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Zevia PBC (ZVIA) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 4, 2026 · Zevia PBC (ZVIA) Q3 2026 earnings results →
Q3 2026 Revenue up 18% year over year to $48.3M · 4¢ of every $1 of revenue lost · operating margin -4.5%
Zevia PBC made $48.3M in Q3 2026 (+18% Y/Y). Operating margin -4.5%, net loss $2.2M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 4, 2026.
Drawing the Sankey…
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What changed this quarter
Revenue was $48.3M in Q3 2026, up 18% year over year and up 7% from the previous quarter.
Gross margin was 46.4%, up 0.8 points from Q3 2025. Operating costs exceeded revenue by $2.2M, an operating margin of -4.5%. Operating expenses grew 14% against revenue growth of 18%. The fastest-growing cost line was Sales & marketing (+20%). The quarter ended with a net loss of $2.2M, narrower than the previous quarter's $2.9M loss. Minority interests bore $49K of it: to shareholders the quarter was a loss of $2.1M.
Operating cash flow was $1.5M (up 1206% year over year). Non-cash charges added back $163K of depreciation and amortization and $1.0M of share-based compensation. Working capital and other items added $2.5M. Capital expenditures of $169K left free cash flow of $1.3M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 4, 2026 | $48.3M | +18% | -4.5% | −$2.2M | $1.5M |
| Q2 2026 | 10-Q | Aug 5, 2026 | $45.0M | +1% | -6.4% | −$2.9M | $2.3M |
| Q1 2026 | 10-Q | May 6, 2026 | $46.1M | +21% | -5.1% | −$2.4M | $1.6M |
| Q4 2025 | 10-K | Feb 25, 2026 | $37.9M | -4% | -4.0% | −$1.3M | −$507K |
| Q3 2025 | 10-Q | Nov 5, 2025 | $40.8M | +12% | -7.0% | −$2.8M | $116K |
| Q2 2025 | 10-Q | Aug 6, 2025 | $44.5M | +10% | -2.3% | −$651K | −$1.4M |
| Q1 2025 | 10-Q | May 7, 2025 | $38.0M | -2% | -16.8% | −$6.4M | −$2.9M |
Charts
Interactive views
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Zevia PBC
Zevia PBC (“Zevia PBC”) was incorporated as a Delaware public benefit corporation on March 23, 2021, and prior to the consummation of the reorganization and initial public offering (“IPO”), did not conduct any activities other than those incidental to our formation and the IPO. In connection with the completion of the IPO on July 26, 2021, Zevia PBC became a holding company, and its sole material asset is a controlling equity interest in Zevia LLC, a Delaware limited liability company (“Zevia LLC”). As the sole managing member of Zevia LLC, Zevia PBC operates and controls all of the business and affairs of Zevia LLC and, through Zevia LLC, conducts its business. Subsequent to July 26, 2021, Zevia PBC consolidates the results of Zevia LLC with a non-controlling interest reflected for the portion of Zevia LLC not owned by Zevia PBC.
In its own words, from its 10-K, filed Feb 25, 2026.
Zevia PBC against its Bottled & Canned Soft Drinks & Carbonated Waters peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +18% against the peers' median +17%. Operating margin: -4.5% against the peers' median 17.7%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| ZVIA Zevia PBC | Q3 2026 | $48.3M | +18% | -4.5% |
| MNST Monster Beverage | Q3 2026 | $2.6B | +17% | 28.0% |
| COKE Coca-Cola Consolidated | Q3 2026 | $2.0B | +5% | 13.7% |
| CELH Celsius Holdings | Q3 2026 | $847M | +17% | 20.3% |
| FIZZ National Beverage | Q1 FY27 | $331M | 0% | 17.7% |
| REED Reed's | Q2 2026 | $7.5M | -21% | -54.3% |
Source: Zevia PBC 10-Q on SEC EDGAR · CIK 1854139 · Bottled & Canned Soft Drinks & Carbonated Waters
Guidance and outlook
13F: who owns ZVIA and who is buying
More on ZVIA
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results