The Vita Coco Company, Inc.

Q2 2026 net sales increased $47 million, or 28% year over year, to $216 million. Consolidated gross profit was $105 million, up $44 million, and gross margin was 49% versus 36% in Q2 last year, with tariff refunds contributing about 700 basis points of the margin increase. Net income attributable to shareholders was $49 million, or $0.82 per diluted share, versus $23 million, or $0.38 per diluted share, and adjusted EBITDA was $67 million, or 31% of net sales, versus $29 million, or 17%. For the full year 2026, the company now expects net sales of $790 million to $805 million, gross margin of approximately 40%, and adjusted EBITDA of $154 million to $161 million. Management also said Copra projects full-year 2026 calendar net sales above $100 million.

Mike Kirban emphasized that coconut water is still early in mainstream adoption and said the company is benefiting from strong retail demand, improved execution, and category growth in both the U.S. and Europe. He framed the Copra acquisition as a strategic move into the super-premium Nam Hom segment, arguing it adds unique sourcing and manufacturing capability and gives Vita Coco a path to compete in another fast-growing part of the category. His tone was highly optimistic about the category, the brand, and the company’s long-term ability to build capacity and expand share.

Corey Baker walked through the quarter’s mechanics: higher sales, much stronger gross profit, and an adjusted EBITDA margin of 31%, while SG&A rose to $42 million from $36 million on growth investments, marketing, and incentive compensation. He highlighted a strong balance sheet with $279 million of cash and no revolving credit facility debt, plus year-to-date cash generation of $82 million, helped by a $28 million inventory reduction. On capital allocation, he noted a new $40 million increase to the buyback authorization, bringing remaining authorization to $61 million under the $105 million total. He also said the Copra purchase includes a $175 million first payment and contingent consideration in 2029 with a $45 million floor and $100 million cap, and that the company expects to invest about $11 million in CapEx to double extraction output and improve efficiency.

Analysts focused on why the company is guiding to a slower second half in the core business despite strong demand, and management pointed to distributor inventory builds, Walmart load-in timing, and margin pressure from freight and finished-goods inflation. Questions on Copra centered on whether capacity could overlap with Vita Coco, whether the business is mostly private label, and whether it will be profitable this year; management said the two capacity builds are separate, Copra is mostly private label today, and the business is already profitable and included in guidance. Management also explained that private label strength came from regained U.S. distribution, a new account, and strong European category growth, while the Ocean freight question drew a view that current surcharges may be temporary and should flow through the P&L mainly in Q3 and Q4.