Fiscal 2025 net revenue increased 2% year-over-year, or 8% excluding non-recurring items, driven by a 13% wholesale sales increase and contributions from Black Rifle Energy. In the fourth quarter, direct-to-consumer sales grew 7%—its first quarterly rise in over three years—while wholesale revenue rose 8% (16% excluding non-recurring items).

All-channel ACV reached 54.9% in 2025, up nearly eight points, with grocers adding an average of two incremental Black Rifle items per store. Packaged coffee revenue climbed 34% in the fourth quarter versus 13% category growth, lifting national bagged coffee share to 3.3% (up 60 basis points) and pods to 2.2% (up 40 basis points) as shelf productivity matched category velocity despite a 40% price premium.

Gross margin for fiscal 2025 fell 6.5 points as coffee inflation and tariffs accounted for roughly 350 basis points of pressure, while fourth-quarter margin dropped 610 basis points. One-time items—including startup costs from a new direct-to-consumer fulfillment provider and a coffee extract impairment—added 270 basis points of Q4 pressure, partially offset by 170 basis points from productivity and mix improvements.

Operating expenses were down 7% excluding non-recurring items, with marketing spend 10% lower and wages flat despite resource shifts toward revenue-tied programs. Black Rifle Energy reached 22% ACV across nearly 20,000 retail doors in 2025, and 2026 priorities include regional scaling in key markets to maximize velocity and returns over broad distribution.