BELLRING BRANDS, INC.
For the period ended Mar 31, 2026. Filed May 5, 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.
Mar 31, 2026 · Filed May 5, 2026
BRBR$9.16-6.6%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-12-31; filed 2026-02-03.
0001772016-26-000007
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-05.
0001772016-26-000012
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 70 previous paragraphs and 74 current paragraphs.
59 unchanged; 9 reworded; 5 added; 2 removed; 0 previous and 1 current paragraphs rearranged.
Tables are not compared: 2 previous and 2 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 (5)
Current report
During fiscal 2026, input costs, including raw materials, packaging, and manufacturing, have been subject to inflationary pressures, in part due to the impact of tariffs and evolving global trade policies. Existing tariffs, as well as potential future increases or modifications, may further contribute to supply chain disruption, commodity cost volatility and broader economic uncertainty. We have implemented mitigation initiatives, including pricing actions, cost optimization and supply chain adjustments, which we expect to partially offset these pressures. However, if such cost increases persist and we are unable to fully mitigate their impact, they could have a material adverse effect on our results of operations.
Current report
In February 2026, a military conflict began in the Middle East. While we do not have operations in the region, the conflict has the potential to disrupt global energy markets, which could result in higher energy prices, increased inflationary pressures, and indirect impacts on global supply chains and consumer demand. We continue to monitor developments in the region and assess potential impacts on our business. At this time, we do not expect the conflict to have a material adverse effect on our results of operations.
Current report
Net sales increased $10.7 million, or 2%, during the three months ended March 31, 2026 compared to the prior year period. Sales of Premier Protein products were up $9.0 million, or 2%, on 11% higher volumes. Volumes rose primarily due to increased promotional activity and distribution gains. Average net selling prices decreased due to incremental promotional investment and unfavorable mix. Sales of Dymatize products were down $1.3 million, or 2%, driven by 7% lower volumes and partially offset by higher average net selling prices. Volume decreases were driven by elasticities due to inflation-driven price increases. Average net selling prices increased primarily due to targeted price increases and reduced promotional investment. Sales ofall other products were up $3.0 million.
Current report
Operating profit decreased $29.1 million, or 31%, during the three months ended March 31, 2026, compared to the prior year period. This decrease was primarily driven by lower average net selling prices on Premier Protein products, as previously discussed, higher net product costs of $9.7 million, and increased advertising expenses of $8.7 million. These impacts were partially offset by increased sales volumes on Premier Protein products, as previously discussed, and lower employee-related expenses of $7.5 million. Higher net product costs were primarily driven by higher raw material, manufacturing, and freight costs, including an $11.3 million inventory-related charge associated with a third-party supplied ingredient that did not meet our quality standards, with none of the finished goods released to customers. Higher net product costs were partially offset by a $34.0 million favorable change in (gains) losses on commodity derivatives.
Current report
Operating profit decreased $65.9 million, or 31%, during the six months ended March 31, 2026 compared to the prior year period. This decrease was primarily driven by higher net product costs of $45.7 million, lower average net selling prices, as previously discussed, and increased advertising expenses of $6.0 million. These impacts were partially offset by increased sales volumes, as previously discussed, and lower employee-related expenses of $6.8 million. Higher net product costs were primarily driven by higher raw material, manufacturing, and freight costs, including an $11.3 million inventory-related charge associated with a third-party supplied ingredient that did not meet our quality standards, with none of the finished goods released to customers. Higher net product costs were partially offset by a $31.4 million favorable change in (gains) losses on commodity derivatives.
Removed paragraphs (2)
Previous report
During fiscal 2025 and continuing into fiscal 2026, input costs, including raw material, packaging and manufacturing costs, have faced inflationary pressures, including from the impact of tariffs beginning in fiscal 2026. In addition, we anticipate that announced tariffs, and any potential future modifications or incremental tariffs, could increase supply chain challenges, commodity cost volatility and consumer and economic uncertainty due to rapid changes in global trade policies. We expect these trends to have a materially adverse impact on our results of operations if we are unable to mitigate the impact on our business.
Previous report
Operating profit decreased $36.8 million, or 32%, during the three months ended December 31, 2025 compared to the prior year period. This decrease was primarily driven by higher net product costs of $35.9 million (primarily driven by higher raw material and manufacturing costs), partially offset by reduced advertising expenses of $2.7 million.
Reworded paragraphs (9)
Previous wording
Net sales increased $4.4 million, or 1%, during the three months ended December 31, 2025 compared to the prior year period. Sales of Premier Protein products were down $5.7 million, or 1%, on flat volumes, driven by lower average net selling prices due to incremental promotional investment. Sales of Dymatize products were up $9.9 million, or 16%, driven by 30% higher volumes primarily due to higher international volumes. Average net selling prices decreased due to unfavorable product mix. Sales ofall other products were up $0.2 million.
Current wording
Net sales increased $15.1 million, or 1%, during the six months ended March 31, 2026 compared to the prior year period. Sales of Premier Protein products were up $3.3 million, or less than 1%, on 6% higher volumes. Volumes increased primarily due to increased promotional activity and distribution gains. Average net selling prices decreased due to incremental promotional investment and unfavorable mix. Sales of Dymatize products were up $8.6 million, or 7%, driven by 10% higher volumes primarily due to higher international volumes. Average net selling prices decreased due to unfavorable product mix. Sales ofall other products were up $3.2 million.
Previous wording
Interest expense, net increased $5.6 million during the three months ended December 31, 2025 compared to the prior year period primarily due to higher outstanding borrowings under our Revolving Credit Facility (as defined in “Liquidity and Capital Resources” below). The weighted-average interest rate on our total outstanding debt was 6.9% and 7.0% for the three months ended December 31, 2025 and 2024, respectively. See Note 12 within “Notes to Condensed Consolidated Financial Statements” for additional information on our debt.
Current wording
Interest expense, net increased $9.2 million during the six months ended March 31, 2026 compared to the prior year period primarily due to higher outstanding borrowings under our Revolving Credit Facility. The weighted-average interest rate on our total outstanding debt was 6.8% and 7.1% for the six months ended March 31, 2026 and 2025, respectively. See Note 12 within “Notes to Condensed Consolidated Financial Statements” for additional information on our debt.
Previous wording
Our effective income tax rate was 25.3% and 23.8% for the three months ended December 31, 2025 and 2024, respectively.
Current wording
Our effective income tax rate was 26.1% and 25.3% for the three months ended March 31, 2026 and 2025, respectively, and 25.7% and 24.5% for the six months ended March 31, 2026 and 2025, respectively.
Previous wording
During the three months ended December 31, 2025, we borrowed$180.0 million and repaid$80.0 million under our revolving credit facility (the “Revolving Credit Facility”) provided for under our amended credit agreement (the “Credit Agreement”). As of December 31, 2025, we had$147.6 million of available borrowing capacity, including$2.4 million letters of credit outstanding under the Revolving Credit Facility. Letters of credit are available under the Revolving Credit Facility in an aggregate amount of up to $20.0 million. Our Credit Agreement provides for potential incremental revolving and term facilities at the Company’s request and at the discretion of the lenders or other persons providing such incremental facilities, in each case on terms to be determined, and also permits the Company to incur other secured or unsecured debt, in all cases subject to conditions and limitations as specified in the Credit Agreement.
Current wording
During the six months ended March 31, 2026, we borrowed$265.0 million and repaid$165.0 million under our revolving credit facility, which is provided for under our amended credit agreement (the "Credit Agreement") in an aggregate principal amount of $500.0 million (the "Revolving Credit Facility"). As of March 31, 2026, we had$147.6 million of available borrowing capacity, taking into account the$2.4 million letters of credit outstanding under the Revolving Credit Facility, which reduce the amount available for borrowing under the Revolving Credit Facility. Letters of credit are available under the Revolving Credit Facility in an aggregate amount of up to $20.0 million. Our Credit Agreement provides for potential incremental revolving and term facilities at the Company’s request and at the discretion of the lenders or other persons providing such incremental facilities, in each case on terms to be determined, and also permits the Company to incur other secured or unsecured debt, in all cases subject to conditions and limitations as specified in the Credit Agreement.
Previous wording
During the three months ended December 31, 2025, we repurchased 3.0 million shares of our common stock at an average share price of $31.95 per share and at a total cost, including any accrued excise tax and broker’s commissions, of $97.8 million.
Current wording
During the six months ended March 31, 2026, we repurchased 4.2 million shares of our common stock at an average share price of $29.18 per share and at a total cost, including any accrued excise tax and broker’s commissions, of $124.4 million. In addition, during the six months ended March 31, 2026, we paid $3.9 million of excise tax that related to fiscal 2025 share repurchases.
Previous wording
We expect to generate positive cash flows from operations over the next twelve months and believe our cash on hand, cash flows from operations and possible future credit facilities will be sufficient to satisfy our future working capital requirements, purchase commitments, research and development activities, debt repayments (including interest payments), share repurchases and other financing requirements for the foreseeable future. We are currently not aware of any trends or demands, commitments, events or uncertainties that will result in, or that are reasonably likely to result in, our liquidity increasing or decreasing in any material way that will impact meeting our capital needs during or beyond the next twelve months. Our ability to generate positive cash flows from operations is dependent on general economic conditions, competitive pressures and other business risk factors. We believe that we have sufficient liquidity and cash on hand to satisfy our cash needs. If we are unable to generate sufficient cash flows from operations, or otherwise to comply with the terms of our credit facilities, we may be required to seek additional financing alternatives.
Current wording
We expect to generate positive cash flows from operations over the next twelve months and believe our cash on hand, cash flows from operations and available borrowing capacity will be sufficient to satisfy our future working capital requirements, purchase commitments, research and development activities, debt repayments (including interest payments), share repurchases and other financing requirements for the foreseeable future. We are currently not aware of any trends or demands, commitments, events or uncertainties that will result in, or that are reasonably likely to result in, our liquidity increasing or decreasing in any material way that will impact meeting our capital needs during or beyond the next twelve months. Our ability to generate positive cash flows from operations is dependent on general economic conditions, competitive pressures and other business risk factors. We believe that we have sufficient liquidity and cash on hand to satisfy our cash needs. If we are unable to generate sufficient cash flows from operations, or otherwise to comply with the terms of our credit facilities, we may be required to seek additional financing alternatives.
Previous wording
Cash used in operating activities for the three months ended December 31, 2025 was$3.1 million compared to cash provided by operating activities of $3.0 million for the three months ended December 31, 2024. This decrease was primarily due to increased inventory levels in the current year period (driven by higher production), fluctuations in the timing of collections of trade receivables and increased interest payments of $3.9 million. These impacts were partially offset by fluctuations in the timing of payments of trade payables anddecreased tax payments (net of refunds) of $20.5 million.
Current wording
Cash used in operating activities for the six months ended March 31, 2026 was$14.3 million compared to cash provided by operating activities of $51.2 million for the six months ended March 31, 2025. This decrease was primarily due to lower net earnings, which included noncash gains and losses from commodity derivative remeasurement, and cash outflows related to other assets. These impacts were partially offset by less inventory build in the current year, decreased tax payments (net of refunds) of $17.3 million, and favorable changes related to the timing of payments of trade payables.
Previous wording
Cash used in investing activities for thethree months ended December 31, 2025 increased $2.9 million compared to the prior year period driven by an increase in capital expenditures.
Current wording
Cash used in investing activities for thesix months ended March 31, 2026 increased $4.1 million compared to the prior year period driven by an increase in capital expenditures.
Previous wording
Cash used in financing activities for the three months ended December 31, 2025 decreased $17.9 million compared to the prior year period, driven by higher borrowings of $145.0 million under our Revolving Credit Facility and lowertax withholding payments related to stock compensation plans of $3.0 million. These cash inflows were partially offset by higher payments of $85.1 million, including broker’s commissions, for the repurchase of our common stock and higher repayments of $45.0 million under our Revolving Credit Facility.
Current wording
Cash used in financing activities for the six months ended March 31, 2026 decreased $40.8 million compared to the prior year period, driven by lower payments of $57.7 million, including broker’s commissions, for the repurchase of our common stock, and lowertax withholding payments related to stock compensation plans of $3.1 million. These drivers were partially offset by lower net borrowings of $20.0 million under our Revolving Credit Facility.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
Interest expense, net increased $3.6 million during the three months ended March 31, 2026 compared to the prior year period primarily due to higher outstanding borrowings under our Revolving Credit Facility (as defined in “Liquidity and Capital Resources” below). The weighted-average interest rate on our total outstanding debt was 6.6% and 7.2% for the three months ended March 31, 2026 and 2025, respectively.