Q2 2026 net sales increased 28% YoY to $216M, driven by Vita Coco Coconut Water growth of 21% and private label growth of 83% (CFO)
Americas segment net sales grew 21% to $172M; Vita Coco Coconut Water in Americas grew 15% to $138M (7% volume, 7% net price/mix), private label in Americas grew 83% to $27M (82% volume) (CFO)
International segment net sales grew 63%; branded Vita Coco +60%, private label +82% (CFO)
Gross margin was 49% in Q2, up ~1,200 bps YoY (36% in Q2 2025); tariff refunds contributed ~700 bps, remainder from better pricing, lower ocean freight, lower finished goods, partially offset by higher domestic logistics (CFO)
Adjusted EBITDA was $67M (31% of net sales) vs $29M (17%) in Q2 2025 (CFO)
Net income attributable to shareholders was $49M ($0.82 per diluted share) vs $23M ($0.38) in prior year (CFO)
Cash and debt: $279M cash, no debt under revolving credit facility; YTD cash from operations $82M; Board approved $40M stock buyback increase, leaving $61M remaining under $105M total authorization (CFO)
Acquisition of Copra Inc.: $175M first payment (80% cash/20% stock) plus 2029 additional consideration based on 2028 gross profit (floor $45M, cap $100M); Copra projects FY 2026 net sales above $100M; expects ~$11M CapEx to double extraction output (CFO)
Category trends: U.S. coconut water retail dollar growth +29% YTD; measured European markets +65% YTD (Kirban); Vita Coco U.S. branded +29%, measured European +57% YTD (Kirban)
Official Guidance (2026 Full Year)
Net sales: $790M – $805M (CFO)
Gross margin: ~40% for full year (CFO)
Adjusted EBITDA: $154M – $161M (CFO)
Vita Coco Coconut Water net sales growth: high teens to 20% consolidated; U.S. Vita Coco net sales mid- to high teens (CFO)
U.S. private label net sales growth: 90%–100% (CFO)
Branded price increase: low single digits for full year; minimal consolidated net pricing growth due to private label mix (CFO)
SG&A leverage: ~1 point as a % of sales vs 2025 (CFO)
Mgmt Quotes
“I'm thrilled that the growth trends of the first quarter have continued through the second quarter.” — Michael Kirban (Executive Chairman)
“Our U.S. Vita Coco branded business growth is coming approximately 2/3 from increased household penetration and 1/3 from velocity household growth, which is indicative of very strong brand momentum.” — Martin Roper (CEO)
“It is a low-risk acquisition in our wheelhouse and a great first step for us as we build our M&A capabilities.” — Martin Roper (CEO)
“We believe that coconut water is in the early stages of gaining mainstream appeal, a belief that is supported by the growth trends we are seeing.” — Michael Kirban (Executive Chairman)
“The acquisition of Copra does not change our long-term financial algorithm of branded net sales growth in the mid-teens and adjusted EBITDA in the high teens