Filing Flows › Crimson Wine Group (CWGL) › Q4 2025
Crimson Wine Group (CWGL) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 17, 2026
Crimson Wine Group (CWGL) reported revenue of $20.3M for the fourth quarter 2025 (Q4 2025), -11% from a year earlier and +52% from the quarter before. Operating margin was -2.9%, net earnings $737K (3.6% of revenue).
Crimson Wine Group, Q4 2025: revenue $20.3M (-11% year over year), operating margin -2.9%, net earnings $737K, operating cash flow −$1.7M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $20.3M | +52% | -11% |
| Operating profit | −$589K | — | — |
| Net earnings | $737K | -22% | — |
| Operating cash flow | −$1.7M | -169% | — |
What changed
Revenue was $20.3M in Q4 2025, down 11% year over year and up 52% from the previous quarter.
Gross margin was 49.4%, up 3.7 points from a year earlier. Operating costs exceeded revenue by $589K, an operating margin of -2.9%. Operating expenses grew 19% against a revenue fall of 11%. The fastest-growing cost line was Other operating costs (+426%). Net earnings were $737K, down 44% year over year. The effective tax rate was 29.0%. Non-operating items added $1.6M, 157% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$1.7M. Non-cash charges added back $2.0M of depreciation and amortization and $27K of share-based compensation. Working capital and other items used $4.5M. Capital expenditures of $1.0M exceeded it, leaving free cash flow of −$2.7M.
Questions
What was Crimson Wine Group's revenue in the fourth quarter 2025?
Crimson Wine Group (CWGL) reported revenue of $20.3M for the fourth quarter 2025 (Q4 2025), -11% from a year earlier and +52% from the quarter before.
Was Crimson Wine Group profitable in the fourth quarter 2025?
Operating loss was $589K (-2.9% of revenue) and net earnings $737K.
Source: Crimson Wine Group 10-K on SEC EDGAR.