BellRing Brands, Inc. reported fourth‑quarter 2025 results that showed net sales of $648.2 million, a 16.6 % year‑over‑year increase driven by a 19.2 % rise in volume and a 2.6 % decline in price/mix. The revenue gain was largely powered by a 14.9 % increase in Premier Protein sales, which grew 18.4 % in volume, and a 32.9 % jump in Dymatize sales, underscoring the strength of the company’s core brands.
Net income fell to $59.6 million, or $0.48 per share, down 16.9 % from the $71.7 million net income reported in Q4 2024. The GAAP earnings per share of $0.48 missed the consensus estimate of $0.54–$0.5457 by $0.03–$0.0357. The miss reflects higher input‑cost inflation and increased promotional spend that compressed gross profit from 35.9 % in Q4 2024 to 28.9 % in Q4 2025, eroding profitability despite the revenue lift.
Adjusted EBITDA for the quarter was $117.4 million, up 0.8 % from the same period a year earlier. The slight growth in adjusted EBITDA is offset by the margin contraction, as the company’s adjusted operating margin slipped to 9.9 % from 10.2 % in Q4 2024. The narrowing margin is a direct consequence of the cost‑inflationary environment and the company’s aggressive pricing strategy to maintain market share.
During the quarter BellRing repurchased 5.2 million shares for $206.9 million, leaving $276.5 million of its share‑repurchase authorization unused. The buyback program signals management’s confidence in the company’s cash‑generating ability and its commitment to returning capital to shareholders.
For fiscal year 2026, BellRing reaffirmed its full‑year outlook, projecting net sales of $2.41 billion to $2.49 billion and adjusted EBITDA of $425 million to $455 million. The guidance range is lower than the earlier $2.26 billion to $2.34 billion and $470 million to $500 million estimates, reflecting management’s caution about near‑term margin pressure and the need to invest in brand building and innovation. The company’s CEO, Darcy Davenport, said the company “delivered strong results in 2025, with sales up 16 % driven by expanding household penetration, continued distribution gains, and meaningful innovation performance,” and added that the category is maturing, “there’s different strokes for different folks,” highlighting the need to balance growth with cost discipline.
Market reaction to the earnings was negative, as investors focused on the EPS miss and the more conservative FY2026 guidance. The EPS shortfall, combined with the tighter margin outlook, outweighed the revenue beat and led analysts to reassess the company’s near‑term profitability prospects.
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