Beyond Meat, Inc.

beyondmeat.com

What Do They Do?

Sells plant-based meat products and other plant-based foods and beverages to retailers, foodservice businesses and consumers.

How Do They Make Money?

Beyond Meat sells plant-based products to distributors and customers at agreed prices; buyers pay under terms that vary by customer, location and product, with the time from invoicing to payment due not significant.

FY2025 revenue

Who Are Their Customers?

Retailers and foodservice businesses, including restaurants and schools, buy through distributors or directly when they handle their own distribution; consumers can also buy limited-time products through Beyond Test Kitchen.

Customers above 10% of revenue, FY2025

of revenue from one customer

FY2023: 12% from one customer

Do Revenues Turn Into Profits?

Yes. It kept 80 cents of every revenue dollar as net income in FY2025, but spent more cash than it brought in: free cash flow was −$157.2M.

Operating income, FY2025

−121% of revenue

▲ +114% (Loss) vs FY2024 (−$156.1M, −48%)

Net income, FY2025

80% of revenue

▲ Now profitable vs FY2024 (−$160.3M, −49%)

Free cash flow, FY2025

−57% of revenue

▲ +43% (Loss) vs FY2024 (−$109.8M, −34%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 27, 2026

Revenue: ▼ −8%; vs $75M in Q2 FY2025
Net income: ▲ Now profitable; vs −$31.8M in Q2 FY2025

Shrinking. Revenue fell 41% in 4 years, from $464.7M in FY2021 to $275.5M in FY2025, about 12% a year.

Broader product range The older report describes plant-based meat products; the latest report also describes plant-based foods and beverages, including ready-to-heat meals and a protein drink.

Direct-to-consumer channel The older report describes shipments through distributors or directly to customers; the latest adds Beyond Test Kitchen, where consumers get early access to new products and provide feedback.

Who Do They Compete With?

Competes with Cargill, Hormel Foods, JBS, Perdue Foods, Tyson Foods, Kraft Heinz, Maple Leaf Foods, Conagra, Hungry Planet, Impossible Foods, Mars, Dr. Praeger’s Sensible Foods, Nasoya Foods USA, Daring Foods, Moving Mountains, OmniFoods, Tofurky, Nestlé, Quorn, and Meati

Comments