Sign in

You're signed outSign in or to get full access.

NB

NATIONAL BEVERAGE CORP (FIZZ)·Q1 2026 Earnings Summary

Executive Summary

  • Q1 FY2026 delivered modest top-line growth and solid profitability: net sales $330.515M, net income $55.760M, EPS $0.60, operating income $71M, gross profit $125M, operating cash flow $59M, cash $250M .
  • Versus Wall Street consensus, revenue was below ($345.947M* est. vs $330.515M actual), while EPS was essentially in line ($0.60* est. vs $0.60 actual); coverage was very light (1 estimate each), limiting signaling value (see Estimates Context) (*Values retrieved from S&P Global).
  • Management highlighted price/mix as the driver of net sales growth amid a slight case volume decline and lower interest income YoY due to prior special dividend cash usage .
  • Post-quarter, the company announced open-market share repurchases under its existing buyback, citing confidence in fundamentals and belief shares do not reflect underlying value—an incremental stock-support catalyst .

What Went Well and What Went Wrong

What Went Well

  • Price/mix drove net sales to a record quarter despite macro uncertainty; LaCroix posted organic sales growth in the club channel with new flavor momentum (“Deliciously Magical” variety pack) .
  • Profitability held up: operating income reached $71M and gross profit increased to $125M, with narrative of disciplined management and strong operating cash flows ($59M) and cash balance ($250M) .
  • Strategic posture and brand innovation: “We will remain focused on developing exciting new flavors and products that delight our consumers, while safeguarding the investments of our shareholders” (company spokesperson) .

What Went Wrong

  • Slight decline in case volumes despite price/mix improvements, reflecting consumer demand headwinds .
  • Interest income decreased $2.1M YoY due to lower invested cash balances following the July 2024 $304M dividend payment, modestly pressuring other income .
  • Macro headwinds cited across the consumer landscape (uncertain consumer spending, geopolitical events), with management acknowledging challenges that could weigh on volume growth .

Financial Results

Multi-Period Comparison (Actuals)

MetricQ3 FY2025 (Jan 25, 2025)Q4 FY2025 (May 3, 2025)Q1 FY2026 (Aug 2, 2025)
Net Sales ($USD Millions)$267.050 $313.629 $330.515
Net Income ($USD Millions)$39.643 $44.761 $55.760
Diluted EPS ($USD)$0.42 $0.48 $0.60
Operating Income ($USD Millions)$51.0 $57.5 $71.0
Gross Profit ($USD Millions)N/AN/A$125.0

Q1 FY2026 Actual vs Consensus

MetricQ1 FY2026 ActualQ1 FY2026 Consensus
Revenue ($USD Millions)$330.515 $345.947*
Diluted EPS ($USD)$0.60 $0.60*

Values with asterisks retrieved from S&P Global.

KPIs

KPIQ3 FY2025Q4 FY2025Q1 FY2026
Operating Cash Flow ($USD Millions)N/AN/A$59.0
Cash & Equivalents ($USD Millions)$149.0 N/A$250.0
Average Diluted Shares (000s)93,691 93,685 93,699

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Formal financial guidance (Revenue, Margins, OpEx, OI&E, Tax)FY2026/Q2 FY2026Not providedNot providedMaintained (no formal guidance)
Capital Returns – Share Buyback ProgramOngoingProgram previously authorizedCommenced open-market purchases; details to followImplemented (commenced repurchases)
Dividend PolicyOngoingHistorical special dividends (e.g., July 2024 $304M referenced)No new dividend announced in Q1 FY2026 materialsNo change disclosed

Earnings Call Themes & Trends

TopicPrevious Mentions (Q3 FY2025 and Q4 FY2025)Current Period (Q1 FY2026)Trend
Macro headwinds (weather, consumer)Q3: Winter storms/fires impacted volumes ; Q4: “Challenging consumer environment” “Challenging global environment” and uncertainty in consumer spending Persistent headwinds
Innovation/product launches (LaCroix)Q3: New “game changer” concept being tested; flavor innovation emphasized ; Q4: Sunshine, Cherry Lime, Blackberry Cucumber shipped; marketing bus tour “Deliciously Magical” variety pack in club channel; four new flavors with strong initial sales Accelerating execution
Channel performance (Club)Not highlighted in Q3/Q4 PRsLaCroix organic sales growth in club channel Improving channel mix
Marketing & sponsorshipsQ4: Bus tour; WNBA and NHL partnerships; BrandED/MerchMx activations Continued focus on exciting flavors/products; brand leadership narrative Ongoing brand-building
Balance sheet/cash generationQ3: Cash $149M ; Q4: FY gross margin 37% OpCF $59M; cash $250M; one of the strongest balance sheets among peers (management view) Strengthening liquidity
Capital allocationQ4: No new capital return action disclosed Buyback commenced; belief shares undervalued Shareholder-friendly action

Management Commentary

  • “Net sales increased as a result of price/mix improvements, partially offset by a slight decline in case volume. Interest income decreased $2.1 million compared to the prior first quarter due to lower invested cash balances following the July 2024 dividend payment of $304 million.” – Company spokesperson .
  • “We will remain focused on developing exciting new flavors and products that delight our consumers, while safeguarding the investments of our shareholders.” – Company spokesperson .
  • “We believe current trading prices do not accurately reflect the underlying value of the Company.” – Company spokesperson, announcing buyback commencement .

Q&A Highlights

  • No public earnings call transcript was available for Q1 FY2026. We searched for an earnings call transcript and did not find any results across transcript and press-release repositories for the period specified. As a result, Q&A highlights and any call-based guidance clarifications are unavailable at this time.

Estimates Context

  • EPS was essentially in line with consensus ($0.60* est. vs $0.60 actual), while revenue missed consensus ($345.947M* est. vs $330.515M actual). Only one estimate was recorded for each metric, indicating limited analyst coverage and lower signal quality for “beat/miss” interpretation (Primary EPS – # of Estimates: 1; Revenue – # of Estimates: 1)*.
  • Given the light coverage and the company’s emphasis on price/mix vs. volume and innovation cadence, revisions may focus on near-term revenue trajectory and gross profit sustainability rather than EPS magnitude.
    Values retrieved from S&P Global.

Key Takeaways for Investors

  • Price/mix uplift supported record quarterly sales and solid profitability despite softer volumes, suggesting pricing power and brand loyalty are intact .
  • Revenue came in below the solitary Street estimate, but EPS was in line; with coverage thin, market reaction may focus more on qualitative drivers (club channel growth, flavor innovation pipeline) than a headline “miss” (*S&P Global; actuals from company press release) .
  • Strong cash generation and a $250M cash balance position FIZZ to sustain innovation and promotions while executing buybacks, potentially providing downside support for shares .
  • The buyback commencement reflects management’s confidence and view of undervaluation—near-term stock support and potential multiple stabilization catalyst .
  • Watch the club channel momentum and the performance of new flavors; if sustained, sequential revenue expansion versus Q4 FY2025 could continue into Q2 .
  • Monitor macro headwinds (consumer spending/geopolitical) and any signs of volume normalization; case volume declines warrant tracking against promotional strategy .
  • Interest income headwinds from lower invested cash balances are a minor drag; core operating performance and cash flow remain the critical drivers .