BellRing Brands reported fourth‑quarter net sales of $648.2 million, a 16.6 % year‑over‑year increase, while net earnings fell 16.9 % to $59.6 million. Adjusted earnings per share of $0.51 missed the consensus estimate of $0.54–$0.56, a shortfall of $0.03–$0.05. The revenue beat was driven by strong volume growth in the Premier Protein line, which grew 18.4 % in volume, offsetting a 3.5 % decline in price/mix. However, input‑cost inflation, higher promotional spend, and packaging‑redesign costs eroded gross profit, leading to the earnings miss.
BellRing’s two flagship brands delivered divergent results. Premier Protein net sales rose 14.9 % to $X million, powered by the volume surge, while Dymatize net sales jumped 32.9 % to $Y million. Gross profit for the quarter fell to 28.9 % of net sales from 35.4 % a year earlier, reflecting the combined impact of higher commodity costs and intensified marketing spend. The margin compression explains why earnings fell even as sales grew.
Adjusted EBITDA for the quarter increased 0.8 % to $117.4 million, and the full‑year figure rose 9.4 % to $481.6 million. The modest EBITDA growth is attributable to volume gains that partially offset the margin squeeze, but the company still faced pressure from cost inflation and promotional investments.
BellRing continued its share‑repurchase program, buying 5.2 million shares for $206.9 million in Q4 and a total of 9.0 million shares for $472.5 million during the year. An additional 1.2 million shares were repurchased for $40 million as of November 17, leaving $276.5 million of repurchase authorization unused. The program signals management’s confidence in the company’s valuation and its commitment to returning capital to shareholders.
For fiscal year 2026, BellRing guided net sales of $2.41–$2.49 billion, below the $2.5 billion consensus estimate, and adjusted EBITDA of $425–$455 million, below the $489 million consensus. The downside guidance reflects management’s concern about near‑term cost inflation and the need to invest in brand and innovation to sustain growth. CEO Darcy Davenport noted that the first quarter of FY2026 would present short‑term challenges but that the company expects net sales growth to trend toward the upper end of its long‑term algorithm as demand initiatives ramp up.
Investors reacted cautiously to the results, with the EPS miss and the lower‑than‑expected FY2026 guidance dominating market sentiment. The company’s ability to grow top line amid margin compression remains a positive, but the earnings miss and guidance downgrade highlight the challenges BellRing faces in translating sales growth into profitability in a high‑cost environment.
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