Gross margins have recovered to 33.4% in 2026Q1 from a 23.4% low in 2023Q4, though consistent net losses and a -5.3% net margin suggest that structural profitability remains elusive.
| Sales/Revenue | 893.25M | 862.46M | 823.67M | 783.35M | 722.24M | 643.19M | 421.35M | 204.05M |
| Revenue Growth % | 8.49% | 4.71% | 5.15% | 8.46% | 12.29% | 52.65% | 106.5% | - |
| Cost of Goods Sold | 602.19M | 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 | 291.07M | 277.06M | 236.49M | 152.08M | 80.03M | 155.01M | 129.24M | 66.58M |
| Gross Margin % | 32.58% | 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 | 351.54M | 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 | 326.62M | 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 | 19.06M | 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 | 2.34M | 5.57M | 67.79M | 214.65M | 40.95M | -1.94M | 1.71M | -409K |
| Operating Income | -60.49M | -67.73M | -186.15M | -457.01M | -395.99M | -213.74M | -47.09M | -30.76M |
| Operating Margin % | -6.77% | -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 | -21.11M | -19.16M | -136.19M | -405.04M | -347.67M | -186.52M | -33.98M | -22.67M |
| EBITDA Margin % | -2.36% | -2.22% | -16.53% | -51.71% | -48.14% | -29% | -8.06% | -11.11% |
| EBITDA Growth % | 83.38% | 85.93% | 66.38% | -16.5% | -86.4% | -448.99% | -49.87% | - |
| D&A (Non-Cash Add-back) | 39.38M | 48.57M | 49.97M | 51.97M | 48.31M | 27.22M | 13.12M | 8.09M |
| EBIT | -110.29M | -67.73M | -136.09M | -339.76M | -383.47M | -200.06M | -46.08M | -31.87M |
| Net Interest Income | -89.7M | -77.19M | -58.08M | -36.67M | -12.4M | -13.68M | -12.23M | -2.6M |
| Interest Income | 1.99M | 0 | 10.28M | 12.67M | 2.14M | 1.77M | 244.06K | -100K |
| Interest Expense | 78.2M | 0 | 68.36M | 49.33M | 14.54M | 15.45M | 12.47M | 2.5M |
| Other Income/Expense | -87.5M | -77.19M | -12.42M | 48.85M | -1.41M | -1.3M | -10.86M | -3.61M |
| Pretax Income | -147.99M | -144.92M | -198.57M | -408.17M | -397.39M | -215.05M | -57.95M | -34.37M |
| Pretax Margin % | -16.57% | -16.8% | -24.11% | -52.11% | -55.02% | -33.43% | -13.75% | -16.84% |
| Income Tax | 4.72M | 8.2M | 3.7M | 8.89M | -4.83M | -2.65M | 2.41M | 1.26M |
| Effective Tax Rate % | -3.19% | -5.66% | -1.86% | -2.18% | 1.21% | 1.23% | -4.16% | -3.66% |
| Net Income | -152.38M | -152.77M | -201.95M | -416.87M | -392.57M | -212.39M | -60.36M | -35.63M |
| Net Margin % | -17.06% | -17.71% | -24.52% | -53.22% | -54.35% | -33.02% | -14.33% | -17.46% |
| Net Income Growth % | 9.72% | 24.35% | 51.56% | -6.19% | -84.83% | -251.87% | -69.43% | - |
| Net Income (Continuing) | -152.71M | -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 | 1.01M | 1.12M | 1.44M | 1.79M | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -4.88 | -5.03 | -6.75 | -14.07 | -13.25 | -7.71 | -2.04 | -1.20 |
| EPS Growth % | 10.27% | 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 | 31.23M | 30.38M | 29.84M | 29.68M | 29.6M | 27.45M | 29.59M | 29.59M |
| Basic Shares Outstanding | 31.23M | 30.38M | 29.84M | 29.68M | 29.6M | 27.45M | 29.59M | 29.59M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Liquidity and operational scale
As reported in recent financial filings, Oatly's year-over-year revenue growth has fluctuated significantly, reaching 15.6% in 2026Q1 after a period of stagnation, suggesting that the company's ability to sustain double-digit expansion remains highly sensitive to competitive pricing pressures and shifting consumer demand in core markets.
The recent uptick in revenue growth appears to be a recovery from a period of near-flat performance rather than a sign of accelerating market penetration. Investors should monitor whether this growth is driven by volume expansion or promotional discounting, as the latter would imply a weakening competitive position against private-label alternatives.
Based on the company's latest income statement, gross margins have improved to 33.4% in 2026Q1 from a low of 23.4% in 2023Q4, indicating that the transition toward an asset-light manufacturing model may be beginning to alleviate the heavy fixed-cost burden previously weighing on production efficiency.
While the margin expansion is a positive development, it remains well below the levels typically required for sustainable profitability in the beverage sector. The reliance on third-party manufacturing introduces new variable cost risks that could offset these gains if the company loses control over its supply chain logistics.
According to the provided quarterly data, SG&A expenses have remained stubbornly high, consistently hovering near $80M per quarter, which prevents the company from achieving meaningful operating leverage despite the recent improvements in gross profit margins observed across the most recent reporting periods.
The inability to scale SG&A relative to revenue suggests that the company's current cost structure is not yet optimized for its current volume levels. This lack of operating leverage implies that the path to positive operating income is likely dependent on significant revenue growth rather than mere cost containment.
As indicated by the persistent net losses and a net margin of -5.3% in 2026Q1, the company's financial profile warrants caution, as the current growth rate may not be sufficient to offset the ongoing cash burn required to maintain its global distribution and marketing footprint.
Short-term improvements in margins may be masking deeper structural issues related to the commoditization of oat-based products. If the company cannot differentiate its enzymatic technology effectively, it risks a race to the bottom on pricing, which would further jeopardize its ability to reach long-term profitability.
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.