B&G Foods (BGS) Q4 2025 earnings summary

Executive summary

• Completed major portfolio reshaping with divestitures of Green Giant U.S. Frozen, Don Pepino, and Le Sueur U.S., and pending sale of Green Giant Canada, plus acquisition of College Inn and Kitchen Basics broth brands.

• Portfolio changes aim to simplify operations, focus on core shelf-stable categories, and improve margins and cash flow.

• Q4 2025 net sales declined 2.2% YoY to $539.6M, primarily due to divestitures, while base business net sales rose 0.8%.

• Full year 2025 net sales fell 5.4% to $1.829B, with base business net sales down 4.0%.

• Net loss for Q4 2025 was $15.2M, a significant improvement from a $222.4M loss in Q4 2024, mainly due to lower impairment charges.

Financial highlights

• Q4 2025 net sales: $539.6M (down 2.2% YoY); adjusted EBITDA: $84.7M (15.7% margin); adjusted net income: $22.8M ($0.28/share).

• FY 2025 net sales: $1.829B; adjusted EBITDA: $272.2M (14.9% margin); adjusted net income: $41.3M ($0.51/share).

• Q4 2025 gross profit margin improved to 22.7% (adjusted: 23.0%) from 21.5% (adjusted: 22.2%) in Q4 2024.

• Net cash from operating activities in Q4 2025: $95.4M, up from $80.3M YoY.

• Net interest expense decreased 5.0% for the year due to lower debt and interest rates.

Outlook and guidance

• FY 2026 guidance: net sales $1.655B–$1.695B, adjusted EBITDA $265M–$275M, adjusted EBITDA margin 16%–16.5%, adjusted EPS $0.55–$0.65.

• Guidance reflects one fewer reporting week, recent divestitures, and excludes pending acquisitions and divestitures.

• Base business trends expected to improve +0.4% YoY; Q1 2026 off to a strong start with 4% growth in base business net sales through February.

• Leverage targeted to fall to near 6.0x by mid-2026, with long-term goal of 4.5x–5.5x.

• Guidance does not fully reflect potential impacts of tariffs or retaliatory trade actions.