Short answer
NATIONAL BEVERAGE CORP (FIZZ) filed its fiscal 2025 10-K annual report with the SEC on Jul 2, 2025. It reported revenue of $1.2B (+0.8% year over year) and net income of $187M.
- Top risk flagged: Regulatory risk: potential increased costs from proposed phase-out of synthetic dyes and removal of sweetened products from U.S. nutrition assistance program
FY2025 key financial metrics · XBRL
- Revenue
- $1.2B
- +0.8% YoY
- Net income
- $187M
- +5.7% YoY
- Operating margin
- 19.6%
- +1.3 pp YoY
- Gross margin
- 37.0%
- +1.0 pp YoY
- EPS (diluted)
- $1.99
- +5.3% YoY
- ROE
- 42.1%
- +10.5 pp YoY
- Operating cash flow
- $207M
- +4.4% YoY
Source: XBRL data from the NATIONAL BEVERAGE CORP (FIZZ) FY2025 10-K on SEC EDGAR. USD.
NATIONAL BEVERAGE CORP FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Innovative beverage company focused on healthier sparkling waters, juices, and energy drinks with iconic legacy soft drink brands
- New LaCroix flavors launched: Sunshine (summer 2025) and Strawberry Peach, plus packaging redesigns for Blackberry Cucumber and Cherry Lime
- Strategic marketing shift: Increased digital and social media engagement, plus expanded sports sponsorships including Florida Panthers NHL team jerseys
- Employee count around 1,681 with 59% persons of color and 25% female workforce, supporting diversity and inclusion efforts
- Sustainability focus includes predominantly U.S.-based production, over 80% aluminum cans with 71% recycled content, and carbon footprint reduction investments
Management Discussion & Analysis
- Revenue $1,201.4M, up 0.8% YoY from $1,191.7M; 1.7% selling price increase offset 0.9% case volume decline
- Gross profit $443.9M vs $428.5M; gross margin 37.0% vs 36.0% YoY
- Power+ Brands volume decline impacted segment; carbonated soft drink brands increased (best performing segment)
- Operating expenses $208.5M down $1.4M; SG&A 17.4% of sales vs 17.6%
- Operating cash flow $206.7M vs $197.9M; special dividend $304.1M; capex $36.3M vs $30.2M; cash decreased $133.2M
- Management expects FY26 capex not to exceed $36.3M; risks include raw material costs, consumer demand, regulatory changes, and cyber threats
Risk Factors
- Regulatory risk: potential increased costs from proposed phase-out of synthetic dyes and removal of sweetened products from U.S. nutrition assistance program
- Macroeconomic threat: raw material and energy cost volatility from tariffs and supply disruptions impacting aluminum, resin, corn, and natural gas
- Operational vulnerability: water scarcity and drought risks affecting production and distribution capabilities in critical geographic regions
- Competitive risk: intense competition from companies with substantially greater financial and marketing resources threatening market share
- Financial risk: reliance on key executives with potential operational disruption if unable to attract or retain experienced personnel
Generated from the filing text; verify against the original. How to read a 10-K
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