About BellRing Brands, Inc.
BellRing Brands, Inc. (NYSE: BRBR) is a U.S.-based consumer products company focused on convenient nutrition, particularly protein-rich foods and beverages. It is publicly traded on the NYSE under the ticker BRBR. The company develops, markets, and sells ready-to-drink (RTD) protein shakes, protein powders, bars, and other nutrition products. Its primary brands include Premier Protein, Dymatize, and PowerBar, catering to everyday health, fitness, and sports nutrition consumers.
Premier Protein is a leading RTD protein shake brand in the U.S., and BellRing’s products are distributed widely through club stores, mass retailers, food and drug channels, specialty and convenience outlets, and e-commerce. BellRing was incorporated in 2019 and is headquartered in Saint Louis, Missouri. It has grown rapidly through brand focus and innovation in the growing convenient nutrition category. Recent annual net sales approached about $2.3 billion with significant growth driven by strong demand for its core products.
First Quarter Consumption Trends
During the 13-week period ended December 28, 2025, dollar consumption of Premier Protein ready-to-drink (RTD) shakes declined by 2.2%, while Premier Protein powder products grew by 2.9%, and Dymatize powder and RTD products increased by a strong 7.5% compared to the same period in 2024, based on Circana U.S. data and management estimates.
Net Sales Performance
First quarter net sales rose modestly by 0.8% year-on-year to $537.3 million, driven by a 0.7% increase in volume and a 0.1% improvement in price/mix. Performance benefited from the timing of customer orders shifting from the second quarter into the first and continued strength in the Dymatize brand, despite tough comparisons in the club channel due to non-recurring promotions in the prior year.
Brand-wise Sales Trends
Premier Protein net sales declined by 1.2%, impacted by a 1.0% reduction in price/mix and a 0.2% decline in volume, with RTD shakes specifically down 2.2% due to higher promotional activity. In contrast, Dymatize delivered robust growth, with net sales increasing 15.8%, led by strong volume growth, particularly in international markets.
Profitability and Margins
Gross profit declined significantly to $160.8 million, representing 29.9% of net sales, compared to $199.6 million or 37.5% in the prior year, primarily due to input cost inflation including tariffs, unfavorable product mix, and the absence of $5.0 million in non-recurring cost benefits recorded last year.
Operating Expenses
SG&A expenses decreased to $78.0 million, or 14.5% of net sales, aided by lower marketing and advertising spend, especially for Dymatize, although costs included $1.3 million related to office relocation and employee separation.
Operating and Net Profit
Operating profit fell to $78.5 million from $115.3 million in the prior year, reflecting pressure on gross margins. Net earnings declined to $43.7 million, with diluted EPS of $0.36, compared to $76.9 million and $0.59, respectively, in the prior year.
Adjusted Performance Metrics
Adjusted net earnings stood at $44.7 million, while adjusted diluted EPS was $0.37, both lower year-on-year. Adjusted EBITDA declined to $90.3 million from $125.3 million in the prior year due to margin compression.
Interest and Tax
Net interest expense increased to $20.0 million due to higher borrowings, while income tax expense declined to $14.8 million, resulting in an effective tax rate of 25.3% for the quarter.
Capital Allocation – Share Repurchases
During the first quarter of 2026, the company repurchased 3.0 million shares for $96.9 million at an average price of $31.95 per share, leaving $543.1 million available under the existing share repurchase authorization as of December 31, 2025.
Fiscal Year 2026 Outlook
For fiscal year 2026, BellRing management has narrowed its guidance and expects net sales to be in the range of $2.41 billion to $2.46 billion, representing projected growth of 4% to 6% year-on-year. Adjusted EBITDA is anticipated to range between $425 million and $440 million, with margins expected to be approximately 18% of net sales. Capital expenditures for the year are projected at around $8 million, with management expecting sales growth to accelerate beyond the first quarter as merchandising initiatives, advertising efforts, and product innovation gain momentum.