Filing Flows › MGP Ingredients (MGPI) › Q1 2026
MGP Ingredients (MGPI) Q1 2026 earnings results (first quarter 2026)
10-Q filed Apr 29, 2026
MGP Ingredients (MGPI) reported revenue of $106M for the first quarter 2026 (Q1 2026), -13% from a year earlier and -23% from the quarter before. Operating margin was -162.7%, net loss $135M (126.7% of revenue).
MGP Ingredients, Q1 2026: revenue $106M (-12% year over year), operating margin -162.7%, net loss $135M, operating cash flow $7.0M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $106M | -23% | -13% |
| Operating profit | −$173M | — | — |
| Net earnings | −$135M | — | — |
| Operating cash flow | $7.0M | -76% | -84% |
| Free cash flow | $1.2M | -95% | -95% |
What changed
Revenue was $106.4M in Q1 2026, down 13% year over year and down 23% from the previous quarter. Branded Spirits was the largest line at 42% of revenue. Distilling Solutions lost $18.9M year over year (down 40%), 124% of the total change.
Gross margin was 31.6%, down 4.1 points from Q1 2025. Operating costs exceeded revenue by $173.2M, an operating margin of -162.7%. Operating expenses grew 369% against a revenue fall of 13%. The fastest-growing cost line was Other operating costs (+712%). The quarter ended with a net loss of $134.8M, wider than the previous quarter's $134.6M loss.
Operating cash flow was $7.0M (down 84% year over year). Non-cash charges added back $6.3M of depreciation and amortization and $673K of share-based compensation. Working capital and other items added $134.8M. Capital expenditures of $5.7M left free cash flow of $1.2M.
Questions
What was MGP Ingredients' revenue in the first quarter 2026?
MGP Ingredients (MGPI) reported revenue of $106M for the first quarter 2026 (Q1 2026), -13% from a year earlier and -23% from the quarter before.
Was MGP Ingredients profitable in the first quarter 2026?
Operating loss was $173M (-162.7% of revenue) and net loss $135M.
Source: MGP Ingredients 10-Q on SEC EDGAR.