Nathan's Famous reported fiscal 2026 revenue of $162,063,000, an increase from $148,182,000 in fiscal 2025, while net income declined to $20,020,000 from $24,026,000 in the prior year. For the fourth quarter ended March 29, 2026, revenue was $35,066,000 compared to $30,787,000 in the same period last year, with net income falling to $2,809,000 from $4,235,000. The Board of Directors declared a quarterly cash dividend of $0.50 per share for fiscal 2027, payable on June 30, 2026, to shareholders of record on June 22, 2026.

Financial Performance

The company's Branded Product Program sales increased by $13,940,000 to $105,768,000 during fiscal 2026, driven by a 12% rise in average selling price partially correlated to beef markets. However, income from operations for this segment decreased by $2,851,000 to $4,285,000 due primarily to a 19% increase in the cost of beef and beef trimmings. License royalties were $37,417,000, comparable to the prior year, reflecting stability in the licensing business.

Segment Results

Sales from company-owned restaurants were $12,508,000 during fiscal 2026 compared to $12,714,000 in fiscal 2025, impacted by lower foot traffic due to unfavorable weather conditions, particularly at Coney Island locations. Franchise restaurant sales increased by $3,212,000 to $70,117,000, with total franchise fee income rising to $420,000 from $381,000. Twenty-three franchised locations opened and thirty-two closed during the fiscal year.

Merger Update

Nathan's Famous entered into a Merger Agreement with Smithfield Foods, Inc. and Boardwalk Merger Sub Inc. on January 20, 2026, under which Smithfield Foods will acquire Nathan's for $102.00 in cash per share. The transaction, valued at approximately $450 million, is expected to close in the second half of 2026, contingent upon shareholder approval, CFIUS clearance, and other closing conditions. The anticipated closing timeline shifted due to the impact of a partial government shutdown on CFIUS review deadlines.