Beyond Meat (BYND) 10-K Summary — Year Ended Dec 31, 2025
Beyond Meat reported a decline in annual revenue and a significant operating loss, though net income was positive due to a debt restructuring gain. The company continues to face operational challenges and liquidity concerns.
Key takeaway
Year ended Dec 31, 2025 · FY2025 10-K
Beyond Meat reported a decline in annual revenue and a significant operating loss, though net income was positive due to a debt restructuring gain. The company continues to face operational challenges and liquidity concerns.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$275.5M
Revenue reported for the fiscal year.
Operating income
-$333.6M
Income from operations reported for the year.
Net income
$219M
Net income reported for the year.
Operating cash flow
-$144.9M
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Dec 31, 2022 | $418.9M | -9.8% |
| Dec 31, 2023 | $343.4M | -18.0% |
| Dec 31, 2024 | $326.5M | -4.9% |
| Dec 31, 2025 | $275.5M | -15.6% |
Business overview
Beyond Meat produces plant-based meat alternatives, including burgers, sausages, and ground meat. The company sells to retail, foodservice, and alternative protein channels globally.
Financial performance
Annual revenue decreased compared to the prior year, and the company reported a large operating loss. Net income was positive, primarily due to a gain from a troubled debt restructuring that reduced outstanding debt.
Material risks
The company faces risks from declining demand for plant-based meat, intense competition, and potential supply chain disruptions. Additionally, its significant debt obligations and negative operating cash flow pose liquidity risks.
Liquidity and capital
Beyond Meat completed a debt exchange in October 2025, converting most of its 2027 Notes into new 2030 Notes and common stock, which was accounted for as a troubled debt restructuring. The company continues to rely on cash reserves and may need additional financing.
What to watch
Monitor the company's ability to generate positive operating cash flow and manage its remaining debt obligations.