A North American bottled-water and beverage company born from the November 2024 merger of BlueTriton and Primo Water, it bottles famous spring brands like Poland Spring, Pure Life, Arrowhead, and Deer Park, while also delivering jugs and running self-service refill stations for homes and businesses. Its roots trace to 1859, when the Ricker family began bottling water from a spring near Poland, Maine. The name BlueTriton nods to Triton, the Greek god of the sea.
Integration costs fell sharply as Primo Brands' Q2 operating income nearly doubled to $180.3 million.
The post-merger cost drag is easing. rose 3.8% to $1.80 billion and climbed 59.8% to $180.3 million as acquisition and integration expenses dropped by $39.7 million, more than offsetting a 0.7-point contraction in to 30.5% from higher transport costs. The company is now generating the earnings its combined scale promised, but the cost of getting there still presses on margins.
Key takeaways
rose 59.8% to $180.3 million, driven by a $39.7 million decline in acquisition and integration expenses as post-merger activities wound down.
increased 3.8% to $1,796.2 million, led by a 30.5% rise in premium water sales and a 4.1% increase in regional spring water, partially offset by the divested coffee business.
contracted 0.7 points to 30.5%, as cost of sales rose 4.9% on a $42.6 million increase in transportation costs and higher .
What changed
The integration expense run-rate fell to $18.0 million in Q4 2025 and remained well below the $44–50 million peaks of mid-2025, confirming the wind-down flagged in the FY 2025 annual report.
of 30.5% improved from the 28.6% Q1 2026 trough but remained below the 31.3% of Q2 2025, as the $42.6 million increase in transport costs continued to weigh on profitability.
The company has still not quantified the impact of tariffs on packaging and equipment costs, a risk flagged across multiple prior filings.
What to watch
Whether the integration expense run-rate continues to decline toward zero as the company approaches its estimated $300 million in cost synergies.
The trajectory in the seasonally stronger third quarter, and whether the 30.5% Q2 print can be sustained or improved as transport cost pressures evolve.
Any quantification of tariff impacts on packaging and equipment costs, which the company has now flagged across multiple filings without measuring.
Section summaries
Management's Discussion and Analysis
Q2 2026 net sales rose 3.8% to $1.8B driven by premium and regional spring water, while gross margin fell to 30.5% on higher transport costs.
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grew 3.8% to $1,796.2M in Q2 2026, led by a 30.5% surge in premium water and a 4.1% increase in regional spring water, partially offset by the divested coffee business.
SG&A expenses fell 8.7% to $345.5 million, helped by a $17.4 million reduction in marketing costs and lower intangible .
rose to $69.2 million from $27.6 million a year ago, while increased to $0.19 from $0.07.
The company held $366.8 million in cash and full availability on a $750 million , following a term loan refinancing that extended $3.09 billion in debt maturity to 2031.
The term loan refinancing to 2031 addresses the refinancing risk that had been a watch item since the Q3 FY2024 filing, when management stated alone would not repay the debt at maturity.
The concentration risk from one customer representing 24% of , and any change in that relationship.
contracted to 30.5% from 31.3% as cost of sales rose 4.9%, primarily due to a $42.6M increase in transportation costs and higher .
expenses fell 8.7% to $345.5M, driven by a $17.4M reduction in marketing costs and lower intangible from the prior year period.
nearly doubled to $180.3M, aided by a $39.7M drop in acquisition and integration expenses as post-merger activities wind down.
reached $385.0M for the quarter, up from $366.7M, while year-to-date Adjusted EBITDA of $691.0M trailed the prior year's $708.2M.
Liquidity remained strong with $366.8M in cash and full availability on a $750M , supported by a $3.09B term loan refinancing extending maturity to 2031.
Quantitative and Qualitative Disclosures About Market Risk
Our business and financial results are affected by fluctuations in world financial markets, including currency exchange rate risk, interest rates, commodity price risk and credit risk. We may utilize fixed price or volume contracts that may extend over one year and derivative fi…
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Our business and financial results are affected by fluctuations in world financial markets, including currency exchange rate risk, interest rates, commodity price risk and credit risk. We may utilize fixed price or volume contracts that may extend over one year and derivative financial instruments (including interest rate swap arrangements), among other methods, to hedge some of these exposures. We do not use derivative financial instruments for speculative or trading purposes.
For a discussion of the Company's quantitative and qualitative disclosures about market risk, see Item 7A. Quantitative and Qualitative Disclosures about Market Risk, in our 2025 Annual Report. As of June 30, 2026, we have no material changes to this information.
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From time to time, we are a party to various claims and legal proceedings with respect to matters such as governmental regulations, income taxes, and other actions arising out of the normal course of business. See Note 14 - "Commitments and Contingencies" in this Quarterly Repor…
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From time to time, we are a party to various claims and legal proceedings with respect to matters such as governmental regulations, income taxes, and other actions arising out of the normal course of business. See Note 14 - "Commitments and Contingencies" in this Quarterly Report for information regarding material pending legal proceedings.