BellRing Brands Reports Results for the First Quarter of Fiscal Year 2026; Narrows Fiscal Year 2026 Outlook
Rhea-AI Summary
BellRing Brands (NYSE:BRBR) reported Q1 fiscal 2026 results for the quarter ended Dec 31, 2025: net sales $537.3M, operating profit $78.5M, net earnings $43.7M and Adjusted EBITDA $90.3M. Management narrowed FY2026 guidance to $2.41–$2.46B net sales and $425–$440M Adjusted EBITDA, cited higher whey protein costs and increased promotional frequency, and repurchased $96.9M of shares in the quarter.
Positive
- Net sales of $537.3M in Q1, up 0.8% year-over-year
- Repurchased $96.9M of shares (~3.0M shares) in Q1, reducing outstanding shares
- Dymatize net sales increased 15.8%, driven by international volume growth
- Management narrowed FY2026 guidance to a defined range: $2.41–$2.46B net sales and $425–$440M Adjusted EBITDA
Negative
- Gross profit declined to $160.8M (29.9% of sales) from $199.6M (37.5%), down $38.8M
- Adjusted EBITDA fell to $90.3M, down $35.0M year-over-year
- Premier Protein net sales decreased 1.2%, with RTD shakes down 2.2%
- Interest expense increased to $20.0M in Q1 from $14.4M due to higher borrowings
News Market Reaction – BRBR
On the day this news was published, BRBR declined 14.39%, reflecting a significant negative market reaction. Argus tracked a trough of -12.4% from its starting point during tracking. Our momentum scanner triggered 76 alerts that day, indicating high trading interest and price volatility. This price movement removed approximately $486M from the company's valuation, bringing the market cap to $2.89B at that time. Trading volume was elevated at 2.2x the daily average, suggesting increased selling activity.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
BRBR fell 1.93% while several packaged food peers like POST (-0.99%), FLO (-1.75%) and SMPL (-3.46%) also declined, but DAR gained 2.8% and no peers appeared in momentum scans, pointing to a company-specific reaction rather than a clean sector-wide move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 18 | Q4 and FY25 earnings | Positive | +2.5% | Strong FY25 growth, solid Adjusted EBITDA and introduction of FY26 guidance. |
| May 05 | Q2 2025 earnings | Positive | -19.0% | Robust Q2 growth and affirmed FY25 outlook despite subsequent sharp share decline. |
| Feb 03 | Q1 2025 earnings | Positive | -4.3% | Strong Q1 results and raised FY25 guidance followed by a modest price drop. |
| Nov 18 | Q4 and FY24 earnings | Neutral | -0.2% | Solid FY24 performance and initial FY25 outlook with little price reaction. |
| Aug 05 | Q3 2024 earnings | Positive | +6.9% | Strong Q3 results and raised FY24 outlook supporting a meaningful share gain. |
Earnings releases often showed solid topline growth and outlook updates, but share reactions have been mixed, with notable selloffs even on positive quarters and guidance raises.
Over the past earnings cycles, BellRing reported rising net sales, such as $515.4M in Q3 2024 and $648.2M in Q4 2025, alongside growing full-year revenues up to $2,316.6M in fiscal 2025. Adjusted EBITDA has remained a key focus, ranging from $119.5M in Q3 2024 to $481.6M for fiscal 2025, with guidance typically targeting 18–20% margins. The current Q1 2026 report, with modest net sales growth and a narrowed $2.41–$2.46B outlook, follows this pattern of emphasizing growth but now against tougher comparisons and cost pressures.
Historical Comparison
In the last five earnings releases, BRBR’s average move was about 6.57%. Today’s -1.93% reaction to Q1 2026 results and narrowed guidance appears comparatively muted versus those prior swings.
Earnings updates from Q3 2024 through FY24 and FY25 showed consistent revenue growth and recurring guidance raises, culminating in FY25 net sales of $2,316.6M and FY26 targets of $2.41–$2.49B. Today’s Q1 2026 release marks a shift toward slower growth, with net sales up slightly to $537.3M and the FY26 outlook narrowed to $2.41–$2.46B and Adjusted EBITDA of $425–$440M, highlighting emerging margin and cost headwinds versus prior expansion phases.
Market Pulse Summary
The stock dropped -14.4% in the session following this news. The decline reflects concern over Q1 2026 margin pressure and slower growth despite topline expansion. Net sales reached $537.3M, but gross margin fell to 29.9% from 37.5%, and Adjusted EBITDA declined to $90.3M. The FY26 outlook narrowed to $2.41–$2.46B in net sales and $425–$440M in Adjusted EBITDA, signaling tighter expectations than prior updates. Historically, BellRing sometimes traded lower even on strong earnings, so a negative move would have fit a pattern where cost or outlook details overshadow headline growth and buybacks of $96.9M in the quarter.
Key Terms
adjusted ebitda financial
non-gaap measures financial
ready-to-drink ("rtd") technical
restricted stock units financial
deferred compensation plan for directors financial
effective income tax rate financial
AI-generated analysis. Not financial advice.
ST. LOUIS, Feb. 03, 2026 (GLOBE NEWSWIRE) -- BellRing Brands, Inc. (NYSE:BRBR) (“BellRing”), a holding company operating in the global proactive wellness category, today reported results for the first fiscal quarter ended December 31, 2025.
Highlights:
- First quarter net sales of
$537.3 million , up1% year-over-year - Operating profit of
$78.5 million , net earnings of$43.7 million and Adjusted EBITDA* of$90.3 million - Narrowed fiscal year 2026 net sales outlook of
$2.41 -$2.46 billion and Adjusted EBITDA* outlook of$425 -$440 million - Repurchased
$97 million or approximately2.5% of common shares outstanding in the quarter
*Adjusted EBITDA and Adjusted EBITDA as a percentage of net sales are non-GAAP measures. For additional information regarding non-GAAP measures, see the related explanations presented under “Use of Non-GAAP Measures” later in this release. BellRing provides Adjusted EBITDA and Adjusted EBITDA as a percentage of net sales guidance only on a non-GAAP basis and does not provide a reconciliation of its forward-looking Adjusted EBITDA or Adjusted EBITDA as a percentage of net sales non-GAAP guidance measure to the most directly comparable GAAP measure due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation, including the adjustments described under “Outlook” later in this release.
“We delivered first quarter results ahead of our guidance, primarily due to favorable timing, and our operating plans remain on track,” said Darcy H. Davenport, President and Chief Executive Officer of BellRing. “Our 2026 outlook has been modestly narrowed, reflecting increased category promotional frequency and higher whey protein costs, and continues to anticipate growth and second half acceleration as demand initiatives ramp. We remain highly focused on executing our strategic priorities of stepping up brand investment, accelerating our innovation pipeline and sharpening multi-channel execution to reach even more consumers.”
First Quarter Consumption Trends
Dollar consumption of Premier Protein ready-to-drink (“RTD”) shakes decreased
First Quarter Operating Results
Net sales were
Premier Protein net sales decreased
Dymatize net sales increased
Gross profit was
Selling, general and administrative (“SG&A”) expenses were
Operating profit was
Interest expense, net was
Net earnings were
Adjusted EBITDA* was
*Adjusted net earnings, Adjusted diluted earnings per common share and Adjusted EBITDA are non-GAAP measures. For additional information regarding non-GAAP measures, see the related explanations presented under “Use of Non-GAAP Measures” later in this release.
Share Repurchases
During the first quarter of 2026, BellRing repurchased 3.0 million shares for
Outlook
For fiscal year 2026, BellRing management has narrowed its previously issued guidance, as shown in the table below. As previously indicated, net sales growth is expected to accelerate beyond the first quarter as merchandising initiatives, advertising and innovation become more meaningful.
| Metric | Fiscal Year 2026 |
| Net Sales | |
| Net Sales Growth | |
| Adjusted EBITDA | |
| Adjusted EBITDA as a percentage of Net Sales | Approximately |
| Capital Expenditures |
BellRing provides Adjusted EBITDA and Adjusted EBITDA as a percentage of net sales guidance only on a non-GAAP basis and does not provide a reconciliation of its forward-looking Adjusted EBITDA and Adjusted EBITDA as a percentage of net sales non-GAAP guidance measure to the most directly comparable GAAP measure due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation, including adjustments that could be made for mark-to-market adjustments on commodity hedges and other charges reflected in BellRing’s reconciliation of historical numbers, the amounts of which, based on historical experience, could be significant. For additional information regarding BellRing’s non-GAAP measures, see the related explanations presented under “Use of Non-GAAP Measures.”
Use of Non-GAAP Measures
BellRing uses certain non-GAAP measures in this release to supplement the financial measures prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). These non-GAAP measures include Adjusted gross profit, Adjusted gross profit margin, Adjusted net earnings, Adjusted diluted earnings per common share, Adjusted EBITDA and Adjusted EBITDA as a percentage of net sales. The reconciliation of each of these non-GAAP measures to the most directly comparable GAAP measure is provided later in this release under “Explanation and Reconciliation of Non-GAAP Measures.”
Management uses certain of these non-GAAP measures, including Adjusted EBITDA and Adjusted EBITDA as a percentage of net sales, as key metrics in the evaluation of underlying company performance, in making financial, operating and planning decisions and, in part, in the determination of bonuses for its executive officers and employees. Additionally, BellRing is required to comply with certain covenants and limitations that are based on variations of EBITDA in its financing documents. Management believes the use of these non-GAAP measures provides increased transparency and assists investors in understanding the underlying operating performance of BellRing and in the analysis of ongoing operating trends. Non-GAAP measures are not prepared in accordance with GAAP, as they exclude certain items as described later in this release. These non-GAAP measures may not be comparable to similarly titled measures of other companies. For additional information regarding BellRing’s non-GAAP measures, see the related explanations provided under “Explanation and Reconciliation of Non-GAAP Measures” later in this release.
Conference Call to Discuss Earnings Results and Outlook
BellRing will host a conference call on Tuesday, February 3, 2026 at 8:30 a.m. ET to discuss financial results for the first quarter of fiscal year 2026 and fiscal year 2026 outlook and to respond to questions. Darcy H. Davenport, President and Chief Executive Officer, and Paul A. Rode, Chief Financial Officer, will participate in the call.
Interested parties may join the conference call by registering in advance at the following link: BellRing Q1 2026 Earnings Conference Call. Upon registration, participants will receive a dial-in number and a unique passcode to access the conference call. Interested parties are invited to listen to the webcast of the conference call, which can be accessed by visiting the Investor Relations section of BellRing’s website at www.bellring.com. A slide presentation containing supplemental material will also be available at the same location on BellRing’s website. A webcast replay also will be available for a limited period on BellRing’s website in the Investor Relations section.
Prospective Financial Information
Prospective financial information is necessarily speculative in nature, and it can be expected that some or all of the assumptions underlying the prospective financial information described above will not materialize or will vary significantly from actual results. For further discussion of some of the factors that may cause actual results to vary materially from the information provided above, see “Forward-Looking Statements” below. Accordingly, the prospective financial information provided above is only an estimate of what BellRing’s management believes is realizable as of the date of this release. It also should be recognized that the reliability of any forecasted financial data diminishes the farther in the future that the data is forecasted. In light of the foregoing, the information should be viewed in context and undue reliance should not be placed upon it.
Forward-Looking Statements
Certain matters discussed in this release and on BellRing’s conference call are forward-looking statements, including BellRing’s net sales, Adjusted EBITDA, Adjusted EBITDA as a percentage of net sales and capital expenditures outlook for fiscal year 2026. These forward-looking statements are sometimes identified from the use of forward-looking words such as “believe,” “should,” “could,” “potential,” “continue,” “expect,” “project,” “estimate,” “predict,” “anticipate,” “aim,” “intend,” “plan,” “forecast,” “target,” “is likely,” “will,” “can,” “may” or “would” or the negative of these terms or similar expressions, and include all statements regarding future performance, earnings projections, events or developments. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements made herein. These risks and uncertainties include, but are not limited to, the following:
- BellRing’s dependence on sales from its RTD protein shakes;
- BellRing’s ability to continue to compete in its product categories and its ability to retain its market position and favorable perceptions of its brands;
- disruptions or inefficiencies in BellRing’s supply chain, including as a result of BellRing’s reliance on third-party suppliers or manufacturers for the manufacturing of many of its products, pandemics and other outbreaks of contagious diseases, labor shortages, fires and evacuations related thereto, changes in weather conditions, natural disasters, agricultural diseases and pests and other events beyond BellRing’s control;
- BellRing’s dependence on third-party contract manufacturers for the manufacture of most of its products, including one manufacturer for nearly half of its RTD protein shakes;
- the ability of BellRing’s third-party contract manufacturers to produce an amount of BellRing’s products that enables BellRing to meet customer and consumer demand for the products;
- BellRing’s reliance on a limited number of third-party suppliers to provide certain ingredients and packaging;
- significant volatility in the cost or availability of inputs to BellRing’s business (including freight, raw materials, packaging, energy, labor and other supplies), including as a result of tariffs or inflationary pressures;
- BellRing’s ability to anticipate and respond to changes in consumer and customer preferences and behaviors and introduce new products;
- BellRing’s ability to expand existing market penetration and enter into new markets;
- consolidation in BellRing’s distribution channels;
- the loss of, a significant reduction of purchases by or the bankruptcy of a major customer;
- legal and regulatory factors, such as compliance with existing laws and regulations, as well as new laws and regulations and changes to existing laws and regulations and interpretations thereof, affecting BellRing’s business, including current and future laws and regulations regarding food safety, advertising, labeling, tax matters and environmental matters;
- fluctuations in BellRing’s business due to changes in its promotional activities and seasonality;
- BellRing’s ability to maintain the net selling prices of its products and manage promotional activities with respect to its products;
- BellRing’s ability to obtain additional financing (including both secured and unsecured debt) and its ability to service its outstanding debt (including covenants that restrict the operation of its business);
- the accuracy of BellRing’s market data and attributes and related information;
- changes in critical accounting estimates;
- uncertain or unfavorable economic conditions that limit customer and consumer demand for BellRing’s products or increase its costs;
- risks related to BellRing’s ongoing relationship with Post Holdings, Inc. (“Post”) following BellRing’s separation from Post and Post’s distribution of BellRing stock to Post’s shareholders (“ the Spin-off”), including BellRing’s obligations under various agreements with Post;
- conflicting interests or the appearance of conflicting interests resulting from certain of BellRing’s directors also serving as officers and/or directors of Post;
- risks related to the previously completed Spin-off;
- the ultimate impact litigation or other regulatory matters may have on BellRing;
- risks associated with BellRing’s international business;
- BellRing’s ability to protect its intellectual property and other assets and to continue to use third-party intellectual property subject to intellectual property licenses;
- costs, business disruptions and reputational damage associated with technology failures, cybersecurity incidents and corruption of BellRing’s data privacy protections;
- impairment in the carrying value of goodwill or other intangible assets or other long-lived assets;
- BellRing’s ability to identify, complete and integrate or otherwise effectively execute acquisitions or other strategic transactions and effectively manage its growth;
- BellRing’s ability to hire and retain talented personnel, employee absenteeism, labor strikes, work stoppages or unionization efforts;
- BellRing’s ability to satisfy the requirements of Section 404 of the Sarbanes-Oxley Act of 2002;
- significant differences in BellRing’s actual operating results from any guidance BellRing may give regarding its performance; and
- other risks and uncertainties described in BellRing’s filings with the Securities and Exchange Commission.
These forward-looking statements represent BellRing’s judgment as of the date of this release. BellRing disclaims, however, any intent or obligation to update these forward-looking statements.
About BellRing Brands, Inc.
BellRing Brands, Inc. (NYSE: BRBR) is a dynamic and fast-growing consumer brands business with the purpose of Changing Lives with Good Energy. Focused on growing the proactive wellness category, the company’s brands include Premier Protein, the #1 ready-to-drink protein and proactive wellness brand, and Dymatize, the brand behind the #1 hydrolyzed protein powder. A culture-driven, pure-play company, BellRing Brands believes nutrition is at the core of a healthy world and produces products with best-in-class nutritional profiles and exceptional flavors. Its products are distributed in over 90 countries across club, mass, food, eCommerce, specialty, drug and convenience. To learn more visit www.bellring.com.
Contact:
Investor Relations
Jennifer Meyer
jennifer.meyer@bellringbrands.com
(415) 814-9388
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (in millions, except for per share data) | |||||
| Three Months Ended December 31, | |||||
| 2025 | 2024 | ||||
| Net Sales | $ | 537.3 | $ | 532.9 | |
| Cost of goods sold | 376.5 | 333.3 | |||
| Gross Profit | 160.8 | 199.6 | |||
| Selling, general and administrative expenses | 78.0 | 80.1 | |||
| Amortization of intangible assets | 4.3 | 4.2 | |||
| Operating Profit | 78.5 | 115.3 | |||
| Interest expense, net | 20.0 | 14.4 | |||
| Earnings before Income Taxes | 58.5 | 100.9 | |||
| Income tax expense | 14.8 | 24.0 | |||
| Net Earnings | $ | 43.7 | $ | 76.9 | |
| Earnings per Common Share: | |||||
| Basic | $ | 0.37 | $ | 0.60 | |
| Diluted | $ | 0.36 | $ | 0.59 | |
| Weighted-Average Common Shares Outstanding: | |||||
| Basic | 119.3 | 128.9 | |||
| Diluted | 119.9 | 131.1 | |||
| CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (in millions) | |||||||
| December 31, 2025 | September 30, 2025 | ||||||
| ASSETS | |||||||
| Current Assets | |||||||
| Cash and cash equivalents | $ | 64.1 | $ | 71.8 | |||
| Restricted cash | 12.9 | 17.3 | |||||
| Receivables, net | 246.0 | 223.4 | |||||
| Inventories | 435.2 | 330.4 | |||||
| Prepaid expenses and other current assets | 28.1 | 22.6 | |||||
| Total Current Assets | 786.3 | 665.5 | |||||
| Property, net | 26.5 | 19.0 | |||||
| Goodwill | 65.9 | 65.9 | |||||
| Intangible assets, net | 120.7 | 125.0 | |||||
| Deferred income taxes | 27.6 | 32.4 | |||||
| Other assets | 33.3 | 33.2 | |||||
| Total Assets | $ | 1,060.3 | $ | 941.0 | |||
| LIABILITIES AND STOCKHOLDERS’ DEFICIT | |||||||
| Current Liabilities | |||||||
| Accounts payable | $ | 178.6 | $ | 119.5 | |||
| Other current liabilities | 173.4 | 163.3 | |||||
| Total Current Liabilities | 352.0 | 282.8 | |||||
| Long-term debt | 1,184.6 | 1,084.3 | |||||
| Deferred income taxes | 0.4 | 0.4 | |||||
| Other liabilities | 34.0 | 27.4 | |||||
| Total Liabilities | 1,571.0 | 1,394.9 | |||||
| Stockholders’ Deficit | |||||||
| Common stock | 1.4 | 1.4 | |||||
| Additional paid-in capital | 46.0 | 48.7 | |||||
| Retained earnings | 316.3 | 272.6 | |||||
| Accumulated other comprehensive loss | (1.0 | ) | (1.0 | ) | |||
| Treasury stock, at cost | (873.4 | ) | (775.6 | ) | |||
| Total Stockholders’ Deficit | (510.7 | ) | (453.9 | ) | |||
| Total Liabilities and Stockholders’ Deficit | $ | 1,060.3 | $ | 941.0 | |||
| SELECTED CONDENSED CONSOLIDATED CASH FLOWS INFORMATION (Unaudited) (in millions) | |||||||
| Three Months Ended December 31, | |||||||
| 2025 | 2024 | ||||||
| Cash (used in) provided by: | |||||||
| Operating activities | $ | (3.1 | ) | $ | 3.0 | ||
| Investing activities | (4.2 | ) | (1.3 | ) | |||
| Financing activities | (5.3 | ) | (23.2 | ) | |||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 0.5 | — | |||||
| Net decrease in cash, cash equivalents and restricted cash | $ | (12.1 | ) | $ | (21.5 | ) | |
EXPLANATION AND RECONCILIATION OF NON-GAAP MEASURES
BellRing uses certain non-GAAP measures in this release to supplement the financial measures prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). These non-GAAP measures include Adjusted gross profit, Adjusted gross profit margin, Adjusted net earnings, Adjusted diluted earnings per common share, Adjusted EBITDA and Adjusted EBITDA as a percentage of net sales. The reconciliation of each of these non-GAAP measures to the most directly comparable GAAP measure is provided in the tables following this section. Non-GAAP measures are not prepared in accordance with GAAP, as they exclude certain items as described below. These non-GAAP measures may not be comparable to similarly titled measures of other companies.
Adjusted gross profit and Adjusted gross profit margin
BellRing believes Adjusted gross profit is useful to investors in evaluating BellRing’s underlying profitability of its revenue-generating activities as it excludes mark-to-market adjustments on commodity hedges (which are primarily non-cash and not consistent across periods; see the explanation below for more information). BellRing believes Adjusted gross profit margin (Adjusted gross profit as a percentage of net sales) is useful to investors in evaluating BellRing’s operating performance because it allows for more meaningful comparison of operating performance across periods.
Adjusted net earnings and Adjusted diluted earnings per common share
BellRing believes Adjusted net earnings and Adjusted diluted earnings per common share are useful to investors in evaluating BellRing’s operating performance because they exclude items that affect the comparability of BellRing’s financial results and could potentially distort an understanding of the trends in business performance.
Adjusted net earnings and Adjusted diluted earnings per common share are adjusted for the following items:
- Mark-to-market adjustments on commodity hedges: BellRing has excluded the impact of mark-to-market adjustments on commodity hedges due to the inherent uncertainty and volatility associated with such amounts based on changes in assumptions with respect to fair value estimates. Additionally, these adjustments are primarily non-cash items and the amount and frequency of such adjustments are not consistent.
- Office relocation costs: BellRing has excluded certain duplicative costs associated with new office moves as the amount and frequency of such expenses are not consistent. Additionally, BellRing believes that these costs do not reflect expected ongoing future operating expenses and do not contribute to a meaningful evaluation of BellRing’s current operating performance or comparisons of BellRing’s operating performance to other periods.
- Foreign currency gain/loss on intercompany loans: BellRing has excluded the impact of foreign currency fluctuations related to intercompany loans denominated in currencies other than the functional currency of the respective legal entity in evaluating BellRing’s performance to allow for more meaningful comparisons of performance to other periods.
- Separation costs: BellRing has excluded certain expenses incurred to transition services to BellRing from Post ahead of the anticipated termination of the master services agreement with Post, as the amount and frequency of such expenses are not consistent. Additionally, BellRing believes that these costs do not reflect expected ongoing future operating expenses and do not contribute to a meaningful evaluation of BellRing’s current operating performance or comparisons of BellRing’s operating performance to other periods.
- Income tax effect on adjustments: BellRing has included the income tax impact of the non-GAAP adjustments using a rate described in the applicable footnote of the reconciliation tables, as BellRing believes that its GAAP effective income tax rate as reported is not representative of the income tax expense impact of the adjustments.
Adjusted EBITDA and Adjusted EBITDA as a percentage of net sales
BellRing believes that Adjusted EBITDA is useful to investors in evaluating BellRing’s operating performance and liquidity because (i) BellRing believes it is widely used to measure a company’s operating performance without regard to items such as depreciation and amortization, which can vary depending upon accounting methods and the book value of assets, (ii) it presents a measure of corporate performance exclusive of BellRing’s capital structure and the method by which the assets were acquired and (iii) it is a financial indicator of a company’s ability to service its debt, as BellRing is required to comply with certain covenants and limitations that are based on variations of EBITDA in its financing documents. Management uses Adjusted EBITDA to provide forward-looking guidance and to forecast future results. BellRing believes that Adjusted EBITDA as a percentage of net sales is useful to investors in evaluating BellRing’s operating performance because it allows for more meaningful comparison of operating performance across periods.
Adjusted EBITDA reflects adjustments for income tax expense, interest expense, net and depreciation and amortization, and the following adjustments discussed above: mark-to-market adjustments on commodity hedges, office relocation costs, foreign currency gain/loss on intercompany loans and separation costs. Additionally, Adjusted EBITDA reflects an adjustment for the following item:
| f. | Stock-based compensation: BellRing’s compensation strategy includes the use of BellRing stock-based compensation to attract and retain executives and employees by aligning their long-term compensation interests with BellRing’s stockholders’ investment interests. BellRing’s director compensation strategy includes an election by any director who earns retainers in which the director may elect to defer compensation granted as a director to BellRing common stock, earning a match on the deferral, both of which are stock-settled upon the director’s retirement from the BellRing board of directors. BellRing has excluded stock-based compensation as stock-based compensation can vary significantly based on reasons such as the timing, size and nature of the awards granted and subjective assumptions which are unrelated to operational decisions and performance in any particular period and does not contribute to meaningful comparisons of BellRing’s operating performance to other periods. |
| RECONCILIATION OF GROSS PROFIT TO ADJUSTED GROSS PROFIT (Unaudited) (in millions) | |||||||
| Three Months Ended December 31, | |||||||
| 2025 | 2024 | ||||||
| Gross Profit | $ | 160.8 | $ | 199.6 | |||
| Mark-to-market adjustments on commodity hedges | — | (1.5 | ) | ||||
| Adjusted Gross Profit | $ | 160.8 | $ | 198.1 | |||
| Gross Profit as a percentage of Net Sales | 29.9 | % | 37.5 | % | |||
| Adjusted Gross Profit as a percentage of Net Sales | 29.9 | % | 37.2 | % | |||
| RECONCILIATION OF NET EARNINGS TO ADJUSTED NET EARNINGS (Unaudited) (in millions) | ||||||||
| Three Months Ended December 31, | ||||||||
| 2025 | 2024 | |||||||
| Net Earnings | $ | 43.7 | $ | 76.9 | ||||
| Adjustments: | ||||||||
| Mark-to-market adjustments on commodity hedges | — | (1.5 | ) | |||||
| Office relocation costs | 0.9 | — | ||||||
| Foreign currency loss on intercompany loans | — | 0.6 | ||||||
| Separation costs | 0.4 | — | ||||||
| Total Net Adjustments | 1.3 | (0.9 | ) | |||||
| Income tax effect on adjustments(1) | (0.3 | ) | 0.2 | |||||
| Adjusted Net Earnings | $ | 44.7 | $ | 76.2 | ||||
| (1) Income tax effect on adjustments was calculated on all items using a rate of | ||||||||
| RECONCILIATION OF DILUTED EARNINGS PER COMMON SHARE TO ADJUSTED DILUTED EARNINGS PER COMMON SHARE (Unaudited) | |||||||
| Three Months Ended December 31, | |||||||
| 2025 | 2024 | ||||||
| Diluted Earnings per Common Share | $ | 0.36 | $ | 0.59 | |||
| Adjustments: | |||||||
| Mark-to-market adjustments on commodity hedges | — | (0.01 | ) | ||||
| Office relocation costs | 0.01 | — | |||||
| Total Net Adjustments | 0.01 | (0.01 | ) | ||||
| Income tax effect on adjustments(1) | — | — | |||||
| Adjusted Diluted Earnings per Common Share | $ | 0.37 | $ | 0.58 | |||
| (1) Income tax effect on adjustments was calculated on all items using a rate of | |||||||
| RECONCILIATION OF NET EARNINGS TO ADJUSTED EBITDA (Unaudited) (in millions) | |||||||
| Three Months Ended December 31, | |||||||
| 2025 | 2024 | ||||||
| Net Earnings | $ | 43.7 | $ | 76.9 | |||
| Income tax expense | 14.8 | 24.0 | |||||
| Interest expense, net | 20.0 | 14.4 | |||||
| Depreciation and amortization | 4.9 | 4.6 | |||||
| Stock-based compensation | 5.6 | 6.3 | |||||
| Mark-to-market adjustments on commodity hedges | — | (1.5 | ) | ||||
| Office relocation costs | 0.9 | — | |||||
| Foreign currency loss on intercompany loans | — | 0.6 | |||||
| Separation costs | 0.4 | — | |||||
| Adjusted EBITDA | $ | 90.3 | $ | 125.3 | |||
| Net Earnings as a percentage of Net Sales | 8.1 | % | 14.4 | % | |||
| Adjusted EBITDA as a percentage of Net Sales | 16.8 | % | 23.5 | % | |||
FAQ
What were BellRing (BRBR) Q1 fiscal 2026 sales and earnings results?
How did BellRing (BRBR) change its fiscal 2026 guidance on February 3, 2026?
What drove the decline in BellRing (BRBR) gross profit in Q1 2026?
What was BellRing's (BRBR) share repurchase activity in Q1 fiscal 2026?
How did Premier Protein and Dymatize perform in BellRing's (BRBR) Q1 2026 results?
What near-term risks did BellRing (BRBR) cite affecting 2026 performance?
