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Lifeway Foods (LWAY) earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 13, 2026 · Lifeway Foods (LWAY) Q2 2026 earnings results →
Q2 2026 Revenue up 24% year over year to $66.9M · 0¢ of every $1 of revenue kept as net profit · operating margin 0.9%
Lifeway Foods made $66.9M in Q2 2026 (+24% Y/Y): Net Sales $66.6M, Other Dairy $263K. Operating margin 0.9%, net earnings $127K. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 13, 2026.
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What changed this quarter
Revenue was $66.9M in Q2 2026, up 24% year over year and up 6% from the previous quarter. Drinkable Kefir was the largest line at 89% of revenue. Drinkable Kefir added $12.7M year over year (up 27%), 97% of the total change. Cream and Other declined 20%.
Gross margin was 19.5%, down 9.1 points from Q2 2025. Operating profit was $600K, a 0.9% margin (down 9.9 points year over year). Operating profit fell $5.2M even though revenue rose $13.0M versus Q2 2025, so costs grew faster than sales. Operating expenses grew 29% against revenue growth of 24%. The fastest-growing cost line was Sales & marketing (+62%). Net earnings were $127K, down 97% year over year. The effective tax rate was 68.8%.
Operating cash flow was −$339K. Non-cash charges added back $1.1M of depreciation and amortization and $535K of share-based compensation. Working capital and other items used $2.1M. Capital expenditures of $8.5M exceeded it, leaving free cash flow of −$8.8M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 10-Q | Aug 13, 2026 | $66.9M | +24% | 0.9% | $127K | −$339K |
| Q1 2026 | 10-Q | May 14, 2026 | $63.0M | +37% | 10.0% | $4.7M | $4.4M |
| Q4 2025 | 10-K | Mar 17, 2026 | $55.4M | +18% | 6.8% | $2.5M | $267K |
| Q3 2025 | 10-Q | Nov 12, 2025 | $57.1M | +24% | 8.8% | $3.5M | $6.9M |
| Q2 2025 | 10-Q | Aug 12, 2025 | $53.9M | +10% | 10.8% | $4.2M | $3.9M |
| Q1 2025 | 10-Q | May 13, 2025 | $46.1M | +3% | 3.4% | $3.5M | −$150K |
| Q4 2024 | 10-K | Mar 14, 2025 | $46.9M | +12% | 1.5% | −$160K | −$2.6M |
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About Lifeway Foods
Lifeway was founded in 1986 by Michael Smolyansky, ten years after he and his family emigrated from Eastern Europe to the United States. Lifeway was the first to successfully introduce kefir to the U.S. consumer on a commercial scale, initially catering to ethnic consumers in the Chicago, Illinois metropolitan area. Lifeway has grown to become the largest producer and marketer of kefir in the U.S. and an important player in the broader market spaces of probiotic-based products and natural, “better for you” foods. Our primary product is drinkable kefir, a cultured dairy product. Lifeway kefir is tart and tangy, high in protein, calcium and vitamin D.
In its own words, from its 10-K, filed Mar 17, 2026.
Source: Lifeway Foods 10-Q on SEC EDGAR · CIK 814586 · Dairy Products
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History
Every quarter: Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results · Q4 2024 results