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Milk Cost of Production Report 2026

Produced annually by Old Mill and FCG, our annual report has built a reputation for providing trusted, independent insight into the financial performance of South West dairy farms.

What can you expect from this year’s report?

A year of strong reported profits hasn’t told the full story. Our latest Milk Cost of Production Report provides a clear, evidence-based view of what’s really happening across South West dairy businesses.

What you’ll learn

  • Why a 55p/litre income vs 42p/litre cost doesn’t reflect the full financial reality
  • How milk-to-feed price dynamics shaped performance in 2025/26
  • Which systems – including spring calving vs cost-plus contracts – performed best
  • The truth behind the yield vs margin trade-off
  • What rising compliance and regulation pressures mean for your business
  • The key financial risks heading into winter 2026/27, including tax and cashflow pressures

Who’s it for

Dairy farmers, farm managers and advisors who want a clearer view of performance – and a stronger footing for what comes next.


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Secure early access to the 2026 report by filling in the form below.

Milk Cost of Production Report

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