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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
MGP Ingredients
MGP Ingredients (MGPI) investor relations material
MGP Ingredients Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary28 Oct, 2026
Executive summary
Q3 sales were $117.9M, down 10% YoY; adjusted EBITDA of $21.5M and adjusted basic EPS of $0.39 declined YoY but beat expectations, and FY2026 guidance was reaffirmed.
Cost discipline, strategic-roadmap execution and $31.9M of Q3 operating cash flow supported results; debt declined $28.4M in the quarter.
Penelope sales grew 12% and Ingredient Solutions sales rose 5%, partly offsetting weakness in Distilling Solutions amid industry oversupply.
Financial highlights
Gross profit was $40.5M, down 18% YoY; gross margin fell 350 bps to 34.3%, pressured by higher Ingredient Solutions waste-starch costs, Branded Spirits costs and lower brown-goods volumes.
GAAP net income was $6.9M versus $15.4M; adjusted net income was $8.6M. GAAP EPS was $0.32 versus $0.71; adjusted EPS was $0.39 versus $0.85.
Adjusted EBITDA was $21.5M, down 33% YoY; adjusted operating income was $14.0M, down 44%. Advertising and promotion expense fell 4% to $6.4M.
YTD net loss was $115.9M, including $180.8M in impairment and other charges; adjusted net income was $27.7M and adjusted EPS was $1.29.
YTD sales declined 12% to $348.7M and gross profit fell 20% to $120.5M; SG&A was down 1% to $62.8M.
Outlook and guidance
FY2026 guidance remains sales of $480M-$500M, adjusted EBITDA of $90M-$98M and adjusted basic EPS of $1.50-$1.80 on ~21.4M weighted-average basic shares.
FY operating cash flow is expected at $50M-$55M and free cash flow at $30M-$35M, excluding the Penelope earnout payment; Q4 is expected to be stronger than Q3.
Segment outlook: Branded Spirits sales down mid-single digits, Premium Plus up low-single digits; Distilling Solutions sales down ~35% and gross profit down ~40%; Ingredient Solutions sales of $140M-$150M with high-single to low-double-digit gross margins.
FY net whiskey put-away estimate is $13M-$18M; capital expenditures are expected at ~$20M, primarily for facility improvement, sustenance and EHS projects.
Expected effective tax rate is ~23%; interest expense is expected at ~$12M, with Q4 sequentially higher than Q3.
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Latest events from MGP Ingredients
- Record FY23 gross profit and broad segment growth underpin FY24 adjusted EBITDA growth guidance.MGPI
Q4 2023 - Q2 2026 sales fell 15%, but premium brands and cost controls drove solid adjusted results.MGPIQ2 2026
- Q1 2026 sales fell 13% with a $134.8M net loss, but guidance and liquidity remain strong.MGPIQ1 2026
- Annual meeting to vote on directors, auditor, executive pay, and expanded equity plan.MGPIProxy filing
- 2025 saw steep profit declines from impairment and weak brown goods, but cash flow hit a record.MGPIQ4 2025
- Q2 2025 sales and net income fell, but Premium Plus spirits and cash flow remained strong.MGPIQ2 2025
- Premium spirits growth and record margins offset Atchison closure; outlook reaffirmed.MGPIQ2 2024
- Sales fell 29% and profits declined, but guidance was reaffirmed and liquidity strengthened.MGPIQ1 2025
- 2025 outlook signals branded spirits-led growth amid whiskey headwinds and cost reductions.MGPIQ4 2024
Next MGP Ingredients earnings date
Q4 202625 Feb, 2027
MGP Ingredients
Next MGP Ingredients earnings date
Q4 202625 Feb, 2027
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Frequently asked questions
MGP Ingredients Inc produces distilled spirits and specialty wheat-based ingredients. The company supplies branded and contract spirits to beverage companies and also manufactures proteins and starches for food applications. It serves customers across the food and beverage industries. The company is headquartered in Atchison, Kansas, and its shares are listed on the NASDAQ.