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Primo Brands (PRMB) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Nov 5, 2026 · Primo Brands (PRMB) Q3 2026 earnings results →

Q3 2026 Revenue up 3% year over year to $1.8B · 7¢ of every $1 of revenue kept as net profit · operating margin 13.7%

Primo Brands made $1.8B in Q3 2026 (+3% Y/Y): Regional spring water $912M, Purified water $574M, Other $182M. Operating margin 13.7%, net earnings $124M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.

Revenue$1.8B
Year over year+3%
Operating margin13.7%
Net earnings$124M
Operating cash flow$294M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

Primo Brands Q3 2026 revenue breakdown: Sankey diagram of revenue (Regional spring water, Purified water, Other, Premium water), costs, profit and cash flow
Primo Brands Q3 2026 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $1.8B in Q3 2026, up 3% year over year and up 1% from the previous quarter. Regional spring water was the largest line at 50% of revenue. Regional spring water added $0.03B year over year (up 3%), 47% of the total change. Other declined 5%.

Gross margin was 30.4%, up 0.5 points from Q3 2025. Operating profit was $0.25B, a 13.7% margin (up 5.4 points year over year). Of the extra revenue versus Q3 2025, 187% reached operating profit, above the 8% margin then. Operating expenses fell 20% while revenue rose 3%. Net earnings were $0.12B, up 641% year over year. The effective tax rate was 27.1%.

Operating cash flow was $0.29B (up 4% year over year), 236% of net earnings. Non-cash charges added back $0.15B of depreciation and amortization and $0.01B of share-based compensation. Capital expenditures of $0.08B left free cash flow of $0.21B.

Quarterly history

Primo Brands revenue by quarterPrimo Brands revenue by quarter$1.6BQ1 2025$1.7BQ2 2025$1.8BQ3 2025$1.6BQ4 2025$1.6BQ1 2026$1.8BQ2 2026$1.8BQ3 2026
Primo Brands net earnings by quarterPrimo Brands net earnings by quarter$28.7MQ1 2025$27.6MQ2 2025$16.8MQ3 2025−$13.0MQ4 2025$27.3MQ1 2026$69.2MQ2 2026$124MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QNov 5, 2026$1.8B+3%13.7%$124M$294M
Q2 202610-QAug 5, 2026$1.8B+4%10.0%$69.2M$228M
Q1 202610-QMay 7, 2026$1.6B+0.8%8.5%$27.3M$104M
Q4 202510-KFeb 27, 2026$1.6B+11%1.2%−$13.0M$203M
Q3 202510-QNov 6, 2025$1.8B+35%8.3%$16.8M$283M
Q2 202510-QAug 7, 2025$1.7B+32%6.5%$27.6M$155M
Q1 202510-QMay 8, 2025$1.6B+42%9.5%$28.7M$38.8M

Charts

Primo Brands: revenue growth, year over year and quarter over quarterPrimo Brands: revenue growth, year over year and quarter over quarterY/YQ/Q+42%Q1 2025+32%+7%Q2 2025+35%+2%Q3 2025+11%-12%Q4 2025+1%+5%Q1 2026+4%+10%Q2 2026+3%+1%Q3 2026
Latest (Q3 2026): Y/Y +3%, Q/Q +1%.
Primo Brands: where the cash came from (+) and went (−), TTM to Q3 2026Primo Brands: where the cash came from (+) and went (−), TTM to Q3 2026Operating cash flow$828MOther financing−$703MNet borrowing (+) / repaid (−)$660MCapital spending−$414MBuybacks−$195MDividends−$169MCash drawn (+) / kept (−)−$53.8MNot reconciled$38.6MShares issued$9.4MExchange rates−$300KOther investing−$200K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Primo Brands: profit against cash, quarter by quarterPrimo Brands: profit against cash, quarter by quarterNet incomeOperating cash flow−$158M$93.7MQ4 2024$28.7M$38.8MQ1 2025$27.6M$155MQ2 2025$16.8M$283MQ3 2025−$13.0M$203MQ4 2025$27.3M$104MQ1 2026$69.2M$228MQ2 2026$124M$294MQ3 2026
Latest (Q3 2026): Net income $124M, Operating cash flow $294M.
Primo Brands: diluted shares by fiscal yearPrimo Brands: diluted shares by fiscal year218MFY2022218MFY2023242MFY2024375MFY2025
+71.7% since FY2022: more shares outstanding (issuance, stock pay).
Primo Brands: long-term debt falling due (FY2025)Primo Brands: long-term debt falling due (FY2025)$35.9M2026$32.3M2027$3.5B2028$1.5B2029$200K2030$11.5MLater
Cash $377M, short-term investments —, long-term debt $5.1B at 2025-12-31.
Primo Brands in its industry: growth against margin (22 companies, SIC 2080)Primo Brands in its industry: growth against margin (22 companies, SIC 2080)revenue growth, year over year →↑ operating marginmedian +7%median 1%PEPKOKDPSTZBF-BWESTCOCOBRCCSUJACWGLJSDAWVVIAMSSBUDASRXHMOJOCIRXIPSTMDWKYHCEDVAPRMB (+3%, 14%)
Beverages; dot size is quarterly revenue; dashed lines are the industry's medians.

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Primo Brands

Primo Brands is a leading North American branded beverage company focused on healthy hydration, delivering responsibly sourced diversified offerings across products, formats, channels, price points, and consumer occasions, distributed in every U.S. state and Canada. Primo Brands has a comprehensive portfolio of highly recognizable and conveniently packaged branded water and beverages that reach consumers whenever, wherever, and however they hydrate through distribution across retail outlets, away from home such as hotels and hospitals, and hospitality and food service accounts, as well as direct delivery to homes and businesses.

In its own words, from its 8-K, filed Aug 5, 2026.

Primo Brands against its Beverages peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +3% against the peers' median +6%. Operating margin: 13.7% against the peers' median 18.2%.

CompanyQuarterRevenueY/YOp. margin
PRMB Primo BrandsQ3 2026$1.8B+3%13.7%
PEP PepsiCoQ3 2026$25.3B+6%16.9%
KO Coca ColaQ3 2026$13.4B+7%33.4%
KDP Keurig Dr PepperQ3 2026$7.3B+71%18.2%
STZ Constellation BrandsQ2 FY27$2.8B+6%28.6%
BF-B Brown FormanQ1 FY27$1.2B-0.8%21.3%
WEST Westrock CoffeeQ3 2026$300M-15%1.1%
COCO Vita Coco CompanyQ3 2026$244M+34%18.6%
BRCC BRCQ3 2026$108M+7%-6.9%

Source: Primo Brands 10-Q on SEC EDGAR · CIK 2042694 · Beverages

Guidance and outlook

Primo Brands: what its forward-looking statements are about (10-Q filed 2026-11-05)Primo Brands: what its forward-looking statements are about (10-Q filed 2026-11-05)Other6Margins2Products1Capital spending1The economy1Financing1Supply chain1Buybacks & dividends1
14 statements; tone +0.07 (−1 all cautious, +1 all confident); 3 hedged.
Primo Brands: outlook statements against the filing beforePrimo Brands: outlook statements against the filing beforeConfident1

13F: who owns PRMB and who is buying

Largest holders of PRMB (13F)Largest holders of PRMB (13F)One Rock Capital Partners, LLC$2.8BFMR LLC$611MSachem Head Capital Management LP$435MSamlyn Capital, LLC$404MVanguard Group$377MFuller & Thaler Asset Management$320MAmeriprise Financial$306MWilliam Blair Investment Manageme…$279MVanguard Portfolio Management LLC$277MBlackRock$275M
Funds' net buying of PRMB by quarter (13F)Funds' net buying of PRMB by quarter (13F)$18.4M2024-09$363M2024-12$2.4B2025-03$1.1B2025-06$227M2025-09$217M2025-12−$156M2026-03−$12.0M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on PRMB

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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