Beyond Meat posted Q4 2025 revenue of $61.6M (down 19.7% YoY), missing consensus estimates of ~$62.8M. Adjusted EPS came in at -$0.29 to -$0.50 (depending on measure), far worse than the -$0.11 to -$0.14 forecast. Shares fell 11.6% the day after the report was released, then shed a total of 24% in March.
About Beyond Meat
Beyond Meat, Inc. (NASDAQ: BYND), also known as Beyond The Plant Protein Company, is a Los Angeles-based plant-based meat company founded in 2009 and headquartered in El Segundo, California. The company develops, manufactures, markets, and sells a portfolio of plant-based protein products including burgers, sausage, ground beef, jerky, meatballs, and chicken alternatives. Products are sold through mainstream grocery, mass merchandiser, club store, convenience store, and natural retailer channels, as well as foodservice outlets and restaurants, primarily in the United States with significant international distribution.
As of early April 2026, Beyond Meat’s market capitalization stood at approximately $267.7 million to $268.9 million, a dramatic decline from its peak valuation. The company currently has no dividend yield, does not carry a meaningful P/E ratio given persistent losses, and employs several hundred workers globally following multiple rounds of workforce reductions. Beyond Meat’s stock (BYND) has lost roughly 78% of its value during 2025 alone, trading near $0.60 per share in April 2026, down from a lifetime high near $196.
Top Financial Highlights
- Full-year 2025 net revenues totaled $275.5 million, a decrease of 15.6% year-over-year – the lowest annual revenue since the company’s IPO
- Q4 2025 net revenues reached $61.6 million, down 19.7% from $76.7 million in Q4 2024
- Q4 2025 gross profit collapsed to $1.4 million (gross margin of 2.3%), down sharply from $10.0 million (13.1% gross margin) in Q4 2024
- Full-year 2025 gross profit was $7.6 million at a margin of 2.8%, compared to $41.7 million and a margin of 12.8% in 2024
- Q4 2025 operating loss widened to -$132.7 million (-215% operating margin), versus -$37.8 million (-49.3%) in Q4 2024
- Full-year 2025 loss from operations reached -$333.6 million (-121.1% operating margin), up from -$156.1 million (-47.8%) in 2024
- Q4 2025 net income was $409.9 million, a turnaround from a -$44.9 million net loss in Q4 2024, driven entirely by a $548.7 million non-cash gain on debt restructuring
- Full-year 2025 net income was $219.0 million versus a net loss of -$160.3 million in 2024, again almost entirely due to the non-cash debt restructuring gain
- Diluted EPS for Q4 2025: -$0.28 to -$0.29, compared to a loss of -$0.65 in Q4 2024
- Adjusted EBITDA loss widened to -$69.9 million (-113.5% of revenues) in Q4 2025, versus -$26.0 million (-33.9%) in Q4 2024
- Cash and cash equivalents at end of Q4 2025: $217.5 million, reflecting the impact of the debt restructuring transaction
- Sales volumes fell 22.4% year-over-year in Q4 2025, primarily from weak quick-service restaurant (QSR) and category-wide demand
- Q1 2026 revenue guidance set at $57 to $59 million, well below analyst consensus of approximately $66.75 million
Beat or Miss?
| Metric | Reported | Estimated | Difference / Analysis |
| Q4 2025 Revenue | $61.6M | ~$62.77M | Miss by ~1.9%; down 19.7% YoY |
| Diluted EPS (Q4 2025) | -$0.29 | -$0.11 to -$0.14 | Miss by ~163%; wider loss than expected |
| Adjusted EPS (Q4 2025) | -$0.50 | -$0.10 | Miss significantly |
| Gross Margin (Q4 2025) | 2.3% | N/A | Down from 13.1% in Q4 2024 |
| Adjusted EBITDA (Q4 2025) | -$69.05M (-112% margin) | N/A (consensus not widely published) | 166% YoY decline |
| Q1 2026 Revenue Guidance | $57–59M midpoint | ~$66.75M | Below analyst expectations by ~14% |
| Full-Year 2025 Revenue | $275.5M | N/A | Down 15.6% YoY; lowest since IPO |
What Leadership Is Saying?
CEO Ethan Brown on Strategy and Vision:
“We entered a challenging year for our brand with an equally challenging quarter. Financial results for the fourth quarter 2025 reflect persistent weak demand in the plant-based meat category, resulting in lower volumes, the impact of which rippled throughout our P&L. This negative pressure was coupled with a number of significant non-routine charges, many of which, though not all, stem from our transformation activities.”
Brown has also emphasized the company’s rebranding to “Beyond The Plant Protein Company” and its strategic pivot to adjacent categories including the launch of the Beyond Immerse beverage platform, which reportedly sold out quickly and generated over 3 billion media impressions. He stressed that the move into beverages represents expansion, not abandonment of the core plant-based meat business.
CFO Lubi Kutua on Financials and Margins
“We expect net revenues to be approximately $57 million to $59 million [for Q1 2026]. Because of the volatility of the plant-based category, we are unable to provide more visibility beyond this near-term outlook.”
Kutua’s remarks at the earnings call focused on the non-routine charges that distorted reported results, including the $548.7 million non-cash debt restructuring gain, a $38.9 million litigation accrual, $51.3 million impairment of long-lived assets, and $49.0 million in write-downs of assets held for sale. He noted that when removing these non-cash and non-recurring items, run-rate operating expenses declined considerably year-over-year.
Historical Performance
Q4 2025 vs. Q4 2024 Comparison
| Category | Q4 2025 | Q4 2024 | Change (%) |
| Net Revenue | $61.6M | $76.7M | -19.70% |
| Gross Profit | $1.4M | $10.0M | -85.80% |
| Gross Margin | 2.3% | 13.1% | -1,080 bps |
| Operating Loss | -$132.7M | -$37.8M | +251% wider |
| Net Income / (Loss) | $409.9M | -$44.9M | Swing to profit (non-cash driven) |
| Adj. EBITDA Loss | -$69.9M | -$26.0M | -169% |
| Sales Volume Change | -22.4% | N/A | Significant acceleration of decline |
| Diluted EPS | -$0.28 to -$0.29 | -$0.65 | Narrower loss (debt gain effect) |
Full Year 2025 vs. Full Year 2024 Comparison
| Category | FY 2025 | FY 2024 | Change (%) |
| Net Revenue | $275.5M | $326.5M | -15.60% |
| Gross Profit | $7.6M | $41.7M | -81.80% |
| Gross Margin | 2.8% | 12.8% | -1,000 bps |
| Loss from Operations | -$333.6M | -$156.1M | +113.7% wider |
| Net Income / (Loss) | $219.0M | -$160.3M | Swing to profit (non-cash driven) |
| Adj. EBITDA Loss | -$179.3M | -$101.7M | -76.30% |
Competitor YoY Comparison
The following comparison uses available Q4 and full-year 2025 data for Beyond Meat’s closest publicly traded plant-based and alternative protein peers. Note that Tattooed Chef (TTCF) filed for bankruptcy and is now an OTC-traded shell; its most recent data is from 2023.
Q4 2025 vs. Q4 2024: Competitor Revenue Snapshot
| Company | Q4 2025 Revenue | Q4 2024 Revenue | Change (%) | Net Income / (Loss) Q4 2025 |
| Beyond Meat (BYND) | $61.6M | $76.7M | -19.70% | $409.9M (non-cash driven) |
| Oatly (OTLY) | $233.8M | $214.3M | 9.10% | Adj. EBITDA turned positive |
| Tattooed Chef (TTCFQ) | N/A (delisted) | N/A | N/A | N/A |
Full Year 2025 vs. Full Year 2024: Competitor Revenue Snapshot
| Company | FY 2025 Revenue | FY 2024 Revenue | Change (%) | Gross Margin FY 2025 |
| Beyond Meat (BYND) | $275.5M | $326.5M | -15.60% | 2.8% |
| Oatly (OTLY) | $862.5M | ~$823M (est.) | 4.70% | ~32% |
Oatly achieved its first full year of positive adjusted EBITDA in 2025, with revenue growth of 4.7% to $862.5 million and gross margin expanding to approximately 32%, underscoring how the two companies are on divergent trajectories. Oatly’s Q4 gross margin alone was 34.5%, compared to Beyond Meat’s 2.3% for the same period.
Segment Revenue Breakdown (Q4 2025)
| Segment | Q4 2025 Revenue | YoY Change | Volume Change |
| U.S. Retail | $31.7M | -6.5% | -6.5% |
| U.S. Foodservice | $8.0M | -23.7% | -25.1% |
| International Retail | $8.8M | -32.5% | -33.5% |
| International Foodservice | $13.1M | -31.8% | -34.10% |
U.S. Retail was the most resilient segment, held up by stable net revenue per pound despite trade discount pressure. International channels saw the steepest declines, with both retail and foodservice down over 30%, driven largely by reduced burger and chicken sales to QSR customers in the EU, Canada, and Asia. The cessation of China operations also contributed to elevated costs in Q4 and throughout 2025.
How the Market Reacted?
Beyond Meat’s stock closed at approximately $0.70 on the day of the earnings release (March 31, 2026), before tumbling 11.6% the following session on April 1 as investors digested the double miss on revenue and EPS alongside a weak Q1 2026 guidance range of $57 to $59 million. The stock had already lost 24% through the month of March due to a combination of the broader market selloff, delayed filing concerns, and the company’s disclosure of material weaknesses in internal controls over financial reporting.
Prior to the earnings release, some after-hours optimism briefly pushed the stock up 1.87%, suggesting initial relief at the debt restructuring news, but the bearish fundamentals quickly overwhelmed that sentiment the next trading day. As of April 10, 2026, BYND shares traded near $0.60, reflecting a cumulative year-to-date decline of approximately 29% and a loss of more than 82% over the trailing financial year.
