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BellRing Brands (NYSE: BRBR) Q2 profit plunges and 2026 outlook reduced

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(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

BellRing Brands reported weaker second-quarter fiscal 2026 results and cut its full-year outlook. Net sales rose modestly to $598.7 million, up 1.8% year-over-year, but an $11.3 million inventory-related charge, unfavorable price/mix, higher freight and input cost inflation drove gross margin down to 27.0% from 32.3%.

Operating profit fell to $66.0 million and net earnings to $33.9 million, with diluted EPS at $0.29 versus $0.45 a year earlier. Adjusted EBITDA dropped to $53.8 million from $118.6 million. For the first six months, net earnings declined to $77.6 million and operating cash flow turned negative at $(14.3) million.

Management now expects fiscal 2026 net sales of $2.325–$2.365 billion with net sales growth of 0%–2% and Adjusted EBITDA of $315–$335 million, implying an Adjusted EBITDA margin of approximately 14%. The company repurchased 4.2 million shares for $123.1 million in the first half, and category consumption for its Premier Protein and Dymatize brands continued to grow, supported by promotions and distribution gains.

Positive

  • None.

Negative

  • Profitability and outlook deterioration: Q2 Adjusted EBITDA fell to $53.8 million from $118.6 million and fiscal 2026 guidance was cut to flat-to-low single-digit net sales growth with ~14% Adjusted EBITDA margin, reflecting sustained margin and earnings pressure.

Insights

Margins and earnings fell sharply as BellRing cut fiscal 2026 guidance.

BellRing Brands delivered only modest Q2 net sales growth of $598.7 million (+1.8%), while profitability deteriorated. Gross margin compressed from 32.3% to 27.0%, pressured by input cost inflation, an $11.3 million inventory-related charge, unfavorable price/mix and higher freight.

Net earnings dropped to $33.9 million from $58.7 million, and Adjusted EBITDA fell more than half to $53.8 million. For the first six months, operating cash flow swung to $(14.3) million, while inventories increased to $409.1 million, signaling working-capital pressure alongside promotional activity and category dynamics.

Management lowered its fiscal 2026 outlook to net sales of $2.325–$2.365 billion (net sales growth of 0%–2%) and Adjusted EBITDA of $315–$335 million, about 14% of net sales. The update explicitly embeds promotional and consumer headwinds, incremental inflation in protein and freight, and higher advertising spend, indicating a more cautious earnings trajectory despite continued volume and distribution gains for Premier Protein and Dymatize.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Q2 2026 Net Sales $598.7 million Second quarter fiscal 2026 net sales, up 1.8% year-over-year
Q2 2026 Net Earnings $33.9 million Second quarter fiscal 2026 net earnings vs $58.7 million prior year
Q2 2026 Adjusted EBITDA $53.8 million Second quarter fiscal 2026 Adjusted EBITDA vs $118.6 million prior year
Inventory-Related Charge $11.3 million Charge tied to third-party ingredient quality issue in fiscal 2026
FY 2026 Net Sales Outlook $2.325–$2.365 billion Fiscal 2026 net sales guidance with 0%–2% net sales growth
FY 2026 Adjusted EBITDA Outlook $315–$335 million Fiscal 2026 Adjusted EBITDA guidance, ~14% of net sales
H1 2026 Operating Cash Flow $(14.3) million Cash used in operating activities for six months ended March 31, 2026
H1 2026 Share Repurchases $123.1 million 4.2 million shares repurchased in six months ended March 31, 2026
Adjusted EBITDA financial
"Adjusted EBITDA* of $53.8 million, a decrease of $64.8 million"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
mark-to-market adjustments on commodity hedges financial
"non-GAAP measures that exclude mark-to-market adjustments on commodity hedges"
non-GAAP measures financial
"BellRing uses certain non-GAAP measures in this release to supplement"
Financial results that companies present using formulas or adjustments different from standard accounting rules (GAAP) to highlight what management considers the business’s ongoing performance. Investors care because these figures can make trends or profitability look clearer—like showing a car’s fuel efficiency after removing unusual trips—but they can also hide one‑time costs or aggressive assumptions, so comparing them with GAAP numbers helps judge reliability.
ready-to-drink financial
"Premier Protein ready-to-drink (“RTD”) shakes, Premier Protein powder products"
"Ready-to-drink" refers to beverages that are pre-made and bottled or canned, requiring no additional preparation before consumption. For investors, it signals a product category that offers convenience and quick consumption, often appealing to busy consumers. This ease of use can drive consistent sales and growth opportunities for companies producing these beverages.
household penetration financial
"RTD household penetration (21.3%) grew vs prior year"
stock-based compensation financial
"Adjusted EBITDA reflects an adjustment for the following item i.Stock-based compensation"
Stock-based compensation is when a company pays employees, directors or consultants with shares or the right to buy shares instead of or in addition to cash. It matters to investors because issuing stock or options spreads ownership thinner (like cutting a pie into more slices), which can reduce each existing share’s claim on profits and can also change reported earnings; investors watch it to assess true cost of running the business and how management is incentivized.
Net Sales $598.7 million +1.8% YoY
Net Earnings $33.9 million
Diluted EPS $0.29
Adjusted EBITDA $53.8 million
Guidance

For fiscal 2026, BellRing expects net sales of $2.325–$2.365 billion (0%–2% net sales growth), Adjusted EBITDA of $315–$335 million and Adjusted EBITDA as a percentage of net sales of approximately 14%.

Understanding 8-K Material Events →
0001772016false00017720162026-05-052026-05-05




UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 5, 2026
Bellring_R.jpg
BellRing Brands, Inc.
(Exact name of registrant as specified in its charter)
Delaware001-3909387-3296749
(State or other jurisdiction of incorporation)(Commission File Number)(IRS Employer Identification No.)




1 N Brentwood Blvd., Suite 1550St. LouisMissouri63105
(Address of Principal Executive Offices)(Zip Code)
Registrant’s telephone number, including area code: (314) 644-7652
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par value per shareBRBRNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐






Item 2.02.    Results of Operation and Financial Condition.

On May 5, 2026, BellRing Brands, Inc. (the "Company") issued a press release announcing results for its second fiscal quarter ended March 31, 2026. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated herein by reference.

In addition, on May 5, 2026, the Company published to the "Investor Relations" section of its website, www.bellringbrands.com, a supplemental presentation related to results for its second fiscal quarter ended March 31, 2026. A copy of the presentation is attached hereto as Exhibit 99.2 and incorporated herein by reference.

The information contained in Item 2.02, including Exhibit 99.1 and Exhibit 99.2 attached hereto, shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section, nor shall they be deemed incorporated by reference into any filings under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.

9.01.    Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.Description
99.1
Earnings Press Release dated May 5, 2026
99.2
Second Fiscal Quarter Ended March 31, 2026 Supplemental Presentation
104Cover Page Interactive Data File (the cover page iXBRL tags are embedded within the Inline XBRL document)




Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Date: May 5, 2026BellRing Brands, Inc.

(Registrant)




By:/s/ Paul A. Rode

Name:Paul A. Rode

Title:Chief Financial Officer



Exhibit 99.1
bellringbrandslogoa.jpg
BellRing Brands Reports Results for the Second Quarter of Fiscal Year 2026; Updates Fiscal Year 2026 Outlook
St. Louis - May 5, 2026 - BellRing Brands, Inc. (NYSE:BRBR) (“BellRing”), a holding company operating in the global proactive wellness category, today reported results for the second fiscal quarter ended March 31, 2026.
Highlights:
•Second quarter net sales of $598.7 million, up 2% year-over-year
•Operating profit of $66.0 million, net earnings of $33.9 million and Adjusted EBITDA* of $53.8 million, each of which were impacted by a pre-tax $11 million inventory-related charge
•Updated fiscal year 2026 net sales outlook of $2.325-$2.365 billion and Adjusted EBITDA* outlook of $315-$335 million
*Adjusted EBITDA is a non-GAAP measure. 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 guidance only on a non-GAAP basis and does not provide a reconciliation of its forward-looking Adjusted EBITDA 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 are disappointed in our second quarter results. Heightened consumer price sensitivity together with a sustained promotional environment adversely impacted our sales mix. This unfavorable mix, along with higher freight costs and an inventory-related charge significantly pressured our margins. Even in this backdrop, Premier Protein brand metrics remain strong, evidenced by volume growth, strong brand equity scores and increases in household penetration. Looking ahead, we’re making the deliberate choice to continue investing to support our long-term growth. Our revised guidance incorporates promotional and consumer headwinds through the balance of the year, along with incremental inflation on protein and freight, while investing in advertising. While the current environment remains challenging, our category remains healthy and we are taking action to improve our long-term financial performance,” said Darcy Davenport, President and Chief Executive Officer of BellRing Brands.
Second Quarter Consumption Trends
Dollar consumption of Premier Protein ready-to-drink (“RTD”) shakes, Premier Protein powder products and Dymatize powder and RTD products increased 2.9%, 3.1% and 6.0%, respectively, in the 13-week period ended March 29, 2026, as compared to the same period in 2025 (inclusive of Circana United States (“U.S.”) Multi Outlet Plus with Convenience and management estimates of untracked channels). For additional information regarding consumption metrics, see the supplemental presentation on BellRing’s website, which can be accessed by visiting the Investor Relations section.
Second Quarter Operating Results
Net sales were $598.7 million, an increase of 1.8%, or $10.7 million, compared to the prior year period, driven by 10.8% increase in volume and 9.0% decrease in price/mix.
Premier Protein net sales increased 1.7%, driven by 11.3% increase in volume and 9.6% decrease in price/mix. Premier Protein RTD shake net sales increased 2.3%, driven by 11.7% increase in volume and 9.4% decrease in price/mix. Volume gains were driven by increased promotional activity and distribution gains. Price/mix was negatively impacted by incremental promotional investment and unfavorable mix.
Dymatize net sales decreased 1.9%, driven by 6.8% decrease in volume, which was partly offset by 4.9% increase in price/mix. Net sales benefited from higher average net selling prices, with volumes impacted by elasticities due to inflation-driven price increases.
Gross profit was $161.7 million, or 27.0% of net sales, a decrease of $28.1 million, compared to $189.8 million, or 32.3% of net sales, in the prior year period. Adjusted gross profit* was $136.0 million, or 22.7% of net sales, a decrease of $66.7 million,
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compared to $202.7 million, or 34.5% of net sales in the prior year period. In the second quarter of 2026, gross profit and adjusted gross profit were impacted by significant input cost inflation (inclusive of tariffs), unfavorable price/mix and higher freight. In addition, gross profit and adjusted gross profit were impacted by an $11.3 million inventory-related charge associated with a third-party supplied ingredient that did not meet BellRing’s quality standards, with none of the finished goods released to customers; this represented a 190 unfavorable basis point impact to gross profit margin and adjusted gross profit margin.
*Adjusted gross profit and adjusted gross profit margin are non-GAAP measures that exclude mark-to-market adjustments on commodity hedges. For additional information regarding non-GAAP measures, see the related explanations presented under “Use of Non-GAAP Measures” later in this release.
Selling, general and administrative (“SG&A”) expenses were $91.5 million, or 15.3% of net sales, an increase of $1.0 million compared to $90.5 million, or 15.4% of net sales, in the prior year period. Marketing and consumer advertising expenses were $36.3 million, an increase of $8.7 million compared to the prior year period, driven by increased Premier Protein spend.
Operating profit was $66.0 million, a decrease of $29.1 million, compared to $95.1 million in the prior year period driven by lower gross profit.
Interest expense, net was $20.1 million and $16.5 million in the second quarter of 2026 and 2025, respectively, with the increase primarily driven by higher outstanding borrowings under BellRing’s revolving credit facility. Income tax expense was $12.0 million in the second quarter of 2026 compared to $19.9 million in the second quarter of 2025. The effective income tax rate was 26.1% and 25.3% in the second quarter of 2026 and 2025, respectively.
Net earnings were $33.9 million, a decrease of $24.8 million, compared to $58.7 million in the prior year period, and were impacted by the current year $11.3 million inventory-related charge. Net earnings per diluted common share were $0.29 compared to $0.45 in the prior year period. Adjusted net earnings* were $16.3 million, a decrease of $52.4 million, compared to $68.7 million in the prior year period. Adjusted diluted earnings per common share* were $0.14 compared to $0.53 in the prior year period.
Adjusted EBITDA* was $53.8 million, a decrease of $64.8 million, compared to $118.6 million in the prior year period, and was impacted by the current year $11.3 million inventory-related charge.
*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.
Six Month Operating Results
Net sales were $1,136.0 million, an increase of 1.3%, or $15.1 million, compared to the prior year period, driven by 6.1% increase in volume and 4.8% decrease in price/mix. Premier Protein net sales increased 0.3%, driven by 6.0% increase in volume and 5.7% decrease in price/mix. Premier Protein RTD shake net sales increased 0.2%, driven by 6.2% increase in volume and 6.0% decrease in price/mix. Dymatize net sales increased 6.7%, driven by 10.4% increase in volume and 3.7% decrease in price/mix.
Gross profit was $322.5 million, or 28.4% of net sales, a decrease of $66.9 million, compared to $389.4 million, or 34.7% of net sales, in the prior year period. Adjusted gross profit* was $296.8 million, or 26.1% of net sales, a decrease of $104.0 million, compared to $400.8 million, or 35.8% of net sales in the prior year period. In the six months ended March 31, 2026, gross profit and adjusted gross profit were impacted by significant input cost inflation (inclusive of tariffs) and unfavorable price/mix. In addition, gross profit and adjusted gross profit were impacted by an $11.3 million inventory-related charge associated with a third-party supplied ingredient that did not meet BellRing’s quality standards, with none of the finished goods released to customers; this represented a 100 unfavorable basis point impact to gross profit margin and adjusted gross profit margin.
*Adjusted gross profit and adjusted gross profit margin are non-GAAP measures that exclude mark-to-market adjustments on commodity hedges. For additional information regarding non-GAAP measures, see the related explanations presented under “Use of Non-GAAP Measures” later in this release.
SG&A expenses were $169.5 million, or 14.9% of net sales, a decrease of $1.1 million, compared to $170.6 million, or 15.2% of net sales, in the prior year period. Marketing and consumer advertising expenses were $48.7 million, an increase of $6.0 million compared to the prior year period, driven by increased Premier Protein spend.
Operating profit was $144.5 million, a decrease of $65.9 million, compared to $210.4 million in the prior year period driven by lower gross profit.
Interest expense, net was $40.1 million and $30.9 million in the six months ended March 31, 2026 and 2025, respectively, with the increase primarily driven by higher outstanding borrowings under BellRing’s revolving credit facility. Income tax expense

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was $26.8 million in the six months ended March 31, 2026 compared to $43.9 million in the six months ended March 31, 2025. The effective income tax rate was 25.7% and 24.5% in the six months ended March 31, 2026 and 2025, respectively.
Net earnings were $77.6 million, a decrease of $58.0 million, compared to $135.6 million in the prior year period, and were impacted by the current year $11.3 million inventory-related charge. Net earnings per diluted common share were $0.65 compared to $1.04 in the prior year period. Adjusted net earnings* were $61.0 million, a decrease of $83.9 million, compared to $144.9 million in the prior year period. Adjusted diluted earnings per common share* were $0.51 compared to $1.11 in the prior year period.
Adjusted EBITDA* was $144.1 million, a decrease of $99.8 million, compared to $243.9 million in the prior year period, and was impacted by the current year $11.3 million inventory-related charge.
*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 second quarter of 2026, BellRing repurchased 1.2 million shares for $26.2 million at an average price of $22.11 per share. During the six months ended March 31, 2026, BellRing repurchased 4.2 million shares for $123.1 million at an average price of $29.18 per share. As of March 31, 2026, BellRing had $516.9 million remaining under its share repurchase authorization.
Chief Executive Officer Transition Update
The previously announced Chief Executive Officer external search, led by the Board of Directors, is progressing well. The Board is encouraged by the quality of candidates and will provide updates as appropriate.
Outlook
For fiscal year 2026, BellRing management has updated its previously issued guidance, as shown in the table below. As a reminder, Adjusted EBITDA in fiscal year 2026 was impacted by an $11 million inventory-related charge; BellRing management has not incorporated any recovery of this charge into its outlook for fiscal year 2026.
MetricFiscal Year 2026
Net Sales
$2.325-$2.365 billion
Net Sales Growth
0% to 2%
Adjusted EBITDA
$315-$335 million
Adjusted EBITDA as a percentage of Net Sales
Approximately 14%
Capital Expenditures
$8 million
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, office relocation costs, executive transition costs 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

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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, May 5, 2026 at 8:30 a.m. ET to discuss financial results for the second 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 Q2 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;

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•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 ultimate impact litigation or other regulatory matters may have on BellRing;
•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;
•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


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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(in millions, except for per share data)
Three Months Ended March 31,Six Months Ended March 31,
2026202520262025
Net Sales$598.7 $588.0 $1,136.0 $1,120.9 
Cost of goods sold437.0 398.2 813.5 731.5 
Gross Profit161.7 189.8 322.5 389.4 
Selling, general and administrative expenses91.5 90.5 169.5 170.6 
Amortization of intangible assets4.2 4.2 8.5 8.4 
Operating Profit66.0 95.1 144.5 210.4 
Interest expense, net20.1 16.5 40.1 30.9 
Earnings before Income Taxes45.9 78.6 104.4 179.5 
Income tax expense12.0 19.9 26.8 43.9 
Net Earnings$33.9 $58.7 $77.6 $135.6 
Earnings per Common Share:
Basic$0.29 $0.46 $0.66 $1.06 
Diluted$0.29 $0.45 $0.65 $1.04 
Weighted-Average Common Shares Outstanding:
Basic117.3 128.2 118.3 128.5 
Diluted117.5 129.9 118.7 130.5 



6

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(in millions)  
March 31, 2026September 30, 2025
ASSETS
Current Assets
Cash and cash equivalents$32.6 $71.8 
Restricted cash0.6 17.3 
Receivables, net272.1 223.4 
Inventories409.1 330.4 
Prepaid expenses and other current assets41.4 22.6 
Total Current Assets755.8 665.5 
Property, net29.7 19.0 
Goodwill65.9 65.9 
Intangible assets, net116.5 125.0 
Deferred income taxes17.7 32.4 
Other assets39.8 33.2 
Total Assets$1,025.4 $941.0 
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current Liabilities
Accounts payable$140.8 $119.5 
Other current liabilities159.7 163.3 
Total Current Liabilities300.5 282.8 
Long-term debt1,185.0 1,084.3 
Deferred income taxes0.4 0.4 
Other liabilities37.3 27.4 
Total Liabilities1,523.2 1,394.9 
Stockholders’ Deficit
Common stock1.4 1.4 
Additional paid-in capital52.0 48.7 
Retained earnings350.2 272.6 
Accumulated other comprehensive loss(1.4)(1.0)
Treasury stock, at cost(900.0)(775.6)
Total Stockholders’ Deficit(497.8)(453.9)
Total Liabilities and Stockholders’ Deficit$1,025.4 $941.0 


SELECTED CONDENSED CONSOLIDATED CASH FLOWS INFORMATION (Unaudited)
(in millions)
Six Months Ended March 31,
20262025
Cash (used in) provided by:
Operating activities$(14.3)$51.2 
Investing activities(6.0)(1.9)
Financing activities(35.5)(76.3)
Effect of exchange rate changes on cash, cash equivalents and restricted cash(0.1)0.1 
Net decrease in cash, cash equivalents and restricted cash$(55.9)$(26.9)



7

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:
a.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.
b.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.
c.Separation costs: BellRing has excluded certain expenses incurred to transition services to BellRing from Post prior to the expiration 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.
d.Provision for legal matters: BellRing has excluded gains and losses recorded to recognize the anticipated or actual resolution of certain litigation as BellRing believes such gains and losses do not reflect expected ongoing future operating income and 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.
e.Executive transition costs: BellRing has excluded certain advisory, hiring and other transition related costs associated with its Chief Executive Officer transition, 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.
f.Reorganization costs: BellRing has excluded certain one-time costs associated with an internal reorganization of one of its business units, as the amount and frequency of such adjustments 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.
g.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.
h.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.

8

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, separation costs, provision for legal matters, executive transition costs, reorganization costs and foreign currency gain/loss on intercompany loans. Additionally, Adjusted EBITDA reflects an adjustment for the following item:
i.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 March 31,Six Months Ended March 31,
2026202520262025
Gross Profit$161.7 $189.8 $322.5 $389.4 
Mark-to-market adjustments on commodity hedges(25.7)12.9 (25.7)11.4 
Adjusted Gross Profit$136.0 $202.7 $296.8 $400.8 
Gross Profit as a percentage of Net Sales27.0 %32.3 %28.4 %34.7 %
Adjusted Gross Profit as a percentage of Net Sales22.7 %34.5 %26.1 %35.8 %





9

RECONCILIATION OF NET EARNINGS TO ADJUSTED NET EARNINGS (Unaudited)
(in millions)
Three Months Ended March 31,Six Months Ended March 31,
2026202520262025
Net Earnings$33.9 $58.7 $77.6 $135.6 
Adjustments:
Mark-to-market adjustments on commodity hedges(25.7)12.9 (25.7)11.4 
Office relocation costs0.4 — 1.3 — 
Separation costs0.6 — 1.0 — 
Provision for legal matters— 0.9 — 0.9 
Executive transition costs0.5 — 0.5 — 
Reorganization costs0.5 — 0.5 — 
Foreign currency loss (gain) on intercompany loans0.5 (0.6)0.5 — 
Total Net Adjustments(23.2)13.2 (21.9)12.3 
Income tax effect on adjustments (1)
5.6 (3.2)5.3 (3.0)
Adjusted Net Earnings$16.3 $68.7 $61.0 $144.9 
(1) Income tax effect on adjustments was calculated on all items using a rate of 24.0%.


RECONCILIATION OF DILUTED EARNINGS PER COMMON SHARE
TO ADJUSTED DILUTED EARNINGS PER COMMON SHARE (Unaudited)
Three Months Ended March 31,Six Months Ended March 31,
2026202520262025
Diluted Earnings per Common Share$0.29 $0.45 $0.65 $1.04 
Adjustments:
Mark-to-market adjustments on commodity hedges(0.22)0.10 (0.22)0.09 
Office relocation costs— — 0.01 — 
Separation costs0.01 — 0.01 — 
Executive transition costs0.01 — 0.01 — 
Total Net Adjustments(0.20)0.10 (0.19)0.09 
Income tax effect on adjustments(1)
0.05 (0.02)0.05 (0.02)
Adjusted Diluted Earnings per Common Share$0.14 $0.53 $0.51 $1.11 
(1) Income tax effect on adjustments was calculated on all items using a rate of 24.0%.

10

RECONCILIATION OF NET EARNINGS TO ADJUSTED EBITDA (Unaudited)
(in millions)
Three Months Ended March 31,Six Months Ended March 31,
2026202520262025
Net Earnings$33.9 $58.7 $77.6 $135.6 
Income tax expense12.0 19.9 26.8 43.9 
Interest expense, net20.1 16.5 40.1 30.9 
Depreciation and amortization4.9 4.6 9.8 9.2 
Mark-to-market adjustments on commodity hedges(25.7)12.9 (25.7)11.4 
Stock-based compensation6.1 5.7 11.7 12.0 
Office relocation costs0.4 — 1.3 — 
Separation costs0.6 — 1.0 — 
Provision for legal matters— 0.9 — 0.9 
Executive transition costs0.5 0.5 — 
Reorganization costs0.5 — 0.5 — 
Foreign currency loss (gain) on intercompany loans0.5 (0.6)0.5 — 
Adjusted EBITDA$53.8 $118.6 $144.1 $243.9 
Net Earnings as a percentage of Net Sales5.7 %10.0 %6.8 %12.1 %
Adjusted EBITDA as a percentage of Net Sales9.0 %20.2 %12.7 %21.8 %





11
Investor Presentation November 2022 May 5, 2026 Second Quarter Fiscal Year 2026 Supplemental Presentation

 

2 Certain matters discussed in this presentation and the accompanying oral presentation are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are made based on known events and circumstances at the time of presentation, and as such, are subject to uncertainty and changes in circumstances. These forward-looking statements include, among others, statements regarding BellRing Brands, Inc.’s (“BellRing”) net sales, Adjusted EBITDA and capital expenditure outlook ranges and BellRing’s prospective financial and operating performance and opportunities. 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, 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 ready-to-drink (“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 ultimate impact litigation or other regulatory matters may have on BellRing; • 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; Cautionary Statement Regarding Forward-Looking Statements

 

Cautionary Statement Regarding Forward-Looking Statements (Cont’d) 3 (CONTINUED FROM PRIOR PAGE): • 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; • 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. You should not rely upon forward-looking statements as predictions of future events. Although BellRing believes that the expectations reflected in the forward-looking statements are reasonable, BellRing cannot guarantee that the future results, levels of activity, performance or events and circumstances reflected in the forward-looking statements will be achieved or occur. Moreover, BellRing undertakes no obligation to update publicly any forward-looking statements for any reason after the date of this presentation to conform these statements to actual results or to changes in its expectations.

 

Additional Information 4 Prospective Information Any prospective information provided in this presentation regarding BellRing’s future performance, including BellRing’s plans, expectations, estimates and similar statements, represents BellRing management’s estimates as of May 5, 2026 only and are qualified by, and subject to, the assumptions and the other information set forth on the slide captioned “Cautionary Statement Regarding Forward-Looking Statements.” Prospective information provided in this presentation regarding BellRing’s plans, expectations, estimates and similar statements contained in this presentation are based upon a number of assumptions and estimates that, while they may be presented with numerical specificity, are inherently subject to business, economic and competitive uncertainties and contingencies, many of which are beyond BellRing’s control, are based upon specific assumptions with respect to future business decisions, some of which will change, and are necessarily speculative in nature. It can be expected that some or all of the assumptions of the estimates will not materialize or will vary significantly from actual results. Accordingly, the information set forth herein is only an estimate as of May 5, 2026, and actual results will vary from the estimates set forth herein. It should be recognized that the reliability of any forecasted financial data diminishes the farther in the future that the data is forecast. In light of the foregoing, investors should put all prospective information in context and not rely on it. Any failure to successfully implement BellRing’s operating strategy or the occurrence of the events or circumstances set forth under “Cautionary Statement Regarding Forward- Looking Statements” could result in the actual operating results being different than the estimates set forth herein, and such differences may be adverse and material. Market and Industry Data This presentation includes industry and trade association data, forecasts and information that were prepared based, in part, upon data, forecasts and information obtained from independent trade associations, industry publications and surveys and other independent sources available to BellRing. Some data also is based on BellRing management’s good faith estimates, which are derived from management’s knowledge of the industry and from independent sources. These third-party publications and surveys generally state that the information included therein has been obtained from sources believed to be reliable, but that the publications and surveys can give no assurance as to the accuracy or completeness of such information. BellRing has not independently verified any of the data from third-party sources nor has it ascertained the underlying economic assumptions on which such data are based. Similarly, BellRing believes its internal research is reliable, even though such research has not been verified by any independent sources and BellRing cannot guarantee its accuracy or completeness. Trademarks and Service Marks Logos, trademarks, trade names and service marks mentioned in this presentation, including BellRing®, BellRing Brands®, Premier Protein®, Dymatize®, PowerBar®, Premier Protein Clear®, ISO.100®, Elite Mass®, Elite Whey Protein®, Elite 100% Whey®, Super Mass Gainer®, All9 Amino®, Pebbles®, Dunkin®, PREW.O®, Athlete’s BCAA®, PowerBar Clean WheyTM, PowerBar Protein PlusTM, Protein Nut2TM and PowerBar EnergizeTM, are currently the property of, or are under license by, BellRing or one of its subsidiaries. BellRing or one of its subsidiaries owns or has rights to use the trademarks, service marks and trade names that are used in conjunction with the operation of BellRing or its subsidiaries’ businesses. Some of the more important trademarks that BellRing or one of its subsidiaries owns or has rights to use that appear in this presentation may be registered in the United States (“U.S.”) and other jurisdictions. Each logo, trademark, trade name or service mark of any other company appearing in this presentation is owned or used under license by such company.

 

5 Q2 FY2026 Consumption and Key Metrics Executive Summary ● The wellness category showed continued growth (+7%)1, with ready-to-drink (“RTD”) growth (+8%)1 and ready-to-mix (“RTM”) growth was healthy. o The RTD category saw an increase in promotional frequency and depth, with a meaningful step up in category volumes sold on promotion. ● Premier Protein RTD consumption grew vs. prior year (+3%)2 driven by strategic promotions across channels. Growth excluding club remained strong (+15%), accelerating vs Q1 FY2026. o Steady distribution gains continued in Q2 FY2026, with TDP growth +29%1 vs. Q2 FY2025. o RTD household penetration (21.3%)3 grew vs prior year; Premier Protein’s household penetration and repeat rate remained number one in the RTD category. o Premier Protein’s market share continued to lead the RTD and wellness category, finishing the quarter at 28.2%1 in the RTD category. ● Premier Protein powders delivered growth vs. prior year (+3%2) driven by channel expansion, but growth moderated with volumes impacted by elasticities due to inflation-driven price increase. ● Dymatize remained one of the strongest brands in the sports performance category with velocities in the top tertile of key customers. o Consumption was up +6%2 vs Q2 FY2025 with RTD shakes driving growth and powders reflecting consumer elasticities to inflation-driven price increases. Notes: 1. U.S. Circana Multi Outlet+ with Convenience 13 weeks ended March 29, 2026. 2. U.S. Circana Multi Outlet+ with Convenience 13 weeks ended March 29, 2026, and management estimates of untracked channels for the 13 weeks ended March 29, 2026. 3. Numerator Total. U.S. Panel, 52 weeks ending March 29, 2026.

 

6 Ready-to-Drink and Ready-to-Mix Category Growth Remained Healthy Notes: Circana U.S. Multi Outlet+ with Convenience. Ready- to-Drink 18% 16% 18% 13% 16% 16% 16% 18% 11% 11% 8% 7% 8% 9% 9% 6% Ready- to-Mix 13% 10% 25% 13% 13% 9% 11% 14% 11% 10% 7% 8% 5% 7% 10% 6% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 4 W E 0 2 -0 2 -2 5 4 W E 0 3 -0 2 -2 5 4 W E 0 3 -3 0 -2 5 4 W E 0 4 -2 7 -2 5 4 W E 0 5 -2 5 -2 5 4 W E 0 6 -2 2 -2 5 4 W E 0 7 -2 0 -2 5 4 W E 0 8 -1 7 -2 5 4 W E 0 9 -1 4 -2 5 4 W E 1 0 -1 2 -2 5 4 W E 1 1 -0 9 -2 5 4 W E 1 2 -0 7 -2 5 4 W E 0 1 -0 4 -2 6 4 W E 0 2 -0 1 -2 6 4 W E 0 3 -0 1 -2 6 4 W E 0 3 -2 9 -2 6 Y O Y % Δ

 

7 Premier Protein RTD Shake Growth in Food, Mass and eCommerce Partly Offset Club Headwinds Premier Protein RTD Shakes $ Sales vs. Prior Year Channel 13 Weeks 52 Weeks Club -7.3% +2.3% Mass +17.6% +12.9% Food +16.3% +23.6% eCommerce +17.2% +19.4% Total Consumption (tracked + untracked channels) +2.9% +9.2% Notes: Total consumption includes tracked channels consumption (Circana U.S. Multi Outlet+ with Convenience 13 and 52 weeks ended March 29, 2026) and untracked channels consumption (management estimates of untracked channels for the 13 and 52 weeks ended March 29, 2026.

 

8 Premier Protein RTD Shakes Posted its Highest Consumption Quarter in Q2 FY2026 Driven by Strategic Promotions Notes: Circana U.S. Multi Outlet+ with Convenience and management estimates of untracked channels. Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 +10% +14% +23% +25% +19% +20% -2% +3% YOY % Δ Major Club Promotions Ap r 2 8' 24 M ay 3 1' 24 Ju n 30 '2 4 Ju l 2 8' 24 Se p 01 '2 4 Se p 29 '2 4 N ov 3 '2 4 D ec 1 '2 4 D ec 2 9' 24 Fe b 2' 25 M ar 2 '2 5 M ar 3 0' 25 Ap r 2 7' 25 Ju n 1' 20 25 Ju n 29 '2 5 Au g 3' 25 Au g 31 '2 5 Se p 28 '2 5 N ov 2 '2 5 N ov 3 0' 25 D ec 2 8' 25 Fe b 1' 26 M ar 1 '2 6 M ar 2 9' 26 $ Vo lu m e Premier Protein RTD Shakes Rolling 13 week Total $ Consumption Sales Major Promotions

 

9 Trade Inventory Increase Trade Inventory Increase, New Item and Promotion Load In Consumption Outpaced Shipments Trade Inventory Increase Trade Inventory Increase, Seasonality Impact Consumption in line with Shipments Trade Inventory Increase, Seasonality Impact Notes: Circana U.S. Multi Outlet+ with Convenience and management estimates of untracked channels. Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 T o ta l U n it s Consumption Shipments Slight Trade Inventory Increase Shipments Slightly Exceeded Consumption in Q2 FY2026

 

10 Premier Protein RTD Shake TDPs Reached All Time High Notes: Circana U.S. Multi Outlet+ with Convenience. 881 1,623 76 80 0 10 20 30 40 50 60 70 80 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 % A C V TD P s Total Points of Distribution ACV Weighted Distribution

 

Premier Protein Brand Metrics Remained Strong 11 30g Shake Repeat Rate 49% 50% 52% 52% 52% 30g Shake Buy Rate $82 $84 $91 $94 $93 +17%+17%+17%+19% +9%+9% +8%+6% Notes: Numerator Total U.S. Panel 52 weeks ending March 29, 2026. Liquids refers to the liquid sub-category of the wellness category. Calendar Year (“CY”). Numerator metrics such as penetration are subject to potential restatement or revisions due to market definition changes or late reporters.

 

Premier Protein RTD Share Rose Driven by Promotional Activity 12 22.0 28.2 0 5 10 15 20 25 30 Trended Premier Protein RTD Shake $ Share % Club Promotion Club PromotionClub Promotion Notes: Circana U.S. Multi Outlet+ with Convenience.

 

13 Premier Protein Powder Continued to Benefit from Channel Expansion but Faced Headwinds from Inflation-Driven Price Increase Premier Protein Powders $ Sales vs. Prior Year Channel 13 Weeks 52 Weeks Mass -5.1% -3.5% eCommerce +2.4% +3.5% Food -13.1% -3.5% Club +94.3% +344.6% Total Consumption (tracked channels) +3.1% +12.0% Notes: Total consumption includes tracked channels consumption (Circana U.S. Multi Outlet+ with Convenience 13 and 52 weeks ended March 29, 2026).

 

Premier Protein Powder Consumption Grew in Q2 FY2026 14Notes: Circana U.S. Multi Outlet+ with Convenience. Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 +44% +43% +24% +22% +27% +17% +3% +3% YOY % Δ Ap r 2 8' 24 M ay 3 1' 24 Ju n 30 '2 4 Ju l 2 8' 24 Se p 01 '2 4 Se p 29 '2 4 N ov 3 '2 4 D ec 1 '2 4 D ec 2 9' 24 Fe b 2' 25 M ar 2 '2 5 M ar 3 0' 25 Ap r 2 7' 25 Ju n 1' 20 25 Ju n 29 '2 5 Au g 3' 25 Au g 31 '2 5 Se p 28 '2 5 N ov 2 '2 5 N ov 3 0' 25 D ec 2 8' 25 Fe b 1' 26 M ar 1 '2 6 M ar 2 9' 26 $ Vo lu m e Premier Protein Ready-to-Mix Powders Rolling 13 week Total $ Consumption Sales

 

15 Premier Protein Powder Distribution Steady Notes: Circana U.S. Multi Outlet+ with Convenience. 160 19552 61 0 10 20 30 40 50 60 0 50 100 150 200 250 % A C V TD P s Total Points of Distribution ACV Weighted Distribution

 

16 Dymatize Consumption Driven by RTD Growth • Tracked and untracked consumption represents ~50% of total global business Dymatize $ Sales vs. Prior Year Channel 13 Weeks 52 Weeks eCommerce +4.7% +7.2% Mass -6.5% -0.4% Specialty/All Other -8.8% -5.3% Food +8.7% +7.3% Club +160.4% +22.2% Total Consumption (tracked + untracked channels) +6.0% +4.1% Notes: Total consumption includes tracked channels consumption (Circana U.S. Multi Outlet+ with Convenience 13 and 52 weeks ended March 29, 2026) and untracked channels consumption (management estimates of untracked channels for the 13 and 52 weeks ended March 29, 2026.

 

17 Total Dymatize Consumption Grew in Q2 FY2026 Notes: Circana U.S. Multi Outlet+ with Convenience and management estimates of untracked channels. Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 -11% -10% -8% +3% +5% -1% +7% +6% YOY % Δ Ap r 2 8' 24 M ay 3 1' 24 Ju n 30 '2 4 Ju l 2 8' 24 Se p 01 '2 4 Se p 29 '2 4 N ov 3 '2 4 D ec 1 '2 4 D ec 2 9' 24 Fe b 2' 25 M ar 2 '2 5 M ar 3 0' 25 Ap r 2 7' 25 Ju n 1' 25 Ju n 29 '2 5 Au g 3' 25 Au g 31 '2 5 Se p 28 '2 5 N ov 2 '2 5 N ov 3 0' 25 D ec 2 8' 25 Fe b 1' 26 M ar 1 '2 6 M ar 2 9' 26 $ Vo lu m e Dymatize Rolling 13 week Total $ Consumption Sales

 

Dymatize Growing Distribution Year-Over-Year 18Notes: Circana U.S. Multi Outlet+ with Convenience. 266 311 52 54 0 10 20 30 40 50 60 0 50 100 150 200 250 300 350 400 % A C V TD P s Total Points of Distribution ACV Weighted Distribution

 

19 Trended Powders $ Share % 5.7 5.0 3.7 3.0 2.0 2.0 % 1% 2% 3% 4% 5% 6% 7% 4 W E 0 4 -2 8 -2 4 4 W E 0 5 -2 6 -2 4 4 W E 0 6 -2 3 -2 4 4 W E 0 7 -2 1 -2 4 4 W E 0 8 -1 8 -2 4 4 W E 0 9 -1 5 -2 4 4 W E 1 0 -1 3 -2 4 4 W E 1 1 -1 0 -2 4 4 W E 1 2 -0 8 -2 4 4 W E 0 1 -0 5 -2 5 4 W E 0 2 -0 2 -2 5 4 W E 0 3 -0 2 -2 5 4 W E 0 3 -3 0 -2 5 4 W E 0 4 -2 7 -2 5 4 W E 0 5 -2 5 -2 5 4 W E 0 6 -2 2 -2 5 4 W E 0 7 -2 0 -2 5 4 W E 0 8 -1 7 -2 5 4 W E 0 9 -1 4 -2 5 4 W E 1 0 -1 2 -2 5 4 W E 1 1 -0 9 -2 5 4 W E 1 2 -0 7 -2 5 4 W E 0 1 -0 4 -2 6 4 W E 0 2 -0 1 -2 6 4 W E 0 3 -0 1 -2 6 4 W E 0 3 -2 9 -2 6 Total BellRing Powders Dymatize Powders Premier Protein Powders BellRing’s Complementary Powder Portfolio Remains a Strong and Meaningful Protein Category Player Notes: Circana U.S. Multi Outlet+ with Convenience.

 

 

Source: View Original Filing on SEC EDGAR

FAQ

How did BellRing Brands (BRBR) perform in Q2 fiscal 2026?

BellRing posted Q2 fiscal 2026 net sales of $598.7 million, up 1.8% year-over-year. However, gross margin fell to 27.0%, and net earnings declined to $33.9 million with diluted EPS of $0.29, reflecting higher costs and an inventory-related charge.

What happened to BellRing Brands’ profitability in Q2 fiscal 2026?

Profitability weakened significantly. Operating profit declined to $66.0 million and net earnings to $33.9 million. Adjusted EBITDA dropped to $53.8 million from $118.6 million, driven by cost inflation, unfavorable price/mix, higher freight and an $11.3 million inventory-related charge.

What is BellRing Brands’ updated fiscal 2026 outlook?

For fiscal 2026, BellRing now expects net sales of $2.325–$2.365 billion, implying 0%–2% net sales growth. It guides to Adjusted EBITDA of $315–$335 million, with Adjusted EBITDA as a percentage of net sales at approximately 14% and capital expenditures of $8 million.

How did BellRing’s key brands Premier Protein and Dymatize perform?

Premier Protein ready-to-drink shakes grew dollar consumption by 2.9% in the 13 weeks ended March 29, 2026, with household penetration at 21.3%. Dymatize dollar consumption increased 6.0% over the same period, supported by RTD shake growth and broader distribution.

What share repurchases did BellRing Brands complete in fiscal 2026 year-to-date?

In Q2 fiscal 2026, BellRing repurchased 1.2 million shares for $26.2 million at an average price of $22.11. Over the first six months, it repurchased 4.2 million shares for $123.1 million at an average price of $29.18, leaving $516.9 million under its authorization.

What do BellRing Brands’ cash flow and balance sheet show for the first half of fiscal 2026?

For the six months ended March 31, 2026, BellRing reported operating cash flow of $(14.3) million, versus $51.2 million a year earlier. Inventories increased to $409.1 million, long-term debt rose to $1.185 billion, and cash and equivalents declined to $32.6 million.

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