Bellring Brands, Inc.
BRBR NYSE Food And Kindred Products Financials FY2018–FY2025
Revenue
Total sales reported in the income statement.
$2.3B
16.1%
vs prior year
Operating margin
Operating income as a share of revenue.
15.4%
4.0 pts
Net income
Profit after all expenses, interest and tax.
$216M
12.3%
Free cash flow
Cash from operations minus capital spending.
$256M
29.4%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
47.9%
4.3 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On $1.42 EPS (TTM)
What Bellring Brands, Inc. does
No business description yet.
- Legal name
- BELLRING BRANDS, INC.
- Fiscal year ends
- September 30, 2025
- Latest annual report
- 10-K · Nov 18, 2025
- Accession · CIK
- 0001772016-25-000153
0001772016
Revenue and margins
Bellring Brands, Inc. had $2.3B of revenue in fiscal 2025, up 16.1% on the year before.
FY18
Revenue $828M
FY19
Revenue $854M
FY20
Revenue $988M
FY21
Revenue $1.2B
FY22
Revenue $1.4B
FY23
Revenue $1.7B
FY24
Revenue $2.0B
FY25
Revenue $2.3B
Q4 '23
Revenue $473M
Q1 '24
Revenue $430M
Q2 '24
Revenue $495M
Q3 '24
Revenue $515M
Q4 '24
Revenue $556M
Q1 '25
Revenue $533M
Q2 '25
Revenue $588M
Q3 '25
Revenue $548M
Q4 '25
Revenue $648M
Q1 '26
Revenue $537M
Q2 '26
Revenue $599M
Q3 '26
Revenue $570M
FY18
Gross 33.6%
Operating 14.5%
Net 0.0%
FCF 16.5%
FY19
Gross 36.5%
Operating 19.0%
Net 0.0%
FCF 11.1%
FY20
Gross 34.2%
Operating 16.6%
Net 2.4%
FCF 9.6%
FY21
Gross 31.0%
Operating 13.5%
Net 2.2%
FCF 18.0%
FY22
Gross 30.8%
Operating 15.5%
Net 6.0%
FCF 1.4%
FY23
Gross 31.8%
Operating 17.2%
Net 9.9%
FCF 12.8%
FY24
Gross 35.4%
Operating 19.4%
Net 12.3%
FCF 9.9%
FY25
Gross 33.3%
Operating 15.4%
Net 9.3%
FCF 11.0%
Gross
Operating
Net
FCF
Q4 '23
Gross 32.9%
Operating 16.5%
Net 9.8%
FCF 17.8%
Q1 '24
Gross 34.4%
Operating 17.0%
Net 10.2%
FCF 17.2%
Q2 '24
Gross 33.2%
Operating 18.4%
Net 11.6%
FCF 3.2%
Q3 '24
Gross 36.8%
Operating 21.7%
Net 14.3%
FCF 13.4%
Q4 '24
Gross 36.9%
Operating 20.2%
Net 12.9%
FCF 7.0%
Q1 '25
Gross 37.5%
Operating 21.6%
Net 14.4%
FCF 0.3%
Q2 '25
Gross 32.3%
Operating 16.2%
Net 10.0%
FCF 8.1%
Q3 '25
Gross 35.4%
Operating 8.2%
Net 3.8%
FCF 7.0%
Q4 '25
Gross 28.9%
Operating 15.8%
Net 9.2%
FCF 25.9%
Q1 '26
Gross 29.9%
Operating 14.6%
Net 8.1%
FCF −1.4%
Q2 '26
Gross 27.0%
Operating 11.0%
Net 5.7%
FCF −2.2%
Q3 '26
Gross 28.6%
Operating 11.5%
Net 6.0%
FCF 13.5%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY18
Net income $0.0M
FY19
Net income $0.0M
FY20
Net income $23.5M
FY21
Net income $27.6M
FY22
Net income $82.3M
FY23
Net income $166M
FY24
Net income $247M
FY25
Net income $216M
Q4 '23
Net income $46.1M
Q1 '24
Net income $43.9M
Q2 '24
Net income $57.2M
Q3 '24
Net income $73.7M
Q4 '24
Net income $71.7M
Q1 '25
Net income $76.9M
Q2 '25
Net income $58.7M
Q3 '25
Net income $21.0M
Q4 '25
Net income $59.6M
Q1 '26
Net income $43.7M
Q2 '26
Net income $33.9M
Q3 '26
Net income $34.2M
FY18
Diluted EPS $0.00
FY19
Diluted EPS $0.00
FY20
Diluted EPS $0.60
FY21
Diluted EPS $0.70
FY22
Diluted EPS $0.88
FY23
Diluted EPS $1.23
FY24
Diluted EPS $1.86
FY25
Diluted EPS $1.68
Q4 '23
Diluted EPS $0.34
Q1 '24
Diluted EPS $0.33
Q2 '24
Diluted EPS $0.43
Q3 '24
Diluted EPS $0.56
Q4 '24
Diluted EPS $0.54
Q1 '25
Diluted EPS $0.59
Q2 '25
Diluted EPS $0.45
Q3 '25
Diluted EPS $0.16
Q4 '25
Diluted EPS $0.48
Q1 '26
Diluted EPS $0.36
Q2 '26
Diluted EPS $0.29
Q3 '26
Diluted EPS $0.29
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY18
Return on capital —
Return on equity 0.0%
Return on assets —
FY19
Return on capital 25.6%
Return on equity 0.0%
Return on assets 0.0%
FY20
Return on capital —
Return on equity —
Return on assets 3.8%
FY21
Return on capital —
Return on equity —
Return on assets 4.1%
FY22
Return on capital 32.7%
Return on equity —
Return on assets 11.7%
FY23
Return on capital 44.5%
Return on equity —
Return on assets 23.7%
FY24
Return on capital 52.1%
Return on equity —
Return on assets 32.3%
FY25
Return on capital 47.9%
Return on equity —
Return on assets 24.3%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $256M in fiscal 2025, 11.0% of revenue. Cash from operations minus capital spending.
FY18
Free cash flow $136M
FY19
Free cash flow $95.1M
FY20
Free cash flow $95.1M
FY21
Free cash flow $225M
FY22
Free cash flow $19.2M
FY23
Free cash flow $214M
FY24
Free cash flow $198M
FY25
Free cash flow $256M
Q4 '23
Free cash flow $84.1M
Q1 '24
Free cash flow $74.0M
Q2 '24
Free cash flow $16.0M
Q3 '24
Free cash flow $68.9M
Q4 '24
Free cash flow $38.9M
Q1 '25
Free cash flow $1.7M
Q2 '25
Free cash flow $47.6M
Q3 '25
Free cash flow $38.5M
Q4 '25
Free cash flow $168M
Q1 '26
Free cash flow −$7.3M
Q2 '26
Free cash flow −$13.0M
Q3 '26
Free cash flow $77.2M
FY18
Cash from operations $141M
Capital spending $5.0M
FY19
Cash from operations $98.3M
Capital spending $3.2M
FY20
Cash from operations $97.2M
Capital spending $2.1M
FY21
Cash from operations $226M
Capital spending $1.6M
FY22
Cash from operations $21.0M
Capital spending $1.8M
FY23
Cash from operations $216M
Capital spending $1.8M
FY24
Cash from operations $200M
Capital spending $1.8M
FY25
Cash from operations $261M
Capital spending $4.7M
Cash from operations
Capital spending
Q4 '23
Cash from operations $84.9M
Capital spending $0.8M
Q1 '24
Cash from operations $74.2M
Capital spending $0.2M
Q2 '24
Cash from operations $16.3M
Capital spending $0.3M
Q3 '24
Cash from operations $69.0M
Capital spending $0.1M
Q4 '24
Cash from operations $40.1M
Capital spending $1.2M
Q1 '25
Cash from operations $3.0M
Capital spending $1.3M
Q2 '25
Cash from operations $48.2M
Capital spending $0.6M
Q3 '25
Cash from operations $40.3M
Capital spending $1.8M
Q4 '25
Cash from operations $169M
Capital spending $1.0M
Q1 '26
Cash from operations −$3.1M
Capital spending $4.2M
Q2 '26
Cash from operations −$11.2M
Capital spending $1.8M
Q3 '26
Cash from operations $79.3M
Capital spending $2.1M
Cash from operations
Capital spending
Dividends, buybacks and share count
Bellring Brands, Inc. returned — to shareholders in fiscal 2025. The diluted share count fell 2.9%.
FY18
Dividends —
Buybacks —
FY19
Dividends —
Buybacks —
FY20
Dividends —
Buybacks $0.0M
FY21
Dividends —
Buybacks $0.0M
FY22
Dividends —
Buybacks $42.8M
FY23
Dividends —
Buybacks —
FY24
Dividends —
Buybacks —
FY25
Dividends —
Buybacks —
Dividends
Buybacks
Q4 '23
Dividends —
Buybacks —
Q1 '24
Dividends —
Buybacks $9.4M
Q2 '24
Dividends —
Buybacks $21.4M
Q3 '24
Dividends —
Buybacks $75.3M
Q4 '24
Dividends —
Buybacks —
Q1 '25
Dividends —
Buybacks $11.8M
Q2 '25
Dividends —
Buybacks $173M
Q3 '25
Dividends —
Buybacks $83.0M
Q4 '25
Dividends —
Buybacks —
Q1 '26
Dividends —
Buybacks $96.9M
Q2 '26
Dividends —
Buybacks $30.3M
Q3 '26
Dividends —
Buybacks $10.0M
Dividends
Buybacks
FY18
Diluted shares 0.00B
FY19
Diluted shares 0.00B
FY20
Diluted shares 0.04B
FY21
Diluted shares 0.04B
FY22
Diluted shares 0.09B
FY23
Diluted shares 0.13B
FY24
Diluted shares 0.13B
FY25
Diluted shares 0.13B
Balance sheet
Cash, debt and the ratios that show how comfortably Bellring Brands, Inc. can carry it.
FY18
Cash $10.9M
Debt —
FY19
Cash $5.5M
Debt $0.0M
FY20
Cash $48.7M
Debt $623M
FY21
Cash $153M
Debt $481M
FY22
Cash $35.8M
Debt $930M
FY23
Cash $48.4M
Debt $857M
FY24
Cash $70.8M
Debt $833M
FY25
Cash $71.8M
Debt $1.1B
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $153M | $35.8M | $48.4M | $70.8M | $71.8M |
| Debt incl. finance leases | $481M | $930M | $857M | $833M | $1.1B |
| Net debt / EBITDA | 1.5x | 3.8x | 2.6x | 1.8x | 2.7x |
| Interest coverage | 3.9x | 4.3x | 4.3x | 6.7x | 5.2x |
| Current ratio | 1.5x | 2.9x | 2.8x | 2.9x | 2.4x |
| Quick ratio | 1.1x | 1.5x | 1.5x | 1.5x | 1.2x |
| Total assets | $697M | $707M | $692M | $837M | $941M |
| Total liabilities | $762M | $1.1B | $1.0B | $1.0B | $1.4B |
| Shareholders' equity | −$3.1B | −$376M | −$324M | −$206M | −$454M |
| Net debt (− = net cash) | $329M | $894M | $808M | $762M | $1.0B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|
| Net income is positive | ✕ | ✕ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Return on assets rose | — | — | ✓ | ✓ | ✓ | ✓ | ✓ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ | ✓ | ✕ | ✓ | ✕ | ✓ |
| Debt fell relative to assets | — | — | ✕ | ✓ | ✕ | ✓ | ✓ | ✕ |
| Current ratio rose | — | — | ✕ | ✕ | ✓ | ✕ | ✓ | ✕ |
| Share count didn't rise | — | ✓ | ✕ | ✕ | ✕ | ✕ | ✓ | ✓ |
| Gross margin rose | — | ✓ | ✕ | ✕ | ✕ | ✓ | ✓ | ✕ |
| Revenue rose relative to assets | — | — | ✓ | ✓ | ✓ | ✓ | ✕ | ✓ |
| F-score | — / 3 | — / 5 | 5 / 9 | 6 / 9 | 5 / 9 | 7 / 9 | 7 / 9 | 5 / 9 |
| Accruals ratio | — | −16.5% | −11.8% | −29.4% | 8.7% | −7.2% | 6.1% | −5.0% |
| Altman Z'' | — | 7.96 | −10.62 | −15.63 | 2.59 | 4.16 | 6.17 | 5.82 |
8 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||
| Revenue | $828M | $854M | $988M | $1.2B | $1.4B | $1.7B | $2.0B | $2.3B |
| Gross profit | $278M | $312M | $338M | $386M | $422M | $530M | $707M | $770M |
| Research and development | $8.1M | $7.6M | $9.4M | $11.2M | $11.4M | $12.0M | $14.3M | $16.0M |
| Operating income | $120M | $163M | $164M | $168M | $212M | $287M | $388M | $357M |
| Interest expense | $0.0M | $0.0M | $54.7M | $43.2M | $49.2M | $66.9M | $58.3M | $68.4M |
| Pretax income | $120M | $163M | $109M | $123M | $146M | $220M | $329M | $289M |
| Income tax | $23.7M | $39.4M | $9.2M | $8.8M | $29.6M | $54.9M | $82.9M | $72.8M |
| Net income | $0.0M | $0.0M | $23.5M | $27.6M | $82.3M | $166M | $247M | $216M |
| Diluted EPS | $0.00 | $0.00 | $0.60 | $0.70 | $0.88 | $1.23 | $1.86 | $1.68 |
| Diluted shares | 0.00B | 0.00B | 0.04B | 0.04B | 0.09B | 0.13B | 0.13B | 0.13B |
| Cash flow | ||||||||
| Cash from operations | $141M | $98.3M | $97.2M | $226M | $21.0M | $216M | $200M | $261M |
| Capital expenditure | $5.0M | $3.2M | $2.1M | $1.6M | $1.8M | $1.8M | $1.8M | $4.7M |
| Free cash flow | $136M | $95.1M | $95.1M | $225M | $19.2M | $214M | $198M | $256M |
| Depreciation and amortization | $25.9M | $25.3M | $25.3M | $53.7M | $21.3M | $28.3M | $36.5M | $18.6M |
| Stock-based compensation | $0.0M | $0.0M | $2.5M | $4.6M | $9.8M | $14.2M | $21.0M | $22.1M |
| Share buybacks | — | — | $0.0M | $0.0M | $42.8M | — | — | — |
| Dividends and buybacks | — | — | $0.0M | $0.0M | $42.8M | — | — | — |
| Balance sheet | ||||||||
| Cash and short-term investments | $10.9M | $5.5M | $48.7M | $153M | $35.8M | $48.4M | $70.8M | $71.8M |
| Total debt | — | $0.0M | $623M | $481M | $930M | $857M | $833M | $1.1B |
| Current assets | — | $220M | $290M | $388M | $421M | $424M | $593M | $666M |
| Current liabilities | — | $92.7M | $153M | $251M | $144M | $150M | $204M | $283M |
| Inventory | — | $138M | $151M | $118M | $200M | $194M | $286M | $330M |
| Property and equipment, net | — | $11.7M | $10.2M | $8.9M | $8.0M | $8.5M | $9.2M | $19.0M |
| Goodwill | — | $65.9M | $65.9M | $65.9M | $65.9M | $65.9M | $65.9M | $65.9M |
| Intangible assets | — | $297M | $274M | $223M | $203M | $177M | $142M | $125M |
| Total assets | — | $595M | $654M | $697M | $707M | $692M | $837M | $941M |
| Total liabilities | — | $108M | $815M | $762M | $1.1B | $1.0B | $1.0B | $1.4B |
| Preferred stock | — | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Shareholders' equity | $452M | $486M | −$2.2B | −$3.1B | −$376M | −$324M | −$206M | −$454M |
| Margins | ||||||||
| Gross margin | 33.6% | 36.5% | 34.2% | 31.0% | 30.8% | 31.8% | 35.4% | 33.3% |
| Operating margin | 14.5% | 19.0% | 16.6% | 13.5% | 15.5% | 17.2% | 19.4% | 15.4% |
| EBITDA margin | 17.6% | 22.0% | 19.2% | 17.8% | 17.0% | 18.9% | 21.3% | 16.2% |
| Net margin | 0.0% | 0.0% | 2.4% | 2.2% | 6.0% | 9.9% | 12.3% | 9.3% |
| FCF margin | 16.5% | 11.1% | 9.6% | 18.0% | 1.4% | 12.8% | 9.9% | 11.0% |
| Returns | ||||||||
| Return on capital | — | 25.6% | — | — | 32.7% | 44.5% | 52.1% | 47.9% |
| Return on capital employed | — | 32.4% | 32.8% | 37.7% | 37.7% | 53.1% | 61.2% | 54.3% |
| Return on equity | 0.0% | 0.0% | — | — | — | — | — | — |
| Return on assets | — | 0.0% | 3.8% | 4.1% | 11.7% | 23.7% | 32.3% | 24.3% |
| Return on tangible equity | 0.0% | 0.0% | — | — | — | — | — | — |
| Growth | ||||||||
| Revenue growth | — | 3.3% | 15.7% | 26.2% | 10.0% | 21.5% | 19.8% | 16.1% |
| Net income growth | — | — | — | 17.4% | 198.2% | 101.1% | 48.9% | −12.3% |
| EPS growth | — | — | — | 16.7% | 25.7% | 39.8% | 51.2% | −9.7% |
| FCF growth | — | −30.2% | 0.0% | 136.1% | −91.4% | 1,013.5% | −7.5% | 29.4% |
| Share count change | — | — | — | 0.5% | 136.3% | 43.0% | −1.3% | −2.9% |
| Financial health | ||||||||
| Net debt / EBITDA | — | −0.0x | 3.0x | 1.5x | 3.8x | 2.6x | 1.8x | 2.7x |
| Debt / equity | — | 0.0x | — | — | — | — | — | — |
| Interest coverage | — | — | 3.0x | 3.9x | 4.3x | 4.3x | 6.7x | 5.2x |
| Current ratio | — | 2.4x | 1.9x | 1.5x | 2.9x | 2.8x | 2.9x | 2.4x |
| Quick ratio | — | 0.9x | 0.9x | 1.1x | 1.5x | 1.5x | 1.5x | 1.2x |
| Capital allocation | ||||||||
| Capex / revenue | 0.6% | 0.4% | 0.2% | 0.1% | 0.1% | 0.1% | 0.1% | 0.2% |
| Stock comp / revenue | 0.0% | 0.0% | 0.3% | 0.4% | 0.7% | 0.9% | 1.1% | 1.0% |
| Payouts / FCF | — | — | 0.0% | 0.0% | 222.9% | — | — | — |
| Quality scores | ||||||||
| Piotroski F-score | — | — | 5.0 | 6.0 | 5.0 | 7.0 | 7.0 | 5.0 |
| Altman Z'' | — | 8.0 | −10.6 | −15.6 | 2.6 | 4.2 | 6.2 | 5.8 |
| Accruals ratio | — | −16.5% | −11.8% | −29.4% | 8.7% | −7.2% | 6.1% | −5.0% |
Source: SEC EDGAR XBRL filings (CIK 0001772016). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.