Risk Sleuth
FLO · 10-K filed 25 Feb 2026 · year to 3 Jan 2026

Flowers Foods

27 named things its latest annual report says its results depend on, each in the company's own words. 18 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Walmart/Sam's Club

earns from · 21.5% of the company's salesnamed as a risk
During Fiscal 2025, our largest customer, Walmart/Sam’s Club, represented 21.5% of the company’s sales.Business (Item 1)

Suppliers

Co-manufacturers

depends onnamed as a risk
In some cases, a co-manufacturer may produce all of our requirements for a particular product or brand.Risk factors (Item 1A)

Partners and platforms

Independent distributors (DSD system)

depends on · 4,274named as a risk
A material negative change in our relationship with the independent distributor partners could negatively affect our business.Risk factors (Item 1A)

Also named by GMED, GRC, IR

Other companies

Simple Mills

$283 million
On February 21, 2025, the company completed the acquisition of 100% of the equity interests of Purposeful Foods Holdings, Inc., the parent company of Simple Mills, Inc. ("Simple Mills"), maker of a premium brand of better-for-you crackers, cookies, snack bars, and baking mixes.Business (Item 1)

Competitors

Store brands (private label)

competes with · approximately 26% of the dollar sales and approximately 35% of unit salesnamed as a risk
With the growth of mass merchandisers like Walmart and the ongoing consolidation of regional supermarkets into larger operations, store brands have become a significant competitor to the company.Business (Item 1)

Bimbo Bakeries USA

competes with
The current competitive landscape for breads and rolls in the U.S. baking industry consists of Bimbo Bakeries USA (BBU), Flowers Foods, and The Campbell's Company, under the Pepperidge Farm brand, along with a number of smaller independent regional bakers, local bakeries, and retailer-owned bakeries.Business (Item 1)

The Campbell's Company (Pepperidge Farm)

competes with
The current competitive landscape for breads and rolls in the U.S. baking industry consists of Bimbo Bakeries USA (BBU), Flowers Foods, and The Campbell's Company, under the Pepperidge Farm brand, along with a number of smaller independent regional bakers, local bakeries, and retailer-owned bakeries.Business (Item 1)

Places

California

operates in · approximately 400 territoriesnamed as a risk
In addition, as a result of California distributor-related litigation, we converted our independent distributor partners distribution model in California to an employment model.Risk factors (Item 1A)

Also named by A, AAON, AFRM, ALK, ALLY, AN, ARE, AVAV and 88 more

Crossville, Tennessee

operates in
Our warehouse distribution system delivers a portion of our packaged bakery snack products from a central distribution facility located near our Crossville, Tennessee snack cake bakery.Business (Item 1)

Hazards

Russia-Ukraine war

exposed to its pricenamed as a risk
Global grain markets have exhibited increased volatility as sanctions have been imposed on Russia by the United States, the United Kingdom, the European Union, and others in response to Russia’s invasion of Ukraine.Risk factors (Item 1A)

Also named by ADSK, ATR, AVAV, CSCO, CTVA, EMR, FIS, FND and 21 more

Avian influenza

exposed to its pricenamed as a risk
The cost of these inputs may fluctuate widely due to foreign and domestic government policies and regulations (including tariffs), inflation, weather conditions, domestic and international demand, availability due to supply chain conditions, livestock disease (for example, avian influenza) or other unforeseen circumstances.Risk factors (Item 1A)

Also named by CMG, CVLG, MRK, ZTS

Commodities and inputs

Wheat

exposed to its price · a hypothetical ten percent change in commodity prices would increase or decrease the fair value of the derivative portfolio by $2.5 millionnamed as a risk
The company enters into commodity forward, futures, option, and swap contracts for wheat and, to a lesser extent, other commodities in an effort to provide a predictable and consistent commodity price and thereby reduce the impact of market volatility in its raw material and packaging prices.Market risk (Item 7A)

Also named by CAG, CPB, FPI, GIS, HSY, KHC, MDLZ, POST and 1 more

Natural gas

depends onnamed as a risk
In addition, we are dependent upon natural gas or propane for firing ovens.Risk factors (Item 1A)

Also named by AA, ADM, AEE, AEP, AES, AESI, AGX, ALB and 132 more

Corn

exposed to its pricenamed as a risk
In the event that such climate change has a negative effect on agricultural productivity, we may be subject to decreased availability or less favorable pricing for certain commodities that are necessary for our products, such as corn and wheat.Risk factors (Item 1A)

Also named by ADM, BF/B, CAG, CALM, CL, DE, FPI, GIS and 10 more

Propane

depends onnamed as a risk
In addition, we are dependent upon natural gas or propane for firing ovens.Risk factors (Item 1A)

Also named by EMN, HESM, RRC, TRGP, UGI, WOR

Gasoline and diesel fuel

exposed to its pricenamed as a risk
The independent distributors and third-party transportation companies are dependent upon gasoline and diesel for their vehicles.Risk factors (Item 1A)

Also named by IMKTA, PATK, WDFC

Eggs

exposed to its pricenamed as a risk
The cost of these inputs may fluctuate widely due to foreign and domestic government policies and regulations (including tariffs), inflation, weather conditions, domestic and international demand, availability due to supply chain conditions, livestock disease (for example, avian influenza) or other unforeseen circumstances.Risk factors (Item 1A)

Also named by POST

Flour

exposed to its pricenamed as a risk
Raw materials, such as flour, sweeteners, shortening, yeast, water, and eggs, which are used in our bakery products, are subject to price fluctuations.Risk factors (Item 1A)

Regulators

U.S. Environmental Protection Agency

subject tonamed as a risk
In addition, our operations are subject to extensive and increasingly stringent regulations administered by the Environmental Protection Agency related to the discharge of materials into the environment and the handling and disposition of waste.Risk factors (Item 1A)

Also named by AAON, AAP, ALSN, AMRC, APA, APD, APG, AROC and 78 more

U.S. Department of Labor

subject tonamed as a risk
These changes could also result from regulatory developments based on the manner in which the U.S. Department of Labor applies the Fair Labor Standards Act.Risk factors (Item 1A)

Also named by ADP, AMG, BBSI, HCC, MRSH, PAYX, PFG, TROW and 1 more

U.S. Food and Drug Administration

subject to
As a producer and marketer of food items, our operations are subject to regulation by various federal governmental agencies, including the U.S. Food and Drug Administration, the U.S. Department of Agriculture, the U.S. Federal Trade Commission, the U.S. Environmental Protection Agency, the U.S. Department of Commerce, and the U.S. Department of Labor.Business (Item 1)

Also named by A, ABBV, ABT, AMGN, ARE, ARWR, ATR, AXGN and 112 more

U.S. Federal Trade Commission

subject to
Advertising of our brands is subject to regulation by the Federal Trade Commission, and we are subject to certain health and safety regulations, including those issued under the Occupational Safety and Health Act.Business (Item 1)

Also named by AMZN, AN, AVGO, BJ, CART, CELH, CHD, CHE and 56 more

U.S. Department of Agriculture

subject to
As a producer and marketer of food items, our operations are subject to regulation by various federal governmental agencies, including the U.S. Food and Drug Administration, the U.S. Department of Agriculture, the U.S. Federal Trade Commission, the U.S. Environmental Protection Agency, the U.S. Department of Commerce, and the U.S. Department of Labor.Business (Item 1)

Also named by AGM, BJ, CAG, CALM, CASH, CB, DLTR, FSUN and 11 more

Laws and programs

U.S. tariffs

subject tonamed as a risk
Some of the impacts our business may experience as a result of tariffs and other trade disruptions include, but are not limited to, increases of the costs of the ingredients, packaging and other materials necessary to produce, distribute and sell our products, and an unfavorable shift in sales mix away from our Branded Retail products, due to a change in consumer buying patterns as a result of increased prices in the economy as a whole.Risk factors (Item 1A)

Also named by A, AAPL, ACHR, ADI, AEHR, AEP, AIOT, AKAM and 170 more

Fair Labor Standards Act

subject tonamed as a risk
These changes could also result from regulatory developments based on the manner in which the U.S. Department of Labor applies the Fair Labor Standards Act.Risk factors (Item 1A)

Also named by APG, CVLG, DPZ, DY, EME, FIX, SBUX

Technology

ERP system upgrade

depends on · approximately $325 millionnamed as a risk
We currently anticipate the upgrade of our ERP system will cost approximately $325 million (of which approximately 35% has been or is anticipated to be capitalized) and anticipate the upgrade to be completed in 2027.Business (Item 1)

GLP-1 agonists

named as a risk
Also, certain weight loss drugs and glucagon-like peptide 1 (GLP-1) agonists, which may suppress a person's appetite, may impact demand for our products.Risk factors (Item 1A)

Also named by DPZ, TAP, TXRH