Filing Flows › MGP Ingredients (MGPI) › Q4 2025
MGP Ingredients (MGPI) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 25, 2026
MGP Ingredients (MGPI) reported revenue of $138M for the fourth quarter 2025 (Q4 2025), -23% from a year earlier and +6% from the quarter before. Operating margin was -97.7%, net loss $135M (97.3% of revenue).
MGP Ingredients, Q4 2025: revenue $138M (-24% year over year), operating margin -97.7%, net loss $135M, operating cash flow $29.1M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $138M | +6% | -23% |
| Operating profit | −$135M | -743% | — |
| Net earnings | −$135M | -973% | — |
| Operating cash flow | $29.1M | -19% | +1% |
| Free cash flow | $24.3M | -12% | +133% |
What changed
Revenue was $138.3M in Q4 2025, down 23% year over year and up 6% from the previous quarter. Branded Spirits was the largest line at 46% of revenue.
Gross margin was 34.9%, down 6.3 points from a year earlier. Operating costs exceeded revenue by $135.2M, an operating margin of -97.7%. Operating expenses grew 75% against a revenue fall of 23%. The fastest-growing cost line was Other operating costs (+92%). The quarter ended with a net loss of $134.6M, after a profit of $15.4M the previous quarter.
Operating cash flow was $29.1M (up 1% year over year). Non-cash charges added back $6.3M of depreciation and amortization and $1.4M of share-based compensation. Working capital and other items added $156.1M. Capital expenditures of $4.8M left free cash flow of $24.3M.
Questions
What was MGP Ingredients' revenue in the fourth quarter 2025?
MGP Ingredients (MGPI) reported revenue of $138M for the fourth quarter 2025 (Q4 2025), -23% from a year earlier and +6% from the quarter before.
Was MGP Ingredients profitable in the fourth quarter 2025?
Operating loss was $135M (-97.7% of revenue) and net loss $135M.
Source: MGP Ingredients 10-K on SEC EDGAR.