senea20260627

senea20260627_10q.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark one)

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 27, 2026

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____

Commission File Number 0-01989

Seneca Foods Corporation

(Exact name of Registrant as specified in its charter)

New York	16-0733425
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

350 WillowBrook Office Park, Fairport, New York	14450
(Address of principal executive offices)	(Zip code)

(585) 495-4100

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol

Name of Exchange on

Which Registered

Common Stock Class A, $0.25 Par

SENEA

NASDAQ Global Select Market

Common Stock Class B, $0.25 Par

SENEB

NASDAQ Global Select Market

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☒ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐

If an emerging growth company, indicate by checkmark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of shares outstanding of each of the registrant’s classes of common stock as of July 24, 2026 are as follows:

Class	Shares Outstanding
Common Stock Class A, $0.25 Par	5,221,238
Common Stock Class B, $0.25 Par	1,549,219

Table of Contents

Seneca Foods Corporation

Quarterly Report on Form 10-Q

Table of Contents

PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Condensed Consolidated Balance Sheets (Unaudited)	1
Condensed Consolidated Statements of Net Earnings (Unaudited)	2
Condensed Consolidated Statements of Comprehensive Income (Unaudited)	2
Condensed Consolidated Statements of Cash Flows (Unaudited)	3
Condensed Consolidated Statements of Stockholders' Equity (Unaudited)	4
Notes to Condensed Consolidated Financial Statements (Unaudited)	5
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations	16
Item 3. Quantitative and Qualitative Disclosures about Market Risk	16
Item 4. Controls and Procedures	23
PART II. OTHER INFORMATION
Item 1. Legal Proceedings	24
Item 1A. Risk Factors	24
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	24
Item 3. Defaults Upon Senior Securities	24
Item 4. Mine Safety Disclosures	24
Item 5. Other Information	24
Item 6. Exhibits	24
SIGNATURES	25

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SENECA FOODS CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)

	June 27, 2026			June 28, 2025			March 31, 2026
Assets
Current assets:
Cash and cash equivalents	$	86,921		$	12,072		$	49,919
Accounts receivable, net of allowance for credit losses of $85, $67 and $53, respectively		90,831			99,817			109,298
Inventories		601,407			614,435			613,913
Refundable income taxes		427			506			2,696
Other current assets		4,641			5,485			3,301
Total current assets		784,227			732,315			779,127
Property, plant and equipment, net		340,771			325,492			331,280
Right-of-use assets operating, net		17,911			10,953			18,792
Right-of-use assets finance, net		6,192			12,318			6,843
Pension assets		110,008			76,316			108,142
Other assets		3,661			1,950			3,574
Total assets	$	1,262,770		$	1,159,344		$	1,247,758

Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable	$	122,051		$	85,755		$	63,764
Deferred revenue		2,040			8,313			3,965
Accrued vacation		13,467			13,220			13,467
Accrued payroll		12,129			11,587			20,756
Income taxes payable		4,346			6,251			305
Other accrued expenses		29,042			28,801			26,411
Current portion of long-term debt, finance and lease obligations		25,101			24,419			25,259
Total current liabilities		208,176			178,346			153,927
Long-term debt		185,363			259,497			239,056
Operating lease obligations		12,728			6,997			14,343
Finance lease obligations		3,139			7,559			3,715
Finance obligation		13,915			16,739			14,636
Deferred income tax liability, net		49,716			32,517			49,660
Other liabilities		15,277			13,517			16,191
Total liabilities		488,314			515,172			491,528
Commitments and contingencies
Stockholders' equity:
Preferred stock		331			346			331
Common stock		3,052			3,051			3,052
Additional paid-in capital		105,270			102,426			105,142
Treasury stock, at cost		(227,424	)		(214,443	)		(226,074	)
Stock Employee Compensation Trust		(47	)		-			-
Accumulated other comprehensive income (loss)		13,373			(7,836	)		13,373
Retained earnings		879,901			760,628			860,406
Total stockholders' equity		774,456			644,172			756,230
Total liabilities and stockholders’ equity	$	1,262,770		$	1,159,344		$	1,247,758

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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SENECA FOODS CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF NET EARNINGS

(In thousands, except per share data)

(Unaudited)

	Three Months Ended
	June 27, 2026			June 28, 2025
Net sales	$	405,174		$	297,458

Costs and expenses:
Cost of products sold		357,323			255,647
Selling, general, and administrative expense		20,406			18,738
Other operating expense (income), net		1,216			(142	)
Total costs and expenses		378,945			274,243
Operating income		26,229			23,215
Other income and expenses:
Other non-operating income		(2,955	)		(1,906	)
Interest expense, net		3,144			5,410
Earnings before income taxes		26,040			19,711
Income taxes		6,533			4,826
Net earnings	$	19,507		$	14,885

Earnings per share:
Basic	$	2.88		$	2.16
Diluted	$	2.85		$	2.14

Weighted average common shares outstanding used in the calculation of earnings per share:
Basic		6,773			6,882
Diluted		6,840			6,949

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

SENECA FOODS CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In thousands)

(Unaudited)

	Three Months Ended
	June 27, 2026		June 28, 2025
Comprehensive income:
Net earnings	$	19,507	$	14,885
Total	$	19,507	$	14,885

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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SENECA FOODS CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

	Three Months Ended
	June 27, 2026			June 28, 2025
Cash flows from operating activities:
Net earnings	$	19,507		$	14,885
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization		10,628			11,073
Non-cash lease expense		1,346			949
LIFO credit		(3,047	)		(11,798	)
Deferred income taxes		56			235
Gain on the sale of assets		(69	)		(43	)
Stock-based compensation expense		125			50
Pension benefit		(1,866	)		(583	)
Changes in operating assets and liabilities:
Accounts receivable		16,725			(3,487	)
Inventories		15,553			1,318
Other assets		(1,354	)		(1,197	)
Accounts payable		58,287			42,175
Accrued expenses and other		(13,138	)		(4,612	)
Income taxes		6,310			4,731
Net cash provided by operating activities		109,063			53,696
Cash flows from investing activities:
Additions to property, plant and equipment		(17,178	)		(11,288	)
Receipt of acquisition contingent consideration		1,742			-
Additions to non-current deposits for right-of-use assets		(188	)		-
Proceeds from the sale of assets		120			115
Net cash used in investing activities		(15,504	)		(11,173	)
Cash flows from financing activities:
Borrowings under revolving credit facility		586			42,798
Repayments under revolving credit facility		(586	)		(33,435	)
Payments on term loans and finance obligation		(54,432	)		(85,395	)
Payments on finance leases		(719	)		(1,023	)
Purchase of treasury stock		(1,350	)		(3,774	)
Purchase of stock held by Stock Employee Compensation Trust		(44	)		-
Preferred stock dividends		(12	)		(12	)
Net cash used in financing activities		(56,557	)		(80,841	)

Net increase (decrease) in cash and cash equivalents		37,002			(38,318	)
Cash and cash equivalents, beginning of the period		49,919			50,390
Cash and cash equivalents, end of the period	$	86,921		$	12,072

Supplemental disclosures of cash flow information:
Cash paid for interest, net of capitalized interest	$	3,720		$	6,138
Cash paid for income taxes, net	$	159		$	159
Non-cash transactions:
Right-of-use assets obtained in exchange for lease obligations	$	556		$	1,955
Right-of-use assets derecognized upon early lease termination	$	91		$	59
Property, plant and equipment purchased on account	$	2,166		$	503

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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SENECA FOODS CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

(In thousands, except per share data)

(Unaudited)

Stock

Accumulated