Filing Flows › MGP Ingredients (MGPI) › Q2 2025
MGP Ingredients (MGPI) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 31, 2025
MGP Ingredients (MGPI) reported revenue of $145M for the second quarter 2025 (Q2 2025), -24% from a year earlier and +20% from the quarter before. Operating margin was 14.0%, net earnings $14.4M (9.9% of revenue).
MGP Ingredients, Q2 2025: revenue $145M (-24% year over year), operating margin 14.0%, net earnings $14.4M, operating cash flow $11.7M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $145M | +20% | -24% |
| Gross profit | $58.4M | +35% | -30% |
| Operating profit | $20.3M | — | -53% |
| Net earnings | $14.4M | — | -55% |
| Operating cash flow | $11.7M | -74% | +135% |
What changed
Revenue was $145.5M in Q2 2025, down 24% year over year and up 20% from the previous quarter. Branded Spirits was the largest line at 42% of revenue. Distilling Solutions lost $43.4M year over year (down 46%), 96% of the total change.
Gross margin was 40.1%, down 3.5 points from a year earlier. Operating profit was $20.3M, a 14.0% margin (down 8.8 points year over year). Operating expenses fell 4% while revenue fell 24%. Net earnings were $14.4M, down 55% year over year. The effective tax rate was 23.0%.
Operating cash flow was $11.7M (up 135% year over year), 81% of net earnings. Non-cash charges added back $5.8M of depreciation and amortization and $1.3M of share-based compensation. Working capital and other items used $9.9M. Capital expenditures of $12.2M exceeded it, leaving free cash flow of −$557K.
Questions
What was MGP Ingredients' revenue in the second quarter 2025?
MGP Ingredients (MGPI) reported revenue of $145M for the second quarter 2025 (Q2 2025), -24% from a year earlier and +20% from the quarter before.
Was MGP Ingredients profitable in the second quarter 2025?
Operating profit was $20.3M (14.0% of revenue) and net earnings $14.4M.
Source: MGP Ingredients 10-Q on SEC EDGAR.