Fevertree Drinks (LSE:FEVR) Operating Income: £24.5 Mil (TTM As of Dec. 2025)

What is Fevertree Drinks Operating Income?

Fevertree Drinks LSE:FEVR +1.50% 85 Operating Income is £24.5 Mil as of Dec. 2025. GuruFocus rates LSE:FEVR with a GF Score™ of 85/100 and a GF Value™ of £9.33 (Modestly Undervalued). The stock has 6 warning signs investors should review.

Fevertree Drinks's Operating Income for the six months ended in Dec. 2025 was £12.5 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Dec. 2025 was £24.5 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Fevertree Drinks's Operating Income for the six months ended in Dec. 2025 was £12.5 Mil. Fevertree Drinks's Revenue for the six months ended in Dec. 2025 was £180.7 Mil. Therefore, Fevertree Drinks's Operating Margin % for the quarter that ended in Dec. 2025 was 6.92%.

Warning Sign:

Fevertree Drinks PLC operating margin has been in a 5-year decline. The average rate of decline per year is -19.3%.

Fevertree Drinks's 5-Year average Growth Rate for Operating Margin % was -19.30% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Fevertree Drinks's annualized ROC % for the quarter that ended in Dec. 2025 was 12.53%. Fevertree Drinks's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was 54.52%.

Fevertree Drinks (LSE:FEVR) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

Fevertree Drinks's annualized ROC % for the quarter that ended in Dec. 2025 is calculated as:

	ROC % (Q: Dec. 2025 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Jun. 2025 )	+	Invested Capital (Q: Dec. 2025 ))	/ count )
=	25 * ( 1 - 24.06% )	/	( (142.7	+	160.4)	/ 2 )
=	18.985	/	151.55
=	12.53 %

where

	Invested Capital		(Q: Jun. 2025 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	327.4	-	54.7	-	( 130	-	max(0, 55.9	-	248.1	+	130	))
=	142.7

	Invested Capital		(Q: Dec. 2025 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	287	-	35.5	-	( 91.1	-	max(0, 58.3	-	208.3	+	91.1	))
=	160.4

Note: The Operating Income data used here is two times the semi-annual (Dec. 2025) data.

2. Joel Greenblatt's definition of Return on Capital:

Fevertree Drinks's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Dec. 2025 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Jun. 2025		Q: Dec. 2025
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	38	/	( ( (8.8 + max(62.4, 0))	+	(11.7 + max(56.5, 0)) )	/	2 )
=	38	/	( ( 71.2	+	68.2 )	/	2 )
=	38	/	69.7
=	54.52 %

where Working Capital is:

	Working Capital		(Q: Jun. 2025 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(71.8	+	44.2	+	2.1)	-	(54.7	+	0	+	0.99999999999999)
=	62.4

	Working Capital		(Q: Dec. 2025 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(68	+	37.1	+	8.9)	-	(35.5	+	0	+	22)
=	56.5

When net working capital is negative, 0 is used.

Note: The EBIT data used here is two times the semi-annual (Dec. 2025) EBIT data.

3. Operating Income is also linked to Operating Margin %:

Fevertree Drinks's Operating Margin % for the quarter that ended in Dec. 2025 is calculated as:

Operating Margin %	=	Operating Income (Q: Dec. 2025 )	/	Revenue (Q: Dec. 2025 )
	=	12.5	/	180.7
	=	6.92 %

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.

Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.

Fevertree Drinks Operating Income Related Terms

Fevertree Drinks Operating Income Historical Data

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The historical data trend for Fevertree Drinks's Operating Income can be seen below:

Fevertree Drinks Operating Income Chart

Fevertree Drinks Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Operating Income

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55.60

30.60

20.80

32.80

24.50

Fevertree Drinks Semi-Annual Data
	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23	Jun24	Dec24	Jun25	Dec25
Operating Income	Get a 7-Day Free Trial															16.90	12.20	20.60	12.00	12.50

85GF Score

Fevertree Drinks PLC LSE:FEVR

Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.

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Fevertree Drinks Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Dec. 2025 adds up the semi-annually data reported by the company within the most recent 12 months, which was £24.5 Mil.

Frequently Asked Questions Learn more about Operating Income →

What does a Operating Income of £24.5 Mil mean?

Fevertree Drinks (LSE:FEVR) has a Operating Income of £24.5 Mil as of Dec. 2025. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Fevertree Drinks and its competitors.

Is Fevertree Drinks' Operating Income too high?

Fevertree Drinks' current Operating Income is £24.5 Mil. Overall, Fevertree Drinks has a GF Score™ of 85/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.

How does Fevertree Drinks' Operating Income compare to KO and PEP?

Fevertree Drinks' Operating Income of £24.5 Mil can be compared against companies in the Beverages - Non-Alcoholic industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.

What is a good Operating Income for a Beverages - Non-Alcoholic company?

A good Operating Income depends on the Beverages - Non-Alcoholic industry context. However, Operating Income should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.

What does a high Operating Income mean?

A high Operating Income can signal that a stock is expensive relative to its fundamentals. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Fevertree Drinks and its competitors. Fevertree Drinks's current Operating Income is £24.5 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Fevertree Drinks stock overvalued right now?

Based on GuruFocus' analysis, Fevertree Drinks (LSE:FEVR) is currently considered Modestly Undervalued. The stock's GF Value™ is £9.33, compared to a current price of £7.78 — trading 16.7% below its estimated fair value. The current Operating Income is £24.5 Mil. Fevertree Drinks' overall GF Score™ is 85/100 with 6 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.

How is Operating Income calculated?

Operating Income is calculated from a company's financial statements. For Fevertree Drinks (LSE:FEVR), the current Operating Income is £24.5 Mil as of Dec. 2025. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Fevertree Drinks (LSE:FEVR) Overvalued in 2026?

Based on GuruFocus' analysis, Fevertree Drinks stock appears to be undervalued. The current stock price of £7.78 is trading 16.7% below its estimated GF Value™ of £9.33. GuruFocus considers Fevertree Drinks to be Modestly Undervalued.

Key valuation signals for LSE:FEVR:

Operating Income: £24.5 Mil
GF Value™: £9.33 vs. price of £7.78 (16.7% below fair value)
GF Score™: 85/100 with 6 warning signs

No single metric tells the full story. See the LSE:FEVR stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Fevertree Drinks Business Description

Industry Consumer Defensive Beverages - Non-Alcoholic

Comparable Companies LSE:BAG LSE:NICL KO PEP MNST HKSE:09633 KDP LSE:CCEP LSE:CCH COCSF MEX:AC NSE:VBL COKE SHSE:605499 HKSE:02097 PRMB TSE:2587 SHSE:603156 CELH TSE:2267

Other Exchanges FQVTY:USA FQVTF:USA FEVRl:UK FV8:Germany

Address 186-188 Shepherds Bush Road, London, GBR, W6 7NL

Website https://www.fever-tree.com

Fevertree Drinks PLC is a UK based holding and investment company. The company is engaged in the business activity of developing and marketing premium mixer drinks. Its product portfolio includes Indian tonic water, Mediterranean tonic water, Elderflower tonic water, Aromatic tonic water, Clementine tonic water, Lemon tonic water, Ginger beer, Ginger ale, Smoky ginger ale, Spiced orange ginger ale, Madagascan cola, Sicilian lemonade, Lemonade, Premium Soda Water and Mediterranean Orange. Geographically, company is divided into two segments US segment representing profits from USA cities and Rest of Group segment which represents profits directly attributable to UK, European and RoW regions of which majority of the revenue is from the United Kingdom.

85GF Score

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Operating Income is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

£7.78

Price

£9.33

GF Value

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