10-Q · May 5, 2026
BellRing Brands reported a mixed performance in Q2 2026 with revenue of $598.7 million, reflecting a slight increase of 2% compared to the prior year but below analyst expectations of $608.6 million. EPS of $0.29 also…
Earnings analysis · 10-Q
BRBR earnings analysis
Filed August 4, 2026 · Our reading of the company's report
The latest report
BellRing delivered Q3 sales of $570.4 million, up 4% year over year and above consensus, with Dymatize's $18.5 million sales increase driving growth. EPS of $0.29 was below the $0.36 estimate, while gross margin…
Read full summary
BellRing delivered Q3 sales of $570.4 million, up 4% year over year and above consensus, with Dymatize's $18.5 million sales increase driving growth. EPS of $0.29 was below the $0.36 estimate, while gross margin remained sharply below the prior-year level at 28.6% because of higher inputs and a $10.0 million inventory reserve. Liquidity remains adequate with $197.6 million of revolver availability, but debt increased to $1.140 billion and nine-month operating cash flow declined to $65.0 million.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.29
- Segment
- Single reportable segment; net sales $570.4 million. Premier Protein sales increased $3.1 million (1%) and Dymatize sales increased $18.5 million (27%).
What stood out
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Revenue grew 4% and beat consensus
Q3 net sales increased $22.9 million, or 4%, year over year to $570.4 million, following a sequential decline from $599 million in Q2. Revenue exceeded the $544.6 million consensus estimate by $25.8 million.
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Dymatize drove the sales increase
Dymatize sales rose $18.5 million, or 27%, driven by 21% higher average net selling prices and higher volumes from international distribution gains. Premier Protein sales increased $3.1 million, or 1%, as 2% volume growth was partly offset by lower pricing from promotional investment.
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Operating margin improved, aided by prior legal charge
Operating profit rose $20.6 million, or 46%, to $65.4 million; operating margin was 11.5%, versus 8.2% a year earlier and 11.0% in Q2. The year-over-year profit comparison benefited from a $68.1 million legal provision recorded in the prior-year quarter.
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Sequential gross-margin recovery remains limited
Gross margin was 28.6%, up from 27.0% in Q2 but down from 35.4% in the prior-year quarter. Q3 net product costs increased $48.6 million, including a $10.0 million finished-goods inventory-reserve charge.
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Asset-light model supports low capex intensity
Nine-month operating cash flow was $65.0 million, down $26.5 million from $91.5 million a year ago; capital expenditures were $8.1 million, or about 0.5% of $1.706 billion in nine-month sales. Management says annual capex has averaged less than 1% of sales over the past three fiscal years.
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Large remaining buyback capacity
The company repurchased 4.9 million shares for $134.5 million in the first nine months, including 638,643 shares in Q3 at $15.66 per share. The remaining repurchase authorization was $506.9 million at June 30.
What to watch
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Input costs and inventory reserve compress margins
Margin pressure remains material: higher raw-material, manufacturing and freight costs lifted Q3 net product costs by $48.6 million, including a $10.0 million inventory-reserve charge. Gross margin was 28.6%, 6.8 percentage points below the 35.4% prior-year level.
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Higher revolver usage increases interest burden
Total debt was $1.140 billion at June 30, comprising $840.0 million of 7.00% senior notes and $300.0 million drawn on the revolving facility, up from a $250.0 million revolver balance at September 30. Nine-month interest expense increased $10.7 million, or 22%, to $60.0 million.
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No new risk updates; commodity exposure persists
No new material risk-factor changes were reported versus the prior 10-K and March 2026 10-Q. Nonetheless, the filing quantifies commodity sensitivity: a hypothetical 10% adverse move in non-fat dry milk prices would change derivative fair value by approximately $12 million.
Management's outlook
The 10-Q does not provide quantitative sales or EPS guidance. Management expects positive operating cash flow over the next 12 months, states no significant capital expenditures are planned in the next 12 months, and believes available liquidity is sufficient for foreseeable requirements.
Earlier filings 4
10-Q · February 6, 2024
BellRing reported Q1 net sales of $430.4M, up $67.7M or 18.7% versus $362.7M a year ago, with gross profit rising to $148.0M. Operating profit was $73.0M (down slightly from $75.2M) as amortization rose materially;…
10-K · November 21, 2023
BellRing positions itself as a leader in the convenient nutrition category, driven by two primary brands (Premier Protein and Dymatize) and strong RTD product penetration. The company reports organic net sales growth…
10-Q · August 8, 2023
BellRing reported a strong quarter with net sales of $445.9 million (up $75.3M or 20.3% vs $370.6M a year ago) and net earnings available to common stockholders of $44.3 million (diluted EPS $0.33, up $0.04 vs $0.29).…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.