The raised revenue guidance (+8-10% constant currency vs prior +3-5%) and improving profitability trajectory suggest the turnaround is gaining traction. Monitor cash burn and debt service costs given $517.8M total debt and negative equity. The strategic review of Greater China remains a potential catalyst or risk depending on outcome.
Price Chart
Executive Summary
Oatly reported Q2 2026 revenue of $240.1M (+15.2% YoY, +12.7% constant currency), gross margin expansion to 33.9% (+143 bps), and a narrowed net loss of $31.3M vs $55.9M a year ago. Adjusted EBITDA turned positive at $0.4M. The company raised its full-year constant-currency revenue growth outlook to +8-10% (from +3-5%), signaling accelerating demand-led momentum in Europe and improving traction in North America.
Key Facts
- Q2 2026 revenue $240.1M, +15.2% YoY (+12.7% constant currency)
- Gross margin 33.9%, up 143 bps YoY
- Net loss attributable to shareholders $31.3M vs $55.9M in Q2 2025
- Adjusted EBITDA $0.4M vs -$3.6M in Q2 2025
- Raised 2026 constant-currency revenue growth guidance to +8-10% (from +3-5%)
- Cash and cash equivalents $44.6M, total debt $517.8M
- Europe & International revenue +21% YoY; North America +5.9%; Greater China +11.6%
Financial Impact
Revenue growth of $31.7M YoY in Q2; gross profit up $13.8M; operating loss improved by $4.8M; net loss improved by $24.6M
Risk Factors
- Negative equity of $23.5M and high debt load ($517.8M) constrain financial flexibility
- Cash burn continues ($44.6M cash vs $64.3M at year-end 2025)
- Conflict in the Middle East could worsen energy/logistics cost pressures
- Greater China strategic review outcome uncertain
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (OTLY) — Batch item 1 | 0001843586-26-000022 |
| Document: 0001843586-26-000022-index-headers.html | 0001843586-26-000021 |
| Document: 0001843586-26-000022-index.html | 0001843586-26-000022 |
| Document: 0001843586-26-000022.txt | 0001843586-26-000022 |
| 6-K Filing (OTLY) — Batch item 5 | 0001843586-26-000021 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 28, 2026 28d ago | Press Release | $11.37 | awaiting T+60 | — | $11.69 (+2.81%) |
Jul 22, 2026 13w ago | 6-K | $10.78 $11.17 | ▲ +3.62% | ▲ +0.36% | $11.69 (+8.44%) |
Jun 17, 2026 18w ago | Press Release | $8.30 $12.71 | ▲ +53.13% | ▲ +49.98% | $11.69 (+40.84%) |
Jun 3, 2026 20w ago | Insider Cluster | $8.58 $14.67 | ▼ −70.98% | ▼ −69.10% | $11.69 (−36.25%) |
May 20, 2026 22w ago | Press Release | $10.00 $13.83 | ▲ +38.30% | ▲ +33.30% | $11.69 (+16.90%) |
Apr 29, 2026 25w ago | 6-K | $12.02 $13.37 | ▲ +11.23% | ▲ +7.12% | $11.69 (−2.75%) |
Apr 27, 2026 26w ago | Press Release | $11.59 $12.56 | ▲ +8.37% | ▲ +4.38% | $11.69 (+0.86%) |
Apr 10, 2026 28w ago | 6-K | $12.31 $9.65 | ▼ −21.61% | ▼ −31.94% | $11.69 (−5.04%) |
Mar 30, 2026 30w ago | Press Release | $9.62 $8.78 | ▼ −8.73% | ▼ −25.22% | $11.69 (+21.52%) |
Mar 13, 2026 32w ago | Press Release | $10.64 $8.23 | ▼ −22.65% | ▼ −33.13% | $11.69 (+9.87%) |
US Market Status
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