UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☑ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the Quarterly Period Ended ~~January~~August 252, 2025

☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Commission file number 1-14170

NATIONAL BEVERAGE CORP.

(Exact name of registrant as specified in its charter)

Delaware	59-2605822
(State of incorporation)	(I.R.S. Employer Identification No.)

8050 SW Tenth Street, Suite 4000, Fort Lauderdale, FL 33324

(Address of principal executive offices including zip code)

(954) 581-0922

(Registrant’s telephone number including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $.01 per share	FIZZ	The NASDAQ Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit ~~and post~~ such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer ☑ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

The number of shares of registrant’s common stock outstanding as of ~~March~~September 49, 2025 was 93,620,246.

Table of Contents

NATIONAL BEVERAGE CORP.

QUARTERLY REPORT ON FORM 10-Q

INDEX

PART I - FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)	Page
Condensed Consolidated Balance Sheets as of January 25, 2025 and April 27, 2024	3
Condensed Consolidated Statements of Income for the Three and Nine Months Ended January 25, 2025 and January 27, 2024	4
Condensed Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended January 25, 2025 and January 27, 2024	5
Condensed Consolidated Statements of Shareholders’ Equity for the Three and Nine Months Ended January 25, 2025 and January 27, 2024	6
Condensed Consolidated Statements of Cash Flows for the Nine Months Ended January 25, 2025 and January 27, 2024	7
Notes to Condensed Consolidated Financial Statements	8
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	13
Item 3. Quantitative and Qualitative Disclosures about Market Risk	16
Item 4. Controls and Procedures	16
PART II - OTHER INFORMATION
Item 1A. Risk Factors	17
Item 6. Exhibits	17
Signature	18

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements (Unaudited)	Page

Condensed Consolidated Balance Sheets as of August 2, 2025 and May 3, 2025	3

Condensed Consolidated Statements of Income for the Three Fiscal Months Ended August 2, 2025 and July 27, 2024	4

Condensed Consolidated Statements of Comprehensive Income for the Three Fiscal Months Ended August 2, 2025 and July 27, 2024	5

Condensed Consolidated Statements of Shareholders’ Equity for the Three Fiscal Months Ended August 2, 2025 and July 27, 2024	6

Condensed Consolidated Statements of Cash Flows for the Three Fiscal Months Ended August 2, 2025 and July 27, 2024	7

Notes to Condensed Consolidated Financial Statements	8

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	13

Item 3. Quantitative and Qualitative Disclosures about Market Risk	15

Item 4. Controls and Procedures	15

PART II - OTHER INFORMATION

Item 1A. Risk Factors	17

Item 5. Other Information	17

Item 6. Exhibits	17

Signature	18

Table of Contents

PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS ~~NATIONAL BEVERAGE CORP. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (In thousands, except share data)~~

	January 25,			April 27,
	2025			2024
Assets
Current assets:
Cash and cash equivalents	$	149,222		$	327,047
Trade receivables, net		90,903			102,837
Inventories		85,032			84,603
Prepaid and other current assets		27,413			22,385
Total current assets		352,570			536,872
Property, plant and equipment, net		165,585			159,730
Operating lease right-of-use assets		53,838			53,498
Goodwill		13,145			13,145
Intangible assets		1,615			1,615
Other assets		7,267			5,293
Total assets	$	594,020		$	770,153
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable	$	62,637		$	78,283
Accrued liabilities		43,260			46,565
Operating lease liabilities		13,076			13,079
Income taxes payable		641			-
Total current liabilities		119,614			137,927
Deferred income taxes, net		23,826			23,247
Operating lease liabilities		42,256			41,688
Other liabilities		8,088			7,779
Total liabilities		193,784			210,641
Shareholders' equity:
Preferred stock, $1 par value - 1,000,000 shares authorized: Series C - 150,000 shares issued		150			150
Common stock, $.01 par value - 200,000,000 shares authorized; 101,994,358 and 101,942,658 shares issued, respectively		1,020			1,019
Additional paid-in capital		43,567			42,588
Retained earnings		372,989			535,077
Accumulated other comprehensive income		6,743			4,911
Treasury stock - at cost:
Series C preferred stock - 150,000 shares		(5,100	)		(5,100	)
Common stock - 8,374,112 shares		(19,133	)		(19,133	)
Total shareholders' equity		400,236			559,512
Total liabilities and shareholders' equity	$	594,020		$	770,153

NATIONAL BEVERAGE CORP. AND SUBSIDIARIES

~~See~~CONDENSED ~~accompanying~~CONSOLIDATED ~~Notes~~BALANCE toSHEETS ~~Condensed Consolidated Financial Statements.~~(UNAUDITED)

(In thousands, except share data)
	August 2,			May 3,
	2025			2025
Assets
Current assets:
Cash and cash equivalents	$	249,831		$	193,835
Trade receivables, net		106,504			104,157
Inventories		93,916			85,109
Prepaid and other assets		25,875			23,827
Total current assets		476,126			406,928
Property, plant and equipment, net		173,398			175,586
Operating lease right-of-use assets, net		68,130			70,286
Goodwill		13,145			13,145
Intangible assets		1,615			1,615
Other assets		5,346			5,300
Total assets	$	737,760		$	672,860

Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable	$	78,671		$	82,448
Accrued liabilities		39,907			43,521
Operating lease liabilities		15,009			14,533
Income taxes payable		13,292			-
Total current liabilities		146,879			140,502
Deferred income taxes, net		24,012			23,010
Operating lease liabilities		54,895			57,591
Other liabilities		7,841			7,758
Total liabilities		233,627			228,861
Commitments and contingencies
Shareholders' equity:
Preferred stock, $1 par value - 1,000,000 shares authorized Series C - 150,000 shares issued		150			150
Common stock, $.01 par value - 200,000,000 shares authorized; 101,994,358 and 101,994,358 shares issued, respectively		1,020			1,020
Additional paid-in capital		43,843			43,708
Retained earnings		473,510			417,750
Accumulated other comprehensive income		9,843			5,604
Treasury stock - at cost:
Series C preferred stock - 150,000 shares		(5,100	)		(5,100	)
Common stock - 8,374,112 shares		(19,133	)		(19,133	)
Total shareholders' equity		504,133			443,999
Total liabilities and shareholders' equity	$	737,760		$	672,860

~~Table~~See ofaccompanying ~~Contents~~ Notes to Condensed Consolidated Financial Statements.

~~NATIONAL BEVERAGE CORP. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (In thousands, except per share amounts)~~ 3

	Three Months Ended				Nine Months Ended
	January 25,		January 27,		January 25,		January 27,
	2025		2024		2025		2024
Net sales	$	267,050	$	270,065	$	887,725	$	894,379
Cost of sales		168,100		173,034		556,992		575,009
Gross profit		98,950		97,031		330,733		319,370
Selling, general and administrative expenses		48,373		48,850		152,774		153,785
Operating income		50,577		48,181		177,959		165,585
Other income, net		1,398		1,967		7,474		6,745
Income before income taxes		51,975		50,148		185,433		172,330
Provision for income taxes		12,332		10,556		43,373		39,319
Net income	$	39,643	$	39,592	$	142,060	$	133,011
Earnings per common share:
Basic	$	.42	$	.42	$	1.52	$	1.42
Diluted	$	.42	$	.42	$	1.52	$	1.42
Weighted average common shares outstanding:
Basic		93,617		93,454		93,603		93,389
Diluted		93,691		93,640		93,685		93,618

Table of Contents

~~See~~NATIONAL ~~accompanying~~BEVERAGE ~~Notes~~CORP. toAND ~~Condensed Consolidated Financial Statements.~~SUBSIDIARIES

4 CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

Table of Contents

(In thousands, except per share amounts)

	Three Fiscal Months Ended
	August 2,		July 27,
	2025		2024

Net sales	$	330,515	$	329,473

Cost of sales		205,052		207,041

Gross profit		125,463		122,432

Selling, general and administrative expenses		54,687		52,917

Operating income		70,776		69,515

Other income, net		2,237		4,347

Income before income taxes		73,013		73,862

Provision for income taxes		17,253		17,082

Net income	$	55,760	$	56,780

Earnings per common share:
Basic	$	.60	$	.61
Diluted	$	.60	$	.61

Weighted average common shares outstanding:
Basic		93,620		93,569
Diluted		93,699		93,667

~~NATIONAL~~See ~~BEVERAGE~~accompanying ~~CORP.~~Notes ~~AND~~to ~~SUBSIDIARIES~~Condensed ~~CONDENSED~~Consolidated ~~CONSOLIDATED~~Financial ~~STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) (In thousands)~~Statements.

	Three Months Ended				Nine Months Ended
	January 25,		January 27,		January 25,		January 27,
	2025		2024		2025		2024
Net income	$	39,643	$	39,592	$	142,060	$	133,011
Other comprehensive income, net of tax:
Cash flow hedges		237		2,732		1,832		3,376
Comprehensive income	$	39,880	$	42,324	$	143,892	$	136,387

~~See~~ Table ~~accompanying~~of ~~Notes to Condensed Consolidated Financial Statements.~~Contents

5 NATIONAL BEVERAGE CORP. AND SUBSIDIARIES

~~Table~~CONDENSED ofCONSOLIDATED ~~Contents~~ STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

NATIONAL BEVERAGE CORP. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (UNAUDITED) (In thousands)

(In thousands)

	Three Fiscal Months Ended
	August 2,		July 27,
	2025		2024

Net income	$	55,760	$	56,780

Other comprehensive income (loss), net of tax:
Cash flow hedges		4,239		(6,053	)

Comprehensive income	$	59,999	$	50,727

	Three Months Ended										Nine Months Ended
	January 25, 2025					January 27, 2024					January 25, 2025					January 27, 2024
	Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount
Series C Preferred Stock
Beginning and end of period		150	$	150			150	$	150			150	$	150			150	$	150
Common Stock
Beginning of period		101,985		1,020			101,766		1,018			101,942		1,019			101,727		1,017
Stock options exercised		9		-			142		1			52		1			181		2
End of Period		101,994		1,020			101,908		1,019			101,994		1,020			101,908		1,019
Additional Paid-In Capital
Beginning of period				43,355					41,012					42,588					40,393
Stock options exercised				58					562					514					841
Stock-based compensation expense				154					164					465					504
End of period				43,567					41,738					43,567					41,738
Retained Earnings
Beginning of period				333,346					451,764					535,077					358,345
Net income				39,643					39,592					142,060					133,011
Common stock cash dividend				-					-					(304,148	)				-
End of period				372,989					491,356					372,989					491,356
Accumulated Other Comprehensive Income (Loss)
Beginning of period				6,506					(2,541	)				4,911					(3,185	)
Cash flow hedges, net of tax				237					2,732					1,832					3,376
End of period				6,743					191					6,743					191
Treasury Stock - Series C Preferred
Beginning and end of period		150		(5,100	)		150		(5,100	)		150		(5,100	)		150		(5,100	)
Treasury Stock - Common
Beginning and end of period		8,374		(19,133	)		8,374		(19,133	)		8,374		(19,133	)		8,374		(19,133	)
Total Shareholders' Equity			$	400,236				$	510,221				$	400,236				$	510,221

See accompanying Notes to Condensed Consolidated Financial Statements.

~~See accompanying Notes to Condensed Consolidated Financial Statements.~~ 5

6 Table of Contents

~~Table~~NATIONAL ofBEVERAGE ~~Contents~~ CORP. AND SUBSIDIARIES

~~NATIONAL BEVERAGE CORP. AND SUBSIDIARIES~~ CONDENSED CONSOLIDATED STATEMENTS OF ~~CASH~~SHAREHOLDERS' ~~FLOWS~~EQUITY (UNAUDITED) ~~(In thousands)~~

	Nine Months Ended
(In thousands)
	January 25,			January 27,
	Three Fiscal Months Ended
	2025			2024
	August 2, 2025						July 27, 2024
Operating Activities:
	Shares			Amount			Shares		Amount
Net income	$	142,060		$	133,011
Series C Preferred Stock
Adjustments to reconcile net income to net cash provided by operating activities:
Beginning and end of period		150		$	150			150	$	150
Depreciation and amortization		15,317			15,089
Common Stock
Deferred income taxes		20			4,024
Beginning of period		101,994			1,020			101,942		1,019
Stock-based compensation expense		465			504
Stock options exercised		-			-			43		1
Other, net		632			3
End of Period		101,994			1,020			101,985		1,020
Non-cash operating lease expense		10,786			10,482
Additional Paid-In Capital
Changes in assets and liabilities:
Beginning of period					43,708					42,588
Trade receivables		11,934			3,187
Stock options exercised					-					344
Inventories		(429	)		4,908
Stock-based compensation expense					135					160
Prepaid and other assets		(5,501	)		(11,786	)
End of period					43,843					43,092
Accounts payable		(15,646	)		(11,796	)
Retained Earnings
Accrued and other liabilities		(2,457	)		1,115
Beginning of period					417,750					535,077
Operating lease liabilities		(10,560	)		(11,276	)
Net income					55,760					56,780
Net cash provided by operating activities		146,621			137,465
Common stock cash dividend					-					(304,148	)
Investing Activities:
End of period					473,510					287,709
Purchases of property, plant and equipment		(20,815	)		(19,464	)
Accumulated Other Comprehensive (Loss) Income
Proceeds from sale of property, plant and equipment		2			45
Beginning of period					5,604					4,911
Net cash used in investing activities		(20,813	)		(19,419	)
Cash flow hedges, net of tax					4,239					(6,053	)
Financing Activities:
End of period					9,843					(1,142	)
Dividends paid on common stock		(304,148	)		-
Treasury Stock - Series C Preferred
Proceeds from stock options exercised		515			841
Beginning and end of period		150			(5,100	)		150		(5,100	)
Net cash (used in) provided by financing activities		(303,633	)		841
Treasury Stock - Common
Net (Decrease) Increase in Cash and Cash Equivalents		(177,825	)		118,887
Beginning and end of period		8,374			(19,133	)		8,374		(19,133	)
Cash and Cash Equivalents - Beginning of Period		327,047			158,074
Total Shareholders' Equity				$	504,133				$	306,596
Cash and Cash Equivalents - End of Period	$	149,222		$	276,961
Supplemental Cash Flow Information:
Interest paid	$	65		$	146
Income taxes paid	$	46,501		$	43,549
Non-Cash Activities:
Right-of-use assets obtained in exchange for lease liabilities	$	11,125		$	27,905

See accompanying Notes to Condensed Consolidated Financial Statements.

7 6

Table of Contents

NATIONAL BEVERAGE CORP. AND SUBSIDIARIES

~~NOTES TO~~ CONDENSED CONSOLIDATED ~~FINANCIAL~~ STATEMENTS OF CASH FLOWS (UNAUDITED)

National Beverage Corp. develops, produces, markets and sells a distinctive portfolio of sparkling waters, juices, energy drinks and carbonated soft drinks primarily in the United States and Canada. Incorporated in Delaware in 1985, National Beverage Corp. is a holding company for various operating subsidiaries. When used in this report, the terms “we,” “us,” “our,” “Company” and “National Beverage” mean National Beverage Corp. and its subsidiaries.

(In thousands)
	Three Fiscal Months Ended
	August 2,			July 27,
	2025			2024
Operating Activities:
Net income	$	55,760		$	56,780
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		5,405			5,393
Non-cash operating lease expense		3,800			3,556
Deferred income taxes		(307	)		(312	)
Stock-based compensation expense		135			160
Other, net		232			2
Changes in assets and liabilities:
Trade receivables		(2,347	)		(13,192	)
Inventories		(8,807	)		(6,026	)
Prepaid and other assets		2,301			6,872
Accounts payable		(3,777	)		(4,389	)
Accrued and other liabilities		10,558			12,175
Operating lease liabilities		(3,864	)		(3,520	)
Net cash provided by operating activities		59,089			57,499

Investing Activities:
Purchases of property, plant and equipment		(3,095	)		(3,704	)
Proceeds from sale of property, plant and equipment		2			1
Net cash used in investing activities		(3,093	)		(3,703	)

Financing Activities:
Dividends paid on common stock		-			(304,148	)
Proceeds from stock options exercised		-			345
Net cash used in financing activities		-			(303,803	)

Net Increase (Decrease) in Cash and Cash Equivalents		55,996			(250,007	)

Cash and Cash Equivalents - Beginning of Period		193,835			327,047

Cash and Cash Equivalents - End of Period	$	249,831		$	77,040

Supplemental Cash Flow Information:
Interest paid	$	25		$	25
Income taxes paid	$	94		$	223


Non-Cash Activities:
Right-of-use assets obtained in exchange for lease liabilities	$	1,644		$	684

1.See ~~SIGNIFICANT~~accompanying ~~ACCOUNTING~~Notes ~~POLICIES~~to Condensed Consolidated Financial Statements.

~~Basis of Presentation~~ 7

~~The~~ Table ~~condensed consolidated financial statements include the accounts~~ of ~~National Beverage Corp. and its subsidiaries. Significant intercompany transactions and accounts have been eliminated.~~Contents

~~The~~NATIONAL ~~accompanying~~BEVERAGE interim unaudited condensed consolidated financial statements have been prepared in accordance with United States Generally Accepted Accounting Principles and rules and regulations of the Securities and Exchange Commission for interim financial reportingCORP. ~~Accordingly,~~AND they do not include all information and notes presented in the annual consolidated financial statements. The condensed consolidated financial statements should be read in conjunction with the annual consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the fiscal year ended April 27, 2024. The accounting policies used in these interim unaudited condensed consolidated financial statements are consistent with those used in the annual consolidated financial statements.SUBSIDIARIES

~~Segment~~NOTES ~~Reporting~~TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

~~The~~National ~~Company~~Beverage ~~operates~~Corp. asdevelops, aproduces, ~~single~~markets ~~operating~~and ~~segment~~sells ~~for~~a ~~purposes~~distinctive portfolio of ~~presenting~~sparkling ~~financial~~waters, ~~information~~juices, energy drinks and ~~evaluating~~carbonated ~~performance.~~soft Asdrinks ~~such,~~primarily in the ~~accompanying~~United ~~consolidated~~States. ~~financial~~Incorporated ~~statements~~in ~~present~~Delaware ~~financial~~in ~~information~~1985, inNational Beverage Corp. is a ~~format~~holding ~~that~~company isfor ~~consistent~~various ~~with~~operating subsidiaries. When used in this report, the ~~internal~~terms ~~financial~~“we,” ~~information~~“us,” ~~used~~“our,” by“Company” ~~management~~and “National Beverage” mean National Beverage Corp. and its subsidiaries.

~~Use~~1. ofSIGNIFICANT ~~Estimates~~ACCOUNTING POLICIES

~~The~~Basis ~~preparation~~ of financial statements requires management to make estimates and assumptions that affect the amounts reported in the interim unaudited condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates. In our opinion, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Results for the interim periods presented are not necessarily indicative of results which might be expected for the entire fiscal year.Presentation

~~Fair~~The ~~Value~~condensed consolidated financial statements include the accounts of ~~Financial~~National ~~Instruments~~Beverage Corp. and its subsidiaries. All significant intercompany transactions and accounts have been eliminated.

The ~~carrying~~accompanying ~~values~~interim ofunaudited ~~the~~condensed ~~Company’s~~consolidated financial ~~instruments,~~statements ~~including~~have ~~cash~~been ~~and~~prepared ~~cash~~in ~~equivalents,~~accordance ~~trade~~with ~~receivables,~~United ~~accounts~~States ~~payable~~Generally ~~and~~Accepted ~~accrued~~Accounting ~~liabilities,~~Principles ~~approximate~~and ~~fair~~rules ~~value~~and ~~due~~regulations ~~to the relatively short maturity~~ of the ~~respective~~Securities ~~instruments. As of January 25, 2025~~ and ~~April~~ ~~27,~~Exchange ~~2024,~~Commission ~~cash~~for ~~and~~interim ~~cash~~financial ~~equivalents included money-market instruments of $77~~reporting.2 ~~million and $240.7 million~~Accordingly, ~~respectively.~~they ~~These~~do ~~financial~~not ~~instruments~~include ~~are~~all ~~Level~~information 1and asnotes ~~defined~~presented byin the ~~fair~~annual ~~value~~consolidated ~~hierarchy~~financial ~~since~~statements. ~~they~~The ~~are~~condensed ~~based~~consolidated onfinancial ~~quoted~~statements ~~prices~~should inbe ~~active~~read ~~markets~~in ~~for~~conjunction ~~identical~~with ~~assets~~the ~~and~~annual ~~liabilities.~~consolidated ~~Derivative~~ financial ~~instruments~~statements ~~which~~and ~~are~~accompanying ~~used~~notes toincluded ~~partially~~in ~~mitigate~~our ~~exposure~~Annual toReport ~~changes~~on inForm ~~certain~~10-K ~~raw~~for ~~material~~the ~~costs~~fiscal ~~are~~year ~~recorded~~ended May at3, ~~fair value~~2025. ~~Derivative~~The ~~financial~~accounting ~~instruments~~policies ~~are not~~ used ~~for~~in ~~trading~~these orinterim ~~speculative~~unaudited ~~purposes.~~condensed ~~Credit~~consolidated ~~risk related to derivative~~ financial ~~instruments~~statements ~~is managed by requiring high credit standards for counterparties and frequent cash settlements. The estimated fair values of derivative financial instruments~~ are ~~calculated~~consistent ~~based~~with onthose ~~market~~used ~~rates~~in ~~to settle~~ the ~~instruments.~~annual ~~See~~consolidated ~~Note~~financial ~~5-Derivative Financial Instruments~~statements.

8 Segment Reporting

~~Table~~The Company operates as a single operating segment for purposes of ~~Contents~~ presenting financial information and evaluating performance. As such, the accompanying consolidated financial statements present financial information in a format that is consistent with the internal financial information used by management. See Note 7- Segment Information.

~~Trade~~Use ~~Receivables,~~of ~~Net~~Estimates

The ~~Company’s~~preparation ~~estimated~~of ~~allowances~~financial ~~for~~statements ~~credit~~requires ~~losses~~management asto ~~of January~~make ~~25,~~estimates ~~2025~~ and ~~April~~ ~~27,~~assumptions ~~2024~~that ~~were~~affect ~~$1.3~~the ~~million~~amounts reported in the interim unaudited condensed consolidated financial statements and $0accompanying notes.9 ~~million,~~Actual ~~respectively.~~results ~~The~~could ~~Company’s~~differ ~~trade~~from ~~receivable~~those estimates. In our opinion, ~~net~~all ~~balances~~adjustments as(consisting of ~~January~~ ~~27,~~normal ~~2024~~recurring ~~and April~~adjustments) ~~29,~~considered ~~2023~~necessary ~~were~~for ~~$101.7~~a ~~million~~fair ~~and~~presentation ~~$104~~have been included.9 ~~million,~~Results ~~respectively~~for the interim periods presented are not necessarily indicative of results which might be expected for the entire fiscal year.

~~Inventories~~Fair Value of Financial Instruments

~~Inventories~~The ~~are~~carrying ~~stated~~values atof the ~~lower~~Company’s offinancial ~~first-in~~instruments, ~~first-out~~including ~~cost~~cash orand ~~net~~cash ~~realizable~~equivalents, ~~value.~~accounts ~~Adjustments~~receivable, ifaccounts ~~required,~~payable toand ~~reduce~~accrued ~~the~~liabilities, ~~cost~~approximate offair ~~the~~value ~~inventory~~due to ~~net~~the ~~realizable~~relatively ~~value~~short ~~are~~maturity ~~made~~of ~~for~~the ~~estimated~~respective ~~excess,~~instruments. ~~obsolete~~As orof August ~~impaired~~2, ~~balances.~~2025 ~~Inventories at~~and ~~January~~May 253, 2025, ~~were~~cash ~~comprised~~and ofcash ~~finished~~equivalents ~~goods~~included money-market instruments of $46133.7 million and $109.1 million, respectively. These financial instruments are Level 1 as defined by the fair value hierarchy since they are based on quoted prices in active markets for identical assets and liabilities. Derivative financial instruments which are used to partially mitigate the Company’s exposure to changes in certain raw ~~materials~~material ofcosts ~~$38.9~~are ~~million~~recorded at fair value. ~~Inventories~~Derivative ~~at April~~financial ~~27,~~instruments ~~2024~~are ~~were~~not ~~comprised~~used offor ~~finished~~trading ~~goods~~or ofspeculative ~~$50~~purposes.3 ~~million~~Credit risk related to derivative financial instruments is managed by requiring high credit standards for counterparties and ~~raw~~frequent ~~materials~~cash settlements. The estimated fair values of ~~$34~~derivative financial instruments are calculated based on market rates to settle the instruments.3 ~~million~~See Note 5-Derivative Financial Instruments.

~~Shipping and Handling Costs~~ 8

~~Shipping~~ Table ~~and handling costs are reported in selling, general and administrative expenses in the accompanying condensed consolidated statements~~ of income. Such costs were $17.5 million and $17.7 million for the three months ended January 25, 2025 and January 27, 2024, respectively. Shipping and handling costs were $55.5 million and $58.3 million for the nine months ended January 25, 2025 and January 27, 2024, respectively. Although our classification is consistent with many beverage companies, our gross margin may not be comparable to companies that include shipping and handling costs in cost of sales.Contents

~~Marketing~~Trade ~~Costs~~Receivables, Net

The Company’s ~~utilizes~~estimated aallowances ~~variety of marketing programs, including cooperative advertising programs with customers, to advertise and promote its beverages to consumers. Marketing costs are expensed when incurred, except~~ for ~~prepaid~~credit ~~advertising~~losses ~~and~~as ~~production~~of August ~~costs~~2, ~~which~~2025 ~~are expensed when the advertising takes place. Marketing costs, which are included in selling, general~~ and May ~~administrative expenses~~3, 2025 were $~~10.~~1.3 million and $111.02 million, ~~for~~respectively. ~~the~~The ~~three~~Company’s ~~months~~trade ~~ended~~receivable, net balances as of ~~January~~July 2527, ~~2025~~2024 and ~~January~~April 27, 2024, ~~respectively. Marketing costs~~ were $33116.20 million and $35102.18 million ~~for the nine months ended January 25~~, ~~2025 and January 27, 2024,~~ respectively.

~~Earnings~~Inventories ~~Per Common Share~~

~~Basic~~Inventories ~~earnings~~are ~~per~~stated ~~common~~at ~~share~~the islower ~~computed~~of byfirst-in, ~~dividing~~first-out ~~earnings~~cost ~~available~~or tonet ~~common~~realizable ~~shareholders~~value. byAdjustments, ~~the~~if ~~weighted~~required, ~~average~~to ~~number~~reduce the cost of ~~common~~inventory ~~shares~~to ~~outstanding~~net ~~during~~realizable ~~the~~value ~~period.~~are ~~Diluted~~made ~~earnings~~for ~~per~~estimated ~~common~~excess, ~~share~~obsolete isor ~~calculated~~impaired inbalances. aInventories ~~similar~~at August ~~manner~~2, ~~but~~2025 ~~includes~~were ~~the~~comprised ~~dilutive effect~~ of ~~stock~~finished ~~options~~goods ~~that~~of ~~was~~$52.5 ~~74,000~~million and ~~186,000~~raw ~~shares~~materials inof ~~the~~$41.4 ~~three~~million. ~~months~~Inventories ~~ended~~at ~~January~~May 253, 2025 ~~and January~~were ~~27,~~comprised ~~2024,~~of ~~respectively.~~finished ~~The~~goods ~~dilutive effect~~ of ~~stock~~$44.0 ~~options~~million ~~was 82,000~~ and ~~229,000~~raw ~~shares~~materials inof ~~the~~$41.1 ~~nine months ended January 25, 2025 and January 27, 2024, respectively~~million.

~~Recently~~Shipping ~~Issued~~and ~~Accounting~~Handling ~~Pronouncements~~ Costs

~~In November~~Shipping ~~2024,~~and ~~the~~handling ~~Financial~~costs ~~Accounting~~are ~~Standards~~reported ~~Board~~in ~~(“FASB”) issued Accounting Standards Update (“ASU”) 2024-03~~selling, ~~“Income~~general ~~Statement~~and –administrative ~~Reporting~~expenses ~~Comprehensive~~in ~~Income~~the –accompanying ~~Expense~~condensed ~~Disaggregation~~consolidated ~~Disclosures~~statements ~~(Subtopic 220-40): Disaggregation~~ of ~~Income~~income. ~~Statement~~Such ~~Expenses,”~~costs ~~which~~were ~~requires~~$19.8 ~~entities~~million ~~to disaggregate operating expenses into specific categories such as employee compensation, depreciation,~~ and ~~intangible asset amortization, by relevant expense caption on the statement of operations~~$19.5 ~~The~~million ~~standard is effective~~ for ~~annual~~the ~~reporting~~three ~~periods~~fiscal ~~beginning~~months ~~after~~ended ~~December~~August 152, ~~2026,~~2025 and ~~interim periods within annual reporting periods beginning after~~ ~~December~~July 1527, ~~2027~~2024, respectively. ~~Early~~Although ~~adoption~~our classification is ~~permitted~~consistent onwith ~~either~~many abeverage ~~prospective~~companies, orour ~~retrospective~~gross ~~basis.~~margin may Wenot ~~are~~be ~~currently~~comparable ~~evaluating~~to ~~the~~companies ~~impact~~that ofinclude ~~adopting~~shipping ~~ASU~~and ~~2024-03~~handling oncosts ~~our~~in ~~consolidated~~cost ~~financial~~of ~~statements and related disclosures~~sales.

9 Marketing Costs

~~Table~~The Company utilizes a variety of ~~Contents~~ marketing programs, including cooperative advertising programs with customers, to advertise and promote its beverages to consumers. Marketing costs are expensed when incurred, except for prepaid advertising and production costs, which are expensed when the advertising takes place. Marketing costs, which are included in selling, general and administrative expenses, were $13.6 million and $11.5 million for the three fiscal months ended August 2, 2025 and July 27, 2024, respectively.

~~In December~~Earnings ~~2023,~~Per ~~the~~Common ~~FASB~~Share issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which requires disclosure of specific categories in the rate reconciliation, including additional information for reconciling items that meet a quantitative threshold and specific disaggregation of income taxes paid and tax expense. The amendment is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of adoption of this standard on its consolidated financial statements and does not expect a material impact upon adoption.

~~In November~~Basic ~~2023,~~earnings ~~the~~per ~~FASB~~common ~~issued~~share ~~ASU~~is ~~2023-07,~~computed ~~“Segment~~by ~~Reporting~~dividing ~~(Topic~~earnings ~~280):~~available ~~Improvements~~ to ~~Reportable~~common ~~Segment~~shareholders ~~Disclosures,”~~by ~~which~~the ~~requires~~weighted ~~additional~~average ~~disclosure~~number of ~~significant~~common ~~segment~~shares ~~expenses~~outstanding ~~included~~during in the ~~reported~~period. ~~measure~~Diluted ofearnings ~~segment~~per ~~profit~~common orshare ~~loss~~is ~~and~~calculated ~~regularly~~in ~~provided~~a tosimilar ~~the~~manner, ~~Chief~~but ~~Operating~~includes ~~Decision~~the ~~Maker.~~dilutive ~~This~~effect ~~standard~~of ~~does~~stock ~~not~~options ~~change~~amounting ~~how an entity identifies its operating segments or applies quantitative thresholds~~ to ~~determine~~79,000 ~~its~~and ~~reportable~~98,000 ~~segments.~~shares ~~The~~in ~~standard~~the ~~will~~three ~~be effective for our~~ fiscal ~~year~~months ~~ending~~ended ~~May~~August 32, 2025. ~~The Company evaluated the impact of adoption of this standards on its consolidated financial statements~~ and July ~~does~~27, ~~not~~2024, ~~expect a material impact upon adoption~~respectively.

2.Recently ~~PROPERTY,~~Issued ~~PLANT~~Accounting ~~AND~~Pronouncements ~~EQUIPMENT, NET~~

~~Property~~In December 2023, ~~plant~~the ~~and~~FASB ~~equipment~~issued ASU 2023-09, ~~net~~“Income ~~consist~~Taxes (Topic 740): Improvements to Income Tax Disclosures,” which requires disclosure of specific categories in the ~~following:~~rate reconciliation, including additional information for reconciling items that meet a quantitative threshold and specific disaggregation of income taxes paid and tax expense. The amendment is effective for annual reporting periods beginning after December 15, 2024. The Company will adopt ASU 2023-09 on a prospective basis for its fiscal year ended May 2, 2026.

	(In thousands)
	January 25, 2025			April 27, 2024
Land	$	9,835		$	9,835
Buildings and improvements		73,735			71,754
Machinery and equipment		332,440			314,079
Total		416,010			395,668
Less: accumulated depreciation		(250,425	)		(235,938	)
Property, plant and equipment, net	$	165,585		$	159,730

In November 2024, the FASB issued ASU 2024-03, “Income Statement–Reporting Comprehensive Income–Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses,” which requires entities to disaggregate operating expenses into specific categories such as employee compensation, depreciation, and intangible asset amortization, by relevant expense caption on the statement of operations. The standard is effective for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted on either a prospective or retrospective basis. The Company is currently evaluating the impact of adopting ASU 2024-03 on its consolidated financial statements and related disclosures.

Property, plant and equipment included construction-in-progress in the amounts of $42.0 million and $32.5 million as of January 25, 2025 and April 27, 2024, respectively. Depreciation expense was $4. 9 million and $4.8 million for the three months ended January 25, 2025 and January 27, 2024, respectively. Depreciation expense was $15.0 million and $14.0 million for the nine months ended January 25, 2025 and January 27, 2024, respectively. Depreciation expense is recorded in cost of sales and selling, general and administrative expenses.

3. Table ~~LEASES~~of Contents

~~The~~In July ~~Company~~2025, ~~has~~the ~~entered~~FASB ~~into~~issued ~~various~~ASU ~~non~~2025-~~cancelable operating lease agreements for certain offices~~05, ~~buildings~~“Financial ~~and~~Instruments ~~machinery~~– ~~and~~Credit ~~equipment~~Losses ~~which~~(Topic ~~expire~~326): atMeasurement ~~various~~of ~~dates~~Credit ~~through January~~Losses ~~2037.~~for ~~The~~Accounts ~~Company~~Receivable ~~does~~and ~~not~~Contract ~~assume~~Assets,” ~~renewals~~which inrequires ~~the~~disclosure ~~determination~~ of the ~~lease~~election ~~term~~of ~~unless~~a ~~the~~practical ~~renewals~~expedient ~~are~~that ~~deemed~~assumes tothat becurrent ~~reasonably~~conditions ~~assured~~as atof ~~lease~~the ~~commencement.~~balance ~~Lease~~sheet ~~agreements~~date ~~generally~~ do not ~~contain~~change ~~material residual value guarantees or material restrictive covenants. Operating lease costs were $4.2 million and $4.1 million~~ for the ~~three~~remaining ~~months~~life ended January 25, 2025 and January 27, 2024, respectively. Operating lease costs were $12.5 million and $11.8 million for the nine months ended January 25, 2025 and January 27, 2024, respectively. As of ~~January~~ ~~25, 2025,~~ the ~~weighted-average~~asset ~~remaining~~when ~~lease~~developing ~~term~~reasonable and ~~weighted~~supportable ~~average~~forecasts ~~discount~~as ~~rate~~a part of ~~operating~~estimating ~~leases~~expected ~~was~~credit 4losses.85 ~~years~~The ~~and~~election ~~4.50%, respectively. As~~ of ~~April~~ ~~27, 2024,~~ the ~~weighted-average~~practical ~~remaining~~expedient ~~lease~~is ~~term~~permitted ~~and~~on ~~weighted~~a ~~average~~prospective ~~discount rate of operating leases was 4~~basis.80 ~~years~~The ~~and~~amendment ~~4.30%,~~is ~~respectively.~~effective ~~Cash payments were $3.9 million and $3.5 million~~ for ~~operating~~annual ~~leases~~reporting ~~for~~periods ~~the~~beginning ~~three months ended~~after ~~January~~December 2515, 2025, and ~~January~~ ~~27,~~interim ~~2024,~~reporting ~~respectively.~~periods ~~Cash~~within ~~payments~~those ~~were~~annual ~~$12.3~~reporting ~~million and $11~~periods.4 ~~million~~The ~~for~~Company ~~operating~~does ~~leases~~not ~~for~~expect ~~the~~a ~~nine~~material ~~months~~impact ~~ended January~~upon ~~25, 2025 and January 27, 2024, respectively~~adoption.

10 2. PROPERTY, PLANT AND EQUIPMENT, NET

~~Table~~Property, plant and equipment, net consist of ~~Contents~~ the following:

The following is a summary of future minimum lease payments and related liabilities for all non-cancelable operating leases as of January 25, 2025:

	(In thousands)
	August 2, 2025			May 3, 2025
Land	$	9,835		$	9,835
Buildings and improvements		82,086			81,764
Machinery and equipment		330,853			328,172
Total		422,774			419,771
Less: accumulated depreciation		(249,376	)		(244,185	)
Property, plant and equipment, net	$	173,398		$	175,586

	(In thousands)
Fiscal 2025 – Remaining quarter	$	3,720
Fiscal 2026		15,120
Fiscal 2027		13,613
Fiscal 2028		8,769
Fiscal 2029		7,640
Thereafter		13,238
Total minimum lease payments including interest		62,100
Less: amounts representing interest		(6,768	)
Present value of minimum lease payments		55,332
Less: current portion of lease obligations		(13,076	)
Non-current portion of lease obligations	$	42,256

Machinery and equipment included construction-in-progress in the amounts of $39.0 million and $37.7 million as of August 2, 2025 and May 3, 2025, respectively. Depreciation expense was $5.3 million and $5.0 million for the three fiscal months ended August 2, 2025 and July 27, 2024, respectively. Depreciation expense is recorded in cost of sales and selling, general and administrative expenses.

43. ~~DEBT~~LEASES

~~At January~~The ~~25,~~Company ~~2025,~~has aentered ~~subsidiary~~into ofvarious ~~the~~non-cancelable ~~Company~~operating ~~maintained~~lease ~~unsecured~~agreements ~~revolving~~for ~~credit~~certain ~~facilities~~of ~~with~~its ~~banks~~offices, ~~aggregating~~buildings, ~~$100~~machinery ~~million~~and ~~(the~~equipment ~~“Credit~~expiring ~~Facilities”)~~at various dates through June 2037. The ~~Credit~~Company ~~Facilities~~does ~~expire~~not ~~from May~~assume ~~30,~~renewals ~~2025~~in ~~to September~~the ~~10,~~determination ~~2027~~of ~~and~~the ~~any~~lease ~~borrowings~~term ~~would~~unless ~~currently~~the ~~bear~~renewals ~~interest~~are deemed to be reasonably assured at 1lease commencement.~~15%~~ ~~above~~Lease ~~the~~agreements ~~Secured~~generally ~~Overnight~~do ~~Financing~~not ~~Rate~~contain ~~(“SOFR”)~~material residual value guarantees or material restrictive covenants. ~~There~~Operating lease costs were no$4.6 ~~borrowings~~million ~~outstanding~~and ~~under~~$4.1 million for the ~~Credit~~three ~~Facilities~~fiscal atmonths ended ~~January~~August 252, 2025 orand ~~April~~July 27, 2024, respectively. AtAs of ~~January~~August 252, 2025, $2the weighted-average remaining lease term and weighted average discount rate of operating leases was 5.275 ~~million~~years and 4.54%, respectively. As of May 3, 2025, the ~~Credit~~weighted-average ~~Facilities~~remaining ~~was~~lease ~~reserved~~term ~~for~~and ~~standby~~weighted ~~letters~~average discount rate of ~~credit~~operating leases was 5.92 years and 4.52%, respectively. Cash payments were $974.87 million ~~was~~and ~~available~~$4.1 million for ~~borrowings~~operating leases for the three fiscal months ended August 2, 2025 and July 27, 2024, respectively.

A subsidiary of the Company also maintains an unsecured revolving term loan facility with a national bank aggregating $50 million (the “Loan Facility”). There were no borrowings outstanding under the Loan Facility at January 25, 2025 or April 27, 2024. The Loan Facility expires December 31, 2027 and any borrowings would bear interest at 1.15% above the adjusted daily SOFR. 10

~~The~~ Table Credit Facilities and Loan Facility require the subsidiary to maintain certain financial ratios, including debt to net worth and debt to EBITDA (as defined in the credit agreements), and contain other restrictions, none of ~~which are expected to have a material effect on operations or financial position. At January 25, 2025, the subsidiary was in compliance with all loan covenants.~~Contents

11 The following is a summary of future minimum lease payments and related liabilities for all non-cancelable operating leases as of August 2, 2025:

Table of Contents

	(In thousands)
Fiscal 2026 – Remaining 3 quarters	$	13,206
Fiscal 2027		16,724
Fiscal 2028		11,925
Fiscal 2029		10,795
Fiscal 2030		10,213
Thereafter		17,133
Total minimum lease payments including interest		79,996
Less: amounts representing interest		(10,092	)
Present value of minimum lease payments		69,904
Less: current portion of lease obligations		(15,009	)
Non-current portion of lease obligations	$	54,895

54. ~~DERIVATIVE FINANCIAL INSTRUMENTS~~DEBT

~~From~~At August ~~time~~2, ~~to time~~2025, wea ~~enter~~subsidiary ~~into~~of ~~aluminum~~the ~~swap~~Company ~~contracts~~maintained tounsecured ~~partially~~revolving ~~mitigate~~credit ~~our~~facilities ~~exposure~~with tobanks ~~changes~~aggregating in$100 million (the ~~cost~~“Credit ~~of aluminum containers~~Facilities”). ~~Such~~The ~~financial~~Credit ~~instruments~~Facilities ~~are~~expire ~~designated~~from September ~~and~~10, ~~accounted~~2027 ~~for~~to May as30, ~~cash~~2028 ~~flow~~and ~~hedges.~~any ~~Accordingly,~~borrowings ~~gains~~would orcurrently ~~losses~~bear ~~attributable~~interest toat ~~the~~1.15% ~~effective~~above ~~portion of~~ the ~~cash~~Secured ~~flow~~Overnight ~~hedge~~Financing ~~are~~Rate ~~reported in accumulated other comprehensive income~~ (~~loss) (~~“~~AOCI~~SOFR”). ~~and~~There ~~reclassified~~were ~~into~~no ~~cost~~borrowings ofoutstanding ~~sales~~under in the ~~period~~Credit inFacilities ~~which~~at August ~~the~~2, ~~hedged~~2025 ~~transaction~~or May ~~affects~~3, ~~earnings~~2025. ~~The~~At August ~~ineffective~~2, ~~portion~~2025, of$2.7 ~~the~~million ~~change in fair value~~ of ~~our~~the ~~cash~~Credit ~~flow~~Facilities ~~hedge~~ was ~~immaterial.~~reserved ~~The~~for ~~following~~standby ~~summarizes~~letters ~~the~~of ~~gains~~credit ~~(losses)~~and ~~recognized~~$97.3 inmillion ~~the~~was ~~Condensed~~available ~~Consolidated~~for ~~Statements of Income and AOCI:~~borrowings.

	(In thousands)
	Three Months Ended					Nine Months Ended
	January 25, 2025		January 27, 2024			January 25, 2025		January 27, 2024
Recognized in AOCI:
Income (loss) before income taxes	$	1,704	$	1,465		$	4,927	$	(4,916	)
Less: income tax provision (benefit)		402		350			1,157		(1,176	)
Net		1,302		1,115			3,770		(3,740	)
Reclassified from AOCI to cost of sales:
Gain (loss) before income taxes		1,395		(2,126	)		2,536		(9,353	)
Less: income tax provision (benefit)		330		(509	)		598		(2,237	)
Net		1,065		(1,617	)		1,938		(7,116	)
Net change to AOCI	$	237	$	2,732		$	1,832	$	3,376

A subsidiary of the Company also maintains an unsecured revolving term loan facility with a national bank aggregating $50 million (the “Loan Facility”). There were no borrowings outstanding under the Loan Facility at August 2, 2025 or May 3, 2025. The Loan Facility expires December 31, 2027 and borrowings would bear interest at 1.15% above the adjusted daily SOFR.

AsThe ~~of January~~Credit ~~25,~~Facilities ~~2025,~~and ~~the~~Loan ~~notional~~Facility ~~amount~~require ofthe ~~our~~subsidiary ~~outstanding~~to ~~aluminum~~maintain ~~swap~~certain ~~contracts~~financial ~~was $73.0 million and~~ratios, ~~assuming~~including nodebt ~~change~~to innet ~~commodity~~worth ~~prices,~~and ~~$6.7~~debt ~~million~~to ofEBITDA ~~unrealized~~(as ~~gain~~defined ~~before~~in ~~tax~~the ~~will~~credit beagreements) ~~reclassified from AOCI~~ and ~~recognized~~contain inother ~~earnings~~restrictions, ~~over~~none ~~the~~of ~~next~~which 12are ~~months.~~expected ~~The~~to ~~maximum~~have ~~length~~a ofmaterial ~~time~~effect ~~for~~on ~~which~~its ~~the~~operations ~~Company~~or ~~hedges~~financial ~~its~~position. ~~exposure~~At August to2, 2025, the ~~variability~~subsidiary ofwas ~~future~~in ~~cash~~compliance ~~flows~~with isall ~~less~~loan ~~than three years~~covenants.

The Company is not subject to any legally enforceable master netting arrangements and does not offset fair value amounts recognized for derivative instruments. As of January 25, 2025, the fair value of the derivative asset was $8.2 million, of which $6.8 million was included in prepaid and other assets and $1.4 million in other assets. The fair value of the derivative liability was $0.1 million which was included in accrued liabilities. As of April 27, 2024, the fair value of the derivative asset, which was included in prepaid and other current assets, was $5.7 million. Such valuation does not entail a significant amount of judgment and the inputs that are significant to the fair value measurement are Level 2 as defined by the fair value hierarchy as they are observable market based inputs or unobservable inputs that are corroborated by market data. 11

6. Table ~~RELATED~~of ~~PARTIES~~Contents

~~The Company is a party to a management agreement with Corporate Management Advisors, Inc~~5. ~~(CMA),~~DERIVATIVE aFINANCIAL corporation owned by our Chairman and Chief Executive Officer. The management agreement provides that the Company will pay CMA an annual base fee equal to one percent of the consolidated net sales of the Company. Management fees to CMA were $2.7 million for each of the three months ended January 25, 2025 and January 27, 2024. Management fees to CMA were $8.9 million and $9.0 million for the nine months ended January 25, 2025 and January 27, 2024, respectively. At January 25, 2025 and April 27, 2024, current liabilities included amounts due to CMA of $1.6 million and $3.0 million, respectively.INSTRUMENTS

12 From time to time, we enter into aluminum swap contracts to partially mitigate our exposure to changes in the cost of aluminum containers. Such financial instruments are designated and accounted for as cash flow hedges. Accordingly, gains or losses attributable to the effective portion of the cash flow hedge are reported in accumulated other comprehensive income (loss) (“AOCI”) and reclassified into cost of sales in the period in which the hedged transaction affects earnings. The ineffective portion of the change in fair value of our cash flow hedges was immaterial. The following summarizes the gains (losses) recognized in the Condensed Consolidated Statements of Income and AOCI:

Table of Contents

	Three Fiscal Months Ended
	August 2, 2025		July 27, 2024
Recognized in AOCI:
Income (loss) before income taxes	$	10,652	$	(7,198	)
Less: income tax provision (benefit)		2,514		(1,704	)
Net		8,138		(5,494	)
Reclassified from AOCI to cost of sales:
Gain before income taxes		5,104		732
Less: income tax provision		1,205		173
Net		3,899		559
Net change to AOCI	$	4,239	$	(6,053	)

7As of August 2, 2025, the notional amount of our outstanding aluminum swap contracts was $39.1 ~~CASH~~million ~~DIVIDEND~~and, assuming no change in commodity prices, $12.0 million of unrealized gain before tax will be reclassified from AOCI and recognized in earnings over the next 12 months. The Company’s policy for the maximum length of time for which it hedges exposure to the variability of future cash flows is three years.

OnThe Company is not subject to any legally enforceable master netting arrangements and does not offset fair value amounts recognized for derivative instruments. As of ~~June~~August 122, ~~2024~~2025, the ~~Company's~~fair ~~board~~value of ~~directors~~the ~~declared~~short-term aderivative ~~special~~liability ~~cash~~was ~~dividend~~$0.1 million, which was included in accrued liabilities, and the fair value of the derivative asset was $312.251 ~~per~~million, ~~share~~which ~~payable~~was toincluded ~~shareholders~~in ofprepaid ~~record~~and onother assets. As of ~~June~~May 243, ~~2024~~2025, the fair value of the derivative asset was $7.4 ~~The~~million, ~~special~~which ~~cash~~was ~~dividend~~included in prepaid and other assets. The fair value of the derivative liability was $~~304.~~1.0 million, which was ~~paid~~included ~~on July~~in ~~24,~~accrued ~~2024~~liabilities. Such valuation does not entail a significant amount of judgment and the inputs that are significant to the fair value measurement are Level 2 as defined by the fair value hierarchy as they are observable market based inputs or unobservable inputs that are corroborated by market data.

6. RELATED PARTIES

The Company is a party to a management agreement with Corporate Management Advisors, Inc. (CMA), a corporation owned by our Chairman and Chief Executive Officer. The management agreement provides that the Company will pay CMA an annual base fee equal to one percent of the consolidated net sales of the Company. Management fees to CMA were $3.3 million for each of the three fiscal months ended August 2, 2025 and July 27, 2024. At August 2, 2025 and May 3, 2025, accounts payable included amounts due to CMA of $2.0 million and $2.1 million, respectively.

Table of Contents

7. SEGMENT INFORMATION

The Company operates as a single operating and reportable segment that encompasses the development, production, marketing and sale of beverages. The Company manages its business on a consolidated basis utilizing vertically integrated production facilities and a centralized supply chain infrastructure.

The Chief Operating Decision Maker (“CODM”) makes operating decisions, allocates resources and assesses financial performance based primarily upon consolidated operating income and net income as reported in the consolidated statements of income. The CODM also regularly reviews cost of sales, shipping and handling costs, and marketing costs. These costs represent significant segment expenses and are reported elsewhere in the consolidated financial statements. Other segment items include other selling and general administrative costs (primarily consisting of compensation-related and other overhead costs), other income (expense), net which includes interest income and interest expense, and provision for income taxes. Depreciation and amortization expense is reported in the consolidated statements of cash flow.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

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®, ~~LaCroix Cúrate®, and LaCroix NiCola®~~ sparkling water ~~beverages~~; 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 ~~beverages~~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 ~~and Canada~~. 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.

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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 ~~January~~August 252, 2025 (~~third~~first quarter of fiscal ~~2025~~2026) compared to Three Fiscal Months Ended July 27, 2024 (first quarter of fiscal 2025)

~~Three~~Net ~~Months~~sales ~~Ended~~for ~~January~~the ~~27,~~first ~~2024~~quarter ~~(third~~of fiscal 2026 increased $1.0 million to $330.5 million compared to $329.5 million for the first quarter of fiscal ~~2024)~~2025. The increase in sales resulted primarily from a 4.4% increase average selling price per case, partially offset by a 3.9% decrease in case volume. The decrease in case volume impacted both carbonated soft drink brands and Power+ Brands.

~~Net~~Gross ~~sales~~profit for the ~~third~~first quarter of fiscal ~~2025~~2026 ~~decreased~~increased ~~1.1%~~ to $~~267~~125.15 million ~~from~~compared to $~~270~~122.14 million for the ~~third~~first quarter of fiscal ~~2024~~2025. The ~~decrease~~increase in ~~sales~~gross ~~resulted~~profit was primarily ~~from~~due ato ~~3.4%~~an ~~decrease~~increase in ~~case~~average ~~volume~~selling price per case, partially offset by aan ~~2.2%~~ increase in ~~average~~packaging ~~selling~~and ~~price~~ingredients ~~per~~costs and the decline in case volume. The ~~decrease~~cost inof sales per case ~~volume~~increased ~~primarily~~2.9%. ~~impacted~~Gross ~~Power~~margin +increased ~~Brands,~~to ~~partially~~38.0% ~~offset~~compared byto a37.2% ~~modest~~for ~~increase~~the infirst ~~carbonated~~quarter ~~soft~~of ~~drink~~fiscal ~~brands~~2025.

~~Gross~~Selling, ~~profit~~general and administrative expenses for the ~~third~~first quarter of fiscal ~~2025~~2026 increased $1.8 million to $9954.07 million from $9752.09 million for the ~~third~~first quarter of fiscal ~~2024~~2025. The increase ~~in gross profit~~ was primarily due to an increase in ~~average~~marketing ~~selling~~costs. ~~price~~As ~~per case and~~ a ~~decline~~percentage inof ~~packaging~~net ~~costs~~sales, ~~partially~~selling, ~~offset~~general byand ~~the~~administrative ~~decrease~~expenses inincreased ~~case~~to ~~volume~~16.5% ~~The~~for ~~average~~the ~~cost~~first quarter of ~~sales~~fiscal ~~per~~2026 ~~case~~compared ~~remained constant and gross margin increased~~ to 3716.1% ~~from 35.9%~~ for the ~~third~~first quarter of fiscal ~~2024~~2025.

~~Selling~~Other income, ~~general~~net ~~and~~includes ~~administrative~~interest ~~expenses~~income of $2.2 million for the ~~third~~first quarter of fiscal ~~2025~~2026 ~~decreased~~and $~~0.5 million to $48.~~4 ~~million from $48~~.93 million for the ~~second~~first quarter of fiscal ~~2024~~2025. The decrease ~~was primarily due to a decrease~~ in ~~marketing~~interest ~~and~~income ~~selling~~is ~~costs.~~due Asprimarily ato ~~percentage~~decreased ofaverage ~~net~~invested ~~sales, selling, general and administrative expenses remained constant at 18~~balances.~~1% for the third quarter of fiscal 2025 and fiscal 2024, respectively.~~

~~Other~~The Company’s effective income tax rate, ~~net~~based ~~includes~~upon ~~interest~~estimated annual income oftax ~~$1.4~~rates, ~~million~~was 23.6% for the ~~third~~first quarter of fiscal ~~2025~~2026 and $123.81% ~~million~~ for the ~~third~~first quarter of fiscal ~~2024~~2025. The ~~decrease~~difference inbetween ~~interest~~the ~~income~~effective israte ~~due~~and the federal statutory rate of 21% was primarily due to ~~lower~~the ~~average~~effects ~~invested~~of ~~balances~~state income taxes.

The Company’s effective income tax rate, based upon estimated annual income tax rates, was 23.7% for the third quarter of fiscal 2025 and 21.0% for the third quarter of fiscal 2024. The difference between the effective rate and the federal statutory rate of 21% was primarily due to the effects of state income taxes.

Nine Months Ended January 25, 2025 (first nine months of fiscal 2025) compared to

Nine Months Ended January 27, 2024 (first nine months of fiscal 2024)

Net sales for the first nine months of fiscal 2025 decreased 0.7% to $887.7 million from $894.4 million for the first nine months of fiscal 2024. The decrease in sales resulted primarily from a 2.3% decrease in case volume, partially offset by a 1.7% increase in average selling price per case. The decrease in case volume impacted both Power+ Brands and carbonated soft drink brands.

Gross profit for the first nine months of fiscal 2025 increased to $330.7 million from $319.4 million for the first nine months of fiscal 2024. The increase in gross profit was primarily due to a decline in packaging costs and an increase in average selling price per case, partially offset by the decrease in case volume. The average cost of sales per case decreased 0.9% and gross margin increased to 37.3% from 35.7% for the first nine months of fiscal 2024.

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Selling, general and administrative expenses for the first nine months of fiscal 2025 decreased $1.0 million to $152.8 million from $153.8 million for the first nine months of fiscal 2024. The decrease was primarily due to a decrease in marketing and shipping and handling costs. As a percentage of net sales, selling, general and administrative expenses remained constant at 17.2% for the first nine months of fiscal 2025 and fiscal 2024.

Other income, net includes interest income of $7.4 million for the first nine months of fiscal 2025 and $5.8 million for the first nine months of fiscal 2024. The increase in interest income is due to increased average invested balances.

The Company’s effective income tax rate, based upon estimated annual income tax rates, was 23.4% for the first nine months of fiscal 2025 and 22.8% for the first nine months of fiscal 2024. 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

~~Our~~The Company’s principal sources of liquidity are ~~our~~its existing cash and cash-equivalents, cash generated from ~~operations~~operating activities and borrowing capacity. At ~~January~~August 252, 2025, we maintained the unsecured ~~credit~~revolving ~~facilities~~Credit Facilities and the Loan Facility totaling $150 million, under which no borrowings were outstanding and $2.27 million was reserved for standby letters of credit. We believe existing capital resources will be sufficient to meet our liquidity and capital requirements for the next twelve months.

Cash Flows

The Company’s cash position ~~decreased~~increased $~~177~~56.80 million for the first ~~nine~~quarter ~~months~~ of fiscal ~~2025~~2026 compared to ana ~~increase~~decrease of $~~118~~250.90 million for the first ~~nine~~quarter ~~months~~ of fiscal ~~2024~~2025 primarily due to the special cash dividend of $304.1 million paid on July 24, 2024.

Net cash provided by operating activities for the first ~~nine~~quarter ~~months~~ of fiscal ~~2025~~2026 was $~~146~~59.61 million compared to $~~137~~57.5 million for the first ~~nine~~quarter ~~months~~ of fiscal ~~2024~~2025. For the first ~~nine~~quarter ~~months~~ of fiscal ~~2025~~2026, cash flow provided by operating activities increased primarily due to ana net ~~increase~~decrease in ~~net~~working ~~income~~capital, excluding cash, and other items, partially offset by ~~increases~~the decrease in ~~working~~net ~~capital excluding cash~~income.

Net cash used in investing activities for the first ~~nine~~quarter ~~months~~ of fiscal ~~2025~~2026 reflects capital expenditures of $203.81 million, compared to capital expenditures of $193.57 million for the first ~~nine~~quarter ~~months~~ of fiscal ~~2024~~2025. Certain production capacity and efficiency improvement projects are in progress and we anticipate fiscal ~~2025~~2026 capital expenditures will benot inexceed ~~the~~fiscal ~~range~~2025 ofcapital ~~$25 to $30 million~~spending.

Net cash used in financing activities for the first nine months of fiscal 2025 reflects the payment of a special dividend of $304.1 million. No dividends were paid during the first nine months of fiscal 2024.

Financial Position

At ~~January~~August 252, 2025, working capital ~~decreased~~increased to $~~233~~329.02 million from $~~398~~266.94 million at ~~April~~May 273, ~~2024~~2025. The current ratio was 23.92 to 1 at ~~January~~August 252, 2025 compared to 32.9 to 1 at ~~April~~May 273, ~~2024~~2025. The ~~decrease~~increase in working capital and current ratio was due primarily to ~~the~~an ~~payment~~increase ofin ~~the~~cash and cash equivalents of $~~304~~56.10 million ~~cash~~and ~~dividend~~other net working capital increases of $6.8 million. Trade receivables ~~decreased~~increased $112.93 million and days sales outstanding decreased to 3129.03 days from 3132.5 days. Inventories increased $08.48 million and inventory turns ~~remained~~decreased ~~constant~~to at 8.62 times. ~~Subsequent~~from to8.7 January 25, 2025, the Company renewed two leases and entered into a new lease which will result in an increase in the operating lease right-of-use assets and associated operating lease liabilities of approximately $18 milliontimes.

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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

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 ~~April~~May 273, ~~2024~~2025.

ITEM 4. CONTROLS AND PROCEDURES

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.

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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 ~~beverages~~products, success of new product and flavor introductions, fluctuations in the costs and availability of raw materials and packaging supplies, including effects of ~~potential~~ tariffs, ability to ~~pass~~recover ~~along~~ cost increases ~~to our customers~~, labor strikes or work stoppages or other interruptions in the employment of labor, continued retailer support for our ~~beverages~~products, changes in brand image, consumer demand and preferences and our success in creating ~~beverages~~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, government regulations, taxes or fees imposed on the sale of our ~~beverages~~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.

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PART II - OTHER INFORMATION

ITEM 1A. RISK FACTORS

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 ~~April~~May 273, ~~2024~~2025.

ITEM 5. OTHER INFORMATION

During the three fiscal months ended August 2, 2025, no director or Section 16 officer adopted, modified, or terminated any “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement” (in each

case, as defined in Item 408(a) of Regulation S-K).

ITEM 6. EXHIBITS

Exhibit No.	Description
10.17	Amendment to Loan Agreement dated December 19, 2024 Credit Agreement between NewBevCo, Inc. and lender therein
31.1	Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2	Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1	Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2	Certification of Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101	The following financial information from National Beverage Corp. Quarterly Report on Form 10-Q for the quarterly period ended January 25, 2025, formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) Condensed Consolidated Balance Sheets (Unaudited); (ii) Condensed Consolidated Statements of Income (Unaudited); (iii) Condensed Consolidated Statements of Comprehensive Income (Unaudited); (iv) Condensed Consolidated Statements of Shareholders’ Equity (Unaudited); (v) Condensed Consolidated Statements of Cash Flows (Unaudited); and (vi) the Notes to Condensed Consolidated Financial Statements (Unaudited).
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

Exhibit No. Description

31.1	Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

31.2	Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32.1	Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

32.2	Certification of Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

101

The following financial information from National Beverage Corp. Quarterly Report on Form 10-Q for the quarterly period ended August 2, 2025, formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) Condensed Consolidated Balance Sheets (Unaudited); (ii) Condensed Consolidated Statements of Income (Unaudited); (iii) Condensed Consolidated Statements of Comprehensive Income (Unaudited); (iv) Condensed Consolidated Statements of Shareholders’ Equity (Unaudited); (v) Condensed Consolidated Statements of Cash Flows (Unaudited); and (vi) the Notes to Condensed Consolidated Financial Statements (Unaudited).

104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Date: ~~March~~September 611, 2025

	National Beverage Corp. (Registrant)

	By:	/s/ George R. Bracken
		George R. Bracken
		Executive Vice President – Finance
		(Principal Financial Officer)

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