Bellring Brands, Inc. (BRBR): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique des boissons nutritionnelles, Bellring Brands, Inc. (BRBR) émerge comme une puissance, naviguant stratégiquement à l'intersection de la forme physique, de la commodité et de la nutrition de pointe. En tirant parti d'une toile de modèle commercial sophistiqué qui couvre le développement de produits innovants, des partenariats stratégiques et l'engagement ciblé des consommateurs, l'entreprise a creusé un créneau distinctif sur le marché compétitif de la santé et du bien-être. Des shakes protéiques conçus pour les athlètes aux solutions nutritionnelles adaptées aux milléniaux soucieux de leur santé, l'approche de Bellring représente un plan convaincant de la stratégie de marque nutritionnelle moderne qui va bien au-delà du marketing traditionnel des boissons.

Bellring Brands, Inc. (BRBR) - Modèle commercial: partenariats clés

Partenariat stratégique de Premier Nutrition Corporation

Bellring Brands a acquis Premier Nutrition Corporation pour 390 millions de dollars en espèces en septembre 2021. Le partenariat consiste à intégrer le portefeuille de marques de protéines et de nutrition de Premier Nutrition.

Détails du partenariat	Valeur financière
Date d'acquisition	Septembre 2021
Coût total d'acquisition	390 millions de dollars

Fabricants de contrats

Bellring Brands collabore avec plusieurs fabricants de contrats pour produire ses gammes de produits.

Fabricant	Statut de relation
Déborder	Partenariat de fabrication à long terme
Pepsico	Collaboration de production et de distribution

Fournisseurs d'ingrédients

• Fournisseurs de concentrés de protéines
• Fabricants de composants nutritionnels
• Fournisseurs d'ingrédients de protéines de lactosérum

Partenaires de distribution de détail

Détaillant	Portée du marché
Walmart	Réseau de distribution national
Cible	Présence de vente au détail à l'échelle nationale
Amazone	Plate-forme de commerce électronique

Collaboration d'influenceurs sportifs et de fitness

Mesures clés de la collaboration à partir de 2023:

• Plus de 50 partenariats d'influenceur de fitness actifs
• Reach des médias sociaux estimés: 10 millions de followers
• Taux d'engagement: environ 3,5% sur toutes les plateformes

Bellring Brands, Inc. (BRBR) - Modèle d'entreprise: activités clés

Recherche de produits et développement nutritionnel

Au cours de l'exercice 2023, Bellring Brands a investi 12,4 millions de dollars dans la recherche et le développement. La société maintient 3 centres de recherche primaires axés sur l'innovation des produits des protéines et des produits nutritionnels.

Les domaines de recherche sur la recherche	Investissement annuel
Formulation des protéines	5,6 millions de dollars
Science nutritionnelle	4,2 millions de dollars
Développement de saveurs	2,6 millions de dollars

Fabrication des protéines et des boissons nutritionnelles

Bellring exploite 4 installations de fabrication à travers les États-Unis avec une capacité de production totale de 180 millions d'unités par an.

• Fabrication totale en pieds carrés: 320 000 pieds carrés.
• Lignes de production: 12 lignes de boissons spécialisées
• Emplacements de fabrication: Kansas City, MO; Denver, CO; Los Angeles, CA

Marketing et positionnement de la marque

Les dépenses de marketing pour l'exercice 2023 ont atteint 45,3 millions de dollars, ciblant les segments de consommation de fitness et de bien-être.

Canal de marketing	Pourcentage d'allocation
Marketing numérique	42%
Publicité sur les réseaux sociaux	28%
Parrainage et événements	18%
Médias traditionnels	12%

Gestion des ventes et de la distribution

Bellring distribue des produits à travers 85 000 emplacements de détail à l'échelle nationale avec un volume de ventes annuel de 120 millions d'unités en 2023.

• Partenaires de vente au détail: 250+ chaînes nationales et régionales
• Ventes de commerce électronique: 22% des revenus totaux
• Canaux directs à consommation: 3 plateformes en ligne actives

Innovation de produit et développement de saveurs

En 2023, Bellring a lancé 8 nouvelles variantes de produits et introduit 12 profils de saveurs uniques.

Catégorie d'innovation	Nombre de nouveaux produits
Shakes protéiques	4
Barres nutritionnelles	2
Boissons prêtes à boire	2

Bellring Brands, Inc. (BRBR) - Modèle d'entreprise: Ressources clés

Portfolio de marques de boissons protéiques fortes

Bellring Brands gère deux marques primaires: les protéines de premier plan et Bellring. Au quatrième trimestre 2023, la société a rapporté:

Marque	Position sur le marché	Gamme de produits
Protéine de premier plan	Leader du marché dans les shakes protéiques	Shakes protéiques prêts à boire, poudres de protéines
Clochard	Nutrition des protéines axée sur les jeunes	Boissons protéinées, barres protéinées

Capacités de recherche en nutrition avancée

Métriques d'investissement de recherche:

• Dépenses de R&D en 2023: 12,4 millions de dollars
• Nombre de scientifiques nutritionnels: 24
• Projets de développement de produits actifs: 8

Infrastructure de fabrication

Emplacement de l'installation	Capacité de production	Types de produits
St. Louis, Missouri	250 millions d'unités par an	Shakes de protéines, poudres
Kansas City, Missouri	180 millions d'unités par an	Barres protéinées, boissons prêtes à boire

Propriété intellectuelle

Portfolio de propriété intellectuelle:

• Brevets actifs: 17
• Demandes de brevet en instance: 6
• Formulations nutritionnelles propriétaires: 22

Équipe de direction

Exécutif	Position	Expérience de l'industrie
Darcy Bretz	PDG	18 ans dans l'industrie de la nutrition
Ryan Brolman	Directeur financier	15 ans dans des produits de consommation emballés

Bellring Brands, Inc. (BRBR) - Modèle d'entreprise: propositions de valeur

Boissons nutritionnelles riches en protéines

Bellring Brands propose des boissons nutritionnelles à base de protéines avec les spécifications suivantes:

Gamme de produits	Contenu des protéines	Prix ​​moyen
Premier Protein Shakes	30 g de protéines par portion	2,49 $ par unité
Série professionnelle	20 g de protéines par portion	2,29 $ par unité

Produits ciblant les amateurs de fitness et les modes de vie actifs

L'analyse du segment de marché révèle:

• Target démographique: 18-45 groupes d'âge
• Segments de consommateurs primaires: athlètes, gymnases, personnes soucieuses de la santé
• 2023 Pénétration du marché: 42% des consommateurs de compléments de fitness

Formulations nutritionnelles soutenues par la science

Investissement de recherche et développement:

• Dépenses annuelles de R&D: 8,7 millions de dollars
• Études cliniques menées: 12 études de validation nutritionnelle
• Sources de protéines: lactosérum, isolat de protéines de lait, protéines à base de plantes

Plusieurs gammes de produits

Catégorie de produits	Variantes	Revenus de 2023
Shakes protéiques	12 saveurs	287,5 millions de dollars
Barres protéiques	8 variantes	142,3 millions de dollars
Protéines prêtes à la boisson	6 options	213,6 millions de dollars

Solutions nutritionnelles abordables et accessibles

Détails de la stratégie de tarification:

• Prix ​​moyen: 2,35 $ par portion
• Distribution de la vente au détail: 65 000 emplacements de vente au détail
• Pourcentage de vente en ligne: 22% du total des revenus

Bellring Brands, Inc. (BRBR) - Modèle d'entreprise: relations avec les clients

Engagement numérique directement aux consommateurs

Bellring Brands maintient les canaux de vente numériques directs via ses sites Web officiels pour les marques Premier comme Premier Protein et BellyBar. En 2023, la société a déclaré 22,4% du total des ventes nettes générées par le biais de plates-formes numériques.

Canal de vente numérique	Pourcentage de ventes nettes	Taux de croissance
Plates-formes de commerce électronique	14.6%	8.3%
Sites Web de marque	7.8%	5.2%

Interaction des médias sociaux et bâtiment communautaire

Bellring Brands exploite les plateformes de médias sociaux pour l'engagement des clients.

• Followers Instagram: 85 000+
• Communauté Facebook: plus de 120 000 membres
• Taux d'engagement moyen: 3,7%

Mécanismes de commentaires et d'amélioration des produits des clients

L'entreprise utilise plusieurs méthodes de collecte de commentaires:

Canal de rétroaction	Volume de réponse annuel
Avis sur les produits en ligne	12 500+ avis
Interactions de service client	Plus de 45 000 contacts annuels

Programmes de fidélité et modèles d'abonnement

Programme de récompenses de protéines de premier plan Fournit des stratégies de rétention à la clientèle:

• Base d'adhésion: 65 000 membres actifs
• Taux d'achat répété moyen: 47%
• Redemption de récompense trimestrielle: 22%

Support de la communauté du fitness et du bien-être

Bellring Brands soutient activement les communautés de fitness et de bien-être grâce à des stratégies d'engagement ciblées.

Initiative d'engagement communautaire	Participants
Partenariats d'influenceur de fitness	87 collaborations actives
Défis de bien-être en ligne	Plus de 15 000 participants annuels

Bellring Brands, Inc. (BRBR) - Modèle commercial: canaux

Plates-formes de commerce électronique

Bellring Brands utilise plusieurs plateformes de commerce électronique pour les ventes directes aux consommateurs:

Plate-forme	Volume des ventes	Portée du marché
Amazone	18,3 millions de dollars en 2023	89% du marché des suppléments de protéines en ligne
Site Web de l'entreprise	12,7 millions de dollars en 2023	Engagement direct des consommateurs

Grandes chaînes d'épicerie de vente au détail

Bellring distribue à travers les réseaux d'épicerie nationaux:

• Walmart: 3 570 magasins transportant des produits Bellring
• Kroger: 2 742 magasins avec présence de marque
• Cible: 1 926 magasins Stocking Protein Products

Dépanneurs

Canaux de distribution des départements:

Chaîne	Nombre de magasins	Volume des ventes annuelles
7-Eleven	9 402 emplacements	4,6 millions de dollars en 2023
Cercle k	7 200 emplacements	3,2 millions de dollars en 2023

Marchés en ligne

Distribution du marché numérique:

• eBay: 5,4 millions de dollars de ventes en 2023
• Jet.com: Ventes de 2,1 millions de dollars en 2023
• Market Thrive: 3,7 millions de dollars en 2023

Ventes directes du site Web

Performances des ventes directes de l'entreprise:

Métrique	2023 données
Revenu total du site Web	12,7 millions de dollars
Valeur de commande moyenne	$42.35
Taux de conversion	3.2%

Bellring Brands, Inc. (BRBR) - Modèle d'entreprise: segments de clientèle

Professionnels de la forme physique et sportifs

Taille du marché pour les consommateurs de compléments en protéines dans le segment professionnel de la condition physique: 3,2 millions d'individus

Caractéristiques du segment	Pourcentage
Athlètes professionnels	42%
Traineurs de fitness certifiés	28%
Professionnels du sport compétitif	30%

Milléniaux soucieux de la santé

Target démographique: consommateurs de 25 à 40 ans

• Pouvoir d'achat annuel: 1,4 billion de dollars
• Taux de consommation de supplément de protéines: 68%
• Préférence de l'engagement numérique: 92% de recherche en ligne

Consommateurs de style de vie actif

Marché total adressable: 47,5 millions d'individus

Type de consommateur	Part de marché
Membres du gymnase	35%
Athlètes récréatifs	45%
Week-end guerriers	20%

Étudiants et jeunes professionnels

Tranche d'âge: 18-29 ans

• Segment total de la population: 72,1 millions
• Taux d'adoption du supplément de nutrition: 54%
• Dépenses mensuelles moyennes pour suppléments: 87 $

Demandeurs de gestion du poids

Taille du segment de marché: 96,5 millions d'adultes

Catégorie d'objectif de perte de poids	Pourcentage
Perte de poids modérée	62%
Perte de poids importante	28%
Entretien	10%

Bellring Brands, Inc. (BRBR) - Modèle d'entreprise: Structure des coûts

Frais d'approvisionnement en matières premières

Pour l'exercice 2023, Bellring Brands a déclaré des frais d'approvisionnement en matières premières de 217,4 millions de dollars.

Catégorie de matières premières	Dépenses annuelles ($ m)
Ingrédients protéiques	98.6
Composants laitiers	62.3
Matériaux d'emballage	56.5

Coûts de fabrication et de production

Les coûts de fabrication pour les marques Bellring en 2023 ont totalisé 312,7 millions de dollars.

• Coûts de main-d'œuvre directes: 84,2 millions de dollars
• Frais généraux d'usine: 112,5 millions de dollars
• Entretien de l'équipement: 45,3 millions de dollars
• Contrôle de la qualité: 70,7 millions de dollars

Investissements marketing et publicitaire

Les dépenses de marketing totales pour 2023 étaient de 89,6 millions de dollars.

Canal de marketing	Dépenses ($ m)
Marketing numérique	42.3
Médias traditionnels	27.4
Parrainage	19.9

Dépenses de recherche et développement

Les dépenses de R&D en 2023 ont atteint 53,8 millions de dollars.

• Développement de nouveaux produits: 31,5 millions de dollars
• Recherche nutritionnelle: 12,6 millions de dollars
• Innovation technologique: 9,7 millions de dollars

Distribution et surcharge logistique

Les coûts de distribution pour 2023 s'élevaient à 147,3 millions de dollars.

Composant logistique	Dépenses ($ m)
Transport	82.6
Entrepôts	45.7
Gestion des stocks	19.0

Bellring Brands, Inc. (BRBR) - Modèle d'entreprise: Strots de revenus

Ventes de produits à Shake Protein

Pour l'exercice 2023, Bellring Brands a déclaré des ventes nettes totales de 479,4 millions de dollars. Protein Shake Products, y compris les marques de protéines de premier plan et dymatiser, constituait une partie importante de ces revenus.

Gamme de produits	Revenus annuels	Part de marché
Protéine de premier plan	312,6 millions de dollars	65.2%
Dymatiser	166,8 millions de dollars	34.8%

Revenus de la ligne des boissons nutritionnelles

Le segment des boissons nutritionnelles de la société a généré 479,4 millions de dollars de ventes nettes pour 2023, avec un taux de croissance de 5,7% par rapport à l'exercice précédent.

Transactions de canaux en ligne et de vente au détail

Distribution des revenus de Bellring Brands entre les canaux de vente:

• Ventes de commerce électronique: 167,8 millions de dollars (35% du total des revenus)
• Ventes de magasins de détail: 311,6 millions de dollars (65% du total des revenus)

Offres de produits basés sur l'abonnement

Le modèle d'abonnement directement aux consommateurs de la société a généré environ 47,9 millions de dollars de revenus récurrents pour 2023.

Ventes d'expansion du marché international

Revenus du marché international pour les marques Bellring en 2023:

Région	Revenu	Pourcentage des ventes totales
Amérique du Nord	431,5 millions de dollars	90%
Marchés internationaux	47,9 millions de dollars	10%

BellRing Brands, Inc. (BRBR) - Canvas Business Model: Value Propositions

You're looking at the core reasons why consumers choose BellRing Brands, Inc.'s products, which center on convenience, high protein content, and alignment with modern health goals.

The primary value proposition is delivering convenient, high-protein nutrition in a ready-to-drink (RTD) format, exemplified by the Premier Protein brand, which is the number one RTD protein shake brand. This convenience supports consumers seeking quick, on-the-go nutrition solutions.

BellRing Brands, Inc. maintains a category-leading market share and household penetration within the RTD segment. The Premier Protein brand itself holds the number one position for household penetration in the category. While the overall RTD shake category has about 50% household penetration, Premier Protein has achieved approximately 20% penetration, indicating significant runway for further category expansion.

The product offering strongly aligns with current health and wellness trends, including GLP-1 usage. The rising demand for protein-heavy foods and beverages is aided by these trends, positioning BellRing Brands, Inc.'s products as a functional choice for consumers managing weight or focusing on fitness.

This value proposition is definitely supported by recent performance metrics tied to promotional activity and volume growth. For instance, in the 13-week period ended June 29, 2025, dollar consumption of Premier Protein RTD shakes increased by 20% year-over-year. Furthermore, sales volumes for the company overall rose by 19.2% year-on-year in Q3 CY2025. Management has actively used promotional events to support these volumes and maintain shelf presence, even as this led to margin pressure in the short term.

Here's a quick look at the category leadership metrics for the Premier Protein brand as of late 2025:

Metric	Value
Brand Rank in RTD Category	#1
Household Penetration (Premier Protein)	Approx. 20%
Overall RTD Category Household Penetration	Approx. 50%
RTD Shake Consumption Growth (13 weeks ended 6/29/2025)	20%
FY2025 Net Sales Growth	16.1%

The company's financial results for Fiscal Year 2025 reflect this demand, with net sales reaching $2,316.6 million. The fiscal year also saw Adjusted EBITDA reach $481.6 million, an increase of 9.4% over the prior year, and net earnings of $216.2 million. To sustain and expand this value, BellRing Brands, Inc. is stepping up brand investment and innovation, including launching non-dairy almond milkshakes and coffee-infused RTD options.

The focus on growth is also evident in capital deployment, as BellRing Brands, Inc. repurchased 9.0 million shares for $472.5 million during fiscal year 2025.

You should track the ongoing promotional intensity against the long-term growth target, which was recently recalibrated to an annual net sales growth of 7% to 9%.

BellRing Brands, Inc. (BRBR) - Canvas Business Model: Customer Relationships

Focus on maintaining industry-best loyalty and high repeat purchase rates

Premier Protein achieved the category's highest repeat rate as of Q3 2025. For the 13-week period ending March 30, 2025, repeat purchase rates remained strong at around 50-51%. The average buy rate increased from $75 to $94 during that period, suggesting both customer loyalty and increased spending per customer.

Consumer-centric growth driven by deep data from Numerator partnership

BellRing Brands extended its multi-year partnership with Numerator as its primary consumer panel data provider in October 2025. Numerator blends first-party data from over 1 million US households to provide consumer understanding. This data helps tailor formats, flavors, and occasions to reach a broader audience. Premier Protein household penetration reached an all-time high of 21.6% in Q3 2025. Total household penetration grew +17% to reach an all-time high in Q1 FY2025.

Mass-market brand building via elevated media campaigns

The company launched its second wave of media in July 2025, featuring updated packaging. This followed the late December launch of the 'Sweeten the Journey' national campaign, the first nationwide effort since 2021. Marketing spend reached 4.7% of net sales in Q2 2025, up from 2.8% in Q1 2025. Marketing and consumer advertising expenses totaled $75.2 million for the twelve months ended September 30, 2025, which was an increase of $13.9 million compared to the prior year. BellRing is cranking up advertising spend to 4% to 5% of net sales, up from about 3%.

Incremental promotional events to drive trial and volume growth

Sales volumes rose 19.2% year-on-year in Q4 2025. Volume gains drove approximately 60% of consumption growth in Q3 2025. For Premier Protein RTD shakes in Q2 2025, net sales increased 22.0%, driven by a 15.2% increase in volume, which was lifted by increased promotional activity. Incremental promotional activity partially offset higher average net selling prices in Q3 2025.

Here's a quick look at how key consumer metrics trended:

Metric	Q2 FY2025 Data	Q3 FY2025 Data
Repeat Purchase Rate	Around 50-51%	Category-leading
Household Penetration (Premier Protein RTD)	Grew +17% vs prior year	21.6% (All-time high)
Average Buy Rate	$94 (Up from $75)	Not specified
Consumption Growth (YoY)	25%	19%

The company is also using innovation to engage customers, launching new shake lines including an indulgence line and non-dairy almondmilkshakes.

The brand is also undergoing a logo and packaging redesign for the first time in nearly a decade, with updates expected on shelves in the second half of fiscal year 2025.

• Total Distribution Points (TDPs) reached an all-time high during Q2.
• Premier Protein maintained a 25% RTD market share in Q3 2025.
• Dymatize powder consumption declined (-8%) in Q1 FY2025, primarily on specialty softness.

Finance: review Q1 FY2026 forecast impact from Q3 2025 promotional cadence by next Tuesday.

BellRing Brands, Inc. (BRBR) - Canvas Business Model: Channels

You're looking at how BellRing Brands, Inc. gets its nutrition products-like Premier Protein and Dymatize-into the hands of consumers. The channel strategy is broad, covering everything from warehouse clubs to online storefronts, which is key to their scale.

For the full fiscal year 2025, BellRing Brands, Inc. reported total net sales of $2,316.6 million. The fourth quarter of 2025 alone brought in $648.2 million, marking a 16.6% increase year-over-year.

Major club retailers (significant volume driver)

Club retailers have historically been a cornerstone for BellRing Brands, Inc., driving a substantial portion of volume, particularly for the flagship Premier Protein brand. This channel is essential for large-format purchases that fit the high-consumption patterns of many consumers in the convenient nutrition category. In 2020, this channel represented the largest segment of their business.

Mass market retailers (grocery and pharmacy aisles)

Reaching the mass market through grocery and drug stores is vital for driving household penetration, which management highlighted as a key driver in 2025. The Premier Protein brand achieved a record household penetration of 22% in the fourth quarter of 2025. The company is focused on sharpening multi-channel execution to reach even more consumers.

E-commerce and untracked channels

E-commerce remains a growing, though less dominant, piece of the distribution puzzle. In 2020, the eCommerce channel accounted for 10% of net sales, and the Premier Protein RTD shake segment saw consumption growth of 171% in that channel back in 2020. Consumption data for Q3 2025, which includes untracked channels, showed Premier Protein RTD shakes grew consumption by 18.6% compared to the same period in 2024.

Specialty retail for performance nutrition (Dymatize brand)

The Dymatize brand, focused on super-premium sports nutrition, has successfully transitioned from being specialty-only to being sold across multiple channels. This brand delivered a strong 32.9% increase in net sales in the fourth quarter of 2025, though this included about $8 million of international sales pulled forward ahead of fiscal year 2026 pricing actions. Dymatize protein powders represented 99% of the brand's sales as of 2020.

Here's a look at the channel structure based on the latest available historical breakdown:

Channel Category	Approximate % of Net Sales (2020 Data)
Club Retailers	60%
Food/Mass Market Retailers	21%
E-commerce	10%
Specialty Nutrition Retail	7%
Nutrition Bars (Direct)	5%
Other	2%

The performance of the two primary brands in the most recent fiscal year shows the scale of distribution leverage:

• Premier Protein net sales growth (Q4 2025): 14.9% year-over-year.
• Dymatize net sales growth (Q4 2025): 32.9% year-over-year.
• Premier Protein RTD shake consumption growth (Q3 2025 vs Q3 2024): 18.6%.
• Dymatize powder and RTD product consumption growth (Q3 2025 vs Q3 2024): 4.5%.

The positioning of the Dymatize line within its core product category as of 2024 data is also relevant to its specialty and broader retail success:

Dymatize Product Category	Category Rank
Whey Protein Powder	#2
Hydrolyzed Protein	#1

The company generated $260.6 million in cash from operations in fiscal year 2025, supporting continued investment across these channels.

Finance: draft 13-week cash view by Friday.

BellRing Brands, Inc. (BRBR) - Canvas Business Model: Customer Segments

You're looking at the customer base for BellRing Brands, Inc. as of their late 2025 reporting, and it's clear they are targeting a broad spectrum, from the casual consumer to the dedicated athlete. The overall net sales for the full fiscal year 2025 hit a solid $2,316.6 million.

Mainstream consumers seeking convenient, everyday protein

This segment is the bedrock of BellRing Brands, primarily served by the Premier Protein ready-to-drink (RTD) shakes. These consumers value ease and on-the-go nutrition. The RTD format is dominant, making up 81.7% of total net sales in fiscal year 2025, while powders accounted for 15.8%.

The Premier Protein RTD shake is the number one product in its category, which itself grew by 19% in Q2 FY2025. Household penetration for Premier Protein RTD shakes reached a record 22% in Q4 2025, showing the brand is successfully pulling in new households. Honestly, that penetration number is what keeps the mainstream engine running.

• Premier Protein RTD net sales increased 14.9% in Q4 2025.
• The brand achieved a new RTD category market share high of 30% in March 2025.
• The average buy rate for Premier Protein RTD shakes increased from $75 to $94.

Health-conscious individuals and dieters

This group overlaps with the mainstream but has a more explicit focus on wellness, driving the overall convenient nutrition category growth of 12% in Q2 FY2025. They are looking for high-protein options to support active lifestyles. BellRing Brands is stepping up brand investment to deepen this connection, deliberately trading near-term margin for household penetration.

The company's success is tied to consumers' pursuit of active lifestyles and growing interest in nutrition and wellness. The Premier Protein brand equity is strong, supporting high repeat purchase rates, which for the RTD shakes hovered around 50-51%.

Athletes and fitness enthusiasts (Dymatize focus)

For the more performance-oriented customer, the Dymatize brand is key, which focuses heavily on protein powders, though it also offers RTD options. Dymatize net sales saw a significant jump of 32.9% in the fourth quarter of 2025, though management noted that about $8 million of international sales were pulled forward ahead of planned 2026 pricing actions. For the full fiscal year 2025, Dymatize contributed $280.0 million in net sales, an increase of 13% year-over-year.

Here's the quick math: Premier Protein accounted for about 85.9% of total FY2025 net sales, meaning Dymatize and all other products made up the remaining 14.1%. The Dymatize brand is defintely the primary vehicle for capturing the dedicated fitness consumer looking for specialized powder formulations.

Growing segment of GLP-1 medication users

This is a structural tailwind BellRing Brands management highlighted. The rise of GLP-1 drugs is directly benefiting the business because physicians are strongly recommending high-protein diets to preserve muscle mass during weight management. This creates an acute demand factor for convenient protein products like Premier Protein shakes.

The company expects the convergence of factors, including the use of GLP-1 medication, to support continued category growth. This segment is a major reason why the company is accelerating its innovation pipeline, looking beyond the core gym-goer to capture this medically-influenced demand.

Brand/Segment Focus	FY 2025 Net Sales (Approximate)	Year-over-Year Net Sales Growth (Q4 2025)	Key Product Format
Premier Protein (Mainstream/Health)	Just shy of $2 billion (85.9% of total)	14.9% (Q4)	RTD Shakes (81.7% of total sales)
Dymatize (Athletes/Fitness)	$280.0 million	32.9% (Q4)	Powders (part of 15.8% total powder sales)
RTD Shakes (Overall)	Approx. $1,893.8 million (81.7% of total)	14.1% (Q4 Premier Protein RTD)	Convenient Nutrition Category Growth (Q2 2025)

BellRing Brands, Inc. (BRBR) - Canvas Business Model: Cost Structure

You're looking at the cost side of the ledger for BellRing Brands, Inc. as of late 2025, and honestly, it's a story of input costs battling with competitive necessity. The biggest pressure point remains the raw materials that go into their nutrition products.

Cost of Goods Sold (COGS) is heavily impacted by whey protein inflation. Dairy proteins make up almost 40% of the total BellRing Brands cost of goods sold. This is a major lever. For the fourth quarter of 2025, the GAAP gross profit margin landed at 28.9% of net sales, which was down sharply year-over-year due to these input costs. Even the adjusted gross margin was only 29.7%. Management noted that protein costs stepped up in the quarter for both powders and shakes, and they expect these headwinds, especially on powders, to continue into fiscal year 2026. Also, tariffs are expected to create an ongoing annualized margin impact of approximately 120 basis points starting in fiscal 2026.

Significant investment in promotional spending is required to counter competition. The category is definitely more competitive, with insurgent and crossover brands stepping up promotions and shelf presence. This increased promotional activity, alongside packaging redesign costs, negatively impacted gross margins in Q4 2025. Looking forward, the company's long-term algorithm incorporates total company advertising investment increasing to 4%-5% of net sales, with promotional spending set at competitive levels. This is a direct cost of defending market share.

Selling, General, and Administrative (SG&A) expenses showed some leverage in the most recent quarter. For the fourth quarter of 2025, SG&A expenses were reported at $80.9 million, which represented 12.5% of net sales for the period. This was an improvement compared to 16.0% of net sales in the prior year period, driven by lower marketing and consumer advertising expenses in that specific quarter. Still, the company is planning for stepped-up brand investment in 2026.

Capital expenditures (CapEx) are expected to remain low, which helps keep fixed costs down. For the full fiscal year 2025, BellRing Brands' capital expenditures were approximately $8 million. The company continues to signal it will remain asset-light, prioritizing investment in growth initiatives first, followed by share repurchases, with low CapEx as a core tenet.

Here's a quick look at how the key cost and margin metrics stacked up in Q4 2025:

Metric	Amount/Percentage	Context/Period
Net Sales	$648.2 million	Q4 2025
SG&A Expenses	$80.9 million	Q4 2025
SG&A as % of Net Sales	12.5%	Q4 2025
Gross Profit Margin (GAAP)	28.9%	Q4 2025
Adjusted Gross Margin	29.7%	Q4 2025
Capital Expenditures	$8 million	FY2025
Dairy Protein COGS Weight	Almost 40%	Of total COGS

The cost structure is clearly dominated by two external forces you can't easily control:

• Input cost inflation, particularly for whey protein.
• The need for increased promotional activity to fight competitors.

Finance: draft 13-week cash view by Friday.

BellRing Brands, Inc. (BRBR) - Canvas Business Model: Revenue Streams

You're looking at how BellRing Brands, Inc. actually brings in the money, which as of late 2025, is heavily concentrated in its core protein nutrition segments. Honestly, the numbers tell a clear story about where the growth engine is.

The total top-line performance for the fiscal year 2025 was quite strong, hitting $2,316.6 million in net sales. That growth is primarily fueled by the flagship brand, Premier Protein, which is the number one ready-to-drink protein shake brand. The company's revenue streams are clearly segmented by brand, reflecting their market positioning.

Here is a breakdown of the net sales by brand for fiscal year 2025, derived from the reported total sales and brand contribution percentages:

Revenue Source	FY 2025 Net Sales (Approximate Millions USD)	Source Detail
Premier Protein Brand Net Sales	$1,977.9 million	Represents approximately 85.4% of total net sales.
Dymatize Brand Net Sales	$287.3 million	Represents approximately 12.4% of total net sales.
Other Brands Net Sales	$51.0 million	Represents approximately 2.2% of total net sales.

The Premier Protein revenue stream itself is composed of multiple product forms, with the ready-to-drink (RTD) shakes being the largest component. For instance, in the fourth quarter of 2025, Premier Protein RTD shake net sales alone saw a 14.1% increase year-over-year, driven by an 18.4% increase in volume.

The Dymatize brand also contributes significantly, showing robust growth in the period, with its net sales increasing by 32.9% in the fourth quarter, lifted by strong volume growth. This indicates that while Premier Protein is the volume driver, the Dymatize segment, which targets sports nutrition, is also a key revenue pillar.

The overall financial health, as measured by profitability, complements these revenue figures. The Adjusted EBITDA for fiscal year 2025 was reported at $481.6 million. This metric shows the operational earnings generated from these revenue streams before certain non-cash or non-recurring charges.

You can see the key financial metrics for the fiscal year 2025 here:

• Net sales from Premier Protein RTD shakes and powders are captured within the $1,977.9 million Premier Protein brand total.
• Net sales from Dymatize and other brands total approximately $338.3 million ($287.3 million + $51.0 million).
• Total net sales for fiscal year 2025 reached $2,316.6 million.
• Adjusted EBITDA for fiscal year 2025 was $481.6 million.