Filing Flows › MGP Ingredients (MGPI) › Q3 2025
MGP Ingredients (MGPI) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 29, 2025
MGP Ingredients (MGPI) reported revenue of $131M for the third quarter 2025 (Q3 2025), -19% from a year earlier and -10% from the quarter before. Operating margin was 16.1%, net earnings $15.4M (11.8% of revenue).
MGP Ingredients, Q3 2025: revenue $131M (-19% year over year), operating margin 16.1%, net earnings $15.4M, operating cash flow $36.1M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $131M | -10% | -19% |
| Gross profit | $49.4M | -15% | -25% |
| Operating profit | $21.0M | +3% | -35% |
| Net earnings | $15.4M | +7% | -35% |
| Operating cash flow | $36.1M | +209% | -18% |
| Free cash flow | $27.6M | — | +13% |
What changed
Revenue was $130.9M in Q3 2025, down 19% year over year and down 10% from the previous quarter. Branded Spirits was the largest line at 46% of revenue. Distilling Solutions lost $31.0M year over year (down 43%), 102% of the total change.
Gross margin was 37.8%, down 3.0 points from a year earlier. Operating profit was $21.0M, a 16.1% margin (down 4.1 points year over year). Operating expenses fell 15% while revenue fell 19%. The fastest-growing cost line was SG&A (+10%). Net earnings were $15.4M, down 35% year over year. The effective tax rate was 21.7%.
Operating cash flow was $36.1M (down 18% year over year), 234% of net earnings. Non-cash charges added back $6.2M of depreciation and amortization and $1.3M of share-based compensation. Working capital and other items added $13.2M. Capital expenditures of $8.5M left free cash flow of $27.6M.
Questions
What was MGP Ingredients' revenue in the third quarter 2025?
MGP Ingredients (MGPI) reported revenue of $131M for the third quarter 2025 (Q3 2025), -19% from a year earlier and -10% from the quarter before.
Was MGP Ingredients profitable in the third quarter 2025?
Operating profit was $21.0M (16.1% of revenue) and net earnings $15.4M.
Source: MGP Ingredients 10-Q on SEC EDGAR.