BELLRING BRANDS, INC. (BRBR)

BellRing Brands, Inc. is a global leader in the convenient nutrition category, offering nutritious, great-tasting products consumers can enjoy throughout the day. It was formed in Delaware in October 2021 as a wholly-owned subsidiary of Post Holdings, Inc. to effect the separation of its predecessor, Old BellRing, from Post. The spin-off was completed on March 10, 2022, and BellRing became the new public holding company and successor registrant. Post has held no BellRing shares since November 2022. For the year ended September 30, 2025, net sales were $2,316.6 million, up from $1,666.8 million in fiscal 2023, and net earnings were $216.2 million.

The company's primary brands are Premier Protein and Dymatize, which together accounted for 85.9% and 12.1% of fiscal 2025 net sales, with other brands making up 2.0%. Premier Protein is a mainstream lifestyle brand centered on ready-to-drink (RTD) protein shakes, which offer 30 grams of protein and 160 calories, as well as whey protein powders. Dymatize targets fitness enthusiasts with sports nutrition products, mainly protein powders such as ISO.100, Elite 100% Whey and Super Mass Gainer. ISO.100 is sold in more than seventy-five countries. RTD shakes made up 81.7% of net sales and powders 15.8%.

BellRing sells through club, food, drug and mass (FDM), eCommerce, specialty, convenience, foodservice and military channels, and its customers include club stores, retailers, online retailers, convenience stores and distributors. Products are sold in the U.S. and in more than ninety countries. The U.S. represented 88.1% of net sales and international markets 11.9%. Walmart (including Sam's Club), Costco and Amazon together accounted for about 74.0% of net sales. In the U.S. the company uses a direct sales force, a broker network and distributors, and in Western Europe it uses direct sales and distributors. Marketing includes digital, search, television and in-store programs, plus influencer programs for each brand.

BellRing relies mainly on third-party contract manufacturers in North America and the European Union. One contract manufacturer supplied about 46.3% of Premier Protein RTD shake supply in fiscal 2025 under an agreement expiring December 31, 2030. The company owns a plant in Voerde, Germany that makes nutrition bars and gels. Raw materials include milk-, whey- and soy-based proteins, sweeteners, vitamin and mineral blends, and packaging, and its largest protein powder supplier agreement runs through June 30, 2028. Products move through third-party warehouses and common carriers. The category is highly competitive and sensitive to price and promotion, with competitors including branded food and beverage makers and private label products. Sales are seasonally lower in the first fiscal quarter. The company had about 530 employees as of November 1, 2025, roughly 350 in the U.S. and 170 in Germany.