Filing Flows › MGP Ingredients (MGPI) › Q2 2026 › vs Q2 2025
MGP Ingredients (MGPI) Q2 2026 vs Q2 2025 (year over year)
MGP Ingredients's revenue fell $21.1M (-15%) from $145M in Q2 2025 to $124M in Q2 2026. The biggest changes: Distilling Solutions −$20.8M (-42%); Branded Spirits −$890K (-1%); Ingredient Solutions +$533K (+2%). Gross margin 37.4% against 40.1% (-2.8 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Gross margin | 37.4% | 40.1% | -2.8 pts |
| Operating margin | 14.2% | 14.0% | +0.2 pts |
| Net margin | 9.7% | 9.9% | -0.3 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Branded Spirits | $59.6M | $60.5M | −$890K | -1% |
| Ingredient Solutions | $35.5M | $35.0M | $533K | +2% |
| Distilling Solutions | $29.2M | $50.0M | −$20.8M | -42% |
| Revenue | $124M | $145M | −$21.1M | -15% |
| Gross profit | $46.5M | $58.4M | −$11.9M | -20% |
| Cost of revenue | $77.9M | $87.1M | −$9.2M | -11% |
| Operating profit | $17.7M | $20.3M | −$2.7M | -13% |
| Operating expenses | $28.8M | $38.1M | −$9.2M | -24% |
| Pre-tax earnings | $15.1M | $18.7M | −$3.7M | -20% |
| Other expense, net | $2.6M | $1.6M | $997K | +63% |
| SG&A | $20.2M | $23.2M | −$2.9M | -13% |
| Other operating costs | $8.6M | $14.9M | −$6.3M | -42% |
| Net earnings | $12.0M | $14.4M | −$2.4M | -17% |
| Income tax | $3.1M | $4.3M | −$1.2M | -29% |
| Operating cash sources | $67.7M | $9.9M | $57.9M | +586% |
| Depreciation & amortization | $6.4M | $5.8M | $556K | +10% |
| Share-based compensation | $1.6M | $1.3M | $352K | +27% |
| Cash used in operations | $47.7M | −$11.7M | $59.4M | — |
| Working capital & other | $67.7M | $9.9M | $57.9M | +586% |
Questions
How much did MGP Ingredients's revenue grow year over year in Q2 2026?
MGP Ingredients's revenue fell $21.1M (-15%) from $145M in Q2 2025 to $124M in Q2 2026.
What drove MGP Ingredients's revenue change in Q2 2026?
Distilling Solutions −$20.8M (-42%); Branded Spirits −$890K (-1%); Ingredient Solutions +$533K (+2%).