On this page of StockholderLetter.com we present the latest annual shareholder letter from BELLRING BRANDS, INC. — ticker symbol BRBR. Reading current and past BRBR letters to shareholders can bring important insights into the investment thesis.
Play to Wn 2025 Annual Report rt
As retailers lean into this fast-growing category, we are in prime position to capitalize on this growth. With bigger marketing, sharper execution and compelling innovation, we re not here to compete. We re here to lead and win. Financial Highlights (in millions except per share data) Net Sales 2021 2022 2023 2024 2025 $ 1,247.1 $ 1,371.5 $ 1,666.8 $ 1,996.2 $ 2,316.6 Gross Pro t 386.2 421.8 530.2 707.3 770.4 Operating Pro t 168.0 212.4 287.3 387.7 357.4 Net Earnings Including Redeemable Noncontrolling Interest 114.4 116.0 165.5 246.5 216.2 27.6 82.3 165.5 246.5 216.2 Net Earnings Available to Common Stockholders Diluted Earnings per share of Common Stock 0.70 0.88 1.23 1.86 1.68 Operating Cash Flow 226.1 21.0 215.6 199.6 260.6 Adjusted EBITDA(1) 233.9 271.4 338.3 440.2 481.6 35.8 108.9 177.2 255.5 279.1 Adjusted Net Earnings Available to Common Stockholders(1) (1) Adjusted Diluted Earnings per share of Common Stock 0.90 1.16 1.32 1.93 2.17
Net Sales (in millions) To Our Stockholders At BellRing, we live by our value of Play to Win and it s never been more important. We set ambitious goals, embrace a competitive spirit and work hard as a team to achieve those goals. Every quarter, we celebrate individuals who exemplify this mindset because it s core to who we are. This matters because our purpose is clear: Changing Lives with Good Energy. Knowing that our products improve people s lives is deeply meaningful to our employees, and it fuels our drive to win. That drive shows in our results: We are the #1 brand in the convenient nutrition category(2), have the highest household penetration, with more than one in ve people drinking our shakes(3) and lead the category in repeat purchases(3) proof of incredible consumer loyalty. Playing to win is in our DNA, and, together, we ll shape the future of convenient nutrition. Now, to the business. 2025 was a strong year for BellRing. Net sales grew to $2.3 billion, and Adjusted EBITDA(1) grew to $482 million, with respective growth over 2024 of 16% and 9%. Since our 2019 initial public offering ( IPO ), we have delivered an 18% revenue CAGR and a 16% Adjusted EBITDA CAGR, outperforming the long-term expectations we shared at the time of the IPO. We are proud of this performance, and we believe there are multiple ways to continue to achieve strong growth in our business. Our agship brand, Premier Protein, had a very successful year with net sales growth of 17%. The brand once again reached new highs across many key metrics, including market share, household penetration, distribution $1,372 $1,000 $1,247 $1,996 $1,500 $1,667 $2,000 $2,317 $2,500 $500 $0 2021 2022 2023 2024 2025 and buy rate. Premier Protein added roughly 2.5 percentage points of household penetration in convenient nutrition, reaching 22% of households(3). It remained the #1 brand in the ready-to-drink ( RTD ) segment, as well as the #1 brand in the convenient nutrition category (across tracked channels)(2). Key enablers of these results include the launch of our rst media campaign since 2021 and expanded distribution, with better in-stocks and two new RTD shake lines. In 2026, our key focus areas will build on this success, and include: 1) continuing to grow our distribution both in and out of aisle, 2) increasing advertising investment while elevating its impact and 3) launching innovation that provides consumer excitement, adds occasions and drives trial. Dymatize, our super-premium sports nutrition brand, had net sales growth of 13% this year, lifted by the strength of its international business. Domestically, it remains one of the strongest brands in the powder category. It too reached new highs in distribution this year and introduced its own line of RTD shakes. Looking forward, we expect the RTD shake category to continue to grow. RTD shakes are one of the fastestgrowing consumer packaged goods ( CPG ) categories, fueled by consumer health and wellness trends, functional beverage preferences and GLP-1 usage. Household penetration of 54%(3) highlights a long runway for growth as it trails mature CPG categories. The success of this category has naturally attracted competition. Over time, we expect retailers to consolidate the shelf behind a handful of the best-performing brands and move them to more heavily traf cked aisles. We believe that mainstream appeal, high repeat rates and execution capabilities will determine the long-term BellRing Brands 2025 Annual Report 1
Expand in and out of the aisle. Refreshed In-Store Creative Distribution, both in aisle and out of aisle, is a major opportunity. We have strong plans p in 2026 to expand total distribution points for Premier Protein RTD shakes byy more than 20%, a rate similar to 2025. Both our al retail new broker partner and our internal sales team are laser-focused on securing uct in-store displays, getting our product out of the aisle and driving trial. New Product Displays Leverage Our Scale. 2 BellRing Brands 2025 Annual Report We have added signi cant capacity over the past four years to enable many years of strong growth. Our scalable manufacturing network, combined with our deep category knowledge, strong brand equity and robust retailer partnerships give us con dence that we will continue to be the RTD shake category leader.
Amplify Awareness. Accelerate Trial. Drive Innovation. Premier Protein has the highest unaided brand awareness in the RTD shake category, though there remains signi cant opportunity for expansion. We have strengthened our agency roster and will be launching a new creative campaign in 2026, designed to drive household penetration, strengthen emotional connections and bring fresh energy and relevance to the brand. Premier Protein Coffeehouse and Indulgence In 2025, we conducted a comprehensive demand study and incorporated the results into our multi-year innovation strategy. In 2026, we will intensify our focus on innovation across avors, consumer segments and occasions. Almondmilk shakes, our rst non-dairy protein offering, is bringing new consumers into the Premier Protein brand. Our Indulgence and Coffeehouse lines are focused on driving incremental occasions. Premier Protein Non-Dairy Almondmilk BellRing Brands 2025 Annual Report 3
 • shareholder letter icon 12/16/2025 Letter Continued (Full PDF)
 • stockholder letter icon 12/17/2024 BRBR Stockholder Letter
 • stockholder letter icon More "Consumer Goods" Category Stockholder Letters
 • Benford's Law Stocks icon BRBR Benford's Law Stock Score = 96


BRBR Shareholder/Stockholder Letter Transcript:

Play
to
Wn
2025 Annual Report
rt

As retailers lean into
this fast-growing category,
we are in prime position to
capitalize on this growth.
With bigger marketing,
sharper execution and
compelling innovation,
we   re not here to compete.
We   re here to lead and win.
Financial Highlights
(in millions except per share data)
Net Sales
2021
2022
2023
2024
2025
$ 1,247.1
$ 1,371.5
$ 1,666.8
$ 1,996.2
$ 2,316.6
Gross Pro   t
386.2
421.8
530.2
707.3
770.4
Operating Pro   t
168.0
212.4
287.3
387.7
357.4
Net Earnings Including Redeemable Noncontrolling Interest
114.4
116.0
165.5
246.5
216.2
27.6
82.3
165.5
246.5
216.2
Net Earnings Available to Common Stockholders
Diluted Earnings per share of Common Stock

0.70

0.88

1.23

1.86

1.68
Operating Cash Flow
226.1
21.0
215.6
199.6
260.6
Adjusted EBITDA(1)
233.9
271.4
338.3
440.2
481.6
35.8
108.9
177.2
255.5
279.1
Adjusted Net Earnings Available to Common Stockholders(1)
(1)
Adjusted Diluted Earnings per share of Common Stock

0.90

1.16

1.32

1.93

2.17

Net Sales
(in millions)
To Our
Stockholders
At BellRing, we live by our value of Play to
Win     and it   s never been more important.
We set ambitious goals, embrace a competitive
spirit and work hard as a team to achieve those
goals. Every quarter, we celebrate individuals
who exemplify this mindset because it   s core to
who we are. This matters because our purpose is
clear: Changing Lives with Good Energy. Knowing
that our products improve people   s lives is deeply
meaningful to our employees, and it fuels our
drive to win.
That drive shows in our results: We are the #1 brand
in the convenient nutrition category(2), have the highest
household penetration, with more than one in    ve people
drinking our shakes(3) and lead the category in repeat
purchases(3)     proof of incredible consumer loyalty.
Playing to win is in our DNA, and, together, we   ll shape
the future of convenient nutrition.
Now, to the business. 2025 was a strong year for
BellRing. Net sales grew to $2.3 billion, and Adjusted
EBITDA(1) grew to $482 million, with respective growth
over 2024 of 16% and 9%. Since our 2019 initial
public offering (   IPO   ), we have delivered an 18%
revenue CAGR and a 16% Adjusted EBITDA CAGR,
outperforming the long-term expectations we shared at
the time of the IPO. We are proud of this performance,
and we believe there are multiple ways to continue to
achieve strong growth in our business.
Our    agship brand, Premier Protein, had a very
successful year with net sales growth of 17%. The brand
once again reached new highs across many key metrics,
including market share, household penetration, distribution
$1,372
$1,000
$1,247
$1,996
$1,500
$1,667
$2,000
$2,317
$2,500
$500
$0
2021
2022
2023
2024
2025
and buy rate. Premier Protein added roughly 2.5 percentage
points of household penetration in convenient nutrition,
reaching 22% of households(3). It remained the #1 brand
in the ready-to-drink (   RTD   ) segment, as well as the
#1 brand in the convenient nutrition category (across
tracked channels)(2). Key enablers of these results include
the launch of our    rst media campaign since 2021 and
expanded distribution, with better in-stocks and two
new RTD shake lines. In 2026, our key focus areas will
build on this success, and include: 1) continuing to grow
our distribution both in and out of aisle, 2) increasing
advertising investment while elevating its impact and 3)
launching innovation that provides consumer excitement,
adds occasions and drives trial.
Dymatize, our super-premium sports nutrition brand,
had net sales growth of 13% this year, lifted by the
strength of its international business. Domestically,
it remains one of the strongest brands in the powder
category. It too reached new highs in distribution this year
and introduced its own line of RTD shakes.
Looking forward, we expect the RTD shake category
to continue to grow. RTD shakes are one of the fastestgrowing consumer packaged goods (   CPG   ) categories,
fueled by consumer health and wellness trends, functional
beverage preferences and GLP-1 usage. Household
penetration of 54%(3) highlights a long runway for growth
as it trails mature CPG categories.
The success of this category has naturally attracted
competition. Over time, we expect retailers to consolidate
the shelf behind a handful of the best-performing brands
and move them to more heavily traf   cked aisles. We
believe that mainstream appeal, high repeat rates and
execution capabilities will determine the long-term
BellRing Brands 2025 Annual Report
1

Expand in and
out of the aisle.
Refreshed In-Store
Creative
Distribution, both in aisle and out of aisle,
is a major opportunity. We have strong plans
p
in 2026 to expand total distribution points
for Premier Protein RTD shakes byy more
than 20%, a rate similar to 2025. Both our
al retail
new broker partner and our internal
sales team are laser-focused on securing
uct
in-store displays, getting our product
out of the aisle and driving trial.
New Product
Displays
Leverage
Our Scale.
2
BellRing Brands 2025 Annual Report
We have added signi   cant capacity
over the past four years to enable many
years of strong growth. Our scalable
manufacturing network, combined
with our deep category knowledge,
strong brand equity and robust retailer
partnerships give us con   dence that
we will continue to be the RTD shake
category leader.

Amplify Awareness.
Accelerate Trial.
Drive
Innovation.
Premier Protein has the highest
unaided brand awareness in the RTD
shake category, though there remains
signi   cant opportunity for expansion.
We have strengthened our agency
roster and will be launching a new
creative campaign in 2026, designed
to drive household penetration,
strengthen emotional connections
and bring fresh energy and relevance
to the brand.
Premier Protein
Coffeehouse and
Indulgence
In 2025, we conducted a comprehensive
demand study and incorporated the results into
our multi-year innovation strategy. In 2026, we
will intensify our focus on innovation across
   avors, consumer segments and occasions.
Almondmilk shakes, our    rst non-dairy protein
offering, is bringing new consumers into the
Premier Protein brand. Our Indulgence and
Coffeehouse lines are focused on driving
incremental occasions.
Premier Protein
Non-Dairy Almondmilk
BellRing Brands 2025 Annual Report
3



shareholder letter icon 12/16/2025 Letter Continued (Full PDF)
 

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