Primo Brands (PRMB) financial statements
Primo Brands reported revenue of $6.7B in fiscal 2025, up 14.5% a year over 3 years.
Net income was $60M and the operating margin 6.5%, against 0.5% in 2022.
Free cash flow was $303M, and the company returned $151M in dividends and $422M in net buybacks.
The diluted share count rose 72% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Primo Brands's 10-K filings with the SEC.
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | $4.4B | $4.7B | $5.2B | $6.7B |
| Cost of revenue | $3.4B | $3.3B | $3.5B | $4.6B |
| Gross profit | $994M | $1.4B | $1.6B | $2.0B |
| Selling, general and admin | $887M | $924M | $1.1B | $1.4B |
| Operating income | $23M | $406M | $360M | $430M |
| Interest expense | $212M | $288M | $340M | $326M |
| Pre-tax income | -$180M | $118M | $21M | $145M |
| Income tax | -$53M | $25M | $33M | $65M |
| Net income | -$127M | $93M | -$16M | $60M |
| EPS (diluted) | -$0.74 | $0.29 | -$0.07 | $0.16 |
| Diluted shares | 218M | 218M | 242M | 375M |
| Gross margin | 22.4% | 28.8% | 31.5% | 30.3% |
| Operating margin | 0.5% | 8.6% | 7.0% | 6.5% |
| Net margin | -2.9% | 2.0% | -0.3% | 0.9% |
Balance sheet
Fiscal years, from Primo Brands's 10-K filings with the SEC.
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Cash and short-term investments | $106M | $45M | $614M | $377M |
| Receivables | — | $398M | $444M | $432M |
| Inventory | — | $180M | $208M | $224M |
| Total current assets | — | $698M | $1.5B | $1.2B |
| Property, plant and equipment | — | $1.6B | $2.1B | $2.2B |
| Goodwill | $816M | $817M | $3.6B | $3.6B |
| Total assets | — | $5.2B | $11.2B | $10.6B |
| Total current liabilities | — | $783M | $1.4B | $1.3B |
| Long-term debt | — | $3.5B | $5.0B | $5.1B |
| Total liabilities | — | $5.2B | $7.8B | $7.6B |
| Shareholders' equity | $135M | $3M | $3.4B | $3.0B |
| Net debt | -$106M | $3.4B | $4.4B | $4.8B |
Cash flow
Fiscal years, from Primo Brands's 10-K filings with the SEC.
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Operating cash flow | $108M | $321M | $464M | $680M |
| Capital spending | $258M | $204M | $150M | $377M |
| Free cash flow | -$150M | $117M | $314M | $303M |
| Stock-based compensation | $2M | $1M | $9M | $50M |
| Dividends paid | $0 | $0 | $36M | $151M |
| Share buybacks (net) | $0 | $0 | -$10M | -$422M |
| Net borrowing | $0 | $0 | $392M | $0 |
| Free cash flow margin | -3.4% | 2.5% | 6.1% | 4.5% |
| Dividends per share | — | — | $0.15 | $0.40 |
Questions
What was Primo Brands's revenue in 2025?
$6.7B in fiscal 2025, from its 10-K filing.
How much free cash flow does Primo Brands generate?
$303M in fiscal 2025 (operating cash flow minus capital spending).
From Primo Brands's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.