The Simply Good Foods Company delivered solid QQ2 2025 results driven by the ongoing maturation of Quest and the rapid integration of OWYN, offsetting a production and profitability drag from Atkins. Total net sales rose 15.2% year over year to $359.7 million, with organic growth contributing 4.4% and OWYN contributing a year-one contribution of approximately $33.8 million. Management highlighted Quest as the primary growth engine, with Quest representing about 60% of net sales and SaltY Snacks contributing meaningful incremental growth of the brand, including a successful national club test and a Bake Shop platform that enhances the portfolio’s margin and category reach. OWYN posted robust acceleration in distribution and velocity, including ready-to-drink shakes growth of 53% and distribution growth of 22%, signaling meaningful distribution upside ahead. Atkins, by contrast, continued to drag on growth with a mid-single-digit takeaway decline, driven by lapping elevated promotions and club-distribution losses; however, the company positioned Atkins as a core weight-management brand with a refreshed platform (Atkins Strong) and a plan to shift space toward higher-return Quest and OWYN SKUs. The combined effect is a company with a diversified, high-protein, low-sugar portfolio and substantial leverage to the secular nutritional snacking trend, yet exposed to tariff risk and commodity cost volatility. The balance sheet remains sturdy, with cash of $103.7 million and net debt to trailing twelve-month adjusted EBITDA at 0.7x, and management reaffirmed FY2025 guidance, including 8.5%–10.5% net sales growth and 4%–6% Adjusted EBITDA growth, while acknowledging gross margin headwinds from costs and tariffs. The roadmap centers on continued Quest and OWYN distribution gains, new product introductions (Overload bars, Quest shakes, and milkshakes), ongoing synergy capture from OWYN, and a leaner Atkins footprint, all of which underpin a constructive, albeit cautiously navigated, investment thesis for 2025–2026.