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Beverages - Non-alcoholic · Consumer Defensive · Fiscal year ends Dec 31
Primo Brands reported revenue of $6.7B in the fiscal year ended Dec 2025, up 29.3% from the year before. Operating income was $430M, an operating margin of 6.5%, and net income was $60M. Operating cash flow of $680M less capital expenditure of $377M left free cash flow of $303M. Net debt was $4.8B.
Ranks among the 12 beverages - non-alcoholic companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Revenue | 4,441 | 4,699 | 5,153 | 6,664 |
| Cost of revenue | 3,447 | 3,347 | 3,531 | 4,644 |
| Gross profit | 994 | 1,352 | 1,622 | 2,020 |
| Selling, general & admin | 887 | 924 | 1,051 | 1,390 |
| Operating income | 23.3 | 406 | 360 | 430 |
| Interest expense | 212 | 288 | 340 | 327 |
| Pre-tax income | −180 | 118 | 20.7 | 145 |
| Income tax | −53.1 | 25.1 | 33.3 | 64.6 |
| Net income | −127 | 92.8 | −16.4 | 60.1 |
| Diluted EPS | −0.74 | 0.29 | −0.07 | 0.16 |
| Diluted shares | 218 | 218 | 242 | 375 |
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Cash & equivalents | 106 | 44.7 | 614 | 377 |
| Receivables | – | 398 | 444 | 432 |
| Inventory | – | 180 | 208 | 224 |
| Current assets | – | 698 | 1,529 | 1,218 |
| Net PP&E | – | 1,609 | 2,084 | 2,186 |
| Goodwill | 817 | 817 | 3,572 | 3,582 |
| Total assets | – | 5,154 | 11,195 | 10,603 |
| Payables | – | 357 | 472 | 519 |
| Current liabilities | – | 783 | 1,412 | 1,283 |
| Short-term debt | – | 31.9 | 64.5 | 73.3 |
| Long-term debt | – | 3,451 | 4,964 | 5,085 |
| Total liabilities | – | 5,151 | 7,750 | 7,610 |
| Shareholders' equity | 135 | 2.7 | 3,444 | 2,993 |
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Operating cash flow | 108 | 321 | 464 | 680 |
| Capital expenditure | 259 | 204 | 150 | 377 |
| Free cash flow | −150 | 117 | 314 | 303 |
| Depreciation & amortisation | 326 | 306 | 333 | 610 |
| Stock-based compensation | 1.8 | 1.3 | 8.7 | 49.9 |
| Share buybacks | 0.0 | 0.0 | 10.4 | 422 |
| Dividends paid | 0.0 | 0.0 | 35.7 | 151 |
| Dividend per share | – | – | 0.09 | 0.40 |
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Revenue growth (YoY) | – | 5.8% | 9.7% | 29.3% |
| Operating income growth (YoY) | – | 1642.5% | −11.3% | 19.5% |
| EPS growth (YoY) | – | – | −124.1% | – |
| Gross margin | 22.4% | 28.8% | 31.5% | 30.3% |
| Operating margin | 0.5% | 8.6% | 7.0% | 6.5% |
| Net margin | −2.9% | 2.0% | −0.3% | 0.9% |
| Return on equityBlank when equity is negative | −94.1% | 3437.0% | −0.5% | 2.0% |
| ROCEEBIT ÷ (assets − current liabilities) | – | 9.3% | 3.7% | 4.6% |
| Free cash flow margin | −3.4% | 2.5% | 6.1% | 4.5% |
| Cash conversion (CFO ÷ net income) | −0.85x | 3.46x | −28.3x | 11.3x |
| Receivable days | – | 31 | 31 | 24 |
| Inventory days | – | 20 | 22 | 18 |
| Payable days | – | 39 | 49 | 41 |
| Interest cover | 0.11x | 1.41x | 1.06x | 1.32x |
| Debt ÷ equity | – | 1290x | 1.46x | 1.72x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | 3,438 | 4,414 | 4,781 |
| Current ratio | – | 0.89x | 1.08x | 0.95x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.