NATIONAL BEVERAGE CORP
For the period ended Jan 31, 2026. Filed Mar 12, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jan 31, 2026 · Filed Mar 12, 2026
FIZZ$37.14-0.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-11-01; filed 2025-12-11.
0001437749-25-037558
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-01-31; filed 2026-03-12.
0001437749-26-007987
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 30 previous paragraphs and 32 current paragraphs.
11 unchanged; 17 reworded; 4 added; 2 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 0 previous and 0 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (4)
Current report
Three Fiscal Months Ended January 31, 2026 (third quarter of fiscal 2026) compared to
Current report
Three Fiscal Months Ended January 25, 2025 (third quarter of fiscal 2025)
Current report
Nine Fiscal Months Ended January 31, 2026 (first nine months of fiscal 2026) compared to
Current report
Nine Fiscal Months Ended January 25, 2025 (first nine months of fiscal 2025)
Removed paragraphs (2)
Previous report
Three Fiscal Months Ended November 1, 2025 (second quarter of fiscal 2026) compared to Three Fiscal Months Ended October 26, 2024 (second quarter of fiscal 2025)
Previous report
Six Fiscal Months Ended November 1, 2025 (first six months of fiscal 2026) compared to Six Fiscal Months Ended October 26, 2024 (first six months of fiscal 2025)
Reworded paragraphs (17)
Previous wording
The majority of our brands are geared to the active and health-conscious consumer including sparkling waters, energy drinks and juices. Our portfolio of Power+ Brands includes LaCroix® sparkling water; Clear Fruit® non-carbonated water beverages enhanced with fruit flavor; Rip It® energy drinks and shots; and Everfresh®, Everfresh Premier Varietals™ and Mr. Pure® 100% juice and juice-based products. Additionally, we produce and distribute carbonated soft drinks including Shasta® and Faygo®, iconic brands whose consumer loyalty spans more than 135 years.
Current wording
The majority of our brands are geared to the active and health-conscious consumer including sparkling waters, energy drinks and juices. Our portfolio of Power+ Brands includes LaCroix® sparkling waters; Clear Fruit® non-carbonated water beverages enhanced with fruit flavor; Rip It® energy drinks and shots; and Everfresh®, Everfresh Premier Varietals™ and Mr. Pure® 100% juice and juice-based products. Additionally, we produce and distribute carbonated soft drinks including Shasta® and Faygo®, iconic brands whose consumer loyalty spans more than 135 years.
Previous wording
Our operating results are affected by numerous factors, including fluctuations in the costs of raw materials, supply chain disruptions, holiday and seasonal programming and weather conditions. Beverage sales are seasonal with higher sales volume realized during the summer months when outdoor activities are more prevalent.
Current wording
Our operating results are affected by numerous factors, including fluctuations in the costs of raw materials, supply chain disruptions, holiday and seasonal programming and weather conditions. Beverage sales are seasonal with higher sales volume realized during the summer months.
Previous wording
Net sales for the second quarter of fiscal 2026 decreased 1.0% to $288.3 million from $291.2 million for the second quarter of fiscal 2025. The decrease in sales resulted primarily from a 6.0% decrease in case volume, partially offset by a 5.3% increase in average selling price per case. The decrease in case volume impacted both Power + Brands and carbonated soft drink brands.
Current wording
Net sales for the third quarter of fiscal 2026 decreased 0.9% to $264.6 million from $267.1 million for the third quarter of fiscal 2025. The decrease in sales resulted primarily from a 4.8% decrease in case volume, partially offset by a 4.4% increase in average selling price per case. The decrease in case volume impacted both Power + Brands and carbonated soft drink brands.
Previous wording
Gross profit for the second quarter of fiscal 2026 was $109.2 million compared to $109.4 million for the second quarter of fiscal 2025 and gross margin increased to 37.9% from 37.6% The increase in gross margin was primarily due to the increase in average selling price per case, partially offset by increased packaging and ingredient costs and the effects of reduced case volume. The average cost of sales per case increased 4.7%.
Current wording
Gross profit for the third quarter of fiscal 2026 increased to $99.6 million from $99.0 million for the third quarter of fiscal 2025 and gross margin increased to 37.6% from 37.1% The increase in gross margin was primarily due to the increase in average selling price per case, partially offset by increased packaging costs and the effects of reduced case volume. The average cost of sales per case increased 3.4%.
Previous wording
Selling, general and administrative expenses for the second quarter of fiscal 2026 decreased $0.3 million to $51.2 million from $51.5 million for the second quarter of fiscal 2025. The decrease was primarily due to a decrease in marketing costs. As a percentage of net sales, selling, general and administrative expenses remained constant at 17.7% for the second quarter of fiscal 2026 and fiscal 2025.
Current wording
Selling, general and administrative expenses for the third quarter of fiscal 2026 remained constant at $48.4 million for the third quarter of fiscal 2026 and fiscal 2025. As a percentage of net sales, selling, general and administrative expenses increased to 18.3% for the third quarter of fiscal 2026 compared to 18.1% for the third quarter of fiscal 2025.
Previous wording
Other income, net includes interest income of $2.8 million for the second quarter of fiscal 2026 and $1.7 million for the second quarter of fiscal 2025. The increase in interest income is due primarily to increased average invested balances.
Current wording
Other income, net includes interest income of $2.8 million for the third quarter of fiscal 2026 and $1.4 million for the third quarter of fiscal 2025. The increase in interest income is due primarily to increased average invested balances.
Previous wording
The Company’s effective income tax rate, based upon estimated annual income tax rates, was 23.6% for the second quarter of fiscal 2026 and 23.4% for the second quarter of fiscal 2025. The difference between the effective rate and the federal statutory rate of 21% was primarily due to the effects of state income taxes.
Current wording
The Company’s effective income tax rate, based upon estimated annual income tax rates, was 23.6% for the third quarter of fiscal 2026 and 23.7% for the third quarter of fiscal 2025. The difference between the effective rate and the federal statutory rate of 21% was primarily due to the effects of state income taxes.
Previous wording
Net sales for the first six months of fiscal 2026 decreased $1.8 million to $618.8 million from $620.7 million for the first six months of fiscal 2025. The decrease in sales resulted primarily from a 4.9% decrease in case volume, partially offset by a 4.8% increase in average selling price per case. The decrease in case volume impacted both Power + Brands and carbonated soft drink brands.
Current wording
Net sales for the first nine months of fiscal 2026 decreased 0.5% to $883.4 million from $887.7 million for the first nine months of fiscal 2025. The decrease in sales resulted primarily from a 4.9% decrease in case volume, partially offset by a 4.7% increase in average selling price per case. The decrease in case volume impacted both Power + Brands and carbonated soft drink brands.
Previous wording
Gross profit for the first six months of fiscal 2026 increased to $234.6 million from $231.8 million for the first six months of fiscal 2025 and gross margin increased to 37.9% from 37.3%. The increase in gross margin was primarily due to the increase in average selling price per case, partially offset by an increase in packaging and ingredient costs and the effects of reduced case volume. The average cost of sales per case increased 3.7%
Current wording
Gross profit for the first nine months of fiscal 2026 increased to $334.3 million from $330.7 million for the first nine months of fiscal 2025 and gross margin increased to 37.8% from 37.3%. The increase in gross margin was primarily due to the increase in average selling price per case, partially offset by an increase in packaging and ingredient costs and the effects of reduced case volume. The average cost of sales per case increased 3.7%
Previous wording
Selling, general and administrative expenses for the first six months of fiscal 2026 increased $1.4 million to $105.8 million from $104.4 million for the first six months of fiscal 2025. The increase was primarily due to an increase in marketing costs. As a percentage of net sales, selling, general and administrative expenses increased to 17.1% for the first six months of fiscal 2026 compared to 16.8% for the first six months of fiscal 2025.
Current wording
Selling, general and administrative expenses for the first nine months of fiscal 2026 increased $1.5 million to $154.3 million from $152.8 million for the first nine months of fiscal 2025. The increase was primarily due to an increase in marketing and selling costs. As a percentage of net sales, selling, general and administrative expenses increased to 17.5% for the first nine months of fiscal 2026 compared to 17.2% for the first nine months of fiscal 2025.
Previous wording
Other income, net includes interest income of $5.0 million for the first six months of fiscal 2026 and $6.0 million for the first six months of fiscal 2025. The decrease in interest income is due primarily to decreased average invested balances.
Current wording
Other income, net includes interest income of $7.7 million for the first nine months of fiscal 2026 and $7.4 million for the first nine months of fiscal 2025. The increase in interest income is due primarily to increased average invested balances.
Previous wording
The Company’s effective income tax rate, based upon estimated annual income tax rates, was 23.6% for the first six months of fiscal 2026 and 23.3% for the first six months of fiscal 2025. The difference between the effective rate and the federal statutory rate of 21% was primarily due to the effects of state income taxes.
Current wording
The Company’s effective income tax rate, based upon estimated annual income tax rates, was 23.6% for the first nine months of fiscal 2026 and 23.4% for the first nine months of fiscal 2025. The difference between the effective rate and the federal statutory rate of 21% was primarily due to the effects of state income taxes.
Previous wording
The Company’s cash position increased $75.5 million for the first six months of fiscal 2026 compared to a decrease of $214.2 million for the first six months of fiscal 2025 primarily due to the special cash dividend of $304.1 million paid on July 24, 2024.
Current wording
The Company’s cash position increased $120.1 million for the first nine months of fiscal 2026 compared to a decrease of $177.8 million for the first nine months of fiscal 2025 primarily due to the special cash dividend of $304.1 million paid on July 24, 2024.
Previous wording
Net cash provided by operating activities for the first six months of fiscal 2026 was $84.8 million compared to $100.1 million for the first six months of fiscal 2025. For the first six months of fiscal 2026, cash flow provided by operating activities decreased primarily due to a net increase in working capital, excluding cash.
Current wording
Net cash provided by operating activities for the first nine months of fiscal 2026 was $135.7 million compared to $146.6 million for the first nine months of fiscal 2025. For the first nine months of fiscal 2026, cash flow provided by operating activities decreased primarily due to a net increase in working capital, excluding cash.
Previous wording
Net cash used in investing activities for the first six months of fiscal 2026 reflects capital expenditures of $8.9 million, compared to capital expenditures of $10.6 million for the first six months of fiscal 2025. Certain production capacity and efficiency improvement projects are in progress and we anticipate fiscal 2026 capital expenditures will not exceed fiscal 2025 capital spending.
Current wording
Net cash used in investing activities for the first nine months of fiscal 2026 reflects capital expenditures of $15.2 million, compared to capital expenditures of $20.8 million for the first nine months of fiscal 2025. Certain production capacity and efficiency improvement projects are in progress and we anticipate fiscal 2026 capital expenditures will not exceed fiscal 2025 capital spending.
Previous wording
Net cash used in financing activities for the first six months of fiscal 2026 primarily reflects the repurchase of common shares for $0.7 million.
Current wording
Net cash used in financing activities for the first nine months of fiscal 2026 primarily reflects the repurchase of common shares for $0.7 million.
Previous wording
At November 1, 2025, working capital increased to $376.7 million from $266.4 million at May 3, 2025. The current ratio was 4.3 to 1 at November 1, 2025 compared to 2.9 to 1 at May 3, 2025. The increase in working capital and current ratio was due primarily to an increase in cash and cash equivalents of $75.5 million, a decrease in accounts payable and accrued liabilities of $26.7 million, and other net working capital increases of $8.1 million. Trade receivables decreased $11.0 million and days sales outstanding decreased to 29.4 days from 32.5 days. Inventories increased $10.8 million and inventory turns decreased to 8.1 times from 8.7 times.
Current wording
At January 31, 2026, working capital increased $149.6 million to $416.0 million from $266.4 million at May 3, 2025. The current ratio was 4.4 to 1 at January 31, 2026 compared to 2.9 to 1 at May 3, 2025. The increase in working capital and current ratio was due primarily to an increase in cash and cash equivalents of $120.1 million, a decrease in accounts payable and accrued liabilities of $19.6 million, and other net working capital increases of $9.8 million. Trade receivables decreased $6.7 million and days sales outstanding increased to 33.5 days from 32.5 days. Inventories increased $11.0 million and inventory turns decreased to 8.3 times from 8.7 times.