Lifeway Foods is an Illinois-based health food company founded in 1986. They are a leading U.S. supplier of kefir and fermented probiotic products to support the microbiome.3 Its shares trade on Nasdaq under the symbol LWAY.1Wikipedia text CC BY-SA 4.0
Lifeway Foods is an Illinois-based health food company founded in 1986. They are a leading U.S. supplier of kefir and fermented probiotic products to support the microbiome.3
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Where each dollar of operating cash went, fiscal 2025
Capital spending
Capital spending100¢$27.4M
Out of $10.9M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.7
Financial statements
Revenue891011127$212.5M in 2025+127% since 2019Gross profit891011127$58.2M in 2025+163% since 2019Operating income891011127$16.2M in 2025Net income891011127$13.9M in 2025+2959% since 2019
Revenue1314$66.9M in Q2 FY2026+6% since Q1 FY2026Gross profit1314$13.0M in Q2 FY2026−25% since Q1 FY2026Operating income1314$600.0K in Q2 FY2026−91% since Q1 FY2026Net income1314$127.0K in Q2 FY2026−97% since Q1 FY2026
Every line of the income statement as filed: the last 2 fiscal years, latest first.7
Period ending
2025-12-31
2024-12-31
Net sales
$212.5M
$186.8M
Cost of goods sold
$150.8M
$135.4M
Depreciation expense
$3.4M
$2.8M
Total cost of goods sold
$154.3M
$138.2M
Gross profit
$58.2M
$48.6M
Selling expenses
$19.9M
$14.7M
General and administrative
$21.6M
$19.4M
Amortization expense
$540.0K
$540.0K
Total operating expenses
$42.0M
$34.7M
Income from operations
$16.2M
$13.9M
Interest expense
-$77.0K
-$105.0K
Fair value loss on investment
-$95.0K
$0
Gain on sale of investment
$3.4M
$0
Gain (loss) on sale of property and equipment
$0
-$8.0K
Other income
$279.0K
$230.0K
Total other income (expense)
$3.5M
$117.0K
Income before provision for income taxes
$19.7M
$14.0M
Provision for income taxes
$5.8M
$4.9M
Net income
$13.9M
$9.0M
Basic
$0.91
$0.61
Diluted
$0.89
$0.60
Basic
15.2M shares
14.8M shares
Diluted
15.5M shares
15.1M shares
No quarter-by-quarter statement was filed.
Total assets891011127$105.6M in 2025+85% since 2019Total liabilities891011127$19.8M in 2025+44% since 2019Shareholders’ equity81011127$85.8M in 2025+98% since 2019Cash891011127$5.6M in 2025+45% since 2019Long-term debt91011$2.8M in 2023
Total assets1314$132.4M in Q2 FY2026+25% since Q1 FY2025Total liabilities1314$47.8M in Q2 FY2026+142% since Q1 FY2025Shareholders’ equity1314$84.6M in Q2 FY2026−1% since Q1 FY2025Cash1314$7.1M in Q2 FY2026+27% since Q1 FY2025
Every line of the balance sheet as filed: the last 3 fiscal years (annual) or 3 quarters (quarterly), latest first.7
Period ending
2025-12-31
2024-12-31
2023-12-31
Cash and cash equivalents
$5.6M
$16.7M
Accounts receivable, net of allowance for credit losses and discounts & allowances of $1,730 and $1,590 at December 31, 2025 and 2024, respectively
$16.6M
$15.4M
$13.9M
Inventories, net
$11.9M
$8.7M
Prepaid expenses and other current assets
$2.6M
$2.1M
Refundable income taxes
$325.0K
$631.0K
Total current assets
$37.1M
$43.6M
Property, plant and equipment, net
$48.3M
$26.9M
Operating lease right-of use asset
$465.0K
$118.0K
Goodwill
$11.7M
$11.7M
Intangible assets, net
$5.8M
$6.4M
Other assets
$2.3M
$1.9M
Total assets
$105.6M
$90.5M
Accounts payable
$11.0M
$10.4M
Accrued expenses
$5.4M
$5.1M
Total current liabilities
$16.6M
$15.5M
Operating lease liabilities
$360.0K
$70.0K
Deferred income taxes, net
$2.8M
$3.1M
Total liabilities
$19.8M
$18.6M
Preferred stock, no par value; 2,500 shares authorized; none issued
$0
$0
Common stock, no par value; 40,000 shares authorized; 17,274 shares issued; 15,232 and 15,100 shares outstanding at 2025 and 2024
$6.5M
$6.5M
Treasury stock, at cost
-$13.2M
-$14.1M
Paid-in capital
$3.8M
$4.6M
Retained earnings
$88.7M
$74.8M
Total stockholders equity
$85.8M
$71.9M
$60.4M
Total liabilities and stockholders equity
$105.6M
$90.5M
Net of allowance for credit losses and discounts & allowances
$1.7M
$1.6M
Preferred stock, par value
$0.00
$0.00
Preferred stock, shares authorized
2.5M shares
2.5M shares
Preferred stock, shares issued
0 shares
0 shares
Common stock, par value
$0.00
$0.00
Common stock, shares authorized
40.0M shares
40.0M shares
Common stock, shares issued
17.3M shares
17.3M shares
Common stock, shares outstanding
15.2M shares
15.1M shares
Period ending
2025-12-31
2024-12-31
2023-12-31
Cash and cash equivalents
$5.6M
$16.7M
Accounts receivable, net of allowance for credit losses and discounts & allowances of $1,730 and $1,590 at December 31, 2025 and 2024, respectively
$16.6M
$15.4M
$13.9M
Inventories, net
$11.9M
$8.7M
Prepaid expenses and other current assets
$2.6M
$2.1M
Refundable income taxes
$325.0K
$631.0K
Total current assets
$37.1M
$43.6M
Property, plant and equipment, net
$48.3M
$26.9M
Operating lease right-of use asset
$465.0K
$118.0K
Goodwill
$11.7M
$11.7M
Intangible assets, net
$5.8M
$6.4M
Other assets
$2.3M
$1.9M
Total assets
$105.6M
$90.5M
Accounts payable
$11.0M
$10.4M
Accrued expenses
$5.4M
$5.1M
Total current liabilities
$16.6M
$15.5M
Operating lease liabilities
$360.0K
$70.0K
Deferred income taxes, net
$2.8M
$3.1M
Total liabilities
$19.8M
$18.6M
Preferred stock, no par value; 2,500 shares authorized; none issued
$0
$0
Common stock, no par value; 40,000 shares authorized; 17,274 shares issued; 15,232 and 15,100 shares outstanding at 2025 and 2024
$6.5M
$6.5M
Treasury stock, at cost
-$13.2M
-$14.1M
Paid-in capital
$3.8M
$4.6M
Retained earnings
$88.7M
$74.8M
Total stockholders equity
$85.8M
$71.9M
$60.4M
Total liabilities and stockholders equity
$105.6M
$90.5M
Net of allowance for credit losses and discounts & allowances
$1.7M
$1.6M
Preferred stock, par value
$0.00
$0.00
Preferred stock, shares authorized
2.5M shares
2.5M shares
Preferred stock, shares issued
0 shares
0 shares
Common stock, par value
$0.00
$0.00
Common stock, shares authorized
40.0M shares
40.0M shares
Common stock, shares issued
17.3M shares
17.3M shares
Common stock, shares outstanding
15.2M shares
15.1M shares
Cash from operations891011127$10.9M in 2025+187% since 2019Capital spending891011127$27.4M in 2025+2223% since 2019Free cash flow891011127-$16.4M in 2025Share buybacks891011$0 in 2023
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 2 fiscal years, latest first.7
Period ending
2025-12-31
2024-12-31
Net income
$13.9M
$9.0M
Depreciation and amortization
$4.0M
$3.4M
Stock-based compensation
$1.9M
$2.4M
Non-cash interest expense
$19.0K
$17.0K
(Gain) loss on sale of equipment
-$115.0K
$8.0K
Gain on sale of investments
-$3.4M
$0
Fair value loss on investment
$96.0K
$0
Deferred income taxes
-$270.0K
$61.0K
Accounts receivable
-$1.2M
-$1.6M
Inventories
-$3.2M
$426.0K
Prepaid expenses and other current assets
$151.0K
-$125.0K
Refundable income taxes
$306.0K
-$631.0K
Accounts payable
$238.0K
$156.0K
Accrued expenses
-$1.6M
$217.0K
Accrued income taxes
$218.0K
-$474.0K
Net cash provided by operating activities
$10.9M
$13.0M
Purchases of property and equipment
-$27.4M
-$6.7M
Proceeds from sale of equipment
$115.0K
$15.0K
Proceeds from sale of investments
$5.2M
$0
Net cash used in investing activities
-$22.0M
-$6.7M
Repayment of note payable
$0
-$2.8M
Payment of deferred financing costs
-$65.0K
$0
Net cash used in financing activities
-$65.0K
-$2.8M
Net (decrease) increase in cash and cash equivalents
-$11.2M
$3.5M
Cash paid for income taxes, net of (refunds)
$5.6M
$6.0M
Cash paid for interest
$58.0K
$98.0K
Accrued purchase of property and equipment
$774.0K
$407.0K
Right-of-use assets obtained in exchange for lease obligations
Lifeway Foods sits at the top of its group. 4 entities, 2 countries on record. Switch between the flow chart and the network, and select any entity to see its details.
Edward SmolyanskyFiled SCHEDULE 13D/A on Lifeway Foods, latest Feb 6, 2025 (6 filings since Jul 29, 2022)
Julie SmolyanskyFiled SCHEDULE 13D/A on Lifeway Foods, latest Dec 23, 2024 (2 filings since Feb 10, 2023)
Lifeway FoodsMorton Grove
Fresh Made, Inc. Subsidiary · Pennsylvania, United States
Lifeway Foods Europe Limited Subsidiary · Ireland
Lifeway Wisconsin, Inc. Subsidiary · Illinois, United States
Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What Lifeway Foods reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Morton Grove, Illinois · Owned · Production facility, principal executive offices
Waukesha, Wisconsin · Owned · Production facility, warehousing and distribution, administrative offices
Niles, Illinois · Owned · Warehousing and distribution, administrative offices
Philadelphia, Pennsylvania · Owned · Production facility, warehousing and distribution, administrative offices
Lifeway believes that its facilities are adequate for its current needs and that suitable additional space will be available on commercially acceptable terms as required. We believe that we have adequate insurance coverage for all our properties.
Lifeway Foods was founded by Michael Smolyansky, a Ukrainian Jewish immigrant who arrived in the United States from Kyiv, Ukraine, USSR, in 1976.
During a trip to West Germany, Michael and his wife, Ludmila Smolyansky, realized the kefir sold at a tradeshow was not sold in the United States and decided to start producing it.
The company went public and debuted on the NASDAQ exchange in 1988. They opened their first plant in Skokie, Illinois, a year later. The company began to grow by expanding its product lines and increasing its distribution.
After Michael's death in 2002, his daughter, Julie Smolyansky, took over and became the youngest female CEO of a publicly held firm at the age of 27. Since that time, Julie has grown Lifeway’s annual revenues from $12 million in 2002, to over $119 million in 2021. Now, Lifeway estimates it occupies 95 percent of the U.S. market in kefir, which the company has helped turn from a niche health-food product to a formidable player in the surging global market for yogurt and other cultured-milk products.
Lifeway's flagship product is kefir. Lifeway sells it in several varieties, including low-fat, non-fat, Greek, organic, and low-carb varieties, as well as these in several different flavors. The company also produces farmer cheese resembling Eastern-European style tvorog and Lifeway Oat, a probiotic oat milk designed to support the gut.
Aug 12, 2025Reported quarterly or annual results60
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
451 filings to the SEC since October 2021: 6 annual reports, 15 quarterly reports, 62 major events, 223 insider forms, 33 large holders, 112 other. The latest 20:
141 open-market trades by officers, directors and large owners since October 2021: 11 buys and 130 sales. Grants, option exercises and gifts are left out.
Julie SmolyanskySCHEDULE 13D/A, 2 filings Feb 10, 2023 to Dec 23, 202466
Executive pay
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 97. Change is in shares since the quarter before.
From the cover page of the 10-K filed Mar 17, 2026 (Section 12(b) of the Exchange Act).15
Risk factors and legal proceedings
The risks Lifeway Foods names in Item 1A of its 10-K filed Mar 17, 2026: 20 risks under these headings, as written.15
RISKS RELATED TO OUR BUSINESS
Our product categories face a high level of competition, which could negatively impact our sales and results of operations.
We may not be able to successfully implement our business strategy for our brands on a timely basis or at all.
Interruption of our supply chain could affect our ability to manufacture or distribute products, could adversely affect our business and sales, and/or could increase our operating costs and capital expenditures.
Disruption of our manufacturing or distribution chains or information technology systems, including disruption due to cybersecurity threats, could adversely affect our business.
Our debt and financial obligations could adversely affect our financial condition, our ability to obtain future financing, and our ability to operate our business.
Loss of our key management or other personnel, or an inability to attract such management and other personnel, could negatively impact our business.
Employee strikes and other labor-related disruptions may adversely affect our operations.
Our intellectual property rights are valuable, and any inability to protect them could reduce the value of our products and brands.
A substantial portion of our common stock is held by members of the Smolyansky family, Danone and Divisadero Street Partners, L.P. (“Divisadero”), and they have the ability to control the outcome of matters submitted for stockholder approval.
Our business could be adversely affected as a result of proposals to acquire the Company or other actions taken by stockholders related to a possible acquisition of the Company.
The actions of certain of our shareholders could cause us to incur significant expense, disrupt our business, result in a proxy contest or litigation and adversely impact our stock price.
The other 9 risks
Litigation regarding the Stockholders’ Agreement may be protracted and costly.
Our shareholder rights plan includes terms and conditions that could discourage a takeover or other transaction that stockholders may consider favorable.
Adverse economic conditions in the United States or any of the other countries in which we conduct significant business in the future could negatively affect our business, financial condition and results of operations.
The increasing use of artificial intelligence technologies by our competitors, customers, and suppliers could impact our competitive position.
RISKS RELATED TO OUR INDUSTRY
The consolidation of our customers or the loss of any of our largest customers could negatively impact our sales and results of operations.
We are subject to the risk of product contamination and product liability claims, which could harm our reputation, force us to recall products and incur substantial costs.
We rely on independent certification for several of our products and facilities.
Increases in the cost of milk could reduce our gross margin and profit.
Reduced availability of raw materials and other inputs, as well as increased costs for them, could adversely affect us.
Legal proceedings
From time to time, we are engaged in litigation matters arising in the ordinary course of business. While the results of litigation and claims cannot be predicted with certainty, Lifeway believes that no such matter is reasonably likely to have a material adverse effect on our financial position or results of operations.
