BellRing Brands (BRBR) Q4 2025 earnings summary

Executive summary

• Fiscal 2025 net sales rose 16% to $2.3 billion, with adjusted EBITDA margin at 20.8% and strong volume growth from Premier Protein and Dymatize.

• Premier Protein maintained category leadership, achieving record household penetration, repeat rates, and a 26.4% RTD market share.

• The RTD shake category remains a high-growth CPG segment, with household penetration at 54% and significant upside potential.

• Share repurchases accelerated, with 9 million shares bought back for $473 million (~7% of shares outstanding).

• Fiscal 2026 is expected to start soft in Q1 but strengthen in subsequent quarters, with continued innovation and expanded distribution.

Financial highlights

• Q4 net sales were $648 million, up 17% year-over-year; adjusted EBITDA was $117 million (18.1% margin).

• Adjusted gross profit margin declined to 29.7% in Q4 due to input cost inflation, increased promotions, and packaging redesign.

• Premier Protein net sales grew 15% in Q4, with RTD shake sales up 14% and Dymatize net sales up 33%.

• Adjusted diluted EPS for the year was $2.17, up 12.4% year-over-year.

• Cash from operations was $260.6 million for the year.

Outlook and guidance

• Fiscal 2026 net sales guidance: $2.41–$2.49 billion (4%-8% growth); adjusted EBITDA: $425–$455 million (18% margin).

• Q1 2026 net sales expected to decline ~5% due to tough comps and non-recurring promotions; acceleration expected from mid-December onward.

• Premier Protein expected to deliver high single-digit sales growth at midpoint; Dymatize to see high single-digit sales declines.

• Adjusted EBITDA margin expected to decline 280 bps in 2026, mainly from input cost inflation, tariffs, and higher advertising.

• Long-term annual net sales growth target updated to 7%-9%; adjusted EBITDA margin target maintained at 18%-20%.