National Beverage Corp (FIZZ) Q1 2026 Earnings Report

National Beverage Corp delivered a resilient QQ1 2026 performance, underscored by solid top-line momentum and improving margins. Revenue of 330.515 million USD increased 11.17% year over year and 23.77% quarter over quarter, supported by favorable mix and ongoing demand for LaCroix and the broader Sparkling Waters and Beverages portfolio. Gross margin stood at 37.96% (125.463 million gross profit on 330.515 million revenue), contributing to an EBITDA of 78.418 million and an operating income of 70.776 million, yielding an operating margin of 21.41%. Net income reached 57.76 million, translating to a net margin of 16.87% and basic/diluted earnings per share of 0.60.

The balance sheet remains exceptionally healthy for a mid-cap beverage company: cash and cash equivalents of 249.831 million, total debt modest at 69.904 million with net debt of -179.927 million, and a substantial liquidity buffer. The company generated 59.089 million of operating cash flow and about 55.994 million of free cash flow in the quarter, after modest capital expenditures of 3.095 million. Working capital movements were constructive, and the current ratio sits around 3.2x, indicating ample short-term liquidity.

Looking ahead, management has not issued explicit quarterly guidance in the provided materials; however, the QQ1 2026 results, coupled with the brand strength of LaCroix and the company’s disciplined cost base, suggest continued upside through volume growth, price/mix management, and potential strategic opportunities supported by strong FCF generation. The main overhangs remain commodity cost dynamics, competitive intensity in the non-alcoholic beverage space, and the sensitivity of discretionary consumer demand to macro conditions. Investors should monitor input costs, mix evolution, and any strategic capital allocation decisions (e.g., acquisitions, opportunistic returns) as the company continues to optimize its capital structure and cash generation.