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MGP Ingredients (MGPI) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Oct 28, 2026 · MGP Ingredients (MGPI) Q3 2026 earnings results →

Q3 2026 Revenue down 10% year over year to $118M · 6¢ of every $1 of revenue kept as net profit · operating margin 10.2%

MGP Ingredients made $118M in Q3 2026 (-10% Y/Y): Branded Spirits $58.2M, Ingredient Solutions $30.8M, Distilling Solutions $29.0M. Operating margin 10.2%, net earnings $6.9M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 28, 2026.

Revenue$118M

Year over year-10%

Operating margin10.2%

Net earnings$6.9M

Operating cash flow$31.9M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $117.9M in Q3 2026, down 10% year over year and down 5% from the previous quarter. Branded Spirits was the largest line at 49% of revenue. Distilling Solutions lost $11.9M year over year (down 29%), 92% of the total change.

Gross margin was 34.3%, down 3.4 points from Q3 2025. Operating profit was $12.0M, a 10.2% margin (down 5.9 points year over year). Operating expenses grew 0% against a revenue fall of 10%. The fastest-growing cost line was SG&A (+14%). Net earnings were $6.9M, down 55% year over year. The effective tax rate was 22.9%.

Operating cash flow was $31.9M (down 12% year over year), 463% of net earnings. Non-cash charges added back $6.4M of depreciation and amortization and $1.7M of share-based compensation. Working capital and other items added $16.9M. Capital expenditures of $4.7M left free cash flow of $27.2M.

Quarterly history

Quarter	Form	Filed	Revenue	Y/Y	Op. margin	Net earnings	Op. cash flow
Q3 2026	10-Q	Oct 28, 2026	$118M	-10%	10.2%	$6.9M	$31.9M
Q2 2026	10-Q	Jul 29, 2026	$124M	-14%	14.2%	$12.0M	−$47.7M
Q1 2026	10-Q	Apr 29, 2026	$106M	-12%	-162.7%	−$135M	$7.0M
Q4 2025	10-K	Feb 25, 2026	$138M	-24%	-97.7%	−$135M	$29.1M
Q3 2025	10-Q	Oct 29, 2025	$131M	-19%	16.1%	$15.4M	$36.1M
Q2 2025	10-Q	Jul 31, 2025	$145M	-24%	14.0%	$14.4M	$11.7M
Q1 2025	10-Q	May 1, 2025	$122M	-29%	-0.6%	−$3.1M	$44.7M

Charts

Latest (Q3 2026): Y/Y -10%, Q/Q -5%.

From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.

Latest (Q3 2026): Net income $6.9M, Operating cash flow $31.9M.

+26.1% since FY2020: more shares outstanding (issuance, stock pay).

Cash $18.5M, short-term investments —, long-term debt $260M at 2025-12-31.