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EarningsQ2 2026 Earnings Report
OTLY Q2 2026 EPS Results
Actual EPS-$0.99
Consensus EPS-$1.05
Beat/MissBeat by +$0.06
One Year Ago EPS-$0.09
OTLY Q2 2026 Revenue Results
Actual Revenue$239.61M
Expected Revenue$219.47M
Beat/MissBeat by +$20.14M
YoY Revenue Growth+14.13%
Earnings Announcement Details
QuarterQ2 2026
Date07/22/2026
TimeBefore Open
Conference CallWednesday, July 22, 2026
OTLY Upcoming Earnings
Oatly Group's next earnings date is estimated for October 28, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
OTLY Q2 2026 Earnings Call
0:00 / 0:00
Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call highlighted a strong quarter of top-line momentum, volume-driven growth, gross margin improvement, and clear commercial traction across product innovation, distribution and out-of-home channels—leading management to raise revenue guidance materially. However, persistent cost pressures from the Middle East conflict, elevated SG&A due to deliberate reinvestment, a conservative adjusted EBITDA outlook (maintained toward the low end of the $25M–$35M range), and a continued negative free cash flow outlook for the full year temper the enthusiasm. China remains a mixed picture under strategic review. Overall, positives around growth, margin progress and brand momentum outweigh the remaining operational and macro headwinds.Company Guidance
Top-line Growth and Raised Revenue Guidance
Reported Q2 revenue grew 15.2% year-over-year (12.7% constant currency). Management raised full-year 2026 constant currency revenue guidance to 8%–10% (up from prior 3%–5%).
Strong Volume Growth and Mix
Volume growth in the quarter was 11.2% with price/mix contributing +1.5%. Management attributes growth to both new and existing users, broader distribution and new beverage occasions.
Gross Margin Improvement
Gross margin improved to 33.9%, a 140 basis point increase versus prior-year Q2. Drivers included ~210 bps from fixed cost absorption and supply chain efficiencies, +30 bps from product/channel mix and a +10 bps FX tailwind (partially offset by -100 bps inflation).
Adjusted EBITDA Turnaround vs Prior Year
Q2 adjusted EBITDA was positive $0.4 million (0.2% of net sales), an improvement of $4.0 million year-over-year driven by a $13.7 million increase in gross profit (partially offset by higher SG&A).
Free Cash Flow and Cash Position
Q2 free cash flow was a net outflow of $0.6 million, an improvement of $4.6 million versus prior-year Q2. Company reiterates business plan remains fully funded and is focused on achieving positive free cash flow over time.
Regional Outperformance — Europe & International
Europe & International constant currency revenue grew 18% in Q2 with strong volume performance and market share gains. Management highlighted 82% year-over-year growth in certain expansion markets this quarter.
North America Momentum and Out-of-Home Strength
North America constant currency revenue grew 5.9% with positive volume ~2%; food service (out-of-home) like-for-like portfolio posted exceptional 18% growth. Out-of-home now represents ~25% of the segment's revenues and is a key growth driver.
Brand & Product Innovation Traction
Major brand investments and innovation: hosted After Taste event generating >70 million media impressions and ~9 million online reach; introduced 63 new drinks and launched new Barista flavors. Strategic partnership with Nespresso in 220 boutiques across 26 markets.
Retail Share Gains and Category Position
Oatly reported notable shelf and category gains: share of TDP for oat milk increased to 22% (from 17% last year) and the company claims ~30% of oat milk category sales. In Sweden household penetration and shelf share improved materially (milk-alternative shelf share up ~10 percentage points since 2023).
OTLY Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed