BellRing Brands (NYSE: BRBR) is a convenient nutrition company that sells ready-to-drink protein shakes, protein powders, and related nutritional products under the Premier Protein and Dymatize brands. Revenue is generated through transactional product sales to club stores, mass retailers, online platforms, specialty retailers, and distributors. Three customers, Walmart (including Sam's Club), Costco, and Amazon, accounted for approximately 74.0% of net sales in the fiscal year ended September 30, 2025. The U.S. represented 88.1% of net sales in FY2025, with international markets accounting for 11.9% across more than ninety countries. Manufacturing is outsourced to third-party contract manufacturers, with one supplier providing approximately 46.3% of Premier Protein RTD shake supply in FY2025. BellRing was spun off from Post Holdings in March 2022 and is led by President and CEO Darcy H. Davenport. The company competes against other branded food and beverage manufacturers as well as private label and store brand products in a price and promotion-sensitive category.

Revenue model

Transactional product sales of branded convenient nutrition products, including ready-to-drink protein shakes and protein powders, sold through club stores, mass retailers (FDM), online retailers, specialty retailers, convenience stores, and distributors.

Products and services

Premier Protein ready-to-drink protein shakes. Dymatize protein powders, including ISO.100 (hydrolyzed 100% Whey Protein Isolate), Elite 100% Whey, and Super Mass Gainer. Dymatize ISO.100 has sales in more than seventy-five countries as of FY2025. Dymatize also offers additional sports nutrition products targeting fitness enthusiasts.

Customers and end markets

Predominantly club stores, FDM (food, drug, mass) retailers, online retailers, specialty retailers, convenience stores, and distributors. Walmart (including Sam's Club), Costco, and Amazon collectively accounted for approximately 74.0% of net sales in FY2025. End consumers are general nutrition and fitness-oriented individuals. No single customer outside these three exceeded 10% of FY2025 net sales.

Value-chain role

Brand owner and product marketer. Manufacturing is outsourced entirely to third-party contract manufacturers. The company owns trademarks, patents, trade secrets, and other intellectual property. Supply chain management, customer relationship management, and marketing are core internal functions.

Geographic exposure

U.S. represented 88.1% of net sales in FY2025. International markets represented 11.9% of net sales in FY2025, with products sold in more than ninety countries globally.

Competitors

Private label and store brand convenient nutrition products, Other branded nutritional food and beverage manufacturers

Source: SEC 10-K, filed 2025-11-18

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