Revenue contraction and severe margin compression are evident, with gross margins sliding from a 43.6% peak in 2024Q2 to 31.6% in 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Jun'11 | Jun'10 | Jun'09 | Jun'08 | Jul'07 | Jun'06 | Jun'05 | Jun'04 | Jun'03 | Jun'02 | Jun'01 | Jun'00 | Jun'99 | Jun'98 | Jun'97 | Jun'96 |
|---|
| Sales/Revenue | 521.15M | 536.38M | 703.63M | 836.52M | 782.36M | 626.72M | 395.52M | 362.75M | 376.09M | 347.45M | 318.26M | 327.6M | 313.4M | 323.26M | 334.33M | 247.91M | 201.97M | 275.98M | 392.89M | 367.99M | 322.48M | 275.18M | 270.67M | 192.37M | 214.53M | 229.24M | 231.88M | 216.1M | 223.3M | 224.7M | 194.6M |
| Revenue Growth % | -20.4% | -23.77% | -15.89% | 6.92% | 24.83% | 58.45% | 9.04% | -3.55% | 8.24% | 9.17% | -2.85% | 4.53% | -3.05% | -3.31% | 34.86% | 22.75% | -26.82% | -29.76% | 6.77% | 14.11% | 17.19% | 1.66% | 40.7% | -10.33% | -6.42% | -1.14% | 7.3% | -3.22% | -0.62% | 15.47% | 7.93% |
| Cost of Goods Sold | 331.49M | 336.97M | 417.31M | 531.81M | 529.05M | 427.75M | 296.71M | 286.21M | 292.49M | 271.43M | 252.98M | 269.07M | 284.97M | 302.02M | 309.31M | 225.04M | 171.43M | 310.08M | 388.66M | 321.94M | 277.26M | 249.94M | 245.77M | 202.11M | 193.32M | 212.06M | 197.46M | 187M | 200.6M | 199.7M | 176.3M |
| COGS % of Revenue | - | 62.82% | 59.31% | 63.57% | 67.62% | 68.25% | 75.02% | 78.9% | 77.77% | 78.12% | 79.49% | 82.13% | 90.93% | 93.43% | 92.52% | 90.77% | 84.88% | 112.36% | 98.92% | 87.49% | 85.98% | 90.83% | 90.8% | 105.06% | 90.12% | 92.5% | 85.16% | 86.53% | 89.83% | 88.87% | 90.6% |
| Gross Profit | 189.66M | 199.41M | 286.32M | 304.71M | 253.31M | 198.97M | 98.81M | 76.53M | 83.6M | 76.02M | 65.28M | 58.53M | 28.43M | 21.24M | 25.02M | 22.88M | 30.54M | -34.1M | 4.23M | 46.05M | 45.21M | 25.24M | 24.91M | -9.74M | 21.2M | 17.18M | 34.42M | 29.1M | 22.7M | 25M | 18.3M |
| Gross Margin % | 36.39% | 37.18% | 40.69% | 36.43% | 32.38% | 31.75% | 24.98% | 21.1% | 22.23% | 21.88% | 20.51% | 17.87% | 9.07% | 6.57% | 7.48% | 9.23% | 15.12% | -12.36% | 1.08% | 12.51% | 14.02% | 9.17% | 9.2% | -5.06% | 9.88% | 7.5% | 14.84% | 13.47% | 10.17% | 11.13% | 9.4% |
| Gross Profit Growth % | - | -30.35% | -6.04% | 20.29% | 27.31% | 101.37% | 29.1% | -8.45% | 9.98% | 16.44% | 11.53% | 105.88% | 33.86% | -15.12% | 9.38% | -25.1% | 189.57% | -906% | -90.81% | 1.86% | 79.13% | 1.34% | 355.72% | -145.94% | 23.4% | -50.07% | 18.27% | 28.19% | -9.2% | 36.61% | -38.8% |
| Operating Expenses | 456.73M | 294.02M | 211.89M | 156.1M | 104.34M | 72.6M | 44.56M | 29.29M | 33.45M | 33.11M | 23.31M | 25.68M | 20.1M | 26.44M | 25.97M | 21.98M | 23.29M | 26.09M | 33.88M | 18.89M | 22.84M | 18.61M | 9.62M | -3.79M | 9.82M | 13.54M | 25.62M | 25.5M | 25.3M | 23.2M | 22.9M |
| OpEx % of Revenue | - | 54.82% | 30.11% | 18.66% | 13.34% | 11.58% | 11.27% | 8.07% | 8.89% | 9.53% | 7.32% | 7.84% | 6.41% | 8.18% | 7.77% | 8.87% | 11.53% | 9.46% | 8.62% | 5.13% | 7.08% | 6.76% | 3.55% | -1.97% | 4.58% | 5.91% | 11.05% | 11.8% | 11.33% | 10.32% | 11.77% |
| Selling, General & Admin | 113.78M | 115.9M | 121.9M | 129.61M | 104.34M | 88.93M | 44.56M | 29.29M | 33.45M | 33.11M | 26.69M | 25.68M | 20.1M | 26.2M | 26.54M | 21.16M | 20.71M | 21.4M | 24.23M | 20.32M | 23.81M | 19.32M | 20.34M | 13.62M | 14.69M | 13.54M | 12.11M | 11.9M | 11.4M | 9.2M | 9M |
| SG&A % of Revenue | - | 21.61% | 17.32% | 15.49% | 13.34% | 14.19% | 11.27% | 8.07% | 8.89% | 9.53% | 8.39% | 7.84% | 6.41% | 8.11% | 7.94% | 8.53% | 10.25% | 7.75% | 6.17% | 5.52% | 7.38% | 7.02% | 7.51% | 7.08% | 6.85% | 5.91% | 5.22% | 5.51% | 5.11% | 4.09% | 4.62% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 916K | 748K | 1.62M | 2.47M | 2.34M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | 0.29% | 0.23% | 0.52% | 0.76% | 0.7% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 178.12M | 89.99M | 26.49M | 0 | -16.32M | 0 | 0 | 0 | 0 | 3.38M | 0 | -1K | -236K | 2K | 826K | 2.58M | 4.69M | 9.65M | -1.43M | -968K | -707K | -10.72M | -17.4M | -4.87M | 0 | 13.52M | 13.6M | 13.9M | 14M | 13.9M |
| Operating Income | -267.07M | -94.61M | 74.43M | 148.61M | 148.97M | 126.36M | 54.24M | 47.24M | 50.15M | 42.91M | 41.98M | 32.85M | 16.62M | -5.2M | -944K | 645K | 7.25M | -79.01M | -29.65M | 27.16M | 22.37M | 6.63M | 15.29M | -5.95M | 11.38M | 3.64M | 8.79M | 3.6M | -2.6M | 1.8M | -4.6M |
| Operating Margin % | -51.25% | -17.64% | 10.58% | 17.77% | 19.04% | 20.16% | 13.71% | 13.02% | 13.33% | 12.35% | 13.19% | 10.03% | 5.3% | -1.61% | -0.28% | 0.26% | 3.59% | -28.63% | -7.55% | 7.38% | 6.94% | 2.41% | 5.65% | -3.09% | 5.3% | 1.59% | 3.79% | 1.67% | -1.16% | 0.8% | -2.36% |
| Operating Income Growth % | - | -227.13% | -49.92% | -0.24% | 17.89% | 132.97% | 14.82% | -5.79% | 16.87% | 2.23% | 27.78% | 97.67% | 419.66% | -450.74% | -246.36% | -91.11% | 109.18% | -166.47% | -209.17% | 21.41% | 237.41% | -56.63% | 356.77% | -152.32% | 212.78% | -58.63% | 144.25% | 238.46% | -244.44% | 139.13% | -143.4% |
| EBITDA | -248.79M | -70.53M | 96.42M | 170.73M | 170.42M | 145.46M | 67.2M | 58.81M | 61.51M | 54.22M | 53.23M | 45.23M | 28.94M | 6.81M | 10.62M | 9.49M | 15.89M | -67.06M | -14.48M | 41.63M | 35.02M | 22.64M | 30.48M | 8.4M | 25.69M | 17.27M | 22.31M | 17.2M | 11.3M | 15.8M | 9.3M |
| EBITDA Margin % | -47.74% | -13.15% | 13.7% | 20.41% | 21.78% | 23.21% | 16.99% | 16.21% | 16.36% | 15.6% | 16.72% | 13.81% | 9.24% | 2.11% | 3.18% | 3.83% | 7.87% | -24.3% | -3.69% | 11.31% | 10.86% | 8.23% | 11.26% | 4.37% | 11.97% | 7.53% | 9.62% | 7.96% | 5.06% | 7.03% | 4.78% |
| EBITDA Growth % | -506.21% | -173.15% | -43.53% | 0.18% | 17.16% | 116.44% | 14.26% | -4.38% | 13.45% | 1.86% | 17.68% | 56.27% | 325.02% | -35.9% | 11.97% | -40.27% | 123.69% | -363.2% | -134.78% | 18.85% | 54.72% | -25.74% | 262.92% | -67.3% | 48.78% | -22.61% | 29.7% | 52.21% | -28.48% | 69.89% | -51.81% |
| D&A (Non-Cash Add-back) | 18.28M | 24.09M | 21.99M | 22.11M | 21.45M | 19.09M | 12.96M | 11.57M | 11.36M | 11.31M | 11.25M | 12.38M | 12.32M | 12.01M | 11.57M | 8.84M | 8.63M | 11.95M | 15.17M | 14.47M | 12.65M | 16.01M | 15.2M | 14.35M | 14.31M | 13.63M | 13.52M | 13.6M | 13.9M | 14M | 13.9M |
| EBIT | -265.98M | -93.31M | 76.88M | 148.39M | 145.62M | 125.13M | 54.24M | 47.24M | 50.15M | 42.91M | 38.59M | 32.85M | 7.44M | -5.4M | 2.81M | 2.99M | -887K | 5.73M | -79.01M | -25.35M | 27.16M | 22.37M | 6.63M | 15.29M | -5.95M | 11.38M | 3.64M | 8.79M | 3.6M | -2.6M | 1.8M |
| Net Interest Income | -6.61M | -7.04M | -8.44M | -6.65M | -5.45M | -4.04M | -2.27M | -1.3M | -1.17M | -1.18M | -1.29M | -534K | -816K | -1.12M | -868K | 0 | -358K | -1.76M | -2.9M | -1.49M | -964K | -1.48M | -1.39M | -1.09M | 0 | -1.24M | -1.35M | 0 | 0 | 0 | -2.6M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 6.61M | 7.04M | 8.44M | 6.65M | 5.45M | 4.04M | 2.27M | 1.3M | 1.17M | 1.18M | 1.29M | 534K | 816K | 1.12M | 870K | 358K | 1.76M | 2.9M | 1.49M | 964K | 1.48M | 1.39M | 1.09M | 1.09M | 1.24M | 1.35M | 1.35M | 1.1M | 400K | 2.6M | 2.6M |
| Other Income/Expense | -5.57M | -5.74M | -5.98M | -6.87M | -8.79M | -5.27M | -1.64M | -1.3M | -1.17M | 9.85M | 2.74M | 5.57M | 9.32M | -1.32M | 2.89M | 1.47M | -1.89M | -3.29M | -2.9M | 6.06M | 5.32M | -1.34M | 362K | 362K | 14.47M | -1.01M | -4.4M | 4.48M | 4.7M | -1.1M | 4.8M |
| Pretax Income | -272.64M | -100.35M | 68.44M | 141.75M | 140.17M | 121.1M | 52.6M | 45.94M | 48.98M | 52.76M | 44.72M | 38.42M | 25.94M | -6.52M | 1.94M | -1.25M | 3.97M | -81.91M | -23.59M | 27.69M | 21.02M | 6.13M | 15.65M | 8.52M | 10.37M | 4.4M | 8.08M | 2.1M | -3.7M | 200K | -5.6M |
| Pretax Margin % | -52.31% | -18.71% | 9.73% | 16.94% | 17.92% | 19.32% | 13.3% | 12.66% | 13.02% | 15.18% | 14.05% | 11.73% | 8.28% | -2.02% | 0.58% | -0.5% | 1.97% | -29.68% | -6% | 7.52% | 6.52% | 2.23% | 5.78% | 4.43% | 4.83% | 1.92% | 3.49% | 0.97% | -1.66% | 0.09% | -2.88% |
| Income Tax | -33.05M | 7.48M | 33.98M | 34.62M | 31.3M | 30.28M | 12.26M | 7.14M | 11.7M | 10.94M | 13.53M | 12.23M | 2.27M | -714K | 318K | 68K | -4.77M | -12.79M | -11.85M | 9.99M | 7.03M | 2.12M | 6.18M | 3.37M | 4.11M | 1.74M | 3.19M | 800K | -1.5M | 100K | -2.2M |
| Effective Tax Rate % | 12.12% | -7.46% | 49.64% | 24.42% | 22.33% | 25% | 23.3% | 15.55% | 23.88% | 20.73% | 30.26% | 31.83% | 8.73% | 10.95% | 16.37% | -5.46% | -120.1% | 15.61% | 50.23% | 36.08% | 33.44% | 34.65% | 39.5% | 39.51% | 39.63% | 39.5% | 39.5% | 38.1% | 40.54% | 50% | 39.29% |
| Net Income | -239.59M | -107.81M | 34.66M | 107.47M | 109.46M | 91.31M | 40.34M | 38.79M | 37.28M | 41.82M | 31.18M | 26.19M | 23.68M | -4.93M | 1.62M | -1.31M | 8.74M | -69.12M | -11.74M | 17.7M | 13.99M | 4M | 9.47M | 5.15M | 6.26M | 2.66M | 4.89M | 1.3M | -2.2M | 100K | -3.4M |
| Net Margin % | -45.97% | -20.1% | 4.93% | 12.85% | 13.99% | 14.57% | 10.2% | 10.69% | 9.91% | 12.04% | 9.8% | 7.99% | 7.55% | -1.52% | 0.49% | -0.53% | 4.33% | -25.05% | -2.99% | 4.81% | 4.34% | 1.46% | 3.5% | 2.68% | 2.92% | 1.16% | 2.11% | 0.6% | -0.99% | 0.04% | -1.75% |
| Net Income Growth % | -2277.29% | -411.02% | -67.75% | -1.82% | 19.88% | 126.32% | 4% | 4.05% | -10.85% | 34.12% | 19.06% | 10.63% | 580.32% | -403.51% | 223.69% | -115.03% | 112.64% | -488.68% | -166.35% | 26.46% | 249.53% | -57.71% | 83.7% | -17.65% | 135.3% | -45.6% | 276.15% | 159.09% | -2300% | 102.94% | -203.03% |
| Net Income (Continuing) | -239.58M | -107.81M | 34.47M | 107.13M | 108.87M | 90.82M | 40.34M | 38.79M | 37.28M | 41.82M | 31.18M | 26.19M | 23.68M | -5.81M | 1.62M | 18.94M | -1.31M | 8.74M | -69.12M | -11.74M | 17.7M | 13.99M | 4M | 9.47M | 5.15M | 6.26M | 2.66M | 4.89M | 1.3M | -2.2M | 100K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 878K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -1.65M | -1.65M | -1.62M | -1.43M | -1.08M | -490K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -11.20 | -4.99 | 1.56 | 4.80 | 4.92 | 4.32 | 2.37 | 2.27 | 2.21 | 2.44 | 1.82 | 1.48 | 1.32 | -0.29 | 0.09 | -0.08 | 0.51 | -4.17 | -0.70 | 1.05 | 0.83 | 0.24 | 0.59 | 0.33 | 0.38 | 0.16 | 0.24 | 0.07 | -0.11 | 0.00 | -0.18 |
| EPS Growth % | -2575.56% | -419.87% | -67.5% | -2.44% | 13.89% | 82.28% | 4.41% | 2.71% | -9.43% | 34.07% | 22.97% | 12.12% | 555.17% | -422.22% | 214.65% | -115.39% | 112.23% | -495.71% | -166.67% | 26.51% | 245.83% | -59.32% | 78.79% | -13.16% | 137.5% | -33.33% | 269.23% | 159.09% | - | 102.44% | -205.88% |
| EPS (Basic) | - | -4.99 | 1.56 | 4.82 | 4.94 | 4.37 | 2.37 | 2.27 | 2.21 | 2.44 | 1.82 | 1.48 | 1.32 | -0.29 | 0.09 | -0.08 | 0.52 | -4.17 | -0.71 | 1.08 | 0.87 | 0.25 | 0.61 | 0.33 | 0.38 | 0.16 | 0.27 | 0.07 | -0.11 | 0.01 | -0.18 |
| Diluted Shares Outstanding | 21.39M | 21.36M | 22.02M | 22.17M | 22.05M | 20.98M | 16.94M | 17.01M | 16.87M | 16.75M | 16.64M | 17.12M | 17.31M | 17.07M | 16.95M | 16.73M | 17.08M | 16.59M | 16.77M | 16.86M | 16.86M | 16.36M | 16.05M | 15.62M | 16.3M | 16.63M | 20M | 20M | 20M | 22.5M | 19.43M |
| Basic Shares Outstanding | 21.39M | 21.36M | 22.02M | 22.06M | 22M | 20.72M | 16.94M | 17.01M | 16.87M | 16.75M | 16.64M | 17.12M | 17.31M | 17.07M | 16.95M | 16.73M | 16.66M | 16.59M | 16.54M | 16.39M | 16.11M | 15.97M | 15.52M | 15.62M | 16.26M | 16.63M | 18.11M | 20M | 19.13M | 20M | 19.43M |
| Dividend Payout Ratio | - | - | 30.67% | 9.93% | 9.73% | 10.97% | 20.29% | 17.67% | 14.75% | 41.56% | 6.63% | 4.15% | 3.83% | - | 56.28% | - | 10.2% | - | - | 23.92% | 35.98% | 61.99% | 25.68% | 22.27% | - | 45.9% | 17.48% | - | - | - | - |
Structural margin erosion risk
According to recent financial disclosures, MGPI has experienced a persistent decline in top-line performance, with revenue falling 12.5% year-over-year in 2026Q1, marking a multi-quarter trend of contraction that reflects significant headwinds in both the distillery and branded spirits segments as market demand shifts.
The consistent double-digit revenue declines suggest that the company is struggling to maintain volume in its core distillery products while the branded spirits segment faces a cooling consumer environment. Investors should monitor whether this contraction is a temporary byproduct of exiting lower-margin industrial alcohol or a more concerning loss of market share in the premium whiskey category.
As reported in quarterly filings, gross margins have faced downward pressure, sliding from a peak of 43.6% in 2024Q2 to 31.6% in 2026Q1, indicating that the company's ability to command premium pricing for its aged spirits is being challenged by rising input costs and competitive market dynamics.
The erosion of gross margins suggests that the company's pricing power may be insufficient to offset the volatility in agricultural commodity costs. This trend warrants further investigation into whether the current product mix is shifting toward lower-margin offerings or if the company is being forced to discount inventory to clear excess capacity.
Based on the company's recent income statements, operating leverage has collapsed, with operating margins plummeting to -162.7% in 2026Q1, a stark reversal from the positive double-digit margins observed in previous periods, driven by significant non-cash charges and an inability to scale SG&A expenses against declining revenue.
The dramatic swing into negative operating territory implies that the company's fixed cost base, particularly related to its massive distillery infrastructure, is becoming a heavy burden during this period of revenue decline. The lack of operating efficiency suggests that management may need to undertake aggressive restructuring to align its cost structure with the current, lower-volume reality.
Financial statements reveal that net income has been severely impacted by large, non-recurring charges, resulting in a net margin of -126.7% in 2026Q1, which obscures the underlying cash-generating capability of the core spirits business and complicates the assessment of normalized earnings power for the firm.
The extreme volatility in net income, characterized by massive quarterly losses, appears to be driven by accounting impairments rather than purely operational cash outflows. Analysts should look past these headline figures to determine if the core business remains fundamentally viable or if these charges represent a permanent write-down of overvalued assets acquired during the Luxco integration.
Data from recent filings suggests that the company's pivot to branded spirits may be failing to provide the expected margin stability, as evidenced by the sharp decline in profitability metrics that contradicts the narrative of a higher-margin, brand-led business model for the long-term future.
Short-sellers may focus on the potential for a 'whiskey glut' where the company's massive inventory of aged barrels becomes a liability rather than an asset if market demand for premium spirits continues to soften. The current financial profile suggests that the company is highly vulnerable to a prolonged downturn in the spirits industry, which could force further asset impairments.
Quick answers to the most common questions about buying MGPI stock.
For fiscal year 2025, MGP Ingredients, Inc. (MGPI) reported total revenue of $536.4M. This represents a 175.6% increase compared to $194.6M in 1996.
MGP Ingredients, Inc. (MGPI) reported a net loss of $107.8M for the fiscal year ending 2025.
MGP Ingredients, Inc. (MGPI) reported an operating income of $-94.6M, resulting in an operating profit margin of -17.6%. This margin reflects the operational efficiency of the business before interest and taxes.
MGP Ingredients, Inc. (MGPI) generated $199.4M in gross profit for the year, representing a gross profit margin of 37.2%. This demonstrates the company's core pricing power and production efficiency.