Key Highlights

• FIZZ shares rose 10.83% today to $34.36.

• The board declared a special cash dividend of $3.25 per share.

• Fiscal 2026 fourth-quarter earnings per share came in at $0.43, below the $0.48 estimate.

• Revenue of $297.2 million fell short of the $301.1 million consensus.

• This marks the company's thirteenth special cash payment in 22 years.

Special Dividend Overshadows Earnings Miss

National Beverage Corp. (NASDAQ:FIZZ) shares surged today despite reporting fiscal fourth-quarter 2026 results that missed on both the top and bottom lines. The Fort Lauderdale, Florida-based beverage company is best known for its flagship LaCroix sparkling water brand, alongside other carbonated soft drink brands including Shasta and Faygo.

Fourth-quarter earnings per share came in at $0.43, below the $0.48 consensus estimate, while revenue of $297.2 million fell short of the $301.1 million expected. Despite the miss, full fiscal year net sales totaled approximately $1.18 billion, with gross margin holding steady at 37%.

Thirteenth Special Dividend in Twenty-Two Years

The rally was driven primarily by the board's declaration of a special cash dividend of $3.25 per share, payable on or before July 30 to shareholders of record as of July 13. This marks the company's thirteenth such payment in 22 years, cumulatively distributing $19.78 per share, or over $1.8 billion.

The announcement coincided with the company's celebration of America's 250th anniversary and recognition of Founder and Chairman Nick A. Caporella's inclusion on the Forbes 250 Greatest Self-Made Americans list. Cash on the balance sheet grew $156 million to $350 million during the fiscal year, reinforcing the company's capacity for continued shareholder distributions.

Conclusion

National Beverage's surge despite an earnings miss underscores the market's strong preference for the company's substantial special dividend and robust balance sheet position over near-term revenue softness. With a consistent 37% gross margin and a growing cash position, the company's capital return capacity appears to be the dominant factor driving investor sentiment.

This article is for informational purposes only and does not constitute investment advice. Readers should conduct their own research before making financial decisions.