Monitor execution of Costco national rollout in Q1 2026 - while expected to drive volume growth, the dilutive margin profile could pressure profitability. The $5M in incremental aluminum tariffs represents a significant headwind to 2026 margin expansion despite volume growth expectations.
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Executive Summary
Zevia reported mixed Q4 2025 results with revenue declining 4% YoY to $37.9M due to lapping Walmart expansion, while full-year revenue grew 4% to $161.3M. Gross margin declined in Q4 but improved for the full year. The company guided for 2026 revenue of $169-173M and adjusted EBITDA between -$1.0M and +$0.5M, reflecting $5M in incremental aluminum tariffs.
Key Financial Metrics
Key Facts
- Q4 2025 revenue declined 4% YoY to $37.9M, driven by lapping Walmart distribution gains and reduced retailer promotions
- Full-year 2025 revenue grew 4% to $161.3M with improved volumes from Walmart expansion
- Q4 gross margin declined 150bps YoY to 47.7% due to channel mix and higher tariffs
- Full-year gross margin improved 160bps to 48.0% from lower product costs and better inventory management
- 2026 guidance: revenue $169-173M, adjusted EBITDA -$1.0M to +$0.5M, reflecting $5M in incremental aluminum tariffs
- Q1 2026 guidance: revenue $40-42M driven by new Costco national program despite dilutive margin profile
Financial Impact
Revenue decline of $1.6M in Q4 2025, $5M in incremental aluminum tariff costs expected in 2026
Risk Factors
- Incremental $5M aluminum tariff costs in 2026 could pressure margins
- Costco national rollout has dilutive margin profile despite volume benefits
- Q4 revenue decline suggests ongoing challenges in core channels despite Walmart gains
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001437749-26-005599 |
| Document: zvia20251113_8k.htm | 0001437749-26-005599 |
| Document: 0001437749-26-005599-index-headers.html | 0001437749-26-005599 |
| Document: 0001437749-26-005599-index.html | 0001437749-26-005599 |
| Document: 0001437749-26-005599.txt | 0001437749-26-005599 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 23, 2026 3d ago | 8-K | $1.28 | awaiting T+20 | — | $1.29 (+0.78%) |
Jun 15, 2026 19w ago | 8-K | $1.27 $1.72 | ▲ +35.43% | ▲ +36.18% | $1.29 (+1.57%) |
May 6, 2026 24w ago | 8-K | $1.30 $1.37 | ▲ +5.38% | ▲ +2.25% | $1.29 (−0.77%) |
Feb 25, 2026 34w ago | 8-K | $1.35 $1.17 | ▼ −13.33% | ▼ −6.92% | $1.29 (−4.44%) |
US Market Status
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