# EDGAR Filing Document

**Accession Number:** 0000928465
**File Stem:** 0001104659-26-004800
**Filing Date:** 2026-1
**Character Count:** 113437
**Document Hash:** 84d5e9c5b9cceef575252d2b4ac63305
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-004800.hdr.sgml**: 20260120

**ACCESSION NUMBER**: 0001104659-26-004800

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 61

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260120

**DATE AS OF CHANGE**: 20260120

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMCON DISTRIBUTING CO
- **CENTRAL INDEX KEY:** 0000928465
- **STANDARD INDUSTRIAL CLASSIFICATION:** WHOLESALE-GROCERIES & GENERAL LINE [5141]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 470702918
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-15589
- **FILM NUMBER:** 26541132

**BUSINESS ADDRESS:**
- **STREET 1:** 7405 IRVINGTON ROAD
- **STREET 2:** POST OFFICE BOX 641940 (68164-7940)
- **CITY:** OMAHA
- **STATE:** NE
- **ZIP:** 68122
- **BUSINESS PHONE:** 4023313727

**MAIL ADDRESS:**
- **STREET 1:** 7405 IRVINGTON ROAD
- **STREET 2:** POST OFFICE BOX 641940 (68164-7940)
- **CITY:** OMAHA
- **STATE:** NE
- **ZIP:** 68122

?xml version='1.0' encoding='ASCII'? AMCON DISTRIBUTING CO_December 31, 2025

[**Table of Contents**](#Toc)

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 10-Q**

---

| | |
|:---|:---|
| ⌧ | **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |
|  | **For the quarterly period ended December 31, 2025** |

---

**OR**

---

| | |
|:---|:---|
| **◻** | **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 1-15589**

![Graphic](dit-20251231x10q002.jpg)

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **Delaware** | **47-0702918** |
| (State or other jurisdiction | (I.R.S. Employer |
| of incorporation or organization) | Identification No.) |
| **7405 Irvington Road, Omaha NE** | **68122** |
| (Address of principal executive offices) | (Zip code) |

---

**Registrant's telephone number, including area code: (402) 331-3727**

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

---

| | | |
|:---|:---|:---|
| Title of each class | Trading symbol(s) | Name of each exchange on which registered |
| Common Stock, $0.01 Par Value | DIT | NYSE American |

---

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 ⌧ <br> Smaller reporting company ⌧ Emerging growth company ◻

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided 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 Registrant had 650,709 shares of its $.01 par value common stock outstanding as of January 16, 2026.

------

[**Table of Contents**](#Toc)

**Form 10-Q**

**1st Quarter**

**INDEX**

---

| | |
|:---|:---|
| **December 31, 2025** | **PAGE** |
| [**PART I — FINANCIAL INFORMATION**](#PARTIFINANCIALINFORMATION_448482) |  |
| [Item 1. Financial Statements:](#Item1FinancialStatements_252311) |  |
| &nbsp;&nbsp;&nbsp;[Condensed consolidated balance sheets at December 31, 2025 (unaudited) and September 30, 2025](#BalanceSheets_548085) | 3 |
| &nbsp;&nbsp;&nbsp;[Condensed consolidated unaudited statements of operations for the three months ended December 31, 2025 and 2024](#StatementsofOperations_702739) | 4 |
| &nbsp;&nbsp;&nbsp;[Condensed consolidated unaudited statements of shareholders' equity for the three months ended December 31, 2025 and 2024](#StatementsofShareholdersEquity) | 5 |
| &nbsp;&nbsp;&nbsp;[Condensed consolidated unaudited statements of cash flows for the three months ended December 31, 2025 and 2024](#StatementsofCashFlows_567954) | 6 |
| &nbsp;&nbsp;&nbsp;[Notes to condensed consolidated unaudited financial statements](#NotestoCondensedConsolidatedUnauditedFin) | 7 |
| [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](#Item2ManagementsDiscussionandAnalysisofF) | 14 |
| [Item 3. Quantitative and Qualitative Disclosures About Market Risk](#Item3QuantitativeandQualitativeDisclosur) | 21 |
| [Item 4. Controls and Procedures](#Item4ControlsandProcedures_902823) | 21 |
| [**PART II — OTHER INFORMATION**](#PARTIIOTHERINFORMATION_881065) |  |
| [Item 1. Legal Proceedings](#Item1LegalProceedings_797168) | 23 |
| [Item 1A. Risk Factors](#Item1ARiskFactors_544235) | 23 |
| [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](#Item2UnregisteredSalesofEquitySecurities) | 23 |
| [Item 3. Defaults Upon Senior Securities](#Item3DefaultsUponSeniorSecurities_928068) | 23 |
| [Item 4. Mine Safety Disclosures](#Item4MineSafetyDisclosures_76890) | 23 |
| [Item 5. Other Information](#Item5OtherInformation_804863) | 23 |
| [Item 6. Exhibits](#Item6Exhibits_539551) | 24 |

---

[**Table of Contents**](#Toc)

**PART I — FINANCIAL INFORMATION**

**Item 1.&nbsp;&nbsp;&nbsp;&nbsp; Financial Statements** 

**AMCON Distributing Company and Subsidiaries**

**Condensed Consolidated Balance Sheets**

**December 31, 2025 and September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | **December**<br>**2025** | **September**<br>**2025** |
|  | **(Unaudited)** |  |
| **ASSETS** |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash | $778753 | $744613 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, less allowance for credit losses of $2.3 million at December 2025 and $2.4 million at September 2025 | 69140693 | 73192069 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories, net | 144398247 | 153276545 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes receivable  |  | 140986 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 15643754 | 12150645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 229961447 | 239504858 |
| Property and equipment, net | 106101670 | 107844655 |
| Operating lease right-of-use assets, net | 29633198 | 30488841 |
| Goodwill | 5778325 | 5778325 |
| Other intangible assets, net | 4124433 | 4240359 |
| Other assets | 3110244 | 3231488 |
| Total assets | $378709317 | $391088526 |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $48459134 | $69532355 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | 14468462 | 15459406 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued wages, salaries and bonuses | 3385796 | 6745698 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes payable | 360668 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current operating lease liabilities | 7579283 | 7862117 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current maturities of long-term debt | 5517971 | 5471310 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current mandatorily redeemable non-controlling interest | 7343535 | 7020895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 87114849 | 112091781 |
| Credit facilities | 140682183 | 126804775 |
| Deferred income tax liability, net | 3791416 | 4048070 |
| Long-term operating lease liabilities | 22240107 | 22845456 |
| Long-term debt, less current maturities | 9624864 | 11033949 |
| Other long-term liabilities | 1141885 | 1193081 |
| Shareholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred stock, $.01 par value, 1,000,000 shares authorized |  |  |
| &nbsp;&nbsp;&nbsp;Common stock, $.01 par value, 3,000,000 shares authorized, 650,709 shares outstanding at December 2025 and 635,609 shares outstanding at September 2025 | 9950 | 9799 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 37539841 | 36991031 |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | 108969480 | 108475842 |
| &nbsp;&nbsp;&nbsp;&nbsp;Treasury stock at cost | (32405258) | (32405258) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total shareholders' equity | 114114013 | 113071414 |
| Total liabilities and shareholders' equity | $378709317 | $391088526 |

---

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

[**Table of Contents**](#Toc)

**AMCON Distributing Company and Subsidiaries**

**Condensed Consolidated Unaudited Statements of Operations**

**for the three months ended December 31, 2025 and 2024**

---

| | | |
|:---|:---|:---|
|  | **For the three months ended December** | **For the three months ended December** |
|  | **2025** | **2024** |
| Sales (including excise taxes of $143.1 million and $143.4 million, respectively) | $730055330 | $711273256 |
| Cost of sales | 682007003 | 664379704 |
| Gross profit | 48048327 | 46893552 |
| Selling, general and administrative expenses | 41591659 | 40587630 |
| Depreciation and amortization | 2513773 | 2635601 |
|  | 44105432 | 43223231 |
| Operating income | 3942895 | 3670321 |
| Other expense (income): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense  | 2661636 | 2846621 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of mandatorily redeemable non-controlling interest | 322640 | 194812 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other (income), net | (79345) | (111531) |
|  | 2904931 | 2929902 |
| Income from operations before income taxes | 1037964 | 740419 |
| Income tax expense | 245000 | 392000 |
| Net income available to common shareholders | $792964 | $348419 |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic earnings per share available to common shareholders | $1.29 | $0.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted earnings per share available to common shareholders | $1.28 | $0.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic weighted average shares outstanding | 616788 | 611322 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted weighted average shares outstanding | 618101 | 613573 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends paid per common share  | $0.18 | $0.18 |

---

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

[**Table of Contents**](#Toc)

**AMCON Distributing Company and Subsidiaries**

**Condensed Consolidated Unaudited Statements of Shareholders' Equity**

**for the three months ended December 31, 2025 and 2024**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Common Stock** | **Common Stock** | **Treasury Stock** | **Treasury Stock** | | | |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Additional**<br>**Paid-in**<br>**Capital** | <br>**Retained**<br>**Earnings** | <br>**Total** |
| **THREE MONTHS ENDED DECEMBER 2024** |  |  |  |  |  |  |  |
| Balance, October 1, 2024 | 964945 | $9648 | (334583) | $(31272163) | $34439735 | $108552565 | $111729785 |
| Dividends on common stock, $0.46 per share |  |  |  |  |  | (296913) | (296913) |
| Compensation expense related to equity-based awards | 15100 | 151 |  |  | 637711 |  | 637862 |
| Net income available to common shareholders |  |  |  |  |  | 348419 | 348419 |
| Balance, December 31, 2024 | 980045 | $9799 | (334583) | $(31272163) | $35077446 | $108604071 | $112419153 |
| **THREE MONTHS ENDED DECEMBER 2025** |  |  |  |  |  |  |  |
| Balance, October 1, 2025 | 980045 | $9799 | (344436) | $(32405258) | $36991031 | $108475842 | $113071414 |
| Dividends on common stock, $0.46 per share |  |  |  |  |  | (299326) | (299326) |
| Compensation expense related to equity-based awards | 15100 | 151 |  |  | 548810 |  | 548961 |
| Net income available to common shareholders |  |  |  |  |  | 792964 | 792964 |
| Balance, December 31, 2025 | 995145 | $9950 | (344436) | $(32405258) | $37539841 | $108969480 | $114114013 |

---

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

[**Table of Contents**](#Toc)

**AMCON Distributing Company and Subsidiaries**

**Condensed Consolidated Unaudited Statements of Cash Flows**

**for the three months ended December 31, 2025 and 2024**

---

| | | |
|:---|:---|:---|
|  | **December**<br>**2025** | **December**<br>**2024** |
| CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |
| Net income available to common shareholders | $792964 | $348419 |
| Adjustments to reconcile net income available to common shareholders to net cash flows from (used in) operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation | 2397847 | 2501175 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization | 115926 | 134426 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on sales of property and equipment | 4869 | (840) |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity-based compensation | 548961 | 637862 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | (256654) | 69577 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for credit losses | (49000) | 112746 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventory allowance | 8538 | 24405 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of contingent consideration |  | (1453452) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of mandatorily redeemable non-controlling interest | 322640 | 194812 |
| Changes in assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | 4100376 | (49572) |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories | 8869760 | (30293089) |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid and other current assets | (3493109) | 668184 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | 121244 | (190306) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | (21064250) | (6911400) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and accrued wages, salaries and bonuses | (4565585) | (6055070) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other long-term liabilities | (51196) | 71823 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes payable and receivable | 501654 | 322423 |
| Net cash flows from (used in) operating activities | (11695015) | (39867877) |
| CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of property and equipment | (678402) | (3453711) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales of property and equipment | 9700 | 12442 |
| Net cash flows from (used in) investing activities | (668702) | (3441269) |
| CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings under revolving credit facilities | 699127269 | 713853301 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayments under revolving credit facilities | (685249861) | (669224693) |
| &nbsp;&nbsp;&nbsp;&nbsp;Principal payments on long-term debt | (1362424) | (1340204) |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends on common stock | (117127) | (116184) |
| Net cash flows from (used in) financing activities | 12397857 | 43172220 |
| Net change in cash | 34140 | (136926) |
| Cash, beginning of period | 744613 | 672788 |
| Cash, end of period | $778753 | $535862 |
| Supplemental disclosure of cash flow information: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid during the period for interest, net of amounts capitalized | $2635661 | $2815683 |
| Supplemental disclosure of non-cash information: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equipment acquisitions classified in accounts payable | $32413 | $772820 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends declared, not paid | 182199 | 180729 |

---

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

[**Table of Contents**](#Toc)

**AMCON Distributing Company and Subsidiaries**

**Notes to Condensed Consolidated Unaudited Financial Statements**

**1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION**

AMCON Distributing Company and Subsidiaries ("AMCON" or the "Company") serves customers in 34 states through two business segments:

● Our wholesale distribution segment (the "Wholesale Segment"), which includes our Team Sledd, LLC ("Team Sledd") and Henry's Foods, Inc. ("Henry's") subsidiaries, distributes consumer products and provides a full range of programs and services to our customers that are focused on helping them manage their business and increase their profitability. We serve customers primarily in the Central, Rocky Mountain, Great Lakes, Mid-South and Mid-Atlantic regions of the United States.

● Our retail health food segment (the "Retail Segment") operates 15 health food retail stores located throughout the Midwest and Florida.

**WHOLESALE SEGMENT**

Our Wholesale Segment is one of the largest wholesale distributors in the United States, serving approximately 8,500 retail outlets including convenience stores, grocery stores, liquor stores, drug stores, and tobacco shops. We currently distribute over 20,000 different consumer products, including cigarettes and tobacco products, candy and other confectionery products, beverages, groceries, paper products, health and beauty care products, frozen and refrigerated products and institutional foodservice products. We have licenses, and operate, in 34 states, and are the third (3rd) largest convenience store distributor by geographic territory served.

Our Wholesale Segment offers retailers the ability to take advantage of manufacturer- and Company-sponsored sales and marketing programs, merchandising and product category management services, and the use of information systems and data services that are focused on minimizing retailers' investment in inventory, while seeking to maximize their sales and profits. In addition, our wholesale distribution capabilities provide valuable services to both manufacturers of consumer products and convenience retailers. Manufacturers benefit from our broad retail coverage, inventory management, efficiency in processing small orders, and frequency of deliveries. Convenience retailers benefit from our distribution capabilities by gaining access to a broad product line, inventory optimization and merchandising expertise, information systems, and accessing trade credit.

Our Wholesale Segment operates 14 distribution centers located in Colorado, Idaho, Illinois, Indiana, Minnesota, Missouri, Nebraska, North Dakota, South Dakota, Tennessee and West Virginia. These distribution centers, combined with cross-dock facilities, include approximately 1.7 million square feet of permanent floor space. Our principal suppliers include Altria, RJ Reynolds, ITG Brands, Hershey, Kellanova, Kraft Heinz, Mars Wrigley, General Mills, Procter and Gamble, Ferrero and other major Consumer Packaged Goods and Foodservice suppliers. We also work closely with our customer base to source private label products on their behalf in a wide variety of categories. In addition, we market our own private label lines of water, candy products, batteries, and other products. We do not maintain any long-term purchase contracts with our suppliers. However, we do participate in a number of programs with our major vendors to support in-stock positions of our key products.

**RETAIL SEGMENT**

Our Retail Segment, through our *Healthy Edge Retail Group* subsidiary, is a specialty retailer of natural/organic groceries and operates 15 retail health food stores under the Chamberlin's Natural Foods, Akin's Natural Foods, and Earth Origins

Market banners. We operate within the natural products retail industry, which is a subset of the United States grocery industry. This industry includes conventional, natural, gourmet and specialty food markets, mass and discount retailers, warehouse clubs, health food stores, dietary supplement retailers, drug stores, farmers markets, mail order and online retailers, and multi-level marketers. These stores carry over 32,000 different nationally and regionally branded and private label products including high-quality natural, organic, and specialty foods consisting of produce, baked goods, frozen foods, nutritional supplements, personal care items, and general merchandise.

[**Table of Contents**](#Toc)

**FINANCIAL STATEMENTS**

The Company's fiscal year ends on September 30<sup>th</sup>. The results for the interim period included with this Quarterly Report may not be indicative of the results which could be expected for the entire fiscal year. All significant intercompany transactions and balances have been eliminated in consolidation. Certain information and footnote disclosures normally included in our annual financial statements prepared in accordance with generally accepted accounting principles ("GAAP") have been condensed or omitted. In the opinion of management, the accompanying condensed consolidated unaudited financial statements ("financial statements") contain all adjustments necessary to fairly present the financial information included herein. The Company believes that although the disclosures contained herein are adequate to prevent the information presented from being misleading, these financial statements should be read in conjunction with the Company's annual audited consolidated financial statements for the fiscal year ended September 30, 2025, as filed with the Securities and Exchange Commission on Form 10-K. For purposes of this report, unless the context indicates otherwise, all references to "we", "us", "our", the "Company", and "AMCON" shall mean AMCON Distributing Company and its consolidated subsidiaries. Additionally, the three-month fiscal periods ended December 31, 2025 and December 31, 2024 have been referred to throughout this Quarterly Report as Q1 2026 and Q1 2025, respectively. The fiscal balance sheet dates as of December 31, 2025 and September 30, 2025 have been referred to as December 2025 and September 2025, respectively.

**ACCOUNTING PRONOUNCEMENTS**

***Recent Accounting Pronouncements***

In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-09, "Income Taxes (Topic 740) – Improvements to Income Tax Disclosures", which enhances the transparency, effectiveness and comparability of income tax disclosures by requiring consistent categories and greater disaggregation of information related to income tax rate reconciliations and the jurisdictions in which income taxes are paid. This guidance is effective for annual periods beginning after December 15, 2024 (fiscal 2026 for the Company), with early adoption permitted. The Company is currently reviewing this ASU and its potential impact on our consolidated financial statements.

In November 2024, the FASB issued ASU No. 2024-03, "Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures", which improves disclosure requirements and provides more detailed information about an entity's expenses, specifically amounts related to purchases of inventory, employee compensation, depreciation, intangible asset amortization, and selling expenses, along with qualitative descriptions of certain other types of expenses. This guidance is effective for fiscal years beginning after December 15, 2026 (fiscal 2028 for the Company), and interim periods within fiscal years beginning after December 15, 2027 (fiscal 2029 for the Company), with early adoption permitted. The Company is currently reviewing this ASU and its potential impact on our consolidated financial statements.

**2. INVENTORIES**

Inventories in our Wholesale Segment consisted of finished goods and are stated at the lower of cost or net realizable value, utilizing FIFO and average cost methods. Inventories in our Retail Segment consisted of finished goods and are stated at the lower of cost or market using the retail method. The wholesale distribution and retail health food segment inventories consist of finished products purchased in bulk quantities to be redistributed to the Company's customers or sold at retail. Finished goods included total reserves of approximately $0.9 million at both December 2025 and September 2025. These reserves include the Company's obsolescence allowance, which reflects estimated unsalable or non-refundable inventory based upon an evaluation of slow-moving and discontinued products.

**3. GOODWILL AND OTHER INTANGIBLE ASSETS**

Goodwill at December 2025 and September 2025 was as follows:

---

| | | |
|:---|:---|:---|
|  | **December**<br>**2025** | **September**<br>**2025** |
| Wholesale Segment | $5778325 | $5778325 |

---

[**Table of Contents**](#Toc)

Other intangible assets at December 2025 and September 2025 consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **December**<br>**2025** | **September**<br>**2025** |
| Customer lists (Wholesale Segment) (less accumulated amortization of $0.7 million at December 2025 and $0.7 million at September 2025) | $2708683 | $2766216 |
| Non-competition agreements (Wholesale Segment) (less accumulated amortization of $0.3 million at December 2025 and $0.3 million at September 2025) | 39583 | 44333 |
| Tradename (Wholesale Segment) (less accumulated amortization of $0.6 million at December 2025 and $0.6 million at September 2025) | 876167 | 929810 |
| Trademarks and tradenames (Retail Segment) | 500000 | 500000 |
|  | $4124433 | $4240359 |

---

Goodwill and Retail Segment trademarks and tradenames are considered to have indefinite useful lives and therefore no amortization has been taken on these assets. Goodwill recorded on the Company's consolidated balance sheets represent amounts allocated to its Wholesale Segment, which totaled approximately $5.8 million at both December 2025 and September 2025. The Company performs its annual impairment testing during the fourth fiscal quarter of each year or as circumstances change or necessitate. There have been no material changes to the Company's impairment assessments since its fiscal year ended September 2025.

At December 2025, identifiable intangible assets considered to have finite lives were represented by customer lists which are being amortized over 15 years, a non-competition agreement which is being amortized over five years, and a tradename in our Wholesale Segment which is being amortized over seven years. These intangible assets are evaluated for accelerated attrition or amortization adjustments if warranted. Amortization expense related to these assets was approximately $0.1 million for each of the three-month periods ended December 2025 and December 2024.

Estimated future amortization expense related to identifiable intangible assets with finite lives was as follows at December 2025:

---

| | |
|:---|:---|
|  | **December**<br>**2025** |
| Fiscal 2026 (1) | $347777 |
| Fiscal 2027 | 463703 |
| Fiscal 2028 | 451037 |
| Fiscal 2029 | 444703 |
| Fiscal 2030 | 301656 |
| Fiscal 2031 and thereafter | 1615557 |
|  | $3624433 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Represents amortization for the remaining nine months of Fiscal 2026.

**4. DIVIDENDS**

The Company paid cash dividends on its common stock totaling $0.1 million in each of the three-month periods ended December 2025 and December 2024. During Q1 2026, the Company declared a $0.28 per share special dividend totaling approximately $0.2 million that was included in accrued expenses on the condensed consolidated balance sheet at December 2025 and will be paid in Q2 2026. During Q1 2025, the Company declared a $0.28 per share special dividend totaling approximately $0.2 million that was paid in Q2 2025.

**5. EARNINGS PER SHARE**

Basic earnings per share available to common shareholders is calculated by dividing net income available to common shareholders by the weighted average number of common shares outstanding for each period. Diluted earnings per share available to common shareholders is calculated by dividing net income available to common shareholders by the sum of the weighted average number of common shares outstanding and the weighted average dilutive equity awards.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the three months ended December** | **For the three months ended December** | **For the three months ended December** | **For the three months ended December** |
|  | **2025** | **2025** | **2024** | **2024** |
|  | **Basic** | **Diluted** | **Basic** | **Diluted** |
| Weighted average number of common shares outstanding | 616788 | 616788 | 611322 | 611322 |
| Weighted average net additional shares outstanding assuming dilutive options exercised and proceeds used to purchase treasury stock (1) |  | 1313 |  | 2251 |
| Weighted average number of shares outstanding | 616788 | 618101 | 611322 | 613573 |
| Net income available to common shareholders | $792964 | $792964 | $348419 | $348419 |
| Net earnings per share available to common shareholders | $1.29 | $1.28 | $0.57 | $0.57 |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) Diluted earnings per share calculation includes all equity-based awards deemed to be dilutive.

**6. DEBT**

The Company primarily finances its operations through three credit facility agreements (a) a facility that is an obligation of AMCON Distributing Company (the "AMCON Facility"), (b) a facility that is an obligation of Team Sledd (the "Team Sledd Facility") and (c) a facility that is an obligation of Henry's (the "Henry's Facility" and, collectively, the "Facilities") and long-term debt agreements with banks. The Team Sledd Facility and the Henry's Facility are non-recourse to AMCON Distributing Company, are not guaranteed by AMCON Distributing Company and have no cross default provisions applicable to AMCON Distributing Company.

At December 2025, the Facilities had a total combined borrowing capacity of $305.0 million, including provisions for up to $30.0 million in credit advances for certain inventory purchases, which are limited by accounts receivable and inventory qualifications, and the value of certain real estate collateral. The AMCON Facility matures in June 2027, the Henry's Facility matures in February 2028, and the Team Sledd Facility matures in March 2028, each without a penalty for prepayment. Obligations under the Facilities are collateralized by substantially all of the Company's respective equipment, intangibles, inventories, accounts receivable, and certain real estate. The Facilities each feature an unused commitment fee and springing financial covenants. Borrowings under the Facilities bear interest at the Secured Overnight Financing Rate ("SOFR"), plus any applicable spreads.

The amount available for use from the Facilities at any given time is subject to a number of factors, including eligible accounts receivable and inventory balances that fluctuate day-to-day, as well as the value of certain real estate collateral. Based on the collateral and loan limits as defined in the Facility agreements, the credit limit of the combined Facilities at December 2025 was $229.4 million, of which $140.7 million was outstanding, leaving $88.7 million available.

The average interest rate of the Facilities was 5.29% at December 2025. For the three months ended December 2025, the peak borrowings under the Facilities was $193.2 million, and the average borrowings and average availability under the Facilities was $163.6 million and $79.2 million, respectively.

**Cross Default and Co-Terminus Provisions**

The Team Sledd Facility and Team Sledd's two notes payable contain cross default provisions. The Henry's Facility and the Henry's note payable also contain cross default provisions. There were no such cross defaults for either Team Sledd or Henry's at December 2025. Additionally, the Team Sledd Facility and the Henry's Facility are non-recourse to AMCON Distributing Company, are not guaranteed by AMCON Distributing Company and have no cross default provisions applicable to AMCON Distributing Company. The Company and its subsidiaries, including Team Sledd and Henry's, were in compliance with all of the financial covenants under the respective Facilities at December 2025.

**Other**

The Company has issued letters of credit totaling $3.1 million to its workers' compensation insurance carriers as part of its self-insured loss control program.

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**7. INCOME TAXES**

The change in the Company's effective income tax rate for the three-month period ended December 2025 as compared to the respective prior year period was primarily related to non-deductible compensation expense in relation to the amount of income from operations before income tax expense and variances in the average effective state income tax rates between the comparative periods.

**8. FAIR VALUE DISCLOSURES**

*Mandatorily Redeemable Non-Controlling Interest*

Mandatorily redeemable non-controlling interest ("MRNCI") recorded on the Company's condensed consolidated balance sheets represents the fair value of the non-controlling interest in the Company's strategic investment in Team Sledd. The Company owned approximately 92% of Team Sledd as of both December 2025 and September 2025. The Company has elected to present the MRNCI liability at fair value under FASB Accounting Standards Codification ("ASC") 825 – *Financial Instruments* as it believes this best represents the potential future liability and cash flows. As such, the MRNCI balance at December 2025 represents the fair value of the remaining future membership interest redemptions and other amounts due to noncontrolling interest holders through April 2026. The Company calculates the estimated fair value of the MRNCI based on a discounted cash flow valuation technique using the best information available at the reporting date, and records changes in the fair value of the MRNCI as a component of other expense (income) in the condensed consolidated statements of operations. The MRNCI is classified as Level 3 because of the Company's reliance on unobservable assumptions. The Company estimates the probability and timing of future redemptions and earnings of Team Sledd based on management's knowledge and assumptions of certain events as of each reporting date, including the timing of any future redemptions and an appropriate discount rate, which was 13.2% at December 2025. At December 2025 and September 2025, the difference between the contractual amount due under the MRNCI and its fair value was approximately $0.2 million and $0.3 million, respectively.

A summary of the MRNCI activity is as follows:

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| | | |
|:---|:---|:---|
|  | **For the Three Months Ended December 31,** | **For the Three Months Ended December 31,** |
|  | **2025** | **2024** |
| Fair value, beginning of period | $7020895 | $8211500 |
| Redemption of non-controlling interests |  |  |
| Distributions to non-controlling interest |  |  |
| Change in fair value | 322640 | 194812 |
| Fair value, end of period  | $7343535 | $8406312 |

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*Contingent Consideration*

In April 2024, the Company acquired substantially all of the net operating assets of Burklund Distributors, Inc. ("Burklund"). A portion of the consideration exchanged in the acquisition of Burklund was in the form of contingent consideration, which the Company recorded at fair value as of the acquisition date. At each reporting date, the Company reevaluates whether the achievement of the targets to trigger the minimum payout of any contingent consideration is probable. In Q1 2025, the Company determined that the achievement of the targets to trigger the minimum payout of any contingent consideration was not probable, and adjusted the fair value of its contingent consideration liability and recognized operating income of approximately $1.5 million, which was recorded as a reduction of selling, general and administrative expenses in the condensed consolidated statements of operations. At December 2025, the Company reaffirmed that the achievement of the targets to trigger the minimum payout of any contingent consideration was not probable.

**9. EQUITY-BASED INCENTIVE AWARDS**

The Company has two equity-based incentive plans, the 2018 Omnibus Incentive Plan and the 2022 Omnibus Incentive Plan (collectively, the "Omnibus Plans"), which provide for equity incentives to employees. Each Omnibus Plan is designed with the intent of encouraging employees to acquire a vested interest in the growth and performance of the Company. The Omnibus Plans together permit the issuance of up to 120,000 shares of the Company's common stock in the form of stock options, restricted stock awards, restricted stock units, performance share awards as well as awards such

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as stock appreciation rights, performance units, performance shares, bonus shares, and dividend share awards payable in the form of common stock or cash. The number of shares issuable under the Omnibus Plans is subject to customary adjustments in the event of stock splits, stock dividends, and certain other distributions on the Company's common stock. At December 2025, awards with respect to a total of 98,407 shares, net of forfeitures, have been awarded pursuant to the Omnibus Plans, and awards with respect to another 21,593 shares may be awarded under the Omnibus Plans.

**Restricted Stock Awards**

At December 2025, the Compensation Committee of the Board of Directors had authorized and approved the following restricted stock awards to members of the Company's management team pursuant to the provisions of the Company's Omnibus Plans:

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| | | | |
|:---|:---|:---|:---|
|  | **Restricted Stock Awards (1)** | **Restricted Stock Awards (2)** | **Restricted Stock Awards (3)** |
| Date of award: | October 2023 | October 2024 | October 2025 |
| Original number of awards issued: | 15100 | 15100 | 15100 |
| Service period: | 36 months | 36 months | 36 months |
| Estimated fair value of award at grant date: | $2762000 | $2069000 | $1757000 |
| Non-vested awards outstanding at December 2025: | 5034 | 10067 | 15100 |
| Fair value of non-vested awards at December 2025 of approximately: | $558000 | $1115000 | $1673000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) 10,066 of the restricted stock awards were vested as of December 2025. The remaining 5,034 restricted stock awards will vest in October 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(2) 5,033 of the restricted stock awards were vested as of December 2025. 5,033 restricted stock awards will vest in October 2026 and 5,034 will vest in October 2027.

&nbsp;&nbsp;&nbsp;&nbsp;(3) The 15,100 restricted stock awards will vest in equal amounts in October 2026, October 2027 and October 2028.

There is no direct cost to the recipients of the restricted stock awards, except for any applicable taxes. The restricted stock awards provide that the recipients receive common stock in the Company, subject to certain restrictions, until such time as the awards vest. The recipients of the restricted stock awards are entitled to the customary adjustments in the event of stock splits, stock dividends, and certain other distributions on the Company's common stock. All cash dividends and/or distributions payable to restricted stock recipients will be held in escrow until all the conditions of vesting have been met. The compensation expense recorded in the Company's Statement of Operations reflects the straight-line amortized fair value.

The following summarizes restricted stock award activity under the Omnibus Plans during Q1 2026:

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| | | |
|:---|:---|:---|
|  | **Number**<br>**of**<br>**Shares** | **Weighted**<br>**Average**<br>**Fair Value** |
| Nonvested restricted stock awards at September 2025 | 30201 | $113.76 |
| Granted | 15100 | 116.37 |
| Vested | (15100) | 116.66 |
| Expired |  |  |
| Nonvested restricted stock awards at December 2025 | 30201 | $110.80 |

---

Income from operations before income taxes included compensation expense related to the amortization of the Company's restricted stock awards of approximately $0.5 million and $0.6 million during Q1 2026 and Q1 2025, respectively. Total unamortized compensation expense related to these awards at December 2025 and September 2025 was approximately $3.5 million and $2.3 million, respectively.

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**10. BUSINESS SEGMENTS** 

The Company has two reportable business segments: the wholesale distribution of consumer products (the Wholesale Segment), and the retail sale of health and natural food products (the Retail Segment). The Company's chief operating decision maker ("CODM") is the chief executive officer, who utilizes operating income (loss) to evaluate the Company's business operations and allocate the Company's resources to these business segments, which are aggregated based on a range of considerations including but not limited to the characteristics of each business, similarities in the nature and type of products sold, customer classes, methods used to sell the products and economic profiles. Included in the "Other" column are intercompany eliminations and assets held and charges incurred and income earned by our holding company.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Wholesale**<br>**Segment** | **Retail**<br>**Segment** | <br>**Other** | <br>**Consolidated** |
| **THREE MONTHS ENDED DECEMBER 2025** |  |  |  |  |
| External revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cigarettes | $446540356 | $— | $— | $446540356 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tobacco  | 143684672 |  |  | 143684672 |
| &nbsp;&nbsp;&nbsp;&nbsp;Confectionery | 46724565 |  |  | 46724565 |
| &nbsp;&nbsp;&nbsp;&nbsp;Health food |  | 10788420 |  | 10788420 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foodservice & other | 82317317 |  |  | 82317317 |
| Total external revenue | 719266910 | 10788420 |  | 730055330 |
| Cost of sales | 675162716 | 6844287 |  | 682007003 |
| Selling, general and administrative expenses | 34957140 | 3942166 | 2692353 | 41591659 |
| Depreciation | 2162254 | 235593 |  | 2397847 |
| Amortization | 115926 |  |  | 115926 |
| Operating income (loss) | 6868875 | (233627) | (2692353) | 3942895 |
| Interest expense |  |  | 2661636 | 2661636 |
| Income (loss) from operations before taxes | 6599173 | (207220) | (5353989) | 1037964 |
| Total assets | 360118018 | 17233732 | 1357567 | 378709317 |
| Capital expenditures | 575599 | 93833 |  | 669432 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Wholesale**<br>**Segment** | **Retail**<br>**Segment** | <br>**Other** | <br>**Consolidated** |
| **THREE MONTHS ENDED DECEMBER 2024** |  |  |  |  |
| External revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cigarettes | $438021998 | $— | $— | $438021998 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tobacco | 135897478 |  |  | 135897478 |
| &nbsp;&nbsp;&nbsp;&nbsp;Confectionery | 44033179 |  |  | 44033179 |
| &nbsp;&nbsp;&nbsp;&nbsp;Health food |  | 10525335 |  | 10525335 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foodservice & other | 82795266 |  |  | 82795266 |
| Total external revenue | 700747921 | 10525335 |  | 711273256 |
| Cost of sales | 657644205 | 6735499 |  | 664379704 |
| Selling, general and administrative expenses | 34181275 | 3855967 | 2550388 | 40587630 |
| Depreciation | 2236483 | 264692 |  | 2501175 |
| Amortization | 134426 |  |  | 134426 |
| Operating income (loss) | 6551532 | (330822) | (2550389) | 3670321 |
| Interest expense |  |  | 2846621 | 2846621 |
| Income (loss) from operations before taxes | 6445335 | (307907) | (5397009) | 740419 |
| Total assets | 386653248 | 16815247 | 1200775 | 404669270 |
| Capital expenditures | 3109807 | 99776 |  | 3209583 |

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**Item 2.&nbsp;&nbsp;&nbsp;&nbsp; Management's Discussion and Analysis of Financial Condition and Results of Operations**

**BUSINESS UPDATE**

Similar to other retail formats, the convenience retailing sector we service continues to operate in a challenging operating environment, impacted in part by weaker consumer spending. At the same time, the cost structures for wholesale distributors such as our Company have been impacted by the cumulative impact of inflation over a multi-year period. These inflationary pressures have increased operating costs in all areas of our business such as product costs, labor and employee benefits, equipment, and insurance.

We continue to monitor the impact that changes in tariff rates may have on our operations. Additionally, we remain focused on proposals from regulatory bodies, including the United States Food and Drug Administration ("FDA"), which is evaluating potential limitations and/or prohibitions on the sale of certain products sold by our Company such as cigarettes (including menthol cigarettes), e-cigarettes, tobacco, and vaping products.

In response to this operating environment, the Company has made a number of strategic investments to enhance its competitive position over time. These strategic investments include expanding the depth of our foodservice programs and facilities, expansion of our geographic coverage footprint to enhance services for growth-oriented customers, and continued investments in proprietary technology solutions.

Our Company has made a number of forward-looking, targeted investments in recent years (acquisitions, the opening of new distribution centers, etc.) and now ranks as the third largest Convenience Distributor in the United States as measured by territory covered. We believe this geographic footprint will provide an attractive platform for growth in the coming years and positions the Company well with major consumer goods manufacturers who are increasingly relying on large distributors to drive market penetration and operational efficiencies.

**FORWARD-LOOKING STATEMENTS**

This Quarterly Report on Form 10-Q, including the Management's Discussion and Analysis of Financial Condition and Results of Operations and other sections, contains forward-looking statements that are subject to risks and uncertainties and reflect management's current beliefs and estimates of future economic circumstances, industry conditions, Company performance and financial results. Forward-looking statements include information concerning the possible or assumed future results of operations of the Company and those statements preceded by, followed by or that include the words "future," "position," "anticipate(s)," "expect(s)," "believe(s)," "see," "plan," "further improve," "outlook," "should" or similar expressions. For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not guarantees of future performance or results. They involve risks, uncertainties and assumptions.

It should be understood that the following important factors, in addition to those discussed elsewhere in this document, could affect the future results of the Company and could cause those results to differ materially from those expressed in our forward-looking statements:

&nbsp;&nbsp;&nbsp;&nbsp;● risks to our business, customers, or employees associated with social unrest, labor disputes (strikes), natural disasters, domestic/political unrest and/or acts of violence, or any restrictions, regulations, or security measures implemented by governmental bodies in response to these items,

&nbsp;&nbsp;&nbsp;&nbsp;● the potential impact that ongoing or proposed increases or fluctuations in trade tariffs and/or changes to trade policies may have on raw materials or finished goods sourced from abroad which could result in higher prices for the products we sell while also decreasing consumer disposable income and demand,

&nbsp;&nbsp;&nbsp;&nbsp;● risks associated with new tariffs or other macroeconomic considerations such as changes to government programs or funds which may impact discretionary consumer spending, operating costs, and overall business risk, particularly as it relates to product and equipment costs, wages, fuel, interest, food ingredient and commodity prices, customer credit risk, and ultimately our ability to absorb the impact of these items or pass them on where possible,

&nbsp;&nbsp;&nbsp;&nbsp;● risks associated with continued weakness in retail level demand within the convenience store industry including declining demand for cigarette products,

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&nbsp;&nbsp;&nbsp;&nbsp;● risks associated with the emergence of artificial intelligence (AI) and how it may impact our industry, business, and/or ability to compete in the future,

&nbsp;&nbsp;&nbsp;&nbsp;● risks associated with workforce availability and/or wage pressures which may be impacted by economic conditions, changes in governmental policies, or other changes in the operating environment which may impact our labor force,

&nbsp;&nbsp;&nbsp;&nbsp;● risks associated with all forms of insurance renewals and the risk that the Company may not be able to renew various insurance with adequate levels of coverage, at favorable rates, or obtain insurance at all based upon market conditions within the insurance industry and/or because of the industry in which the Company operates,

&nbsp;&nbsp;&nbsp;&nbsp;● risks associated with unrest in certain global regions which could further disrupt world supply chains, manufacturing centers, and shipping routes, impacting commodity/product availability and/or cost, as well as consumer demand trends,

&nbsp;&nbsp;&nbsp;&nbsp;● risks associated with higher interest rates or prolonged periods of higher interest rates and the related impact on demand, customer credit risk, profitability and cash flows for both the Company and its customer base, particularly as it relates to variable interest rate borrowings, as well as the risk that such borrowings may not be renewed in the future on favorable terms or at all,

&nbsp;&nbsp;&nbsp;&nbsp;● risks associated with any systemic pressures in the banking system, particularly as they relate to customer credit risk and any resulting impact on our cash flow and our ability to collect on our receivables,

&nbsp;&nbsp;&nbsp;&nbsp;● regulations, potential bans, limitations and/or litigation related to the manufacturing, distribution, and sale of certain cigarette, e-cigarette, tobacco, and vaping products imposed by the FDA, state or local governmental agencies, or other parties, including proposed and pending regulations and/or product approvals/authorizations related to the manufacturing, distribution, and sale of certain menthol, vaping, and flavored tobacco products, including proposed rules which would limit nicotine levels in certain cigarette and tobacco products,

&nbsp;&nbsp;&nbsp;&nbsp;● risks associated with the threat or occurrence of epidemics or pandemics (such as COVID-19 or its variants) or other public health issues, including the continued health of our employees and management, the reduced demand for our goods and services or increased credit risk from customer credit defaults resulting from an economic downturn,

&nbsp;&nbsp;&nbsp;&nbsp;● risks associated with the imposition of governmental orders restricting our operations and the operations of our suppliers and customers, in particular, disruptions to our supply chain or our ability to procure products or fulfill orders due to labor shortages in our warehouse operations,

&nbsp;&nbsp;&nbsp;&nbsp;● risks associated with macroeconomic, black swan, or other similar events (e.g., stock market crashes, global unrest, supply chain disruptions, pandemics, etc.) that may impact the Company's sales volumes and/or cost structure and for which the Company has limited ability within its business model to offset the related financial impact,

&nbsp;&nbsp;&nbsp;&nbsp;● risks associated with the acquisition of businesses or assets, capital asset expenditure projects by either of our business segments such as the development of new facilities/locations or upgrades to distribution centers or retail stores, including, but not limited to, risks associated with consummating such transactions on expected terms or timing, purchase price and business valuation and recording risks, customer turnover and retention risks, and risks related to the assumption of certain liabilities or obligations,

&nbsp;&nbsp;&nbsp;&nbsp;● risks associated with the integration of new businesses or equity investments by either of our business segments including, but not limited to, risks associated with vendor and customer retention, technology integration, and the potential loss of any key management personnel or employees,

&nbsp;&nbsp;&nbsp;&nbsp;● increasing competition and market conditions in our wholesale and retail health food businesses and any associated impact on the carrying value and any potential impairment of assets (including intangible assets) within those businesses,

&nbsp;&nbsp;&nbsp;&nbsp;● risk that our repositioning strategy for our retail business will not be successful,

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&nbsp;&nbsp;&nbsp;&nbsp;● risks associated with opening new, or closing unprofitable, retail stores,

&nbsp;&nbsp;&nbsp;&nbsp;● risks to our brick and mortar retail business and potentially to our wholesale distribution business if online shopping formats such as Amazon™ continue to grow in popularity and further disrupt traditional sales channels,

&nbsp;&nbsp;&nbsp;&nbsp;● increasing product and operational costs resulting from ongoing supply chain disruptions, an intensely competitive labor market with a limited pool of qualified workers, and higher incremental costs associated with the handling and transportation of certain product categories such as foodservice,

&nbsp;&nbsp;&nbsp;&nbsp;● increases in state and federal excise taxes on cigarette and tobacco products and the potential impact on demand, particularly as it relates to current legislation under consideration which could significantly increase such taxes,

&nbsp;&nbsp;&nbsp;&nbsp;● risks associated with disruptions to our technology systems or those of third parties upon which we rely, including security breaches, cyber and ransomware attacks, malware, or other methods by which such information systems could or may have been compromised or impacted,

&nbsp;&nbsp;&nbsp;&nbsp;● increases in inventory carrying costs and customer credit risks,

&nbsp;&nbsp;&nbsp;&nbsp;● changes in pricing strategies and/or promotional/incentive programs offered by cigarette and tobacco manufacturers,

&nbsp;&nbsp;&nbsp;&nbsp;● changing demand for the Company's products, particularly cigarette, tobacco and vaping products,

&nbsp;&nbsp;&nbsp;&nbsp;● risks that product manufacturers may begin selling directly to convenience stores and bypass wholesale distributors,

&nbsp;&nbsp;&nbsp;&nbsp;● changes in laws and regulations and ongoing compliance related to health care and associated insurance,

&nbsp;&nbsp;&nbsp;&nbsp;● increasing health care costs for both the Company and consumers and its potential impact on discretionary consumer spending,

&nbsp;&nbsp;&nbsp;&nbsp;● decreased availability of capital resources and/or our access to credit to adequately fund our operations,

&nbsp;&nbsp;&nbsp;&nbsp;● domestic regulatory and legislative risks,

&nbsp;&nbsp;&nbsp;&nbsp;● adverse weather including the impact of climate change and/or other sudden and unanticipated changes in weather conditions that may materially impact our operations temporarily (e.g., wildfires, floods, wind storms, tornadoes, extreme temperature changes, ice storms, blizzards, or other violent storms),

&nbsp;&nbsp;&nbsp;&nbsp;● consolidation trends within the convenience store, wholesale distribution, and retail health food industries, and

&nbsp;&nbsp;&nbsp;&nbsp;● other risks over which the Company has little or no control, and any other factors not identified herein.

Changes in these factors could result in significantly different results. Consequently, future results may differ from management's expectations. Moreover, past financial performance should not be considered a reliable indicator of future performance. Any forward-looking statement contained herein is made as of the date of this document. Except as required by law, the Company undertakes no obligation to publicly update or correct any of these forward-looking statements in the future to reflect changed assumptions, the occurrence of material events or changes in future operating results, financial conditions or business over time.

**CRITICAL ACCOUNTING ESTIMATES**

Certain accounting estimates used in the preparation of the Company's condensed consolidated unaudited financial statements ("financial statements") require us to make judgments and estimates and the financial results we report may vary depending on how we make these judgments and estimates. Our critical accounting estimates are set forth in our annual report on Form 10-K for the fiscal year ended September 30, 2025, as filed with the Securities and Exchange Commission. There have been no significant changes with respect to these estimates and related policies during the three months ended December 2025.

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**FIRST FISCAL QUARTER 2026 (Q1 2026)**

The following discussion and analysis includes the Company's results of operations for the three months ended December 2025 and December 2024:

**Wholesale Segment**

Our Wholesale Segment is one of the largest wholesale distributors in the United States, serving approximately 8,500 retail outlets including convenience stores, grocery stores, liquor stores, drug stores, and tobacco shops. We currently distribute over 20,000 different consumer products, including cigarettes and tobacco products, candy and other confectionery products, beverages, groceries, paper products, health and beauty care products, frozen and refrigerated products and institutional foodservice products. We have licenses, and operate, in 34 states, and are the third (3rd) largest convenience store distributor by geographic territory served.

Our Wholesale Segment offers retailers the ability to take advantage of manufacturer- and Company-sponsored sales and marketing programs, merchandising and product category management services, and the use of information systems and data services that are focused on minimizing retailers' investment in inventory, while seeking to maximize their sales and profits. In addition, our wholesale distribution capabilities provide valuable services to both manufacturers of consumer products and convenience retailers. Manufacturers benefit from our broad retail coverage, inventory management, efficiency in processing small orders, and frequency of deliveries. Convenience retailers benefit from our distribution capabilities by gaining access to a broad product line, inventory optimization and merchandising expertise, information systems, and accessing trade credit.

Our Wholesale Segment operates 14 distribution centers located in Colorado, Idaho, Illinois, Indiana, Minnesota, Missouri, Nebraska, North Dakota, South Dakota, Tennessee and West Virginia. These distribution centers, combined with cross-dock facilities, include approximately 1.7 million square feet of permanent floor space. Our principal suppliers include Altria, RJ Reynolds, ITG Brands, Hershey, Kellanova, Kraft Heinz, Mars Wrigley, General Mills, Procter and Gamble, Ferrero and other major Consumer Packaged Goods and Foodservice suppliers. We also work closely with our customer base to source private label products on their behalf in a wide variety of categories. In addition, we market our own private label lines of water, candy products, batteries, and other products. We do not maintain any long-term purchase contracts with our suppliers. However, we do participate in a number of programs with our major vendors to support in-stock positions of our key products.

**Retail Segment**

Our Retail Segment, through our *Healthy Edge Retail Group* subsidiary, is a specialty retailer of natural/organic groceries and operates 15 retail health food stores under the Chamberlin's Natural Foods, Akin's Natural Foods, and Earth Origins Market banners. We operate within the natural products retail industry, which is a subset of the United States grocery industry. This industry includes conventional, natural, gourmet and specialty food markets, mass and discount retailers, warehouse clubs, health food stores, dietary supplement retailers, drug stores, farmers markets, mail order and online retailers, and multi-level marketers. These stores carry over 32,000 different nationally and regionally branded and private label products including high-quality natural, organic, and specialty foods consisting of produce, baked goods, frozen foods, nutritional supplements, personal care items, and general merchandise.

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**RESULTS OF OPERATIONS – THREE MONTHS ENDED DECEMBER:**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2024** | **Incr (Decr)** | **% Change** |
| CONSOLIDATED: |  |  |  |  |
| Sales (1) | $730055330 | $711273256 | $18782074 | 2.6  |
| Cost of sales | 682007003 | 664379704 | 17627299 | 2.7  |
| Gross profit | 48048327 | 46893552 | 1154775 | 2.5  |
| Gross profit percentage | 6.6% | 6.6% |  |  |
| Operating expense | $44105432 | $43223231 | $882201 | 2.0  |
| Operating income | 3942895 | 3670321 | 272574 | 7.4  |
| Interest expense | 2661636 | 2846621 | (184985) | (6.5) |
| Change in fair value of mandatorily redeemable non-controlling interest | 322640 | 194812 | 127828 | 65.6  |
| Income tax expense | 245000 | 392000 | (147000) | (37.5) |
| Net income available to common shareholders | 792964 | 348419 | 444545 | 127.6  |
| BUSINESS SEGMENTS: |  |  |  |  |
| Wholesale |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales | $719266910 | $700747921 | $18518989 | 2.6  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross profit | 44104194 | 43103716 | 1000478 | 2.3  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross profit percentage | 6.1% | 6.2% |  |  |
| Retail |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales | $10788420 | $10525335 | $263085 | 2.5  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross profit | 3944133 | 3789836 | 154297 | 4.1  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross profit percentage | 36.6% | 36.0% |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Sales are reported net of costs associated with incentives provided to retailers. These incentives totaled $10.5 million in Q1 2026 and $10.0 million in Q1 2025.

**SALES**

Changes in sales are primarily driven by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) changes to selling prices, which are largely controlled by our product suppliers, and excise taxes imposed on cigarettes and tobacco products by various states;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) changes in the volume and mix of products sold to our customers, either due to a change in purchasing patterns resulting from shifting consumer preferences or the fluctuation in the comparable number of business days in our reporting period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) acquisitions.

**SALES – Q1 2026 vs. Q1 2025**

Sales in our Wholesale Segment increased $18.5 million during Q1 2026 as compared to Q1 2025. Significant items impacting sales during Q1 2026 included a $29.2 million increase in sales related to price increases implemented by cigarette manufacturers, and a $5.7 million increase in sales related to the volume and mix of products in our tobacco, confectionery, foodservice, and other categories ("Other Products"), partially offset by a $16.4 million decrease in sales related to the volume and mix of cigarette cartons sold. Sales in our Retail Segment increased approximately $0.3 million during Q1 2026 as compared to Q1 2025, primarily due to higher sales volumes in our existing stores.

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**GROSS PROFIT – Q1 2026 vs. Q1 2025**

Our gross profit does not include fulfillment costs and costs related to the distribution network, which are included in selling, general and administrative costs, and may not be comparable to those of other entities. Some entities may classify such costs as a component of cost of sales. Cost of sales, a component used in determining gross profit, for the wholesale and retail segments includes the cost of products purchased from manufacturers, less incentives we receive which are netted against such costs.

Gross profit in our Wholesale Segment increased $1.0 million during Q1 2026 as compared to Q1 2025. Significant items impacting gross profit during Q1 2026 included an increase of $1.2 million related to the mix of volumes and promotions in our Other Products category, partially offset by a $0.2 million decrease in gross profit due to the timing and related benefits of cigarette manufacturer price increases. Gross profit in our Retail Segment increased approximately $0.2 million during Q1 2026 as compared to Q1 2025, primarily due to an increase in gross profit related to same store sales.

**OPERATING EXPENSE – Q1 2026 vs. Q1 2025**

Operating expense includes selling, general and administrative expenses and depreciation and amortization. Selling, general, and administrative expenses primarily consist of costs related to our sales, warehouse, delivery and administrative departments, including purchasing and receiving costs, warehousing costs and costs of picking and loading customer orders. Our most significant expenses relate to costs associated with employees, facility and equipment leases, transportation, fuel, and insurance. Our Q1 2026 operating expenses increased $0.9 million as compared to Q1 2025. Significant items impacting operating expenses during Q1 2026 included the impact of a prior year (Q1 2025) reduction in operating expenses related to a $1.5 million contingent liability fair value adjustment, a $0.1 million increase related to employee compensation and benefit costs, a $0.1 million increase in other Wholesale Segment operating costs, and a $0.1 million increase in operating expense costs in our Retail Segment. These increases in operating expenses were partially offset by a $0.9 million decrease in health and other insurance costs. The increase in our Retail Segment was primarily due to an increase in costs associated with our existing stores.

**INTEREST EXPENSE – Q1 2026 vs. Q1 2025**

Interest expense decreased $0.2 million in Q1 2026 as compared to Q1 2025, primarily due to lower interest rates, partially offset by higher average debt balances in the current period.

**INCOME TAX EXPENSE – Q1 2026 vs. Q1 2025**

The change in the Q1 2026 income tax rate as compared to Q1 2025 was primarily related to non-deductible compensation expense in relation to the amount of income from operations before income tax expense and variances in the average effective state income tax rates between the comparative periods.

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**LIQUIDITY AND CAPITAL RESOURCES**

**Overview**

The Company's variability in cash flows from operating activities is dependent on the timing of inventory purchases and seasonal fluctuations. For example, periodically we have inventory "buy-in" opportunities which offer more favorable pricing terms. As a result, we may have to hold inventory for a period longer than the payment terms. This generates a cash outflow from operating activities that we expect to reverse in later periods. Additionally, during our peak time of operations in the warm weather months, we generally carry higher amounts of inventory to ensure high fill rates and customer satisfaction.

The Company primarily finances its operations through three credit facility agreements (a) a facility that is an obligation of AMCON Distributing Company (the "AMCON Facility"), (b) a facility that is an obligation of Team Sledd, LLC ("Team Sledd" and, the "Team Sledd Facility") and (c) a facility that is the obligation of Henry's (the "Henry's Facility") (collectively, the "Facilities") and long-term debt agreements with banks. The Team Sledd Facility and the Henry's Facility are non-recourse to AMCON Distributing Company, are not guaranteed by AMCON Distributing Company and have no cross default provisions applicable to AMCON Distributing Company.

At December 2025, the Facilities had a total combined borrowing capacity of $305.0 million, including provisions for up to $30.0 million in credit advances for certain inventory purchases, which are limited by accounts receivable and inventory qualifications, and the value of certain real estate collateral. The AMCON Facility matures in June 2027, the Henry's Facility matures in February 2028, and the Team Sledd Facility matures in March 2028, each without a penalty for prepayment. Obligations under the Facilities are collateralized by substantially all of the Company's respective equipment, intangibles, inventories, accounts receivable, and certain real estate. The Facilities each feature an unused commitment fee and springing financial covenants. Borrowings under the Facilities bear interest at the Secured Overnight Financing Rate ("SOFR"), plus any applicable spreads.

The amount available for use from the Facilities at any given time is subject to a number of factors, including eligible accounts receivable and inventory balances that fluctuate day-to-day, as well as the value of certain real estate collateral. Based on the collateral and loan limits as defined in the Facility agreements, the credit limit of the combined Facilities at December 2025 was $229.4 million, of which $140.7 million was outstanding, leaving $88.7 million available.

The average interest rate of the Facilities was 5.29% at December 2025. For the three months ended December 2025, the peak borrowings under the Facilities was $193.2 million, and the average borrowings and average availability under the Facilities was $163.6 million and $79.2 million, respectively.

**Cross Default and Co-Terminus Provisions**

The Team Sledd Facility and Team Sledd's two notes payable contain cross default provisions. The Henry's Facility and the Henry's note payable also contain cross default provisions. There were no such cross defaults for either Team Sledd or Henry's at December 2025. Additionally, the Team Sledd Facility and the Henry's Facility are non-recourse to AMCON Distributing Company, are not guaranteed by AMCON Distributing Company and have no cross default provisions applicable to AMCON Distributing Company. The Company and its subsidiaries, including Team Sledd and Henry's, were in compliance with all of the financial covenants under the respective Facilities at December 2025.

**Dividend Payments**

The Company paid cash dividends on its common stock totaling $0.1 million in each of the three-month periods ended December 2025 and December 2024. During Q1 2026, the Company declared a $0.28 per share special dividend totaling approximately $0.2 million that will be paid in Q2 2026. During Q1 2025, the Company declared a $0.28 per share special dividend totaling approximately $0.2 million that was paid in Q2 2025.

[**Table of Contents**](#Toc)

**Other**

The Company has issued letters of credit totaling $3.1 million to its workers' compensation insurance carriers as part of its self-insured loss control program.

**Off-Balance Sheet Arrangements**

The Company does not have any off-balance sheet arrangements.

**Liquidity Risk**

The Company's liquidity position is significantly influenced by its ability to maintain sufficient levels of working capital. For our Company and our industry in general, customer credit risk and ongoing access to bank credit heavily influence liquidity positions.

The Company does not currently hedge its exposure to interest rate risk or fuel costs. Accordingly, significant price movements in these areas can and do impact the Company's profitability.

While the Company believes its liquidity position going forward will be adequate to sustain operations in both the short- and long-term, a precipitous change in operating environment could materially impact the Company's future revenue streams as well as its ability to collect on customer accounts receivable or secure bank credit.

**Item 3.&nbsp;&nbsp;&nbsp;&nbsp; Quantitative and Qualitative Disclosures About Market Risk**

Not applicable.

**Item 4.&nbsp;&nbsp;&nbsp;&nbsp; Controls and Procedures**

**Evaluation of Disclosure Controls and Procedures**

Disclosure controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed in company reports filed or submitted under the Securities Exchange Act of 1934 (the "Exchange Act") is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's ("SEC") rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in company reports filed or submitted under the Exchange Act is accumulated and communicated to management, including our principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

As required by Rules 13a-15(b) and 15d-15(b) under the Exchange Act, an evaluation of the effectiveness of our disclosure controls and procedures as of December 31, 2025 was made under the supervision and with the participation of our senior management, including our principal executive officer and principal financial officer. Based upon that evaluation, our principal executive officer and principal financial officer concluded that our disclosure controls and procedures were effective as of the end of the period covered by this report.

**Limitations on Effectiveness of Controls**

Our management, including our Chief Executive Officer and Chief Financial Officer, do not expect that our disclosure controls and procedures will prevent all errors and fraud. In designing and evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated, can provide only reasonable, not absolute, assurance of achieving the desired control objectives. Further, the design of a control system must reflect the fact that there are resource constraints, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management's override of the control.

[**Table of Contents**](#Toc)

The design of any system of controls is also based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Over time, controls may become inadequate because of changes in conditions, or the degree of compliance with the policies or procedures may deteriorate. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.

**Changes in Internal Control Over Financial Reporting**

There were no changes in our internal control over financial reporting that occurred during the fiscal quarter ended December 2025, that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

[**Table of Contents**](#Toc)

**PART II — OTHER INFORMATION**

**Item 1.&nbsp;&nbsp;&nbsp;&nbsp; Legal Proceedings**

None.

**Item 1A. Risk Factors**

There have been no material changes to the Company's risk factors as previously disclosed in Item 1A "Risk Factors" of the Company's annual report on Form 10-K for the fiscal year ended September 30, 2025.

**Item 2.&nbsp;&nbsp;&nbsp;&nbsp; Unregistered Sales of Equity Securities and Use of Proceeds**

The Company issued unregistered securities to certain members of the Company's management team during the quarterly period ended December 31, 2025, in relation to the vesting and granting of equity awards as described in Note 9 of Part I, Item 1 of this quarterly report on Form 10-Q. These issuances were exempt from registration under Section 4(a)(2) of the Securities Act of 1933.

**Item 3.&nbsp;&nbsp;&nbsp;&nbsp; Defaults Upon Senior Securities**

None.

**Item 4.&nbsp;&nbsp;&nbsp;&nbsp; Mine Safety Disclosures**

Not applicable.

**Item 5.&nbsp;&nbsp;&nbsp;&nbsp; Other Information**

During the three months ended December 31, 2025, none of the Company's directors or officers adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement", as each term is defined in Item 408(a) of Regulation S-K.

[**Table of Contents**](#Toc)

**Item 6.&nbsp;&nbsp;&nbsp;&nbsp; Exhibits**

(a) Exhibits

---

| | |
|:---|:---|
| 10.1 | [Form of Restricted Stock Award Agreement under the 2018 Omnibus Incentive Plan](dit-20251231xex10d1.htm) |
| 10.2 | [Form of Restricted Stock Award Agreement under the 2022 Omnibus Incentive Plan](dit-20251231xex10d2.htm) |
| 31.1 | [Certification by Christopher H. Atayan, Chief Executive Officer and Chairman, pursuant to section 302 of the Sarbanes-Oxley Act](dit-20251231xex31d1.htm) |
| 31.2 | [Certification by Charles J. Schmaderer, Vice President, Chief Financial Officer and Secretary, pursuant to section 302 of the Sarbanes-Oxley Act](dit-20251231xex31d2.htm) |
| 32.1 | [Certification by Christopher H. Atayan, Chief Executive Officer and Chairman, furnished pursuant to section 906 of the Sarbanes-Oxley Act](dit-20251231xex32d1.htm) |
| 32.2 | [Certification by Charles J. Schmaderer, Vice President, Chief Financial Officer and Secretary, furnished pursuant to section 906 of the Sarbanes-Oxley Act](dit-20251231xex32d2.htm) |
| 101 | Inline XBRL Interactive Data File (filed herewith electronically) |
| 104 | Cover Page Interactive Data File – formatted in Inline XBRL and included in Exhibit 101 |

---

[**Table of Contents**](#Toc)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | |
|:---|:---|
|  | AMCON DISTRIBUTING COMPANY |
|  | (registrant) |
| Date: January 20, 2026 | /s/ Christopher H. Atayan |
|  | Christopher H. Atayan, |
|  | Chief Executive Officer and Chairman |
| Date: January 20, 2026 | /s/ Charles J. Schmaderer |
|  | Charles J. Schmaderer, |
|  | Vice President, Chief Financial Officer and Secretary |
|  | (Principal Financial and Accounting Officer) |

---

## Exhibit 10.1

**Exhibit 10.1**

#### AMCON DISTRIBUTING COMPANY <br> 2018 OMNIBUS INCENTIVE PLAN

#### Restricted Stock Award Agreement
<u>Date of Grant</u>:

<u>Number of Restricted Shares Granted</u>:

This Restricted Stock Award Agreement, dated _______________ (this "<u>Award Agreement</u>"), is made by and between AMCON Distributing Company, a Delaware corporation (the "<u>Company</u>"), and __________________ ("<u>Participant</u>").

**RECITALS:**

A.Effective December 21, 2018, the Company's stockholders approved the AMCON Distributing Company 2018 Omnibus Incentive Plan (the "<u>Plan</u>") pursuant to which the Company may, from time to time, grant Shares of Restricted Stock to eligible Service Providers of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.Participant is a Service Provider of the Company or one of its Affiliates and the Company desires to encourage him to own Shares and to give him added incentive to advance the interests of the Company, and desires to grant Participant shares of Restricted Stock of the Company under the terms and conditions established by the Committee.

**AGREEMENT:**

In consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties agree as follows:

1.<u>Incorporation of Plan</u>. All provisions of this Award Agreement and the rights of Participant hereunder are subject in all respects to the provisions of the Plan and the powers of the Committee therein provided. Capitalized terms used in this Award Agreement but not defined shall have the meaning set forth in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<u>Grant of Restricted Stock</u>. Subject to the conditions and restrictions set forth in this Award Agreement and in the Plan, the Company hereby grants to Participant that number of Shares of Restricted Stock identified above opposite the heading "Number of Restricted Shares Granted" (the "<u>Restricted Shares</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<u>Restrictions on Transfer; Vesting Date</u>. Subject to any exceptions set forth in this Award Agreement or in the Plan, the Restricted Shares or the rights relating thereto may not be sold, transferred, gifted, bequeathed, pledged, assigned, or otherwise alienated or hypothecated, voluntarily or involuntarily, prior to the vesting date for such Restricted Shares

DB02/044919 0016/7278013.1

DB02/505687.0003/7818592.2

------

identified below (the "<u>Vesting Date</u>"). On the Vesting Date, such restriction on transfer shall lapse and the Restricted Shares, if not previously forfeited pursuant to Section 4 below, will become freely transferable under this Award Agreement and the Plan, subject only to such further limitations on transfer, if any, as may exist under applicable law or any other agreement binding upon Participant. Subject to any exceptions listed in this Award Agreement or in the Plan, the Restricted Shares shall become vested in accordance with the schedule set forth below:

---

| | |
|:---|:---|
| &nbsp;&nbsp;<u>Vesting Date</u> | &nbsp;&nbsp;<u>Percentage of Shares Vested</u> |
|  | &nbsp;&nbsp;33⅓% |
|  | &nbsp;&nbsp;33⅓% |
|  | &nbsp;&nbsp;33⅓% |

---

If Participant's position as a Service Provider with the Company or any of its Affiliates is terminated by the Company or such Affiliate without Cause or by reason of the Participant's death or Disability, the Vesting Date for all of the Restricted Shares automatically will be accelerated to the date of Participant's termination as a Service Provider. If the Participant voluntarily terminates their position as a Service Provider with the Company, the portion of Restricted Shares that are unvested shall be forfeited and full ownership of such Restricted Shares and rights will revert to the Company. Notwithstanding the foregoing, the Committee may also, in its sole discretion, accelerate the Vesting Date for any or all of the Restricted Shares, if in its judgment the performance of Participant has warranted such acceleration and/or such acceleration is in the best interests of the Company. For purposes of this Award Agreement, "Cause" means any act or failure to act by the Participant that constitutes willful misconduct or gross negligence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.<u>Forfeiture Prior to Vesting</u>. Unless otherwise provided below, if Participant's position as a Service Provider with the Company or any of its Affiliates is terminated by the Company or any such Affiliate for Cause prior to the Vesting Date for one or more of the Restricted Shares, Participant will thereupon immediately forfeit any and all unvested Restricted Shares, and the full ownership of such Restricted Shares and rights will revert to the Company. Upon such forfeiture, Participant shall have no further rights under this Award Agreement. For purposes of this Award Agreement, transfer of employment between the Company and any of its Affiliates (or between Affiliates) does not constitute a termination of Participant's position as a Service Provider. If the Participant voluntarily terminates their position as a Service Provider with the Company, the portion of Restricted Shares that are unvested shall be forfeited and full ownership of such Restricted Shares and rights will revert to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.<u>Additional Payment for Tax Liability on Restricted Shares</u>. On each Vesting Date, *including any accelerated vesting events which may arise under Section 3 of this agreement* the Company shall pay to Participant, in cash, an additional bonus payment (the "Tax Payment") with respect to the income recognized by Participant as a result of the vesting of the Restricted Shares on such Vesting Date. The Tax Payment shall be an amount such that, after Participant's payment of all income, employment, payroll and similar taxes (including any interest or penalties thereon) imposed on (i) the income recognized on account of such vesting

DB02/505687.0003/7818592.2

------

and (ii) the Tax Payment itself, Participant is in the same after-tax position as if Participant had not incurred any such tax liability other than the tax liability determined by applying Participant's highest marginal, federal, state, and local income tax rate (including any applicable employment taxes) to the income recognized solely on account of the vesting of the Restricted Shares. The Tax Payment shall be paid immediately following the applicable Vesting Date. The Company shall deduct and withhold from the Tax Payment (A) all amounts required to be withheld in respect of the Tax Payment and (B) the required minimum withholding obligations arising in respect of the vesting of the Restricted Shares on such Vesting Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.<u>Certificates</u>. The Restricted Shares are issued to Participant in reliance on the exemption from registration provided in Section 4(a)(2) of the 1933 Act (which may include, without limitation, Regulation D promulgated thereunder). The Restricted Shares shall be issued in the name of Participant or a nominee of Participant as of the Date of Grant. One or more certificates representing the Restricted Shares shall bear a legend substantially similar to the following, and stop transfer instructions may be given to the transfer agent for the Company's Stock that are consistent with such legend:

THE SHARES REPRESENTED BY THIS CERTIFICATE ARE RESTRICTED SECURITIES AND SUBJECT TO CERTAIN CONDITIONS UNDER THE AMCON DISTRIBUTING COMPANY 2018 OMNIBUS INCENTIVE PLAN AND THE APPLICABLE RESTRICTED STOCK AWARD AGREEMENT PURSUANT TO WHICH THE SHARES WERE ISSUED. THESE SHARES ARE SUBJECT TO A RISK OF FORFEITURE AND CANNOT BE SOLD, DONATED, TRANSFERRED OR IN ANY OTHER MANNER ENCUMBERED EXCEPT IN ACCORDANCE WITH THE TERMS OF SUCH PLAN AND AGREEMENT, COPIES OF WHICH ARE AVAILABLE FOR INSPECTION AT THE PRINCIPAL OFFICE OF AMCON DISTRIBUTING COMPANY. IN ADDITION, THESE SHARES HAVE BEEN ISSUED ON ________________, PURSUANT TO THE AMCON DISTRIBUTING COMPANY 2018 OMNIBUS INCENTIVE PLAN AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR UNDER ANY STATE SECURITIES LAWS AND MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS OR AN EXEMPTION FROM REGISTRATION THEREUNDER.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.<u>Dividends and Voting</u>. Participant is entitled to (i) receive all dividends, payable in stock, in cash or in kind, or other distributions, declared on or with respect to any Restricted Shares as of a record date that occurs on or after the Date of Grant hereunder and before any transfer or forfeiture of the Restricted Shares by Participant, provided that any such dividends paid in cash are to be held in escrow by the Company and, such cash dividends and distributions are to be subject to the same rights, restrictions on transfer and conditions regarding vesting and forfeiture as the Restricted Shares with respect to which such dividends or distributions are paid at the time of payment, and (ii) exercise all voting rights with respect to the Restricted Shares, if the record date for the exercise of such voting rights occurs on or after the Date of Grant hereunder and prior to any transfer or forfeiture of such Restricted Shares. In the

DB02/505687.0003/7818592.2

------

event of forfeiture by Participant of any or all of the Restricted Shares or any of the equity securities distributed to Participant with respect thereto, Participant shall forfeit all cash dividends held in escrow and relating to the underlying forfeited Restricted Shares and must return to the Company any distributions previously paid to Participant with respect to such Restricted Shares.

8.<u>Titles</u>. Titles are provided herein for convenience only and are not to serve as a basis for interpretation or construction of this Award Agreement.

9.<u>Notice of I.R.C. Section 83(b) Election</u>. If Participant makes an election under Section 83(b) of the Code, Participant shall promptly notify the Company of such election.

10.<u>Amendment</u>. This Award Agreement may be amended only by a writing executed by the parties hereto which specifically states that it is amending this Award Agreement.

11.<u>Governing Law</u>. The laws of the State of Delaware will govern the interpretation, validity and performance of this Award Agreement regardless of the law that might be applied under principles of conflicts of laws.

12.<u>Binding Effect</u>. A signature of a party to this Award Agreement sent by facsimile or other electronic transmission shall be deemed to constitute an original and fully effective signature of such party. Except as expressly stated herein to the contrary, this Award Agreement will be binding upon and inure to the benefit of the respective heirs, legal representatives, successors and assigns of the parties hereto.

This Award Agreement has been executed and delivered by the parties hereto.

The Company:Participant:

AMCON Distributing Company

By:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: Chairman of the Compensation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Committee of the Board of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Directors

DB02/505687.0003/7818592.2

------

## Exhibit 10.2

**Exhibit 10.2**

#### AMCON DISTRIBUTING COMPANY <br> 2022 OMNIBUS INCENTIVE PLAN

#### Restricted Stock Award Agreement
<u>Date of Grant</u>:

<u>Number of Restricted Shares Granted</u>:

This Restricted Stock Award Agreement, dated ________________ (this "<u>Award Agreement</u>"), is made by and between AMCON Distributing Company, a Delaware corporation (the "<u>Company</u>"), and __________________ ("<u>Participant</u>").

**RECITALS:**

A.Effective January 20, 2022, the Company's stockholders approved the AMCON Distributing Company 2022 Omnibus Incentive Plan (the "<u>Plan</u>") pursuant to which the Company may, from time to time, grant Shares of Restricted Stock to eligible Service Providers of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.Participant is a Service Provider of the Company or one of its Affiliates and the Company desires to encourage him to own Shares and to give him added incentive to advance the interests of the Company, and desires to grant Participant shares of Restricted Stock of the Company under the terms and conditions established by the Committee.

**AGREEMENT:**

In consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties agree as follows:

1.<u>Incorporation of Plan</u>. All provisions of this Award Agreement and the rights of Participant hereunder are subject in all respects to the provisions of the Plan and the powers of the Committee therein provided. Capitalized terms used in this Award Agreement but not defined shall have the meaning set forth in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<u>Grant of Restricted Stock</u>. Subject to the conditions and restrictions set forth in this Award Agreement and in the Plan, the Company hereby grants to Participant that number of Shares of Restricted Stock identified above opposite the heading "Number of Restricted Shares Granted" (the "<u>Restricted Shares</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<u>Restrictions on Transfer; Vesting Date</u>. Subject to any exceptions set forth in this Award Agreement or in the Plan, the Restricted Shares or the rights relating thereto may not be sold, transferred, gifted, bequeathed, pledged, assigned, or otherwise alienated or hypothecated, voluntarily or involuntarily, prior to the vesting date for such Restricted Shares

DB02/044919 0016/7278013.1

DB02/505687.0003/7818592.2

------

identified below (the "<u>Vesting Date</u>"). On the Vesting Date, such restriction on transfer shall lapse and the Restricted Shares, if not previously forfeited pursuant to Section 4 below, will become freely transferable under this Award Agreement and the Plan, subject only to such further limitations on transfer, if any, as may exist under applicable law or any other agreement binding upon Participant. Subject to any exceptions listed in this Award Agreement or in the Plan, the Restricted Shares shall become vested in accordance with the schedule set forth below:

---

| | |
|:---|:---|
| &nbsp;&nbsp;<u>Vesting Date</u> | &nbsp;&nbsp;<u>Percentage of Shares Vested</u> |
|  | &nbsp;&nbsp;33⅓% |
|  | &nbsp;&nbsp;33⅓% |
|  | &nbsp;&nbsp;33⅓% |

---

If Participant's position as a Service Provider with the Company or any of its Affiliates is terminated by the Company or such Affiliate without Cause or by reason of the Participant's death or Disability, the Vesting Date for all of the Restricted Shares automatically will be accelerated to the date of Participant's termination as a Service Provider. If the Participant voluntarily terminates their position as a Service Provider with the Company, the portion of Restricted Shares that are unvested shall be forfeited and full ownership of such Restricted Shares and rights will revert to the Company. Notwithstanding the foregoing, the Committee may also, in its sole discretion, accelerate the Vesting Date for any or all of the Restricted Shares, if in its judgment the performance of Participant has warranted such acceleration and/or such acceleration is in the best interests of the Company. For purposes of this Award Agreement, "Cause" means any act or failure to act by the Participant that constitutes willful misconduct or gross negligence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.<u>Forfeiture Prior to Vesting</u>. Unless otherwise provided below, if Participant's position as a Service Provider with the Company or any of its Affiliates is terminated by the Company or any such Affiliate for Cause prior to the Vesting Date for one or more of the Restricted Shares, Participant will thereupon immediately forfeit any and all unvested Restricted Shares, and the full ownership of such Restricted Shares and rights will revert to the Company. Upon such forfeiture, Participant shall have no further rights under this Award Agreement. For purposes of this Award Agreement, transfer of employment between the Company and any of its Affiliates (or between Affiliates) does not constitute a termination of Participant's position as a Service Provider. If the Participant voluntarily terminates their position as a Service Provider with the Company, the portion of Restricted Shares that are unvested shall be forfeited and full ownership of such Restricted Shares and rights will revert to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.<u>Additional Payment for Tax Liability on Restricted Shares</u>. On each Vesting Date, *including any accelerated vesting events which may arise under Section 3 of this agreement* the Company shall pay to Participant, in cash, an additional bonus payment (the "Tax Payment") with respect to the income recognized by Participant as a result of the vesting of the Restricted Shares on such Vesting Date. The Tax Payment shall be an amount such that, after Participant's payment of all income, employment, payroll and similar taxes (including any interest or penalties thereon) imposed on (i) the income recognized on account of such vesting

DB02/505687.0003/7818592.2

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and (ii) the Tax Payment itself, Participant is in the same after-tax position as if Participant had not incurred any such tax liability other than the tax liability determined by applying Participant's highest marginal, federal, state, and local income tax rate (including any applicable employment taxes) to the income recognized solely on account of the vesting of the Restricted Shares. The Tax Payment shall be paid immediately following the applicable Vesting Date. The Company shall deduct and withhold from the Tax Payment (A) all amounts required to be withheld in respect of the Tax Payment and (B) the required minimum withholding obligations arising in respect of the vesting of the Restricted Shares on such Vesting Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.<u>Certificates</u>. The Restricted Shares are issued to Participant in reliance on the exemption from registration provided in Section 4(a)(2) of the 1933 Act (which may include, without limitation, Regulation D promulgated thereunder). The Restricted Shares shall be issued in the name of Participant or a nominee of Participant as of the Date of Grant. One or more certificates representing the Restricted Shares shall bear a legend substantially similar to the following, and stop transfer instructions may be given to the transfer agent for the Company's Stock that are consistent with such legend:

THE SHARES REPRESENTED BY THIS CERTIFICATE ARE RESTRICTED SECURITIES AND SUBJECT TO CERTAIN CONDITIONS UNDER THE AMCON DISTRIBUTING COMPANY 2022 OMNIBUS INCENTIVE PLAN AND THE APPLICABLE RESTRICTED STOCK AWARD AGREEMENT PURSUANT TO WHICH THE SHARES WERE ISSUED. THESE SHARES ARE SUBJECT TO A RISK OF FORFEITURE AND CANNOT BE SOLD, DONATED, TRANSFERRED OR IN ANY OTHER MANNER ENCUMBERED EXCEPT IN ACCORDANCE WITH THE TERMS OF SUCH PLAN AND AGREEMENT, COPIES OF WHICH ARE AVAILABLE FOR INSPECTION AT THE PRINCIPAL OFFICE OF AMCON DISTRIBUTING COMPANY. IN ADDITION, THESE SHARES HAVE BEEN ISSUED ON ________________, PURSUANT TO THE AMCON DISTRIBUTING COMPANY 2022 OMNIBUS INCENTIVE PLAN AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR UNDER ANY STATE SECURITIES LAWS AND MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS OR AN EXEMPTION FROM REGISTRATION THEREUNDER.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.<u>Dividends and Voting</u>. Participant is entitled to (i) receive all dividends, payable in stock, in cash or in kind, or other distributions, declared on or with respect to any Restricted Shares as of a record date that occurs on or after the Date of Grant hereunder and before any transfer or forfeiture of the Restricted Shares by Participant, provided that any such dividends paid in cash are to be held in escrow by the Company and, such cash dividends and distributions are to be subject to the same rights, restrictions on transfer and conditions regarding vesting and forfeiture as the Restricted Shares with respect to which such dividends or distributions are paid at the time of payment, and (ii) exercise all voting rights with respect to the Restricted Shares, if the record date for the exercise of such voting rights occurs on or after the Date of Grant hereunder and prior to any transfer or forfeiture of such Restricted Shares. In the

DB02/505687.0003/7818592.2

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event of forfeiture by Participant of any or all of the Restricted Shares or any of the equity securities distributed to Participant with respect thereto, Participant shall forfeit all cash dividends held in escrow and relating to the underlying forfeited Restricted Shares and must return to the Company any distributions previously paid to Participant with respect to such Restricted Shares.

8.<u>Titles</u>. Titles are provided herein for convenience only and are not to serve as a basis for interpretation or construction of this Award Agreement.

9.<u>Notice of I.R.C. Section 83(b) Election</u>. If Participant makes an election under Section 83(b) of the Code, Participant shall promptly notify the Company of such election.

10.<u>Amendment</u>. This Award Agreement may be amended only by a writing executed by the parties hereto which specifically states that it is amending this Award Agreement.

11.<u>Governing Law</u>. The laws of the State of Delaware will govern the interpretation, validity and performance of this Award Agreement regardless of the law that might be applied under principles of conflicts of laws.

12.<u>Binding Effect</u>. A signature of a party to this Award Agreement sent by facsimile or other electronic transmission shall be deemed to constitute an original and fully effective signature of such party. Except as expressly stated herein to the contrary, this Award Agreement will be binding upon and inure to the benefit of the respective heirs, legal representatives, successors and assigns of the parties hereto.

This Award Agreement has been executed and delivered by the parties hereto.

The Company:Participant:

AMCON Distributing Company

By:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: Chairman of the Compensation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Committee of the Board of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Directors

DB02/505687.0003/7818592.2

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## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION**

I, Christopher H. Atayan, certify that:

1. I have reviewed this report on Form 10-Q of AMCON Distributing Company;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)), for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrants' fiscal fourth quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| July<br>|  |
| Date: January 20, 2026 | /s/ Christopher H. Atayan |
|  | Christopher H. Atayan, |
|  | Chief Executive Officer and Chairman |

---

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## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION**

I, Charles J. Schmaderer, certify that:

1. I have reviewed this report on Form 10-Q of AMCON Distributing Company;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)), for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrants' fiscal fourth quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: January 20, 2026 | /s/ Charles J. Schmaderer |
|  | Charles J. Schmaderer,<br>Vice President, Chief Financial Officer and Secretary |

---

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## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION**

**PURSUANT TO 18 U.S.C. SECTION 1350**

**AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the accompanying Quarterly Report on Form 10-Q (the "Report") of AMCON Distributing Company (the "Company") for the fiscal quarter ended December 31, 2025, I, Christopher H. Atayan, Chief Executive Officer and Principal Executive Officer of the Company, hereby certify that, to the best of my knowledge and belief:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Ju<br>|  |
| Date: January 20, 2026 | /s/ Christopher H. Atayan |
|  | Christopher H. Atayan |
|  | Title: Chief Executive Officer and Chairman |

---

A signed original of this written statement required by Section 906 has been provided to AMCON Distributing Company and will be retained by AMCON Distributing Company and furnished to the Securities and Exchange Commission or its staff upon request.

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## Exhibit 32.2

**Exhibit 32.2**

**CERTIFICATION**

**PURSUANT TO 18 U.S.C. SECTION 1350**

**AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the accompanying Quarterly Report on Form 10-Q (the "Report") of AMCON Distributing Company (the "Company") for the fiscal quarter ended December 31, 2025, I, Charles J. Schmaderer, Vice President, Chief Financial Officer and Secretary of the Company, hereby certify that, to the best of my knowledge and belief:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Date: January 20, 2026 | /s/ Charles J. Schmaderer |
|  | Charles J. Schmaderer |
|  | Title: Vice President, Chief Financial Officer and Secretary |

---

A signed original of this written statement required by Section 906 has been provided to AMCON Distributing Company and will be retained by AMCON Distributing Company and furnished to the Securities and Exchange Commission or its staff upon request.

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