GO (Grocery Outlet Holding) Operating Income: $74 Mil (TTM As of Mar. 2026)

What is Grocery Outlet Holding Operating Income?

Grocery Outlet Holding GO -2.25% 69 Operating Income is $74 Mil as of Mar. 2026. GuruFocus rates GO with a GF Score™ of 69/100 and a GF Value™ of $19.39 (Possible Value Trap). The stock has 4 warning signs investors should review.

Grocery Outlet Holding's Operating Income for the three months ended in Mar. 2026 was $-2 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was $74 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Grocery Outlet Holding's Operating Income for the three months ended in Mar. 2026 was $-2 Mil. Grocery Outlet Holding's Revenue for the three months ended in Mar. 2026 was $1,166 Mil. Therefore, Grocery Outlet Holding's Operating Margin % for the quarter that ended in Mar. 2026 was -0.16%.

Warning Sign:

Grocery Outlet Holding Corp operating margin has been in a 5-year decline. The average rate of decline per year is -10.2%.

Grocery Outlet Holding's 5-Year average Growth Rate for Operating Margin % was -10.20% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Grocery Outlet Holding's annualized ROC % for the quarter that ended in Mar. 2026 was -0.26%. Grocery Outlet Holding's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was -35.21%.

Grocery Outlet Holding (NAS:GO) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

Grocery Outlet Holding's annualized ROC % for the quarter that ended in Mar. 2026 is calculated as:

	ROC % (Q: Mar. 2026 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Dec. 2025 )	+	Invested Capital (Q: Mar. 2026 ))	/ count )
=	-7.292 * ( 1 - 2.2% )	/	( (2777.666	+	2642.463)	/ 2 )
=	-7.131576	/	2710.0645
=	-0.26 %

where

	Invested Capital		(Q: Dec. 2025 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	3091.099	-	243.831	-	( 69.602	-	max(0, 363.996	-	497.64	+	69.602	))
=	2777.666

	Invested Capital		(Q: Mar. 2026 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	2958.009	-	256.548	-	( 58.998	-	max(0, 381.857	-	489.253	+	58.998	))
=	2642.463

Note: The Operating Income data used here is four times the quarterly (Mar. 2026) data.

2. Joel Greenblatt's definition of Return on Capital:

Grocery Outlet Holding's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Mar. 2026 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Dec. 2025		Q: Mar. 2026
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	-708.268	/	( ( (1832.799 + max(162.681, 0))	+	(1877.812 + max(149.827, 0)) )	/	2 )
=	-708.268	/	( ( 1995.48	+	2027.639 )	/	2 )
=	-708.268	/	2011.5595
=	-35.21 %

where Working Capital is:

	Working Capital		(Q: Dec. 2025 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(16.983	+	381.961	+	25.409)	-	(243.831	+	0	+	17.841)
=	162.681

	Working Capital		(Q: Mar. 2026 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(14.081	+	387.109	+	25.613)	-	(256.548	+	0	+	20.428)
=	149.827

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Mar. 2026) EBIT data.

3. Operating Income is also linked to Operating Margin %:

Grocery Outlet Holding's Operating Margin % for the quarter that ended in Mar. 2026 is calculated as:

Operating Margin %	=	Operating Income (Q: Mar. 2026 )	/	Revenue (Q: Mar. 2026 )
	=	-1.823	/	1166.352
	=	-0.16 %

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.

Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.

Grocery Outlet Holding Operating Income Related Terms

Grocery Outlet Holding Operating Income Historical Data

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The historical data trend for Grocery Outlet Holding's Operating Income can be seen below:

Grocery Outlet Holding Operating Income Chart

Grocery Outlet Holding Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Operating Income

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89.10

94.99

125.78

94.22

87.01

Grocery Outlet Holding Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
Operating Income	Get a 7-Day Free Trial															11.37	23.93	24.12	27.59	-1.82

69GF Score

Grocery Outlet Holding Corp GO

Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.

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Grocery Outlet Holding Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was $74 Mil.

Frequently Asked Questions Learn more about Operating Income →

What does a Operating Income of $74 Mil mean?

Grocery Outlet Holding (GO) has a Operating Income of $74 Mil as of Mar. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Grocery Outlet Holding and its competitors.

Is Grocery Outlet Holding's Operating Income too high?

Grocery Outlet Holding's current Operating Income is $74 Mil. Overall, Grocery Outlet Holding has a GF Score™ of 69/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.

How does Grocery Outlet Holding's Operating Income compare to NGVC and YSWY?

Grocery Outlet Holding's Operating Income of $74 Mil can be compared against companies in the Retail - Defensive industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.

What is a good Operating Income for a Retail - Defensive company?

A good Operating Income depends on the Retail - Defensive industry context. However, Operating Income should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.

What does a high Operating Income mean?

A high Operating Income can signal that a stock is expensive relative to its fundamentals. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Grocery Outlet Holding and its competitors. Grocery Outlet Holding's current Operating Income is $74 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Grocery Outlet Holding stock overvalued right now?

Based on GuruFocus' analysis, Grocery Outlet Holding (GO) is currently considered Possible Value Trap. The stock's GF Value™ is $19.39, compared to a current price of $9.98 — trading 48.5% below its estimated fair value. The current Operating Income is $74 Mil. Grocery Outlet Holding's overall GF Score™ is 69/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.

How is Operating Income calculated?

Operating Income is calculated from a company's financial statements. For Grocery Outlet Holding (GO), the current Operating Income is $74 Mil as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Grocery Outlet Holding (GO) Overvalued in 2026?

Based on GuruFocus' analysis, Grocery Outlet Holding stock appears to be undervalued. The current stock price of $9.98 is trading 48.5% below its estimated GF Value™ of $19.39. GuruFocus considers Grocery Outlet Holding to be Possible Value Trap.

Key valuation signals for GO:

Operating Income: $74 Mil
GF Value™: $19.39 vs. price of $9.98 (48.5% below fair value)
GF Score™: 69/100 with 4 warning signs

No single metric tells the full story. See the GO stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Grocery Outlet Holding Business Description

Industry Consumer Defensive Retail - Defensive

Comparable Companies NGVC YSWY VLGEA DNUT IMKTA VHUB MSS WMK TSX:L LSE:TSCO XAMS:AD KR ASX:WOW TSX:WN TSE:3382 ASX:COL TSX:MRU XPAR:CA BKK:CPALL IST:BIMAS

Address 5650 Hollis Street, Emeryville, CA, USA, 94608

Website https://www.groceryoutlet.com

Grocery Outlet Holding Corp is a grocery store operator in the United States. It is a retailer of quality, name-brand consumables and fresh products sold through a network of independently operated stores. The stores are run by Entrepreneurial independent operators which create a neighborhood feel through personalized customer service and a localized product offering.

69GF Score

Get the complete analysis for GO

Operating Income is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$9.98

Price

$19.39

GF Value

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