Filing Flows › MGP Ingredients (MGPI) › Q2 2026
MGP Ingredients (MGPI) Q2 2026 earnings results (second quarter 2026)
10-Q filed Jul 29, 2026
MGP Ingredients (MGPI) reported revenue of $124M for the second quarter 2026 (Q2 2026), -15% from a year earlier and +17% from the quarter before. Operating margin was 14.2%, net earnings $12.0M (9.7% of revenue).
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 follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $124M | +17% | -15% |
| Gross profit | $46.5M | +38% | -20% |
| Operating profit | $17.7M | — | -13% |
| Net earnings | $12.0M | — | -17% |
| Operating cash flow | −$47.7M | -786% | -509% |
What changed
Revenue was $124.4M in Q2 2026, down 15% year over year and up 17% from the previous quarter. Branded Spirits was the largest line at 48% of revenue. Distilling Solutions lost $20.8M year over year (down 42%), 98% of the total change.
Gross margin was 37.4%, down 2.8 points from Q2 2025. Operating profit was $17.7M, a 14.2% margin (up 0.2 points year over year). Operating expenses fell 24% while revenue fell 15%. Net earnings were $12.0M, down 17% year over year. The effective tax rate was 20.3%.
Operating cash flow was −$47.7M. Non-cash charges added back $6.4M of depreciation and amortization and $1.6M of share-based compensation. Working capital and other items used $67.7M. Capital expenditures of $4.5M exceeded it, leaving free cash flow of −$52.2M.
Questions
What was MGP Ingredients' revenue in the second quarter 2026?
MGP Ingredients (MGPI) reported revenue of $124M for the second quarter 2026 (Q2 2026), -15% from a year earlier and +17% from the quarter before.
Was MGP Ingredients profitable in the second quarter 2026?
Operating profit was $17.7M (14.2% of revenue) and net earnings $12.0M.
Source: MGP Ingredients 10-Q on SEC EDGAR.