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Karat Packaging (KRT) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Nov 6, 2026 · Karat Packaging (KRT) Q3 2026 earnings results →

Q3 2026 Revenue up 8% year over year to $135M · 3¢ of every $1 of revenue kept as net profit · operating margin 3.6%

Karat Packaging made $135M in Q3 2026 (+8% Y/Y): Chains and distributors $103M, Online $26.9M, Retail $4.6M. Operating margin 3.6%, net earnings $4.4M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 6, 2026.

Revenue$135M
Year over year+8%
Operating margin3.6%
Net earnings$4.4M
Operating cash flow$9.7M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $134.7M in Q3 2026, up 8% year over year and down 1% from the previous quarter. Chains and distributors was the largest line at 77% of revenue. Online added $7.4M year over year (up 38%), 72% of the total change. Retail declined 18%.

Gross margin was 33.5%, down 1.0 points from Q3 2025. Operating profit was $4.9M, a 3.6% margin (down 3.3 points year over year). Operating profit fell $3.7M even though revenue rose $10.2M versus Q3 2025, so costs grew faster than sales. Operating expenses grew 17% against revenue growth of 8%. Net earnings were $4.4M, down 40% year over year. The effective tax rate was 19.2%.

Operating cash flow was $9.7M (up 886% year over year), 205% of net income including minority interests. Non-cash charges added back $2.5M of depreciation and amortization and $655K of share-based compensation. Working capital and other items added $1.8M. Capital expenditures of $57K left free cash flow of $9.6M.

Quarterly history

Karat Packaging revenue by quarterKarat Packaging revenue by quarter$104MQ1 2025$124MQ2 2025$125MQ3 2025$116MQ4 2025$117MQ1 2026$136MQ2 2026$135MQ3 2026
Karat Packaging net earnings by quarterKarat Packaging net earnings by quarter$6.4MQ1 2025$10.9MQ2 2025$7.3MQ3 2025$6.8MQ4 2025$6.7MQ1 2026$29.3MQ2 2026$4.4MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QNov 6, 2026$135M+8%3.6%$4.4M$9.7M
Q2 202610-QAug 7, 2026$136M+10%27.6%$29.3M$33.2M
Q1 202610-QMay 8, 2026$117M+13%7.2%$6.7M$7.2M
Q4 202510-KMar 13, 2026$116M+14%7.3%$6.8M$15.4M
Q3 202510-QNov 7, 2025$125M+10%6.9%$7.3M$982K
Q2 202510-QAug 8, 2025$124M+10%13.3%$10.9M$9.8M
Q1 202510-QMay 9, 2025$104M+8%7.5%$6.4M$7.7M

Charts

Karat Packaging: revenue growth, year over year and quarter over quarterKarat Packaging: revenue growth, year over year and quarter over quarterY/YQ/Q+8%Q1 2025+10%+20%Q2 2025+10%+0%Q3 2025+14%-7%Q4 2025+13%+1%Q1 2026+10%+17%Q2 2026+8%-1%Q3 2026
Latest (Q3 2026): Y/Y +8%, Q/Q -1%.
Karat Packaging: where the cash came from (+) and went (−), TTM to Q3 2026Karat Packaging: where the cash came from (+) and went (−), TTM to Q3 2026Operating cash flow$65.4MDividends−$36.4MNet borrowing (+) / repaid (−)−$22.1MCash drawn (+) / kept (−)−$9.4MOther investing$6.9MBuybacks−$5.0MShares issued$1.2MCapital spending−$914KAsset & business sales$911KTaxes on employees’ shares−$410KOther financing−$211K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Karat Packaging: profit against cash, quarter by quarterKarat Packaging: profit against cash, quarter by quarterNet incomeOperating cash flow$5.9M$8.2MQ4 2024$6.8M$7.7MQ1 2025$11.1M$9.8MQ2 2025$7.6M$982KQ3 2025$7.2M$15.4MQ4 2025$7.1M$7.2MQ1 2026$29.6M$33.2MQ2 2026$4.7M$9.7MQ3 2026
Latest (Q3 2026): Net income $4.7M, Operating cash flow $9.7M.
Karat Packaging: diluted shares by fiscal yearKarat Packaging: diluted shares by fiscal year15MFY202019MFY202120MFY202220MFY202320MFY202420MFY2025
+30.6% since FY2020: more shares outstanding (issuance, stock pay).
Karat Packaging: long-term debt falling due (FY2024)Karat Packaging: long-term debt falling due (FY2024)$1.2M2025$20.8M2026$26.6M2027
Cash $31.6M, short-term investments $28.3M, long-term debt — at 2024-12-31.
Karat Packaging in its industry: growth against margin (8 companies, SIC 3089)Karat Packaging in its industry: growth against margin (8 companies, SIC 3089)revenue growth, year over year →↑ operating marginmedian +12%median 13%NWLATRENTGAWISWIMMYECMTKRT (+8%, 4%)
Plastics Products, NEC; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Karat Packaging

As used in this Annual Report on Form 10-K, “we”, “us”, “our”, “Karat”, “the Company” or “our Company” refer to Karat Packaging Inc., a Delaware corporation, and, unless the context requires otherwise, our operating subsidiaries. References to “Global Wells” or “our variable interest entity” refer to Global Wells Investment Group LLC, a Texas limited liability company and our consolidated variable interest entity, in which the Company has an equity interest and which is controlled by one of our stockholders. References to “Lollicup” refer to Lollicup USA Inc., our wholly-owned subsidiary incorporated in California in 2001 and redomesticated to the State of Texas in October 2025.

In its own words, from its 10-K, filed Mar 13, 2026.

Karat Packaging against its Plastics Products, NEC peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +8% against the peers' median +12%. Operating margin: 3.6% against the peers' median 13.0%.

CompanyQuarterRevenueY/YOp. margin
KRT Karat PackagingQ3 2026$135M+8%3.6%
NWL Newell BrandsQ3 2026$1.9B+4%1.4%
ATR AptargroupQ3 2026$1.0B+6%13.2%
ENTG EntegrisQ3 2026$1.0B+25%22.9%
AWI Armstrong World IndustriesQ3 2026$476M+12%27.6%
SWIM Latham GroupQ3 2026$182M+12%13.0%
MYE Myers IndustriesQ3 2026$171M+8%8.7%
CMT Core Molding TechnologiesQ3 2026$90.2M+54%1.8%

Source: Karat Packaging 10-Q on SEC EDGAR · CIK 1758021 · Plastics Products, NEC

Guidance and outlook

Karat Packaging: what its forward-looking statements are about (10-Q filed 2026-11-06)Karat Packaging: what its forward-looking statements are about (10-Q filed 2026-11-06)Other6Demand3Buybacks & dividends2Costs2Financing2Margins1Supply chain1The economy1Legal & regulation1
19 statements; tone -0.10 (−1 all cautious, +1 all confident); 7 hedged.
Karat Packaging: outlook statements against the filing beforeKarat Packaging: outlook statements against the filing beforeConfident4Cautious6

13F: who owns KRT and who is buying

Largest holders of KRT (13F)Largest holders of KRT (13F)BlackRock$19.8MAcadian Asset Management LLC$13.9MVanguard Capital Management LLC$13.1MVanguard Group$11.5MRanger Investment Management, L.P.$11.1MGeode Capital Management, LLC$9.8MAmerican Century Companies$8.8MDimensional Fund Advisors LP$8.0MRussell Investments Group$7.7MBank of Montreal$7.7M
Funds' net buying of KRT by quarter (13F)Funds' net buying of KRT by quarter (13F)$320K2024-09−$1.6M2024-12−$2.6M2025-03$28.9M2025-06−$7.4M2025-09$3.9M2025-12$986K2026-03$18.5M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on KRT

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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