Filing Flows › Lifeway Foods (LWAY) › Q3 2025
Lifeway Foods (LWAY) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 12, 2025
Lifeway Foods (LWAY) reported revenue of $57.1M for the third quarter 2025 (Q3 2025), +24% from a year earlier and +6% from the quarter before. Operating margin was 8.8%, net earnings $3.5M (6.2% of revenue).
Lifeway Foods, Q3 2025: revenue $57.1M (+24% year over year), operating margin 8.8%, net earnings $3.5M, operating cash flow $6.9M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $57.1M | +6% | +24% |
| Gross profit | $16.4M | +7% | +38% |
| Operating profit | $5.0M | -13% | +20% |
| Net earnings | $3.5M | -17% | +19% |
| Operating cash flow | $6.9M | +77% | -7% |
| Free cash flow | $1.8M | +10% | -70% |
What changed
Revenue was $57.1M in Q3 2025, up 24% year over year and up 6% from the previous quarter. Drinkable Kefir other than ProBugs was the largest line at 87% of revenue. Drinkable Kefir other than ProBugs added $11.9M year over year (up 31%), 107% of the total change. Drinkable Yogurt declined 55%.
Gross margin was 28.7%, up 3.0 points from a year earlier. Operating profit was $5.0M, a 8.8% margin (down 0.3 points year over year). Of the extra revenue versus a year earlier, 8% reached operating profit, below the 9% margin then. Operating expenses grew 48% against revenue growth of 24%. The fastest-growing cost line was General & admin (+74%). Net earnings were $3.5M, up 19% year over year. The effective tax rate was 30.7%.
Operating cash flow was $6.9M (down 7% year over year), 196% of net earnings. Non-cash charges added back $1.0M of depreciation and amortization and $539K of share-based compensation. Working capital and other items added $1.8M. Capital expenditures of $5.1M left free cash flow of $1.8M.
Questions
What was Lifeway Foods' revenue in the third quarter 2025?
Lifeway Foods (LWAY) reported revenue of $57.1M for the third quarter 2025 (Q3 2025), +24% from a year earlier and +6% from the quarter before.
Was Lifeway Foods profitable in the third quarter 2025?
Operating profit was $5.0M (8.8% of revenue) and net earnings $3.5M.
Source: Lifeway Foods 10-Q on SEC EDGAR.