Filing Flows › MGP Ingredients (MGPI) › Q3 2026 › vs Q2 2026
MGP Ingredients (MGPI) Q3 2026 vs Q2 2026 (quarter over quarter)
MGP Ingredients's revenue fell $6.4M (-5%) from $124M in Q2 2026 to $118M in Q3 2026. The biggest changes: Ingredient Solutions −$4.8M (-13%); Branded Spirits −$1.4M (-2%); Distilling Solutions −$260K (-0.9%). Gross margin 34.3% against 37.4% (-3.1 pts).
MGP Ingredients, Q3 2026: revenue $118M (-10% year over year), operating margin 10.2%, net earnings $6.9M, operating cash flow $31.9M. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Gross margin | 34.3% | 37.4% | -3.1 pts |
| Operating margin | 10.2% | 14.2% | -4.0 pts |
| Net margin | 5.8% | 9.7% | -3.8 pts |
| Free cash flow margin | 23.1% | -42.0% | +65.0 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Branded Spirits | $58.2M | $59.6M | −$1.4M | -2% |
| Ingredient Solutions | $30.8M | $35.5M | −$4.8M | -13% |
| Distilling Solutions | $29.0M | $29.2M | −$260K | -0.9% |
| Revenue | $118M | $124M | −$6.4M | -5% |
| Gross profit | $40.5M | $46.5M | −$6.0M | -13% |
| Cost of revenue | $77.5M | $77.9M | −$434K | -0.6% |
| Operating profit | $12.0M | $17.7M | −$5.6M | -32% |
| Operating expenses | $28.4M | $28.8M | −$377K | -1% |
| Pre-tax earnings | $8.9M | $15.1M | −$6.1M | -41% |
| Other expense, net | $3.1M | $2.6M | $502K | +19% |
| SG&A | $21.5M | $20.2M | $1.3M | +6% |
| Other operating costs | $6.9M | $8.6M | −$1.7M | -19% |
| Net earnings | $6.9M | $12.0M | −$5.1M | -43% |
| Income tax | $2.0M | $3.1M | −$1.0M | -33% |
| Depreciation & amortization | $6.4M | $6.4M | $32K | +0.5% |
| Share-based compensation | $1.7M | $1.6M | $49K | +3% |
| Working capital & other | $16.9M | −$67.7M | $84.6M | — |
| Operating cash flow | $31.9M | −$47.7M | $79.6M | — |
| Free cash flow (OCF − capex) | $27.2M | −$52.2M | $79.4M | — |
| Capital expenditures | $4.7M | $4.5M | $162K | +4% |
Questions
How much did MGP Ingredients's revenue grow quarter over quarter in Q3 2026?
MGP Ingredients's revenue fell $6.4M (-5%) from $124M in Q2 2026 to $118M in Q3 2026.
What drove MGP Ingredients's revenue change in Q3 2026?
Ingredient Solutions −$4.8M (-13%); Branded Spirits −$1.4M (-2%); Distilling Solutions −$260K (-0.9%).