BellRing Brands Inc., along with its various subsidiaries, is a provider of diverse nutritional products, serving both the United States and international ...
BellRing Brands, Inc. is a publicly traded, pure-play convenient-nutrition company listed on the New York Stock Exchange under the symbol BRBR. The company began operations in 2019 and is headquartered at 2503 South Hanley Road in St. Louis, Missouri. BellRing’s business is centered on consumer demand for portable, protein-rich, and ...BellRing Brands, Inc. is a publicly traded, pure-play convenient-nutrition company listed on the New York Stock Exchange under the symbol BRBR. The company began operations in 2019 and is headquartered at 2503 South Hanley Road in St. Louis, Missouri. BellRing’s business is centered on consumer demand for portable, protein-rich, and performance-oriented nutrition products that can be consumed at home, at work, while traveling, or around exercise and sports activities.
The company’s most important brand is Premier Protein, which offers protein-fortified ready-to-drink shakes, powdered protein products, bars, and related nutrition items. Premier Protein is positioned toward mainstream consumers seeking convenient ways to increase protein intake. BellRing also markets Dymatize, a sports-nutrition brand known for protein powders, supplements, and products targeted at athletes, fitness enthusiasts, and active consumers. PowerBar provides sports and energy nutrition products, particularly bars and other products designed for endurance and active lifestyles. BellRing manages Premier Nutrition Company in the United States and Active Nutrition International in Europe, while its broader operating structure supports international sales and brand distribution.
Products are distributed through a broad, multi-channel network that includes warehouse clubs, grocery chains, drugstores, mass merchants, online marketplaces, specialty health and nutrition retailers, and convenience stores. This channel diversity gives BellRing access to both high-volume value-oriented shoppers and more specialized sports-nutrition customers. The company primarily relies on branded consumer products rather than a capital-intensive manufacturing model; manufacturing, packaging, ingredients, freight, retailer trade spending, advertising, and distribution costs are important components of its cost structure. Detailed bill-of-materials information is not separately disclosed, but major product inputs generally include dairy or other protein ingredients, flavor systems, sweeteners, packaging materials, and logistics.
Based on the supplied trailing-twelve-month data, BellRing generated a gross margin of approximately 27.3%, an operating margin of approximately 12.3%, an EBITDA margin of approximately 13.9%, and a net margin of approximately 7.3%. The data also indicates approximately $350 million of free cash flow to equity and approximately $283.2 million of free cash flow to the firm. BellRing reported about $1.34 billion in market capitalization in the supplied snapshot and had an enterprise value of approximately $2.43 billion. Its balance sheet metrics reflect meaningful leverage, including a debt-to-assets ratio above 1.0 and net debt to EBITDA of approximately 3.3 times, while its current ratio of approximately 2.25 indicates substantial current-asset coverage relative to current liabilities. The company did not report a dividend in the supplied data.
Darcy Horn Davenport is identified as the current President and Chief Executive Officer in the supplied information. BellRing’s strategic priorities are to expand the convenient-nutrition category, grow household penetration, strengthen Premier Protein and Dymatize, increase international reach, innovate across ready-to-drink and powdered formats, and maintain strong relationships with major retail and e-commerce customers. Key risks include changing consumer preferences, competition, commodity and ingredient costs, retailer concentration, promotional spending, supply-chain disruption, foreign-market exposure, and leverage. Overall, BellRing’s investment profile combines recognizable nutrition brands, broad distribution, recurring consumer demand, and cash-generation potential with exposure to competitive packaged-food markets and financial leverage.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$2.3B
+16.1%
-4.7%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$216.2M
-12.3%
+0.9%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
+33.3%
-6.1%
+28.0%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
+15.4%
-20.6%
+61.9%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
+9.3%
-24.4%
+5.9%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$255.9M
+29.4%
+693.8%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
+11.0%
+11.5%
+723.3%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
-245.4%
+39.8%
-2.1%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
2.35x
-19.1%
-10.4%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Operator : Thank you for standing by, and welcome to BellRing Brands' Third Quarter Fiscal Year 2026 Earnings Conference Call. [Operator Instructions] I would now like to hand the call over to Jennifer Meyer, Investor Relations for BellRing Brands. Please go ahead.
Jennifer Meyer : Good morning, and thank you for joining us today for BellRing Brands' Third Quarter Fiscal 2026 Earnings Call. With me today are Mike Axelrod, our President and CEO; and Paul Rode, our CFO. Mike and Paul will begin with prepared remarks, and afterwards, we'll have a brief question-and-answer session. The press release and supplemental slide presentation that support these remarks are posted on our website in both the Investor Relations and the SEC Filings sections at bellring.com. In addition, the release and slides are available on the SEC's website. Before we continue, I would like to remind you that this call will contain forward-looking statements, which are subject to risks and uncertainties that should be carefully considered by investors as actual results could differ materially from these statements. These forward-looking statements are current as of the date of this call, and management undertakes no obligation to update these statements. As a reminder, this call is being recorded, and an audio replay will be available on our website. And finally, this call will discuss certain non-GAAP measures. For a reconciliation of these non-GAAP measures to the nearest GAAP measure, see our press release issued this morning and posted on our website. With that, I will turn the call over to Mike.
Michael Axelrod : Thank you, Jennifer, and good morning, everyone. Thank you for joining our third quarter earnings call. I'm excited and honored to lead BellRing, and I'm grateful to the Board, the executive leadership team and colleagues across the company for the very warm welcome. As it's my seventh day at the company, I'll start the call with introductory remarks, and then pass it on to Paul to cover our third quarter performance and outlook for the remainder of fiscal 2026. I joined BellRing after 30 years in the consumer packaged goods industry across both entrepreneurial and large-scale businesses. Throughout my career, I've had the opportunity to grow businesses profitably by strengthening execution, improving operations and speed to market, and investing behind strong brands. What attracted me to BellRing was the combination of an attractive category with a long runway for growth, the market-leading Premier Protein brand, and a meaningful opportunity to improve execution. I built my career by putting the consumer first, building strong customer partnerships and creating value through disciplined execution, and I see many of these same opportunities here. Encouragingly, consumer demand for ready-to-drink protein shakes remains strong, and the category among the fastest growing in CPG. We continue to believe there is substantial runway for growth supported by …
