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How Bellring Brands (BRBR) makes money

Bellring Brands (BRBR) made $570M of revenue in the third quarter fiscal 2026 (Q3 FY26), +4% from a year earlier. Shakes brought in $443M (78%); Powders brought in $109M (19%); Other brought in $18.5M (3%). Of every dollar of revenue, 29¢ was left as gross profit, 11¢ was left as operating profit, 6¢ was left as net earnings.

Drawing the Sankey…

Bellring Brands revenue by segment, Q3 FY26Bellring Brands revenue by segment, Q3 FY26Shakes$443MPowders$109MOther$18.5M
Bellring Brands: revenue by line, Q1 FY26 to Q3 FY26Bellring Brands: revenue by line, Q1 FY26 to Q3 FY26ShakesPowdersOtherShakes: $443M latest$443MPowders: $109M latest$109MOther: $18.5M latestQ1 FY26Q2 FY26Q3 FY26
Shakes went from 80% of revenue in Q1 FY26 to 78% in Q3 FY26, the largest shift in the mix.
Bellring Brands revenue by quarterBellring Brands revenue by quarter$556MQ4 FY24$588MQ2 FY25$548MQ3 FY25$648MQ4 FY25$537MQ1 FY26$599MQ2 FY26$570MQ3 FY26
Bellring Brands: where each dollar of revenue goesBellring Brands: where each dollar of revenue goesCost of revenue71¢Gross profit29¢Operating expenses17¢Operating profit11¢Income tax2¢Net earnings6¢Operating cash flow14¢Free cash flow14¢

Revenue by segment, Q3 FY26

SegmentRevenueShareQ/QY/Y
Shakes$443M77.7%-11%+1%
Powders$109M19.0%+29%+18%
Other$18.5M3.2%+17%+10%

Where each dollar of revenue goes

LineQ3 FY26% of revenue
Revenue$570M100.0%
Cost of revenue$407M71.4%
Gross profit$163M28.6%
Operating expenses$97.9M17.2%
Operating profit$65.4M11.5%
Income tax$11.3M2.0%
Net earnings$34.2M6.0%
Operating cash flow$79.3M13.9%
Free cash flow$77.2M13.5%

Revenue, quarter by quarter

QuarterRevenueY/Y
Q3 FY26$570M+4%
Q2 FY26$599M+2%
Q1 FY26$537M+0.8%
Q4 FY25$648M+17%
Q3 FY25$548M+6%
Q2 FY25$588M+19%
Q4 FY24$556M+18%

From Bellring Brands' 10-Q filed Aug 4, 2026 (on EDGAR).

Questions

How does Bellring Brands make money?

Bellring Brands (BRBR) made $570M of revenue in the third quarter fiscal 2026 (Q3 FY26), +4% from a year earlier. Shakes brought in $443M (78%); Powders brought in $109M (19%); Other brought in $18.5M (3%). Of every dollar of revenue, 29¢ was left as gross profit, 11¢ was left as operating profit, 6¢ was left as net earnings.

What is Bellring Brands' biggest business?

Shakes: $443M in the third quarter fiscal 2026, 78% of revenue, +1% from a year earlier.

What is Bellring Brands' profit margin?

Net earnings were $34.2M, 6.0% of revenue, in the third quarter fiscal 2026; the operating margin was 11.5%.

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Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.