What J&J Snack Foods Corp. told the SEC could break it.

J&J Snack Foods is exposed to a broad basket of food commodities: its most significant raw-material requirements include flour, packaging, shortening, corn syrup, sugar, juice, cheese, chocolate and a variety of nuts. It attempts to mitigate price fluctuations via purchasing strategies, but adverse moves in these inputs raise the cost of products (soft pretzels, frozen novelties, churros, bakery, ICEE) and pressure margins if it cannot fully pass them through amid consumer price sensitivity. A specific, named multi-commodity dependence. (No single vendor supplied more than 10% of ingredients/packaging in 2025.)

“Our most significant raw material requirements include flour, packaging, shortening, corn syrup, sugar, juice, cheese, chocolate, and a variety of nuts.”

J&J flags that U.S. trade policies, including newly announced tariffs on imports from a broad range of countries and potential retaliatory tariffs, are outside its control and may affect results by causing inflationary pressure on its raw-material and packaging costs. Several of its inputs (e.g., chocolate/cocoa, nuts, juice concentrate) are import-exposed, so tariff escalation raises landed costs it may be unable to fully offset with price increases. A cited trade-policy/tariff exposure on its commodity inputs (the company is largely domestic — foreign operations ~5.7% of assets — bounding the direct effect).

“U.S. trade policies, including the imposition of tariffs, and potential related actions by other countries are outside of our control and may affect our results of operations.”