Beyond Meat Q4 2025 Earnings Miss, Sales Slide

Beyond Meat (BYND) said in a press release on March 31, 2026, that its Q4 2025 earnings showed a wider-than-expected loss and falling sales. The company also disclosed material weaknesses in financial controls, delayed its annual report filing, and outlined a strategic rebrand.

Q4 Results and Profitability

Beyond Meat reported Q4 net revenue of $61.6 million, down 19.7% from the prior year, and full-year 2025 revenue of $275.5 million, down 15.6%, marking its weakest annual top line since going public. Adjusted diluted earnings per share (EPS) for the quarter was −$0.29, missing consensus estimates, while GAAP basic EPS was $0.84. The GAAP net income of $409.9 million included a $548.7 million non-cash gain from debt restructuring, masking an operating loss of $132.7 million and an adjusted EBITDA loss of $69.0 million for the quarter. For the full year, the company recorded an operating loss of $332.7 million and an adjusted EBITDA loss of $178.4 million; full-year basic EPS was $1.15, compared with −$2.43 a year earlier.

Gross profit for the quarter fell to $1.4 million, yielding a 2.3% gross margin compared with $10.0 million and 13.1% in the year-ago period. Full-year gross profit was $7.6 million, a 2.8% margin versus $41.7 million and 12.8% in 2024. Management reported a 22.4% volume decline across all channels, partially offset by a 3.5% increase in net revenue per pound.

By channel, U.S. retail revenue declined 6.5% to $31.7 million, with volumes down the same amount and pricing steady. U.S. foodservice fell 23.7% to $8.0 million as volumes dropped 25.1%. International retail revenue slid 32.5% to $8.8 million, with volumes down 33.5%, while international foodservice dropped 31.8% to $13.1 million on a 34.1% volume decline.

Non-operating charges for the quarter included a $2.4 million inventory-obsolescence provision related to SKU rationalization, $1.5 million in costs from ceasing China operations, and a $48.1 million write-down on assets held for sale. For the year, the company recorded a $51.3 million impairment of long-lived assets and a $38.9 million litigation-related accrual.

Management attributed the volume decline to weak demand in the plant-based category, reduced distribution, loss of a quick-service-restaurant chicken contract, and prior-year Canada stocking comparisons. Cost of goods sold per pound rose due to higher material costs and inventory provisions, partially offset by lower manufacturing and logistics expenses.

Material Weaknesses and Liquidity

Beyond Meat disclosed material weaknesses in financial controls in notices dated November 3, 2025, and March 25, 2026, and missed its annual report filing deadline.

As of December 31, 2025, the company held $217.5 million in cash and equivalents and $415.7 million in total debt. It reported that debt maturities had been extended and leverage reduced following the restructuring.

The company set Q1 2026 revenue guidance between $57 million and $59 million, citing an elevated level of uncertainty in its operating environment. It outlined strategic initiatives to stabilize revenue and restore margins, including rebranding as "Beyond The Plant Protein Company™," continuing SKU rationalization, and completing its exit from China operations. Ethan Brown, president and chief executive, said, "Our results for the fourth quarter of 2025 reflect ongoing headwinds in the plant-based meat category as well as the financial impact of several restructuring charges that, while costly, we believe will support the Company's path to sustainable operations."

Beyond Meat said the debt restructuring was complete and did not disclose any pending regulatory approvals or material contract terminations in its announcement.