SEGMENTS

The Company manages its operations on a consolidated basis through one operating and reportable segment. The accounting policies of the segment are the same as those described in the summary of significant accounting policies (see Note 2).

The Company’s Chief Operating Decision Maker (“CODM”) is the President and Chief Executive Officer of BellRing. The CODM utilizes consolidated single-segment net earnings (reported on the Consolidated Statements of Operations as “Net Earnings”) to evaluate financial performance, allocate resources and forecast future period financial results. The CODM evaluates performance by comparing actual to budgeted results and utilizes this information to decide whether to reinvest into the segment or into other parts of the entity, such as for acquisitions or to repurchase shares. The measure of segment assets is reported on the Consolidated Balance Sheets as “Total Assets”.

The following table presents net sales, the significant expense categories reviewed by the CODM and net earnings of the Company.


	Year Ended September 30,
	2025		2024		2023
Net Sales	$	2,316.6	$	1,996.2	$	1,666.8
Less:
Cost of goods sold	1,546.2		1,288.9		1,136.6
Advertising expenses	75.2		61.3		40.9
Amortization of intangible assets	17.0		35.0		26.6
Other segment expenses (a)	320.8		223.3		175.4
Interest expense, net	68.4		58.3		66.9
Income tax expense	72.8		82.9		54.9
Net Earnings	$	216.2	$	246.5	$	165.5

(a)Other segment expenses includes employee-related expenses, marketing and distribution, research and development, outside professional services, depreciation and other general expenses.

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

BELLRING BRANDS, INC. Segments Disclosure

About Segments Disclosures

Other Available Disclosures