BellRing Brands (BRBR) Financials

$9.25 -0.23 (-2.38%)

Closing price 05/13/2026 03:59 PM Eastern

Extended Trading

$9.26 +0.01 (+0.11%)

As of 05:31 AM Eastern

Annual Income Statements for BellRing Brands

This table shows BellRing Brands' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	9/30/2018	9/30/2019	9/30/2020	9/30/2021	9/30/2022	9/30/2023	9/30/2024	9/30/2025
Net Income / (Loss) Attributable to Common Shareholders	0.00	0.00	24	28	82	166	247	216
Consolidated Net Income / (Loss)	96	123	100	114	116	166	247	216
Net Income / (Loss) Continuing Operations	96	123	100	114	116	166	247	216
Total Pre-Tax Income	120	163	109	123	146	220	329	289
Total Operating Income	120	163	164	168	212	287	388	357
Total Gross Profit	278	312	338	386	422	530	707	770
Total Revenue	828	854	988	1,247	1,372	1,667	1,996	2,317
Operating Revenue	828	854	988	1,247	1,372	1,667	1,996	2,317
Total Cost of Revenue	550	543	650	861	950	1,137	1,289	1,546
Operating Cost of Revenue	550	543	650	861	950	1,137	1,289	1,546
Total Operating Expenses	158	149	174	218	209	243	320	413
Selling, General & Admin Expense	135	127	152	167	190	216	285	396
Amortization Expense	23	22	22	51	20	27	35	17
Other Operating Expenses / (Income)	-	0.00	0.00	-0.10	0.00	0.00	0.00	0.00
Total Other Income / (Expense), net	0.00	0.00	-55	-45	-67	-67	-58	-68
Interest Expense	0.00	0.00	55	45	67	67	58	68
Income Tax Expense	24	39	9.20	8.80	30	55	83	73
Basic Earnings per Share	$0.00	$0.00	$0.60	$0.70	$0.88	$1.24	$1.89	$1.70
Weighted Average Basic Shares Outstanding	0.00	0.00	39.40M	39.50M	93.50M	133M	130.30M	126.90M
Diluted Earnings per Share	$0.00	$0.00	$0.60	$0.70	$0.88	$1.23	$1.86	$1.68
Weighted Average Diluted Shares Outstanding	0.00	0.00	39.50M	39.70M	93.80M	134.10M	132.30M	128.50M
Weighted Average Basic & Diluted Shares Outstanding	-	-	39.43M	39.56M	135.39M	131.08M	128.78M	119.67M

This table shows BellRing Brands' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	46	44	57	74	72	77	59	21	60	44	34
Consolidated Net Income / (Loss)	46	44	57	74	72	77	59	21	60	44	34
Net Income / (Loss) Continuing Operations	46	44	57	74	72	77	59	21	60	44	34
Total Pre-Tax Income	62	58	77	97	98	101	79	26	83	59	46
Total Operating Income	78	73	91	112	112	115	95	45	102	79	66
Total Gross Profit	155	148	164	190	205	200	190	194	187	161	162
Total Revenue	473	430	495	515	556	533	588	548	648	537	599
Operating Revenue	473	430	495	515	556	533	588	548	648	537	599
Total Cost of Revenue	317	282	330	326	351	333	398	354	461	377	437
Operating Cost of Revenue	317	282	330	326	351	333	398	354	461	377	437
Total Operating Expenses	77	75	73	78	93	84	95	149	85	82	96
Selling, General & Admin Expense	65	53	69	74	89	80	91	145	81	78	92
Amortization Expense	12	22	4.20	4.30	4.30	4.20	4.20	4.30	4.30	4.30	4.20
Total Other Income / (Expense), net	-16	-15	-15	-14	-15	-14	-17	-18	-19	-20	-20
Interest & Investment Income	-	-	-	-	-	-	-17	-	-	-	-20
Income Tax Expense	16	14	19	24	26	24	20	5.40	24	15	12
Basic Earnings per Share	$0.35	$0.33	$0.44	$0.57	$0.55	$0.60	$0.46	$0.17	$0.47	$0.37	$0.29
Weighted Average Basic Shares Outstanding	133M	131.20M	131M	130M	130.30M	128.90M	128.20M	126.60M	126.90M	119.30M	117.30M
Diluted Earnings per Share	$0.34	$0.33	$0.43	$0.56	$0.54	$0.59	$0.45	$0.16	$0.48	$0.36	$0.29
Weighted Average Diluted Shares Outstanding	134.10M	133M	133M	132.10M	132.30M	131.10M	129.90M	128M	128.50M	119.90M	117.50M
Weighted Average Basic & Diluted Shares Outstanding	131.08M	130.98M	130.43M	129.24M	128.78M	128.28M	127.00M	125.98M	119.67M	117.27M	116.28M

This table details how cash moves in and out of BellRing Brands' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	9/30/2018	9/30/2019	9/30/2020	9/30/2021	9/30/2022	9/30/2023	9/30/2024	9/30/2025
Net Change in Cash & Equivalents	3.10	-5.40	43	104	-117	13	23	18
Net Cash From Operating Activities	141	98	97	226	21	216	200	261
Net Cash From Continuing Operating Activities	141	98	97	226	21	216	200	261
Net Income / (Loss) Continuing Operations	96	123	100	114	116	166	247	216
Consolidated Net Income / (Loss)	96	123	100	114	116	166	247	216
Depreciation Expense	26	25	25	54	21	28	37	19
Non-Cash Adjustments To Reconcile Net Income	4.60	13	8.40	9.20	29	15	23	23
Changes in Operating Assets and Liabilities, net	15	-63	-37	49	-145	6.40	-106	3.00
Net Cash From Investing Activities	-5.00	-3.20	-2.10	-1.60	-1.80	-1.80	-1.80	-4.70
Net Cash From Continuing Investing Activities	-5.00	-3.20	-2.10	-1.60	-1.80	-1.80	-1.80	-4.70
Purchase of Property, Plant & Equipment	-5.00	-3.20	-2.10	-1.60	-1.80	-1.80	-1.80	-4.70
Net Cash From Financing Activities	-133	-100	-53	-121	-135	-202	-175	-238
Net Cash From Continuing Financing Activities	-133	-100	-53	-121	-135	-202	-175	-238
Repayment of Debt	0.00	0.00	-1,426	-116	-688	-189	-25	-452
Repurchase of Common Equity	-	-	0.00	0.00	-43	-126	-147	-475
Issuance of Debt	0.00	0.00	881	20	164	115	0.00	700
Other Financing Activities, net	0.00	-	-32	-25	547	-2.20	-3.50	-12
Effect of Exchange Rate Changes	-0.10	-0.30	0.70	0.30	-1.00	0.50	0.00	0.40

This table details how cash moves in and out of BellRing Brands' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	22	37	-5.70	-6.70	-1.50	-22	-5.40	11	34	-12	-44
Net Cash From Operating Activities	85	74	16	69	40	3.00	48	40	169	-3.10	-11
Net Cash From Continuing Operating Activities	85	74	16	69	40	3.00	48	40	169	-3.10	-11
Net Income / (Loss) Continuing Operations	46	44	57	74	72	77	59	21	60	44	34
Consolidated Net Income / (Loss)	46	44	57	74	72	77	59	21	60	44	34
Depreciation Expense	13	23	4.60	4.60	4.70	4.60	4.60	4.60	4.80	4.90	4.90
Non-Cash Adjustments To Reconcile Net Income	3.80	4.80	6.20	6.20	5.70	7.10	5.60	4.30	5.80	10	2.90
Changes in Operating Assets and Liabilities, net	23	2.90	-52	-16	-42	-86	-21	10	99	-62	-53
Net Cash From Investing Activities	-0.80	-0.20	-0.30	-0.10	-1.20	-1.30	-0.60	-1.80	-1.00	-4.20	-1.80
Net Cash From Continuing Investing Activities	-0.80	-0.20	-0.30	-0.10	-1.20	-1.30	-0.60	-1.80	-1.00	-4.20	-1.80
Purchase of Property, Plant & Equipment	-0.80	-0.20	-0.30	-0.10	-1.20	-1.30	-0.60	-1.80	-1.00	-4.20	-1.80
Net Cash From Financing Activities	-62	-38	-21	-75	-41	-23	-53	-28	-134	-5.30	-30
Net Cash From Continuing Financing Activities	-62	-38	-21	-75	-41	-23	-53	-28	-134	-5.30	-30
Repayment of Debt	-54	-25	-	-0.10	-	-35	-75	-75	-267	-80	-85
Repurchase of Common Equity	-7.90	-9.40	-21	-75	-41	-12	-173	-83	-207	-97	-30
Issuance of Debt	-	0.00	-	-	-	35	195	130	340	180	85
Other Financing Activities, net	-	-3.40	-	-	-	-11	-	-0.10	-	-8.40	0.10
Effect of Exchange Rate Changes	0.10	0.40	-0.30	-0.20	0.10	0.00	-	0.30	-	0.50	-0.60

This table presents BellRing Brands' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	9/30/2019	9/30/2020	9/30/2021	9/30/2022	9/30/2023	9/30/2024	9/30/2025
Total Assets	595	654	697	707	692	837	941
Total Current Assets	220	290	388	421	424	593	666
Cash & Equivalents	5.50	49	153	36	48	71	72
Restricted Cash	-	-	-	-	-	0.30	17
Accounts Receivable	68	83	104	173	168	220	223
Inventories, net	138	151	118	200	194	286	330
Prepaid Expenses	7.40	7.90	14	12	13	15	23
Plant, Property, & Equipment, net	12	10	8.90	8.00	8.50	9.20	19
Total Noncurrent Assets	363	353	300	278	259	235	257
Goodwill	66	66	66	66	66	66	66
Intangible Assets	297	274	223	203	177	142	125
Noncurrent Deferred & Refundable Income Taxes	-	-	-	0.00	4.20	13	32
Other Noncurrent Operating Assets	0.90	13	11	8.70	12	15	33
Total Liabilities & Shareholders' Equity	595	654	697	707	692	837	941
Total Liabilities	108	815	762	1,083	1,015	1,043	1,395
Total Current Liabilities	93	153	251	144	150	204	283
Accounts Payable	62	57	92	94	89	121	120
Other Current Liabilities	31	33	43	50	61	83	163
Total Noncurrent Liabilities	15	661	511	940	865	839	1,112
Long-Term Debt	0.00	623	481	930	857	833	1,084
Noncurrent Deferred & Payable Income Tax Liabilities	14	9.00	7.60	2.20	0.40	0.40	0.40
Other Noncurrent Operating Liabilities	1.30	30	22	8.20	7.70	5.70	27
Total Equity & Noncontrolling Interests	486	-2,182	-3,063	-376	-324	-206	-454
Total Preferred & Common Equity	486	-2,182	-3,063	-376	-324	-206	-454
Total Common Equity	486	-2,182	-3,063	-376	-324	-206	-454
Common Stock	0.00	0.80	0.40	8.40	21	39	50
Retained Earnings	0.00	-2,179	-3,060	-356	-190	56	273
Treasury Stock	-	-	0.00	-25	-151	-299	-776
Accumulated Other Comprehensive Income / (Loss)	-2.60	-4.00	-3.50	-4.30	-3.10	-2.00	-1.00

This table presents BellRing Brands' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	12/31/2022	3/31/2023	6/30/2023	12/31/2023	3/31/2024	6/30/2024	12/31/2024	3/31/2025	6/30/2025	12/31/2025	3/31/2026
Total Assets	735	773	722	716	765	804	885	948	994	1,060	1,025
Total Current Assets	454	497	450	465	513	554	650	711	739	786	756
Cash & Equivalents	44	26	26	85	79	73	50	28	44	64	33
Restricted Cash	-	-	-	-	-	-	-	16	11	13	0.60
Accounts Receivable	182	194	174	179	229	231	220	266	244	246	272
Inventories, net	213	266	236	188	194	238	349	385	416	435	409
Prepaid Expenses	15	12	14	14	10	13	31	15	25	28	41
Plant, Property, & Equipment, net	8.50	8.30	8.30	8.60	8.50	8.20	9.60	10	13	27	30
Total Noncurrent Assets	273	267	264	242	243	242	226	227	242	248	240
Goodwill	66	66	66	66	66	66	66	66	66	66	66
Intangible Assets	199	194	189	155	150	146	138	133	129	121	117
Noncurrent Deferred & Refundable Income Taxes	-	-	-	7.50	12	14	9.20	14	33	28	18
Other Noncurrent Operating Assets	8.10	7.60	9.20	14	15	15	13	13	14	33	40
Total Liabilities & Shareholders' Equity	735	773	722	716	765	804	885	948	994	1,060	1,025
Total Liabilities	1,105	1,136	1,087	1,002	1,013	1,047	1,032	1,202	1,304	1,571	1,523
Total Current Liabilities	149	157	168	163	173	208	194	243	290	352	301
Accounts Payable	94	105	96	91	102	114	111	161	126	179	141
Other Current Liabilities	55	52	72	71	71	94	83	83	164	173	160
Total Noncurrent Liabilities	956	979	919	840	840	839	838	958	1,013	1,219	1,223
Long-Term Debt	945	970	911	832	832	833	833	954	1,009	1,185	1,185
Noncurrent Deferred & Payable Income Tax Liabilities	3.60	1.30	0.50	0.40	0.40	0.40	0.40	0.40	0.40	0.40	0.40
Other Noncurrent Operating Liabilities	7.80	7.20	8.30	7.40	6.90	6.30	4.10	4.10	3.80	34	37
Total Equity & Noncontrolling Interests	-370	-363	-365	-287	-248	-243	-147	-254	-310	-511	-498
Total Preferred & Common Equity	-370	-363	-365	-287	-248	-243	-147	-254	-310	-511	-498
Total Common Equity	-370	-363	-365	-287	-248	-243	-147	-254	-310	-511	-498
Common Stock	9.80	13	17	22	28	33	34	39	45	47	53
Retained Earnings	-311	-281	-236	-146	-89	-15	133	192	213	316	350
Treasury Stock	-66	-94	-143	-160	-184	-258	-310	-483	-567	-873	-900
Accumulated Other Comprehensive Income / (Loss)	-2.80	-2.50	-2.50	-2.30	-2.70	-2.80	-3.40	-2.70	-0.90	-1.00	-1.40

This table displays calculated financial ratios and metrics derived from BellRing Brands' official financial filings.

Metric	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	9/30/2018	9/30/2019	9/30/2020	9/30/2021	9/30/2022	9/30/2023	9/30/2024	9/30/2025
Growth Metrics	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	3.25%	15.67%	26.19%	9.98%	21.53%	19.76%	16.05%
EBITDA Growth	0.00%	28.90%	0.80%	17.12%	5.41%	35.04%	34.41%	-11.36%
EBIT Growth	0.00%	35.64%	0.92%	2.44%	26.43%	35.26%	34.95%	-7.82%
NOPAT Growth	0.00%	28.10%	22.01%	3.86%	8.47%	27.49%	34.48%	-7.84%
Net Income Growth	0.00%	28.10%	-18.68%	14.29%	1.40%	42.67%	48.94%	-12.29%
EPS Growth	0.00%	0.00%	0.00%	16.67%	25.71%	39.77%	51.22%	-9.68%
Operating Cash Flow Growth	0.00%	-30.38%	-1.12%	132.61%	-90.71%	926.67%	-7.42%	30.56%
Free Cash Flow Firm Growth	0.00%	0.00%	143.15%	64.06%	-87.71%	698.00%	-11.84%	28.89%
Invested Capital Growth	0.00%	0.00%	-0.87%	-20.41%	36.40%	-6.30%	14.68%	-2.66%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	4.82%	2.94%	5.94%	4.35%	4.15%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	1.46%	3.54%	8.27%	6.58%	-2.54%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	2.50%	3.91%	6.29%	9.61%	-2.70%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	0.23%	-2.65%	5.88%	9.10%	-3.23%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	4.57%	-5.54%	8.10%	11.59%	-5.30%
EPS Q/Q Growth	0.00%	0.00%	0.00%	-2.78%	15.79%	-1.60%	12.05%	-3.45%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	47.05%	4.72%	-77.07%	53.67%	-18.33%	98.02%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	-68.76%	42.76%	-18.53%	89.39%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	-8.73%	5.63%	-6.70%	7.58%	-15.97%
Profitability Metrics	-	-	-	-	-	-	-	-
Gross Margin	33.56%	36.49%	34.20%	30.97%	30.75%	31.81%	35.43%	33.26%
EBITDA Margin	17.61%	21.98%	19.15%	17.78%	17.04%	18.93%	21.25%	16.23%
Operating Margin	14.48%	19.02%	16.59%	13.47%	15.49%	17.24%	19.42%	15.43%
EBIT Margin	14.48%	19.02%	16.59%	13.47%	15.49%	17.24%	19.42%	15.43%
Profit (Net Income) Margin	11.61%	14.41%	10.13%	9.17%	8.46%	9.93%	12.35%	9.33%
Tax Burden Percent	80.22%	75.75%	91.58%	92.86%	79.67%	75.09%	74.83%	74.81%
Interest Burden Percent	100.00%	100.00%	66.65%	73.33%	68.55%	76.71%	84.96%	80.86%
Effective Tax Rate	19.78%	24.25%	8.42%	7.14%	20.33%	24.91%	25.17%	25.19%
Return on Invested Capital (ROIC)	0.00%	51.20%	31.37%	36.44%	37.73%	43.04%	55.74%	48.73%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	51.20%	15.51%	28.76%	29.78%	37.14%	50.18%	42.90%
Return on Net Nonoperating Assets (RNNOA)	0.00%	-0.58%	30.08%	-137.64%	-90.26%	-90.35%	-148.86%	-114.26%
Return on Equity (ROE)	0.00%	50.62%	61.45%	-101.19%	-52.52%	-47.31%	-93.12%	-65.54%
Cash Return on Invested Capital (CROIC)	0.00%	-148.80%	32.25%	59.18%	6.94%	49.55%	42.06%	51.43%
Operating Return on Assets (OROA)	0.00%	27.33%	26.28%	24.89%	30.26%	41.08%	50.73%	40.20%
Return on Assets (ROA)	0.00%	20.71%	16.04%	16.95%	16.53%	23.66%	32.25%	24.32%
Return on Common Equity (ROCE)	0.00%	50.62%	-319.84%	-2,347.47%	-408.95%	-47.31%	-93.12%	-65.54%
Return on Equity Simple (ROE_SIMPLE)	0.00%	25.31%	-4.59%	-3.74%	-30.83%	-51.16%	-119.72%	0.00%
Net Operating Profit after Tax (NOPAT)	96	123	150	156	169	216	290	267
NOPAT Margin	11.61%	14.41%	15.20%	12.51%	12.34%	12.94%	14.53%	11.54%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.00%	15.86%	7.69%	7.95%	5.90%	5.56%	5.82%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	42.41%
Cost of Revenue to Revenue	66.44%	63.51%	65.80%	69.03%	69.25%	68.19%	64.57%	66.74%
SG&A Expenses to Revenue	16.33%	14.88%	15.36%	13.40%	13.83%	12.98%	14.26%	17.09%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	19.08%	17.47%	17.61%	17.50%	15.27%	14.57%	16.01%	17.83%
Earnings before Interest and Taxes (EBIT)	120	163	164	168	212	287	388	357
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	146	188	189	222	234	316	424	376
Valuation Ratios	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.99	0.00	0.00	0.00	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	0.00	3.87	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.58	0.56	0.83	0.97	2.05	3.25	3.93	1.98
Price to Earnings (P/E)	0.00	0.00	34.80	44.02	34.12	32.75	31.84	21.18
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	2.87%	2.27%	2.93%	3.05%	3.14%	4.72%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.99	7.29	12.28	7.15	12.84	15.48	10.30
Enterprise Value to Revenue (EV/Rev)	0.00	0.56	3.52	3.73	2.70	3.74	4.31	2.41
Enterprise Value to EBITDA (EV/EBITDA)	0.00	2.53	18.37	21.01	15.84	19.73	20.30	14.83
Enterprise Value to EBIT (EV/EBIT)	0.00	2.92	21.20	27.72	17.43	21.68	22.21	15.60
Enterprise Value to NOPAT (EV/NOPAT)	0.00	3.85	23.15	29.85	21.88	28.87	29.68	20.85
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	4.83	35.77	20.60	176.27	28.89	43.13	21.39
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	22.52	18.39	118.95	25.08	39.33	19.76
Leverage & Solvency	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	-4.27	-9.12	-2.47	-2.65	-4.05	-2.39
Long-Term Debt to Equity	0.00	0.00	-3.88	-7.35	-2.47	-2.65	-4.05	-2.39
Financial Leverage	0.00	-0.01	1.94	-4.79	-3.03	-2.43	-2.97	-2.66
Leverage Ratio	0.00	1.22	3.83	-5.97	-3.18	-2.00	-2.89	-2.69
Compound Leverage Factor	0.00	1.22	2.55	-4.38	-2.18	-1.53	-2.45	-2.18
Debt to Total Capital	0.00%	0.00%	130.54%	112.31%	167.99%	160.66%	132.83%	172.00%
Short-Term Debt to Total Capital	0.00%	0.00%	12.13%	21.86%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	118.41%	90.45%	167.99%	160.66%	132.83%	172.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	384.48%	563.40%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	0.00%	100.00%	-415.02%	-575.71%	-67.99%	-60.66%	-32.83%	-72.00%
Debt to EBITDA	0.00	0.00	3.63	2.70	3.98	2.71	1.96	2.88
Net Debt to EBITDA	0.00	0.00	3.37	2.01	3.82	2.56	1.80	2.65
Long-Term Debt to EBITDA	0.00	0.00	3.29	2.17	3.98	2.71	1.96	2.88
Debt to NOPAT	0.00	0.00	4.57	3.83	5.49	3.97	2.87	4.06
Net Debt to NOPAT	0.00	0.00	4.25	2.85	5.28	3.75	2.63	3.72
Long-Term Debt to NOPAT	0.00	0.00	4.15	3.08	5.49	3.97	2.87	4.06
Altman Z-Score	0.00	5.26	-1.47	-2.37	4.25	7.07	9.08	6.58
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	620.50%	-2,219.77%	-678.58%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-
Current Ratio	0.00	2.37	1.90	1.54	2.94	2.82	2.91	2.35
Quick Ratio	0.00	0.80	0.86	1.02	1.46	1.44	1.43	1.04
Cash Flow Metrics	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-358	154	253	31	248	219	282
Operating Cash Flow to CapEx	2,824.00%	3,071.88%	4,628.57%	14,131.25%	1,166.67%	11,977.78%	11,088.89%	5,544.68%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	2.82	5.65	0.47	3.71	3.76	4.13
Operating Cash Flow to Interest Expense	0.00	0.00	1.78	5.05	0.31	3.22	3.42	3.81
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	1.74	5.01	0.29	3.20	3.39	3.74
Efficiency Ratios	-	-	-	-	-	-	-	-
Asset Turnover	0.00	1.44	1.58	1.85	1.95	2.38	2.61	2.61
Accounts Receivable Turnover	0.00	12.49	13.05	13.34	9.90	9.76	10.27	10.44
Inventory Turnover	0.00	3.93	4.51	6.42	5.98	5.77	5.37	5.02
Fixed Asset Turnover	0.00	73.03	90.26	130.59	162.31	202.04	225.56	164.30
Accounts Payable Turnover	0.00	8.79	10.98	11.59	10.23	12.44	12.28	12.86
Days Sales Outstanding (DSO)	0.00	29.22	27.98	27.37	36.89	37.39	35.53	34.96
Days Inventory Outstanding (DIO)	0.00	92.97	81.02	56.90	61.05	63.28	68.02	72.77
Days Payable Outstanding (DPO)	0.00	41.50	33.23	31.50	35.69	29.35	29.73	28.39
Cash Conversion Cycle (CCC)	0.00	80.68	75.77	52.76	62.25	71.32	73.81	79.34
Capital & Investment Metrics	-	-	-	-	-	-	-	-
Invested Capital	0.00	481	477	379	518	485	556	541
Invested Capital Turnover	0.00	3.55	2.06	2.91	3.06	3.33	3.84	4.22
Increase / (Decrease) in Invested Capital	0.00	481	-4.20	-97	138	-33	71	-15
Enterprise Value (EV)	0.00	474	3,477	4,657	3,702	6,228	8,610	5,575
Market Capitalization	480	480	818	1,215	2,808	5,420	7,848	4,579
Book Value per Share	$0.00	$14.19	($55.35)	($77.52)	($2.76)	($2.46)	($1.59)	($3.60)
Tangible Book Value per Share	$0.00	$3.62	($63.97)	($84.83)	($4.74)	($4.31)	($3.20)	($5.12)
Total Capital	0.00	486	526	532	553	533	627	630
Total Debt	0.00	0.00	686	598	930	857	833	1,084
Total Long-Term Debt	0.00	0.00	623	481	930	857	833	1,084
Net Debt	0.00	-5.50	638	445	894	808	762	995
Capital Expenditures (CapEx)	5.00	3.20	2.10	1.60	1.80	1.80	1.80	4.70
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	121	152	101	242	226	318	294
Debt-free Net Working Capital (DFNWC)	0.00	127	201	253	278	274	389	383
Net Working Capital (NWC)	0.00	127	137	137	278	274	389	383
Net Nonoperating Expense (NNE)	0.00	0.00	50	42	53	50	44	51
Net Nonoperating Obligations (NNO)	0.00	-5.50	637	445	894	808	762	995
Total Depreciation and Amortization (D&A)	26	25	25	54	21	28	37	19
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	14.20%	15.40%	8.06%	17.64%	13.53%	15.93%	12.67%
Debt-free Net Working Capital to Revenue	0.00%	14.84%	20.33%	20.30%	20.26%	16.44%	19.49%	16.52%
Net Working Capital to Revenue	0.00%	14.84%	13.87%	10.97%	20.26%	16.44%	19.49%	16.52%
Earnings Adjustments	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.60	$0.70	$0.88	$1.24	$1.89	$1.70
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	39.40M	39.50M	93.50M	133M	130.30M	126.90M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.60	$0.70	$0.88	$1.23	$1.86	$1.68
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	39.50M	39.70M	93.80M	134.10M	132.30M	128.50M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	39.43M	39.56M	135.39M	131.08M	128.78M	119.67M
Normalized Net Operating Profit after Tax (NOPAT)	96	123	150	156	169	216	290	267
Normalized NOPAT Margin	11.61%	14.41%	15.20%	12.51%	12.34%	12.94%	14.53%	11.54%
Pre Tax Income Margin	14.48%	19.02%	11.06%	9.88%	10.62%	13.22%	16.50%	12.48%
Debt Service Ratios	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	3.00	3.75	3.18	4.29	6.65	5.23
NOPAT to Interest Expense	0.00	0.00	2.75	3.48	2.53	3.22	4.98	3.91
EBIT Less CapEx to Interest Expense	0.00	0.00	2.96	3.71	3.15	4.27	6.62	5.16
NOPAT Less CapEx to Interest Expense	0.00	0.00	2.71	3.45	2.51	3.20	4.95	3.84
Payout Ratios	-	-	-	-	-	-	-	-
Dividend Payout Ratio	138.40%	81.40%	0.00%	0.00%	99.57%	0.00%	0.00%	0.00%
Augmented Payout Ratio	138.40%	81.40%	0.00%	0.00%	136.47%	75.83%	59.47%	219.66%

This table displays calculated financial ratios and metrics derived from BellRing Brands' official financial filings.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	117,269,523.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	117,269,523.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.29
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	24.63%	18.67%	28.27%	15.59%	17.60%	23.82%	18.88%	6.23%	16.62%	0.83%	1.82%
EBITDA Growth	36.24%	18.76%	51.27%	42.93%	28.92%	25.42%	4.29%	-57.49%	-8.39%	-30.44%	-28.89%
EBIT Growth	27.82%	-2.93%	56.90%	46.84%	43.53%	57.95%	4.51%	-59.86%	-8.83%	-31.92%	-30.60%
NOPAT Growth	26.07%	-2.92%	56.42%	47.53%	41.81%	59.31%	4.38%	-57.89%	-10.99%	-33.27%	-31.37%
Net Income Growth	36.80%	-0.68%	85.11%	66.37%	55.53%	75.17%	2.62%	-71.51%	-16.88%	-43.17%	-42.25%
EPS Growth	-5.56%	0.00%	86.96%	69.70%	58.82%	78.79%	4.65%	-71.43%	-11.11%	-38.98%	-35.56%
Operating Cash Flow Growth	784.38%	104.41%	201.88%	-37.50%	-52.77%	-95.96%	195.71%	-41.59%	321.70%	-203.33%	-123.24%
Free Cash Flow Firm Growth	198.52%	394.17%	247.84%	217.24%	-87.70%	-170.98%	-154.79%	-204.86%	689.97%	211.01%	163.49%
Invested Capital Growth	-6.30%	-13.27%	-13.09%	-0.54%	14.68%	38.46%	29.68%	24.63%	-2.66%	-6.32%	-0.21%
Revenue Q/Q Growth	5.99%	-8.93%	14.92%	4.21%	7.84%	-4.12%	10.34%	-6.89%	18.39%	-17.11%	11.43%
EBITDA Q/Q Growth	11.44%	5.52%	0.00%	21.55%	0.52%	2.65%	-16.85%	-50.45%	116.60%	-22.06%	-14.99%
EBIT Q/Q Growth	2.76%	-6.53%	24.66%	22.64%	0.45%	2.85%	-17.52%	-52.89%	128.13%	-23.19%	-15.92%
NOPAT Q/Q Growth	1.25%	-5.02%	23.36%	24.36%	-2.68%	6.71%	-19.18%	-49.82%	105.69%	-20.00%	-16.87%
Net Income Q/Q Growth	4.06%	-4.77%	30.30%	28.85%	-2.71%	7.25%	-23.67%	-64.22%	183.81%	-26.68%	-22.43%
EPS Q/Q Growth	3.03%	-2.94%	30.30%	30.23%	-3.57%	9.26%	-23.73%	-64.44%	200.00%	-25.00%	-19.44%
Operating Cash Flow Q/Q Growth	-23.10%	-12.60%	-78.03%	323.31%	-41.88%	-92.52%	1,506.67%	-16.39%	319.60%	-101.83%	-261.29%
Free Cash Flow Firm Q/Q Growth	229.04%	38.48%	14.80%	-39.35%	-87.24%	-899.17%	11.39%	-16.06%	196.11%	12.31%	-49.32%
Invested Capital Q/Q Growth	-6.70%	-5.09%	9.82%	2.28%	7.58%	14.58%	2.86%	-1.71%	-15.97%	10.27%	9.57%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	32.86%	34.39%	33.22%	36.85%	36.90%	37.46%	32.28%	35.36%	28.91%	29.93%	27.01%
EBITDA Margin	19.17%	22.21%	19.33%	22.55%	21.01%	22.50%	16.96%	9.02%	16.51%	15.52%	11.84%
Operating Margin	16.53%	16.96%	18.40%	21.65%	20.17%	21.64%	16.17%	8.18%	15.77%	14.61%	11.02%
EBIT Margin	16.53%	16.96%	18.40%	21.65%	20.17%	21.64%	16.17%	8.18%	15.77%	14.61%	11.02%
Profit (Net Income) Margin	9.75%	10.20%	11.56%	14.30%	12.90%	14.43%	9.98%	3.84%	9.19%	8.13%	5.66%
Tax Burden Percent	74.35%	75.56%	74.77%	75.82%	73.46%	76.21%	74.68%	79.55%	71.72%	74.70%	73.86%
Interest Burden Percent	79.39%	79.59%	84.07%	87.10%	87.07%	87.51%	82.65%	58.93%	81.31%	74.52%	69.55%
Effective Tax Rate	25.65%	24.44%	25.23%	24.18%	26.54%	23.79%	25.32%	20.45%	28.28%	25.30%	26.14%
Return on Invested Capital (ROIC)	40.86%	44.87%	46.67%	60.60%	56.83%	63.07%	45.62%	24.94%	47.74%	41.05%	29.00%
ROIC Less NNEP Spread (ROIC-NNEP)	39.46%	43.50%	45.39%	59.27%	55.47%	61.64%	44.14%	23.23%	46.18%	39.47%	27.56%
Return on Net Nonoperating Assets (RNNOA)	-95.98%	-109.09%	-126.16%	-160.34%	-164.54%	-217.67%	-146.24%	-71.99%	-123.00%	-113.58%	-75.55%
Return on Equity (ROE)	-55.12%	-64.22%	-79.49%	-99.74%	-107.72%	-154.60%	-100.62%	-47.06%	-75.25%	-72.53%	-46.55%
Cash Return on Invested Capital (CROIC)	49.55%	57.43%	57.91%	51.85%	42.06%	26.59%	30.31%	25.66%	51.43%	45.09%	33.14%
Operating Return on Assets (OROA)	39.38%	40.56%	44.12%	54.27%	52.68%	56.74%	41.41%	20.25%	41.09%	34.86%	26.06%
Return on Assets (ROA)	23.25%	24.39%	27.73%	35.84%	33.69%	37.84%	25.56%	9.49%	23.96%	19.41%	13.38%
Return on Common Equity (ROCE)	-55.12%	-64.22%	-79.49%	-99.74%	-107.72%	-154.60%	-100.62%	-47.06%	-75.25%	-72.53%	-46.55%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-57.58%	-77.31%	-90.83%	0.00%	-190.65%	-110.59%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	58	55	68	85	82	88	71	36	73	59	49
NOPAT Margin	12.29%	12.82%	13.76%	16.42%	14.82%	16.49%	12.08%	6.51%	11.31%	10.91%	8.14%
Net Nonoperating Expense Percent (NNEP)	1.41%	1.37%	1.28%	1.33%	1.36%	1.43%	1.48%	1.71%	1.56%	1.58%	1.44%
Return On Investment Capital (ROIC_SIMPLE)	-	10.12%	-	-	-	12.79%	10.15%	5.10%	11.63%	8.70%	7.09%
Cost of Revenue to Revenue	67.14%	65.61%	66.78%	63.15%	63.10%	62.54%	67.72%	64.64%	71.09%	70.07%	72.99%
SG&A Expenses to Revenue	13.80%	12.27%	13.97%	14.36%	15.96%	15.03%	15.39%	26.39%	12.48%	14.52%	15.28%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	16.34%	17.43%	14.82%	15.19%	16.73%	15.82%	16.11%	27.18%	13.14%	15.32%	15.98%
Earnings before Interest and Taxes (EBIT)	78	73	91	112	112	115	95	45	102	79	66
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	91	96	96	116	117	120	100	49	107	83	71
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	3.25	4.20	4.19	3.90	3.93	4.62	4.36	3.31	1.98	1.38	0.81
Price to Earnings (P/E)	32.75	44.10	40.37	33.74	31.84	34.71	33.99	32.22	21.18	17.48	11.93
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	3.05%	2.27%	2.48%	2.96%	3.14%	2.88%	2.94%	3.10%	4.72%	5.72%	8.38%
Enterprise Value to Invested Capital (EV/IC)	12.84	17.46	16.79	15.89	15.48	16.46	15.96	12.90	10.30	7.21	4.65
Enterprise Value to Revenue (EV/Rev)	3.74	4.63	4.60	4.29	4.31	5.00	4.77	3.74	2.41	1.86	1.30
Enterprise Value to EBITDA (EV/EBITDA)	19.73	24.29	23.37	20.64	20.30	23.38	23.11	21.54	14.83	12.68	9.78
Enterprise Value to EBIT (EV/EBIT)	21.68	28.18	26.67	23.22	22.21	24.39	24.10	22.63	15.60	13.43	10.42
Enterprise Value to NOPAT (EV/NOPAT)	28.87	37.52	35.56	30.88	29.68	32.47	32.10	30.08	20.85	18.10	14.09
Enterprise Value to Operating Cash Flow (EV/OCF)	28.89	31.69	29.69	33.61	43.13	81.67	65.26	63.15	21.39	16.92	15.57
Enterprise Value to Free Cash Flow (EV/FCFF)	25.08	28.24	26.96	30.56	39.33	71.87	59.48	55.78	19.76	15.48	14.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	-2.65	-2.90	-3.36	-3.42	-4.05	-5.68	-3.75	-3.26	-2.39	-2.32	-2.38
Long-Term Debt to Equity	-2.65	-2.90	-3.36	-3.42	-4.05	-5.68	-3.75	-3.26	-2.39	-2.32	-2.38
Financial Leverage	-2.43	-2.51	-2.78	-2.71	-2.97	-3.53	-3.31	-3.10	-2.66	-2.88	-2.74
Leverage Ratio	-2.00	-2.21	-2.52	-2.51	-2.89	-3.69	-3.41	-3.25	-2.69	-2.96	-2.62
Compound Leverage Factor	-1.59	-1.76	-2.12	-2.19	-2.51	-3.23	-2.82	-1.92	-2.19	-2.21	-1.82
Debt to Total Capital	160.66%	152.62%	142.36%	141.26%	132.83%	121.35%	136.32%	144.33%	172.00%	175.78%	172.44%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	160.66%	152.62%	142.36%	141.26%	132.83%	121.35%	136.32%	144.33%	172.00%	175.78%	172.44%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	-60.66%	-52.62%	-42.36%	-41.26%	-32.83%	-21.35%	-36.32%	-44.33%	-72.00%	-75.78%	-72.44%
Debt to EBITDA	2.71	2.52	2.29	2.09	1.96	1.86	2.11	2.62	2.88	3.49	3.81
Net Debt to EBITDA	2.56	2.26	2.07	1.91	1.80	1.75	2.01	2.47	2.65	3.26	3.71
Long-Term Debt to EBITDA	2.71	2.52	2.29	2.09	1.96	1.86	2.11	2.62	2.88	3.49	3.81
Debt to NOPAT	3.97	3.89	3.49	3.13	2.87	2.58	2.93	3.65	4.06	4.98	5.50
Net Debt to NOPAT	3.75	3.49	3.16	2.86	2.63	2.43	2.79	3.45	3.72	4.66	5.34
Long-Term Debt to NOPAT	3.97	3.89	3.49	3.13	2.87	2.58	2.93	3.65	4.06	4.98	5.50
Altman Z-Score	6.08	7.34	7.75	7.60	7.99	9.27	8.29	6.62	5.68	4.56	4.24
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.82	2.86	2.97	2.67	2.91	3.35	2.92	2.55	2.35	2.23	2.52
Quick Ratio	1.44	1.62	1.78	1.46	1.43	1.39	1.21	0.99	1.04	0.88	1.01
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	91	126	144	87	11	-89	-79	-92	88	99	50
Operating Cash Flow to CapEx	10,612.50%	37,100.00%	5,433.33%	69,000.00%	3,341.67%	230.77%	8,033.33%	2,238.89%	16,910.00%	-73.81%	-622.22%
Free Cash Flow to Firm to Interest Expense	5.63	8.43	9.94	6.07	0.77	-6.19	-4.79	-4.98	4.61	4.95	0.00
Operating Cash Flow to Interest Expense	5.27	4.98	1.12	4.79	2.77	0.21	2.92	2.19	8.85	-0.16	0.00
Operating Cash Flow Less CapEx to Interest Expense	5.22	4.97	1.10	4.78	2.68	0.12	2.88	2.09	8.80	-0.37	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	2.38	2.39	2.40	2.51	2.61	2.62	2.56	2.47	2.61	2.39	2.36
Accounts Receivable Turnover	9.76	9.62	8.71	9.46	10.27	10.52	8.85	9.37	10.44	9.95	8.67
Inventory Turnover	5.77	5.89	5.40	5.30	5.37	4.99	4.86	4.40	5.02	4.05	4.10
Fixed Asset Turnover	202.04	202.87	219.46	231.88	225.56	230.63	234.45	214.90	164.30	128.59	116.88
Accounts Payable Turnover	12.44	12.69	11.99	11.95	12.28	13.25	10.73	11.97	12.86	10.98	10.80
Days Sales Outstanding (DSO)	37.39	37.94	41.90	38.59	35.53	34.70	41.24	38.94	34.96	36.67	42.12
Days Inventory Outstanding (DIO)	63.28	62.01	67.65	68.90	68.02	73.08	75.12	83.03	72.77	90.03	89.04
Days Payable Outstanding (DPO)	29.35	28.77	30.45	30.55	29.73	27.54	34.03	30.49	28.39	33.24	33.78
Cash Conversion Cycle (CCC)	71.32	71.19	79.09	76.94	73.81	80.23	82.33	91.49	79.34	93.46	97.38
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	485	460	505	517	556	637	655	644	541	597	654
Invested Capital Turnover	3.33	3.50	3.39	3.69	3.84	3.82	3.78	3.83	4.22	3.76	3.56
Increase / (Decrease) in Invested Capital	-33	-70	-76	-2.80	71	177	150	127	-15	-40	-1.40
Enterprise Value (EV)	6,228	8,033	8,485	8,213	8,610	10,486	10,461	8,311	5,575	4,306	3,039
Market Capitalization	5,420	7,286	7,732	7,453	7,848	9,702	9,552	7,357	4,579	3,199	1,887
Book Value per Share	($2.46)	($2.19)	($1.89)	($1.86)	($1.59)	($1.14)	($1.98)	($2.44)	($3.60)	($4.27)	($4.24)
Tangible Book Value per Share	($4.31)	($3.87)	($3.54)	($3.49)	($3.20)	($2.72)	($3.53)	($3.98)	($5.12)	($5.83)	($5.80)
Total Capital	533	545	585	590	627	687	700	699	630	674	687
Total Debt	857	832	832	833	833	833	954	1,009	1,084	1,185	1,185
Total Long-Term Debt	857	832	832	833	833	833	954	1,009	1,084	1,185	1,185
Net Debt	808	747	753	760	762	784	910	954	995	1,108	1,152
Capital Expenditures (CapEx)	0.80	0.20	0.30	0.10	1.20	1.30	0.60	1.80	1.00	4.20	1.80
Debt-free, Cash-free Net Working Capital (DFCFNWC)	226	217	261	274	318	406	423	394	294	357	422
Debt-free Net Working Capital (DFNWC)	274	302	340	346	389	456	467	449	383	434	455
Net Working Capital (NWC)	274	302	340	346	389	456	467	449	383	434	455
Net Nonoperating Expense (NNE)	12	11	11	11	11	11	12	15	14	15	15
Net Nonoperating Obligations (NNO)	808	747	753	760	762	784	910	954	995	1,108	1,152
Total Depreciation and Amortization (D&A)	13	23	4.60	4.60	4.70	4.60	4.60	4.60	4.80	4.90	4.90
Debt-free, Cash-free Net Working Capital to Revenue	13.53%	12.53%	14.15%	14.31%	15.93%	19.35%	19.30%	17.72%	12.67%	15.39%	18.10%
Debt-free Net Working Capital to Revenue	16.44%	17.43%	18.45%	18.10%	19.49%	21.71%	21.31%	20.19%	16.52%	18.71%	19.53%
Net Working Capital to Revenue	16.44%	17.43%	18.45%	18.10%	19.49%	21.71%	21.31%	20.19%	16.52%	18.71%	19.53%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.35	$0.33	$0.44	$0.57	$0.55	$0.60	$0.46	$0.17	$0.47	$0.37	$0.29
Adjusted Weighted Average Basic Shares Outstanding	133M	131.20M	131M	130M	130.30M	128.90M	128.20M	126.60M	126.90M	119.30M	117.30M
Adjusted Diluted Earnings per Share	$0.34	$0.33	$0.43	$0.56	$0.54	$0.59	$0.45	$0.16	$0.48	$0.36	$0.29
Adjusted Weighted Average Diluted Shares Outstanding	134.10M	133M	133M	132.10M	132.30M	131.10M	129.90M	128M	128.50M	119.90M	117.50M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	131.08M	130.98M	130.43M	129.24M	128.78M	128.28M	127.00M	125.98M	119.67M	117.27M	116.28M
Normalized Net Operating Profit after Tax (NOPAT)	58	55	68	85	82	88	71	36	73	59	49
Normalized NOPAT Margin	12.29%	12.82%	13.76%	16.42%	14.82%	16.49%	12.08%	6.51%	11.31%	10.91%	8.14%
Pre Tax Income Margin	13.12%	13.50%	15.47%	18.86%	17.56%	18.93%	13.37%	4.82%	12.82%	10.89%	7.67%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	4.85	4.90	6.28	7.75	7.73	8.01	5.76	2.43	5.35	3.93	0.00
NOPAT to Interest Expense	3.61	3.70	4.69	5.88	5.68	6.10	4.30	1.94	3.84	2.93	0.00
EBIT Less CapEx to Interest Expense	4.80	4.89	6.26	7.74	7.65	7.92	5.73	2.34	5.30	3.72	0.00
NOPAT Less CapEx to Interest Expense	3.56	3.69	4.67	5.87	5.60	6.01	4.27	1.84	3.79	2.72	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	75.83%	56.72%	45.85%	51.61%	59.47%	53.31%	107.01%	135.09%	219.66%	306.01%	263.72%

Financials Breakdown Chart

Key Financial Trends

BellRing Brands (BRBR) has shown meaningful revenue growth and profitability progress over the last four years, accompanied by elevated debt and leverage. Below are the top takeaways for retail investors, drawn from the company’s quarterly cash flow statements, income statements, and balance sheets from 2023 through Q1 2026. Items are grouped with positive first, then neutral, then negative, and limited to the 10 most important points.

Revenue spiked to around $648.2 million in Q4 2025, marking a multi-year high and signaling stronger top-line momentum versus earlier years.
Net income attributable to common shareholders rose to about $59.6 million in Q4 2025 and remained positive in Q1 2026 at approximately $43.7 million, indicating improved profitability in late 2024–2025.
Operating cash flow remained positive across most recent quarters, with Q4 2025 generating about $169.1 million and earlier quarters showing solid cash from operations as well.
Gross margins have been generally consistent in the mid-30% range across several quarters (for example, gross profit around $199.6 million on $532.9 million revenue in Q1 2025, with similar margins in late 2024/2025).
Total assets stood near $1.0 billion in early 2026, reflecting a sizable asset base backing revenue growth.
Debt load remains substantial, with long-term debt around $1.0–1.2 billion and total liabilities often exceeding $1.0 billion, creating a moderate to high leverage risk.
Financing activities frequently show net cash outflows due to debt repayments and share repurchases, indicating heavy capital deployment that can affect liquidity and flexibility.
Operating cash flow turned negative in Q1 2026, with net cash from continuing operating activities around -$3.1 million, signaling a near-term cash-flow headwind despite earlier positives.
Book value has been negative on a per-share basis in multiple periods, with Total Common Equity reported around -$510.7 million in Q1 2026, highlighting a deficit driven by treasury stock and accumulated losses.
Large debt repayments and buybacks in recent years, coupled with persistent capital deployment, contribute to ongoing pressure on liquidity and future financial flexibility.

05/14/26 05:44 AM ETAI Generated. May Contain Errors.

BellRing Brands Financials - Frequently Asked Questions

According to the most recent income statement we have on file, BellRing Brands' fiscal year ends in September. Their fiscal year 2025 ended on September 30, 2025.

BellRing Brands' net income appears to be on an upward trend, with a most recent value of $216.20 million in 2025, rising from $96.10 million in 2018. The previous period was $246.50 million in 2024. See BellRing Brands' forecast for analyst expectations on what's next for the company.

BellRing Brands' total operating income in 2025 was $357.40 million, based on the following breakdown:

Total Gross Profit: $770.40 million
Total Operating Expenses: $413 million

Over the last 7 years, BellRing Brands' total revenue changed from $827.50 million in 2018 to $2.32 billion in 2025, a change of 180.0%.

BellRing Brands' total liabilities were at $1.39 billion at the end of 2025, a 33.8% increase from 2024, and a 1,190.4% increase since 2019.

In the past 6 years, BellRing Brands' cash and equivalents has ranged from $5.50 million in 2019 to $152.60 million in 2021, and is currently $71.80 million as of their latest financial filing in 2025.

Over the last 7 years, BellRing Brands' book value per share changed from 0.00 in 2018 to -3.60 in 2025, a change of -360.3%.

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Financial statements for NYSE:BRBR last updated on 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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BellRing Brands (BRBR) Financials

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BellRing Brands (BRBR) Financials

Annual Income Statements for BellRing Brands

Quarterly Income Statements for BellRing Brands

Annual Cash Flow Statements for BellRing Brands

Quarterly Cash Flow Statements for BellRing Brands

Annual Balance Sheets for BellRing Brands

Quarterly Balance Sheets for BellRing Brands

Annual Metrics And Ratios for BellRing Brands

Quarterly Metrics And Ratios for BellRing Brands

Financials Breakdown Chart

Key Financial Trends

BellRing Brands Financials - Frequently Asked Questions

When does BellRing Brands' financial year end?

How has BellRing Brands' net income changed over the last 7 years?

What is BellRing Brands' operating income?

How has BellRing Brands' revenue changed over the last 7 years?

How much debt does BellRing Brands have?

How much cash does BellRing Brands have?

How has BellRing Brands' book value per share changed over the last 7 years?

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