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NATIONAL BEVERAGE CORP (FIZZ)·Q4 2025 Earnings Summary

Executive Summary

  • Q4 2025 delivered record net sales of $313.6M and EPS of $0.48, with operating income up 8.6% to $57.5M; sequential momentum improved meaningfully versus Q3 despite a challenging consumer backdrop .
  • Revenue beat Wall Street consensus by ~$10.4M (+3.4%), and EPS modestly exceeded consensus ($0.48 vs $0.4761*); innovation in LaCroix flavors (Sunshine, Cherry Lime, Blackberry Cucumber) and stepped-up marketing/sponsorships were key drivers .
  • Year-over-year, Q4 net sales rose 5.5% (to $313.6M) and EPS ticked up to $0.48 from $0.47; FY gross margin increased to 37.0% and operating income reached $235M .
  • No formal guidance was provided; management emphasized brand innovation, consumer engagement, and expanded sports partnerships (WNBA Indiana Fever/Dallas Wings, Florida Panthers jersey placement), framing a constructive setup into FY26 .

Values retrieved from S&P Global.*

What Went Well and What Went Wrong

What Went Well

  • Record Q4 net sales, operating profit, and net income, with volume increases in both Power+Brands and carbonated soft drinks; “We are very pleased to report strong fourth-quarter results…” .
  • Successful product innovation: LaCroix Sunshine, Cherry Lime, and Blackberry Cucumber began shipping in Q4, providing “a growth stimulus in a challenging consumer environment” .
  • Enhanced brand visibility via multi-city LaCroix Summer bus tour and expanded sports partnerships (men’s/women’s soccer, WNBA teams including Indiana Fever and Dallas Wings; Florida Panthers jersey logo for second consecutive year) .

What Went Wrong

  • Operating margin declined sequentially vs Q2/Q3 despite higher volumes; Q4 operating margin ~18.3% vs Q3 ~19.1% and Q2 ~19.9%, reflecting mix, promotional activity, and a 14-week quarter that can distort efficiency metrics .
  • Consumer headwinds persisted earlier in the year (Q2 net sales down 3% on volume shortfalls in Aug/Sep due to shopping habit shifts and reduced purchasing power); weather and regional disruptions impacted volumes (Q3 fires in Southern CA; severe winter in Midwest/Northeast) .
  • No quantified forward guidance, limiting visibility into near‑term margins and top-line cadence; estimates comparisons rely on limited external coverage (only one estimate for Q4) .

Financial Results

Sequential Performance (Q2 → Q4 FY25)

MetricQ2 2025Q3 2025Q4 2025
Revenue ($USD Millions)$291.2 $267.1 $313.6
Operating Income ($USD Millions)$58.0 $51.0 $57.5
Net Income ($USD Millions)$45.6 $39.6 $44.8
EPS (Basic/Diluted) ($USD)$0.49/$0.49 $0.42/$0.42 $0.48/$0.48
Operating Margin (%)19.9% (58.0/291.2) 19.1% (51.0/267.1) 18.3% (57.5/313.6)

Note: FY25 Q4 was a 14-week quarter .

Year-over-Year (Q4 FY24 → Q4 FY25)

MetricQ4 2024Q4 2025
Revenue ($USD Millions)$297.3 $313.6
Net Income ($USD Millions)$43.7 $44.8
EPS (Basic/Diluted) ($USD)$0.47/$0.47 $0.48/$0.48

FY Performance (FY24 → FY25)

MetricFY 2024FY 2025
Revenue ($USD Millions)$1,191.7 $1,201.4
Operating Income ($USD Millions)$218? N/A$235.0
Net Income ($USD Millions)$176.7 $186.8
EPS (Basic/Diluted) ($USD)$1.89/$1.89 $2.00/$1.99
Gross Margin (%)N/A37.0%

Versus Estimates (Q4 2025)

MetricActual (Q4 2025)Consensus (Q4 2025)Surprise
Revenue ($USD Millions)$313.6 $303.3*+$10.4M / +3.4%*
EPS ($USD)$0.48 $0.4761*+$0.0039*

Values retrieved from S&P Global.*

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
RevenueFY26None provided None provided Maintained (no formal guidance)
Operating MarginFY26None provided None provided Maintained (no formal guidance)
EPSFY26None provided None provided Maintained (no formal guidance)
Tax RateFY26None provided None provided Maintained
DividendsFY26None disclosed None disclosed N/A

Earnings Call Themes & Trends

Note: No earnings call transcript was available in the document set; themes tracked via company press releases.

TopicPrevious Mentions (Q2 2025)Previous Mentions (Q3 2025)Current Period (Q4 2025)Trend
Innovation pipeline (LaCroix flavors)Launch of Strawberry Peach with strong consumer response; more creations scheduled “New creativity…being tested at Expo West…exceeding expectations…game changer” Sunshine, Cherry Lime, Blackberry Cucumber began shipping; growth stimulus Accelerating innovation cadence
Marketing & SponsorshipsExpanded in-store merchandising, sampling ambassadors; social/digital/influencers; sports/podcast sponsorships Continued engagement and BrandED/experiential activations LaCroix Summer bus tour; WNBA (Indiana Fever, Dallas Wings); Florida Panthers jersey logo Broader reach and brand visibility
Consumer environment & demandHeadwinds: changed shopping habits, reduced purchasing power; Aug/Sep volume shortfalls Weather/fire disruptions affected volumes in key markets Both Power+Brands and CSD posted volume increases; resilient consumer Improving into Q4
Supply-chain/operational disruptionsRecord storms in Southeast caused supply-chain disruptions and store closures Southern CA fires; severe winter weather impacted consumption No new disruptions noted; operational execution highlighted Normalizing
Packaging/format innovationN/ANovel packaging concept tested at Expo West; exceeding expectations Continued focus on innovation; flavor launches Progressing toward commercialization
Margin managementOperating margins improved for 8th consecutive quarter; op profit/case +12% Improved operating profit; cash $149M FY gross margin up to 37.0%; Q4 op income up 8.6% Sustained focus; quarterly margin mixed

Management Commentary

  • “We are very pleased to report strong fourth-quarter results, with net sales, operating profit and net income reaching record highs… LaCroix’s recent innovations…began shipping in the fourth quarter, providing a growth stimulus in a challenging consumer environment” .
  • “We have initiated various LaCroix Summer marketing campaigns… partnered with men’s and women’s professional soccer teams and WNBA teams… Our partnership with the Florida Panthers continues to enhance brand awareness…” .
  • “We inspire our team members to think creatively in all areas… no new flavor is released until… it’s perfect” .
  • “We begin our new fiscal year with optimism and confidence that our innovative brands are well-positioned to deliver a ‘healthy’ future to our consumers and shareholders” .

Q&A Highlights

No earnings call transcript was available to review; no Q&A highlights identified in the provided document set [ListDocuments returned none].

Estimates Context

  • Consensus coverage for Q4 2025 was limited (only one estimate). FIZZ beat on revenue ($313.6M actual vs $303.3M consensus*) and modestly exceeded EPS ($0.48 actual vs $0.4761 consensus*) .
  • Given the revenue beat and constructive demand signals, Street models may need to reflect stronger innovation-driven volumes and improved FY gross margin baseline (37.0%) into FY26, while calibrating quarterly operating margin variability amid promotional activity and seasonality .

Values retrieved from S&P Global.*

Key Takeaways for Investors

  • Strong Q4 print with top-line and EPS beats versus consensus; innovation and marketing elevated brand engagement, supporting sequential recovery from Q3 weather/fire impacts .
  • Sequential improvement: revenue +17% vs Q3, EPS +14% vs Q3, operating income +13% vs Q3—providing a positive near-term setup even as quarterly operating margin dipped versus Q2/Q3 .
  • FY gross margin increased to 37.0%; continued margin management is a core focus, but expect quarterly variability with innovation launches and promotional cadence .
  • Expanded sports partnerships and experiential marketing (bus tour, WNBA, NHL) should sustain brand visibility heading into peak seasonal periods—supporting volume for LaCroix’s new flavors .
  • Lack of formal guidance means near-term estimates will lean on tracked demand signals; monitor sell-through of Sunshine/Cherry Lime/Blackberry Cucumber and any commercialization of the Expo West packaging concept for potential upside .
  • Keep an eye on macro sensitivity: prior periods showed demand headwinds from consumer purchasing power and weather; normalization in Q4 suggests resilience, but conditions can swing quarterly .
  • Tactical: revenue beat and constructive qualitative tone can be a positive catalyst; watch for follow-up data points (distribution gains, marketing ROI) to validate sustained momentum into FY26 .

Sources: Q4 2025 press release and 8-K 2.02 ; Q3 2025 8-K and press release ; Q2 2025 8-K and press release . Values retrieved from S&P Global for consensus comparisons.*