| Summary of Financial Information by Segment |
The Company’s segment results are as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | First Quarter 2026 | | (in thousands) | | Nonalcoholic Beverages | | All Other | | Eliminations(1) | | Total | | Net sales | | $ | 1,833,819 | | | $ | 89,480 | | | $ | (76,631) | | | $ | 1,846,668 | | | Cost of goods sold | | 1,124,213 | | | 53,453 | | | (58,078) | | | 1,119,588 | | | Gross profit | | 709,606 | | | 36,027 | | | (18,553) | | | 727,080 | | | Selling, delivery and administrative expenses: | | | | | | | | | Payroll costs(2) | | $ | 312,904 | | | $ | 13,830 | | | $ | — | | | $ | 326,734 | | Fleet costs(3) | | 14,633 | | | 8,752 | | | — | | | 23,385 | | Depreciation and amortization expense(4) | | 30,534 | | | 578 | | | — | | | 31,112 | | All other segment items(5) | | 120,157 | | | 6,721 | | | (18,553) | | | 108,325 | | | Total selling, delivery and administrative expenses | | 478,228 | | | 29,881 | | | (18,553) | | | 489,556 | | | Income from operations | | $ | 231,378 | | | $ | 6,146 | | | $ | — | | | $ | 237,524 | | | | | | | | | | | Total depreciation and amortization expense(4) | | $ | 51,590 | | | $ | 5,312 | | | $ | — | | | $ | 56,902 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | First Quarter 2025 | | (in thousands) | | Nonalcoholic Beverages | | All Other | | Eliminations(1) | | Total | | Net sales | | $ | 1,569,097 | | | $ | 75,110 | | | $ | (64,230) | | | $ | 1,579,977 | | | Cost of goods sold | | 954,935 | | | 45,293 | | | (47,355) | | | 952,873 | | | Gross profit | | 614,162 | | | 29,817 | | | (16,875) | | | 627,104 | | | Selling, delivery and administrative expenses: | | | | | | | | | Payroll costs(2) | | $ | 266,679 | | | $ | 12,026 | | | $ | — | | | $ | 278,705 | | Fleet costs(3) | | 23,827 | | | 7,683 | | | — | | | 31,510 | | Depreciation and amortization expense(4) | | 28,256 | | | 536 | | | — | | | 28,792 | | All other segment items(5) | | 108,157 | | | 6,995 | | | (16,875) | | | 98,277 | | | Total selling, delivery and administrative expenses | | 426,919 | | | 27,240 | | | (16,875) | | | 437,284 | | | Income from operations | | $ | 187,243 | | | $ | 2,577 | | | $ | — | | | $ | 189,820 | | | | | | | | | | | Total depreciation and amortization expense(4) | | $ | 48,050 | | | $ | 5,323 | | | $ | — | | | $ | 53,373 | |
(1)The entire net sales elimination represents net sales from the All Other operating segment to the Nonalcoholic Beverages operating segment. The entire cost of goods sold and SD&A eliminations represent costs incurred by the All Other operating segment in the generation of net sales to the Nonalcoholic Beverages operating segment. (2)Payroll costs includes compensation, incentive plans, defined contribution plans, healthcare benefits and tax-advantaged spending accounts. (3)Fleet costs includes fleet repairs, maintenance and fuel and oil costs. (4)Total depreciation and amortization expense is included within both cost of goods sold and SD&A expenses. For segment reporting, the difference between total depreciation and amortization expense and the portion within SD&A expenses is the amount within cost of goods sold. (5)All other segment items includes information technology costs, stewardship, insurance and other costs incurred in the selling and delivery of the Company’s products.
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