BellRing Brands (BRBR) Q1 2026 earnings summary

Executive summary

• First quarter net sales reached $537.3 million, up 1% year-over-year, driven by strong Dymatize growth but offset by lower Premier Protein sales and increased promotional activity.

• Premier maintained a 22% RTD market share and best-in-class household penetration, while Dymatize saw robust international and eCommerce growth.

• CEO Darcy H. Davenport announced retirement by September 30, 2026, with a national search for a successor underway and transition to Senior Advisor through 2028.

• Operating profit declined 32% to $78.5 million and net earnings fell 43% to $43.7 million due to higher input and manufacturing costs.

• The wellness category expanded to $24 billion, now including hydration, protein coffee, shelf-stable milk, and protein treats.

Financial highlights

• Net sales for the quarter were $537.3 million, up 1% year-over-year, with adjusted EBITDA at $90.3 million and a 16.8% margin.

• Gross profit was $160.8 million (29.9% margin), down from $199.6 million (37.5%) due to input cost inflation and unfavorable mix.

• Premier net sales declined 1.2%, while Dymatize net sales rose 15.8% on strong international performance.

• $97.8 million was used to repurchase 3.0 million shares at an average price of $31.95.

• Cash used in operating activities was $(3.1) million, with long-term debt at $1,184.6 million.

Outlook and guidance

• FY2026 net sales guidance narrowed to 4%-6% growth ($2.41-$2.46 billion), with adjusted EBITDA guidance at $425-$440 million.

• Margins expected to decline 300 basis points year-over-year due to input cost inflation, tariffs, and increased advertising.

• Q2 net sales growth expected at 3%-4% for both Premier and Dymatize, with sequential margin improvement anticipated in the second half.

• Management anticipates sales growth to accelerate beyond Q1 as merchandising, advertising, and innovation initiatives ramp up.

• All prospective information is based on estimates as of February 3, 2026, and subject to significant uncertainties.