Primo Brands Corp
For the period ended Jun 30, 2026. Filed Aug 5, 2026.
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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.
Jun 30, 2026 · Filed Aug 5, 2026
PRMB$22.39+1.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-07.
0001628280-26-031859
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-05.
0001628280-26-053045
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 124 previous paragraphs and 151 current paragraphs.
96 unchanged; 24 reworded; 23 added; 3 removed; 1 previous and 8 current paragraphs rearranged.
Tables are not compared: 6 previous and 8 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 (23)
Current report
During the three months ended June 30, 2026, net sales were $1,796.2 million, an increase of $66.1 million, or 3.8%, as compared to the three months ended June 30, 2025, primarily due to an increase in sales attributable to regional spring water of $35.9 million and our premium brands of $26.7 million in the current year period, partially offset by a decrease of $6.9 million related to the divested coffee business.
Current report
During the three months ended June 30, 2026, selling, general and administrative expenses were $345.5 million, a decrease of $33.1 million, or 8.7%, as compared to the three months ended June 30, 2025, primarily due to a decrease in marketing costs of $17.4 million and a decrease in depreciation and amortization of $11.6 million primarily related to the amortization of definite lived intangibles in the prior year period not recurring in the current year period.
Current report
Other Operating Expense (Income), Net
Current report
Other Expense (Income), Net
Current report
Other expense, net during the three months ended June 30, 2026 was $1.9 million, compared to other income, net during the three months ended June 30, 2025 of $15.9 million. This change is primarily due to insurance proceeds received in the prior year quarter to repair infrastructure on a warehouse in Texas damaged by a tornado.
Current report
Six Months Ended June 30, 2026 Compared to the Six Months Ended June 30, 2025
Current report
Consolidated Results
Current report
Net Sales
Current report
Cost of Sales
Current report
During the six months ended June 30, 2026, cost of sales were $2,408.7 million, an increase of $126.8 million, or 5.6%, as compared to the six months ended June 30, 2025. The increase in costs was primarily due to increased transportation related costs of $66.8 million, increased non-recurring integration related costs incurred in the current year period of $13.6 million, and increased depreciation and amortization of $19.8 million, partially offset by a decrease of $16.0 million related to the divested coffee business.
Current report
Gross Profit and Gross Margin
Current report
Selling, General and Administrative Expenses
Current report
During the six months ended June 30, 2026, selling, general and administrative expenses were $682.2 million, a decrease of $24.2 million, or 3.4%, as compared to the six months ended June 30, 2025, primarily due to a decrease in marketing costs of $18.3 million and a decrease in depreciation and amortization of $10.5 million primarily related to the amortization of definite lived intangibles in the prior year period not recurring in the current year period.
Current report
Acquisition, Integration and Restructuring Expenses
Current report
Other Operating Expense (Income), Net
Current report
During the six months ended June 30, 2026, other operating income, net was $17.7 million, compared to nil during the six months ended June 30, 2025. This change is primarily due to unrealized gains on commodity forwards of $18.9 million during the six months ended June 30, 2026 compared to unrealized gains on commodity forwards of $2.0 million in the prior year period.
Current report
Other Expense (Income), Net
Current report
During the six months ended June 30, 2026, other expense, net was $3.1 million, compared to other income, net of $15.8 million during the six months ended June 30, 2025. This change is primarily due to insurance proceeds received in the prior year period to repair infrastructure on a warehouse in Texas damaged by a tornado.
Current report
Interest and Financing Expense, Net
Current report
Provision for Income Tax
Current report
During the six months ended June 30, 2026, income tax expense was $41.4 million compared to $34.0 million during the six months ended June 30, 2025. The effective tax rate was 30.0% during the six months ended June 30, 2026, compared to 34.3% during the six months ended June 30, 2025.
Current report
On May 7, 2025, we entered into a stock purchase agreement (the "Stock Purchase Agreement") with the Sponsor Stockholder and Triton Water Equity Holdings, LP, a Delaware limited partnership (“Triton Water Equity Holdings”). Pursuant to the Stock Purchase Agreement, we agreed to repurchase 3,157,562 shares of Class A common stock from the Sponsor Stockholder and Triton Water Equity Holdings at a price per share equal to the price paid by the underwriters in the May Offering (as defined below). The share repurchase closed concurrently with the May Offering on May 12, 2025 for an aggregate purchase price of approximately $100.0 million. We funded the share repurchase with cash on hand and the repurchased shares of Class A common stock are no longer outstanding.
Current report
Six Months Ended June 30, 2026 Compared to the Six Months Ended June 30, 2025
Removed paragraphs (3)
Previous report
Other Operating (Income) Expense, Net
Previous report
Other Expense, Net
Previous report
Other expense, net during the three months ended March 31, 2026 was $1.2 million, which remained relatively consistent with an increase of $1.1 million, as compared to the three months ended March 31, 2025.
Reworded paragraphs (24)
Previous wording
This Management’s Discussion and Analysis of Financial Condition and Results of Operations is intended to further the reader’s understanding of the condensed consolidated financial condition and results of operations of the Company. It should be read in conjunction with the financial statements included in this Quarterly Report on Form 10-Q ("Form 10-Q") and the Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (the “2025 Annual Report”). These historical financial statements may not be indicative of our future performance. This discussion contains a number of forward-looking statements, all of which are based on our current expectations and could be affected by the uncertainties and risks referred to under “Risk Factors” in Part I, Item 1A. in our 2025 Annual Report. When used in this report, the terms “the Company,” “our Company,” “Primo Brands,” “we,” “us,” or “our” refers to Primo Brands Corporation, together with its consolidated subsidiaries.
Current wording
This Management’s Discussion and Analysis of Financial Condition and Results of Operations is intended to further the reader’s understanding of the condensed consolidated financial condition and results of operations of the Company. It should be read in conjunction with the financial statements included in this Quarterly Report on Form 10-Q ("Form 10-Q") and the Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (the “2025 Annual Report”). These historical financial statements may not be indicative of our future performance. This discussion contains a number of forward-looking statements, all of which are based on our current expectations and could be affected by the uncertainties and risks referred to under “Risk Factors” in Part I, Item 1A. in our 2025 Annual Report. When used in this report, the terms “the Company,” “our Company,” “Primo Brands,” “we,” “us,” or “our” refer to Primo Brands Corporation, together with its consolidated subsidiaries.
Previous wording
We have a comprehensive portfolio of highly recognizable and conveniently packaged branded water and beverages that reach consumers whenever, wherever, and however they hydrate through distribution across retail outlets, away from home such as hotels and hospitals, and hospitality and food service accounts, as well as direct delivery to homes and businesses. These brands include established “billion-dollar brands” Poland Spring® and Pure Life®, premium brands like Saratoga® and The Mountain Valley®, leading regional spring water offerings such as Arrowhead®, Deer Park®, Ice Mountain®, Ozarka®, and Zephyrhills®, purified water brands including Primo Water® and Sparkletts®, and flavored and enhanced beverages like Splash Refresher™ and AC+ION®. We also have an industry-leading line-up of innovative water dispensers, which create consumer connectivity through recurring water purchases. We operate a vertically integrated coast-to-coast network that distributes our brands to more than 200,000 retail outlets, as well as directly reaching customers and consumers through our Direct Delivery, Exchange and Refill offerings. Through Direct Delivery, we deliver responsibly sourced hydration solutions direct to home and business customers. Through our Exchange business, consumers can visit approximately 26,500 retail locations and purchase a pre-filled, multi-use bottle of water that can be exchanged after use for a discount on the next purchase. Through our Refill business, consumers have the option to refill empty multi-use bottles at over 23,500 self-service refill stations. We also offer water filtration units for home and business customers across North America. We are a leader in reusable beverage packaging, helping to reduce waste through its multi-serve bottles and innovative brand packaging portfolio, which includes recycled plastic, aluminum, and glass. We have a portfolio of over 80 springs and actively manage water resources to help assure a steady supply of quality, safe drinking water today and in the future. We also help conserve over 28,000 acres of land across the U.S. and Canada. We are proud to partner with the International Bottled Water Association ("IBWA") in North America, which supports strict adherence to safety, quality, sanitation, and regulatory standards for the benefit of consumer protection. We are committed to supporting the communities we serve, investing in local and national programs and delivering hydration solutions following natural disasters and other local community challenges. We employ more than 12,000 associates with dual headquarters in Tampa, Florida, and Stamford, Connecticut.
Current wording
We have a comprehensive portfolio of highly recognizable and conveniently packaged branded water and beverages that reach consumers whenever, wherever, and however they hydrate through distribution across retail outlets, away from home such as hotels and hospitals, and hospitality and food service accounts, as well as direct delivery to homes and businesses. These brands include established “billion-dollar brands” Poland Spring® and Pure Life®, premium brands like Saratoga® and The Mountain Valley®, leading regional spring water offerings such as Arrowhead®, Deer Park®, Ice Mountain®, Ozarka®, and Zephyrhills®, purified water brands including Primo Water® and Sparkletts®, and flavored and enhanced beverages like Splash Refresher™ and AC+ION®. We also have an industry-leading line-up of innovative water dispensers, which create consumer connectivity through recurring water purchases. We operate a vertically integrated coast-to-coast network that distributes our brands to more than 200,000 retail outlets, as well as directly reaching customers and consumers through our Direct Delivery, Exchange and Refill offerings. Through Direct Delivery, we deliver responsibly sourced hydration solutions direct to home and business customers. Through our Exchange business, consumers can visit approximately 26,500 retail locations and purchase a pre-filled, multi-use bottle of water that can be exchanged after use for a discount on the next purchase. Through our Refill business, consumers have the option to refill empty multi-use bottles at over 23,500 self-service refill stations. We also offer water filtration units for home and business customers across North America. We are a leader in reusable beverage packaging, helping to reduce waste through our multi-serve bottles and innovative brand packaging portfolio, which includes recycled plastic, aluminum, and glass. We have a portfolio of over 80 springs and actively manage water resources for a steady supply of quality, safe drinking water today and in the future. We also help conserve over 28,000 acres of land across the U.S. and Canada. We are proud to partner with the International Bottled Water Association ("IBWA") in North America, which supports strict adherence to safety, quality, sanitation, and regulatory standards for the benefit of consumer protection. We are committed to supporting the communities we serve, investing in local and national programs and delivering hydration solutions following natural disasters and other local community challenges. We employ more than 12,000 associates with dual headquarters in Tampa, Florida, and Stamford, Connecticut.
Previous wording
During the three months ended March 31, 2026, cost of sales were $1,161.2 million, an increase of $68.5 million, or 6.3%, as compared to the three months ended March 31, 2025, primarily due to increased transportation related costs of $24.2 million, non-recurring integration related costs incurred in the current year period of $20.4 million, and increased depreciation and amortization of $11.4 million, partially offset by a decrease of $10.8 million related to the divested coffee business.
Current wording
During the three months ended June 30, 2026, cost of sales were $1,247.5 million, an increase of $58.3 million, or 4.9%, as compared to the three months ended June 30, 2025, primarily due to increased transportation related costs of $42.6 million and increased depreciation and amortization of $8.4 million, partially offset by a decrease of $6.8 million related to lower non-recurring integration related costs incurred in the current year period and a decrease of $5.2 million related to the divested coffee business.
Previous wording
During the three months ended March 31, 2026, gross profit was $464.9 million, a decrease of $56.1 million, or 10.8%, as compared to the three months ended March 31, 2025, and gross margin as a percentage of net sales was 28.6%, as compared to 32.3% during the three months ended March 31, 2025, primarily driven by the factors discussed above.
Current wording
During the three months ended June 30, 2026, gross profit was $548.7 million, an increase of $7.8 million, or 1.4%, as compared to the three months ended June 30, 2025, and gross margin as a percentage of net sales was 30.5%, as compared to 31.3% during the three months ended June 30, 2025, primarily driven by the factors discussed above.
Previous wording
During the three months ended March 31, 2026, acquisition, integration and restructuring expenses were $20.8 million, a decrease of $19.0 million, as compared to the three months ended March 31, 2025, primarily due to lower integration costs incurred during the current year period compared to the prior year period as integration efforts begin to wind down as well as net restructuring gains in the current year period driven primarily by gains associated with the sale of facilities compared to net restructuring costs in the prior year period primarily driven by facility charges.
Current wording
During the three months ended June 30, 2026, acquisition, integration and restructuring expenses were $10.0 million, a decrease of $39.7 million, as compared to the three months ended June 30, 2025, primarily due to lower integration costs incurred during the current year period compared to the prior year period as integration efforts begin to wind down as well as net restructuring gains in the current year period driven primarily by gains associated with the sale of facilities compared to net restructuring costs in the prior year period primarily driven by facility charges.
Previous wording
Other operating (income) expense, net, includes primarily unrealized foreign exchange (gains) losses, unrealized mark-to-market adjustments for commodity forwards and other infrequent income or charges.
Current wording
Other operating expense (income), net, includes primarily unrealized foreign exchange (gains) losses, unrealized mark-to-market adjustments for commodity forwards and other infrequent income or charges.
Previous wording
During the three months ended March 31, 2026, other operating income, net was $30.6 million, compared to other operating expense, net during the three months ended March 31, 2025 of $0.2 million. This change is primarily due to unrealized gains on commodity forwards of $31.1 million during the current year period compared to unrealized gains of $1.1 million during the prior year period.
Current wording
During the three months ended June 30, 2026, other operating expense, net was $12.9 million, compared to other operating income, net during the three months ended June 30, 2025 of $0.2 million. This change is primarily due to unrealized losses on commodity forwards of $12.2 million during the current year period compared to unrealized gains on commodity forwards of $0.9 million during the prior year period.
Previous wording
Other Expense, net, includes primarily amortization of forward points and unrealized mark-to-market adjustments for foreign exchange forward contracts as well as other infrequent non-operating income or charges.
Current wording
Other expense (income), net, includes primarily amortization of forward points and unrealized mark-to-market adjustments for foreign exchange forward contracts as well as other infrequent non-operating income or charges.
Previous wording
During the three months ended March 31, 2026, interest and financing expense, net, was $78.3 million, which remained relatively consistent with a decrease of $3.8 million, or 4.6%, as compared to the three months ended March 31, 2025.
Current wording
During the three months ended June 30, 2026, interest and financing expense, net, was $81.3 million, which remained relatively consistent with a decrease of $0.6 million, or 0.7%, as compared to the three months ended June 30, 2025.
Previous wording
Income tax expense was $13.5 million for the three months ended March 31, 2026 compared to $17.7 million for the three months ended March 31, 2025. The effective tax rate was 33.1% for the three months ended March 31, 2026 compared to 33.8% for the three months ended March 31, 2025.
Current wording
Income tax expense was $27.9 million for the three months ended June 30, 2026 compared to $16.3 million for the three months ended June 30, 2025. The effective tax rate was 28.7% for the three months ended June 30, 2026 compared to 34.8% for the three months ended June 30, 2025.
Previous wording
During the three months ended March 31, 2026, net sales were $1,626.1 million, an increase of $12.4 million, or 0.8%, as compared to the three months ended March 31, 2025, primarily due to an increase in sales attributable to our premium brands of $31.6 million, partially offset by a decrease of $11.1 million related to the divested coffee business.
Current wording
During the six months ended June 30, 2026, net sales were $3,422.3 million, an increase of $78.5 million, or 2.3%, as compared to the six months ended June 30, 2025, primarily due to an increase in sales attributable to our premium brands of $58.3 million and regional spring water of $43.0 million, partially offset by a decrease of $18.0 million related to the divested coffee business.
Previous wording
During the three months ended March 31, 2026, the loss on modification and extinguishment of debt was $17.7 million related to the refinancing of the Company's then-existing Term Loans (as defined below), compared to $18.6 million during the three months ended March 31, 2025 related to the debt refinancing consummated in the prior year period.
Current wording
During the six months ended June 30, 2026, the loss on modification and extinguishment of debt was $17.7 million related to the refinancing of our then-existing Term Loans (as defined below), compared to $18.6 million during the six months ended June 30, 2025 related to the debt refinancing consummated in the prior year period.
Previous wording
During the three months ended March 31, 2026, selling, general and administrative expenses were $336.7 million, which remained relatively consistent with an increase of $8.9 million, or 2.7%, as compared to the three months ended March 31, 2025.
Current wording
During the six months ended June 30, 2026, interest and financing expense, net, was $159.6 million, which remained relatively consistent with a decrease of $4.4 million, or 2.7%, as compared to the six months ended June 30, 2025.
Previous wording
As of March 31, 2026, we had $288.2 million of cash on hand (of which $0.3 million is restricted). We had access to $750.0 million of revolving loan commitments (excluding $163.9 million of outstanding letters of credit) under the Revolving Credit Facility. We, or our affiliates, may from time to time seek to repurchase or retire outstanding debt through cash purchases and/or exchanges for equity securities, in open market purchases, privately negotiated transactions, tender offers or otherwise. Any future repurchases or exchanges, if any, will depend on prevailing market conditions, our liquidity, contractual restrictions, and other factors. The amounts involved may be material.
Current wording
As of June 30, 2026, we had $366.8 million of cash on hand (of which $0.3 million is restricted). We had access to $750.0 million of revolving loan commitments (excluding $163.4 million of outstanding letters of credit) under the Revolving Credit Facility. We, or our affiliates, may from time to time seek to repurchase or retire outstanding debt through cash purchases and/or exchanges for equity securities, in open market purchases, privately negotiated transactions, tender offers or otherwise. Any future repurchases or exchanges, if any, will depend on prevailing market conditions, our liquidity, contractual restrictions, and other factors. The amounts involved may be material.
Previous wording
In connection with the Fifth Amendment, we assessed the refinancing on a lender-by-lender basis which was accounted for as a combination of debt modification and extinguishment. We recorded an unamortized debt discount of $15.5 million and unamortized debt issuance costs of $2.8 million which, along with the existing unamortized debt discount and debt issuance costs, are being amortized over the remaining term using the effective interest method. The write-off of unamortized debt issuance costs and unamortized debt discount, together with fees expensed in connection with the modification, resulted in a loss of $17.7 million, recorded in Loss on modification and extinguishment of debt in the Condensed Consolidated Statements of Operations for the three months ended March 31, 2026.
Current wording
In connection with the Fifth Amendment, we assessed the refinancing on a lender-by-lender basis which was accounted for as a combination of debt modification and extinguishment. We recorded an unamortized debt discount of $15.5 million and unamortized debt issuance costs of $2.8 million which, along with the existing unamortized debt discount and debt issuance costs, are being amortized over the remaining term using the effective interest method. The write-off of unamortized debt issuance costs and unamortized debt discount, together with fees expensed in connection with the modification, resulted in a loss of nil and $17.7 million, respectively, recorded in Loss on modification and extinguishment of debt in the Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2026.
Previous wording
As of March 31, 2026 and December 31, 2025, unamortized debt issuance costs and discount related to the Term Loans were $52.1 million and $39.4 million, respectively.
Current wording
As of June 30, 2026 and December 31, 2025, unamortized debt issuance costs and discount related to the Term Loans were $49.6 million and $39.4 million, respectively.
Previous wording
On August 6, 2025, we net settled the 2024 FX Forwards and simultaneously entered into new foreign exchange contracts with a combined notional amount of €450.0 million ($516.7 million at exchange rates in effect on March 31, 2026) and a maturity date of November 1, 2027 to hedge the foreign exchange risk associated with the Euro Notes.
Current wording
On August 6, 2025, we net settled the 2024 FX Forwards and simultaneously entered into new foreign exchange contracts with a combined notional amount of €450.0 million ($513.3 million at exchange rates in effect on June 30, 2026) and a maturity date of November 1, 2027 to hedge the foreign exchange risk associated with the Euro Notes.
Previous wording
During the three months ended March 31, 2026, we repurchased 1,539,175 shares of our Class A common stock for an aggregate purchase price of approximately $29.0 million through open market transactions under the Share Repurchase Program. As of March 31, 2026, the Company had $78.3 million of authorization remaining under the Share Repurchase Program.
Current wording
During the three and six months ended June 30, 2026, we repurchased 707,943 and 2,247,118 shares of our Class A common stock for an aggregate purchase price of approximately $15.5 million and $44.5 million, respectively, through open market transactions under the Share Repurchase Program. As of June 30, 2026, the Company had $62.8 million of authorization remaining under the Share Repurchase Program.
Previous wording
During the three months ended March 31, 2026 and 2025, 191,390 and 164,738 shares of our Class A common stock were withheld from delivery to our employees to satisfy their tax obligations related to the vesting of equity-based awards. Please refer to Part II, Item 2 of this Quarterly Report.
Current wording
During the three and six months ended June 30, 2026, 3,756 and 195,146 shares of our Class A common stock were withheld from delivery to our employees to satisfy their tax obligations related to the vesting of equity-based awards. Please refer to Part II, Item 2 of this Quarterly Report.
Previous wording
On February 18, 2026, the Board of Directors declared a dividend of $0.12 per share on our outstanding Class A common stock, payable in cash on March 23, 2026 to stockholders of record at the close of business on March 6, 2026.
Current wording
On February 18, 2026, the Board of Directors declared a dividend of $0.12 per share on our outstanding Class A common stock, paid in cash on March 23, 2026 to stockholders of record at the close of business on March 6, 2026.
Previous wording
On April 28, 2026, the Board of Directors declared a dividend of $0.12 per share on our outstanding Class A common stock of the Company, payable in cash on June 15, 2026 to stockholders of record at the close of business on June 4, 2026.
Current wording
On April 28, 2026, the Board of Directors declared a dividend of $0.12 per share on our outstanding Class A common stock of the Company, paid in cash on June 15, 2026 to stockholders of record at the close of business on June 4, 2026.
Previous wording
Net cash provided by operating activities of continuing operations was $103.8 million for the three months ended March 31, 2026 as compared to $38.8 million for the three months ended March 31, 2025. The $65.0 million increase was due primarily to an increase in cash provided by trade payables and accrued liabilities of $138.0 million and inventories of $19.9 million, partially offset by lower earnings, excluding non-cash charges, of $13.3 million and an increase in cash used by prepaid and other current and non current assets of $27.9 million and trade receivables of $51.7 million.
Current wording
Net cash provided by operating activities of continuing operations was $331.7 million for the six months ended June 30, 2026 as compared to $193.8 million for the six months ended June 30, 2025. The $137.9 million increase was due primarily to improved earnings, excluding non-cash charges, of $50.0 million, as well as an increase in cash provided by trade payables and accrued liabilities of $99.8 million and inventories of $10.0 million, partially offset by an increase in cash used by prepaid and other current and non current assets of $9.0 million and trade receivables of $12.9 million.
Previous wording
Net cash used in investing activities of continuing operations was $111.0 million for the three months ended March 31, 2026, compared to $23.2 million for the three months ended March 31, 2025. The increase of $87.8 million is primarily due to increased additions to property, plant and equipment and intangible assets of $48.6 million, acquisitions of $10.9 million in the current year, and $45.6 million of proceeds received from the sale of the production facility in Ontario, Canada in prior year not recurring in the current year, partially offset by $16.5 million of proceeds received from the sale of facilities within held for sale.
Current wording
Net cash used in investing activities of continuing operations was $194.9 million for the six months ended June 30, 2026, compared to $73.8 million for the six months ended June 30, 2025. The increase in use of $121.1 million was due primarily to increased additions to property, plant and equipment and intangible assets of $81.6 million, increased acquisition-related activity of $14.3 million, and $56.9 million of proceeds received from the sale of the production facility in Ontario, Canada in the prior year not recurring in the current year, partially offset by $30.0 million of proceeds received from the sale of facilities within held for sale.
Previous wording
Net cash used in financing activities of continuing operations for the three months ended March 31, 2026 was $81.0 million, compared to $180.8 million for the three months ended March 31, 2025. The $99.8 million decrease was due primarily to a decrease in Class A common stock repurchased and cancelled of $87.0 million as a result of the share repurchases made in conjunction with the March Offering of $114.1 million in the prior year not recurring in the current year, partially offset by share repurchases made under the Share Repurchase Program of $29.0 million in the current year.
Current wording
Net cash used in financing activities of continuing operations for the six months ended June 30, 2026 was $146.1 million, compared to $334.8 million for the six months ended June 30, 2025. The $188.7 million decrease was due primarily to a decrease in Class A common stock repurchased and cancelled as a result of the share repurchases made in conjunction with the March Offering and May Offering of $214.1 million in the prior year not recurring in the current year, partially offset by share repurchases made under the Share Repurchase Program of $44.5 million in the current year.
Rearranged current paragraphs (8)
Current report — wording carried from elsewhere
The following table sets forth our consolidated statements of operations data for the periods indicated:
Current report — wording carried from elsewhere
NM is defined as not meaningful.
Current report — wording carried from elsewhere
The following table sets forth our consolidated Net sales by water type:
Current report — wording carried from elsewhere
During the six months ended June 30, 2026, gross profit was $1,013.6 million, a decrease of $48.3 million, or 4.5%, as compared to the six months ended June 30, 2025, and gross margin as a percentage of net sales was 29.6%, as compared to 31.8% during the six months ended June 30, 2025, primarily driven by the factors discussed above.
Current report — wording carried from elsewhere
During the six months ended June 30, 2026, acquisition, integration and restructuring expenses were $30.8 million, a decrease of $58.7 million, as compared to the six months ended June 30, 2025, primarily due to lower integration costs incurred during the current year period compared to the prior year period as integration efforts begin to wind down as well as net restructuring gains in the current year period driven primarily by gains associated with the sale of facilities compared to net restructuring costs in the prior year period primarily driven by facility charges.
Current report — wording carried from elsewhere
The effective tax rate for the six months ended June 30, 2026 decreased from the effective tax rate from the six months ended June 30, 2025 due primarily to a decrease in permanent differences for which we have not recognized a tax benefit. The effective tax rate for the six months ended June 30, 2026 differs from the U.S. statutory rate primarily due to permanent differences for which we have not recognized a tax benefit and losses in tax jurisdictions with valuation allowances.
Current report — wording carried from elsewhere
On May 8, 2025, we entered into an underwriting agreement with the Sponsor Stockholder, Triton Water Equity Holdings and BofA Securities, Inc. and Morgan Stanley & Co. LLC, as underwriters, in connection with the underwritten secondary offering by the Sponsor Stockholder and Triton Water Equity Holdings of 47,500,000 shares of Class A common stock at a price of $31.67 per share (the "May Offering"). The May Offering closed on May 12, 2025. The Sponsor Stockholder and Triton Water Equity Holdings received all of the proceeds from the May Offering. No shares were sold by us.
Current report — wording carried from elsewhere
On July 28, 2026, the Board of Directors declared a dividend of $0.12 per share on the outstanding Class A common stock of the Company, payable in cash on September 8, 2026 to stockholders of record at the close of business on August 24, 2026.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
Three Months Ended March 31, 2026 Compared to the Three Months Ended March 31, 2025