Operating cash flow of $31.9M in 2026Q3 and $29.1M in 2025Q4 stayed positive despite large reported losses, yet free cash flow turned negative at -$52.2M in 2026Q2, indicating erratic cash conversion driven by working capital swings.
MGP Ingredients, Inc. (MGPI) cash flow statement — 30-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Jun'11 | Jun'10 | Jun'09 | Jun'08 | Jul'07 | Jun'06 | Jun'05 | Jun'04 | Jun'03 | Jun'02 | Jun'01 | Jun'00 | Jun'99 | Jun'98 | Jun'97 | Jun'96 |
|---|
| Cash from Operations | 20.22M | 121.53M | 102.28M | 83.78M | 88.94M | 88.26M | 53.26M | 19.72M | 33.48M | 33.47M | 19.72M | 18.66M | 15.81M | 17.3M | -5.03M | 3.14M | 32.67M | 3.16M | -5.35M | 14.74M | 27.23M | 21.82M | 10.97M | 8.18M | 15.6M | 37.33M | 22.38M | 12.7M | 5.5M | 16.4M | 7M |
| Operating CF Margin % | - | 22.66% | 14.54% | 10.02% | 11.37% | 14.08% | 13.46% | 5.44% | 8.9% | 9.63% | 6.2% | 5.7% | 5.05% | 5.35% | -1.5% | 1.27% | 16.17% | 1.14% | -1.36% | 4.01% | 8.44% | 7.93% | 4.05% | 4.25% | 7.27% | 16.28% | 9.65% | 5.88% | 2.46% | 7.3% | 3.6% |
| Operating CF Growth % | -603.56% | 18.82% | 22.07% | -5.79% | 0.76% | 65.74% | 170.03% | -41.09% | 0.03% | 69.72% | 5.67% | 18.02% | -8.6% | 444.21% | -260.11% | -90.39% | 934.42% | 159.03% | -136.3% | -45.86% | 24.79% | 98.89% | 34.16% | -47.58% | -58.21% | 66.81% | 76.19% | 130.91% | -66.46% | 134.29% | -34.58% |
| Net Income | -250.54M | -107.83M | 34.47M | 107.13M | 108.87M | 90.82M | 40.34M | 38.79M | 37.28M | 41.82M | 31.18M | 26.19M | 23.68M | -4.93M | 1.62M | -1.31M | 8.74M | -69.12M | -11.74M | 17.7M | 13.99M | 4M | 9.47M | 5.15M | 6.26M | 2.66M | 4.89M | 1.3M | -2.2M | 100K | -3.4M |
| Depreciation & Amortization | 25.33M | 24.09M | 21.99M | 22.11M | 21.45M | 19.09M | 12.96M | 11.57M | 11.36M | 11.31M | 11.25M | 12.38M | 12.32M | 12.01M | 11.57M | 8.84M | 8.63M | 11.95M | 15.17M | 14.47M | 12.65M | 16.01M | 15.2M | 14.35M | 14.31M | 13.63M | 13.52M | 13.6M | 13.9M | 14M | 13.9M |
| Stock-Based Compensation | 3.7M | 4.7M | 4.02M | 10.63M | 5.5M | 5.55M | 3M | 3.3M | 3.1M | 2.57M | 2.4M | 1.41M | 1.39M | 932K | 969K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -46.12M | -3.42M | 359K | -4.04M | 1.01M | 6.77M | 593K | 252K | 1.67M | -3.42M | 681K | 1.35M | 1.57M | -152K | -5.55M | 698K | 2.25M | -7.22M | -4.57M | 308K | -1.46M | 579K | 683K | 5.74M | 1.98M | 6K | 2M | 0 | -200K | 200K | 600K |
| Other Non-Cash Items | 285.65M | 177.77M | 88.63M | 27.56M | 2.41M | -14.57M | 494K | -116K | 47.88M | -3.84M | -1.84M | -5.65M | -13.55M | -1.2M | 969K | 1.16M | 491K | 10.28M | 9.65M | -103K | -22K | -808K | -892K | -14.18M | 0 | 1.16M | -603K | 0 | 0 | 0 | -100K |
| Working Capital Changes | 2.29M | 26.22M | -47.18M | -79.61M | -50.32M | -19.4M | -4.14M | -34.08M | -19.93M | -14.97M | -23.96M | -17.02M | -9.6M | 10.64M | -14.6M | -7.42M | 12.07M | 57.44M | -13.88M | -17.63M | 2.06M | 2.04M | -13.49M | -2.89M | -6.95M | 19.87M | 2.58M | -2.2M | -6M | 2.1M | -4M |
| Change in Receivables | 11.98M | 32.19M | -4.38M | -32.4M | -16.79M | -6.03M | -16.17M | -2.13M | -4.45M | -8.26M | 4.58M | 2M | -4.85M | 7.51M | -7.52M | -5.65M | 1.29M | 15.68M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -16.4M | -18.14M | -18.16M | -46.92M | -44.35M | -14.21M | -3.89M | -28.16M | -15.62M | -14.29M | -20.11M | -24.26M | 476K | 1.54M | -5.45M | -301K | 2.77M | 42.46M | -16.48M | -12.22M | 531K | 1.55M | -6.02M | -6.43M | -2.36M | 1.03M | 5.2M | -4M | -5.4M | 4.9M | -5.2M |
| Change in Payables | 1.89M | 1.62M | -9.1M | -2.41M | 10.63M | 5.3M | 1.82M | 2.11M | -2.54M | 6.19M | -2.12M | 2.61M | -3.8M | -233K | -6.46M | 7.12M | 6.39M | -3.06M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -18.05M | -45.52M | -71.56M | -159.24M | -47.81M | -182.62M | -19.65M | -17.93M | -31.05M | 1.78M | -17.68M | -30.53M | 1.5M | -3.41M | 3.21M | -12.78M | 16.04M | -1.32M | -7.96M | -23M | -18.42M | -21.94M | -20.77M | -11.79M | -12.97M | -13.33M | -8.12M | -6M | -4.8M | -3.4M | -4.5M |
| Capital Expenditures | -19.69M | -45.49M | -71.18M | -55.27M | -45.32M | -47.39M | -19.7M | -16.73M | -31.05M | -21.05M | -17.92M | -30.53M | -6.95M | -6.21M | -9.23M | -12.78M | -2.06M | -2.07M | -7.43M | -23.19M | -18.52M | -22.97M | -31.78M | -15.91M | -12.97M | -13.38M | -8.13M | -6.1M | -4.8M | -3.5M | -5.5M |
| CapEx % of Revenue | 4.04% | 8.48% | 10.12% | 6.61% | 5.79% | 7.56% | 4.98% | 4.61% | 8.25% | 6.06% | 5.63% | 9.32% | 2.22% | 1.92% | 2.76% | 5.15% | 1.02% | 0.75% | 1.89% | 6.3% | 5.74% | 8.35% | 11.74% | 8.27% | 6.05% | 5.84% | 3.5% | 2.82% | 2.15% | 1.56% | 2.83% |
| Acquisitions | 0 | 0 | 0 | -103.71M | -2.81M | -150.47M | -2.75M | 0 | 0 | 22.83M | -1.2M | 0 | 0 | 2.8M | 8.6M | 0 | 13.95M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 1.65M | -37K | -377K | -263K | 320K | 15.24M | 2.8M | 0 | 0 | 34.21M | 1.44M | 0 | 8.46M | 2.8M | 568K | 0 | 4.15M | 744K | -148K | 187K | 97K | 1.02M | 11.01M | 4.13M | 0 | 55K | 12K | 100K | 0 | 100K | 1M |
| Cash from Financing | -1.85M | -83.52M | -23.8M | 45.92M | -14.76M | 94.29M | -15.26M | -3.51M | -494K | -33.73M | -1.22M | 6.97M | -14.53M | -11.03M | 1.44M | 10.87M | -42.52M | -1.66M | 9.4M | -2.33M | -4.7M | 4.02M | -1.25M | -7.59M | -7.34M | 1.73M | -10.59M | -7.4M | -2M | -10.8M | 800K |
| Debt Issued (Net) | 71.6M | -69.4M | 35.6M | 57.4M | -3.4M | 112.12M | -1.51M | 8.91M | 7.33M | -11.31M | 2.48M | 23.81M | -12.88M | -9.58M | 3.08M | 15.6M | 11.29M | -42.71M | -1.59M | 13.4M | 2.74M | -5.34M | 5.73M | -3.25M | -3.2M | -5.06M | 6.24M | -2.48M | -5.4M | -2M | -10M |
| Equity Issued (Net) | -921K | -1.03M | -48.77M | -801K | -715K | -767K | -4.41M | -5.49M | -2.32M | -4.66M | -1.52M | -15.41M | -672K | -540K | -84K | 14K | 15K | -26K | -22K | 236K | -35K | 3.13M | 722K | 3.14M | -3.18M | -1.06M | -3.65M | -8.11M | -2M | 0 | -800K |
| Dividends Paid | -10.38M | -10.32M | -10.63M | -10.68M | -10.65M | -10.02M | -8.19M | -6.86M | -5.5M | -17.38M | -2.07M | -1.09M | -907K | -916K | -914K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -921K | -1.03M | -48.77M | -801K | -715K | -767K | -4.41M | -5.49M | -2.32M | -4.66M | -1.52M | -15.41M | -672K | -540K | -84K | -84K | -33K | -26K | -34K | 0 | -1.94M | 0 | 0 | -446K | -3.19M | -1.63M | -3.65M | -8.11M | -2M | -800K | -800K |
| Other Financing | -62.15M | -2.76M | 0 | 0 | 0 | -7.05M | -1.15M | -76K | 0 | -377K | -114K | -348K | -66K | 0 | -644K | -4.74M | -52.94M | 221K | -40K | 0 | 0 | -2.48M | -5.27M | 0 | -1.21M | 9.07M | -12.32M | 0 | 0 | -8.8M | 0 |
| Net Change in Cash | 154K | -6.81M | 6.88M | -29.5M | 26.32M | -94K | 18.35M | -1.72M | 1.94M | 1.51M | 822K | -4.89M | 2.78M | 2.86M | -383K | 1.23M | 6.19M | 178K | -3.9M | -10.6M | 4.11M | 3.9M | -11.05M | -11.2M | -4.72M | 25.73M | 3.67M | -600K | -1.3M | 2.2M | 3.3M |
| Free Cash Flow | 527K | 76.04M | 31.1M | 28.52M | 43.61M | 40.87M | 33.55M | 2.99M | 2.44M | 12.42M | 1.8M | -11.86M | 8.86M | 11.09M | -14.26M | -9.64M | 30.61M | 1.09M | -12.78M | -8.45M | 8.71M | -1.15M | -20.81M | -7.73M | 2.63M | 23.94M | 14.25M | 6.6M | 700K | 12.9M | 1.5M |
| FCF Margin % | 0.11% | 14.18% | 4.42% | 3.41% | 5.57% | 6.52% | 8.48% | 0.82% | 0.65% | 3.57% | 0.57% | -3.62% | 2.83% | 3.43% | -4.26% | -3.89% | 15.15% | 0.39% | -3.25% | -2.3% | 2.7% | -0.42% | -7.69% | -4.02% | 1.22% | 10.44% | 6.14% | 3.05% | 0.31% | 5.74% | 0.77% |
| FCF Growth % | -99.15% | 144.53% | 9.05% | -34.62% | 6.7% | 21.82% | 1021.46% | 22.87% | -80.39% | 590.16% | 115.16% | -233.92% | -20.13% | 177.81% | -47.93% | -131.49% | 2710.38% | 108.52% | -51.28% | -197.01% | 858.62% | 94.48% | -169.08% | -394.4% | -89.03% | 68.02% | 115.89% | 842.86% | -94.57% | 760% | 105.32% |
| FCF per Share | 0.02 | 3.56 | 1.41 | 1.29 | 1.98 | 1.95 | 1.98 | 0.18 | 0.14 | 0.74 | 0.11 | -0.69 | 0.51 | 0.65 | -0.84 | -0.58 | 1.79 | 0.07 | -0.76 | -0.50 | 0.52 | -0.07 | -1.30 | -0.50 | 0.16 | 1.44 | 0.71 | 0.33 | 0.04 | 0.57 | 0.08 |
| FCF Conversion (FCF/Net Income) | -0.00x | -1.13x | 2.95x | 0.78x | 0.81x | 0.97x | 1.32x | 0.51x | 0.90x | 0.80x | 0.63x | 0.71x | 0.67x | -3.51x | -3.09x | -2.39x | 3.74x | -0.05x | 0.46x | 0.83x | 1.95x | 5.45x | 1.16x | 1.59x | 2.49x | 14.03x | 4.58x | 9.77x | -2.50x | 164.00x | -2.06x |
| Interest Paid | 0 | 9.42M | 10.57M | 9.24M | 5.95M | 3.46M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 10.66M | 36.07M | 35.14M | 35.14M | 29.05M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying MGPI stock.
MGP Ingredients, Inc. (MGPI) generated $121.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
MGP Ingredients, Inc. (MGPI) generated $76.0M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
MGP Ingredients, Inc. (MGPI) spent $45.5M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, MGP Ingredients, Inc. (MGPI) returned $10.3M to shareholders via cash dividends and spent $1.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Impairment-driven earnings volatility
Metrics are mathematically derived from official filings.
Earnings Losses Diverge From Operating Cash
According to reported quarterly figures, MGPI posted net losses of $134.8M in 2026Q1 and $134.6M in 2025Q4 while operating cash flow stayed positive at $7.0M and $29.1M, signaling a wide gap between reported earnings and cash generation.
The gap suggests the large losses are largely non-cash in nature, consistent with impairment charges rather than deteriorating operating economics. Operating cash flow-to-net income ratios are not meaningful during loss quarters, so investors should treat the cash figures as the more reliable gauge of current earnings power. Continued monitoring of whether future write-downs recur is warranted before drawing firm conclusions about underlying profitability.
Free Cash Flow Turns Erratic Post-Peak
Based on reported figures, MGPI's free cash flow swung from $24.8M in 2025Q1 to negative $52.2M in 2026Q2 before recovering to $27.2M in 2026Q3, with FCF margins ranging from roughly negative 42% to positive 23%.
Such volatility points to working capital timing and lumpy operating inflows rather than a stable cash engine. The recent recovery to a 23.1% FCF margin in 2026Q3 is encouraging but follows a single strong quarter and should not yet be extrapolated. Investors should watch whether trailing free cash flow stabilizes over several quarters.
Working Capital Drives Quarterly Cash Swings
As reported in financial statements, MGPI's working capital change moved from a $17.0M outflow in 2025Q2 to a $26.6M inflow in 2025Q1 and a $15.8M inflow in 2026Q3, with the 2026Q2 outflow reaching $18.6M.
These large swings account for much of the quarterly variation in operating cash flow, indicating that reported operating results are sensitive to inventory and receivable timing. Inflows following outflows may reflect reversal of timing effects rather than structural improvement. Without inventory and payables detail in the supplied data, the underlying cause cannot be confirmed and warrants further investigation.
Capital Spending Falls Relative to Revenue
Based on reported figures, MGPI's capital expenditures declined from $19.9M in 2025Q1 to $4.7M in 2026Q3, lowering capex-to-revenue from 16.4% to 4.0% and sitting near D&A of $6.4M.
Capex running below depreciation in recent quarters suggests the company is in a maintenance or harvesting posture, which can lift near-term free cash flow but may constrain future capacity. The 2024 and 2025 spending spike likely reflected growth or modernization programs that have since slowed. Whether the current level sustains operations long term should be monitored against management's disclosed plans.
Shareholder Returns Limited to Dividends
As reported in financial statements, MGPI paid a steady $2.6M in dividends each quarter, while buybacks were largely absent after a $36.5M repurchase in 2024Q4 and acquisitions appear minimal.
The consistent dividend payout is modest relative to recent free cash flow volatility, suggesting management prioritizes maintaining the distribution. The shift from large buybacks in late 2024 to near-zero repurchases since points to capital preservation during a weaker earnings period. Investors should monitor whether cash is directed toward debt reduction or future investment.
Cash Strength May Mask Recurring Write-Downs
Based on reported quarterly figures, the strongest bear case is that repeated large losses in 2025Q4 and 2026Q1 may reflect recurring asset write-downs, which the positive operating cash flow in those quarters could obscure rather than refute.
Non-cash impairments explain why operating cash flow can remain positive during loss periods, but a pattern of successive write-downs would indicate that reported asset values may be overstated relative to earning power. Working capital inflows of $15.8M and $26.6M in certain quarters also flatter reported cash generation, so underlying cash flow may be weaker than headline figures suggest. Investors should monitor whether the positive FCF in 2026Q3 proves repeatable before treating it as evidence of a durable recovery.