Beyond Meat Q2 revenue falls, but beats estimates
BYND•Outlook
- Beyond Meat expects Q3 net revenues of $60 mln to $65 mln
- Company says elevated uncertainty and volatility may impact actual results
- Beyond Meat is limiting outlook to net revenues due to uncertain conditions
Result drivers
- Weak U.S. demand - Co said lower sales volumes in U.S. retail and foodservice channels were driven by weak category demand and reduced points of distribution
- International retail growth - Higher sales of burger and chicken products in Europe and the UK, and ground beef in Canada, drove international retail revenue increase
- Higher costs - Gross margin was negatively affected by increased materials and manufacturing costs, including expenses from ceasing China operations
Key details and analyst coverage
| Metric | Beat/Miss | Actual | Consensus Estimate |
|---|---|---|---|
| Q2 Revenue | Beat | $68.83 mln | $62.42 mln (3 Analysts) |
| Q2 Loss Per Share | $0.06 | ||
| Q2 Gross Margin | 8.50% |
- The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 1 "strong buy" or "buy", 2 "hold" and 3 "sell" or "strong sell"
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