# National Beverage Corp: Form 10-Q for the period ended Aug 1, 2026

- Company: [National Beverage Corp](/companies/fizz.md) (CIK 69891)
- Form: 10-Q
- Filed: 2026-09-10
- Accepted by EDGAR: Sep 10, 2026, 21:08 ET
- Period: 2026-08-01
- Accession: 0001437749-26-030095
- Inline XBRL: yes
- Main document: https://www.sec.gov/Archives/edgar/data/69891/000143774926030095/fizz20260801_10q.htm
- All documents and exhibits: https://www.sec.gov/Archives/edgar/data/69891/000143774926030095/

## Figures reported in this filing

Standardized XBRL line items for the period ended 2026-08-01.

| Line item | Period | Value | XBRL concept |
| --- | --- | ---: | --- |
| Revenue | 3 months, 2026-05-03 to 2026-08-01 | $330.7m | us-gaap:Revenues |
| Cost of revenue | 3 months, 2026-05-03 to 2026-08-01 | $214.9m | us-gaap:CostOfRevenue |
| Gross profit | 3 months, 2026-05-03 to 2026-08-01 | $115.8m | us-gaap:GrossProfit |
| Selling, general and administrative | 3 months, 2026-05-03 to 2026-08-01 | $57.3m | us-gaap:SellingGeneralAndAdministrativeExpense |
| Operating income | 3 months, 2026-05-03 to 2026-08-01 | $58.5m | us-gaap:OperatingIncomeLoss |
| Income tax | 3 months, 2026-05-03 to 2026-08-01 | $14.7m | us-gaap:IncomeTaxExpenseBenefit |
| Net income | 3 months, 2026-05-03 to 2026-08-01 | $47.0m | us-gaap:NetIncomeLoss |
| Diluted EPS | 3 months, 2026-05-03 to 2026-08-01 | $0.50 | us-gaap:EarningsPerShareDiluted |
| Basic EPS | 3 months, 2026-05-03 to 2026-08-01 | $0.50 | us-gaap:EarningsPerShareBasic |
| Diluted shares (weighted) | 3 months, 2026-05-03 to 2026-08-01 | 93,660,000 shares | us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding |
| Operating cash flow | 3 months, 2026-05-03 to 2026-08-01 | $64.8m | us-gaap:NetCashProvidedByUsedInOperatingActivities |
| Capital expenditure | 3 months, 2026-05-03 to 2026-08-01 | $3.1m | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment |
| Dividends paid | 3 months, 2026-05-03 to 2026-08-01 | $304.2m | us-gaap:PaymentsOfDividendsCommonStock |
| Cash and equivalents | at 2026-08-01 | $107.1m | us-gaap:CashAndCashEquivalentsAtCarryingValue |
| Current assets | at 2026-08-01 | $327.5m | us-gaap:AssetsCurrent |
| Total assets | at 2026-08-01 | $582.3m | us-gaap:Assets |
| Current liabilities | at 2026-08-01 | $136.9m | us-gaap:LiabilitiesCurrent |
| Total liabilities | at 2026-08-01 | $214.6m | us-gaap:Liabilities |
| Shareholders' equity | at 2026-08-01 | $367.7m | us-gaap:StockholdersEquity |

## Management's discussion and analysis

As filed, 6,942 characters.

### OVERVIEW

National Beverage Corp. innovatively refreshes America with a distinctive portfolio of sparkling waters, juices, energy drinks (Power+ Brands) and, to a lesser extent, carbonated soft drinks. We believe our creative product designs, innovative packaging and imaginative flavors, along with our corporate culture and philosophy, make National Beverage unique as a stand-alone entity in the beverage industry.

The majority of our brands are geared to the active and health-conscious consumer including sparkling waters, energy drinks and juices. Our portfolio of Power+ Brands includes LaCroix® sparkling water; Clear Fruit® non-carbonated water beverages enhanced with fruit flavor; Rip It® energy drinks and shots; and Everfresh®, Everfresh Premier Varietals™ and Mr. Pure® 100% juice and juice-based products. Additionally, we produce and distribute carbonated soft drinks including Shasta® and Faygo®, iconic brands whose consumer loyalty spans more than 135 years.

Our strategy seeks the profitable growth of our products by (i) developing healthier beverages in response to the global shift in consumer buying habits and tailoring our beverage portfolio to the preferences of a diverse mix of ‘crossover consumers’ – a growing group desiring a healthier alternative to artificially sweetened and high-caloric beverages; (ii) emphasizing unique flavor development and variety throughout our brands that appeal to multiple demographic groups; (iii) maintaining points of difference through innovative marketing, packaging and consumer engagement and (iv) responding faster and more creatively to changing consumer trends than larger competitors who are burdened by legacy production and distribution complexity and costs.

Presently, our primary market focus is the United States. Certain of our beverages are also distributed on a limited basis in other countries and options to expand distribution to other regions are being pursued. To service a diverse customer base that includes numerous national retailers, as well as thousands of smaller “up-and-down-the-street” accounts, we utilize a hybrid distribution system consisting of warehouse and direct-store delivery. The warehouse delivery system allows our retail partners to further maximize their assets by utilizing their ability to pick up beverages at our warehouses, further lowering their/our product costs.

Our operating results are affected by numerous factors, including fluctuations in the costs of raw materials, supply chain disruptions, holiday and seasonal programming and weather conditions. Beverage sales are seasonal with higher sales volume realized during the summer months when outdoor activities are more prevalent.

### RESULTS OF OPERATIONS

#### Three Fiscal Months Ended August 1, 2026 (first quarter of fiscal 2027) compared to

#### Three Fiscal Months Ended August 2, 2025 (first quarter of fiscal 2026)

Net sales for the first quarter of fiscal 2027 were $330.7 million compared to $330.5 million for the first quarter of fiscal 2026. While average selling price per case increased by 7.1%, a 6.4% decline in case volume resulted in approximately flat sales. Both Power+ Brands and carbonated soft drink brands were impacted by the selling price and volume changes.

Gross profit for the first quarter of fiscal 2027 was $115.8 million compared to $125.5 million for the first quarter of fiscal 2026. The change in gross profit was primarily due to an increase in packaging and ingredients costs and the change in case volume, partially offset by an increase in average selling price per case. The cost of sales per case increased 12.4%. Gross margin was 35.0% compared to 38.0% for the first quarter of fiscal 2026. Aluminum costs negatively affected gross margin by approximately 600 basis points.

Selling, general and administrative expenses for the first quarter of fiscal 2027 increased $2.6 million to $57.3 million from $54.7 million for the first quarter of fiscal 2026. The increases resulted from higher shipping costs, due primarily to increased fuel costs, and higher marketing costs. As a percentage of net sales, selling, general and administrative expenses increased to 17.3% for the first quarter of fiscal 2027 compared to 16.5% for the first quarter of fiscal 2026.

Other income, net includes interest income of $3.3 million for the first quarter of fiscal 2027 and $2.2 million for the first quarter of fiscal 2026. The increase in interest income is due primarily to higher average invested balances.

The Company’s effective income tax rate, based upon estimated annual income tax rates, was 23.8% for the first quarter of fiscal 2027 and 23.6% for the first quarter of fiscal 2026. The difference between the effective rate and the federal statutory rate of 21% was primarily due to the effects of state income taxes.

### LIQUIDITY AND FINANCIAL CONDITION

### Liquidity and Capital Resources

The Company’s principal sources of liquidity are its existing cash and cash-equivalents, cash generated from operating activities and borrowing capacity. At August 1, 2026, we maintained the unsecured revolving Credit Facilities and the Loan Facility totaling $150 million, under which no borrowings were outstanding and $2.7 million was reserved for standby letters of credit.

### Cash Flows

The Company’s cash position decreased $242.4 million for the first quarter of fiscal 2027 compared to an increase of $56.0 million for the first quarter of fiscal 2026 due primarily to the special cash dividend of $304.2 million paid on July 30, 2026.

Net cash provided by operating activities for the first quarter of fiscal 2027 was $64.9 million compared to $59.1 million for the first quarter of fiscal 2026. For the first quarter of fiscal 2027, cash flow provided by operating activities increased primarily due to a net decrease in working capital, excluding cash, partially offset by the decrease in net income.

Net cash used in investing activities reflects capital expenditures of $3.1 million for each of the first quarters ended fiscal 2027 and fiscal 2026. Certain packaging and efficiency improvement projects at our production facilities are in progress and we anticipate fiscal 2027 capital expenditures to be comparable to fiscal 2026 capital spending.

Net cash used in financing activities for the first quarter of fiscal 2027 reflects the payments of a special dividend of $304.2 million.

### Financial Position

At August 1, 2026, working capital was $190.6 million compared to $457.8 million at May 2, 2026. The current ratio was 2.4 to 1 at August 1, 2026 compared to 4.4 to 1 at May 2, 2026. The change in working capital and current ratio was due primarily to the payment of the $304.2 million cash dividend. Trade receivables increased $1.5 million and days sales outstanding decreased to 29.1 days from 31.9 days. Inventories increased $4.9 million and inventory turns decreased to 7.7 times from 8.2 times.

## Market risk

As filed, 144 characters.

There have been no material changes in market risks from those reported in our Annual Report on Form 10-K for the fiscal year ended May 2, 2026.

## Controls and procedures

As filed, 3,738 characters.

As of the end of the period covered by this report, we carried out an evaluation, under the supervision and with the participation of the Company’s management, including our Chief Executive Officer and Principal Financial Officer, of the effectiveness of the design and operation of our “disclosure controls and procedures” (as defined in Rule 13a-15(e) of the Securities Exchange Act of 1934). Based upon that evaluation, the Chief Executive Officer and Principal Financial Officer concluded that our disclosure controls and procedures were effective to ensure information required to be disclosed by us in reports we file or submit under the Exchange Act is (1) recorded, processed, summarized and reported within the time periods specified in SEC rules and forms and (2) accumulated and communicated to our management, including our Chief Executive Officer and Principal Financial Officer, to allow timely decisions regarding required disclosure.

There were no changes in our internal control over financial reporting during our most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

### FORWARD-LOOKING STATEMENTS

National Beverage Corp. and its representatives may make written or oral statements relating to future events or results relative to our financial, operational and business performance, achievements, objectives and strategies. These statements are “forward-looking” within the meaning of the Private Securities Litigation Reform Act of 1995 and include statements contained in this report and other filings with the Securities and Exchange Commission and in reports to our stockholders. Certain statements including, without limitation, statements containing the words “believes,” “anticipates,” “intends,” “plans,” “expects,” “estimates”, “may,” “will,” “should,” “could,” and similar expressions constitute “forward-looking statements” and involve known and unknown risk, uncertainties and other factors that may cause the actual results, performance or achievements of our Company to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. 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. We disclaim any obligation to update any such factors or to publicly announce the results of any revisions to any forward-looking statements contained herein to reflect future events or developments.

## Risk factors

As filed, 144 characters.

There have been no material changes in risk factors from those reported in our Annual Report on Form 10-K for the fiscal year ended May 2, 2026.

Filed Sep 10, 2026.
Source: SEC EDGAR, the filing index for accession 0001437749-26-030095. Last ingested by Listed: Oct 24, 2026, 14:53 ET. No prices; not investment advice.