TLDR
- National Beverage stock closed at $40.35 on September 11, 2025.
- Q1 earnings per share of $0.60 missed estimates by $0.01.
- Net sales reached a record $331 million but fell short of analyst expectations.
- LaCroix posted organic growth and strong demand for new flavors.
- Long-term shareholder returns remain strong despite underperformance versus the S&P 500.
National Beverage Corp. (NASDAQ: FIZZ) reported first quarter fiscal 2026 results on September 11, with the stock closing at $40.35.
National Beverage Corp. (FIZZ)
The company posted earnings per share of $0.60, just below analyst estimates of $0.61. Net sales reached a record $331 million but missed consensus expectations of $336.06 million.
Gross profit increased by 80 basis points to $125 million, while operating income rose to $71 million. Operating cash flow of $59 million brought total cash holdings to $250 million. Net income came in at $55.8 million, slightly lower than last year’s $56.8 million, largely due to a $2.1 million decline in interest income following a $304 million dividend payment in July 2024.
LaCroix drives brand momentum
The company’s flagship brand, LaCroix, remained a bright spot in Q1. Organic sales growth was reported in the club channel, supported by the new Deliciously Magical variety pack featuring Strawberry Peach, Blackberry Cucumber, and Cherry Lime. Four newly released flavors also posted promising initial sales, with management expecting further increases.
National Beverage credited innovation as a key driver of performance. Management highlighted the company’s strategy of maintaining brand identity rather than chasing every market trend. With new flavors and creative product development, National Beverage continues to shape consumer preferences within the sparkling water category.
Shareholder value and dividend history
National Beverage emphasized its commitment to returning capital to shareholders. Over the past two decades, the company has distributed more than $1.5 billion in dividends while increasing total revenue by 135%. The management team underscored its focus on balancing innovation with financial discipline to safeguard shareholder investments.
The company is preparing to celebrate its 40th anniversary, noting that its long-standing emphasis on vision, brand strength, and consumer trust has helped it deliver superior returns over the years.
Performance versus market benchmarks
Despite Q1 revenue and profit growth, National Beverage shares have underperformed broader market indices. As of September 11, 2025, FIZZ reported the following trailing total returns:
- YTD return: -5.44% (vs. S&P 500’s +12.00%)
- One-year return: -9.00% (vs. +18.60%)
- Three-year return: -7.87% (vs. +61.96%)
- Five-year return: +25.99% (vs. +97.17%)
While recent stock performance lags the S&P 500, National Beverage’s long-term record of innovation, strong balance sheet, and dividend history underscore its resilience. Management remains optimistic that disciplined strategies and consumer demand for healthier beverage options will support growth in fiscal 2026 and beyond.
