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CLOSED · 03:20 ET
Market ClerkRecap
Sat Oct 31 · markets closed3 signals on Oct 30129 insider buys this week · $10BCIRO short report next: Nov 14The week ahead

FIZZ

NATIONAL BEVERAGE CORP
NASDAQ · CONSUMER STAPLES · BOTTLED & CANNED SOFT DRINKS & CARBONATED WATERS
35.30
+0.28 +0.80%
USD · close Oct 30
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Work order
55
WATCH · shorts 55
Insiders, 90 days
0
no open-market filings in 90 days
Congress, 90 days
0 / 0
no disclosures naming it
Big money
1 / 15
tracked funds hold it
Calls on record
0
nobody we score has called it yet
MKT CAP $3.3BP/E 19.0DIV YIELD —FCF YIELD 4.90%REV TTM $1.2B −1.8%NET INCOME $174.9M −5.9%NET CASH $107.1M52W 29.20 – 37.73SEC XBRL · TTM TO Invalid Date

How FIZZ rewrote its risk factors

10-K ITEM 1A · FY2025 → FY2026
Text kept
45%
of sentences unchanged
Added
161
new sentences
Dropped
146
sentences removed
Length
+372
words, now 13,097

New in FY2026

  • RESULTS OF OPERATIONS The following section generally discusses the fiscal years ended May 2, 2026 (“Fiscal 2026”) and May 3, 2025 (“Fiscal 2025”) results and year-to-year comparisons between Fiscal 2026 and Fiscal 2025.
  • Discussions of fiscal year ended April 27, 2024 (“Fiscal 2024”) results and year-to-year comparisons between Fiscal 2025 and Fiscal 2024 can be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of our Annual Report on Form 10-K for the year ended May 3, 2025, which is available free of charge on our website at www.nationalbeverage.com.
  • Fiscal 2026 and Fiscal 2024 both consisted of 52 weeks.
  • Net Sales Net sales for Fiscal 2026 were $1,180.6 million compared to $1,201.4 million for Fiscal 2025.
  • Sales were impacted primarily from one less selling week.
  • Average selling price per case increased by 5.2%.
  • A 6.7% decline in case volume impacted both Power+ Brand and carbonated soft drink brands .
  • The unprecedented disruption, government shutdowns, funding changes, inflation and cautious consumer spending all impacted volume.
  • Gross Profit Gross profit for Fiscal 2026 was $437.3 million compared to $443.9 million for Fiscal 2025.
  • The change in gross profit was primarily due to an increase in packaging and ingredient costs and the change in case volume, partially offset by the increase in average selling price per case.
  • Although the average cost of sales per case increased 5.0%, gross profit per case increased and gross margin remained constant at 37.0% for both Fiscal 2026 and Fiscal 2025.
  • Selling, General and Administrative Expenses Selling, general and administrative expenses for Fiscal 2026 decreased $1.3 million to $207.2 million from $208.5 million for Fiscal 2025.
  • The decrease was primarily due to a decrease in administrative and shipping and handling costs, partially offset by an increase in marketing and selling costs.
  • As a percentage of net sales, selling, general and administrative expenses increased to 17.5% compared to 17.4% in Fiscal 2025 .
  • Other Income, net Other income, net is primarily comprised of interest income of $10.6 million for Fiscal 2026 and $9.3 million for Fiscal 2025.
  • The increase in interest income is primarily due to increased average invested balances, partially offset by lower yields.
  • Income Taxes For Fiscal 2026 and Fiscal 2025, our effective tax rates were 23.7% and 23.6%, respectively.
  • At May 2, 2026, we had $349.5 million in cash and cash equivalents and maintained unsecured revolving credit facilities totaling $150 million, under which no borrowings were outstanding and $2.7 million was reserved for standby letters of credit.
  • (“CMA”) of $11.8 million and $12.0 million for Fiscal 2026 and Fiscal 2025, respectively.
  • At May 2, 2026 and May 3, 2025, current liabilities included amounts due to CMA of $3.0 million and $2.1 million, respectively.
  • Cash Flows The Company’s cash position increased $155.7 million in Fiscal 2026 compared to a decrease of $133.2 million in Fiscal 2025 primarily due to the payment of a special cash dividend of $304.1 million in the first quarter of Fiscal 2025.
  • Net cash provided by operating activities for Fiscal 2026 was $181.3 million compared to $206.7 million for Fiscal 2025.
  • For Fiscal 2026, cash flow provided by operating activities decreased primarily due to a net increase in working capital excluding cash.
  • Net cash used in investing activities for Fiscal 2026 reflects capital expenditures of $25.1 million, compared to capital expenditures of $36.3 million for Fiscal 2025.
  • Expenditures for property, plant and equipment in Fiscal 2026 were primarily for capital projects to expand our capacity, enhance sustainability and packaging capabilities and improve efficiencies at our production facilities.
  • We intend to continue to improve packaging capabilities and efficiencies at our production facilities in Fiscal 2027 and anticipate Fiscal 2027 capital expenditures to be comparable to Fiscal 2026 capital spending.
  • Net cash used in financing activities for Fiscal 2026 primarily reflects the repurchase of common shares for $0.7 million.
  • Financial Position During Fiscal 2026, our working capital increased $191.4 million to $457.8 million.
  • The increase in working capital was primarily due to an increase in cash and cash equivalents of $155.7 million, an increase in inventory of $10.4 million, an increase in the derivative asset of $8.6 million, an increase in income tax receivable of $5.1 million, a decrease in accounts payable and accrued liabilities of $5.2 million, and other net working capital increases of $6.4 million.
  • Trade receivables increased $0.1 million to $104.3 million and days sales outstanding was 31.9 days at May 2, 2026 compared to 32.5 days at May 3, 2025.
  • Inventories increased $10.4 million as a result of increased quantities of finished goods.
  • Annual inventory turns decreased to 8.2 times from 8.7 times.
  • At May 2, 2026, the current ratio was 4.4 to 1 compared to 2.9 to 1 at May 3, 2025.
  • CONTRACTUAL OBLIGATIONS Contractual obligations at May 2, 2026 are payable as follows: (In thousands) Total 1 Year Or less 2 to 3 Years 4 to 5 Years More Than 5 Years Operating leases $ 66,868 $ 16,755 $ 22,758 $ 17,030 $ 10,325 Purchase commitments 13,251 13,251 - - - Total $ 80,119 $ 30,006 $ 22,758 $ 17,030 $ 10,325 We contribute to certain pension plans under collective bargaining agreements and to a discretionary profit-sharing plan.
  • Annual contributions were $4.2 million for both Fiscal 2026 and Fiscal 2025.
  • These standby letters of credit expire through June 2027 and are expected to be renewed.
  • Such factors include, but are not limited to, the following: general economic and business conditions, pricing of competitive products, success of new product and flavor introductions, fluctuations in the costs and availability of raw materials and packaging supplies, including effects of tariffs and supply chain interruptions, ability to recover cost increases, labor strikes or work stoppages or other interruptions in the employment of labor, continued retailer support for our products, changes in brand image, consumer demand and preferences and our success in creating products geared toward consumers’ tastes, success in implementing business strategies, changes in business strategy or development plans, technology failures or cyberattacks on our technology systems or our effective response to technology failures or cyberattacks on our customers’, suppliers’ or other third parties’ technology systems, international conflicts, government regulations, taxes or fees imposed on the sale of our products, unfavorable weather conditions, changing weather patterns and natural disasters, climate change or legislative or regulatory responses to such change and other factors referenced in this report, filings with the Securities and Exchange Commission and other reports to our stockholders.
  • Interest Rates At May 2, 2026, we had no outstanding borrowings.
  • AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In thousands, except share data) May 2, May 3, 2026 2025 Assets Current assets: Cash and cash equivalents $ 349,543 $ 193,835 Trade receivables, net 104,301 104,157 Inventories 95,520 85,109 Prepaid and other current assets 43,695 23,827 Total current assets 593,059 406,928 Property, plant and equipment, net 182,160 175,586 Operating lease right-of-use assets, net 56,698 70,286 Goodwill 13,145 13,145 Intangible assets 1,615 1,615 Other assets 4,970 5,300 Total assets $ 851,647 $ 672,860 Liabilities and Shareholders' Equity Current liabilities: Accounts payable $ 87,449 $ 82,448 Accrued liabilities 33,308 43,521 Operating lease liabilities 14,457 14,533 Total current liabilities 135,214 140,502 Deferred income taxes, net 29,188 23,010 Operating lease liabilities 44,479 57,591 Other liabilities 7,052 7,758 Total liabilities 215,933 228,861 Commitments and contingencies Shareholders' equity: Preferred stock, $ 1 par value - 1,000,000 shares authorized Series C - 150,000 shares issued 150 150 Common stock, $ .01 par value - 200,000,000 shares authorized; 102,006,214 and 101,994,358 shares issued, respectively 1,020 1,020 Additional paid-in capital 44,398 43,708 Retained earnings 601,398 417,750 Accumulated other comprehensive income 13,654 5,604 Treasury stock - at cost: Series C preferred stock - 150,000 shares ( 5,100 ) ( 5,100 ) Common stock - 8,394,112 and 8,374,112 shares, respectively ( 19,806 ) ( 19,133 ) Total shareholders' equity 635,714 443,999 Total liabilities and shareholders' equity $ 851,647 $ 672,860 The accompanying notes are an integral part of these consolidated financial statements.
  • AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (In thousands, except per share amounts) Fiscal Year Ended May 2, May 3, April 27, 2026 2025 2024 Net sales $ 1,180,552 $ 1,201,354 $ 1,191,694 Cost of sales 743,290 757,413 763,243 Gross profit 437,262 443,941 428,451 Selling, general and administrative expenses 207,152 208,482 209,941 Operating income 230,110 235,459 218,510 Other income, net 10,461 9,105 11,338 Income before income taxes 240,571 244,564 229,848 Provision for income taxes 56,923 57,743 53,116 Net income $ 183,648 $ 186,821 $ 176,732 Earnings per common share: Basic $ 1.96 $ 2.00 $ 1.89 Diluted $ 1.96 $ 1.99 $ 1.89 Weighted average common shares outstanding: Basic 93,617 93,607 93,429 Diluted 93,672 93,685 93,630 The accompanying notes are an integral part of these consolidated financial statements.

and 121 more.

Gone since FY2025

  • RESULTS OF OPERATIONS The following section generally discusses the fiscal years ended May 3, 2025 (“Fiscal 2025”) and April 27, 2024 (“Fiscal 2024”) results and year-to-year comparisons between Fiscal 2025 and Fiscal 2024.
  • Discussions of fiscal year ended April 29, 2023 (“Fiscal 2023”) results and year-to-year comparisons between Fiscal 2024 and Fiscal 2023 can be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of our Annual Report on Form 10-K for the year ended April 27, 2024, which is available free of charge on our website at www.nationalbeverage.com.
  • Fiscal 2025 consists of 53 weeks; Fiscal 2024 and Fiscal 2023 both consisted of 52 weeks.
  • Net Sales Net sales for Fiscal 2025 increased 0.8% to $1,201.4 million compared to $1,191.7 million for Fiscal 2024.
  • The increase in sales resulted primarily from a 1.7% increase in average selling price per case and an additional selling week, partially offset by a 0.9% decrease in case volume.
  • The decrease in case volume primarily impacted Power+ Brands, partially offset by an increase in carbonated soft drink brands .
  • Gross Profit Gross profit for Fiscal 2025 increased to $443.9 million compared to $428.5 million for Fiscal 2024.
  • The increase in gross profit was primarily due to a decline in packaging costs and the increase in average selling price per case, partially offset by the decrease in case volume.
  • The average cost of sales per case remained relatively unchanged and gross margin increased to 37.0% compared to 36.0% for Fiscal 2024.
  • Selling, General and Administrative Expenses Selling, general and administrative expenses for Fiscal 2025 decreased $1.4 million to $208.5 million from $209.9 million for Fiscal 2024.
  • The decrease was primarily due to reduced marketing spending and a decline in shipping and handling costs.
  • As a percentage of net sales, selling, general and administrative expenses decreased to 17.4% compared to 17.6% in Fiscal 2024 .
  • Other Income (Expense), net Other income (expense), net includes primarily interest income of $9.3 million for Fiscal 2025 and $12.2 million for Fiscal 2024.
  • The decrease in interest income is due to decreased average invested balances.
  • Income Taxes For Fiscal 2025 and Fiscal 2024, our effective tax rates were 23.6% and 23.1%, respectively.
  • At May 3, 2025, we had $193.8 million in cash and cash equivalents and maintained unsecured revolving credit facilities totaling $150 million, under which no borrowings were outstanding and $2.7 million was reserved for standby letters of credit.
  • (“CMA”) of $12.0 million and $11.9 million for Fiscal 2025 and Fiscal 2024, respectively.
  • At May 3, 2025 and April 27, 2024, current liabilities included amounts due to CMA of $2.1 million and $3.0 million, respectively.
  • Cash Flows The Company’s cash position decreased $133.2 million in Fiscal 2025 primarily due to the payment of a special cash dividend of $304.1 million in the first quarter of fiscal 2025.
  • Net cash provided by operating activities for Fiscal 2025 was $206.7 million compared to $197.9 million for Fiscal 2024.
  • For Fiscal 2025, cash flow provided by operating activities was principally provided by an increase in net income, partially offset by an increase in working capital excluding cash.
  • Net cash used in investing activities for Fiscal 2025 reflects capital expenditures of $36.3 million, compared to capital expenditures of $30.2 million for Fiscal 2024.
  • Expenditures for property, plant and equipment in Fiscal 2025 were primarily for capital projects to expand our capacity, enhance sustainability and packaging capabilities and improve efficiencies at our production facilities.
  • We intend to continue such projects in Fiscal 2026 and anticipate Fiscal 2026 capital expenditures will not exceed Fiscal 2025 capital spending.
  • Net cash used in financing activities for Fiscal 2025 reflects payment of a special cash dividend of $304.1 million.
  • No dividends were paid during Fiscal 2024.
  • Financial Position During Fiscal 2025, our working capital decreased $131.7 million to $267.2 million.
  • The decrease in working capital and current ratio was primarily due to the payment of the $304.1 million cash dividend.
  • Trade receivables increased $1.3 million and days sales outstanding was 32.5 days at May 3, 2025 compared to 31.5 days at April 27, 2024.
  • Inventories increased $0.5 million as a result of increased quantities of finished goods and raw materials.
  • Annual inventory turns increased to 8.7 times from 8.6 times.
  • At May 3, 2025, the current ratio was 2.9 to 1 compared to 3.9 to 1 at April 27, 2024.
  • CONTRACTUAL OBLIGATIONS Contractual obligations at May 3, 2025 are payable as follows: (In thousands) Total 1 Year Or less 2 to 3 Years 4 to 5 Years More Than 5 Years Operating leases $ 82,856 $ 17,388 $ 28,010 $ 20,441 $ 17,017 Purchase commitments 14,618 14,618 - - - Total $ 97,474 $ 32,006 $ 28,010 $ 20,441 $ 17,017 We contribute to certain pension plans under collective bargaining agreements and to a discretionary profit-sharing plan.
  • Annual contributions were $4.2 million and $3.8 million for Fiscal 2025 and Fiscal 2024, respectively.
  • These standby letters of credit expire through March 2026 and are expected to be renewed.
  • Such factors include, but are not limited to, the following: general economic and business conditions, pricing of competitive products, success of new product and flavor introductions, fluctuations in the costs and availability of raw materials and packaging supplies, including effects of potential tariffs, ability to recover cost increases, labor strikes or work stoppages or other interruptions in the employment of labor, continued retailer support for our products, changes in brand image, consumer demand and preferences and our success in creating products geared toward consumers’ tastes, success in implementing business strategies, changes in business strategy or development plans, technology failures or cyberattacks on our technology systems or our effective response to technology failures or cyberattacks on our customers’, suppliers’ or other third parties’ technology systems, government regulations, taxes or fees imposed on the sale of our products, unfavorable weather conditions, changing weather patterns and natural disasters, climate change or legislative or regulatory responses to such change and other factors referenced in this report, filings with the Securities and Exchange Commission and other reports to our stockholders.
  • Interest Rates At May 3, 2025, we had no outstanding borrowings.
  • AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In thousands, except share data) May 3, April 27, 2025 2024 Assets Current assets: Cash and cash equivalents $ 193,835 $ 327,047 Trade receivables, net 104,157 102,837 Inventories 85,109 84,603 Prepaid and other current assets 23,827 22,385 Total current assets 406,928 536,872 Property, plant and equipment, net 175,586 159,730 Operating lease right-of-use assets, net 70,286 53,498 Goodwill 13,145 13,145 Intangible assets 1,615 1,615 Other assets 5,300 5,293 Total assets $ 672,860 $ 770,153 Liabilities and Shareholders' Equity Current liabilities: Accounts payable $ 82,448 $ 78,283 Accrued liabilities 43,521 46,565 Operating lease liabilities 14,533 13,079 Total current liabilities 140,502 137,927 Deferred income taxes, net 23,010 23,247 Operating lease liabilities 57,591 41,688 Other liabilities 7,758 7,779 Total liabilities 228,861 210,641 Commitments and contingencies Shareholders' equity: Preferred stock, $ 1 par value - 1,000,000 shares authorized Series C - 150,000 shares issued 150 150 Common stock, $ .01 par value - 200,000,000 shares authorized; 101,994,358 and 101,942,658 shares issued, respectively 1,020 1,019 Additional paid-in capital 43,708 42,588 Retained earnings 417,750 535,077 Accumulated other comprehensive income 5,604 4,911 Treasury stock - at cost: Series C preferred stock - 150,000 shares ( 5,100 ) ( 5,100 ) Common stock - 8,374,112 shares ( 19,133 ) ( 19,133 ) Total shareholders' equity 443,999 559,512 Total liabilities and shareholders' equity $ 672,860 $ 770,153 The accompanying notes are an integral part of these consolidated financial statements.
  • AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (In thousands, except per share amounts) Fiscal Year Ended May 3, April 27, April 29, 2025 2024 2023 Net sales $ 1,201,354 $ 1,191,694 $ 1,172,932 Cost of sales 757,413 763,243 776,143 Gross profit 443,941 428,451 396,789 Selling, general and administrative expenses 208,482 209,941 210,105 Operating income 235,459 218,510 186,684 Other income (expense), net 9,105 11,338 ( 242 ) Income before income taxes 244,564 229,848 186,442 Provision for income taxes 57,743 53,116 44,278 Net income $ 186,821 $ 176,732 $ 142,164 Earnings per common share: Basic $ 2.00 $ 1.89 $ 1.52 Diluted $ 1.99 $ 1.89 $ 1.52 Weighted average common shares outstanding: Basic 93,607 93,429 93,347 Diluted 93,685 93,630 93,608 The accompanying notes are an integral part of these consolidated financial statements.
  • AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In thousands) Fiscal Year Ended May 3, April 27, April 29, 2025 2024 2023 Net income $ 186,821 $ 176,732 $ 142,164 Other comprehensive income (loss), net of tax: Cash flow hedges 7,910 ( 10,130 ) Other Total 8,096 ( 10,103 ) Comprehensive income $ 187,514 $ 184,828 $ 132,061 The accompanying notes are an integral part of these consolidated financial statements.

and 106 more.

Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2025 ↗, FY2026 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

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