Beyond Meat (BYND) Q4 2025 earnings summary

Executive summary

• Q4 2025 net revenues declined 19.7% year-over-year to $61.6 million, reflecting persistent weak demand in the plant-based meat category and lower product volumes.

• Major transformation initiatives included retiring most 2027 convertible debt, raising $149 million in cash, and right-sizing operations to improve margins.

• Significant non-routine charges, including asset write-downs, litigation accruals, inventory provisions, and China exit costs, heavily impacted reported results.

• Net income turned positive in Q4 due to a $548.7 million non-cash gain on debt restructuring, despite significant operating losses.

• The company is repositioning from Beyond Meat to Beyond, expanding into adjacent categories such as beverages with the launch of Beyond Immerse.

Financial highlights

• Q4 2025 net revenues: $61.6 million (down 19.7% YoY); full year: $275.5 million (down 15.6% YoY), driven by a 22.4% decrease in product volume.

• Gross margin dropped to 2.3% in Q4 and 2.8% for the year, impacted by non-cash charges and higher COGS per pound.

• Operating expenses rose to $134.2 million in Q4, mainly due to $48.1 million in asset write-downs, $38.9 million litigation accrual, and $13.3 million in stock compensation.

• Net income was $409.9 million in Q4 2025, compared to a net loss of $44.9 million in Q4 2024, reflecting a $548.7 million gain on debt restructuring.

• Adjusted EBITDA loss widened to $69 million in Q4 and $178.4 million for the year.

Outlook and guidance

• Q1 2026 net revenues are expected to be $57–$59 million, with continued uncertainty and low visibility in the core category.

• No annual gross margin guidance provided due to ongoing volatility and soft volumes in plant-based meat.

• Management is limiting forward guidance due to the uncertain operating environment.