Litigation, finance costs, and a $48.1m write-off of assets held for sale sent Beyond Meat’s losses soaring beyond its income in 2025.
The struggling US plant-based group – which in 2020-21 had been valued at around $10bn – made a loss from operations of $332.7m in the year to 31 December 2025.
Far outstripping the company’s $275.5m revenues, and representing an operating margin of –120.8%, the operating loss was up by nearly $180m from 2024.
Revenues fell 15.6% in the year, with the pace of decline consistent across US retail and foodservice channels. While international sales’ contraction was slower, it remained in double digits.
Beyond Meat made just $7.6m of gross profit, at a margin of 2.8%, compared with its $41.7m gross profit from a margin of 12.8% in 2024, and has downsized its offices.
Yet Beyond Meat CEO Ethan Brown said the company may turn a corner as it rebrands to become Beyond The Plant Protein Company.
Thanks to a $548.7m debt restructuring, the company turned a net profit of $219.9m in the year – and has extended repayment on its accumulated deficit of $1.3bn.
“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,” Brown said.
“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 stabilisation 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.”
Beyond Meat’s share price – following a brief spike in the wake of the announcement – has since fallen further to an all-time low of $0.58, putting the company at a valuation of $263.1m.
The company’s share price fell 78% in the 12 months to 8 April 2026. In five years, 99.6% of its value has been wiped out.
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