If there was a Super Bowl for convenient nutrition brands…Premier Protein would be considered the Kansas City Chiefs of the functional CPG category. BellRing Brands (NYSE: BRBR) is a portfolio that owns a collection of convenient nutrition brands like Premier Protein and Dymatize Nutrition, which was previously wholly-owned by Post Holdings. A fast-paced and busy lifestyle is pushing consumers to switch to quick and healthy meal options. This has resulted in above average categorical growth rates and increased household penetration of RTD protein shakes that promote active lifestyles. Additionally, powders are becoming more mainstream, and category proliferation has created an environment where more consumers are purchasing both every day and performance nutrition positioned protein products at grocery stores and mass retailers. Bellring Brands had a strong 2025 Q1 with net sales reaching $532.9 million, which was up 23.8% YoY. Premier Protein (~90% of BellRing Brands total revenue) grew 26.3% YoY, which came from mostly volume increases. Dymatize Nutrition was up 12.6% YoY, stemming from volume increases within international markets. In response to these elevated sports nutrition competitive threats, BellRing Brands has attempted to invest further into Dymatize brand marketing (i.e. utilization with NFL star running back Christian McCaffrey) and restarting product innovation (i.e. pre-workout energy powder and RTD protein beverages leveraging Pebbles cereal). Moreover, I provide three deep dives into the functional CPG portfolio's "hero SKU families" of Premier Protein RTD protein shakes and Premier Protein and Dymatize protein powders. But my latest first principles thinking content will explain my usage of that specific NFL analogy in the introductory statement. And while the most obvious connection would be that BellRing Brands corporate headquarters is located within St. Louis, Missouri (and the Rams relocating almost a decade ago it makes the Kansas City Chiefs the “local team"), a more hidden connection would be that both brands have dominated their respective “sports” of late…and much like the Kansas City Chiefs are attempting to win their third Super Bowl in a row, BellRing Brands (because of primarily Premier Protein) is hoping to reach its own version of a three-peat. And if analyzing the trailing twelve months BellRing Brands net sales activity, the brand portfolio has now successfully reached the $2 billion milestone (and is well on its way to reaching $3 billion in net sales). So, why do I believe the Premier Protein “three-peat” is almost guaranteed at this point?