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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.
Oatly Group
Oatly Group (OTLY) investor relations material
Oatly Group 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 revenue was $243.1M, up 9.1% reported and 8.9% in constant currency; Adjusted EBITDA rose $6.3M YoY to $9.4M.
Europe & International and North America grew, while Greater China declined; FY26 revenue guidance was maintained and Adjusted EBITDA guidance reduced.
Growth initiatives included Fiber beverages, expanded distribution and product innovation; margin protection remained a priority amid cost volatility.
Financial highlights
Q3 revenue of $243.1M grew 9.1% reported and 8.9% in constant currency; volume contributed 4.2%, price/mix 4.7% and FX 0.2%.
Gross profit was $83.0M versus $66.3M; gross margin increased 436 bps YoY to 34.1%.
Adjusted EBITDA was $9.4M, up $6.3M YoY; $16.6M higher gross profit was partly offset by $10.3M higher SG&A and other costs.
Q3 free cash flow was an $18.4M outflow versus $5.4M; 9M revenue reached $711.5M, up 13.2% reported, and 9M Adjusted EBITDA was $14.8M.
Outlook and guidance
FY26 constant-currency revenue growth guidance remained 8%–10%; current exchange rates implied a 200–250 bps benefit to reported sales.
FY26 Adjusted EBITDA guidance was reduced from $25M–$35M to $16M–$20M, reflecting faster North American fuel and freight inflation.
FY26 capex guidance remained $20M–$30M; full-year free cash flow was expected to remain negative.
Q4 cash flow was expected to improve sequentially and YoY as CapEx timing, innovation inventory and payables normalize.
Incremental U.S. pricing takes effect in Q1 2027; European pricing was under review.
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Latest events from Oatly Group
- Q2 2026 revenue up 15.2%, margin improved, and guidance raised amid ongoing cost pressures.OTLY
Q2 2026 - All AGM proposals passed, with new board leadership and focus on profitable, sustainable growth.OTLYAGM 2026
- Revenue up 15.6%, margin expanded, and 2026 guidance reaffirmed despite cost headwinds.OTLYQ1 2026
- Profitable growth in 2025 with higher margins, positive adjusted EBITDA, and strong 2026 outlook.OTLYQ4 2025
- Resale of 2.76M ADSs by convertible note holders, no new capital raised, sustainability focus.OTLYRegistration Filing
- Q3 revenue up 10.9%, all segments posted positive Adjusted EBITDA, and margins expanded.OTLYQ3 2024
- Q2 revenue up 3.2%, gross margin rose 10pp, and adjusted EBITDA loss narrowed by $41.5M.OTLYQ2 2024
- Q1 2025 gross margin rose to 31.6% and net loss narrowed, with guidance reaffirmed.OTLYQ1 2025
- 2025 is expected to be the first full year of profitable growth, driven by margin gains.OTLYQ4 2024
Next Oatly Group earnings date
Q4 202610 Feb, 2027
Oatly Group
Next Oatly Group earnings date
Q4 202610 Feb, 2027
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Frequently asked questions
Are oats replacing traditional dairy products?
Oatly Group AB is a Swedish producer of oat-based products on a mission to provide the world with healthy and sustainable oat substitutes for cow milk.
Oatly supplies their products globally and are the world’s leading company producing oat milk. They have an impressive financial track record during the latest years, with 2017 as a great example. That year, Oatly reported revenues of about $140 million, an increase of 30 percent in sales from the previous year. They say the performance is due to the focus on developing innovative products that meet modern customers' needs and trends.
Profiting from the vegan trend
Oatly have absolutely been capitalizing on the increased demand for vegan and vegetarian products. The plant-based milk substitutes grew worldwide from 3.7 billion kilograms in 2013 to 6.3 billion in 2020. And the Guardian (2021) estimates that there are 79 million vegans worldwide and expects this number to increase in the upcoming several years.
Oatly’s growth recipe—their innovation power
Except for the growing trend of plant-based products, Oatly’s innovative ability has been a winning factor in their growth. Oatly have been investing massively in developing new products, like the plant-based ice cream that got overwhelming reviews. The company is associated with sustainability, yet another success for their brand.
Founded in Sweden, 1994
The Swedish brothers Björn Öste and Rickard Öste founded Oatly in 1994 and fought to create a market out of planted-based products–a market that actually was not invented yet. Once, when they approached one of the big dairy companies in Sweden with an MVP of their product, they were rejected and told it was “unsellable.” That rebuff, of course, pushed them even more to make Oatley a success. So, with three successive years of triple-digit annual growth before their IPO in 2021, it's reasonable to argue that plant-based foods are here to stay.