Summary of Beyond Meat full-year results
- Beyond Meat sees revenues fall sharply due to weak plant-based demand
- Company shifts strategy towards high protein drinks to diversify revenue
- Low consumer trust drives focus on certified clean label product lines
- Debt restructuring boosts reported income despite ongoing operational and sales challenges
- Beyond maintains plant based meat focus while accelerating broader category expansion
Beyond Meat, also known as Beyond, has throughout 2025 seen many of its struggles from previous years continue.
Its revenues have continued to plummet, as lack of consumer demand for plant-based meat has hit it hard.
The company is pushing ahead with repositioning into the high-protein drinks category, hoping diversification can go a ways towards shielding it from weak demand in plant-based.
Company not abandoning plant-based despite declining interest
The primary reason for the losses seen here is the low demand for plant-based meat.
According to CEO Ethan Brown, this lack of demand is largely driven by consumer scepticism around the products, which, he suggests, was not as strong several years ago.
Because of this, the company is focusing on its ‘clean label’ products, especially those that have been certified as such by non-profit The Clean Label Project.
Meanwhile, the company has axed several unprofitable products, says Brown. Last year, it ceased operations in China.
The company also gained $548.7m after restructuring its debt, allowing the company to report a net income of $219.9m compared to its net loss of $160.3m last year.
Company CFO Lubi Kutua predicts that net revenues for the first quarter of 2026 will be $57-59m. Because of the volatility of the plant-based category, he explains, he is unable to say more than this about the future.
The company will not abandon its original focus on plant-based meat, stresses CEO Brown. Plant-based meat still constitutes the vast majority of the business, and Brown predicts that interest in the category will eventually return.
Nevertheless, he says, “I’m not going to wait around for that”. The business’s diversification is underway.
“The headwinds are going to be here for a bit longer. It’s something we have to get outside the category to address”.
Beyond Meat full-year 2025 in numbers
- Net revenues were $275.5m, a year-over-year decrease of 15.6%
- Gross profit was $7.6m, or gross margin of 2.8%. Gross profit in the year-ago period was $41.7m, or gross margin of 12.8%
- Loss from operations was $332.7 million, meaning an operating margin of -120.8%
- Net income was $219.9m, compared to a net loss of $160.3m in the year-ago period.
Repositioning is underway
Beyond Meat has recently begun to undergo a repositioning, rebranding itself as simply ‘Beyond’ and announcing its foray into the high-protein drinks category.
The company is utilising its existing technology to move to categories which have greater traction among consumers, and high-protein drinks is one of them.
Brown expects that its high-protein drink product, Beyond Immerse, will be launched into retail soon. The drinks are currently available purely on a D2C basis, with the company working with consumers to work out how to improve the product.
Logistically, he predicts that the supply chain will be fairly similar in terms of ingredients, and that production of these drinks will be much easier than producing plant-based meat.
The company’s understanding of plant-based protein makes it well-placed to produce these drinks, he suggests. He also says that the company’s existing consumer base will give it an advantage over newer brands in the space.
It is too early to tell how successful Beyond’s repositioning will be. Yet the company’s struggles are far from over.
