Primo Brands Corp

Listed Company

PRMBCIK 0002042694NYSELarge AcceleratedBeveragesDelawareFY ends Dec 31

Period

FY 2025

Revenue

$6.66B

Net Income

$60.10M

Total Assets

$10.60B

Equity

$2.99B

Shares Out

363.33M

Op. Cash Flow

$680.30M

Business

Primo Brands Corporation is a North American branded beverage company focused on healthy hydration and the production, distribution, and sale of bottled and packaged water and related beverages. It offers premium spring and sparkling waters, purified and flavored/enhanced beverages, water dispensers, filtration units, office coffee services, and refillable multi-serve bottles and packaging. Its operations include retail and direct-to-consumer businesses, notably Water Direct, Water Exchange, and Water Refill, alongside manufacturing, distribution, and circular packaging initiatives. Primo Brands distributes across every U.S. state and Canada through mass, grocery, convenience, natural and drug channels, wholesalers, distributors, food service accounts, and e-commerce/direct channels.

Summary from filing dated 2025-02-27

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Net sales	6,664	5,153	4,699	4,441
Cost of sales	4,644	3,531	3,347	3,447
Gross profit	2,020	1,622	1,352	994
Selling, general and administrative expenses	1,390	1,051	924	887
Acquisition, integration and restructuring expenses	168	204	17	84
Intangible asset impairment	36	0	0	—
Other operating (income) expense, net	−4	7	5	100,000
Operating income	430	360	406	23
Other income, net	−60	0	0	—
Loss on modification and extinguishment of debt	19	0	0	−9
Interest and financing expense, net	327	340	288	212
Income from continuing operations before income taxes	145	21	118	−180
Provision for income taxes	65	33	25	−53
Net income (loss) from continuing operations	80	−13	93	−127
Net loss from discontinued operations, net of tax	−20	−4	0	0
Net income (loss)	60	−16	93	−127
Dividend on preferred stock	0	0	26	33
Excess of redemption price over carrying value of preferred stock	0	0	3	1
Net income (loss) attributable to common stockholders	60	−16	64	−161
Continuing operations (in dollars per share)	0.21	−0.05	0.29	−0.74
Discontinued operations (in dollars per share)	−0.05	−0.02	0	0
Net income (loss) per common share (in dollars per share)	0.16	−0.07	0.29	−0.74
Continuing operations (in dollars per share)	0.21	−0.05	0.29	−0.74
Discontinued operations (in dollars per share)	−0.05	−0.02	0	0
Net income (loss) per common share (in dollars per share)	0.16	−0.07	0.29	−0.74
Basic (in shares)	374	242	218	218
Diluted (in shares)	375	242	218	218

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash, cash equivalents and restricted cash	377	614	47	106	—
Trade receivables, net of allowance for expected credit losses of $20.5 and $4.7 as of December 31, 2025 and December 31, 2024, respectively	432	444	398	—	—
Inventories	224	208	180	—	—
Prepaid expenses and other current assets	149	150	73	—	—
Current assets held for sale	37	112	0	—	—
Total current assets	1,218	1,529	698	—	—
Property, plant and equipment, net	2,186	2,084	1,609	—	—
Operating lease right-of-use-assets, net	539	629	552	—	—
Goodwill	3,582	3,572	817	817	—
Intangible assets, net	2,993	3,192	1,420	—	—
Other non-current assets	86	70	57	—	—
Non-current assets held for sale	0	119	0	—	—
Total assets	10,603	11,195	5,154	—	—
Current portion of long-term debt	73	65	32	—	—
Trade payables	519	472	357	—	—
Accruals and other current liabilities	598	698	321	—	—
Current portion of operating lease obligations	93	96	74	—	—
Current liabilities held for sale	0	82	0	—	—
Total current liabilities	1,283	1,412	783	—	—
Long-term debt, less current portion	5,085	4,964	3,451	—	—
Operating lease obligations, less current portion	474	556	498	—	—
Deferred income taxes	692	739	397	—	—
Other non-current liabilities	77	50	22	—	—
Non-current liabilities held for sale	0	31	0	—	—
Total liabilities	7,610	7,750	5,151	—	—
Commitments and contingencies	—	—	—	—	—
Common stock, $0.01 par value, 900,000,000 shares authorized, 363,940,940 and 379,792,996 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively	4	4	0	—	—
Additional paid-in capital	5,017	4,971	1,025	—	—
Accumulated deficit	−2,015	−1,514	−1,014	—	—
Accumulated other comprehensive loss	−14	−17	−8	—	—
Total stockholders' equity	2,993	3,444	3	135	341
Total liabilities and stockholders' equity	10,603	11,195	5,154	—	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Depreciation and amortization	610	333	306	326
Amortization of debt discount and issuance costs	30	18	14	14
Stock-based compensation costs	50	9	1	2
Restructuring charges	3	22	0	—
Inventory obsolescence expense	15	17	28	39
Charge for expected credit losses	46	13	14	18
Deferred income taxes	−46	−78	−41	−60
Proceeds from insurance settlements	−47	0	0	—
Other non-cash items	19	16	14	3
Trade receivables	−31	84	51	−188
Inventories	−34	−100,000	23	−113
Prepaid expenses and other current and non-current assets	12	−34	2	−10
Trade payables and accruals and other current and non-current liabilities	−62	77	−184	—
Net cash provided by operating activities of continuing operations	680	464	321	108
Purchases of property, plant and equipment	−377	−150	−204	−259
Purchases of intangible assets	−57	−41	−14	−78
Cash acquired in the Transaction	0	666	0	0
Acquisitions, net of cash received	−29	0	0	—
Proceeds from sale of other assets	57	0	0	3
Purchases of investments	0	−10	−3	−1
Proceeds from insurance settlements	47	0	0	—
Other investing activities	21	4	3	0
Net cash (used in) provided by investing activities of continuing operations	−338	469	−218	−319
Proceeds from 2024 Incremental Term Loan, net of discount	0	392	0	0
Proceeds from borrowings from ABL Credit Facility	0	25	175	0
Repayment of borrowings from ABL Credit Facility	0	−115	−85	0
Repayment of Term Loans	−31	−32	−28	—
Proceeds from borrowings of other debt	0	8	7	0
Principal repayment of other debt	−5	−4	0	−100,000
Principal payment of finance leases	−35	−8	−1	0
Financing fees	−8	−5	0	0
Issuance of common stock	11	2	3	0
Common stock repurchased and cancelled	−422	−10	0	0
Redemption of preferred stock	0	0	−184	−66
Dividends paid on preferred stock	0	0	−50	−9
Dividends paid to common stockholders	−151	−36	0	0
Dividends paid to Primo Water stockholders	0	−132	0	0
Dividends paid to Sponsor Stockholder	0	−449	0	0
Other financing activities	9	−100,000	0	0
Net cash used in financing activities of continuing operations	−632	−363	−162	−148
Net cash provided by operating activities from discontinued operations	7	3	0	0
Net cash provided by investing activities from discontinued operations	39	6	0	0
Net cash used in financing activities from discontinued operations	−2	−4	0	0
Net cash provided by discontinuing operations	44	6	0	0
Effect of exchange rates on cash, cash equivalents and restricted cash	2	−2	200,000	−200,000
Net (decrease) increase in cash, cash equivalents and restricted cash	−244	574	−59	−359
Purchases of property, plant and equipment and intangible assets included in trade payables and accruals and other current liabilities	106	54	42	47
Dividends payable issued through accounts payable and accrued liabilities	1	300,000	0	—
Cash paid for interest, net of interest capitalized	303	320	274	198
Cash paid for income taxes	57	97	66	14

Filings

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