SunOpta Inc. (STKL) Earnings
STKL has beaten EPS estimates in 10 of its last 12 reported quarters (average surprise +55.0% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 6, 2026 | $0.03 | $0.04 | +33.3% | — | — |
| Mar 25, 2026 | $0.05 | $0.06 | +20.0% | $219M | +0.6% |
| Nov 5, 2025 | $0.03 | $0.05 | +66.7% | $205M | -5.6% |
| May 7, 2025 | $0.02 | $0.04 | +100.0% | $202M | +3.4% |
| Feb 26, 2025 | $0.06 | $0.06 | +0.0% | $194M | +0.7% |
| Feb 28, 2024 | $0.02 | $0.05 | +150.0% | $182M | +5.5% |
| Mar 1, 2023 | $-0.00 | $0.02 | +2041.7% | $221M | +0.3% |
| Aug 10, 2022 | $0.00 | $0.03 | +1301.9% | $244M | +10.9% |
| Feb 24, 2022 | $-0.00 | $-0.01 | -200.3% | $204M | -1.4% |
| Nov 10, 2021 | $0.01 | $0.01 | +25.0% | $198M | — |
| Aug 11, 2021 | $-0.01 | $-0.01 | +13.1% | $202M | +2.0% |
| May 12, 2021 | $0.01 | $0.01 | +100.0% | $208M | -0.7% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q3 FY2025 · November 5, 2025
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
### Key Points - Q3 was an exceptional quarter with 17% revenue growth, exceeding expectations, and 9 successive quarters of average 15% volume growth while maintaining high food safety and quality standards. - Strength in categories: Plant-based milk, broth, tea, and fruit snacks are performing well. Won with category-leading customers in high-performing channels. - Operational challenges: Accelerating business into 2025 strained the supply chain, causing inefficiencies in production schedule, increased maintenance and overtime costs, and delayed margin expansion initiatives. Midlothian facility faced pre-existing limitations exacerbated by new volume. - Capacity investment: Announced investment of an additional aseptic processing capacity line at Midlothian facility, timed with wastewater management investment to utilize the facility's full power.
Guidance
### 2025 Outlook - Revenue expected in the range of $812 million to $816 million. - Adjusted EBITDA expected to be $90 million to $92 million. - Free cash flow expected to be $20 million to $22 million. ### 2026 Initial Outlook - Revenue expected in the range of $865 million to $880 million (6%-8% growth vs 2025 midpoint). - Adjusted EBITDA expected to be $102 million to $108 million (12%-19% growth vs 2025 midpoint). - Anticipate back half of 2026 to be stronger as recovery plan progresses.
Segment performance
In the third quarter, SunOpta achieved revenue of $205 million, a 17% increase year-over-year, driven entirely by volume growth. Plant-based milk volumes saw high teens growth, broth had high single-digit volume increases, tea was the fastest-growing product category in retail and foodservice, and better-for-you fruit snacks achieved 21 consecutive quarters of double-digit revenue growth. Gross profit increased by $2.6 million or 11% to $25.5 million, but gross margin decreased by 60 basis points to 12.4%. Adjusted EBITDA increased 13% to $23.6 million compared to the prior year period.
Risks & headwinds
- Supply chain strain due to accelerated volume leading to equipment inefficiencies, increased maintenance and overtime costs. - Wastewater limitations at Midlothian facility causing operational inefficiencies. - Delayed margin expansion initiatives as resources were reallocated to meet customer service and quality standards.
Analyst Q&A
Q: Help with cadence around new investment and production capacity for broth.
A: Brian explained that taking on volume caused short-term challenges but there are time-bound plans to address equipment reliability, wastewater issues, and resume margin expansion initiatives by mid-2026.
Q: Squaring strong new business with broader consumer backdrop.
A: Brian noted being in growing categories like foodservice (coffee shops expanding) and better-for-you fruit snacks, with products not luxury items and diverse channel presence mitigating the broader consumer backdrop.
Q: Details on new aseptic line and wastewater.
A: Brian said the new aseptic line is for larger beverage and broth, timed with wastewater management fix to unlock efficiencies in existing lines and new capacity.
Q: Short-term business vs long-term commitments.
A: Brian emphasized long-term relationships and agreements with customers, choosing volume for long-term value creation and outperforming long-term algorithms.
Q: Impact of issues on 2026 and margins.
A: Greg explained issues will be time-bound, with resolution by mid-2026 leading to margin improvement and returning to original margin targets.