Primo Brands
Combining bottled water brands with delivery, exchange, refill and dispenser services across North America.
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Profile
Sells branded packaged water and related beverages through retail channels, alongside direct delivery, exchange, refill and dispenser services. A vertically integrated United States and Canada network combines national and regional brands with recurring large-format water routes.
Sells packaged water and related beverages across national, regional and premium brands, including Poland Spring, Pure Life and Primo Water. Direct Delivery, Exchange and Refill complement retail sales, while dispensers support recurring large-format water purchases.
Operates a vertically integrated production and distribution network across the United States and Canada. The combined platform joins BlueTriton’s retail reach with legacy Primo Water’s routes and customer relationships, giving the business multiple formats, channels and price points.
Execution centers on integrating the two predecessor operations and unifying their routes to market. The business depends on managed access to water sources, packaging inputs, product safety and contamination controls, while plastics regulation and related litigation shape operating requirements.
Company facts
Key statistics
Year to date +42.0% · Average volume (30d) 3.9M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 7, 2026 | Morgan Stanley | Reiterate | Overweight | $26 | $29 | |
| Aug 7, 2026 | RBC Capital | Reiterate | Outperform | $28 | $31 | |
| Aug 7, 2026 | Barclays | Reiterate | Overweight | $27 | $29 | |
| Aug 6, 2026 | Deutsche Bank | Reiterate | Hold | $40 | $25 | |
| Jul 21, 2026 | Barclays | Reiterate | Overweight | $25 | $27 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 5, 2026Q2 FY26 | $0.32 | $0.37 | +14.9% | $1.77B | $1.80B | +1.8% | +8.72% |
| May 7, 2026Q1 FY26 | $0.24 | $0.23 | −4.2% | $1.58B | $1.63B | +3.0% | +4.45% |
| Feb 26, 2026Q4 FY25 | $0.22 | $0.26 | +18.2% | $1.51B | $1.55B | +3.1% | +0.13% |
| Nov 6, 2025Q3 FY25 | $0.38 | $0.41 | +7.9% | $1.52B | $1.77B | +16.6% | −18.31% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $1.61B | $1.73B | $1.77B | $1.55B | $1.63B | $1.80B | |
| Gross profit | $521.0M | $540.9M | $528.2M | $417.8M | $485.3M | $548.7M | |
| Operating income | $193.0M | $162.5M | $146.4M | $68.8M | $148.1M | $180.3M | |
| Net income | $28.7M | $27.6M | $16.8M | −$13.0M | $27.3M | $69.2M | |
| Diluted EPS | $0.08 | $0.07 | $0.04 | −$0.04 | $0.07 | $0.19 | |
| Gross margin | 32.3% | 31.3% | 29.9% | 26.9% | 29.8% | 30.5% | |
| Operating margin | 12.0% | 9.4% | 8.3% | 4.4% | 9.1% | 10.0% |
Fiscal years (4-quarter sums)FY21 $2.07B · FY22 $2.09B · FY23 $2.42B · FY24 $4.36B · FY25 $6.66B
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $366.8M · Total debt $5.70B · Total assets $10.64B · Shareholders' equity $2.98B
Dividends
Raised for 13 straight years — most recently to $0.12 from $0.10 in Mar 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Aug 24, 2026 | Aug 24 | Sep 8 | $0.12 | |
| Jun 4, 2026 | Jun 4 | Jun 15 | $0.12 | |
| Mar 6, 2026 | Mar 6 | Mar 23 | $0.12 | raised from $0.10 |
| Nov 25, 2025 | Nov 25 | Dec 5 | $0.10 | |
| Aug 21, 2025 | Aug 21 | Sep 4 | $0.10 | |
| Jun 6, 2025 | Jun 6 | Jun 17 | $0.10 | |
| Mar 7, 2025 | Mar 7 | Mar 24 | $0.10 | raised from $0.09 |
| Nov 22, 2024 | Nov 22 | Dec 5 | $0.09 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 362.87M · Float 242.10M · 66.7% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| One Rock Capital Partners, LLC | 116.21M | 32.03% | 13F | Aug 14, 2026 |
| ORCP III DE TopCo GP, LLC | 95.80M | 26.50% | 13D | Aug 10, 2026 |
| Tony W. Lee · director, 10 percent owner: | 95.80M | 26.40% | Form 4 | Aug 10, 2026 |
| FMR LLC | 25.02M | 6.89% | 13F | Aug 13, 2026 |
| Sachem Head Capital Management LP | 17.80M | 4.90% | 13F | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 10, 2026 | Eric J. Foss | director, officer: Exec. Chair and CEO | +84,000 | $23.80 |
| Aug 7, 2026 | Tony W. Lee | director, 10 percent owner: | −20,410,340 | $24.37 |
| Aug 7, 2026 | ORCP III DE TopCo GP, LLC | 10 percent owner | −20,410,340 | $24.37 |
| Nov 13, 2025 | Steven P. Stanbrook | director | +54,540 | $16.43 |
| Nov 11, 2025 | Eric J. Foss | director, officer: Exec. Chair and CEO | +123,049 | $15.52 |
Peers
- Coca-Cola
Major rival across retail bottled, premium, and enhanced water
- PepsiCo
Retail bottled-water and enhanced-hydration brand rival
- Keurig Dr Pepper
Packaged-water rival with owned Core and partner hydration brands
- Clorox
At-home filtration alternative to packaged and refill water
- A. O. Smith
Overlap in residential and commercial water filtration
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Primo Brands | $23.00 | +0.04% | $8.35B | 83.9 | 16.1 | 1.2 | +3.8% |
| Coca-Cola | $89.75 | +0.11% | $385.77B | 26.9 | 26.5 | 7.7 | +6.7% |
| PepsiCo | $141.75 | +0.48% | $192.70B | 18.5 | 16.2 | 2.0 | +6.4% |
| Keurig Dr Pepper | $32.50 | +1.03% | $43.78B | 32.4 | 13.1 | 2.2 | +75.6% |
| Clorox | $102.46 | −0.11% | $12.40B | 21.3 | 17.7 | 1.8 | −2.0% |
| A. O. Smith | $60.38 | +0.02% | $8.37B | 16.8 | 15.5 | 2.2 | −0.7% |
| Median | 21.3 | 16.2 | 2.2 | +6.4% |