Revenue growth has decelerated to 0.8% in 2026Q1, while operating margins remain constrained at 9.1% due to persistent SG&A overhead.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Jan'98 | Jan'97 |
|---|
| Sales/Revenue | 6.68B | 6.66B | 5.15B | 4.7B | 1.69B | 2.07B | 1.95B | 1.8B | 2.37B | 2.27B | 1.62B | 2.94B | 2.1B | 2.09B | 2.25B | 2.33B | 1.8B | 1.6B | 1.65B | 1.78B | 1.77B | 1.76B | 1.65B | 1.42B | 1.2B | 1.09B | 990.6M | 990.8M | 958.5M | 1.02B | 1B |
| Revenue Growth % | 38.04% | 29.34% | 9.66% | 177.5% | -18.33% | 6.13% | 8.81% | -24.34% | 4.55% | 39.83% | -44.86% | 40% | 0.42% | -6.96% | -3.6% | 29.46% | 12.94% | -3.12% | -7.22% | 0.26% | 0.94% | 6.62% | 16.12% | 18.29% | 9.95% | 10.04% | -0.02% | 3.37% | -5.75% | 1.43% | 7.89% |
| Cost of Goods Sold | 4.7B | 4.54B | 3.53B | 3.35B | 674M | 915.9M | 839.7M | 726.2M | 1.19B | 1.14B | 779.5M | 2.05B | 1.82B | 1.84B | 1.96B | 2.06B | 1.54B | 1.35B | 1.47B | 1.58B | 1.55B | 1.51B | 1.36B | 1.14B | 965.7M | 902.7M | 786.5M | 807.6M | 812.8M | 855M | 834.7M |
| COGS % of Revenue | - | 68.08% | 68.53% | 71.23% | 39.81% | 44.18% | 42.98% | 40.45% | 50.2% | 50.37% | 48.02% | 69.53% | 86.78% | 87.94% | 87.11% | 88.11% | 85.23% | 84.36% | 89.02% | 88.83% | 87.76% | 85.79% | 82.77% | 80.48% | 80.57% | 82.81% | 79.4% | 81.51% | 84.8% | 84.07% | 83.25% |
| Gross Profit | 1.97B | 2.14B | 1.62B | 1.35B | 1.02B | 1.16B | 1.11B | 1.07B | 1.18B | 1.13B | 843.7M | 897M | 277.9M | 252.6M | 290.1M | 277.5M | 266.4M | 249.8M | 181M | 198.4M | 216.9M | 249.5M | 283.7M | 276.8M | 232.9M | 187.4M | 204.1M | 183.2M | 145.7M | 162M | 168M |
| Gross Margin % | 29.54% | 32.17% | 31.47% | 28.77% | 60.19% | 55.82% | 57.02% | 59.55% | 49.8% | 49.63% | 51.98% | 30.47% | 13.22% | 12.06% | 12.89% | 11.89% | 14.77% | 15.64% | 10.98% | 11.17% | 12.24% | 14.21% | 17.23% | 19.52% | 19.43% | 17.19% | 20.6% | 18.49% | 15.2% | 15.93% | 16.75% |
| Gross Profit Growth % | - | 32.19% | 19.94% | 32.65% | -11.94% | 3.91% | 4.17% | -9.53% | 4.92% | 33.51% | -5.94% | 222.78% | 10.02% | -12.93% | 4.54% | 4.17% | 6.65% | 38.01% | -8.77% | -8.53% | -13.07% | -12.05% | 2.49% | 18.85% | 24.28% | -8.18% | 11.41% | 25.74% | -10.06% | -3.57% | 43.22% |
| Operating Expenses | 1.45B | 1.39B | 1.06B | 929.1M | 883.8M | 1.03B | 985.8M | 962.2M | 1.09B | 1.04B | 806.2M | 768.6M | 216.9M | 158.7M | 178M | 168.9M | 166.7M | 146.8M | 179.8M | 161.9M | 178.7M | 138.6M | 139M | 127.9M | 110.2M | 94.1M | 130.3M | 138.2M | 137.5M | 118.3M | 111.1M |
| OpEx % of Revenue | - | 20.92% | 20.52% | 19.77% | 52.2% | 49.77% | 50.46% | 53.59% | 46.02% | 45.96% | 49.67% | 26.11% | 10.31% | 7.58% | 7.91% | 7.23% | 9.24% | 9.19% | 10.91% | 9.11% | 10.09% | 7.9% | 8.44% | 9.02% | 9.19% | 8.63% | 13.15% | 13.95% | 14.35% | 11.63% | 11.08% |
| Selling, General & Admin | 1.4B | 1.39B | 1.05B | 924.2M | 883.8M | 1.03B | 985.8M | 962.2M | 1.09B | 1.04B | 806.2M | 765.8M | 214M | 158.7M | 175.2M | 166.4M | 163.6M | 143.8M | 179.8M | 161.9M | 176.1M | 138.6M | 138.1M | 126.1M | 110.2M | 94.1M | 91.3M | 99.1M | 93.8M | 79.8M | 76M |
| SG&A % of Revenue | - | 20.89% | 20.39% | 19.67% | 52.2% | 49.77% | 50.46% | 53.59% | 46.02% | 45.96% | 49.67% | 26.01% | 10.18% | 7.58% | 7.78% | 7.13% | 9.07% | 9.01% | 10.91% | 9.11% | 9.94% | 7.9% | 8.39% | 8.89% | 9.19% | 8.63% | 9.22% | 10% | 9.79% | 7.85% | 7.58% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.9M | 3.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | 0.14% | 0.15% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1.8M | 1.8M | 6.6M | 4.9M | 0 | 0 | 0 | 0 | 0 | 0 | 2.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.6M | 0 | 900K | 1.8M | 0 | 0 | 39M | 39.1M | 43.7M | 38.5M | 35.1M |
| Operating Income | 525.8M | 751.5M | 564.4M | 422.9M | 135.4M | 125.5M | 128M | 107M | 89.7M | 83.2M | 37.5M | 128.4M | 61M | 93.9M | 112.1M | 108.6M | 99.7M | 103M | 1.2M | 36.5M | 38.2M | 110.9M | 144.7M | 148.9M | 122.7M | 93.3M | 73.8M | 45M | 8.2M | 43.7M | 56.9M |
| Operating Margin % | 7.88% | 11.28% | 10.95% | 9% | 8% | 6.05% | 6.55% | 5.96% | 3.78% | 3.67% | 2.31% | 4.36% | 2.9% | 4.48% | 4.98% | 4.65% | 5.53% | 6.45% | 0.07% | 2.05% | 2.16% | 6.32% | 8.79% | 10.5% | 10.24% | 8.56% | 7.45% | 4.54% | 0.86% | 4.3% | 5.67% |
| Operating Income Growth % | - | 33.15% | 33.46% | 212.33% | 7.89% | -1.95% | 19.63% | 19.29% | 7.81% | 121.87% | -70.79% | 110.49% | -35.04% | -16.24% | 3.22% | 8.93% | -3.2% | 8483.33% | -96.71% | -4.45% | -65.55% | -23.36% | -2.82% | 21.35% | 31.51% | 26.42% | 64% | 448.78% | -81.24% | -23.2% | 295.14% |
| EBITDA | 1.15B | 1.36B | 897.7M | 728.6M | 317.4M | 344.6M | 330.1M | 275.6M | 284.3M | 271.8M | 188.6M | 352.2M | 171.7M | 197.5M | 213.5M | 207.8M | 178.8M | 169.2M | 81.9M | 108.2M | 125M | 181.1M | 205.4M | 201.6M | 168.5M | 135.4M | 112.8M | 84.1M | 51.9M | 82.2M | 92M |
| EBITDA Margin % | 17.2% | 20.43% | 17.42% | 15.51% | 18.75% | 16.62% | 16.9% | 15.35% | 11.98% | 11.98% | 11.62% | 11.96% | 8.17% | 9.43% | 9.49% | 8.9% | 9.92% | 10.6% | 4.97% | 6.09% | 7.05% | 10.32% | 12.48% | 14.22% | 14.06% | 12.42% | 11.39% | 8.49% | 5.41% | 8.08% | 9.18% |
| EBITDA Growth % | 29.09% | 51.69% | 23.21% | 129.55% | -7.89% | 4.39% | 19.78% | -3.06% | 4.6% | 44.11% | -46.45% | 105.13% | -13.06% | -7.49% | 2.74% | 16.22% | 5.67% | 106.59% | -24.31% | -13.44% | -30.98% | -11.83% | 1.88% | 19.64% | 24.45% | 20.04% | 34.13% | 62.04% | -36.86% | -10.65% | 118.01% |
| D&A (Non-Cash Add-back) | 622.6M | 610.2M | 333.3M | 305.7M | 182M | 219.1M | 202.1M | 168.6M | 194.6M | 188.6M | 151.1M | 223.8M | 110.7M | 103.6M | 101.4M | 99.2M | 79.1M | 66.2M | 80.7M | 71.7M | 86.8M | 70.2M | 60.7M | 52.7M | 45.8M | 42.1M | 39M | 39.1M | 43.7M | 38.5M | 35.1M |
| EBIT | 485.1M | 471.5M | 360.3M | 406M | 146M | 75.1M | -70.9M | 71.3M | 101.7M | 51.9M | 3.9M | 108.9M | -5.3M | 75.8M | 111.1M | 97.6M | 115.4M | 93.1M | -107.7M | -49M | 3.3M | 73.1M | 174.6M | 180.1M | 212M | 123.5M | 101.6M | 75.3M | 129.9M | 93.6M | 79.7M |
| Net Interest Income | -322.7M | -326.5M | -339.6M | -288.1M | -67.8M | -68.8M | -81.6M | -77.6M | -77.6M | -85.5M | -43M | -111M | -39.7M | -51.6M | -54.2M | -57.1M | -36.9M | -29.7M | -32.3M | -32.8M | -32.2M | -28.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 100K | 100K | 600K | 800K | 1.1M | 500K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 322.7M | 326.5M | 339.6M | 288.1M | 67.8M | 68.8M | 81.6M | 77.6M | 77.6M | 85.5M | 43M | 111M | 39.7M | 51.6M | 54.2M | 57.1M | 37M | 29.8M | 32.9M | 33.6M | 33.3M | 29.3M | 31.4M | 33.7M | 89.8M | 27.8M | 24.3M | 23.1M | 196.4M | 68.7M | 28.3M |
| Other Income/Expense | -392.4M | -606.5M | -543.7M | -305M | -57.2M | -119.2M | -280.5M | -113.3M | -65.6M | -116.8M | -76.6M | -130.5M | -106M | -69.7M | -55.2M | -68.1M | -21.3M | -39.7M | -141.8M | -119.1M | -68.2M | -67.1M | -29.9M | -31.2M | -34.9M | -30.2M | -26.6M | -27.4M | -108M | -45.1M | -26.2M |
| Pretax Income | 133.4M | 145M | 20.7M | 117.9M | 78.2M | 6.3M | -152.5M | -6.3M | 24.1M | -33.6M | -39.1M | -2.1M | -45M | 24.2M | 56.9M | 40.5M | 78.4M | 63.3M | -140.6M | -82.6M | -30M | 43.8M | 114.8M | 117.7M | 87.8M | 63.1M | 47.2M | 17.6M | -99.8M | -1.4M | 30.7M |
| Pretax Margin % | 2% | 2.18% | 0.4% | 2.51% | 4.62% | 0.3% | -7.81% | -0.35% | 1.02% | -1.48% | -2.41% | -0.07% | -2.14% | 1.16% | 2.53% | 1.73% | 4.35% | 3.96% | -8.53% | -4.65% | -1.69% | 2.5% | 6.97% | 8.3% | 7.33% | 5.79% | 4.76% | 1.78% | -10.41% | -0.14% | 3.06% |
| Income Tax | 60.4M | 64.6M | 33.3M | 25.1M | 19.5M | 9.5M | 4.3M | 4.5M | -4.8M | -30M | 21.2M | -22.7M | -61.4M | 2.2M | 4.6M | -700K | 18.6M | -22.8M | -19.5M | -13.9M | -16.3M | 14.7M | 35.8M | 40.1M | 28.9M | 23.2M | 20.6M | -3.8M | -4M | -900K | 8.8M |
| Effective Tax Rate % | 45.28% | 44.55% | 160.87% | 21.29% | 24.94% | 150.79% | -2.82% | -71.43% | -19.92% | 89.29% | -54.22% | 1080.95% | 136.44% | 9.09% | 8.08% | -1.73% | 23.72% | -36.02% | 13.87% | 16.83% | 54.33% | 33.56% | 31.18% | 34.07% | 32.92% | 36.77% | 43.64% | -21.59% | 4.01% | 64.29% | 28.66% |
| Net Income | 58.7M | 60.1M | -16.4M | 92.8M | 29.6M | -3.2M | -185.4M | 2.9M | -45M | -1.4M | -77.8M | 2.5M | 10.8M | 17M | 47.8M | 37.6M | 54.7M | 81.5M | -122.8M | -71.4M | -17.5M | 24.6M | 78.3M | 77.4M | 3.9M | 39.9M | 25.4M | 18.5M | -109.5M | -5.3M | 25.3M |
| Net Margin % | 0.88% | 0.9% | -0.32% | 1.98% | 1.75% | -0.15% | -9.49% | 0.16% | -1.9% | -0.06% | -4.79% | 0.08% | 0.51% | 0.81% | 2.12% | 1.61% | 3.03% | 5.1% | -7.45% | -4.02% | -0.99% | 1.4% | 4.76% | 5.46% | 0.33% | 3.66% | 2.56% | 1.87% | -11.42% | -0.52% | 2.52% |
| Net Income Growth % | 233.71% | 466.46% | -117.67% | 213.51% | 1025% | 98.27% | -6493.1% | 106.44% | -3114.29% | 98.2% | -3212% | -76.85% | -36.47% | -64.44% | 27.13% | -31.26% | -32.88% | 166.37% | -71.99% | -308% | -171.14% | -68.58% | 1.16% | 1884.62% | -90.23% | 57.09% | 37.3% | 116.89% | -1966.04% | -120.95% | 218.22% |
| Net Income (Continuing) | 73M | 80.4M | -12.6M | 92.8M | 58.7M | -3.2M | -156.8M | -10.8M | 28.9M | -3.6M | -60.3M | 20.6M | 16.4M | 22M | 52.3M | 41.2M | 59.8M | 86.1M | -121.1M | -68.7M | -13.7M | 29.1M | 78.3M | 77.4M | 3.9M | 39.9M | 25.4M | 18.5M | -109.5M | -5.3M | 25.3M |
| Discontinued Operations | -1000K | -20.3M | -3.8M | 0 | -29.1M | 0 | -28.6M | 13.7M | -73.9M | 2.2M | -17.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6.1M | 5.3M | 6.6M | 6.9M | 9.5M | 11.1M | 12.4M | 13M | 15.3M | 17.3M | 19.6M | 20.9M | 22.5M | 23.8M | 25.6M | 26.6M | 28.1M | 0 | 0 | 0 | 200K | 4.3M |
| EPS (Diluted) | 0.16 | 0.16 | -0.07 | 0.40 | 0.18 | -0.02 | -1.19 | 0.02 | -0.32 | -0.01 | -0.61 | -0.03 | 0.11 | 0.18 | 0.50 | 0.40 | 0.63 | 1.08 | 0.00 | -0.99 | -0.24 | 0.34 | 1.09 | 1.09 | 0.06 | 0.58 | 0.38 | 0.28 | -1.74 | -0.08 | 0.40 |
| EPS Growth % | 160.17% | 336.34% | -117.02% | 121% | 1004.52% | 98.33% | -5673.36% | 106.62% | -3102.97% | 98.33% | -1737.58% | -130.96% | -40.04% | -64.75% | 27.44% | -37.17% | -41.86% | - | 100% | -307.38% | -171.76% | -68.81% | 0% | 1716.67% | -89.66% | 52.63% | 35.71% | 116.09% | -2105.32% | -119.72% | 211.11% |
| EPS (Basic) | - | 0.16 | -0.07 | 0.40 | 0.18 | -0.02 | -1.19 | 0.02 | -0.32 | -0.01 | -0.61 | -0.03 | 0.11 | 0.18 | 0.51 | 0.40 | 0.64 | 0.00 | 0.00 | 0.00 | 0.00 | 0.34 | 1.10 | 1.12 | 0.06 | 0.66 | 0.42 | 0.31 | -1.74 | -0.08 | 0.41 |
| Diluted Shares Outstanding | 365.84M | 374.87M | 242.31M | 160.62M | 161.88M | 160.78M | 155.45M | 135.22M | 139.1M | 139.08M | 128.29M | 103.04M | 93.78M | 95.63M | 94.78M | 95M | 0 | 75.22M | 0 | 71.83M | 71.73M | 71.9M | 71.83M | 71.01M | 65M | 68.79M | 66.84M | 66.07M | 62.93M | 67.14M | 62.5M |
| Basic Shares Outstanding | 363.58M | 373.51M | 242.31M | 159.45M | 160.76M | 160.78M | 155.45M | 135.22M | 139.1M | 139.08M | 128.29M | 103.04M | 93.78M | 94.75M | 94.55M | 94.24M | 0 | 74.21M | 0 | 71.83M | 71.73M | 71.63M | 71.18M | 69.11M | 65M | 60.45M | 60.48M | 59.68M | 62.93M | 67.14M | 60.98M |
| Dividend Payout Ratio | - | 251.75% | - | - | 153.38% | - | - | 1120.69% | - | - | - | 1004% | 211.11% | 128.82% | 12.13% | - | - | - | - | - | - | - | 7.54% | 5.3% | 100% | 1.75% | - | - | - | - | 4.35% |
Logistics cost volatility
As reported in recent financial statements, Primo Brands Corporation experienced a significant revenue deceleration, with growth rates cooling to 0.8% in 2026Q1 from the triple-digit surges observed in early 2024, suggesting that the initial inorganic contribution from recent acquisitions has largely been fully integrated into the baseline.
The sharp decline in year-over-year growth suggests that the company is transitioning from an acquisition-heavy phase to a period where organic performance must drive the top line. Investors should monitor whether the current revenue plateau reflects a saturation of the retail exchange network or a temporary pause in consumer demand for water delivery services.
Based on the provided income statement data, the company's gross margin has fluctuated within a narrow band, reaching 29.8% in 2026Q1, which highlights the inherent difficulty in scaling a logistics-heavy beverage model compared to the higher-margin profiles of pure-play consumer brand peers like Monster Beverage.
The inability to consistently push gross margins above the 30% threshold suggests that the company remains tethered to high variable costs associated with fleet operations and bottle maintenance. This structural reality implies that significant margin expansion is unlikely without a fundamental shift toward higher-margin filtration or refill-based revenue streams.
According to the latest quarterly filings, the operating margin compressed to 9.1% in 2026Q1, indicating that the company has struggled to achieve meaningful operating leverage as SG&A expenses continue to absorb a substantial portion of the gross profit generated by the core water business.
The lack of consistent operating margin expansion suggests that the company's fixed-cost base, particularly regarding its delivery infrastructure, is not scaling efficiently with revenue. This warrants further investigation into whether management can optimize route density or if the current cost structure is permanently burdened by the complexity of its retail footprint.
As evidenced by the reported figures, the company's net margin remains thin at 0.90% in 2026Q1, with historical periods showing significant bottom-line swings, including a net loss of $157.7M in 2024Q4, which suggests that non-operating items and integration costs continue to mask the underlying earnings power of the business.
The persistent volatility in net income indicates that investors should focus on operating income as a more reliable proxy for core performance. The frequent fluctuations in bottom-line results suggest that the company's current earnings quality is heavily influenced by non-recurring charges, making it difficult to assess the true steady-state profitability of the water delivery model.
Based on the provided income statement, the company's net margin of 0.90% in 2026Q1 highlights a precarious profitability profile that leaves little room for error, particularly if rising fuel prices or plastic input costs exert further pressure on the already constrained gross margin of 29.8%.
Short-term observers may argue that the company's reliance on a capital-intensive delivery fleet creates a permanent drag on profitability that cannot be easily mitigated. If the company fails to successfully pivot toward higher-margin filtration services, the current business model may remain vulnerable to cyclical downturns and inflationary pressures on logistics.
Quick answers to the most common questions about buying PRMB stock.
For fiscal year 2025, Primo Brands Corporation (PRMB) reported total revenue of $6.66B. This represents a 564.6% increase compared to $1.00B in 1996.
Primo Brands Corporation (PRMB) is profitable, generating $60.1M in net income for the fiscal year ending 2025 with a net profit margin of 0.9%.
Primo Brands Corporation (PRMB) reported an operating income of $751.5M, resulting in an operating profit margin of 11.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Primo Brands Corporation (PRMB) generated $2.14B in gross profit for the year, representing a gross profit margin of 32.2%. This demonstrates the company's core pricing power and production efficiency.