FIZZ earnings analysis
What we found in FIZZ's 10-K: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
National Beverage Corp. reported net sales of $1,180.6 million for Fiscal 2026, a slight decrease from $1,201.4 million in Fiscal 2025, primarily due to one less selling week. The company maintained a gross margin of 37.0% and reported EPS of $1.96, reflecting a robust operating income of $230.1 million despite challenges such as inflation and cautious consumer spending.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Stable Gross Margin
- Gross margin for Fiscal 2026 remained constant at 37.0%, despite an increase in costs.
- Interest Income Growth
- Interest income increased to $10.6 million in Fiscal 2026 from $9.3 million in Fiscal 2025, aided by higher average invested balances.
- Increase in Cash Position
- Cash and cash equivalents rose to $349.5 million in Fiscal 2026, up from $193.8 million in Fiscal 2025.
- Special Dividend Declared
- On July 1, 2026, the Company declared a special cash dividend of $3.25 per share, reaffirming shareholder value.
- Decrease in Selling Expenses
- SG&A expenses decreased slightly to $207.2 million in Fiscal 2026 from $208.5 million in Fiscal 2025.
- Working Capital Improvement
- Working capital increased by $191.4 million to $457.8 million in Fiscal 2026, primarily due to cash and inventory increases.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Volume Decline
- Case volume decreased by 6.7% in Fiscal 2026, negatively impacting both Power+ Brand and carbonated soft drink sales.
- Increased Costs
- Average cost of sales per case increased by 5.0%, leading to pressure on margins amidst rising raw material costs.
- Consumer Spending Pressures
- Economic conditions such as inflation and cautious consumer spending have created uncertainties around demand.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $1.96
- Gross margin
- 37%
- Operating margin
- 19.5%
What they said about what is next.
Annual outlook deferred to earnings press release / call.
The filing reads about the same as the one before it.
What came before.
- 10-Q · March 12, 2026
- National Beverage Corp. reported a slight decline in revenues for the third quarter of fiscal 2026, with net sales of $264.6 million, down 0.9% from $267.1 million year-over-year. However, gross profit increased to…
- 10-Q · December 11, 2025
- National Beverage Corp. reported a slight decline in revenue in its Q2 FY 2026 results, with net sales at $288.3 million, down 1.0% from $291.2 million in the prior year. Gross profit margins improved slightly,…
- 10-Q · September 11, 2025
- National Beverage Corp.'s Q1 2026 report revealed a slight revenue increase but a decline in case volume, impacting overall growth. Gross profit and margins improved, yet SG&A expenses rose due to increased marketing…
- 10-K · July 2, 2025
- National Beverage Corp. reported modest growth in fiscal 2025 with net sales increasing by 0.8% to $1.201 billion, driven primarily by a 1.7% rise in average selling price per case despite a decrease in case volume. The…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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