Primo Brands Corp. (PRMB)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$6.7B

Revenue growth

11.5%

Net income, last twelve months

$100.3M

Earnings per share

$0.26

Gross margin

29.2%

Operating margin

7.2%

Net margin

1.5%

Return on equity

3.4%

Market value

$7.0B

Price to earnings

74.4x

Dividend yield

2.3%

Cash

$366.8M

Debt

$5.2B

Debt to equity

1.73

Shares outstanding

362.5M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter of 2026 results, filed 5 August 2026.

• Net sales rose 3.8%. Net sales were $1,796.2 million against $1,730.1 million. Six-month net sales were $3,422.3 million against $3,343.8 million.
• Adjusted EBITDA rose 5.0%. Adjusted EBITDA was $385.0 million against $366.7 million. Adjusted EBITDA margin was 21.4%, up from 21.2% a year earlier and 18.8% in the first quarter.
• Net income and EPS higher. Net income from continuing operations was $69.2 million, or $0.19 per diluted share, against $30.5 million and $0.08. Operating income was $180.3 million against $112.8 million.
• Adjusted EPS $0.37 against $0.36. Adjusted net income was $134.2 million against $137.1 million, a decline of $2.9 million. Adjusted diluted EPS was $0.37 against $0.36.
• Premium water sales increased. Premium water net sales were $114.2 million against $87.5 million. Other water net sales fell to $31.8 million from $35.2 million.
• Regional spring water sales increased. Regional spring water net sales were $911.0 million against $875.1 million. Purified water net sales were $556.1 million against $545.6 million.
• Other categories declined. Other net sales were $183.1 million against $186.7 million.
• Exited office coffee business not recurring. Sales from the exited US Office Coffee Services business did not recur in the current quarter, partly offsetting the net sales increase.
• Direct Delivery returned to growth early. Management said Direct Delivery returned to growth earlier than it had anticipated.
• Top line above management's expectations. Management said second-quarter top-line results exceeded its expectations, with Retail channel growth led by regional spring water and premium brands.
• Gross margin fell on transport costs. Gross margin was 30.5% against 31.3%. Transportation costs and depreciation and amortization rose, partly offset by revenue growth and lower integration costs.
• SG&A fell on marketing and amortization. SG&A expenses were $345.5 million against $378.6 million, with lower marketing costs and lower amortization of definite-lived intangibles.
• Integration costs declined. Acquisition, integration and restructuring expenses were $10.0 million in the quarter against $49.7 million a year earlier.
• Inflation managed through multiple levers. Management said it is actively managing inflationary pressures through several levers across the business. No dollar amount for the pressure is given.

Revenue by segment

As the company reports it in the segment note of its annual report.

By product, FY2025

Company events

The newest 8-K filings of 35 held.

Every filing

The newest filings with the SEC of 72 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

421 funds held it at 30 Jun 2026: 189 added and 124 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Coca-Cola Co. (KO): revenue $51.1B, market value $394.9B
• PepsiCo Inc. (PEP): revenue $98.2B, market value $180.8B
• Diageo plc (DEO): revenue $27.8B, market value $51.1B
• Keurig Dr Pepper Inc. (KDP): revenue $20.1B, market value $47.5B
• Ambev S.A. (ABEV): revenue $15.8B, market value $43.9B
• Constellation Brands, Inc. (STZ): revenue $9.2B, market value $22.2B
• Brown Forman Corp. (BF.B): revenue $3.9B, market value $13.1B
• Vita Coco Company, Inc. (COCO): revenue $767.5M, market value $3.2B

What the company does

Primo Brands is a North American branded beverage company focused on healthy hydration, with products distributed in every United States state and in Canada. It sells bottled water and other beverages through retail outlets, away-from-home accounts and direct delivery to homes and businesses. The company operates more than 50 production facilities and more than 200 depots, and it had over 12,600 associates at 31 December 2025. It has dual headquarters in Tampa, Florida, and Stamford, Connecticut, and its Class A common stock trades on the New York Stock Exchange under the ticker PRMB.

How the business is organised

Primo Brands Corporation was formed in 2024. On 8 November 2024 it completed a set of merger transactions that made BlueTriton and Primo Water its wholly owned subsidiaries. The company reports one operating segment, which is also its only reportable segment. It sold its remaining businesses outside North America during 2024 and 2025 and now has no operations outside North America. Net sales in the United States were 98.5% of the total and net sales in Canada were 1.5%.

What it sells

The company calls Poland Spring and Pure Life "billion-dollar brands". Its premium brands include Saratoga and The Mountain Valley. Regional spring water brands include Arrowhead, Deer Park, Ice Mountain, Ozarka and Zephyrhills. Purified water brands include Primo Water and Sparkletts. Flavored and enhanced beverages include Splash Refresher and AC+ION. The company also sells water dispensers and water filtration units for home and business customers. It acts as a distributor for select third-party beverage brands.

How products reach buyers

The company describes its network as vertically integrated and running coast to coast. It supplies more than 200,000 retail outlets and also sells directly through three offerings:

- Direct Delivery brings water to home and business customers. - Exchange lets consumers buy a pre-filled, multi-use bottle at approximately 26,500 retail locations and swap it after use for a discount on the next purchase. - Refill lets consumers refill empty multi-use bottles at over 23,500 self-service refill stations.

A delivery fleet of approximately 4,800 vehicles supports the direct network. Products are also sold through wholesalers, grocery stores and other retailers, and on company-owned and third-party e-commerce platforms. Water sales are generally higher in the warmer months.

Water and packaging supply

The company has more than 80 spring water sources across the United States and Canada. Of these, 36 sites are company-owned and the rest are used under contracts. Most are in Maine, Pennsylvania, California, Florida and Texas. It says it keeps multiple sources so that it does not depend on a single supply point. It also helps conserve over 28,000 acres of land.

The main raw materials besides water are PET resin, glass, aluminum, HDPE and LDPE. Some materials, including rPET, may come from a limited number of suppliers or a sole supplier. The company typically signs multi-year contracts with key suppliers. It generally bears the risk of changes in material costs and may pass increases to customers or hedge against them. It also buys fuel and uses both its own fleet and third parties to move raw materials and finished goods.

Customers and competition

Customers include large national and retail grocery, mass-merchandise, drugstore, wholesale and convenience store chains in the United States and Canada. It also sells directly to commercial and residential customers. One customer accounted for 21% of net sales.

The company says it holds the number one market share in the United States bottled water retail channel. Its competitors include local, regional and national bottled water and beverage businesses, makers and providers of water filtration units and services, and large retailers with private-label water. Its products also compete with other non-alcoholic drinks, home filtration methods and tap water.

Regulation and people

The company's products are regulated in the United States as conventional foods. Oversight comes from agencies including the FDA, the Federal Trade Commission and the Environmental Protection Agency, along with state and local authorities. Canadian provinces apply similar requirements. California's Proposition 65 can require warning labels. The company is a member of the International Bottled Water Association and the Water Quality Association. The International Bottled Water Association requires annual plant inspections by an independent third-party agency.

Collective bargaining agreements cover approximately 330 of the company's associates. The company says it considers its relations with associates generally good.

*From Primo Brands's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/2042694/000162828026012779/prmb-20251231.htm)*

From the company's 10-K.