Primo Brands Corp (PRMB) · Nov 5, 2026 · Earnings

Primo Brands earnings miss as EBITDA heads for low end

Miss — GAAP EPS $0.34 vs ~$0.42 consensus

Primo Brands earnings showed solid sales growth, but EPS missed expectations and management now sees 2026 EBITDA at the low end of guidance.

Primo Brands is still in the execution phase of its expanded post-combination water business, trying to restore Direct Delivery growth while absorbing transportation, freight, and other cost pressures. Earlier 2026 updates had already established a recovering sales trajectory and a $1.465-$1.515 billion Adjusted EBITDA outlook, with the company emphasizing integration and cost mitigation as the main operating challenge.

Sales execution was slightly better than the published bar, but not enough to carry the quarter. Third-quarter net sales rose about 3.1% year over year to $1.821 billion, narrowly above the roughly $1.81 billion consensus. Premium water was the standout growth category, while the broader portfolio also expanded. The filing says, “Our third quarter results demonstrate solid top-line momentum and improving execution across the business,” 〔0〕

Metric	Q3 2026	Q3 2025	Consensus / prior guide
Net sales (Exhibit 1)	$1,821.0M (+3.1%)	$1,766.1M	~$1,810M
GAAP diluted EPS (Exhibit 1)	$0.34	$0.11	~$0.42
Adjusted diluted EPS (Exhibit 7)	$0.43	$0.41	—
Adjusted EBITDA (Exhibit 5)	$411.0M (+1.6%)	$404.5M	—
Adjusted EBITDA margin (Exhibit 5)	22.6%	22.9%	—
FY26 Adjusted EBITDA outlook (Exhibit 1)	$1,465M-$1,515M; tracking low end	—	$1,465M-$1,515M

The key disappointment is earnings quality and forward margin pressure. GAAP diluted EPS of $0.34 missed the published consensus near $0.42, even though adjusted EPS improved to $0.43 from $0.41. At the operating level, Adjusted EBITDA grew only modestly and margin contracted 30 basis points, showing that cost pressure is still offsetting much of the sales recovery.

Management did not formally cut the EBITDA range, but it lowered the quality of the outlook. Net sales are expected around the midpoint of the existing 2%-4% growth range, while Adjusted EBITDA is now expected at the lower end of the existing $1.465-$1.515 billion range. The company states, “Based on our year-to-date performance and proactive actions, we expect to deliver Net Sales at the midpoint of our previous guidance range and Adjusted EBITDA at the lower end of our previous guidance range for 2026.” 〔1〕 This is partly known rather than a wholesale reset: the sales recovery was already visible, but the lower-end EBITDA trajectory is the new friction point.

Cash generation and capital returns soften the miss, but do not erase it. Nine-month operating cash flow rose to $625.3 million from $477.2 million, and adjusted free cash flow reached $602.9 million versus $535.5 million a year earlier. The board also authorized a new $300 million repurchase program, replacing approximately $41 million of remaining capacity, while maintaining the $0.12 quarterly dividend. The filing says, “Primo Brands also announced that its Board authorized a new share repurchase program of up to $300million of the Company’s outstanding Class A common stock.” However, the authorization creates optionality rather than an obligation to repurchase shares, and the company remains meaningfully leveraged at a reported 3.32x net leverage.

Bottom line: The quarter confirms that Primo Brands is regaining sales momentum, but the underlying margin pressure is keeping profitability behind expectations. The story advances operationally, yet the lower-end EBITDA trajectory and EPS miss make this a modestly negative update rather than a clean beat.

What to watch next

Q4 results and 2027 outlook

Original filing on SEC EDGAR

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

Community sentiment · 612 votes

58% bullish

Bull 58%Neu 27%Bear 15%

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Primo Brands earnings miss as EBITDA heads for low end

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