Every 10-Q that MGP Ingredients Inc (MGPI) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow MGPI and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full MGPI filings page.
MGP Ingredients reported a sharp quarterly loss driven by major write-downs in its branded spirits business. Sales for the quarter ended March 31, 2026 fell 13% to $106.4M, as brown goods revenue in Distilling Solutions dropped 56% on softer customer demand and elevated industry barrel inventories.
Gross margin declined to 31.6% from 35.6%. The company recorded $179.5M of goodwill and other long-lived asset impairment in Branded Spirits, pushing operating results to a loss of $173.2M and net loss to $134.8M (or $(6.30) per share), compared with a $3.1M loss a year ago.
Ingredient Solutions was a bright spot, with sales up 29% to $34.2M and gross profit up 56%, helped by stronger specialty wheat proteins and starches. Operating cash flow declined to $7.0M, but MGP ended the quarter with $10.4M in cash, $252.5M of total debt, and significant unused capacity on its revolving credit facility and note purchase program.
MGP Ingredients (MGPI) reported weaker Q3 2025 results. Sales were $130.9 million, down 19% year over year, with gross margin at 37.8%. Operating income fell to $21.0 million and diluted EPS was $0.71.
Distilling Solutions drove the decline, with sales of $40.9 million, down 43% on lower brown goods. Branded Spirits slipped 3% to $60.7 million as value tiers softened, partly offset by growth in premium plus. Ingredient Solutions rose 9% to $29.3 million on stronger specialty wheat proteins and starches.
Year to date, sales fell 24% to $398.1 million, operating income decreased 61% to $40.6 million, and EPS was $1.24. Operating cash flow strengthened to $92.4 million year to date, supporting capex of $40.7 million and net debt reduction. The company amended and restated its revolver to $500 million maturing in 2030, with $57 million drawn and $443 million available at quarter end.
The contingent consideration tied to the Penelope acquisition increased to $110.8 million after achieving the maximum net sales target; payment is due in the first half of 2026.
MGP Ingredients (MGPI) posted a sharp earnings contraction in Q2 25. Net sales fell 24 % YoY to $145.5 M as the core Distilling Solutions unit plunged 46 % on weaker brown-goods demand; Branded Spirits slipped 5 %, while Ingredient Solutions rose 5 %. Gross margin compressed 350 bp to 40.1 %, and operating income dropped 53 % to $20.3 M, pressured by an $8 M non-cash increase in Penelope Bourbon earn-out liability. Net income attributable to MGPI slid 55 % to $14.4 M ($0.67 EPS).
For the first six months, revenue declined 26 % to $267.1 M and EPS tumbled 78 % to $0.53 as operating income contracted 73 % and the effective tax rate rose to 30.5 %. Operating cash flow improved to $56.4 M (vs $29.6 M) but cash on hand decreased to $17.3 M after $32.2 M capex and $33.1 M net debt repayment.
Balance-sheet highlights: inventory expanded 4 % to $379.7 M, current contingent consideration jumped to $108 M, and total debt declined to $305.3 M. The company refinanced its revolver, boosting capacity to $500 M and extending maturity to 2030. A $0.12 dividend was declared (payable 8/29/25).
Key takeaways: 1) Distilling Solutions weakness is driving overall profit erosion; 2) cost discipline trimmed ad spend 41 %, partly offsetting margin loss; 3) increased earn-out liability signals strong Penelope sales but weighs on GAAP earnings; 4) liquidity remains solid with expanded credit lines, though rising inventories and litigation risk merit monitoring.