	-	20,099,505.00
DEI Earnings Per Adjusted Shares Outstanding	0.00	1.05	-	-	-	1.57
Growth Metrics	-	-	-	-	-	-
Revenue Growth	0.00%	23.26%	16.12%	-4.09%	4.19%	10.67%
EBITDA Growth	0.00%	-7.35%	38.02%	27.06%	-1.96%	7.66%
EBIT Growth	0.00%	-15.15%	36.37%	34.38%	-8.76%	3.90%
NOPAT Growth	0.00%	-10.39%	26.43%	36.17%	-11.94%	9.93%
Net Income Growth	0.00%	34.62%	15.14%	28.42%	-7.10%	5.97%
EPS Growth	0.00%	-0.89%	6.25%	36.97%	-8.59%	4.70%
Operating Cash Flow Growth	0.00%	-40.34%	239.60%	81.11%	-10.11%	-29.53%
Free Cash Flow Firm Growth	0.00%	0.00%	235.46%	540.96%	-15.46%	-32.73%
Invested Capital Growth	0.00%	17.73%	10.09%	-8.75%	-7.41%	2.71%
Revenue Q/Q Growth	0.00%	-10.59%	0.32%	0.72%	1.46%	3.08%
EBITDA Q/Q Growth	0.00%	15.60%	-2.80%	0.18%	7.67%	3.12%
EBIT Q/Q Growth	0.00%	23.35%	-6.92%	-0.95%	9.34%	3.21%
NOPAT Q/Q Growth	0.00%	26.30%	-6.21%	-1.62%	4.38%	3.93%
Net Income Q/Q Growth	0.00%	24.28%	-5.27%	-1.09%	5.77%	4.26%
EPS Q/Q Growth	0.00%	28.74%	-7.03%	-1.21%	5.67%	4.00%
Operating Cash Flow Q/Q Growth	0.00%	767.03%	31.44%	-11.13%	-4.08%	26.61%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	306.98%	-11.02%	-7.08%	41.06%
Invested Capital Q/Q Growth	0.00%	1.14%	-5.75%	-3.24%	-0.77%	-4.89%
Profitability Metrics	-	-	-	-	-	-
Gross Margin	30.16%	29.60%	31.23%	37.73%	38.88%	36.80%
EBITDA Margin	12.07%	9.07%	10.79%	14.29%	13.45%	13.08%
Operating Margin	9.37%	6.35%	7.10%	10.37%	8.93%	8.85%
EBIT Margin	9.17%	6.31%	7.41%	10.39%	9.10%	8.54%
Profit (Net Income) Margin	5.64%	6.16%	6.11%	8.18%	7.29%	6.98%
Tax Burden Percent	76.02%	81.51%	79.47%	77.19%	75.74%	75.92%
Interest Burden Percent	80.92%	119.73%	103.69%	102.02%	105.86%	107.71%
Effective Tax Rate	23.98%	18.49%	20.53%	22.81%	24.26%	24.08%
Return on Invested Capital (ROIC)	15.30%	12.59%	14.01%	19.04%	18.25%	20.58%
ROIC Less NNEP Spread (ROIC-NNEP)	10.81%	18.18%	21.04%	24.31%	-20.85%	2.58%
Return on Net Nonoperating Assets (RNNOA)	26.51%	13.52%	4.19%	2.05%	0.73%	-0.11%
Return on Equity (ROE)	41.81%	26.11%	18.20%	21.09%	18.98%	20.47%
Cash Return on Invested Capital (CROIC)	0.00%	-3.70%	4.41%	28.19%	25.94%	17.91%
Operating Return on Assets (OROA)	14.96%	11.83%	13.64%	15.94%	13.47%	13.72%
Return on Assets (ROA)	9.20%	11.55%	11.24%	12.55%	10.80%	11.22%
Return on Common Equity (ROCE)	33.98%	23.59%	16.96%	19.83%	18.09%	19.57%
Return on Equity Simple (ROE_SIMPLE)	51.44%	18.26%	18.24%	21.53%	19.81%	0.00%
Net Operating Profit after Tax (NOPAT)	21	19	24	32	29	31
NOPAT Margin	7.12%	5.18%	5.64%	8.01%	6.77%	6.72%
Net Nonoperating Expense Percent (NNEP)	4.49%	-5.59%	-7.03%	-5.28%	39.09%	18.00%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	15.31%	13.58%	16.32%
Cost of Revenue to Revenue	69.84%	70.40%	68.77%	62.27%	61.12%	63.20%
SG&A Expenses to Revenue	20.79%	23.25%	24.14%	26.73%	29.30%	28.05%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	20.79%	23.25%	24.13%	27.36%	29.95%	27.95%
Earnings before Interest and Taxes (EBIT)	27	23	31	42	38	40
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	36	33	46	58	57	61
Valuation Ratios	-	-	-	-	-	-
Price to Book Value (P/BV)	1.95	2.89	1.84	3.00	3.84	2.98
Price to Tangible Book Value (P/TBV)	2.16	2.98	1.89	3.08	3.93	3.06
Price to Revenue (P/Rev)	0.21	0.97	0.62	1.14	1.41	0.95
Price to Earnings (P/E)	3.61	17.08	11.01	14.24	19.92	14.16
Dividend Yield	0.00%	0.00%	2.68%	2.81%	5.20%	8.12%
Earnings Yield	27.72%	5.85%	9.09%	7.02%	5.02%	7.06%
Enterprise Value to Invested Capital (EV/IC)	1.22	2.43	1.66	2.89	3.93	2.91
Enterprise Value to Revenue (EV/Rev)	0.57	1.08	0.70	1.16	1.40	0.96
Enterprise Value to EBITDA (EV/EBITDA)	4.72	11.92	6.51	8.12	10.42	7.37
Enterprise Value to EBIT (EV/EBIT)	6.22	17.14	9.47	11.18	15.41	11.29
Enterprise Value to NOPAT (EV/NOPAT)	8.00	20.89	12.45	14.50	20.71	14.35
Enterprise Value to Operating Cash Flow (EV/OCF)	11.58	45.41	10.08	8.82	12.34	13.34
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	39.58	9.79	14.57	16.48
Leverage & Solvency	-	-	-	-	-	-
Debt to Equity	2.46	0.28	0.28	0.30	0.30	0.23
Long-Term Debt to Equity	2.18	0.27	0.27	0.30	0.29	0.15
Financial Leverage	2.45	0.74	0.20	0.08	-0.04	-0.04
Leverage Ratio	4.54	2.26	1.62	1.68	1.76	1.82
Compound Leverage Factor	3.68	2.71	1.68	1.71	1.86	1.97
Debt to Total Capital	71.13%	21.67%	21.86%	23.33%	23.00%	18.58%
Short-Term Debt to Total Capital	8.23%	0.70%	0.49%	0.53%	0.56%	6.72%
Long-Term Debt to Total Capital	62.90%	20.97%	21.37%	22.81%	22.44%	11.87%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	5.40%	5.41%	5.27%	4.04%	3.15%	3.87%
Common Equity to Total Capital	23.46%	72.92%	72.86%	72.63%	73.85%	77.55%
Debt to EBITDA	2.75	1.10	0.93	0.85	0.85	0.59
Net Debt to EBITDA	2.74	0.91	0.58	0.00	-0.20	-0.03
Long-Term Debt to EBITDA	2.43	1.07	0.91	0.83	0.83	0.37
Debt to NOPAT	4.67	1.94	1.78	1.52	1.69	1.14
Net Debt to NOPAT	4.64	1.59	1.11	0.00	-0.40	-0.07
Long-Term Debt to NOPAT	4.13	1.87	1.74	1.49	1.65	0.73
Altman Z-Score	2.78	5.62	4.36	5.23	5.36	4.81
Noncontrolling Interest Sharing Ratio	18.72%	9.65%	6.82%	5.98%	4.68%	4.41%
Liquidity Ratios	-	-	-	-	-	-
Current Ratio	1.85	3.34	3.15	3.49	3.47	2.30
Quick Ratio	0.56	1.28	1.17	1.74	1.87	1.06
Cash Flow Metrics	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-5.54	7.50	48	41	27
Operating Cash Flow to CapEx	49.29%	70.10%	1,142.40%	642.89%	5,997.75%	0.00%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	3.72	23.54	19.15	13.32
Operating Cash Flow to Interest Expense	0.00	0.00	14.61	26.13	22.60	16.46
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	13.33	22.06	22.22	16.82
Efficiency Ratios	-	-	-	-	-	-
Asset Turnover	1.63	1.87	1.84	1.53	1.48	1.61
Accounts Receivable Turnover	12.40	12.87	13.49	14.07	15.51	14.82
Inventory Turnover	4.22	4.77	4.49	3.54	3.63	3.88
Fixed Asset Turnover	3.09	3.85	4.47	4.25	4.61	5.53
Accounts Payable Turnover	8.22	11.25	13.23	10.69	11.55	11.38
Days Sales Outstanding (DSO)	29.44	28.37	27.05	25.95	23.53	24.63
Days Inventory Outstanding (DIO)	86.59	76.46	81.36	103.12	100.50	94.09
Days Payable Outstanding (DPO)	44.40	32.44	27.59	34.14	31.59	32.09
Cash Conversion Cycle (CCC)	71.63	72.39	80.82	94.93	92.45	86.64
Capital & Investment Metrics	-	-	-	-	-	-
Invested Capital	138	162	178	163	151	155
Invested Capital Turnover	2.15	2.43	2.48	2.38	2.70	3.06
Increase / (Decrease) in Invested Capital	0.00	24	16	-16	-12	4.08
Enterprise Value (EV)	168	394	297	471	592	451
Market Capitalization	63	355	260	462	597	446
Book Value per Share	$2.14	$6.21	$7.12	$7.72	$7.77	$7.43
Tangible Book Value per Share	$1.93	$6.01	$6.92	$7.53	$7.58	$7.25
Total Capital	138	169	194	212	211	193
Total Debt	98	37	43	50	48	36
Total Long-Term Debt	87	35	42	48	47	23
Net Debt	98	30	26	0.10	-11	-2.08
Capital Expenditures (CapEx)	30	12	2.58	8.30	0.80	-0.75
Debt-free, Cash-free Net Working Capital (DFCFNWC)	48	67	69	62	56	66
Debt-free Net Working Capital (DFNWC)	48	73	86	112	116	104
Net Working Capital (NWC)	37	72	85	111	115	91
Net Nonoperating Expense (NNE)	4.39	-3.57	-1.99	-0.70	-2.22	-1.22
Net Nonoperating Obligations (NNO)	98	30	26	0.10	-11	-2.08
Total Depreciation and Amortization (D&A)	8.58	10	14	16	18	21
Debt-free, Cash-free Net Working Capital to Revenue	16.09%	18.34%	16.42%	15.34%	13.20%	14.12%
Debt-free Net Working Capital to Revenue	16.24%	20.12%	20.22%	27.52%	27.38%	22.22%
Net Working Capital to Revenue	12.40%	19.80%	19.99%	27.25%	27.10%	19.45%
Earnings Adjustments	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$1.19	$1.63	$1.50	$1.57
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	19.82M	19.90M	20.00M	20.06M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$1.19	$1.63	$1.49	$1.56
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	19.93M	19.98M	20.12M	20.18M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	19.89M	19.97M	20.04M	19.96M
Normalized Net Operating Profit after Tax (NOPAT)	21	19	24	34	31	31
Normalized NOPAT Margin	7.12%	5.18%	5.63%	8.49%	7.26%	6.64%
Pre Tax Income Margin	7.42%	7.56%	7.69%	10.60%	9.63%	9.20%
Debt Service Ratios	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	15.55	20.62	18.11	19.44
NOPAT to Interest Expense	0.00	0.00	11.83	15.90	13.47	15.30
EBIT Less CapEx to Interest Expense	0.00	0.00	14.27	16.56	17.73	19.80
NOPAT Less CapEx to Interest Expense	0.00	0.00	10.55	11.83	13.10	15.67
Payout Ratios	-	-	-	-	-	-
Dividend Payout Ratio	3.64%	0.00%	26.95%	69.93%	108.17%	110.52%
Augmented Payout Ratio	5.12%	0.00%	26.95%	69.93%	108.17%	119.70%

This table displays calculated financial ratios and metrics derived from Karat Packaging's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	20,036,505.00	20,059,505.00	20,092,755.00	20,099,505.00	19,963,731.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	20,036,505.00	20,059,505.00	20,092,755.00	20,099,505.00	19,963,731.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	0.32	0.55	0.36	0.34	0.34
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-4.06%	3.15%	-0.20%	3.55%	6.86%	6.35%	8.38%	10.11%	10.41%	13.74%	12.86%
EBITDA Growth	29.84%	1.26%	-21.42%	-9.22%	-1.07%	47.69%	5.63%	17.25%	-6.20%	14.74%	9.48%
EBIT Growth	38.86%	-8.44%	-31.78%	-16.66%	-7.04%	74.81%	-1.82%	18.44%	-15.50%	16.19%	8.69%
NOPAT Growth	42.89%	-12.34%	-36.48%	-16.46%	1.92%	31.39%	-3.63%	48.32%	-25.25%	22.57%	8.02%
Net Income Growth	48.55%	-8.02%	-29.50%	-13.58%	1.33%	40.27%	5.23%	19.78%	-17.91%	22.79%	4.78%
EPS Growth	45.16%	-9.09%	-31.11%	-15.09%	0.00%	40.00%	3.23%	20.00%	-20.00%	21.43%	6.25%
Operating Cash Flow Growth	-40.55%	-39.38%	-53.76%	-18.81%	61.84%	-19.83%	17.79%	-28.81%	-94.96%	86.15%	-6.92%
Free Cash Flow Firm Growth	228.96%	264.37%	20.18%	-57.48%	-15.23%	-11.93%	-22.77%	17.28%	-117.00%	-87.08%	-85.64%
Invested Capital Growth	-11.12%	-8.75%	-8.70%	-4.93%	-9.72%	-7.41%	-6.63%	-4.45%	7.15%	2.71%	2.65%
Revenue Q/Q Growth	-2.95%	-9.43%	0.03%	17.77%	0.15%	-9.86%	1.94%	19.65%	0.43%	-7.15%	1.15%
EBITDA Q/Q Growth	-10.53%	-46.69%	45.68%	30.64%	-2.49%	-20.41%	4.19%	45.01%	-21.99%	-2.64%	-0.59%
EBIT Q/Q Growth	-13.88%	-63.00%	87.95%	39.14%	-3.94%	-30.41%	5.56%	67.85%	-31.47%	-4.31%	-1.26%
NOPAT Q/Q Growth	-15.11%	-54.68%	58.12%	37.32%	3.57%	-41.58%	15.97%	111.35%	-47.80%	-4.19%	2.20%
Net Income Q/Q Growth	-14.40%	-54.30%	55.04%	42.48%	0.38%	-36.74%	16.32%	62.17%	-31.21%	-5.38%	-0.74%
EPS Q/Q Growth	-15.09%	-55.56%	55.00%	45.16%	0.00%	-37.78%	14.29%	68.75%	-33.33%	-5.56%	0.00%
Operating Cash Flow Q/Q Growth	-28.65%	-14.49%	-36.26%	108.80%	42.23%	-57.64%	-6.35%	26.20%	-89.93%	1,463.85%	-53.17%
Free Cash Flow Firm Q/Q Growth	-25.07%	-34.19%	11.17%	-22.43%	49.37%	-31.62%	-2.61%	17.80%	-121.66%	152.00%	8.23%
Invested Capital Q/Q Growth	-0.51%	-3.24%	0.08%	-1.32%	-5.52%	-0.77%	0.93%	0.99%	5.94%	-4.89%	0.88%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	36.90%	35.67%	39.33%	38.55%	38.57%	39.18%	39.34%	39.61%	34.47%	34.03%	35.51%
EBITDA Margin	15.09%	8.88%	12.94%	14.35%	13.97%	12.34%	12.61%	15.28%	11.87%	12.45%	12.23%
Operating Margin	10.78%	4.84%	8.45%	9.87%	9.99%	7.18%	7.55%	13.35%	6.89%	7.33%	7.24%
EBIT Margin	11.25%	4.59%	8.63%	10.20%	9.78%	7.55%	7.82%	10.97%	7.49%	7.71%	7.53%
Profit (Net Income) Margin	8.66%	4.37%	6.77%	8.19%	8.21%	5.76%	6.58%	8.91%	6.11%	6.22%	6.11%
Tax Burden Percent	75.89%	84.62%	76.63%	76.46%	78.10%	70.45%	76.26%	76.16%	76.74%	74.41%	76.11%
Interest Burden Percent	101.49%	112.41%	102.40%	105.09%	107.51%	108.35%	110.28%	106.69%	106.29%	108.40%	106.53%
Effective Tax Rate	24.11%	15.38%	23.37%	23.54%	21.90%	29.55%	23.74%	23.84%	23.26%	25.59%	23.89%
Return on Invested Capital (ROIC)	18.44%	9.74%	15.38%	18.73%	20.31%	13.64%	15.73%	28.59%	15.24%	16.69%	17.19%
ROIC Less NNEP Spread (ROIC-NNEP)	21.04%	11.72%	18.31%	214.08%	9.11%	1.04%	-14.84%	54.16%	-4.18%	3.56%	-2.44%
Return on Net Nonoperating Assets (RNNOA)	2.55%	0.99%	1.11%	0.49%	-0.23%	-0.04%	0.26%	-2.01%	0.14%	-0.15%	0.06%
Return on Equity (ROE)	20.99%	10.73%	16.49%	19.22%	20.08%	13.60%	15.99%	26.57%	15.38%	16.54%	17.25%
Cash Return on Invested Capital (CROIC)	30.24%	28.19%	26.04%	21.57%	27.34%	25.94%	24.88%	25.20%	12.33%	17.91%	18.09%
Operating Return on Assets (OROA)	17.44%	7.05%	12.67%	13.97%	13.89%	11.18%	11.39%	15.35%	11.14%	12.40%	12.18%
Return on Assets (ROA)	13.43%	6.71%	9.94%	11.23%	11.66%	8.53%	9.58%	12.48%	9.09%	10.00%	9.88%
Return on Common Equity (ROCE)	19.62%	10.08%	15.65%	18.24%	19.05%	12.97%	15.35%	25.52%	14.74%	15.81%	16.45%
Return on Equity Simple (ROE_SIMPLE)	21.76%	0.00%	19.73%	18.40%	18.53%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	8.64	3.91	6.19	8.50	8.80	5.14	5.96	13	6.58	6.30	6.44
NOPAT Margin	8.18%	4.09%	6.47%	7.55%	7.81%	5.06%	5.76%	10.17%	5.28%	5.45%	5.51%
Net Nonoperating Expense Percent (NNEP)	-2.60%	-1.98%	-2.93%	-195.35%	11.21%	12.60%	30.58%	-25.57%	19.42%	13.14%	19.64%
Return On Investment Capital (ROIC_SIMPLE)	-	1.84%	-	-	-	2.44%	3.70%	5.98%	3.18%	3.27%	3.84%
Cost of Revenue to Revenue	63.10%	64.33%	60.67%	61.45%	61.43%	60.82%	60.66%	60.39%	65.53%	65.97%	64.49%
SG&A Expenses to Revenue	26.41%	30.52%	28.80%	28.21%	28.60%	31.75%	31.81%	26.49%	27.91%	26.53%	28.27%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	26.12%	30.83%	30.88%	28.68%	28.58%	32.00%	31.79%	26.26%	27.58%	26.71%	28.27%
Earnings before Interest and Taxes (EBIT)	12	4.39	8.25	11	11	7.68	8.10	14	9.32	8.92	8.81
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	16	8.49	12	16	16	13	13	19	15	14	14
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.83	3.00	3.59	3.67	3.29	3.84	3.23	3.62	3.28	2.98	3.78
Price to Tangible Book Value (P/TBV)	2.90	3.08	3.68	3.77	3.38	3.93	3.32	3.72	3.36	3.06	3.88
Price to Revenue (P/Rev)	1.08	1.14	1.37	1.42	1.24	1.41	1.15	1.28	1.12	0.95	1.16
Price to Earnings (P/E)	13.15	14.24	18.69	20.53	18.34	19.92	16.41	17.62	16.73	14.16	17.52
Dividend Yield	3.65%	2.81%	3.43%	3.27%	5.21%	5.20%	6.87%	6.39%	6.94%	8.12%	6.45%
Earnings Yield	7.60%	7.02%	5.35%	4.87%	5.45%	5.02%	6.10%	5.67%	5.98%	7.06%	5.71%
Enterprise Value to Invested Capital (EV/IC)	2.67	2.89	3.16	3.62	3.38	3.93	2.94	3.66	3.16	2.91	3.48
Enterprise Value to Revenue (EV/Rev)	1.12	1.16	1.27	1.42	1.23	1.40	1.04	1.27	1.13	0.96	1.13
Enterprise Value to EBITDA (EV/EBITDA)	7.77	8.12	9.42	11.00	9.71	10.42	7.78	9.33	8.68	7.37	8.70
Enterprise Value to EBIT (EV/EBIT)	10.57	11.18	13.43	16.18	14.58	15.41	11.69	13.92	13.30	11.29	13.37
Enterprise Value to NOPAT (EV/NOPAT)	13.62	14.50	17.78	21.39	18.71	20.71	15.77	17.33	17.02	14.35	17.02
Enterprise Value to Operating Cash Flow (EV/OCF)	7.49	8.82	11.24	13.68	10.25	12.34	9.11	12.45	19.28	13.34	16.33
Enterprise Value to Free Cash Flow (EV/FCFF)	8.32	9.79	11.57	16.37	11.72	14.57	11.42	14.20	26.54	16.48	19.49
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.30	0.30	0.01	0.30	0.30	0.30	0.01	0.29	0.28	0.23	0.08
Long-Term Debt to Equity	0.30	0.30	0.00	0.29	0.29	0.29	0.00	0.29	0.14	0.15	0.00
Financial Leverage	0.12	0.08	0.06	0.00	-0.03	-0.04	-0.02	-0.04	-0.03	-0.04	-0.02
Leverage Ratio	1.63	1.68	1.72	1.82	1.79	1.76	1.84	1.93	1.87	1.82	1.89
Compound Leverage Factor	1.65	1.89	1.76	1.91	1.92	1.90	2.03	2.06	1.99	1.98	2.01
Debt to Total Capital	23.20%	23.33%	0.71%	23.02%	22.95%	23.00%	0.74%	22.75%	21.83%	18.58%	7.57%
Short-Term Debt to Total Capital	0.52%	0.53%	0.71%	0.54%	0.55%	0.56%	0.74%	0.57%	10.69%	6.72%	7.57%
Long-Term Debt to Total Capital	22.69%	22.81%	0.00%	22.48%	22.40%	22.44%	0.00%	22.17%	11.14%	11.87%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	4.94%	4.04%	3.71%	2.87%	2.96%	3.15%	4.28%	3.26%	3.44%	3.87%	4.60%
Common Equity to Total Capital	71.86%	72.63%	95.59%	74.11%	74.09%	73.85%	94.99%	74.00%	74.73%	77.55%	87.83%
Debt to EBITDA	0.86	0.85	0.02	0.93	0.92	0.85	0.02	0.79	0.76	0.59	0.20
Net Debt to EBITDA	0.06	0.00	-0.83	-0.06	-0.22	-0.20	-0.96	-0.15	0.02	-0.03	-0.35
Long-Term Debt to EBITDA	0.84	0.83	0.00	0.90	0.90	0.83	0.00	0.77	0.39	0.37	0.00
Debt to NOPAT	1.51	1.52	0.04	1.80	1.78	1.69	0.04	1.48	1.49	1.14	0.40
Net Debt to NOPAT	0.11	0.00	-1.57	-0.11	-0.43	-0.40	-1.94	-0.28	0.04	-0.07	-0.68
Long-Term Debt to NOPAT	1.47	1.49	0.00	1.76	1.74	1.65	0.00	1.44	0.76	0.73	0.00
Altman Z-Score	4.67	4.78	5.17	4.56	4.41	5.01	4.14	4.38	4.41	4.45	5.11
Noncontrolling Interest Sharing Ratio	6.54%	5.98%	5.10%	5.08%	5.14%	4.68%	4.02%	3.97%	4.12%	4.41%	4.64%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.47	3.49	3.33	3.05	3.12	3.47	2.86	2.68	2.14	2.30	2.29
Quick Ratio	1.76	1.74	1.59	1.54	1.73	1.87	1.48	1.34	1.03	1.06	1.09
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	30	20	22	17	25	17	17	20	-4.28	2.22	2.41
Operating Cash Flow to CapEx	2,523.06%	170.44%	4,685.00%	7,402.70%	7,057.25%	4,145.73%	16,095.83%	0.00%	825.21%	0.00%	1,272.74%
Free Cash Flow to Firm to Interest Expense	55.37	37.06	41.44	30.73	47.02	33.34	32.94	37.91	-7.94	4.58	5.89
Operating Cash Flow to Interest Expense	22.45	19.53	12.52	24.99	36.41	15.99	15.18	18.71	1.82	31.60	17.58
Operating Cash Flow Less CapEx to Interest Expense	21.56	8.07	12.25	24.65	35.89	15.60	15.08	19.19	1.60	32.98	16.20
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.55	1.53	1.47	1.37	1.42	1.48	1.46	1.40	1.49	1.61	1.62
Accounts Receivable Turnover	11.39	14.07	12.85	12.31	12.28	15.51	13.78	12.62	12.65	14.82	12.88
Inventory Turnover	3.51	3.54	3.37	3.27	3.62	3.63	3.31	3.19	3.63	3.88	3.85
Fixed Asset Turnover	4.22	4.25	4.20	4.35	4.46	4.61	4.78	5.03	5.21	5.53	5.83
Accounts Payable Turnover	11.04	10.69	9.30	8.70	10.46	11.55	9.34	7.76	10.09	11.38	10.39
Days Sales Outstanding (DSO)	32.05	25.95	28.39	29.65	29.73	23.53	26.49	28.93	28.85	24.63	28.33
Days Inventory Outstanding (DIO)	104.09	103.12	108.35	111.62	100.87	100.50	110.39	114.47	100.64	94.09	94.70
Days Payable Outstanding (DPO)	33.06	34.14	39.25	41.97	34.90	31.59	39.07	47.06	36.17	32.09	35.13
Cash Conversion Cycle (CCC)	103.08	94.93	97.49	99.31	95.69	92.45	97.81	96.34	93.32	86.64	87.90
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	168	163	163	161	152	151	152	154	163	155	156
Invested Capital Turnover	2.25	2.38	2.38	2.48	2.60	2.70	2.73	2.81	2.88	3.06	3.12
Increase / (Decrease) in Invested Capital	-21	-16	-16	-8.34	-16	-12	-11	-7.15	11	4.08	4.04
Enterprise Value (EV)	450	471	514	583	513	592	448	563	515	451	543
Market Capitalization	436	462	554	579	518	597	496	565	507	446	557
Book Value per Share	$7.75	$7.72	$7.73	$7.90	$7.86	$7.77	$7.65	$7.77	$7.69	$7.43	$7.39
Tangible Book Value per Share	$7.56	$7.53	$7.54	$7.70	$7.67	$7.58	$7.46	$7.58	$7.50	$7.25	$7.20
Total Capital	215	212	162	213	212	211	161	211	207	193	168
Total Debt	50	50	1.14	49	49	48	1.19	48	45	36	13
Total Long-Term Debt	49	48	0.00	48	48	47	0.00	47	23	23	0.00
Net Debt	3.55	0.10	-46	-3.06	-12	-11	-55	-9.09	1.16	-2.08	-22
Capital Expenditures (CapEx)	0.48	6.04	0.14	0.19	0.28	0.20	0.05	-0.25	0.12	-0.67	0.57
Debt-free, Cash-free Net Working Capital (DFCFNWC)	68	62	67	63	56	56	57	61	69	66	69
Debt-free Net Working Capital (DFNWC)	114	112	113	115	117	116	113	118	113	104	103
Net Working Capital (NWC)	113	111	112	114	116	115	112	117	91	91	91
Net Nonoperating Expense (NNE)	-0.50	-0.26	-0.29	-0.73	-0.46	-0.72	-0.85	1.55	-1.02	-0.89	-0.70
Net Nonoperating Obligations (NNO)	3.49	0.10	2.53	-3.06	-12	-11	-8.10	-9.09	1.16	-2.08	0.98
Total Depreciation and Amortization (D&A)	4.06	4.10	4.12	4.68	4.73	4.87	4.96	5.35	5.46	5.47	5.50
Debt-free, Cash-free Net Working Capital to Revenue	16.85%	15.34%	16.48%	15.47%	13.53%	13.20%	13.19%	13.79%	15.25%	14.12%	14.34%
Debt-free Net Working Capital to Revenue	28.33%	27.52%	27.99%	28.19%	28.03%	27.38%	26.26%	26.69%	24.94%	22.22%	21.49%
Net Working Capital to Revenue	28.06%	27.25%	27.71%	27.91%	27.75%	27.10%	25.98%	26.41%	20.07%	19.45%	18.85%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.46	$0.19	$0.31	$0.46	$0.45	$0.28	$0.32	$0.55	$0.36	$0.34	$0.34
Adjusted Weighted Average Basic Shares Outstanding	19.89M	19.90M	19.97M	19.99M	20.02M	20.00M	20.04M	20.06M	20.09M	20.06M	19.96M
Adjusted Diluted Earnings per Share	$0.45	$0.20	$0.31	$0.45	$0.45	$0.28	$0.32	$0.54	$0.36	$0.34	$0.34
Adjusted Weighted Average Diluted Shares Outstanding	19.99M	19.98M	20.08M	20.11M	20.13M	20.12M	20.20M	20.19M	20.20M	20.18M	20.07M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	19.96M	19.97M	19.98M	20.01M	20.02M	20.04M	20.06M	20.09M	20.10M	19.96M	19.96M
Normalized Net Operating Profit after Tax (NOPAT)	8.40	4.16	7.72	8.90	8.78	5.32	5.95	12	6.27	6.46	6.44
Normalized NOPAT Margin	7.96%	4.36%	8.07%	7.91%	7.79%	5.24%	5.74%	9.99%	5.04%	5.59%	5.51%
Pre Tax Income Margin	11.41%	5.16%	8.84%	10.72%	10.52%	8.18%	8.62%	11.70%	7.96%	8.36%	8.02%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	22.14	8.33	15.75	20.95	20.62	14.88	15.92	26.11	17.29	18.35	21.53
NOPAT to Interest Expense	16.11	7.43	11.81	15.51	16.45	9.97	11.72	24.19	12.21	12.97	15.75
EBIT Less CapEx to Interest Expense	21.25	-3.13	15.48	20.62	20.10	14.49	15.83	26.58	17.07	19.73	20.15
NOPAT Less CapEx to Interest Expense	15.22	-4.03	11.54	15.17	15.94	9.58	11.62	24.67	11.99	14.35	14.37
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	71.19%	69.93%	103.45%	108.76%	108.50%	108.17%	109.24%	109.34%	112.04%	110.52%	109.32%
Augmented Payout Ratio	71.19%	69.93%	103.45%	108.76%	108.50%	108.17%	109.24%	109.34%	112.04%	119.70%	109.32%

Financials Breakdown Chart

Key Financial Trends

Karat Packaging (NASDAQ: KRT) showed a mixed but still fundamentally solid operating profile in Q1 2026, with strong profitability and cash generation offset by a sharp cash outflow driven by financing activity and a larger investment position.

On the income statement, revenue rose modestly year over year to $116.9 million from $103.6 million in Q1 2025, while gross profit increased to $41.5 million from $40.8 million. Operating income also improved to $8.5 million from $7.8 million, and net income climbed to $7.1 million from $6.8 million. That suggests the business is still growing, but not dramatically accelerating.

Margins, however, remain under pressure versus the stronger quarters seen in 2024. Gross margin in Q1 2026 was about 35.5%, down slightly from Q1 2025 and well below the high-30% to low-40% range Karat posted in several 2024 quarters. SG&A also stayed elevated at $33.1 million, keeping operating margin modest at roughly 7.2%.

Cash flow was the biggest story. Operating cash flow came in at $7.2 million in Q1 2026, down from $7.7 million in Q1 2025 and well below the stronger operating cash flow levels KRT generated in parts of 2024. The company also spent $6.0 million on investments and paid $9.0 million in dividends, which contributed to a $9.2 million decline in cash and equivalents during the quarter.

The balance sheet still looks manageable, but leverage has increased. Total debt at quarter-end was about $39.7 million combined between short-term debt and long-term debt, up from the prior quarter. At the same time, the company held $34.4 million in cash and short-term investments, giving it decent liquidity, though not a net cash position once debt is considered.

One important positive is that Karat continues to generate solid earnings despite a more challenging cash conversion environment. Another is that the company’s revenue base has expanded meaningfully over the last several years, with Q1 2026 revenue well above Q1 2024 and Q1 2023 levels.

Revenue growth held up, with Q1 2026 sales of $116.9 million up from $103.6 million in Q1 2025.
Net income improved to $7.1 million from $6.8 million a year ago.
Operating income increased year over year, showing the core business remains profitable.
Liquidity remains decent with $28.7 million in cash and $5.7 million in short-term investments.
The company continues to pay dividends, which may appeal to income-focused investors.
Operating cash flow was positive at $7.2 million, but not especially strong relative to the size of the business.
Capital spending was modest at $0.6 million, suggesting limited near-term heavy investment in PPE.
Interest income and other income helped support pretax results, partially offsetting interest expense.
Cash and equivalents fell sharply by $9.2 million in the quarter.
Debt increased, with total debt rising materially versus recent quarters.

Bottom line: Karat Packaging still looks profitable and growing, but Q1 2026 was more of a steady quarter than an exciting one. The main watch items for investors are margin stability, cash conversion, and whether rising debt and dividend payments begin to pressure financial flexibility.

07/20/26 01:07 PM ETAI Generated. May Contain Errors.

Karat Packaging Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Karat Packaging's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Karat Packaging's net income appears to be on an upward trend, with a most recent value of $32.66 million in 2025, rising from $16.67 million in 2020. The previous period was $30.82 million in 2024. View Karat Packaging's forecast to see where analysts expect Karat Packaging to go next.

Karat Packaging's total operating income in 2025 was $41.41 million, based on the following breakdown:

Total Gross Profit: $172.14 million
Total Operating Expenses: $130.72 million

Over the last 5 years, Karat Packaging's total revenue changed from $295.52 million in 2020 to $467.74 million in 2025, a change of 58.3%.

Karat Packaging's total liabilities were at $130.82 million at the end of 2025, a 1.1% decrease from 2024, and a 7.4% decrease since 2020.

In the past 5 years, Karat Packaging's cash and equivalents has ranged from $448 thousand in 2020 to $37.88 million in 2025, and is currently $37.88 million as of their latest financial filing in 2025.

Over the last 5 years, Karat Packaging's book value per share changed from 2.14 in 2020 to 7.43 in 2025, a change of 248.2%.

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Financial statements for NASDAQ:KRT last updated on 7/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Karat Packaging (KRT) Financials

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Karat Packaging (KRT) Financials

Annual Income Statements for Karat Packaging

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Quarterly Cash Flow Statements for Karat Packaging

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Quarterly Balance Sheets for Karat Packaging

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Quarterly Metrics And Ratios for Karat Packaging

Financials Breakdown Chart

Key Financial Trends

Karat Packaging Financials - Frequently Asked Questions

When does Karat Packaging's fiscal year end?

How has Karat Packaging's net income changed over the last 5 years?

What is Karat Packaging's operating income?

How has Karat Packaging's revenue changed over the last 5 years?

How much debt does Karat Packaging have?

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How has Karat Packaging's book value per share changed over the last 5 years?

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