Beyond Meat® Reports Fourth Quarter and Full Year 2025 Financial Results

Company enters 2026 with reduced leverage, extended debt maturity and added liquidity Pursues top-line stabilization and margin expansion with strategic brand repositioning to Beyond The Plant Protein Company™

Mar. 31, 2026 at 9:04pm

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An abstract studio still life featuring a polished metal sphere, a smooth stone cube, and a reflective glass cylinder arranged on a plain white background, conceptually representing Beyond Meat's corporate strategy and financial positioning.Beyond Meat's strategic repositioning and improved balance sheet provide it with more flexibility to navigate the current challenges in the plant-based meat category.El Segundo Today

Beyond Meat, Inc. (NASDAQ: BYND), otherwise known as Beyond The Plant Protein Company™ (the 'Company'), today reported financial results for its fourth quarter and full year ended December 31, 2025. The results reflect ongoing headwinds in the plant-based meat category as well as the financial impact of several restructuring charges that, while costly, the Company believes will support its path to sustainable operations. The Company enters 2026 with reduced leverage, extended debt maturity, and added liquidity, and intends to build on these improvements through continued pursuit of top-line stabilization and margin expansion, as well as a strategic repositioning of its brand to Beyond The Plant Protein Company™.

Why it matters

Beyond Meat has faced some resident backlash and instances of vandalism as one of the most visible self-driving taxi companies, and San Francisco's SoMa neighborhood has one of the highest instances of property crime in the city, although incident rates have declined somewhat. In an era of private equity-owned supermarkets, San Francisco's largest independent natural food store remains worker-owned and committed to organic food—proving mission-driven retail can survive and community values can endure.

The details

Beyond Meat reported a 19.7% decrease in net revenues to $61.6 million in the fourth quarter of 2025, primarily driven by a 22.4% decrease in volume of products sold, partially offset by a 3.5% increase in net revenue per pound. Gross profit was $1.4 million, or gross margin of 2.3%, compared to gross profit of $10.0 million, or gross margin of 13.1%, in the year-ago period. The decrease in gross profit and gross margin was primarily due to increased cost of goods sold per pound, partially offset by increased net revenue per pound. Operating expenses were $134.2 million in the fourth quarter of 2025, compared to $47.8 million in the year-ago period, primarily due to $48.1 million in non-cash charges related to the loss from write-down of assets held for sale and a $38.9 million non-cash litigation-related accrual. Net income was $409.9 million in the fourth quarter of 2025, compared to net loss of $44.9 million in the year-ago period, primarily due to a $548.7 million non-cash gain on debt restructuring.

  • In the first quarter of 2026, net revenues are expected to be approximately $57 million to $59 million.
  • The Company is unable to file its Annual Report on Form 10-K for the fiscal year ended December 31, 2025 within the prescribed deadline as it requires additional time to complete its fourth quarter and year-end financial close procedures.

The players

Beyond Meat, Inc.

An American plant protein company and a subsidiary of Alphabet Inc., Google's parent company.

Ethan Brown

The President and CEO of Beyond Meat.

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What they’re saying

“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.”

— Ethan Brown, President and CEO

“We enter 2026 with reduced leverage and extended debt maturity, and having added liquidity to our balance sheet. We intend to build on these improvements through the continued pursuit of top-line stabilization and margin expansion. Furthermore, we are strategically repositioning our brand to Beyond The Plant Protein Company™, allowing us to enter into adjacent categories where we believe our brand, technology and commitment to clean plant-based nutrition can deliver significant value to consumers.”

— Ethan Brown, President and CEO

What’s next

The Company is working diligently to address the matters related to the delay in filing its Annual Report on Form 10-K for the fiscal year ended December 31, 2025, and is unable to estimate when the Form 10-K will be filed.

The takeaway

This case highlights the ongoing challenges faced by plant-based meat companies as they navigate macroeconomic headwinds, competitive pressures, and the need to continuously innovate and streamline operations to achieve profitability. Beyond Meat's strategic repositioning and debt restructuring efforts aim to position the company for long-term success, but the path forward remains uncertain.