10-K · February 27, 2026
The 2025 Form 10-K frames Primo Brands as the leading North American bottled water company after the 2024 Transaction, highlighting scale (more than 50 production facilities, >200 depots, ~4,800 delivery vehicles) and a…
Earnings analysis · 10-Q
PRMB earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
Primo Brands reported Q1 2026 results with net sales of $1.63 billion, a modest growth of 0.8% year-over-year. However, earnings per share (EPS) of $0.07 fell short of the expected $0.24, prompting adjustments in the…
Read full summary
Primo Brands reported Q1 2026 results with net sales of $1.63 billion, a modest growth of 0.8% year-over-year. However, earnings per share (EPS) of $0.07 fell short of the expected $0.24, prompting adjustments in the company's growth outlook for organic sales. In addition, while operational cash flow improved significantly, adjustments in gross margins and increased operational costs raise concerns about future performance.
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.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
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
- $0.07
What stood out
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Revenue Growth of 0.8% YoY
Net sales increased to $1,626.1 million from $1,613.7 million.
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Web of Increasing Costs
Cost of sales rose by 6.3% to $1,161.2 million, impacting gross profit margin.
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Increase in Operating Cash Flow
Net cash provided by operating activities rose to $103.8 million from $38.8 million.
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Significant Debt Refinancing
Refinanced term loans totaling $3,090 million with a new facility maturing in March 2031.
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Segment Performance in Premium Water
Premium water sales surged 42.8%, increasing to $105.5 million.
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Decrease in Acquisition Costs
Acquisition-related costs decreased by 47.7% to $20.8 million.
What to watch
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Missed EPS Estimates
Reported EPS of $0.07 significantly below the expected $0.24.
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Decreased Gross Margin
Gross profit margin fell to 28.6% from 32.3% year-over-year.
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Pressure from Debt Refinancing
Recent refinancing incurred a loss of $17.7 million.
Management's outlook
Raised organic net sales growth outlook from 1% to 3% for the full year.
Earlier filings 4
10-Q · November 6, 2025
Primo Brands reported strong top-line growth in Q3 2025 with net sales of $1,766.1 million versus $1,305.1 million in Q3 2024, and gross profit rising to $528.2 million. However, margin and EPS compression are evident:…
10-Q · August 7, 2025
In its Q2 2025 report, Primo Brands Corporation reported a notable decrease in revenue and earnings per share compared to prior estimates, with actual revenue of $1,730.1 million and EPS of $0.07, both missing consensus…
10-Q · December 17, 2024
Primo Brands Corporation reported insignificant operational activity for the third quarter ending September 30, 2024, due to its recent formation and merger with Primo Water Corporation. The preliminary unaudited…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.