Filing Flows › MGP Ingredients (MGPI) › Q3 2026 › vs Q3 2025
MGP Ingredients (MGPI) Q3 2026 vs Q3 2025 (year over year)
MGP Ingredients's revenue fell $13.0M (-10%) from $131M in Q3 2025 to $118M in Q3 2026. The biggest changes: Distilling Solutions −$11.9M (-29%); Branded Spirits −$2.5M (-4%); Ingredient Solutions +$1.5M (+5%). Gross margin 34.3% against 37.8% (-3.4 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 Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Gross margin | 34.3% | 37.8% | -3.4 pts |
| Operating margin | 10.2% | 16.1% | -5.9 pts |
| Net margin | 5.8% | 11.8% | -5.9 pts |
| Free cash flow margin | 23.1% | 21.1% | +2.0 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Branded Spirits | $58.2M | $60.7M | −$2.5M | -4% |
| Ingredient Solutions | $30.8M | $29.3M | $1.5M | +5% |
| Distilling Solutions | $29.0M | $40.9M | −$11.9M | -29% |
| Revenue | $118M | $131M | −$13.0M | -10% |
| Gross profit | $40.5M | $49.4M | −$9.0M | -18% |
| Cost of revenue | $77.5M | $81.5M | −$4.0M | -5% |
| Operating profit | $12.0M | $21.0M | −$9.0M | -43% |
| Operating expenses | $28.4M | $28.4M | $25K | +0.1% |
| Pre-tax earnings | $8.9M | $19.7M | −$10.8M | -55% |
| Other expense, net | $3.1M | $1.3M | $1.8M | +135% |
| SG&A | $21.5M | $18.9M | $2.6M | +14% |
| Other operating costs | $6.9M | $9.5M | −$2.6M | -27% |
| Net earnings | $6.9M | $15.4M | −$8.5M | -55% |
| Income tax | $2.0M | $4.3M | −$2.2M | -52% |
| Depreciation & amortization | $6.4M | $6.2M | $232K | +4% |
| Share-based compensation | $1.7M | $1.3M | $399K | +31% |
| Working capital & other | $16.9M | $13.2M | $3.7M | +28% |
| Operating cash flow | $31.9M | $36.1M | −$4.2M | -12% |
| Free cash flow (OCF − capex) | $27.2M | $27.6M | −$361K | -1% |
| Capital expenditures | $4.7M | $8.5M | −$3.9M | -45% |
Questions
How much did MGP Ingredients's revenue grow year over year in Q3 2026?
MGP Ingredients's revenue fell $13.0M (-10%) from $131M in Q3 2025 to $118M in Q3 2026.
What drove MGP Ingredients's revenue change in Q3 2026?
Distilling Solutions −$11.9M (-29%); Branded Spirits −$2.5M (-4%); Ingredient Solutions +$1.5M (+5%).