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- **FY25 Strong Finish**: $2.3B revenue (+16%), 20.8% EBITDA margin, 15% RTD shake category growth.
- **FY26 Outlook**: 4-8% sales growth, 18% EBITDA margin. Q1 softness (flat Premier), Q2+ acceleration.
- **Key Drivers**: FDM expansion (20%+ TDP), $40M+ ad spend, almond milkshake innovation.
- **Risks**: 280bp margin decline (tariffs, inflation, ads), club channel competition.
- **Long-Term**: 7-9% CAGR, 18-20% EBITDA margin, $100M+ cost savings by FY27.

**【CEO Summary Section】**
- Fiscal 2025 net sales grew 16% to $2.3 billion, with adjusted EBITDA margin of 20.8%. Premier Protein shake revenue tripled since IPO, driving 18% CAGR.
- RTD shake category grew 15% in Q4, with Premier Protein consumption up 20%, outpacing industry at 50% market share.
- FY26 guidance: 4-8% net sales growth, 18% EBITDA margin. Q1 expected flat consumption due to tough club comparisons, with acceleration in Q2+.
- Strategic priorities: expanding FDM distribution (20%+ TDP growth), $40M+ in advertising, and innovation (almond milkshakes, Coffeehouse line).

**【CFO Financial Commentary】**
- Q4 2025 net sales $648M (+17% YoY), adjusted EBITDA $117M (18.1% margin). Premier shakes grew 14% vs. 33% Dymatize growth.
- FY26 EBITDA guidance $425-455M (18% margin), with 280bp margin decline driven by: 80bp tariffs, 80bp advertising, and 120bp inflation.
- Cost savings initiatives: $100M+ annualized by FY27 via co-manufacturing, warehousing, and procurement.
- Q1 2026 net sales expected -5% YoY, with flat Premier consumption vs. +23% prior year. Q2+ growth driven by FDM merchandising and Club normalization.

**【Q&A Highlights】**
- **Club Channel Dynamics**: Expanded competitive set at major club expected to persist, with 50%+ of FY26 growth coming from FDM/e-commerce.
- **Promotional Activity**: 2026 promotional spend up 100-200bp, focused on FDM in-store displays (singles, multipacks) to drive trial.
- **Long-Term Outlook**: 7-9% long-term revenue growth (Premier 7-9%, Dymatize low single digits). EBITDA margin target 18-20% with 4-5% advertising spend.
- **Innovation**: Almond milkshakes already #2 in non-dairy RTD, Coffeehouse line launching Q4 2025 with 30g protein/caffeine combo.

BellRing Brands, Inc. (BRBR) Q4 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

BRBR

BRBR fundamentals

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