Disclosed are nutritional emulsions comprising fat, carbohydrate, protein, and calcium HMB wherein soluble protein comprises from about 50% to 100% by weight of the total protein. Also disclosed are nutritional emulsions comprising fat, carbohydrate, protein, and calcium HMB wherein soluble protein comprises from about 50% to 100% by weight of the protein and the emulsion has a weight ratio of soluble protein to calcium HMB of from about 5:1 to about 12:1. The nutritional emulsions are surprisingly stable and generate minimal or no bitter flavors or after taste over time.