Oatly Celebrates Its First Full Year of Profit as European Sales Jump 11%

Oatly, the world's original and largest oat drink company, has reported its first full year of profitability, with 2025 revenue up 4.7% to $862.5 million and sales across Europe and international markets up 11.2%.

The Malmö-based company, founded in 1994 and now sold in more than 50 countries, published its results today (Wednesday, February 11). Fourth-quarter revenue rose 9.1% to $233.8 million and gross margin climbed nearly six percentage points to 34.5%. Adjusted EBITDA (earnings before interest, tax, depreciation and amortization, minus one-off costs) came in at $11 million for the quarter, compared with a $6.1 million loss a year earlier.

Europe did the heavy lifting. Oatly's Europe & International division sold 89.3 million liters in the last three months of 2025, up from 78.3 million liters a year before. That's a lot of flat whites.

CEO Jean-Christophe Flatin said:

I am proud to report that we drove profitable growth in both the fourth quarter and the full year. Achieving this milestone reflects the disciplined, strategic actions we have taken over the past three years to strengthen the foundation of our entire business. We have right-sized our supply chain and overhead structure while simultaneously reinvesting behind our refreshed growth strategy.

We know that achieving our first full year of profitability is a milestone, not our destination. As we look forward, we expect to accelerate our impact as we continue to execute our growth strategy, drive incremental demand, and deliver even stronger profitable growth.

The profit is on an adjusted basis. After interest and other costs Oatly still booked a net loss of $19.1 million for the quarter and $152.8 million for the year, though the quarterly figure is a huge improvement on the $91.2 million loss a year earlier. For 2026 it expects constant-currency revenue growth of 3% to 5% and adjusted EBITDA of $25 million to $35 million.

Even the dairy press noticed. Swedish dairy industry news site Mejeritekniskt Forum ran the results under the headline "Oatly celebrates first full year of profitable growth in seven years". When the dairy trade is reporting your milestones, you know something has shifted.

Every liter of oat milk instead of cow's milk is a win for the planet. Oxford University's landmark 2018 food study found a liter of dairy milk produces around 3.15kg of CO2e, against 0.9kg for oat milk, and uses roughly 13 times the water. Add the ASA ruling that 'inhumane' is a fair description of dairy, and the case makes itself.

Oatly has come a long way since Oprah and Jay-Z invested in 2020 and its IPO valued it at $10 billion in 2021. We've been tracking the shift since a 90-year-old New York dairy ditched cow's milk for plant milks, plant milks boomed while dairy declined and milk consumption fell 25%. Just last month Caribou Coffee ditched its dairy-free surcharge.

Plant milk is here to stay.