BRBR

MKT CAP:$2B

BellRing Brands, Inc.

Market Cap

$2B

Consumer Defensive·Packaged Foods·🇺🇸 United States·NYSE

Consumer Def.·Packaged Foods·🇺🇸·NYSE

Stock Price

$16.80-$9.29 (-35.63%)

Apr 21, 2026

Company Details

BellRing Brands, Inc., together with its subsidiaries, provides various nutrition products in the United States and internationally. It offers ready-to-drink shake and powder protein products primarily under the Premier Protein and Dymatize...

CEO

Darcy Horn Davenport

IPO Date

Oct 18, 2019

Website

bellring.com

Key Metrics TTM

Revenue

$2.3B

+10.6% YoY

Net Income

$183M

EPS (Diluted)

$1.45

Free Cash Flow

$247M

Revenue / Share

$19.36

Gross Margin

31.4%

Operating Margin

13.9%

Net Margin

7.9%

FCF Margin

10.6%

P/S

0.8x

P/E

10.4x

Earnings Reports

Q2 2026

May 4, 2026

PENDING

Q1 2026

Feb 3, 2026

$537M+0.8%EPS $0.36

FY 2025

Nov 18, 2025

$2.3B+16.1%EPS $1.68

Q4 2025

Nov 18, 2025

$648M+16.6%EPS $0.48

Q3 2025

Aug 5, 2025

$548M+6.2%EPS $0.16

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 19	$215M	$77M	$36M
Q3 22	$371M	$120M	$68M
Q4 22	$379M	$122M	$61M
Q1 23	$363M	$122M	$75M
Q2 23	$386M	$117M	$58M
Q3 23	$446M	$136M	$76M
Q4 23	$473M	$155M	$78M
Q1 24	$430M	$148M	$73M
Q2 24	$495M	$160M	$91M
Q3 24	$515M	$190M	$112M
Q4 24	$556M	$205M	$112M
Q1 25	$533M	$200M	$115M
Q2 25	$588M	$190M	$95M
Q3 25	$548M	$194M	$45M
Q4 25	$648M	$187M	$102M
Q1 26	$537M	$158M	$80M

Valuation

Quarter	P/S	P/E
Q4 19	2.2x	15.5x
Q3 22	1.8x	13.9x
Q4 22	1.6x	13.7x
Q1 23	1.4x	13.3x
Q2 23	1.3x	12.9x
Q3 23	1.2x	12.5x
Q4 23	1.1x	11.5x
Q1 24	1.1x	11.6x
Q2 24	1.0x	10.0x
Q3 24	1.0x	8.7x
Q4 24	1.0x	7.8x
Q1 25	0.9x	6.8x
Q2 25	0.9x	6.8x
Q3 25	0.9x	8.4x
Q4 25	0.8x	8.8x
Q1 26	0.8x	10.4x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 19	$39M	$38M
Q3 22	-$6M	-$6M
Q4 22	$10M	$9M
Q1 23	$36M	$36M
Q2 23	-$16M	-$16M
Q3 23	$110M	$110M
Q4 23	$85M	$84M
Q1 24	$74M	$74M
Q2 24	$16M	$16M
Q3 24	$69M	$69M
Q4 24	$40M	$39M
Q1 25	$3M	$2M
Q2 25	$48M	$48M
Q3 25	$40M	$39M
Q4 25	$169M	$168M
Q1 26	-$3M	-$7M

Capital Expenditures

Quarter	CapEx
Q4 19	$1M
Q3 22	$100.0K
Q4 22	$600.0K
Q1 23	$300.0K
Q2 23	$200.0K
Q3 23	$500.0K
Q4 23	$800.0K
Q1 24	$200.0K
Q2 24	$300.0K
Q3 24	$100.0K
Q4 24	$1M
Q1 25	$1M
Q2 25	$600.0K
Q3 25	$2M
Q4 25	$1M
Q1 26	$4M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 19	-2.5%	-2.4%
Q3 22	+99.5%	+98.2%
Q4 22	+75.2%	+81.0%
Q1 23	+52.7%	+55.6%
Q2 23	+79.8%	+83.5%
Q3 23	+20.3%	+22.0%
Q4 23	+24.6%	+24.0%
Q1 24	+18.7%	+24.3%
Q2 24	+28.3%	+23.2%
Q3 24	+15.6%	+9.2%
Q4 24	+17.6%	+12.5%
Q1 25	+23.8%	+16.8%
Q2 25	+18.9%	+22.1%
Q3 25	+6.2%	+24.5%
Q4 25	+16.6%	+23.1%
Q1 26	+0.8%	+9.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 19	$4M	1.6%
Q3 22	$4M	0.9%
Q4 22	$3M	0.8%
Q1 23	$4M	1.0%
Q2 23	$4M	0.9%
Q3 23	$4M	0.8%
Q4 23	$4M	0.8%
Q1 24	$5M	1.1%
Q2 24	$5M	1.1%
Q3 24	$6M	1.1%
Q4 24	$6M	1.0%
Q1 25	$6M	1.1%
Q2 25	$6M	1.0%
Q3 25	$5M	0.9%
Q4 25	$5M	0.8%
Q1 26	$5M	1.0%

OpEx Breakdown

Quarter	G&A	SG&A
Q4 19	$35M	—
Q3 22	—	$48M
Q4 22	—	$56M
Q1 23	—	$42M
Q2 23	—	$54M
Q3 23	—	$55M
Q4 23	—	$65M
Q1 24	—	$53M
Q2 24	—	$69M
Q3 24	—	$74M
Q4 24	—	$89M
Q1 25	—	$80M
Q2 25	—	$91M
Q3 25	—	$145M
Q4 25	—	$81M
Q1 26	—	$78M

Revenue Segments

Quarter	Nutrition Bars	Other Products	Powders	Shakes and other beverages
Q3 22	$11M	$3M	$61M	$296M
Q4 22	$9M	$2M	$71M	$297M
Q1 23	—	$10M	$56M	$297M
Q2 23	—	$12M	$74M	$300M
Q3 23	—	$15M	$82M	$349M
Q4 23	—	$14M	$78M	$381M
Q1 24	—	$11M	$70M	$350M
Q2 24	—	$13M	$84M	$398M
Q3 24	—	$13M	$90M	$412M
Q4 24	—	$14M	$83M	$459M
Q1 25	—	$12M	$81M	$440M
Q2 25	—	$13M	$88M	$488M
Q3 25	—	$17M	$92M	$438M
Q4 25	—	$16M	$105M	$528M
Q1 26	—	$13M	$92M	$432M

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$70M	$0	$70M
Q3 22	$35M	$0	$35M
Q4 22	$36M	$0	$36M
Q1 23	$44M	$0	$44M
Q2 23	$26M	$0	$26M
Q3 23	$26M	$0	$26M
Q4 23	$48M	$0	$48M
Q1 24	$85M	$0	$85M
Q2 24	$79M	$0	$79M
Q3 24	$73M	$0	$73M
Q4 24	$71M	$0	$71M
Q1 25	$50M	$0	$50M
Q2 25	$28M	$0	$28M
Q3 25	$44M	$0	$44M
Q4 25	$89M	$0	$89M
Q1 26	$64M	$0	$64M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 19	30M	-12.5%	-12.5%
Q3 22	137M	+355.7%	+298.7%
Q4 22	136M	-0.4%	+297.0%
Q1 23	135M	-0.7%	+294.0%
Q2 23	135M	-0.4%	+348.3%
Q3 23	134M	-0.5%	-2.1%
Q4 23	133M	-0.7%	-2.4%
Q1 24	133M	+0.1%	-1.6%
Q2 24	133M	0.0%	-1.1%
Q3 24	132M	-0.7%	-1.3%
Q4 24	132M	+0.2%	-0.5%
Q1 25	131M	-0.9%	-1.4%
Q2 25	130M	-0.9%	-2.3%
Q3 25	130M	-0.2%	-1.8%
Q4 25	125M	-3.4%	-5.3%
Q1 26	120M	-4.3%	-8.5%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 19	$536.3K	400
Q3 22	$1M	355
Q4 22	$997.9K	380
Q1 23	$954.5K	380
Q2 23	$1M	380
Q3 23	$1M	380
Q4 23	$1M	420
Q1 24	$1M	420
Q2 24	$1M	420
Q3 24	$1M	420
Q4 24	$1M	485
Q1 25	$1M	485
Q2 25	$1M	485
Q3 25	$1M	485
Q4 25	$1M	530
Q1 26	$1M	530

Revenue / Employee