Primo Brands Corp
For the period ended Dec 31, 2025. Filed Feb 27, 2026.
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FY2025 · Filed Feb 27, 2026
PRMB$24.07-0.2%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
| For the Year Ended December 31, | |||
|---|---|---|---|
| ($ in millions) | 2025 | 2024 | 2023 |
| Cash flows from operating activities of continuing operations: | |||
| Net income (loss) | $60.1 | $(16.4) | $92.8 |
| Less: Net loss from discontinued operations, net of income taxes | (20.3) | (3.8) | — |
| Net income (loss) from continuing operations | $80.4 | $(12.6) | $92.8 |
| Adjustments to reconcile net income (loss) from continuing operations to cash flows from operating activities of continuing operations: | |||
| Depreciation and amortization | 610.2 | 333.3 | 305.7 |
| Amortization of debt discount and issuance costs | 29.8 | 18.4 | 13.5 |
| Stock-based compensation costs | 49.9 | 8.7 | 1.3 |
| Restructuring charges | 3.1 | 22.0 | — |
| Inventory obsolescence expense | 14.6 | 16.9 | 27.6 |
| Charge for expected credit losses | 45.9 | 12.6 | 14.1 |
| Deferred income taxes | (46.2) | (78.1) | (40.5) |
| Intangible asset impairment | 35.6 | — | — |
| Proceeds from insurance settlements | (47.3) | — | — |
| Other non-cash items | 18.5 | 16.1 | 14.2 |
| Changes in operating assets and liabilities, net of effects of businesses acquired: | |||
| Trade receivables | (30.9) | 83.6 | 51.3 |
| Inventories | (33.5) | (0.1) | 23.1 |
| Prepaid expenses and other current and non-current assets | 12.2 | (33.5) | 1.8 |
| Trade payables and accruals and other current and non-current liabilities | (62.0) | 76.5 | (184.0) |
| Net cash provided by operating activities of continuing operations | 680.3 | 463.8 | 320.9 |
| Cash flows from investing activities of continuing operations: | |||
| Purchases of property, plant and equipment | (377.4) | (150.2) | (203.6) |
| Purchases of intangible assets | (57.0) | (40.7) | (14.1) |
| Cash acquired in the Transaction | — | 665.9 | — |
| Acquisitions, net of cash received | (29.0) | — | — |
| Proceeds from sale of other assets | 56.9 | — | — |
| Purchases of investments | — | (10.0) | (3.0) |
| Proceeds from insurance settlements | 47.3 | — | — |
| Other investing activities | 21.3 | 3.6 | 3.1 |
| Net cash (used in) provided by investing activities of continuing operations | (337.9) | 468.6 | (217.6) |
| Cash flows from financing activities of continuing operations: | |||
| Proceeds from 2024 Incremental Term Loan, net of discount | — | 392.0 | — |
| Proceeds from borrowings from ABL Credit Facility | — | 25.0 | 175.0 |
| Repayment of borrowings from ABL Credit Facility | — | (115.0) | (85.0) |
| Repayment of Term Loans | (31.0) | (32.0) | (28.0) |
| For the Year Ended December 31, | |||
|---|---|---|---|
| ($ in millions) | 2025 | 2024 | 2023 |
| Proceeds from borrowings of other debt | — | 8.3 | 7.0 |
| Principal repayment of other debt | (5.4) | (3.5) | — |
| Principal payment of finance leases | (34.5) | (8.2) | (1.1) |
| Financing fees | (8.0) | (5.1) | — |
| Issuance of common stock | 10.7 | 1.9 | 3.3 |
| Common stock repurchased and cancelled | (421.5) | (10.4) | — |
| Redemption of preferred stock | — | — | (183.6) |
| Dividends paid on preferred stock | — | — | (49.9) |
| Dividends paid to common stockholders | (151.3) | (35.7) | — |
| Dividends paid to Primo Water stockholders | — | (131.5) | — |
| Dividends paid to Sponsor Stockholder | — | (448.6) | — |
| Other financing activities | 9.0 | (0.1) | — |
| Net cash used in financing activities of continuing operations | (632.0) | (362.9) | (162.3) |
| Cash flows from discontinued operations: | |||
| Net cash provided by operating activities from discontinued operations | 7.1 | 3.4 | — |
| Net cash provided by investing activities from discontinued operations | 38.8 | 5.8 | — |
| Net cash used in financing activities from discontinued operations | (2.2) | (3.5) | — |
| Net cash provided by discontinuing operations | 43.7 | 5.7 | — |
| Effect of exchange rates on cash, cash equivalents and restricted cash | 2.1 | (1.5) | 0.2 |
| Net (decrease) increase in cash, cash equivalents and restricted cash | $(243.8) | $573.7 | $(58.8) |
| Cash and cash equivalents and restricted cash, beginning of period | 620.7 | 47.0 | 105.8 |
| Cash and cash equivalents and restricted cash, end of period | $376.9 | $620.7 | $47.0 |
| Cash and cash equivalents and restricted cash of discontinued operations, end of period | — | 6.3 | — |
| Cash and cash equivalents and restricted cash of continuing operations, end of period | $376.9 | $614.4 | $47.0 |
| Supplemental disclosure of non-cash investing and financing activities: | |||
| Purchases of property, plant and equipment and intangible assets included in trade payables and accruals and other current liabilities | $106.1 | $54.1 | $41.8 |
| Dividends payable issued through accounts payable and accrued liabilities | 1.2 | 0.3 | — |
| Supplemental disclosure of cash flow information: | |||
| Cash paid for interest, net of interest capitalized | $303.1 | $320.2 | $274.3 |
| Cash paid for income taxes | 56.9 | 97.1 | 65.9 |
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