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Edge12 Dec 2025
Running on Clouds: The Story of On
The story of how a Swiss runner's pursuit of a new running sensation became On, aiming to be the most premium global sportswear brand worldwide.
UTZ Brands (UTZ) investor relations material
UTZ Brands Stephens Annual Investment Conference summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Stephens Annual Investment Conference summary18 Nov, 2025
California expansion and investment
California market entry involves a one-time $4–$6 million startup cost in 2026, modeled after a successful Florida expansion.
The investment is not ongoing and does not impact long-term margin or leverage targets.
Acquired assets and minimal cash outlay enable statewide coverage and support for large customer opportunities.
Key success metrics include distribution gains, market share growth, and margin normalization over 12–36 months.
Expansion is expected to drive a flywheel effect similar to previous market entries.
Financial outlook and capital allocation
Leverage is targeted to approach 3x by year-end, with further reduction below 3x by end of 2026.
CapEx is set to decrease to $60–$70 million in 2026, down from $100 million in prior years.
Free cash flow is expected to improve as supply chain transformation costs decline and asset sales proceed.
Capital allocation priorities are deleveraging, maintaining a modest dividend, and considering share buybacks.
Dividend growth remains a commitment, balanced with debt reduction and growth investments.
Growth drivers and market performance
Outperformance in salty snacks is driven by market share gains in both core and expansion markets.
Power four brands (Utz, Boulder Canyon, Zapps, On the Border) are central to household penetration and expansion.
Marketing spend has increased, with a focus on high-ROI investments and balancing push/pull strategies.
Productivity initiatives, especially in supply chain, have driven gross margin expansion and are expected to deliver 3–4% of COGS savings long-term.
Innovation pipeline includes new flavors, better-for-you trends, and ongoing distribution expansion.
California investment: How is 2026 margin protected?
Can core market share gains sustain outperformance?
Beyond productivity, what drives future margin growth?
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Next UTZ Brands earnings date
Q4 202520 Feb, 2026
Next UTZ Brands earnings date
Q4 202520 Feb, 2026
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Frequently asked questions
Utz Brands, Inc. manufactures and distributes a wide range of snack products in the United States. The company offers potato chips, tortilla chips, cheese curls, puffs and twists, popcorn, pretzels, pork rinds and nuts gourmet products; and ready to eat deli salads, dips, salsa and other products. Its products are primarily sold to grocery stores, wholesalers /distributors, convenience stores/drug stores, discount/club stores.
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