Willamette Valley Vineyards (NASDAQ: WVVI) is an Oregon-based winery that grows, produces, and sells wine primarily under its estate vineyard brands. Revenue comes from three channels: direct-to-consumer retail sales at its winery tasting rooms and wine club, in-state distributor sales, and out-of-state distributor sales. Direct-to-consumer represented 54.4% of total revenue in FY2025, with the balance from distributors. Net sales were $37.2M in FY2025, down 6.5% from $39.8M in FY2024, with declines across all three channels. The Estate Winery sits adjacent to Interstate 5 near Salem, Oregon, and the company opened a second facility, the Domaine Willamette Winery in Dundee, Oregon, in September 2022. The company operates one of the largest wine club memberships in Oregon, per its FY2025 10-K. Production capacity at the Estate Winery is 275,000 cases per year; the winery produced approximately 158,707 cases in 2025. James W. Bernau serves as President and CEO. The company pays dividends on its Series A Redeemable Preferred Stock (NASDAQ: WVVIP) but has not paid dividends on common stock.

Revenue model

Transactional sales across three channels: direct-to-consumer retail (tasting rooms, wine club, online), in-state distributor sales, and out-of-state distributor sales. Direct-to-consumer was 54.4% of FY2025 revenue ($20.5M); distributor sales comprised the remaining 45.6%. No bulk wine or grape sales were recorded in FY2025 or FY2024.

Products and services

Estate-grown wines produced primarily from 2023 and 2024 harvests, bottled and sold under the company's vineyard brands. The Estate Winery produces up to 275,000 cases (654,000 gallons) per year; actual production in 2025 was approximately 158,707 cases (377,333 gallons). The Domaine Willamette Winery in Dundee, Oregon focuses on sparkling wine. Wine club memberships and tasting room experiences are key direct-to-consumer offerings.

Customers and end markets

End consumers purchasing wine directly at tasting rooms or through the wine club, and wholesale buyers via in-state and out-of-state distributors. No individual customer concentration data disclosed. The broader U.S. direct-to-consumer wine market saw a 15% volume decline in 2025 per the SOVOS 2026 Direct-to-Consumer Wine Shipping Report.

Value-chain role

Vertically integrated producer: the company owns and farms estate vineyards, operates winemaking and bottling facilities, and sells through both direct and distributor channels. The Estate Winery facility includes processing, fermenting, aging, bottling, an underground wine cellar, and a 23,000 square foot warehouse.

Geographic exposure

Operations concentrated in Oregon's Willamette Valley. The Estate Winery is located approximately 2 miles south of Salem, Oregon; the Domaine Willamette Winery is in Dundee, Oregon. Out-of-state distributor sales extend reach nationally.

Source: SEC 10-K, filed 2026-03-24

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