On this page of StockholderLetter.com we present the latest annual shareholder letter from NATIONAL BEVERAGE CORP — ticker symbol FIZZ. Reading current and past FIZZ letters to shareholders can bring important insights into the investment thesis.

 •  9/9/2025 Letter Continued (Full PDF)
 •  9/7/2023 FIZZ Stockholder Letter
 •  9/6/2024 FIZZ Stockholder Letter
 •  More "Beverages & Wineries" Category Stockholder Letters
 •  FIZZ Benford's Law Stock Score = 89

FIZZ Shareholder/Stockholder Letter Transcript:

Precise and Profound
As National Beverage begins its 40th   ear   it  s an i  eal ti  e to deeply
  e  e     on o  r in  re  ible   o  rne      an   the   eo  le   ho have hel  e  
  a  e it   ossible  
0n Nove  ber              e   or  e   National Beverage  or       ith the intent
o   hel  ing another   o    an   s  rvive a ta  eover atte    t   xe   e  ne   o  r
goals   ith a vision that   an     o  bte     en    re     o  ntless sa  ri    es  
an   sei  e   the li  ite   reso  r  es   ith   hi  h to gro        e     e                    
An     e   i            Absol  tel    
xe have   o  e a ver   long   a   an   have greatl   s  r  asse   o  r original
    r  ose   L  r   iligen  e     ro  o  n     hiloso  h   an     istin  tive innovations
have bro  ght   s   ro   o  r h    ble beginnings to the       X  e         _p      l      
x    e        F            e           xe are re  ogni  e     or   reating the x    de   o  
?a roi     hile   elivering e    e  tional sharehol  er   er  or  an  e  
0n an era   here   an   in    stries
an     o    anies are   a  ing
signi    ant   hallenges     e have
  e  onstrate   o  r abilit   to not
onl     o    ete an   e    el   b  t to
lea   thro  gh the   ni    eness
o   o  r innovative     alities   xe
began o  r   o  rne   as a beverage
  o    an   b   e  bra  ing the
strategies o   verti  al integration
an   h  bri     istrib  tion    even
tho  gh these strategies   ere
    n  a  entall   o    osite to the
b  siness   o  els o   o  r   eers  
xe hone   these strategies thro  gho  t the   e  a  es as   e evolve   into
a   o    an   la    e     or   ni    e   avors an   health   innovation  
L  r s  irit   rives   s to bring   goo  ness an     on  er    l   eelings   to
  ons    ers   ho are e    ite   to taste o  r   ni    e   avors an     elight in
o  r e  e    at  hing   a    aging   No   a    age   esign     avor   ro  le or   avor
na  e is   nali  e   an   release   to the   ar  et  la  e   itho  t enor  o  s
tho  ght     assion   resear  h an     es          love   L  r   ons    ers   eserve
an   e    e  t the ver   best   ro     s an     not onl   are   e living      to their
e    e  tations   in   ost   ases   e are e    ee  ing the    
gea   National  s   eliberate   long  ter   o  erational   o    s   ontin  es to
  eet the   hallenge o   the   on    en  e o   events that is   n  re  e  ente  
in re  ent ti  es   ghis   n  itigate     o    s   along   ith the resilien  e o   the
l  _     ons    er   le   to   ositive   s  al   ear   0     res  lts   


Net sales in  rease   to $       billion  
'ross   argin in  rease   to        o   sales  
L  erating in  o  e in  rease            to $         illion   an  
Net in  o  e in  rease   to $         illion   or $    00   er share  
ghese a  hieve  ents rea    r   the resilien  e o   o  r b  siness   o  el   the
strength o   o  r bran  s an   the   e  i  ation o   o  r tea      es  ite ongoing
  hallenges in o  r in    str   an   broa  er   ar  et volatilit       e   ontin  e   to
  eliver on o  r   o    it  ents to sharehol  ers b     aintaining   is  i  line  
o  erations     r    ent   nan  ial   anage  ent an     onsistent e  e    tion o  
o  r gro  th strategies  
L  r re  ent la  n  h o  
  as be  on     agni    ent an     ar  e  
a ne     ilestone   or o  r bran     xe are e    ite   to give o  r sharehol  ers
  ho re  eive this ne  est   avor the o    ort  nit   to     eel   the x    de       
_            e   xith this   antas     avor     e  ve on  e again   hange   the ga  e
   o    ering a sensor     o  rne   that goes be  on     r  it   or even re  ogni  e  
  avors   an   ta  s into so  ething tr  l   e  otional an       li  ting  

xe   ontin  e   o  r   o  ent       ith the s  ring intro      tion o   o  r variet  
  a    
     eat  ring
   an   the ret  rn
o     an   avorites
an  
   gogether   these
  avors re  resent not     st innovation   b  t the e  otional   onne  tion   e
  ontin  e to b  il     ith o  r   ans    one   an at a ti  e     ith     st a hint o  
  avor          an   a lot o   x    de    
ghe   e  ia  s in  rease     o    s on i    roving the health o   A  eri  a
s      orts o  r     est to h    rate an   invigorate   ons    ers   ith   eli  io  s
an   inno  ent re  resh  ent   L  r   elight    l an   the  e  oriente   in  store
  is  la  s     ons    er   e    eriential   engage  ents   ith sele  te   retail
  artners   oast  to    oast   an   so  ial   e  ia   osts   e  onstrate the
e    e  tiveness o   o  r   ar  eting strateg   an   e  e    tion   evelo  e   to
  ontin  all   rein  or  e bran   a  areness  
xhat reall     atters   ost          isn  t that   e   reate   a bran   an   gave
it strength an   signi    an  e    it  s that   e also   a  e available a higher
    alit   o   li  e   or o  r   ons    ers   sharehol  ers an   ge     F            l   ghis
in  re  ible a    o    lish  ent brings   s   ri  e an     o      an     e   o  l     o
it all over again         
Lver   o  r   e  a  es     e have   
   Xrovi  e     ons    ers   ith re  reshing   health   h    ration  
    ontrib  te   to i    roving lives   nan  iall     or o  r e    lo  ees an  
sharehol  ers   an  
   A  van  e       bli   health b     elivering   ro      ts that   ro  ote healthier
li  est  les a  ross A  eri  a  
ghese a    o    lish  ents re  e  t o  r abilit   to   reate val  e in     lti  le
  i  ensions    e  ono  i     so  ial an   health  relate      an   the   are at the
heart o   o  r   ission  
_o   as   e share this   ilestone an   loo   ba       ith   ri  e an   ahea  
  ith enth  sias       e   ant to sal  te ea  h an   ever   one o     o     xe are
honore   to have been grante   the   istin  tion o   having an 0                    
that generates a   o    elling abilit   to lea   the entire s  ar  ling   ater
in    str     xe are so ver     ort  nate to a    e  t the   on  er    l goo     ort  ne
that this 0                     has given gea   National   an     e are grate    l   or
  o  r lo  alt   an   sharing o  r vision to be          X  e      e     d X            d  

NATIONAL BEVERAGE CORP.
2025 ANNUAL REPORT ON FORM 10K

United States Securities and Exchange Commission
x                                      
FORM 10-K
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9/9/2025 Letter Continued (Full PDF)

 

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