Beyond Meat, Inc. stock research
FY2025 Q4
Beyond Meat (BYND) Gross Margin — Quarter Ended Dec 31, 2025
Revenue and gross profit both declined compared to the prior quarter and the same quarter last year, while cost of revenue decreased less proportionally, resulting in a negative gross margin. The gross margin weakened significantly from positive levels in both comparison periods.
Gross margin takeaway
Quarter ended Dec 31, 2025 · FY2025 Q4
Revenue and gross profit both declined compared to the prior quarter and the same quarter last year, while cost of revenue decreased less proportionally, resulting in a negative gross margin. The gross margin weakened significantly from positive levels in both comparison periods.
- The primary observable driver is the relationship between revenue and cost of revenue: revenue fell while cost of revenue remained relatively elevated, compressing gross profit into negative territory.
- Compared to the immediately preceding quarter, gross margin shifted from positive to negative, driven by lower revenue and higher cost of revenue. Versus the same quarter one year earlier, gross margin also declined from a positive level, with revenue lower and cost of revenue slightly higher.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
-11.5%
Gross profit
-$7.1M
Revenue
$61.6M
Cost of revenue
$68.7M
Quarter-over-quarter change
-21.8 pts
Year-over-year change
-24.6 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Mar 29, 2025 | $68.7M | -$6.9M | $75.7M | -10.1% |
| Jun 28, 2025 | $75.0M | $8.6M | $66.4M | 11.5% |
| Sep 27, 2025 | $70.2M | $7.2M | $63.0M | 10.3% |
| Dec 31, 2025 | $61.6M | -$7.1M | $68.7M | -11.5% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Sep 27, 2025
-21.8 pts
Year-over-year change
Dec 31, 2024
-24.6 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The primary observable driver is the relationship between revenue and cost of revenue: revenue fell while cost of revenue remained relatively elevated, compressing gross profit into negative territory.
Compared to the immediately preceding quarter, gross margin shifted from positive to negative, driven by lower revenue and higher cost of revenue. Versus the same quarter one year earlier, gross margin also declined from a positive level, with revenue lower and cost of revenue slightly higher.
Monitor the trajectory of cost of revenue relative to revenue, as its slower decline was the key factor in the margin deterioration.