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1. J.M. Smucker for nuts.

2. Ocean Spray for nuts.

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John B. Sanfilippo & Son (JBSS) primarily sells various types of nuts and nut-based products.

• Tree Nuts: This category includes almonds, cashews, pecans, walnuts, and pistachios, sold roasted, salted, seasoned, or raw for snacking and baking.
• Peanuts: Processed peanuts, typically roasted and salted, are offered as a popular snack food.
• Snack Mixes & Other Nuts: This encompasses various nut blends, snack mixes often including dried fruits, and other specialty nuts.

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John B Sanfilippo & Son (JBSS) primarily sells its products to other companies (Business-to-Business or B2B).

Its major customers are large retailers and mass merchandisers. Based on public filings and industry reports, its key customers include:

• Walmart Inc. (Symbol: WMT)
• The Kroger Co. (Symbol: KR)
• Costco Wholesale Corporation (Symbol: COST)

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Jeffrey T. Sanfilippo, Chairman and Chief Executive Officer

Jeffrey T. Sanfilippo was appointed Chief Executive Officer in November 2006 and also serves as Chairman. He represents the fourth generation of family leadership in the business, which was founded in 1922. He joined John B. Sanfilippo & Son, Inc. in 1992 to lead West Coast operations, following five years in the film production business. He earned his MBA from Lake Forest Graduate School in 2009 while working full-time.

Frank S. Pellegrino, Executive Vice President, Chief Financial Officer, and Treasurer

Frank S. Pellegrino was appointed Chief Financial Officer on August 20, 2021. He joined the company in January 2007 and has held roles of increasing responsibility, including Executive Vice President, Finance and Administration, and Treasurer, a position he was promoted to in August 2020. Prior to joining John B. Sanfilippo & Son, Inc., Mr. Pellegrino was an Internal Audit Manager at W.W. Grainger and a Manager in the Assurance Practice of PricewaterhouseCoopers LLP. He is a Certified Public Accountant (CPA) and holds an MBA from DePaul University and a B.S. in accountancy from Indiana University.

Jasper B. Sanfilippo Jr., Chief Operating Officer, President, and Assistant Secretary

Jasper B. Sanfilippo Jr. has served as the Chief Operating Officer, President, and Assistant Secretary of the company since 2006 and has been a Director since 2003. His previous roles at the company include Treasurer from 2007 to 2009 and Executive Vice President of Operations from 2001 to 2006.

James J. Sanfilippo, Director

James J. Sanfilippo is the Chief Executive Officer of TruStar Holdings, LLC and VIST Labs, LLC, which are involved in developing and supplying advanced packaging systems. He also manages Sanfilippo Tech, LLC, Sanfilippo Equity Partners, LLC, 140 State Parkway, LLC, and TruStar Holdings, LLC. Before this, he was President of the Sonoco Elk Grove, Inc. Division of Sonoco Products Company until August 2020, and prior to Sonoco, he served as President and Chief Executive Officer of Clear Lam Packaging, Inc.

John E. Sanfilippo, Director

John E. Sanfilippo serves as the President of Engineering at VIST Labs, LLC, a company that develops and supplies advanced packaging systems, and became a director of John B. Sanfilippo & Son, Inc. in October 2020. He is also a Manager of Sanfilippo Tech, LLC, Sanfilippo Equity Partners, LLC, 140 State Parkway, LLC, and TruStar Holdings, LLC. Previously, through August 2020, he was the Vice President of Engineering for the Sonoco Elk Grove, Inc. Division of Sonoco Products Company.

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The key risks for John B. Sanfilippo & Son (JBSS) include:

1. Commodity Cost Volatility and Inflation: John B. Sanfilippo & Son faces significant price increases for key commodities such as chocolate, cashews, almonds, and walnuts, which pose a continuous challenge to its performance. Higher acquisition costs for these raw materials directly impact gross profit margins and the company's ability to maintain margin stability by aligning selling prices with rising costs. Fluctuations in the market price of nuts can also affect the value of the company's inventory, gross profit, and gross profit margin.
2. Challenging Macroeconomic and Consumer Environment, and Competitive Pricing Pressures: Inflationary pressures are causing consumers to reduce their spending, leading to declines in sales volume for JBSS. The market is highly competitive, forcing the company to make strategic pricing decisions that can negatively impact its margins. There is also a structural shift among consumers towards more affordable snacks and value retailers, which affects sales of branded snack nuts, trail mix, and recipe nuts.
3. Dependence on the Consumer Channel and Sales Volume Declines (excluding acquisitions): While acquisitions have contributed to net sales growth, excluding these, JBSS has experienced declines in both net sales and sales volume. The company's reliance on the consumer channel for growth presents a risk if this channel does not continue to expand. Ongoing volume declines and lost distribution in key brands, coupled with softness in the consumer channel, suggest that a sole reliance on price increases to drive dollar growth may not be sustainable, raising the risk of future revenue stagnation or decline.

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The clear emerging threat to John B Sanfilippo & Son is the rapidly diversifying snack market, characterized by the accelerating growth and consumer adoption of innovative, non-nut-based snack alternatives. This includes categories such as legume-based snacks (e.g., chickpea puffs, lentil crisps), seed-based snacks (e.g., pumpkin seed clusters, flax crackers), and various vegetable or fruit-based crispy snacks. These emerging alternatives increasingly compete for consumer attention and market share, often leveraging perceived health benefits, unique textures, and novel flavors that differentiate them from traditional nut products. While nuts remain popular, the proliferation and rising popularity of these distinct snack categories could gradually erode the growth potential and overall market share of nut-centric companies like JBSS over time, as consumers diversify their snacking choices beyond conventional nuts.

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John B. Sanfilippo & Son (JBSS) primarily operates in the nut industry, processing and distributing peanuts and tree nuts under its own brands (such as Fisher, Orchard Valley Harvest, and Squirrel Brand) and for private labels. The company also supplies nuts as ingredients to other manufacturers and is involved in contract manufacturing of nut-based products.

Based on these core activities, the addressable markets for JBSS's main products and services in the U.S. are as follows:

• U.S. Nuts as Snacks and Ingredients Market: This market is estimated at USD 9.17 billion in 2025 and is projected to increase to USD 12.20 billion by 2035, growing at a Compound Annual Growth Rate (CAGR) of approximately 2.9% over the forecast period.
• U.S. Private Label Savoury Snacks Market: Within the broader U.S. private label packaged food market, savoury snacks (which include nuts) reached a market size of USD 5.6 billion in 2022. The overall U.S. private label packaged food market was USD 83.5 billion in 2022.
• U.S. Baking Ingredients Market: This market is projected to reach USD 5.49 billion in 2025 and is expected to grow to an estimated USD 17.99 billion by 2035, with a CAGR of 12.6% over that decade. Another estimate valued the U.S. baking ingredients market at USD 5.1 billion in 2024.

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John B. Sanfilippo & Son (JBSS) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Price Increases: The company has implemented and plans further price increases to offset commodity costs and improve margins. For example, JBSS planned price increases in January and February 2025, aiming for a historical gross margin per pound of $0.60. These price adjustments have already contributed to revenue exceeding expectations, as seen in Q1 FY2025, despite the increases. Price increases also drove dollar growth in Q1 FY2026, with snack nut prices rising 8% and trail mix prices rising 6% across all nut types.
2. Increased Sales Volume Across Distribution Channels: JBSS has reported consistent sales volume growth across its consumer, commercial ingredients, and contract manufacturing distribution channels. The company achieved its largest quarterly sales volume and highest net sales in Q2 FY2025, driven by sales volume increases across all three distribution channels. In Q1 FY2026, sales volume in the commercial ingredients channel increased by 12.8% due to new business and increased peanut butter volume, while the contract manufacturing channel saw an 18.4% increase, primarily from granola sales and a new snack nut customer.
3. Growth in Snack and Nutrition Bar Segments: The snack and nutrition bar category, especially after the Lakeville acquisition, is a significant growth area. Bar sales volume increased approximately 28% over the prior-year quarter in Q2 FY2025, with a 27.6% growth in bars volume attributed to a mass merchandising retailer returning to normalized inventory levels. Analysts are optimistic about the potential growth in this segment.
4. New Product Launches and Innovation: JBSS is focused on expanding its product portfolio through new offerings. The company is building a pipeline for future growth with new product launches planned for Q2 FY2025, particularly within the Orchard Valley Harvest brand. Management also plans to leverage the success of branded products, like Fisher recipe nuts, for expanded distribution and product innovation.
5. Strategic Acquisitions and Operational Efficiencies: The integration and optimization of recent acquisitions, such as Lakeville, are expected to contribute to revenue growth. The Lakeville acquisition significantly boosted sales volume, particularly in private brand bars and contract manufacturing. The company's focus on operational efficiencies, including resolving capacity constraints at Lakeville, is expected to enhance profitability and contribute to sustained growth.

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Capital Allocation Decisions for John B. Sanfilippo & Son (JBSS) (Last 3-5 Years)

Share Repurchases

• John B. Sanfilippo & Son has not had a share repurchase plan in place, instead opting to return capital to shareholders through dividends.

Share Issuance

• As of August 14, 2025, there were 9,045,710 shares of Common Stock and 2,597,426 shares of Class A Common Stock outstanding.
• The total number of shares outstanding for JBSS has increased by 0.30% in one year, with 11.64 million shares outstanding as of a recent report.

Outbound Investments

• The company acquired a snack bar manufacturer for $59 million, an acquisition expected to significantly boost revenue.
• JBSS acquired the TreeHouse Foods snack bar business (referred to as the Lakeville Acquisition) which was completed on September 29, 2023.
• John B. Sanfilippo & Son has acquired two companies, including Just The Cheese and Squirrel Brand.

Capital Expenditures

• The company plans to invest approximately $90 million on equipment to expand domestic production capabilities and improve related infrastructure by the end of fiscal year 2026.
• Capital expenditures totaled $28 million in fiscal year 2024 and over $37 million in fiscal year 2025.
• A significant portion of capital expenditures is focused on expanding bar production capacity and other production expansions, with a hurdle rate of 10% for incremental capital.