PRMB on NYSE

Primo Brands Corp

American beverages company based in Stamford, incorporated in Delaware2

In its 2026 annual report the company says: “Primo Brands is a leading North American branded beverage company focused on healthy hydration, delivering responsibly sourced diversified offerings across products, formats, channels, price points and consumer occasions, distributed in every U.S. state and Canada.”6 Its shares trade on NYSE under the symbol PRMB.2

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Last updated Oct 21, 2026.

Overview

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  • TickerPRMB on NYSE2
  • IndustryBeverages2
  • HeadquartersStamford, United States2
  • Incorporated inDE3
  • Business address1150 Assembly Drive, Suite 800, Tampa, Fl 336073
  • Filer categoryLarge accelerated filer3
  • Legal formCorporation2
  • LEI254900J0WS4AXV2LAX552
  • StatusActive2
  • LEI statusIssued and current2
  • Registered addressC/O THE CORPORATION TRUST COMPANY, 19801 Wilmington, United States2
  • Registered withDivision of Corporations, Department of State, 38936832

When used in this report, the terms “the Company,” “our Company,” “ Primo Brands ,” “we,” “us,” or “our” refers to Primo Brands Corporation, together with its consolidated subsidiaries, for periods following the Transaction (as defined below) and to Triton Water Parent, Inc. and its consolidated subsidiaries (collectively, “BlueTriton”) and/or Primo Water Corporation and its consolidated subsidiaries (collectively, “Primo Water”) for periods prior to the Transaction.6 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

30.3%Gross margin7
6.5%Operating margin7
0.9%Net margin7
29.3%Revenue growth, 20257
2.0%Return on equity7
1.70×Debt to equity7

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Regional Spring Water brought in 50% of the revenue Primo Brands Corp broke down this way in fiscal 2025.

  1. Regional Spring Water$3.3B750%up 3% from 2024
  2. Purified Water$2.1B732%up 56% from 2024
  3. Product and Service, Other$763.4M711%up 129% from 2024
  4. Premium Water$349.9M75%up 269% from 2024
  5. Other Water$128.8M72%down 8% from 2024
Products and services by year
Products and services202320242025
Regional Spring Water$3.1B$3.2B$3.3B
Purified Water$1.1B$1.3B$2.1B
Product and Service, Other$263.9M$333.8M$763.4M
Premium Water$46.7M$94.8M$349.9M
Other Water$108.4M$140.7M$128.8M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue70¢$4.6B
  • Selling, general and admin21¢$1.4B
  • Other costs8¢$505.1M
  • Income tax1¢$64.6M
  • Profit1¢$60.1M

Out of $6.7B in revenue.7

Financial statements

Revenue87$6.7B in 2025+50% since 2022
0$2.0B$4.0B$6.0B$8.0B2022: $4.4B$4.4B20222023: $4.7B$4.7B2023+6%2024: $5.2B$5.2B2024+10%2025: $6.7B$6.7B2025+29%
Gross profit87$2.0B in 2025+103% since 2022
0$1.0B$2.0B$3.0B2022: $994.2M$994.2M20222023: $1.4B$1.4B2023+36%2024: $1.6B$1.6B2024+20%2025: $2.0B$2.0B2025+25%
Operating income87$430.4M in 2025+1747% since 2022
0$200.0M$400.0M$600.0M2022: $23.3M$23.3M20222023: $406.0M$406.0M2023+1642%2024: $360.3M$360.3M2024−11%2025: $430.4M$430.4M2025+19%
Net income87$60.1M in 2025
-$200.0M-$100.0M0$100.0M2022: -$126.7M-$126.7M20222023: $92.8M$92.8M20232024: -$16.4M-$16.4M20242025: $60.1M$60.1M2025

Every line of the income statement as filed: the last 3 fiscal years, latest first.7

Period ending2025-12-312024-12-312023-12-31
Net sales$6.7B$5.2B$4.7B
Cost of sales$4.6B$3.5B$3.3B
Gross profit$2.0B$1.6B$1.4B
Selling, general and administrative expenses$1.4B$1.1B$924.2M
Acquisition, integration and restructuring expenses$167.5M$204.1M$16.9M
Intangible asset impairment$35.6M$0$0
Other operating (income) expense, net-$3.7M$6.6M$4.9M
Operating income$430.4M$360.3M$406.0M
Other income, net-$59.7M$0$0
Loss on modification and extinguishment of debt$18.6M$0$0
Interest and financing expense, net$326.5M$339.6M$288.1M
Income from continuing operations before income taxes$145.0M$20.7M$117.9M
Provision for income taxes$64.6M$33.3M$25.1M
Net income (loss) from continuing operations$80.4M-$12.6M$92.8M
Net loss from discontinued operations, net of tax-$20.3M-$3.8M$0
Net income (loss)$60.1M-$16.4M$92.8M
Dividend on preferred stock$0$0$25.8M
Excess of redemption price over carrying value of preferred stock$0$0$3.1M
Net income (loss) attributable to common stockholders$60.1M-$16.4M$63.9M
Continuing operations (in dollars per share)$0-$0$0
Discontinued operations (in dollars per share)-$0-$0$0
Net income (loss) per common share (in dollars per share)$0.16-$0.07$0.29
Continuing operations (in dollars per share)$0-$0$0
Discontinued operations (in dollars per share)-$0-$0$0
Net income (loss) per common share (in dollars per share)$0.16-$0.07$0.29
Basic (in shares)373.5M shares242.3M shares218.3M shares
Diluted (in shares)374.9M shares242.3M shares218.3M shares

Compare Primo Brands Corp with another company

Corporate structure

Primo Brands Corp sits at the top of its group. 29 entities, 7 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Primo Brands Corp

  • ORCP III DE TopCo GP, LLC Filed SCHEDULE 13D/A on Primo Brands Corp, latest Aug 10, 2026 (8 filings since Nov 18, 2024)
  • FMR LLC Filed SCHEDULE 13G/A on Primo Brands Corp, latest Aug 6, 2026 (5 filings since Feb 12, 2025)
  • VANGUARD GROUP INC Filed SCHEDULE 13G/A on Primo Brands Corp, latest Mar 27, 2026 (3 filings since Apr 30, 2025)
  • VIKING GLOBAL INVESTORS LP Filed SCHEDULE 13G/A on Primo Brands Corp, latest Feb 17, 2026 (2 filings since Jun 18, 2025)
  • Primo Brands Corp Stamford, Connecticut, United States
    • BlueTriton Brands Stamford, Connecticut, United States
    • Aquaterra Corporation Subsidiary · Canada
    • BlueTriton Brands Holdings, Inc. Subsidiary · Delaware, United States
    • BlueTriton Brands Services, Inc. Subsidiary · Delaware, United States
    • Cott Beverages Luxembourg S.à r.l. Subsidiary · Luxembourg
    • Cott Cayman Subsidiary · Cayman Islands
    • Cott Retail Brands Limited Subsidiary · United Kingdom
    • Cott Switzerland GmbH Subsidiary · Switzerland
    • DS Services of America, Inc. Subsidiary · Delaware, United States
    • Entrepure Industries LLC Subsidiary · Colorado, United States
    • Garraways Ltd Subsidiary · United Kingdom
    • Hydration Innovation, LLC Subsidiary · Delaware, United States
    • Hydropure Distribution Ltd Subsidiary · United Kingdom
    • Kafevend Group Limited Subsidiary · United Kingdom
    • Kafevend Holdings Limited Subsidiary · United Kingdom
    • Old WCS (Bottlers) Limited Subsidiary · United Kingdom
    • Primo Customer Care, LLC Subsidiary · Delaware, United States
    • Primo Water Corporation Subsidiary · Ontario, Canada
    • Primo Water Financing One LLC Subsidiary · Delaware, United States
    • Primo Water Holdings Inc. Subsidiary · Delaware, United States
    • Primo Water Holdings UK Limited Subsidiary · United Kingdom
    • Primo Water Malta Holdings Ltd Subsidiary · Malta
    • Pure Choice Watercoolers Limited Subsidiary · United Kingdom
    • The Shakespeare Coffee Company Ltd Subsidiary · United Kingdom
    • Triton Water Canada Holdings, Inc. Subsidiary · Canada
    • and 3 more

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Primo Brands Corp reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Computer equipment and software$68.2M7 Dec 31, 2025$27.1M8 Dec 31, 2024+151.7%
Finance-lease assets$168.3M7 Dec 31, 2025$100.3M7 Dec 31, 2024+67.8%
Operating-lease assets (leased space)$539.3M7 Dec 31, 2025$628.7M7 Dec 31, 2024−14.2%

Real estate and locations

ItemLatestA year beforeChange
Area of land28,000 acres7 Dec 31, 2025

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$376.7M7 Dec 31, 2025$613.7M7 Dec 31, 2024−38.6%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$3.6B7 Dec 31, 2025$3.6B7 Dec 31, 2024+0.3%
Intangible assets, net (excluding goodwill)$3.0B7 Dec 31, 2025$3.2B7 Dec 31, 2024−6.2%
Finite-lived intangibles, gross$2.4B7 Dec 31, 2025$2.2B7 Dec 31, 2024+9.8%
Accumulated amortization$515.4M7 Dec 31, 2025$260.4M7 Dec 31, 2024+97.9%
Finite-lived intangibles, net$1.9B7 Dec 31, 2025$1.9B7 Dec 31, 2024−2.2%

Inventory

ItemLatestA year beforeChange
Inventory, total$223.5M7 Dec 31, 2025$208.4M7 Dec 31, 2024+7.2%
Finished goods$92.1M7 Dec 31, 2025$90.6M7 Dec 31, 2024+1.7%

Properties, in its own words

Our business is supported by our extensive manufacturing and distribution network. Our dual headquarters are located at 1150 Assembly Drive, Suite 800, Tampa, Florida 33607 and 900 Long Ridge Road, Building 2, Stamford, Connecticut 06902. Our manufacturing footprint encompasses 58 strategically located manufacturing and production facilities and 228 branch distribution and warehouse facilities. Our facilities are used to support our operations and are suitable and adequate to carry out our business at expected capacity for the foreseeable future. The facilities and square footage amounts noted below do not include vacant or underutilized properties.

The following table is a summary of our properties as of December 31, 2025 and excludes properties classified as discontinued operations:

The rest of Item 2

(square feet in millions) · Total

Count · Sq Ft.

Manufacturing and Production

Owned · 20 · 4.6

Leased1 · 38 · 6.8

58 · 11.4

Branch Distribution and Warehouses

Owned · 30 · 0.6

Leased1 · 198 · 7.6

228 · 8.2

Office Space

Leased1 · 3 · 0.3

3 · 0.3

Total · 289 · 19.9

1 Lease terms for non-owned properties expire between 2026 and 2051.

Item 2 of the 10-K filed Feb 27, 2026.6

Leadership

Who has led Primo Brands Corp, and when. Pick a name to see everywhere that person has worked.

Board members and other officers (19)

Subsidiaries and ownership

Also consolidated

Subsidiaries (Exhibit 21)

  • Aquaterra Corporation Canada4
  • BlueTriton Brands Holdings, Inc. Delaware4
  • BlueTriton Brands Services, Inc. Delaware4
  • BlueTriton Brands, Inc. Delaware4
  • Cott Beverages Luxembourg S.à r.l. Luxembourg4
  • Cott Cayman Cayman Islands4
  • Cott Retail Brands Limited United Kingdom4
  • Cott Switzerland GmbH Switzerland4
  • DS Services of America, Inc. Delaware4
  • Entrepure Industries LLC Colorado4
  • Garraways Ltd United Kingdom4
  • Hydration Innovation, LLC Delaware4
  • Hydropure Distribution Ltd United Kingdom4
  • Kafevend Group Limited United Kingdom4
  • Kafevend Holdings Limited United Kingdom4
  • Old WCS (Bottlers) Limited United Kingdom4
  • Primo Customer Care, LLC Delaware4
  • Primo Water Corporation Ontario4
  • Primo Water Financing One LLC Delaware4
  • Primo Water Holdings Inc. Delaware4
  • Primo Water Holdings UK Limited United Kingdom4
  • Primo Water Malta Holdings Ltd Malta4
  • Pure Choice Watercoolers Limited United Kingdom4
  • The Shakespeare Coffee Company Ltd United Kingdom4
All 28 listed subsidiaries
  • Triton Water Canada Holdings, Inc. Canada4
  • Triton Water Holdings, Inc. Delaware4
  • Triton Water Intermediate, Inc. Delaware4
  • Water Coolers (Scotland) Limited United Kingdom4

Ownership links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); each one cites its LEI record. The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. Aug 20, 20268-K Executive or director change33
  2. Aug 10, 20268-K Entered a material agreement34
  3. Aug 5, 20268-K Results of operations35
  4. Jul 16, 20268-K Executive or director change36
  5. Jul 7, 20268-K Executive or director change37
  6. May 19, 20268-K Executive or director change38
  7. May 7, 20268-K Results of operations39
  8. Apr 30, 20268-K Shareholder vote40
  9. Apr 1, 20268-K Entered a material agreement; New debt or obligation41
  10. Feb 26, 20268-K Results of operations42
  11. Jan 16, 20268-K Executive or director change43
  12. Nov 10, 2025New chief executive Eric J. Foss becomes CEO11
  13. Nov 10, 20258-K Other events44
  14. Nov 13, 2024New chief executive Robbert Rietbroek becomes CEO12
  15. Jun 10, 2024Founded Primo Brands Corp is founded2

Calendar

Coming up

  1. Nov 5, 2026 · Before the openReports results for the quarter ending Sep/2026 A year earlier it reported $0.38 a share, on Nov 6, 2025.45

When it reported results

  1. Aug 5, 2026Reported quarterly or annual results35
  2. May 7, 2026Reported quarterly or annual results39
  3. Feb 26, 2026Reported quarterly or annual results42
  4. Nov 6, 2025Reported quarterly or annual results46
  5. Aug 7, 2025Reported quarterly or annual results47
  6. May 8, 2025Reported quarterly or annual results48
  7. Feb 20, 2025Reported quarterly or annual results49

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

227 filings to the SEC since October 2021: 2 annual reports, 6 quarterly reports, 33 major events, 114 insider forms, 18 large holders, 54 other. The latest 20:

  1. Oct 2, 20264 EDGAR
  2. Aug 20, 20268-K EDGAR
  3. Aug 12, 20264 EDGAR
  4. Aug 10, 2026SCHEDULE 13D/A EDGAR
  5. Aug 10, 20264 EDGAR
  6. Aug 10, 20264 EDGAR
  7. Aug 10, 20268-K EDGAR
  8. Aug 7, 2026424B3 EDGAR
  9. Aug 6, 2026424B3 EDGAR
  10. Aug 6, 2026FWP EDGAR
  11. Aug 6, 2026SCHEDULE 13G/A EDGAR
  12. Aug 5, 202610-Q EDGAR
  13. Aug 5, 20268-K EDGAR
  14. Jul 16, 20264 EDGAR
  15. Jul 16, 20263 EDGAR
  16. Jul 16, 20268-K EDGAR
  17. Jul 7, 20268-K EDGAR
  18. Jul 2, 20264 EDGAR
  19. May 19, 20264 EDGAR
  20. May 19, 20263 EDGAR

The 227 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

15 open-market trades by officers, directors and large owners since October 2021: 9 buys and 6 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Aug 10, 2026FOSS ERIC JExec. Chair and CEOBuy84,000$23.80$2.0MForm 4
Aug 7, 2026Triton Water Parent Holdings, LP10% ownerSale20,410,340$24.37$497.4MForm 4
Aug 7, 2026Lee Tony WDirectorSale20,410,340$24.37$497.4MForm 4
Nov 13, 2025STANBROOK STEVEN PDirectorBuy54,540$16.43$896.1KForm 4
Nov 12, 2025FOSS ERIC JExec. Chair and CEOBuy4,970$16.15$80.3KForm 4
Nov 11, 2025FOSS ERIC JExec. Chair and CEOBuy123,049$15.52$1.9MForm 4
Nov 11, 2025Hass David W.Chief Financial OfficerBuy15,910$15.71$249.9KForm 4
Nov 10, 2025Cramer Michael JohnDirectorBuy5,000$15.73$78.7KForm 4
Aug 14, 2025Cramer Michael JohnDirectorBuy4,000$24.46$97.8KForm 4
Aug 13, 2025Rietbroek RobbertChief Executive OfficerBuy8,285$24.12$199.8KForm 4
Aug 12, 2025STANBROOK STEVEN PDirectorBuy12,400$24.04$298.1KForm 4
May 12, 2025Lee Tony WDirectorSale50,657,562$31.67$1.6BForm 4
May 12, 2025Triton Water Equity Holdings GP, LLC10% ownerSale50,657,562$31.67$1.6BForm 4
Mar 12, 2025Lee Tony WDirectorSale51,750,000$29.50$1.5BForm 4
Mar 12, 2025Triton Water Equity Holdings GP, LLC10% ownerSale51,750,000$29.50$1.5BForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Eric FossExecutive Chairman and Chief Executive Officer67$161.5K$14.9M54
2025Robbert RietbroekFormer Chief Executive Officer$6.6M54
2025Marni Morgan PoeFormer General Counsel & Corporate Secretary$446.0K$2.9M54
2025David HassChief Financial Officer47$621.5K$2.6M54
2025Hih Song KimChief Legal Officer & Corporate Secretary61$580.3K$2.4M54
2025Robert AustinChief Operating Officer56$846.1K$2.3M54
2025Jason AusherChief Accounting Officer52$429.3K$885.6K54
2024Robbert RietbroekFormer Chief Executive Officer$721.2K$26.0M54
2024David HassChief Financial Officer47$532.5K$7.1M54
2024Robert AustinChief Operating Officer56$720.8K$6.5M54
2024Marni Morgan PoeFormer General Counsel & Corporate Secretary$511.0K$6.2M54
2024Hih Song KimChief Legal Officer & Corporate Secretary61$406.7K$2.8M54

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
One Rock Capital Partners, LLC116,210,806$2.8B100.0%No change
Fmr LLC25,017,739$611.4M0.0%−4,120,981
Sachem Head Capital Management LP17,795,000$434.9M9.0%+700,000
Samlyn Capital, LLC16,534,731$404.1M6.7%−94,868
Fuller & Thaler Asset Management, Inc.13,075,886$319.6M0.9%−1,047,383
Ameriprise Financial Inc12,526,760$306.2M0.1%−2,098,248
William Blair Investment Management, LLC11,426,823$279.3M0.8%−1,629,369
Vanguard Portfolio Management LLC11,334,024$277.0M0.0%+28,299
BlackRock, Inc.11,270,206$275.4M0.0%−290,285
Vanguard Capital Management LLC10,757,194$262.9M0.0%+1,055
Allspring Global Investments Holdings, LLC7,054,481$173.0M0.3%+3,593
Apollo Management Holdings, L.P.6,885,351$168.3M2.7%New
Pertento Partners LLP6,316,237$154.4M11.1%+1,016,219
Bank Of America Corp /de/5,715,644$139.7M0.0%−351,707
Deprince Race & Zollo Inc4,759,883$116.3M2.0%+926,842
Palestra Capital Management LLC4,604,145$112.5M3.8%−4,445,733
State Street Corp4,598,451$112.4M0.0%+95,819
Geode Capital Management, LLC4,235,146$103.5M0.0%−67,736
Goldman Sachs Group Inc3,870,335$94.6M0.0%+2,063,713
Point72 Asset Management, L.P.3,686,463$90.1M0.1%−4,682,957
M.D. Sass, LLC3,142,134$76.8M5.1%−240,883
Norges Bank3,001,538$73.4M0.0%New
DME Capital Management, LP2,823,660$69.0M1.8%New
Citadel Advisors LLC2,794,124$68.3M0.0%+1,584,392
Rubric Capital Management LP2,672,231$65.3M0.6%−110,173

13F reports cover disclosed long positions in U.S. stocks only.

Members of Congress who traded it

6 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
Dec 18, 2025Markwayne Mullin, SenateSale$1,001 - $15,000−2.7%Report
Dec 18, 2025Markwayne Mullin, SenateSale$1,001 - $15,000−2.7%Report
Dec 17, 2025Markwayne Mullin, SenateSale$1,001 - $15,000−1.3%Report
Feb 3, 2025Markwayne Mullin, SenateBuy$1,001 - $15,000−71.4%Report
Jan 2, 2025Markwayne Mullin, SenateBuy$15,001 - $50,000−70.8%Report
Jan 2, 2025Markwayne Mullin, SenateBuy$15,001 - $50,000−70.8%Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

SEC filer profile

How Primo Brands Corp is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARPrimo Brands Corp1
  • CIK0002042694
  • Employer ID (EIN)99-34839846
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company6
  • Incorporated inDelaware6
  • Fiscal year endsDecember 311
  • Industry code (SIC)2080 Beverages1
  • SEC reviewing officeOffice of Manufacturing, Division of Corporation Finance1
  • Business address1150 Assembly Drive, Suite 800, Tampa, FL 336071
  • Phone(813) 544-85151
  • Shares outstanding362,354,045 as of Aug 3, 202610
  • Public float$7.5B as of Jun 30, 20256
  • AuditorPricewaterhouseCoopers LLP, Tampa, Florida PCAOB ID 238; it also attests to the company’s internal control over financial reporting6
  • On EDGAR sinceNov 8, 20241
  • Filings227 in all: 4 (86), 8-K (33), 3 (24), 424B3 (20), SCHEDULE 13G/A (7), 10-Q (6), CORRESP (6), SCHEDULE 13D/A (6)1
    All 29 form types

    UPLOAD (6), 3/A (4), S-1/A (3), SCHEDULE 13G (3), 10-K (2), ARS (2), DEF 14A (2), DEFA14A (2), EFFECT (2), FWP (2), 144 (1), 8-A12B (1), 8-K12G3 (1), 8-K12G3/A (1), CERT (1), DRS (1), POS AM (1), S-1 (1), S-8 (1), SC 13D (1), SC 13D/A (1)

  • Latest filingsAnnual report (10-K) Feb 27, 2026
    Quarterly report (10-Q) Aug 5, 2026
    Proxy statement (DEF 14A) Mar 18, 2026
    Latest 8-K (8-K) Aug 20, 2026

Securities registered for trading

ClassSymbolExchange
Class A common stock, $0.01 par value per sharePRMBThe New York Stock Exchange

From the cover page of the 10-K filed Feb 27, 2026 (Section 12(b) of the Exchange Act).6

Risk factors and legal proceedings

The risks Primo Brands Corp names in Item 1A of its 10-K filed Feb 27, 2026: 52 risks under these headings, as written.6

  • Risks Related to Our Business, Operations, and Growth Strategies
  • Risks Related to Our Customers, Suppliers, and Associates
  • Risks Related to Our Class A Common Stock
  • Legal, Regulatory, and Tax Risks
  • Risks Related to Our Indebtedness
  • Our future results may suffer if we do not effectively manage our expanded operations following the Transaction.
  • We face significant competition in the segment in which we operate.
  • Our success depends, in part, on our intellectual property, which we may be unable to maintain and protect.
  • Insurance and claims expenses associated with our operations could have a material adverse effect on us.
  • We may not be able to consummate acquisitions or divestitures, or acquisitions may be difficult to integrate, and we may not realize the expected revenue and cost synergies related to each such acquisition or the benefits associated with divestitures.
  • Our business is dependent on our ability to maintain access to our water sources. Water scarcity, government regulation of water access, loss of water rights, and poor quality could negatively affect our long-term financial performance.
  • Our business is seasonal, and adverse weather conditions, including severe weather resulting from climate change, and legal or regulatory responses, could negatively affect our business, financial condition, and results of operations.
The other 45 risks
  • We may face opposition to the operation and expansion of our facilities from various individuals and groups.
  • Changes in future business conditions could cause business investments and/or recorded goodwill, indefinite-life intangible assets or other intangible assets to become impaired, resulting in substantial losses and write- downs that would negatively affect our results of operations.
  • We may not be able to respond successfully to consumer trends related to our products.
  • The loss or reduction in sales to any significant customer could negatively affect our financial condition and results of operations.
  • If we face labor shortages or increased labor costs, our results of operations and our growth could be adversely affected.
  • Our packaging supplies and other costs are subject to price increases, and we may be unable to effectively pass rising costs on to our customers, or effectively hedge against such rising costs.
  • Changes in the retail landscape, such as continued or increased development and use of private-label brands, may negatively affect our results of operations and financial condition.
  • Unfavorable publicity, whether accurate or not, could harm our business.
  • We rely on our management team and other key personnel, and we may be unable to hire or retain key personnel or a highly skilled workforce.
  • If we are unable to maintain relationships with our raw material suppliers, we may incur higher supply costs or be unable to deliver products to our customers at reasonable costs or at all.
  • We may not be able to renew collective bargaining agreements on satisfactory terms, or we could experience strikes.
  • Risks Related to Our Technology and Cybersecurity
  • Our reliance on third-party service providers and key information systems could have an adverse effect on our business.
  • Disruptions of or compromises to our information technology systems, including as a result of unauthorized computer intrusions, could have a material adverse effect on our business, financial condition, and results of operations, and on our reputation.
  • If we are unable to securely maintain our customers’, associates’, or company private or personal information, including payment card information, or process such information in compliance with applicable laws and regulations, we could be subject to negative publicity, costly compliance obligations, costly government enforcement actions, or private litigation, which could damage our business reputation and negatively affect our results of operations.
  • The market price of our Class A common stock may be volatile, and holders of our Class A common stock may be unable to resell their Class A common stock at or above their purchase price or at all.
  • If securities analysts publish inaccurate or unfavorable research or reports about our business, or if they downgrade our stock or our sector, our stock price and trading volume could decline.
  • We may issue additional shares of Class A common stock through future offerings, in satisfaction of certain required payments in connection with future acquisitions and due to future issuances pursuant to the Primo Brands Equity Incentive Plan and employee stock purchase program.
  • Future sales, or the perception of future sales, by our stockholders in the public market could cause the market price for our Class A common stock to decline.
  • Sponsor Stockholders own a significant amount of the voting power of the Company, and their interests may conflict with or differ from the interests of other stockholders.
  • We are no longer considered a “controlled company” within the meaning of the NYSE listing requirements. However, even though we are no longer a “controlled company,” we will continue to qualify for, and intend to rely on, exemptions from certain corporate governance requirements during a one-year transition period. As a result, our stockholders may not have the same protections afforded to stockholders of companies that are subject to such corporate governance requirements.
  • We may not issue a quarterly dividend in the future and stockholders may never obtain a return on their investment.
  • Legal, Regulatory and Tax Risks
  • Legislative and executive action in state and local governments enacting local taxes on bottled water or water extraction, restricting water withdrawal and usage rights from public and private sources, and bans on the commercial sale or government procurement of bottled water in plastic beverage containers could adversely affect our business and financial results.
  • Sustainability matters may adversely impact our business and reputation.
  • We may incur costs to comply with developing laws and regulations, including those surrounding the production and use of plastics, as well as related litigation relating to plastics pollution.
  • Our products may not meet health and safety standards or could become contaminated, and we could be liable for injury, illness, or death caused by consumption of our products.
  • Litigation or legal proceedings could expose us to significant liabilities, restrict our access to water sources, and damage our reputation.
  • We have been, and continue to be, exposed to increased litigation, and other liabilities as a result of the Transaction, which could have an adverse effect on our business and operations.
  • The legal and regulatory environment in the jurisdictions in which we operate, changes thereto and our ability to comply with the same could negatively affect our results of operations, adversely affect demand for our products and services or result in litigation.
  • Uncertainties in the interpretation and application of existing, new, and proposed tax laws and regulations could materially affect our tax obligations and effective tax rate.
  • Our bylaws provide that the Court of Chancery of the State of Delaware is the exclusive forum for any internal corporate claims and the federal district courts of the United States are the exclusive forum for the resolution of any complaint asserting a cause of action arising under the Securities Act, which could limit stockholders’ ability to obtain a favorable judicial forum for disputes with the Company or our directors, officers, associates, or stockholders.
  • Our ability to use certain tax attributes may be or become subject to limitation.
  • Significant demands have been placed on our financial controls and reporting systems as a result of the Transaction.
  • Our substantial indebtedness could adversely affect our financial condition, limit our ability to raise additional capital to fund our operations, and prevent us from fulfilling our obligations under our indebtedness.
  • Our indebtedness may expose us to substantial risks.
  • Disruptions in the financial markets could affect our ability to refinance or restructure existing indebtedness obligations on favorable terms, or at all.
  • A lowering or withdrawal of the ratings assigned to us or our debt securities by rating agencies could increase our future debt issuance costs and reduce our access to capital.
  • Primo Water and/or BlueTriton may have liabilities that are not known at this time.
  • We do not expect to be able to generate sufficient cash flows from operations to repay all of our indebtedness at maturity and may be forced to take other actions to satisfy our obligations under our indebtedness, which may not be successful.
  • Despite our level of indebtedness, we and our subsidiaries may still incur substantially more debt. This could further exacerbate the risks to our financial condition described above and impair our ability to operate our business.
  • We are a holding company with no operations and may not have access to sufficient cash to meet our financial obligations.
  • The terms of our debt agreements impose restrictions that may limit our current and future operating flexibility, particularly our ability to respond to changes in the economy or our industry or to take certain actions, which could harm our long-term interests and may limit our ability to make payments on our indebtedness.
  • Our variable rate indebtedness subjects us to interest rate risk, which could cause our debt service obligations to increase significantly.
  • General Risk Factors
  • Global or regional catastrophic events could affect our business, financial condition, and results of operations.
  • Our results of operations may be negatively affected by uncertainty in the financial markets, general macroeconomic conditions and global financial events.
  • We may be adversely impacted by recently announced tariff programs.

Legal proceedings

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 23 - "Commitments and Contingencies" to this Annual Report for information regarding material pending legal proceedings.

The opening of Item 3, Legal Proceedings.6

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