The Vita Coco Company Reports Strong First Quarter 2026 Financial Results and Raises Full Year Guidance
Rhea-AI Summary
The Vita Coco Company (NASDAQ:COCO) reported strong Q1 2026 results: net sales $180M (+37%), driven by Vita Coco Coconut Water +42% CE volume. Net income was $30M and non-GAAP Adjusted EBITDA was $39M. The company raised FY2026 guidance to net sales $720M–$735M and Adjusted EBITDA $132M–$138M. Balance sheet shows $202M cash, no debt, and ongoing share repurchases with $21M remaining authorization.
Positive
- Net sales +37% to $180 million
- Vita Coco Coconut Water volume +42%
- Net income of $30 million
- Adjusted EBITDA of $39 million (up $16M)
- Raised FY2026 net sales guidance to $720M–$735M
- No debt and $202 million cash on hand
Negative
- SG&A expenses rose 31% to $38 million
- Accounts receivable increased ~48% to $121 million
- Higher finished goods, domestic logistics and tariff-related costs
- FY2026 outlook subject to geopolitical and tariff-related risks
News Market Reaction – COCO
In the Apr 29 session, COCO gained 29.67%, reflecting a significant positive market reaction. Argus tracked a peak move of +10.1% during that session. Our momentum scanner triggered 88 alerts that day, indicating high trading interest and price volatility. Trading volume was very high at 3.9x the daily average, suggesting strong buying interest.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Feb 18 | FY2025 earnings | Positive | -11.4% | Reported strong 2025 growth and initial 2026 guidance with higher net income. |
| Oct 29 | Q3 2025 earnings | Positive | +7.2% | Delivered strong Q3 growth and raised full-year 2025 guidance across key metrics. |
| Jul 30 | Q2 2025 earnings | Positive | +0.0% | Posted double-digit net sales growth and solid coconut water performance. |
| Apr 30 | Q1 2025 earnings | Positive | +4.8% | Reported strong Q1 2025 growth and reaffirmed full-year outlook with expansion plans. |
| Feb 26 | FY2024 earnings | Positive | -11.7% | Announced higher 2024 net income and margin improvement with 2025 guidance. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings releases are consistently positive operationally, but price reactions have been mixed, with some strong selloffs despite growth and guidance raises.
Over the past year, Vita Coco has reported multiple periods of strong growth and margin expansion. Q4 and full-year 2024 earnings on Feb 26, 2025 showed higher net income and improved gross margin. Subsequent 2025 quarters (Apr 30, Jul 30, Oct 29) maintained double‑digit net sales growth and rising coconut water sales, often paired with higher guidance. Full-year 2025 results on Feb 18, 2026 delivered $610M net sales and $98M Adjusted EBITDA, with 2026 guidance that today’s report now raises further.
Key Terms
non-gaap adjusted ebitda financial
sg&a financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
Net Sales were
Net Income Increased
Fiscal Year 2026 Guidance for Net Sales between
NEW YORK, April 29, 2026 (GLOBE NEWSWIRE) -- The Vita Coco Company, Inc. (NASDAQ:COCO) (“Vita Coco” or “the Company”), a leading high-growth platform of better-for-you beverage brands, today announced financial results for the first quarter ended March 31, 2026.
First Quarter 2026 Highlights Compared to Prior Year Period
- Net sales were
$180 million , an increase of$49 million or37% . - Vita Coco Coconut Water net sales grew
42% . - Gross profit was
$72 million , an increase of$24 million , and Gross margin was40% of net sales compared to37% . - Net income was
$30 million , an increase of$12 million , and Net income per diluted share was$0.50 compared to$0.31 . - Non-GAAP Adjusted EBITDA1 was
$39 million , an increase of$16 million .
Michael Kirban, the Company's Co-Founder and Executive Chairman, stated, "I am very proud of our team and our exceptional start to 2026. The coconut water category continues to be one of the fastest growing beverage categories in both the United States and our core international markets, which we believe is due to consumers choosing coconut water for more of their hydration needs. I believe this growth is being largely driven by our investments as the category leader, resulting in increased household penetration and new consumption occasions for coconut water and for the Vita Coco brand. The global momentum in our category and our brand has me very excited for our long-term potential."
Martin Roper, the Company’s Chief Executive Officer, said, “Our healthy first quarter shipment performance was driven by very strong branded retail growth in all our major markets, reflective of solid underlying consumer demand and favorable promotional timing differences. Our improved pricing produced healthy gross margin and very strong adjusted EBITDA. Our increased full year guidance is based on expected continued brand strength in our major markets, with improving private label shipment trends. We expect significant adjusted EBITDA growth in 2026 due to our expected volume growth and gross margin improvement."
First Quarter 2026 Consolidated Results
Net sales increased
Gross profit increased to
Selling, general and administrative ("SG&A") expenses were
Net income was
Non-GAAP Adjusted EBITDA1 was
Balance Sheet
As of March 31, 2026, the Company's financial position remained strong with no debt and
On October 30, 2023, the Company's Board of Directors (the "Board") approved a share repurchase program (the "Repurchase Program") authorizing the Company to repurchase up to
Fiscal Year 2026 Full Year Outlook
The Company is increasing its full year 2026 guidance as follows:
- Net sales expected to be between
$720 million and$735 million , driven by mid-to-high teens growth of Vita Coco Coconut Water and improvements in Private Label trends from new and regained business. (Prior guidance was between$680 million and$700 million ). - Gross margin expected to be approximately
38% with benefit relative to prior year from lower cost of goods due to a reduction in tariffs and higher pricing partially offset by adverse product mix, inflationary impacts, and increased branded promotion and incentives. (Unchanged from prior guidance). - SG&A expenses expected to increase high single digits versus 2025. (Prior guidance was mid to high single digit growth).
- Adjusted EBITDA1 expected to be in the range of
$132 million to$138 million . (Prior guidance was between$122 million and$128 million ).
Uncertainty and instability of the current operating environment, geopolitical landscape, and global economies, including the military conflict in Iran and related impacts, changes in tariff rates, associated potential competitive pricing actions and our own price elasticity, could affect this outlook and our future results.
Footnotes
| (1) | Adjusted EBITDA represents earnings before interest, taxes, depreciation, and amortization as adjusted for certain items as set forth in the reconciliation table of U.S. GAAP to non-GAAP information and is a measure calculated and presented on the basis of methodologies other than in accordance with GAAP. Please refer to the Non-GAAP Financial Measures herein for further discussion and reconciliation of this measure to GAAP measures. |
| (2) | GAAP Net income 2026 outlook is not provided due to the inherent difficulty in quantifying certain amounts due to a variety of factors including the unpredictability in the movement in foreign currency rates, as well as future charges or reversals outside of the normal course of business. |
Conference Call and Webcast Details
To participate in the live earnings call and question and answer session, please register at https://register-conf.media-server.com/register/BIb3845c5985b34df9a4070549d644b276 and dial-in information will be provided directly to you. The live audio webcast will be accessible in the “Events” section of the Company’s Investor Relations website at https://investors.thevitacococompany.com/. An archived replay of the webcast will be available shortly after the live event has concluded.
About The Vita Coco Company
The Vita Coco Company is a family of brands on a mission to reimagine what’s possible when brands deliver healthy, nutritious, and great tasting products that are better for consumers and better for the world. This includes its flagship coconut water brand Vita Coco, and protein-infused water PWR LIFT. The Company was co-founded in 2004 by Michael Kirban and Ira Liran and is a public benefit corporation and Certified B Corporation. Vita Coco, the principal brand within the Company’s portfolio, is the leading coconut water brand in the U.S. With electrolytes, nutrients, and vitamins, coconut water has become a top beverage choice among consumers after a workout, in smoothies, as a cocktail mixer, after a night out, and more.
Contacts
Investor Relations:
ICR, Inc.
investors@thevitacococompany.com
Non-GAAP Financial Measures
In addition to disclosing results determined in accordance with U.S. GAAP, the Company also discloses certain non-GAAP results of operations, including, but not limited to, Adjusted EBITDA, that include certain adjustments or exclude certain charges and gains that are described in the reconciliation table of U.S. GAAP to non-GAAP information provided at the end of this release. These non-GAAP measures are a key metric used by management and our board of directors to assess our financial performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance and because we believe it is useful for investors to see the measures that management uses to evaluate the Company. In addition, we believe the presentation of these measures is useful to investors for period-to-period comparisons of results as the items described below in the reconciliation tables do not reflect ongoing operating performance.
These measures are not in accordance with, or an alternative to, U.S. GAAP, and may be different from non-GAAP measures used by other companies. In addition, other companies, including companies in our industry, may calculate such measures differently, which reduces their usefulness as a comparative measure. Investors should not rely on any single financial measure when evaluating our business. This information should be considered as supplemental in nature and is not meant as a substitute for our operating results in accordance with U.S. GAAP. We recommend investors review the U.S. GAAP financial measures included in this earnings release. When viewed in conjunction with our U.S. GAAP results and the accompanying reconciliations, we believe these non-GAAP measures provide greater transparency and a more complete understanding of factors affecting our business than U.S. GAAP measures alone.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including but not limited to, statements regarding our future financial and operating performance, including our GAAP and non-GAAP guidance, our strategy, projected costs, tariffs, prospects, expectations, plans, objectives of management, supply chain predictions, customer and supplier relationships, and expected net sales and category share growth.
The forward-looking statements in this release are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements involve a number of risks, uncertainties or other factors beyond the Company’s control. These factors include, but are not limited to, those discussed under the caption “Risk Factors” in our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and our other filings with the U.S. Securities and Exchange Commission ("SEC") as such factors may be updated from time to time and which are accessible on the SEC’s website at www.sec.gov and the Investor Relations page of our website at https://investors.thevitacococompany.com. Any forward-looking statements contained in this press release speak only as of the date hereof and accordingly undue reliance should not be placed on such statements. We disclaim any obligation or undertaking to update or revise any forward-looking statements contained in this press release, whether as a result of new information, future events or otherwise, other than to the extent required by applicable law.
Website Disclosure
We intend to use our websites, vitacoco.com and investors.thevitacococompany.com, as a means for disclosing material non-public information and for complying with the SEC's Regulation FD and other disclosure obligations.
| THE VITA COCO COMPANY, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in thousands, except share data) | |||||||
| March 31, 2026 | December 31, 2025 | ||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 201,912 | $ | 196,873 | |||
| Accounts receivable, net of allowance of | 120,840 | 81,514 | |||||
| Inventory | 86,412 | 111,468 | |||||
| Supplier advances, current | 626 | 693 | |||||
| Derivative assets | 2,963 | 732 | |||||
| Prepaid expenses and other current assets | 36,899 | 30,160 | |||||
| Total current assets | 449,652 | 421,440 | |||||
| Property and equipment, net | 9,276 | 9,298 | |||||
| Goodwill | 7,791 | 7,791 | |||||
| Supplier advances, long-term | 1,779 | 1,860 | |||||
| Deferred tax assets, net | 6,465 | 6,463 | |||||
| Right-of-use assets, net | 10,943 | 11,592 | |||||
| Other assets | 2,437 | 2,714 | |||||
| Total assets | $ | 488,343 | $ | 461,158 | |||
| Liabilities and Stockholders’ Equity | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 24,808 | $ | 25,464 | |||
| Accrued expenses and other current liabilities | 97,437 | 89,461 | |||||
| Derivative liabilities | 912 | 1,507 | |||||
| Total current liabilities | 123,157 | 116,432 | |||||
| Operating lease liability, long-term | 12,914 | 13,087 | |||||
| Other long-term liabilities | 99 | 97 | |||||
| Total liabilities | $ | 136,170 | $ | 129,616 | |||
| Stockholders’ equity: | |||||||
| Common stock, March 31, 2026 and December 31, 2025, respectively; 57,106,305 and 57,082,173 shares outstanding at March 31, 2026 and December 31, 2025, respectively. | 644 | 642 | |||||
| Additional paid-in capital | 187,520 | 185,400 | |||||
| Retained earnings | 258,488 | 228,014 | |||||
| Accumulated other comprehensive gain | 26 | 486 | |||||
| Treasury stock, 7,329,649 shares at cost as of March 31, 2026, and 7,104,376 as of December 31, 2025. | (94,505 | ) | (83,000 | ) | |||
| Total stockholders’ equity | 352,173 | 331,542 | |||||
| Total liabilities and stockholders’ equity | $ | 488,343 | $ | 461,158 | |||
| THE VITA COCO COMPANY, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Amounts in thousands, except for share and per share data) | ||||||
| Three Months Ended March 31, | ||||||
| 2026 | 2025 | |||||
| Net sales | $ | 179,765 | $ | 130,921 | ||
| Cost of goods sold | 107,952 | 82,836 | ||||
| Gross profit | 71,813 | 48,085 | ||||
| Operating expenses | ||||||
| Selling, general and administrative | 38,231 | 28,792 | ||||
| Income from operations | 33,582 | 19,293 | ||||
| Other income (expense) | ||||||
| Unrealized gain on derivative instruments | 2,827 | 2,817 | ||||
| Foreign currency (loss) gain | (499 | ) | 580 | |||
| Interest income | 1,561 | 1,518 | ||||
| Other (expense) income | (29 | ) | 155 | |||
| Total other income | 3,860 | 5,070 | ||||
| Income before income taxes | 37,442 | 24,363 | ||||
| Income tax expense | 6,968 | 5,481 | ||||
| Net income | $ | 30,474 | $ | 18,882 | ||
| Net income attributable to The Vita Coco Company, Inc. per common share | ||||||
| Basic | $ | 0.53 | $ | 0.33 | ||
| Diluted | $ | 0.50 | $ | 0.31 | ||
| Weighted-average number of common shares outstanding | ||||||
| Basic | 57,114,475 | 56,994,146 | ||||
| Diluted | 60,471,324 | 59,975,827 | ||||
| THE VITA COCO COMPANY, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Amounts in thousands) | |||||||
| Three Months Ended March 31, | |||||||
| 2026 | 2025 | ||||||
| Cash flows from operating activities: | |||||||
| Net income | $ | 30,474 | $ | 18,882 | |||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
| Depreciation and amortization | 476 | 202 | |||||
| Amortization of debt issuance cost | 5 | — | |||||
| (Decrease) increase of provision for credit losses | (384 | ) | 434 | ||||
| Unrealized gain on derivative instruments | (2,827 | ) | (2,817 | ) | |||
| Stock-based compensation | 4,626 | 2,186 | |||||
| Noncash lease expense | 633 | 504 | |||||
| Changes in operating assets and liabilities: | |||||||
| Accounts receivable | (39,444 | ) | (13,150 | ) | |||
| Inventory | 24,815 | (4,508 | ) | ||||
| Prepaid expenses, net supplier advances, and other assets | (6,536 | ) | (2,583 | ) | |||
| Accounts payable, accrued expenses, and other liabilities | 3,762 | (8,950 | ) | ||||
| Net cash provided by/(used in) operating activities | 15,600 | (9,800 | ) | ||||
| Cash flows from investing activities: | |||||||
| Cash paid for property and equipment | (461 | ) | (559 | ) | |||
| Net cash used in investing activities | (461 | ) | (559 | ) | |||
| Cash flows from financing activities: | |||||||
| Proceeds from exercise of stock awards | 1,606 | 404 | |||||
| Cash paid on notes payable | (3 | ) | (2 | ) | |||
| Cash paid to acquire treasury stock | (11,505 | ) | (1,501 | ) | |||
| Net cash used in financing activities | (9,902 | ) | (1,099 | ) | |||
| Effects of exchange rate changes on cash and cash equivalents | (195 | ) | 401 | ||||
| Net increase/(decrease) in cash and cash equivalents | 5,042 | (11,057 | ) | ||||
| Cash, cash equivalents and restricted cash at beginning of the period (1) | 198,154 | 165,933 | |||||
| Cash, cash equivalents and restricted cash at end of the period (1) | $ | 203,196 | 154,876 | ||||
1 Includes
RECONCILIATION FROM GAAP NET INCOME TO NON-GAAP ADJUSTED EBITDA
| Three Months Ended March 31, | |||||||
| 2026 | 2025 | ||||||
| (in thousands) | |||||||
| Net income | 30,474 | 18,882 | |||||
| Depreciation and amortization | 476 | 202 | |||||
| Interest income | (1,561 | ) | (1,518 | ) | |||
| Income tax expense | 6,968 | 5,481 | |||||
| EBITDA | $ | 36,357 | $ | 23,047 | |||
| Stock-based compensation (a) | 4,626 | 2,186 | |||||
| Unrealized (gain) on derivative instruments (b) | (2,827 | ) | (2,817 | ) | |||
| Foreign currency loss/(gain) (b) | 499 | (580 | ) | ||||
| Other adjustments (c) | — | 669 | |||||
| Adjusted EBITDA | $ | 38,655 | $ | 22,505 | |||
| (a) | Non-cash charges related to stock-based compensation, which vary from period to period depending on volume and vesting timing of awards and forfeitures. We adjusted for these charges to facilitate comparison from period to period. |
| (b) | Unrealized gains or losses on derivative instruments and foreign currency gains or losses are not considered in our evaluation of our ongoing performance. |
| (c) | The three months ended March 31, 2025 other adjustments include |
SUPPLEMENTAL INFORMATION
| NET SALES | |||||
| Three Months Ended March 31, | |||||
| (in thousands) | 2026 | 2025 | |||
| Americas segment | |||||
| Vita Coco Coconut Water | $ | 118,033 | $ | 86,118 | |
| Private Label | 24,400 | 21,197 | |||
| Other | 5,731 | 5,285 | |||
| Subtotal | $ | 148,164 | $ | 112,600 | |
| International segment | |||||
| Vita Coco Coconut Water | $ | 22,520 | $ | 13,177 | |
| Private Label | 8,837 | 4,759 | |||
| Other | 244 | 385 | |||
| Subtotal | $ | 31,601 | $ | 18,321 | |
| Total net sales | $ | 179,765 | $ | 130,921 | |
| COST OF GOODS SOLD & GROSS PROFIT | |||||||
| Three Months Ended March 31, | |||||||
| (in thousands) | 2026 | 2025 | |||||
| Cost of goods sold | |||||||
| Americas segment | $ | 87,230 | $ | 70,288 | |||
| International segment | 20,722 | 12,548 | |||||
| Total cost of goods sold | $ | 107,952 | $ | 82,836 | |||
| Gross profit | |||||||
| Americas segment | $ | 60,934 | $ | 42,312 | |||
| International segment | 10,879 | 5,773 | |||||
| Total gross profit | $ | 71,813 | $ | 48,085 | |||
| Gross margin | |||||||
| Americas segment | 41.1 | % | 37.6 | % | |||
| International segment | 34.4 | % | 31.5 | % | |||
| Consolidated | 39.9 | % | 36.7 | % | |||
| VOLUME (CE) | ||||||||
| Percentage Change - Three Months Ended March 31, 2026 vs. 2025 | ||||||||
| Americas segment | International segment | Total | ||||||
| Vita Coco Coconut Water | 29.4 | % | 45.1 | % | 32.0 | % | ||
| Private Label | 17.6 | % | 61.8 | % | 27.3 | % | ||
| Other | 14.7 | % | 44.5 | % | 15.6 | % | ||
| Subtotal | 26.0 | % | 50.2 | % | 30.2 | % | ||
Note: A CE is a standard volume measure used by management which is defined as a case of 12 bottles of 330ml liquid beverages or the same liter volume of oil. We may have immaterial sales of raw materials at times that are treated as zero CEs for the purposes of these calculations.
