OTLY (OTLY) financial statements
OTLY reported revenue of $862M in fiscal 2025, up 27.2% a year over 6 years.
Net income was -$153M and the operating margin -7.9%, against -15.1% in 2019.
Free cash flow was -$39M.
The diluted share count rose 49% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from OTLY's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | $204M | $421M | $643M | $722M | $783M | $824M | $862M |
| Cost of revenue | $137M | $292M | $488M | $642M | $631M | $587M | $585M |
| Gross profit | $67M | $129M | $155M | $80M | $152M | $236M | $277M |
| Research and development | $4M | $7M | $17M | $22M | $21M | $30M | $19M |
| Selling, general and admin | $93M | $168M | $354M | $413M | $373M | $325M | $321M |
| Operating income | -$31M | -$47M | -$214M | -$396M | -$457M | -$186M | -$68M |
| Interest expense | $4M | $11M | $16M | $17M | $69M | $70M | $87M |
| Pre-tax income | -$34M | -$58M | -$215M | -$397M | -$408M | -$199M | -$145M |
| Income tax | $1M | $2M | -$3M | -$5M | $9M | $4M | $8M |
| Net income | -$36M | -$60M | -$212M | -$393M | -$417M | -$202M | -$153M |
| EPS (diluted) | — | -$0.13 | -$0.39 | -$0.66 | -$0.70 | -$0.34 | -$0.25 |
| Diluted shares | 407M | 454M | 549M | 592M | 594M | 597M | 608M |
| Gross margin | 32.6% | 30.7% | 24.1% | 11.1% | 19.4% | 28.7% | 32.1% |
| Operating margin | -15.1% | -11.2% | -33.2% | -54.8% | -58.3% | -22.6% | -7.9% |
| Net margin | -17.5% | -14.3% | -33.0% | -54.4% | -53.2% | -24.5% | -17.7% |
Balance sheet
Fiscal years, from OTLY's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $11M | $105M | $546M | $83M | $249M | $99M | $64M |
| Receivables | — | $71M | $106M | $101M | $113M | $103M | $104M |
| Inventory | — | $39M | $96M | $114M | $68M | $66M | $69M |
| Total current assets | — | $240M | $807M | $482M | $483M | $299M | $265M |
| Property, plant and equipment | — | $238M | $510M | $493M | $360M | $294M | $295M |
| Total assets | — | $679M | $1.6B | $1.2B | $1.1B | $804M | $787M |
| Total current liabilities | — | $229M | $243M | $342M | $584M | $535M | $557M |
| Long-term debt | — | $92M | $0 | $3M | $114M | $116M | $183M |
| Total liabilities | — | $353M | $384M | $434M | $781M | $698M | $768M |
| Shareholders' equity | $188M | $326M | $1.2B | $791M | $334M | $105M | $19M |
| Net debt | -$11M | -$8M | -$290M | -$30M | -$129M | $23M | $118M |
Cash flow
Fiscal years, from OTLY's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -$39M | -$44M | -$214M | -$269M | -$166M | -$114M | -$24M |
| Capital spending | $57M | $142M | $282M | $206M | $69M | $41M | $15M |
| Free cash flow | -$96M | -$186M | -$495M | -$475M | -$235M | -$156M | -$39M |
| Stock-based compensation | $2M | $1M | $24M | $35M | $21M | $14M | $13M |
| Net borrowing | $50M | $10M | -$95M | $47M | $74M | -$3M | -$133M |
| Free cash flow margin | -46.9% | -44.2% | -77.0% | -65.8% | -30.0% | -18.9% | -4.5% |
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Open OTLY in InvestinglyQuestions
What was OTLY's revenue in 2025?
$862M in fiscal 2025, from its 10-K filing.
How much free cash flow does OTLY generate?
-$39M in fiscal 2025 (operating cash flow minus capital spending).
From OTLY's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.