Filing Flows › Primo Brands (PRMB) › Q2 2026 › vs Q1 2026
Primo Brands (PRMB) Q2 2026 vs Q1 2026 (quarter over quarter)
Primo Brands's revenue rose $170M (+10%) from $1.6B in Q1 2026 to $1.8B in Q2 2026. The biggest changes: Regional spring water +$110M (+14%); Purified water +$44.9M (+9%); Premium water +$8.7M (+8%). Gross margin 30.5% against 28.6% (+2.0 pts).
Primo Brands, Q2 2026: revenue $1.8B (+4% year over year), operating margin 10.0%, net earnings $69.2M, operating cash flow $228M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Gross margin | 30.5% | 28.6% | +2.0 pts |
| Operating margin | 10.0% | 8.5% | +1.6 pts |
| Net margin | 3.9% | 1.7% | +2.2 pts |
| Free cash flow margin | 7.9% | 0.0% | +8.0 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Regional spring water | $911M | $801M | $110M | +14% |
| Purified water | $556M | $511M | $44.9M | +9% |
| Other | $183M | $178M | $5.4M | +3% |
| Premium water | $114M | $106M | $8.7M | +8% |
| Other water | $31.8M | $30.5M | $1.3M | +4% |
| Revenue | $1.8B | $1.6B | $170M | +10% |
| Gross profit | $549M | $465M | $83.8M | +18% |
| Cost of revenue | $1.2B | $1.2B | $86.3M | +7% |
| Operating profit | $180M | $138M | $42.3M | +31% |
| Operating expenses | $368M | $327M | $41.5M | +13% |
| Pre-tax earnings | $97.1M | $40.8M | $56.3M | +138% |
| Other expense, net | $83.2M | $97.2M | −$14.0M | -14% |
| Net earnings | $69.2M | $27.3M | $41.9M | +153% |
| Income tax | $27.9M | $13.5M | $14.4M | +107% |
| Depreciation & amortization | $142M | $141M | $1.2M | +0.9% |
| Share-based compensation | $11.1M | $9.9M | $1.2M | +12% |
| Working capital & other | $5.4M | −$74.4M | $79.8M | — |
| Operating cash flow | $228M | $104M | $124M | +120% |
| Free cash flow (OCF − capex) | $142M | −$700K | $143M | — |
| Capital expenditures | $85.5M | $104M | −$19.0M | -18% |
Questions
How much did Primo Brands's revenue grow quarter over quarter in Q2 2026?
Primo Brands's revenue rose $170M (+10%) from $1.6B in Q1 2026 to $1.8B in Q2 2026.
What drove Primo Brands's revenue change in Q2 2026?
Regional spring water +$110M (+14%); Purified water +$44.9M (+9%); Premium water +$8.7M (+8%).