Beyond Meat reported third‑quarter 2025 revenue of $70.2 million, a 13.3% decline from the $81.0 million earned in the same quarter last year. The figure still surpassed the consensus estimate of roughly $68.9 million, a beat of about $1.3 million or 1.9%. The revenue gain was driven by a 4% increase in U.S. retail sales, offsetting a 12% drop in international food‑service volumes that reflected reduced restaurant orders.
The company posted a net loss of $110.7 million, up from a $95.5 million loss in Q3 2024. Adjusted earnings per share were $-0.47, missing the consensus range of $-0.39 to $-0.43 by $0.04. The miss was largely attributable to a $77.4 million impairment charge on long‑lived assets and higher cost of goods sold per pound, which eroded profitability even as revenue beat expectations.
Gross margin contracted to 10.3% from 17.7% in the prior year, a decline of 7.4 percentage points. The compression resulted from a shift toward lower‑margin product mixes, higher raw‑material costs, and increased trade discounts in the U.S. retail channel. The company’s cost‑control initiatives were insufficient to offset the volume‑deleveraging effect.
Management guided fourth‑quarter net revenue to $60 million–$65 million, below the analyst consensus of $70.3 million–$71.0 million. The lower outlook signals continued concern about category softness, reduced distribution points, and the impact of competitive pricing pressure. The guidance also reflects the company’s focus on liquidity, as it has drawn $40 million from a delayed‑draw term loan and completed a $151.7 million at‑the‑market equity offering.
Segment analysis shows U.S. retail revenue rose 4% to $35.6 million, while U.S. food‑service revenue fell 9% to $22.1 million. International retail revenue declined 15% to $12.3 million, and international food‑service revenue dropped 18% to $10.5 million. The mixed performance highlights the company’s vulnerability to restaurant demand and the need to strengthen its retail distribution network.
CEO Ethan Brown emphasized that the company is executing a “fundamental reset” to achieve EBITDA‑positive operations by the second half of 2026. He noted that the Q3 results reflect ongoing category headwinds and higher operating expenses, but that the balance‑sheet improvements and cost‑reduction program provide a foundation for future turnaround. Market reaction was negative, driven by the missed EPS, weak Q4 guidance, and continued revenue decline, underscoring investor concern about the company’s near‑term prospects.
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