B&G Foods (BGS) Q4 2025 earnings summary

Executive summary

• Completed major portfolio reshaping with the divestiture of Green Giant U.S. Frozen, Don Pepino, Le Sueur U.S., and pending sale of Green Giant Canada, alongside the acquisition of College Inn and Kitchen Basics broth brands.

• Q4 2025 net sales declined 2.2% year-over-year to $539.6 million, primarily due to divestitures, while base business net sales rose 0.8%.

• Full year 2025 net sales were $1.829 billion, with a net loss of $43.3 million, adjusted net income of $41.3 million, and adjusted EBITDA of $272.2 million.

• Net loss for Q4 2025 was $15.2 million, a significant improvement from a $222.4 million loss in Q4 2024, mainly due to lower impairment charges.

• The company is focused on simplifying its portfolio, increasing margins, and reducing leverage.

Financial highlights

• Q4 2025 net sales were $539.6 million, down 2.2% year-over-year, primarily due to divestitures.

• Q4 adjusted EBITDA was $84.7 million (15.7% of net sales), slightly down from $86.1 million last year; full year adjusted EBITDA was $272.2 million, down 7.9%.

• Q4 2025 adjusted diluted EPS was $0.28, down 9.7% year-over-year; full year adjusted diluted EPS was $0.51, down 27.1%.

• Gross profit margin improved to 22.7% in Q4 2025 from 21.5% in Q4 2024; full year gross profit margin was 21.8%.

• Net cash from operating activities in Q4 2025 was $95.4 million, up from $80.3 million in Q4 2024.

Outlook and guidance

• FY 2026 guidance: net sales of $1.655–$1.695 billion, adjusted EBITDA of $265–$275 million, and adjusted EBITDA margin of 16–16.5%.

• Adjusted diluted EPS expected in the range of $0.55–$0.65.

• Guidance reflects one fewer reporting week, recent divestitures, and excludes pending Green Giant Canada divestiture and College Inn/Kitchen Basics acquisition.

• Base business net sales expected to improve by 0.4% year-over-year; Q1 2026 off to a strong start with 4% growth through February.

• Guidance does not fully reflect potential impacts of tariffs or retaliatory trade actions.