B&G Foods (BGS) Q4 2025 earnings summary

Executive summary

• Completed divestiture of Green Giant U.S. Frozen business, Don Pepino, and Le Sueur U.S., with pending sales of Green Giant Canada, focusing on core shelf-stable categories.

• Announced acquisition of College Inn and Kitchen Basics broth and stock businesses, expected to close by end of March/Q1 2026.

• Portfolio reshaping aims to deliver higher margins, stronger cash flows, and reduced leverage.

• Q4 2025 net sales declined 2.2% year-over-year to $539.6 million, mainly due to divestitures, while base business net sales rose 0.8%.

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

Financial highlights

• Q4 2025 net sales: $539.6 million, down 2.2% year-over-year due to divestitures; Q4 adjusted EBITDA: $84.7 million (15.7% of net sales); adjusted net income: $22.8 million ($0.28 per share).

• FY 2025 net sales: $1.829 billion; adjusted EBITDA: $272.2 million (14.9% margin); net loss: $43.3 million due to non-cash impairment charges.

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

• Selling, general and administrative expenses increased to 10.0% of net sales in Q4 2025 and 10.7% for the year.

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

Outlook and guidance

• FY 2026 net sales guidance: $1.655–$1.695 billion; adjusted EBITDA: $265–$275 million (16–16.5% margin); adjusted diluted EPS expected at $0.55–$0.65.

• Guidance excludes pending Green Giant Canada divestiture and College Inn/Kitchen Basics acquisition.

• Guidance reflects one fewer reporting week, recent divestitures, and does not fully reflect potential impacts of tariffs or retaliatory trade actions.

• Base business trends expected to improve by 0.4% year-over-year; Q1 2026 off to a strong start with 4% growth through February.