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Jun 30
BellRing Q3 2025 Earnings Report
BellRing reported steady revenue growth in Q3 2025, with strong demand for Premier Protein products offset by a legal charge that impacted net income.
Key Takeaways
BellRing Brands posted higher revenues in Q3 2025, driven by volume and pricing gains. However, a legal settlement provision significantly lowered GAAP earnings. Adjusted earnings remained strong, supported by increased household penetration and innovation across the portfolio.
Premier Protein sales increased 6.0% year-over-year in the quarter.
Volume grew 3.5% and price/mix improved 2.7%, boosting net sales.
Net income declined due to a $68.1M legal provision related to Joint Juice litigation.
Adjusted EBITDA rose slightly to $120.3M, while adjusted EPS increased to $0.55.
BellRing
BellRing
BellRing Revenue by Segment
Revenue by Segment
Shakes & Other Beverages Revenue
CapyFin.com Forward Guidance
BellRing narrowed its FY25 outlook while maintaining growth expectations. Adjusted EBITDA and revenue targets remain strong despite minor shipment shifts.
Positive Outlook
- Narrowed FY25 net sales guidance to $2.28B–$2.32B.
- FY25 Adjusted EBITDA expected between $480M–$490M.
- Capital expenditures remain low at approximately $9M.
- Consumption trends for Premier Protein remained robust.
- Household penetration and loyalty metrics reached record levels.
Challenges Ahead
- EPS impacted by $68.1M provision for legal matters.
- Gross margin slightly decreased due to promotional activity.
- Operating income fell 59.9% from prior year due to litigation costs.
- Interest expense increased due to higher borrowings.
- SG&A expenses surged, reaching 26.4% of net sales.