Filing Flows › Lifeway Foods (LWAY) › Q1 2026 › vs Q4 2025
Lifeway Foods (LWAY) Q1 2026 vs Q4 2025 (quarter over quarter)
Lifeway Foods's revenue rose $7.7M (+14%) from $55.4M in Q4 2025 to $63.0M in Q1 2026. The biggest changes: Drinkable Kefirotherthan Pro Bugs +$7.3M (+15%); Cream and Other +$347K (+20%); Drinkable Yogurt +$51K (+10%). Gross margin 27.5% against 27.8% (-0.2 pts).
Lifeway Foods, Q1 2026: revenue $63.0M (+37% year over year), operating margin 10.0%, net earnings $4.7M, operating cash flow $4.4M. The chart draws each line against Q4 2025, the increases inside each band.
Margins
| Q1 2026 | Q4 2025 | Change | |
|---|---|---|---|
| Gross margin | 27.5% | 27.8% | -0.2 pts |
| Operating margin | 10.0% | 6.8% | +3.2 pts |
| Net margin | 7.4% | 4.6% | +2.8 pts |
Every line
| Line | Q1 2026 | Q4 2025 | Change | % |
|---|---|---|---|---|
| Drinkable Kefirotherthan Pro Bugs | $55.1M | $47.8M | $7.3M | +15% |
| Cheese | $4.7M | $4.7M | −$14K | -0.3% |
| Cream and Other | $2.0M | $1.7M | $347K | +20% |
| Drinkable Yogurt | $584K | $533K | $51K | +10% |
| Pro Bugs Kefir | $325K | $356K | −$31K | -9% |
| Other Dairy | $280K | $284K | −$4K | -1% |
| Revenue | $63.0M | $55.4M | $7.7M | +14% |
| Gross profit | $17.4M | $15.4M | $2.0M | +13% |
| Cost of revenue | $45.7M | $40.0M | $5.7M | +14% |
| Operating profit | $6.3M | $3.8M | $2.6M | +68% |
| Operating expenses | $11.0M | $11.6M | −$574K | -5% |
| Pre-tax earnings | $6.3M | $3.7M | $2.5M | +68% |
| Sales & marketing | $6.2M | $5.4M | $760K | +14% |
| General & admin | $4.7M | $6.0M | −$1.3M | -22% |
| Other operating costs | $135K | $135K | $0 | 0% |
| Net earnings | $4.7M | $2.5M | $2.1M | +84% |
| Income tax | $1.6M | $1.2M | $407K | +35% |
| Depreciation & amortization | $1.1M | $1.0M | $28K | +3% |
| Share-based compensation | $548K | $481K | $67K | +14% |
| Working capital & other | $1.9M | $3.8M | −$1.9M | -50% |
| Operating cash flow | $4.4M | $267K | $4.1M | 16× |
| Capital expenditures | $11.0M | $17.7M | −$6.6M | -38% |
| Negative free cash flow (OCF − capex) | $6.7M | $17.4M | −$10.8M | -62% |
Questions
How much did Lifeway Foods's revenue grow quarter over quarter in Q1 2026?
Lifeway Foods's revenue rose $7.7M (+14%) from $55.4M in Q4 2025 to $63.0M in Q1 2026.
What drove Lifeway Foods's revenue change in Q1 2026?
Drinkable Kefirotherthan Pro Bugs +$7.3M (+15%); Cream and Other +$347K (+20%); Drinkable Yogurt +$51K (+10%).