Gross margin widened from 28.8% to 34.1% and revenue grew 9.1% to $243.1M in 2026Q3, yet operating margin remained negative at -3.8% as SG&A of $85.3M absorbed the full gross profit pool.
Oatly Group AB (OTLY) annual income statement — 7-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Sales/Revenue | 945.25M | 862.46M | 823.67M | 783.35M | 722.24M | 643.19M | 421.35M | 204.05M |
| Revenue Growth % | 12.13% | 4.71% | 5.15% | 8.46% | 12.29% | 52.65% | 106.5% | - |
| Cost of Goods Sold | 623.81M | 585.4M | 587.17M | 631.26M | 642.21M | 488.18M | 292.11M | 137.46M |
| COGS % of Revenue | - | 67.88% | 71.29% | 80.59% | 88.92% | 75.9% | 69.33% | 67.37% |
| Gross Profit | 321.44M | 277.06M | 236.49M | 152.08M | 80.03M | 155.01M | 129.24M | 66.58M |
| Gross Margin % | 34.01% | 32.12% | 28.71% | 19.41% | 11.08% | 24.1% | 30.67% | 32.63% |
| Gross Profit Growth % | - | 17.15% | 55.5% | 90.04% | -48.37% | 19.94% | 94.1% | - |
| Operating Expenses | 369.39M | 344.79M | 422.64M | 609.1M | 476.01M | 368.76M | 176.34M | 97.34M |
| OpEx % of Revenue | - | 39.98% | 51.31% | 77.76% | 65.91% | 57.33% | 41.85% | 47.71% |
| Selling, General & Admin | 347.36M | 320.64M | 324.72M | 373.4M | 412.8M | 353.93M | 167.79M | 93.44M |
| SG&A % of Revenue | - | 37.18% | 39.42% | 47.67% | 57.16% | 55.03% | 39.82% | 45.79% |
| Research & Development | 19.12M | 18.57M | 30.14M | 21.05M | 22.26M | 16.77M | 6.83M | 4.31M |
| R&D % of Revenue | - | 2.15% | 3.66% | 2.69% | 3.08% | 2.61% | 1.62% | 2.11% |
| Other Operating Expenses | 704K | 5.57M | 67.79M | 214.65M | 40.95M | -1.94M | 1.71M | -409K |
| Operating Income | -47.95M | -67.73M | -186.15M | -457.01M | -395.99M | -213.74M | -47.09M | -30.76M |
| Operating Margin % | -5.07% | -7.85% | -22.6% | -58.34% | -54.83% | -33.23% | -11.18% | -15.07% |
| Operating Income Growth % | - | 63.62% | 59.27% | -15.41% | -85.26% | -353.87% | -53.1% | - |
| EBITDA | 2.74M | -19.16M | -136.19M | -405.31M | -347.67M | -186.52M | -33.98M | -22.66M |
| EBITDA Margin % | 0.29% | -2.22% | -16.53% | -51.74% | -48.14% | -29% | -8.06% | -11.11% |
| EBITDA Growth % | 102.75% | 85.93% | 66.4% | -16.58% | -86.4% | -448.99% | -49.9% | - |
| D&A (Non-Cash Add-back) | 50.69M | 48.57M | 49.97M | 51.7M | 48.31M | 27.22M | 13.12M | 8.09M |
| EBIT | -43.03M | -144.92M | -136.09M | -339.76M | -383.47M | -200.06M | -46.08M | -31.87M |
| Net Interest Income | -40.7M | -77.19M | -58.08M | -36.67M | -12.4M | -13.68M | -12.23M | -2.6M |
| Interest Income | 1.81M | 0 | 10.28M | 12.67M | 2.14M | 1.77M | 244.06K | -100K |
| Interest Expense | 42.52M | 77.19M | 68.36M | 49.33M | 14.54M | 15.45M | 12.47M | 2.5M |
| Other Income/Expense | -37.49M | -77.19M | -12.42M | 48.85M | -1.41M | -1.3M | -10.86M | -3.61M |
| Pretax Income | -85.44M | -144.92M | -198.57M | -408.17M | -397.39M | -215.05M | -57.95M | -34.37M |
| Pretax Margin % | -9.04% | -16.8% | -24.11% | -52.11% | -55.02% | -33.43% | -13.75% | -16.84% |
| Income Tax | 4.71M | 8.2M | 3.7M | 8.89M | -4.83M | -2.65M | 2.41M | 1.26M |
| Effective Tax Rate % | -5.52% | -5.66% | -1.86% | -2.18% | 1.21% | 1.23% | -4.16% | -3.66% |
| Net Income | -89.89M | -152.77M | -201.95M | -416.87M | -392.57M | -212.39M | -60.36M | -35.63M |
| Net Margin % | -9.51% | -17.71% | -24.52% | -53.22% | -54.35% | -33.02% | -14.33% | -17.46% |
| Net Income Growth % | 60.03% | 24.35% | 51.56% | -6.19% | -84.83% | -251.87% | -69.43% | - |
| Net Income (Continuing) | -90.15M | -153.12M | -202.27M | -417.06M | -392.57M | -212.39M | -60.36M | -35.63M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 987K | 1.12M | 1.44M | 1.79M | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.82 | -5.03 | -6.75 | -14.07 | -13.25 | -7.71 | -2.04 | -1.20 |
| EPS Growth % | 61.89% | 25.48% | 52.03% | -6.19% | -71.85% | -277.94% | -70% | - |
| EPS (Basic) | - | -5.03 | -6.75 | -14.07 | -13.25 | -7.71 | -2.04 | -1.20 |
| Diluted Shares Outstanding | 31.91M | 30.38M | 29.84M | 29.68M | 29.6M | 27.45M | 29.59M | 29.59M |
| Basic Shares Outstanding | 31.91M | 30.38M | 29.84M | 29.68M | 29.6M | 27.45M | 29.59M | 29.59M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying OTLY stock.
For fiscal year 2025, Oatly Group AB (OTLY) reported total revenue of $862.5M. This represents a 322.7% increase compared to $204.0M in 2019.
Oatly Group AB (OTLY) reported a net loss of $152.8M for the fiscal year ending 2025.
Oatly Group AB (OTLY) reported an operating income of $-67.7M, resulting in an operating profit margin of -7.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Oatly Group AB (OTLY) generated $277.1M in gross profit for the year, representing a gross profit margin of 32.1%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent operating losses
Revenue Growth Recovering Off a Stalled Base
According to reported quarterly figures, Oatly's revenue grew 9.1% year over year to $243.1M in 2026Q3, following a weak 2025 stretch in which growth dipped to -0.8% in 2025Q1, suggesting demand has re-accelerated from a low base.
The move from near-zero growth in early 2025 to mid-teens growth in 2026Q1 and Q2 points to a recovery in volume or pricing rather than a one-quarter anomaly. Growth has since moderated to 9.1%, which warrants monitoring to determine whether momentum is durable or simply lapping weak comparables. The reported figures do not isolate volume versus pricing or organic versus acquired growth, so the drivers of this recovery cannot be confirmed from the supplied data.
Gross Margin Holding Near Mid-Thirties
Based on Oatly's reported figures, gross margin expanded from 28.8% in 2024Q4 to 34.1% in 2026Q3, a meaningful structural improvement that narrows the gap with packaged food peers such as Simply Good Foods at 35.1%.
The roughly five-point gross margin expansion over the period suggests improved input cost absorption, mix, or manufacturing efficiency, though the source of the gain cannot be attributed from the data alone. Margins now sit close to a mature packaged-foods benchmark, which is a meaningful achievement for a company that historically carried far thinner unit economics. Investors should monitor whether this level is sustainable under commodity cost volatility, since the reported figures do not show how much of the improvement reflects pricing power versus cost timing.
Operating Losses Persist Despite Margin Gains
As reported in financial statements, Oatly's operating margin remained negative at -3.8% in 2026Q3, with SG&A of $85.3M exceeding gross profit of $83.0M, indicating that overhead still consumes the entire gross profit pool.
Operating leverage has not yet turned positive: SG&A absorbed roughly 103% of gross profit in the latest quarter, meaning the business is not yet converting gross margin gains into operating profit. The reported SG&A base has remained elevated between roughly $75M and $95M across the ten-quarter window, which suggests cost discipline has not kept pace with revenue growth. The data does not break out selling versus administrative spend, so the composition of this overhead cannot be determined from the supplied figures.
Net Losses Amplified by Non-Operating Items
Based on reported figures, Oatly's 2026Q3 net loss of -$27.5M exceeded its operating loss of -$9.2M by roughly $18M, suggesting non-operating items such as financing costs or other expense are materially widening the bottom-line deficit.
The gap between operating and net loss in several quarters indicates that below-the-line items are meaningful contributors to reported results, and this warrants further investigation into the components involved. Stock-based compensation of $3.3M in the latest quarter is modest relative to the net loss, so it does not appear to be the primary explanation for the gap. Diluted EPS of -$0.86 reflects the substantial net loss, and the data does not disclose share count changes that would clarify dilution effects.
Margin Gains Vulnerable to Reversal
The strongest challenge is that Oatly's reported operating losses, with operating margin at -7.2% in 2026Q2, have not reached break-even despite revenue growth, implying the gross margin improvement may not be enough to produce sustained profitability.
A skeptic would argue that gross margin gains of several points are being offset by an SG&A base that consumes nearly all gross profit, so the business model may not reach operating breakeven without either further margin expansion or meaningful overhead reduction. Net margin of -11.3% and net losses in most recent quarters suggest the path to profitability remains uncertain based on reported figures. Investors should weigh whether the reported growth recovery can persist long enough to close this structural gap, since the supplied data does not establish a clear timeline for operating profitability.