John B. Sanfilippo & Son (JBSS) processes and distributes nuts and nut-based snack products across the U.S. The core business involves buying raw nuts — peanuts, pecans, cashews, walnuts, almonds, and mixed varieties — shelling and processing them, and selling finished products to retailers, food manufacturers, and foodservice operators. JBSS sells through three channels: consumer (packaged products at retail), commercial ingredient (bulk nuts to food manufacturers and foodservice), and contract manufacturing (processing and packaging for other brands). The consumer channel is the largest, and Walmart alone accounts for roughly 40% of net sales. JBSS sells both under its own brands — Fisher (recipe and snack nuts), Orchard Valley Harvest (trail mix and produce), and others — and as the manufacturer behind many retailers' private label nut and bar products. Private label is the largest volume driver. JBSS is vertically integrated in pecans, peanuts, and walnuts, buying directly from growers and handling shelling in-house, which lowers raw material costs relative to competitors. Profitability is driven primarily by the spread between raw nut acquisition costs and selling prices; because JBSS adjusts retail pricing on roughly a six-month cycle, rapid commodity inflation can compress margins. JBSS is also expanding into snack and nutrition bars via its Lakeville, Minnesota facility and is investing roughly $90M through fiscal 2026 to grow bar manufacturing capacity, targeting private label bars as a growth opportunity.