Bellring Brands LLC (BRBR) financial statements
Bellring Brands LLC reported revenue of $2.3B in fiscal 2025, up 15.8% a year over 7 years.
Net income was $216M and the operating margin 15.4%, against 14.5% in 2018.
Free cash flow was $256M.
The diluted share count rose 225% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Bellring Brands LLC's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $828M | $854M | $988M | $1.2B | $1.4B | $1.7B | $2.0B | $2.3B |
| Cost of revenue | $550M | $543M | $650M | $861M | $950M | $1.1B | $1.3B | $1.5B |
| Gross profit | $278M | $312M | $338M | $386M | $422M | $530M | $707M | $770M |
| Research and development | $8M | $8M | $9M | $11M | $11M | $12M | $14M | $16M |
| Selling, general and admin | $135M | $127M | $152M | $167M | $190M | $216M | $285M | $396M |
| Operating income | $120M | $162M | $164M | $168M | $212M | $287M | $388M | $357M |
| Interest expense | $0 | $0 | $55M | $43M | $49M | $67M | $58M | $68M |
| Pre-tax income | $120M | $162M | $109M | $123M | $146M | $220M | $329M | $289M |
| Income tax | $24M | $39M | $9M | $9M | $30M | $55M | $83M | $73M |
| Net income | $0 | $0 | $24M | $28M | $82M | $166M | $246M | $216M |
| EPS (diluted) | $0.00 | $0.00 | $0.60 | $0.70 | $0.88 | $1.23 | $1.86 | $1.68 |
| Diluted shares | 0M | 0M | 40M | 40M | 94M | 134M | 132M | 128M |
| 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% |
| Net margin | 0.0% | 0.0% | 2.4% | 2.2% | 6.0% | 9.9% | 12.3% | 9.3% |
Balance sheet
Fiscal years, from Bellring Brands LLC's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $11M | $6M | $49M | $153M | $36M | $48M | $71M | $72M |
| Receivables | — | $68M | $83M | $104M | $173M | $168M | $220M | $223M |
| Inventory | — | $138M | $150M | $118M | $200M | $194M | $286M | $330M |
| Total current assets | — | $220M | $290M | $388M | $421M | $424M | $593M | $666M |
| Property, plant and equipment | — | $12M | $10M | $9M | $8M | $8M | $9M | $19M |
| Goodwill | — | $66M | $66M | $66M | $66M | $66M | $66M | $66M |
| Total assets | — | $594M | $654M | $696M | $707M | $692M | $837M | $941M |
| Total current liabilities | — | $93M | $153M | $251M | $144M | $150M | $204M | $283M |
| Long-term debt | — | $0 | $623M | $481M | $930M | $857M | $833M | $1.1B |
| Total liabilities | — | $108M | $814M | $762M | $1.1B | $1.0B | $1.0B | $1.4B |
| Shareholders' equity | $452M | $486M | -$2.2B | -$3.1B | -$376M | -$324M | -$206M | -$454M |
| Net debt | -$11M | -$6M | $638M | $445M | $894M | $808M | $762M | $1.0B |
Cash flow
Fiscal years, from Bellring Brands LLC's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $141M | $98M | $97M | $226M | $21M | $216M | $200M | $261M |
| Capital spending | $5M | $3M | $2M | $2M | $2M | $2M | $2M | $5M |
| Free cash flow | $136M | $95M | $95M | $224M | $19M | $214M | $198M | $256M |
| Stock-based compensation | $0 | $0 | $2M | $5M | $10M | $14M | $21M | $22M |
| Share buybacks (net) | — | — | $0 | $0 | -$43M | — | — | — |
| Net borrowing | $0 | $0 | -$535M | -$94M | -$511M | -$74M | -$25M | $250M |
| Free cash flow margin | 16.5% | 11.1% | 9.6% | 18.0% | 1.4% | 12.8% | 9.9% | 11.0% |
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Open BRBR in InvestinglyQuestions
What was Bellring Brands LLC's revenue in 2025?
$2.3B in fiscal 2025, from its 10-K filing.
How much free cash flow does Bellring Brands LLC generate?
$256M in fiscal 2025 (operating cash flow minus capital spending).
From Bellring Brands LLC's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.