Filing Flows › MGP Ingredients (MGPI) › Q2 2026 › vs Q1 2026
MGP Ingredients (MGPI) Q2 2026 vs Q1 2026 (quarter over quarter)
MGP Ingredients's revenue rose $17.9M (+17%) from $106M in Q1 2026 to $124M in Q2 2026. The biggest changes: Branded Spirits +$15.4M (+35%); Ingredient Solutions +$1.3M (+4%); Distilling Solutions +$1.2M (+4%). Gross margin 37.4% against 31.6% (+5.8 pts).
MGP Ingredients, Q2 2026: revenue $124M (-14% year over year), operating margin 14.2%, net earnings $12.0M, operating cash flow −$47.7M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Gross margin | 37.4% | 31.6% | +5.8 pts |
| Operating margin | 14.2% | -162.7% | +176.9 pts |
| Net margin | 9.7% | -126.7% | +136.3 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Branded Spirits | $59.6M | $44.2M | $15.4M | +35% |
| Ingredient Solutions | $35.5M | $34.2M | $1.3M | +4% |
| Distilling Solutions | $29.2M | $28.0M | $1.2M | +4% |
| Revenue | $124M | $106M | $17.9M | +17% |
| Gross profit | $46.5M | $33.6M | $12.9M | +38% |
| Cost of revenue | $77.9M | $72.8M | $5.0M | +7% |
| Operating profit | $17.7M | −$173M | $191M | — |
| Operating expenses | $28.8M | $207M | −$178M | -86% |
| Pre-tax earnings | $15.1M | −$175M | $190M | — |
| Other expense, net | $2.6M | $1.5M | $1.1M | +75% |
| SG&A | $20.2M | $21.1M | −$829K | -4% |
| Other operating costs | $8.6M | $186M | −$177M | -95% |
| Net earnings | $12.0M | −$135M | $147M | — |
| Income tax | $3.1M | −$39.9M | $42.9M | — |
| Operating cash sources | $67.7M | −$135M | $203M | — |
| Depreciation & amortization | $6.4M | $6.3M | $121K | +2% |
| Share-based compensation | $1.6M | $673K | $967K | +144% |
| Cash used in operations | $47.7M | −$7.0M | $54.6M | — |
| Working capital & other | $67.7M | −$135M | $203M | — |
Questions
How much did MGP Ingredients's revenue grow quarter over quarter in Q2 2026?
MGP Ingredients's revenue rose $17.9M (+17%) from $106M in Q1 2026 to $124M in Q2 2026.
What drove MGP Ingredients's revenue change in Q2 2026?
Branded Spirits +$15.4M (+35%); Ingredient Solutions +$1.3M (+4%); Distilling Solutions +$1.2M (+4%).