# Monster Beverage Corp (MNST)

Informational only - not investment advice.

CIK: 0000865752
SIC: 2086 Bottled & Canned Soft Drinks & Carbonated Waters
SIC breadcrumb: [Manufacturing](/division/D/) > [Food And Kindred Products](/major-group/20/) > [SIC 2086 Bottled & Canned Soft Drinks & Carbonated Waters](/industry/2086/)
Latest 10-K filed: 2026-02-27
SEC page: https://www.sec.gov/edgar/browse/?CIK=865752
Filing source: https://www.sec.gov/Archives/edgar/data/865752/000110465926020831/mnst-20251231x10k.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-27 · accession 0001104659-26-020831 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000865752.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 8,294,343,000 USD | 2025 | verified |
| Net income | 1,905,432,000 USD | 2025 | verified |
| Assets | 9,988,945,000 USD | 2025 | verified |
| Free cash flow | 1,965,902,000 USD | 2025 | computed |
| Net margin | 22.97% | 2025 | computed |
| Operating margin | 29.17% | 2025 | computed |
| Revenue YoY | +10.70% | 2025 | computed |
| ROE | 23.08% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | MNST | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 23.0% | 5.3% | 96 | 51 |
| Operating margin | 29.2% | 7.6% | 98 | 49 |
| Revenue growth | 10.7% | 3.0% | 80 | 51 |
| FCF margin | 23.7% | 7.6% | 100 | 50 |
| ROE | 23.1% | 9.1% | 90 | 49 |
| ROA | 19.1% | 4.0% | 94 | 51 |
| Liabilities / equity | 0.21 | 1.19 | 0 | 49 |
| Current ratio | 3.70 | 1.65 | 92 | 51 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC major-group 20 Food And Kindred Products, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 8294343000 | USD | 2025 | 2026-02-27 |
| Net income | 1905432000 | USD | 2025 | 2026-02-27 |
| Assets | 9988945000 | USD | 2025 | 2026-02-27 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-27. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000865752.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | 3,049,393,000 | 3,369,045,000 | 3,807,183,000 | 4,200,819,000 | 4,598,638,000 | 5,541,352,000 | 6,311,050,000 | 7,140,027,000 | 7,492,709,000 | 8,294,343,000 |
| Net income | 712,685,000 | 820,678,000 | 993,004,000 | 1,107,835,000 | 1,409,594,000 | 1,377,475,000 | 1,191,624,000 | 1,630,988,000 | 1,509,048,000 | 1,905,432,000 |
| Operating income | 1,085,338,000 | 1,198,787,000 | 1,283,619,000 | 1,402,939,000 | 1,633,153,000 | 1,797,467,000 | 1,584,721,000 | 1,953,355,000 | 1,930,294,000 | 2,419,354,000 |
| Gross profit | 1,942,000,000 | 2,137,690,000 | 2,295,375,000 | 2,518,585,000 | 2,723,880,000 | 3,108,513,000 | 3,174,567,000 | 3,794,206,000 | 4,048,878,000 | 4,632,195,000 |
| Operating cash flow | 701,355,000 | 987,731,000 | 1,161,881,000 | 1,113,762,000 | 1,364,163,000 | 1,155,741,000 | 887,699,000 | 1,717,753,000 | 1,928,533,000 | 2,098,177,000 |
| Capital expenditures | 99,819,000 | 83,435,000 | 61,941,000 | 101,661,000 | 48,722,000 | 43,868,000 | 188,726,000 | 221,428,000 | 264,074,000 | 132,275,000 |
| Share buybacks | 2,252,437,000 | 361,178,000 | 1,342,076,000 | 707,300,000 | 595,918,000 | 13,830,000 | 771,028,000 | 658,952,000 | 3,771,875,000 | 103,646,000 |
| Assets | 4,153,471,000 | 4,791,012,000 | 4,526,891,000 | 5,150,352,000 | 6,202,716,000 | 7,804,784,000 | 8,293,105,000 | 9,686,522,000 | 7,719,089,000 | 9,988,945,000 |
| Stockholders' equity | 3,329,709,000 | 3,895,212,000 | 3,610,901,000 | 4,171,281,000 | 5,160,860,000 | 6,566,951,000 | 7,025,041,000 | 8,228,744,000 | 5,957,718,000 | 8,254,108,000 |
| Cash and cash equivalents | 377,582,000 | 528,622,000 | 637,513,000 | 797,957,000 | 1,180,413,000 | 1,326,462,000 | 1,307,141,000 | 2,297,675,000 | 1,533,287,000 | 2,088,117,000 |
| Free cash flow | 601,536,000 | 904,296,000 | 1,099,940,000 | 1,012,101,000 | 1,315,441,000 | 1,111,873,000 | 698,973,000 | 1,496,325,000 | 1,664,459,000 | 1,965,902,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin | 23.37% | 24.36% | 26.08% | 26.37% | 30.65% | 24.86% | 18.88% | 22.84% | 20.14% | 22.97% |
| Operating margin | 35.59% | 35.58% | 33.72% | 33.40% | 35.51% | 32.44% | 25.11% | 27.36% | 25.76% | 29.17% |
| Return on equity | 21.40% | 21.07% | 27.50% | 26.56% | 27.31% | 20.98% | 16.96% | 19.82% | 25.33% | 23.08% |
| Return on assets | 17.16% | 17.13% | 21.94% | 21.51% | 22.73% | 17.65% | 14.37% | 16.84% | 19.55% | 19.08% |
| Liabilities / equity | 0.25 | 0.23 | 0.25 | 0.23 | 0.20 | 0.19 | 0.18 | 0.18 | 0.30 | 0.21 |
| Current ratio | 3.04 | 3.72 | 3.00 | 3.50 | 4.19 | 4.85 | 4.76 | 4.81 | 3.32 | 3.70 |

## As-reported value updates

No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks.


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-07. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000865752.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2010-Q2 | 2010-06-30 |  |  | 0.69 | reported discrete quarter |
| 2010-Q3 | 2010-09-30 |  |  | 0.72 | reported discrete quarter |
| 2011-Q1 | 2011-03-31 |  |  | 0.59 | reported discrete quarter |
| 2011-Q2 | 2011-06-30 |  |  | 0.90 | reported discrete quarter |
| 2023-Q3 | 2023-06-30 |  | 413,871,000 |  | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 1,856,028,000 |  |  | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 1,730,108,000 | 366,979,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 1,899,098,000 | 442,049,000 |  | reported discrete quarter |
| 2024-Q2 | 2024-03-31 |  | 442,049,000 |  | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 1,900,597,000 |  |  | reported discrete quarter |
| 2024-Q3 | 2024-06-30 |  | 425,369,000 |  | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 1,880,973,000 |  |  | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 1,812,041,000 | 270,711,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 1,854,558,000 | 442,993,000 |  | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 2,111,593,000 | 488,794,000 |  | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 2,197,139,000 | 524,455,000 |  | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 2,131,053,000 | 449,190,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 2,353,291,000 | 569,485,000 |  | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 2,537,473,000 | 584,540,000 |  | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from MNST's latest 10-K: [/company/MNST/business/](/company/MNST/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from MNST's latest 10-K: [/company/MNST/risk-factors/](/company/MNST/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/865752/000110465926092193/mnst-20260630x10q.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-08-07
Report date: 2026-06-30

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Our Business

When this report uses the words “the Company”, “we”, “us”, and “our”, these words refer to Monster Beverage Corporation and its subsidiaries, unless the context otherwise requires. Based in Corona, California, Monster Beverage Corporation is a holding company and conducts no operating business except through its consolidated subsidiaries. The Company’s subsidiaries primarily develop and market energy drinks, and to a lesser extent, craft beers, flavored malt beverages (“FMBs”) and hard seltzers.

Pricing Actions

We implemented price increases in the fourth quarter of 2025 (for core brands and packages) in the United States and at various times in certain international markets during 2025 (collectively, the “Pricing Actions”). The Pricing Actions positively impacted gross profit margins in 2026 as compared to 2025.

Overview

We develop, market, sell and distribute energy drink beverages and concentrates for energy drink beverages, primarily under the following brand names:

[[GREPCENT_TABLE]]
[["\u25cfMonster Energy\u00ae","\u25cfFull Throttle\u00ae"],["\u25cfMonster Energy Ultra\u00ae","\u25cfBurn\u00ae"],["\u25cfRehab Monster\u00ae","\u25cfMother\u00ae"],["\u25cfMonster Energy\u00ae Nitro","\u25cfNalu\u00ae"],["\u25cfJava Monster\u00ae","\u25cfUltra Energy\u00ae"],["\u25cfPunch Monster\u00ae","\u25cfPlay\u00ae and Power Play\u00ae (stylized)"],["\u25cfJuice Monster\u00ae","\u25cfRelentless\u00ae"],["\u25cfReign Total Body Fuel\u00ae","\u25cfBPM\u00ae"],["\u25cfReign Storm\u00ae","\u25cfBU\u00ae"],["\u25cfStormTM","\u25cfSamurai\u00ae"],["\u25cfBang Energy\u00ae","\u25cfLive+\u00ae"],["\u25cfFLRTTM","\u25cfPredator\u00ae"],["\u25cfNOS\u00ae","\u25cfFury\u00ae"]]
[[/GREPCENT_TABLE]]

​

We also develop, market, sell and distribute craft beers, FMBs and hard seltzers under a number of brands, including Jai Alai® IPA, Florida Man® IPA, Dale’s Pale Ale®, Wild Basin® Hard Seltzers, Dallas Blonde®, Deep EllumTM IPA, Perrin Brewing Company® Black Ale, Hop Rising® Double IPA, Wasatch® Apricot Hefeweizen, The BeastTM, Blind Lemon®, Blinder LemonTM and other brands.

We have four operating and reportable segments: (i) Monster Energy® Drinks segment (“Monster Energy® Drinks”), which is primarily comprised of our Monster Energy® drinks, Reign Total Body Fuel® high performance energy drinks, Bang Energy® drinks, StormTM and Reign Storm® total wellness energy drinks and FLRTTM total wellness energy drinks, (ii) Strategic Brands segment (“Strategic Brands”), which is primarily comprised of the various energy drink brands acquired from The Coca-Cola Company (“TCCC”) in 2015 as well as our affordable energy brands, Predator® and Fury®, (iii) Alcohol Brands segment (“Alcohol Brands”), which is comprised of various craft beers, FMBs and hard seltzers and (iv) Other segment (“Other”), which is comprised of certain products sold by American Fruits and Flavors, LLC, a wholly-owned subsidiary of the Company, to independent third-party customers (the “AFF Third-Party Products”).

30

Table of Contents

During the three-months ended June 30, 2026, we continued to expand our existing drink portfolio by adding products to our portfolio in a number of countries and further developed our distribution markets. During the three-months ended June 30, 2026, we sold the following new products to our customers:

[[GREPCENT_TABLE]]
[["","\u25cf","Bang Energy\u00ae American Berry"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","Bang Energy\u00ae White Gummy Bear"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","Burn\u00ae White Gummy Bear"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","Fury\u00ae Wild Berry"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","Monster Energy\u00ae Nitro Blue Flash"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","Reign Total Body Fuel\u00ae Liberty & Justice for AppleTM"]]
[[/GREPCENT_TABLE]]

​

In the normal course of business, we discontinue certain products and/or product lines. Those products or product lines discontinued in the three-months ended June 30, 2026, either individually or in aggregate, did not have a material adverse impact on our financial position, results of operations or liquidity.

Our net sales were $2.54 billion for the three-months ended June 30, 2026. Net changes in foreign currency exchange rates had a favorable impact on net sales of approximately $48.5 million for the three-months ended June 30, 2026. Net sales on a foreign currency adjusted basis increased 17.9% for the three-months ended June 30, 2026.

The vast majority of our net sales are derived from our Monster Energy® Drinks segment. Net sales of our Monster Energy® Drinks segment were $2.36 billion for the three-months ended June 30, 2026. Net sales of our Strategic Brands segment were $143.7 million for the three-months ended June 30, 2026. Net sales of our Alcohol Brands segment were $32.2 million for the three-months ended June 30, 2026. Net sales of our Other segment were $5.4 million for the three-months ended June 30, 2026.

Our Monster Energy® Drinks segment represented 92.8% and 91.7% of our net sales for the three-months ended June 30, 2026 and 2025, respectively. Our Strategic Brands segment represented 5.7% and 6.2% of our net sales for the three-months ended June 30, 2026 and 2025, respectively. Our Alcohol Brands segment represented 1.3% and 1.8% of our net sales for the three-months ended June 30, 2026 and 2025, respectively. Our Other segment represented 0.2% and 0.3% of our net sales for the three-months ended June 30, 2026 and 2025, respectively.

Our growth strategy includes further developing our domestic markets and expanding our international business. Net sales to customers outside the United States were $1.16 billion for the three-months ended June 30, 2026, an increase of approximately $298.9 million, or 34.6% higher than net sales to customers outside of the United States of $864.2 million for the three-months ended June 30, 2025. Such sales were approximately 46% and 41% of net sales for the three-months ended June 30, 2026 and 2025, respectively. Net changes in foreign currency exchange rates had a favorable impact on net sales to customers outside of the United States of approximately $48.5 million for the three-months ended June 30, 2026. Net sales to customers outside the United States, on a foreign currency adjusted basis, increased 29.0% for the three-months ended June 30, 2026.

31

Table of Contents

Our non-alcohol customers are primarily full service beverage bottlers/distributors, retail grocery and specialty chains, wholesalers, club stores, mass merchandisers, convenience and gas chains, drug stores, foodservice customers, value stores, e-commerce retailers and the military. Our alcohol customers are primarily beer distributors who in turn sell to retailers within the alcohol distribution system. Percentages of our gross billings to our various customer types for the three- and six-months ended June 30, 2026 and 2025 are reflected below. Such information includes sales made by us directly to the customer types concerned, which include our full service beverage bottlers/distributors in the United States. Such full service beverage bottlers/distributors in turn sell certain of our products to some of the same customer types listed below. We limit our description of our customer types to include only our sales to our full service bottlers/distributors without reference to such bottlers/distributors’ sales to their own customers.

[[GREPCENT_TABLE]]
[["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["\u200b","\u200b","Three-Months Ended","\u200b","Six-Months Ended","\u200b"],["\u200b","\u200b","June 30,","\u200b","June 30,","\u200b"],["\u200b","\u200b \u200b \u200b","2026","\u200b \u200b \u200b","2025","\u200b \u200b \u200b","2026","\u200b \u200b \u200b","2025","\u200b"],["U.S. full service bottlers/distributors","","40","%","45","%","41","%","45","%"],["International full service bottlers/distributors","","48","%","43","%","48","%","42","%"],["Club stores and e-commerce retailers","","8","%","8","%","8","%","9","%"],["Retail grocery, direct convenience, specialty chains and wholesalers","","2","%","2","%","2","%","2","%"],["Alcohol, value stores and other","","2","%","2","%","1","%","2","%"]]
[[/GREPCENT_TABLE]]

​

Our non-alcohol customers include Coca-Cola Canada Bottling Limited, Coca-Cola Consolidated, Inc., Coca-Cola Bottling Company United, Inc., Reyes Holdings, LLC, Coca-Cola Southwest Beverages LLC, The Coca-Cola Bottling Company of Northern New England, Inc., Swire Pacific Holdings, Inc. (USA), Liberty Coca-Cola Beverages, LLC, Coca-Cola Europacific Partners, Coca-Cola Hellenic, Coca-Cola FEMSA, Swire Coca-Cola (China), COFCO Coca-Cola, Coca-Cola Beverages Africa, Coca-Cola İçecek and certain other TCCC network bottlers, Asahi Soft Drinks, Co. Ltd., Wal-Mart, Inc. (including Sam’s Club), Costco Wholesale Corporation and Amazon.com, Inc.

Our alcohol customers include Reyes Beverage Group, Ben E. Keith Company, J.J. Taylor Distributing and Admiral Beverage Corporation.

A decision by any large customer to decrease amounts purchased from us or to cease carrying our products could have a material adverse effect on our financial condition and consolidated results of operations.

Coca-Cola Europacific Partners accounted for approximately 16% and 15% of the Company’s net sales for the three-months ended June 30, 2026 and 2025, respectively. Coca-Cola Europacific Partners accounted for approximately 16% and 14% of the Company’s net sales for the six-months ended June 30, 2026 and 2025, respectively.

Coca-Cola Consolidated, Inc. accounted for approximately 9% and 11% of the Company’s net sales for the three-months ended June 30, 2026 and 2025, respectively. Coca-Cola Consolidated, Inc. accounted for approximately 9% and 10% of the Company’s net sales for the six-months ended June 30, 2026 and 2025, respectively.

​

32

Table of Contents

Results of Operations

The following table sets forth key statistics for the three- and six-months ended June 30, 2026 and 2025.

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/865752/000110465926020831/mnst-20251231x10k.htm
Complete FY 2025 MD&A: /company/MNST/mda/fy2025/

Extracted from a substantive MD&A body after the formal Item 7 span was a TOC or reference stub.
Confidence: high
Filing date: 2026-02-27
Report date: 2025-12-31

Liquidity and Capital Resources

As of the date of this filing, we expect to maintain sufficient liquidity as described in the “Liquidity and Capital Resources” section below.

Our Business

Overview

We develop, market, sell and distribute energy drink beverages and concentrates for energy drink beverages, primarily under the following brand names:

[[GREPCENT_TABLE]]
[["\u25cfMonster Energy\u00ae\u25cfMonster Energy Ultra\u00ae\u25cfRehab Monster\u00ae\u25cfMonster Energy\u00ae Nitro\u25cfJava Monster\u00ae\u25cfPunch Monster\u00ae\u25cfJuice Monster\u00ae\u25cfReign Total Body Fuel\u00ae\u25cfReign Storm\u00ae\u25cfBang Energy\u00ae\u25cfNOS\u00ae\u25cfFull Throttle\u00ae","\u200b \u200b \u200b","\u25cfBurn\u00ae\u25cfMother\u00ae\u25cfNalu\u00ae\u25cfUltra Energy\u00ae\u25cfPlay\u00ae and Power Play\u00ae (stylized)\u25cfRelentless\u00ae\u25cfBPM\u00ae\u25cfBU\u00ae\u25cfSamurai\u00ae\u25cfLive+\u00ae\u25cfPredator\u00ae\u25cfFury\u00ae"]]
[[/GREPCENT_TABLE]]

​

We also develop, market, sell and distribute craft beers, FMBs and hard seltzers under a number of brands, including Jai Alai® IPA, Florida Man® IPA, Dale’s Pale Ale®, Wild Basin® Hard Seltzers, Dallas Blonde®, Deep EllumTM IPA, Perrin Brewing Company® Black Ale, Hop Rising® Double IPA, Wasatch® Apricot Hefeweizen, The BeastTM, Beast® Tea, Blind Lemon®, Blinder LemonTM and other brands.

Our net sales of $8.29 billion for the year ended December 31, 2025 represented record annual net sales. Net changes in foreign currency exchange rates had an unfavorable impact on net sales of approximately $3.0 million for the year ended December 31, 2025. Net sales on a foreign currency adjusted basis increased 10.7% for the year ended December 31, 2025.

The vast majority of our net sales are derived from our Monster Energy® Drinks segment. Our Monster Energy® Drinks segment represented 92.4% and 91.6% of our net sales for the years ended December 31, 2025 and 2024, respectively. Our Strategic Brands segment represented 5.7% and 5.8% of our net sales for the years ended December 31, 2025 and 2024, respectively. Our Alcohol Brands segment represented 1.6% and 2.3% of our net sales for the years ended December 31, 2025 and 2024, respectively. Our Other segment represented 0.3% of our net sales for both years ended December 31, 2025 and 2024.

41

Table of Contents

Net changes in foreign currency exchange rates had an unfavorable impact on net sales in the Monster Energy® Drinks segment of approximately $2.5 million for the year ended December 31, 2025. Net changes in foreign currency exchange rates had an unfavorable impact on net sales in the Strategic Brands segment of approximately $0.5 million for the year ended December 31, 2025.

Our growth strategy includes further developing our domestic markets and expanding our international business. Net sales to customers outside the United States were $3.44 billion and $2.96 billion for the years ended December 31, 2025 and 2024, respectively. Such sales were approximately 41% and 40% of net sales for the years ended December 31, 2025 and 2024, respectively. Net changes in foreign currency exchange rates had an unfavorable impact on net sales to customers outside of the United States of approximately $3.0 million for the year ended December 31, 2025. Net sales to customers outside the United States, on a foreign currency adjusted basis, increased 16.2% for the year ended December 31, 2025.

Our non-alcohol customers are primarily full service beverage bottlers/distributors, retail grocery and specialty chains, wholesalers, club stores, mass merchandisers, convenience and gas chains, drug stores, foodservice customers, value stores, e-commerce retailers and the military. Our alcohol customers are primarily beer distributors who in turn sell to retailers within the alcohol distribution system. Percentages of our gross billings to our various customer types for the years ended December 31, 2025, 2024 and 2023 are reflected below. Such information includes sales made by us directly to the customer types concerned, which include our full service beverage bottlers/distributors in the United States. Such full service beverage bottlers/distributors in turn sell certain of our products to some of the same customer types listed below. We limit our description of our customer types to include only our sales to our full service bottlers/distributors without reference to such bottlers/distributors’ sales to their own customers.

[[GREPCENT_TABLE]]
[["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["\u200b","\u200b \u200b \u200b","2025","\u200b \u200b \u200b","2024","\u200b \u200b \u200b","2023"],["U.S. full service bottlers/distributors","","45%","\u200b","46%","\u200b","47%"],["International full service bottlers/distributors","","43%","\u200b","41%","\u200b","40%"],["Club stores and e-commerce retailers","","8%","\u200b","8%","\u200b","8%"],["Retail grocery, direct convenience, specialty chains and wholesalers","","2%","\u200b","2%","\u200b","2%"],["Alcohol, value stores and other","","2%","\u200b","3%","\u200b","3%"]]
[[/GREPCENT_TABLE]]

​

Our non-alcohol customers include Coca-Cola Canada Bottling Limited, Coca-Cola Consolidated, Inc., Coca-Cola Bottling Company United, Inc., Reyes Holdings, LLC, Coca-Cola Southwest Beverages LLC, The Coca-Cola Bottling Company of Northern New England, Inc., Swire Pacific Holdings, Inc. (USA), Liberty Coca-Cola Beverages, LLC, Coca-Cola Europacific Partners, Coca-Cola Hellenic, Coca-Cola FEMSA, Swire Coca-Cola (China), COFCO Coca-Cola, Coca-Cola Beverages Africa, Coca-Cola İçecek and certain other TCCC network bottlers, Asahi Soft Drinks, Co., Ltd., Wal-Mart, Inc. (including Sam’s Club), Costco Wholesale Corporation and Amazon.com, Inc.

Our alcohol customers include Reyes Beverage Group, Ben E. Keith Company, J.J. Taylor Distributing, and Admiral Beverage Corporation.

A decision by any large customer to decrease amounts purchased from us or to cease carrying our products could have a material adverse effect on our financial condition and results of operations.

Coca-Cola Europacific Partners accounted for approximately 15%, 14% and 13% of our net sales for the years ended December 31, 2025, 2024 and 2023, respectively.

Coca-Cola Consolidated, Inc. accounted for approximately 10% of our net sales for each of the years ended December 31, 2025, 2024 and 2023.

We continue to incur expenditures in connection with the development and introduction of new products and flavors.

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Value Drivers of our Business

We believe that the key value drivers of our business include the following:

[[GREPCENT_TABLE]]
[["","\u25cf","International Growth \u2013 The introduction, development and sustained profitability of our brands internationally remains a key value driver for our corporate growth. One or more of our products are distributed in approximately 158 countries and territories worldwide."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","Profitable Growth \u2013 We believe \u201cfunctional\u201d value-added beverage brands supported by marketing and innovation and targeted to a diverse consumer base, drive profitable growth. We are focused on increasing the profit margins for our Monster Energy\u00ae Drinks segment, our Strategic Brands segment and our Alcohol Brands segment, and believe that tailored branding, packaging, pricing and distribution channel strategies help achieve profitable growth. We are implementing these strategies with a view to continuing profitable growth."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","Cost Management \u2013 The principal focus of cost management will continue to be on mitigating increases and/or reducing input procurement and production costs on a per-case basis, including raw material costs and co-packing fees, as well as reducing freight costs by securing additional co-packing facilities strategically localized. Another key area of focus is to decrease promotional allowances, selling and general and administrative costs, including sponsorships, sampling, promotional and marketing expenses, as a percentage of net sales."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","Efficient Capital Structure \u2013 Our capital structure is designed to optimize our working capital in order to finance expansion, both domestically and internationally. We believe that with our strong capital position, our ability to raise funds, if necessary, at a relatively low effective cost of borrowings, provides a competitive advantage. The reduction of days outstanding for accounts receivable and inventory days on hand will remain an area of focus."]]
[[/GREPCENT_TABLE]]

We believe that, subject to increases in the costs of certain raw materials being contained, these value drivers, when implemented and/or achieved in the United States and internationally, will result in: (1) improving or maintaining our product gross profit margins; (2) reducing our expenses as a percentage of net operating revenues; and (3) enhancing our cost of capital. The ultimate measure of success is and will be reflected in our current and future results of operations.

Net sales, gross profit, operating income, net income and net income per share represent key measurements of the above value drivers. These measurements will continue to be a key management focus in 2026 and beyond (See “Part II, Item 7 – Management’s Discussion and Analysis of Financial Condition and Results of Operations – Results of Operations”).

As of December 31, 2025, the Company had working capital of $3.91 billion compared to $2.54 billion as of December 31, 2024. The increase in working capital was primarily the result of the increase in cash and cash equivalents and short-term investments. For the year ended December 31, 2025, our net cash provided by operating activities was approximately $2.10 billion as compared to $1.93 billion for the year ended December 31, 2024. Principal uses of cash flows in 2025 were purchases of available-for-sale investments, property and equipment and payments on the Credit Facilities (as defined below). Principal uses of cash flows are expected to be purchases of investments, our common stock, and property and equipment, with these expected to remain our principal recurring use of cash and working capital funds in the foreseeable future (See “Part II, Item 7 – Management’s Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital Resources”).

Opportunities, Challenges and Risks

Looking forward, our management has identified certain challenges and risks for the beverage industry and the Company, including our significant commercial relationship with TCCC and TCCC’s status as a significant stockholder of the Company, in each case as described above under “Part I, Item 1A – Risk Factors.”

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In addition, legislation has been proposed and/or adopted at the U.S., state, county and/or municipal level and proposed and/or adopted in certain foreign jurisdictions to restrict the sale of energy and alcohol drinks (including prohibiting the sale of energy and/or alcohol drinks at certain establishments or pursuant to certain governmental programs), limit caffeine and/or alcohol content, require certain product labeling disclosures and/or warnings, impose taxes, limit product sizes or impose age restrictions for the sale of energy and/or alcohol drinks. In addition, articles critical of the caffeine content in energy drinks and their perceived benefits, or alcohol drinks and their misuse or abuse, as well as articles indicating certain health risks of energy and alcohol drinks have been published. The proposal and/or adoption of such legislation and the publication of such articles, or the future proposal and/or adoption of similar legislation or publication of similar articles, may adversely affect our Company.

In addition, uncertainty and/or vol

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/MNST/mda/fy2025/
All MD&A years: /company/MNST/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/MNST/mda/fy2024/): filed 2025-02-28; accession 0001410578-25-000248 (https://www.sec.gov/Archives/edgar/data/865752/000141057825000248/mnst-20241231x10k.htm)
- [FY 2023 MD&A](/company/MNST/mda/fy2023/): filed 2024-02-29; accession 0001104659-24-029425 (https://www.sec.gov/Archives/edgar/data/865752/000110465924029425/mnst-20231231x10k.htm)
- [FY 2022 MD&A](/company/MNST/mda/fy2022/): filed 2023-03-01; accession 0001104659-23-027245 (https://www.sec.gov/Archives/edgar/data/865752/000110465923027245/mnst-20221231x10k.htm)
- [FY 2021 MD&A](/company/MNST/mda/fy2021/): filed 2022-02-28; accession 0001104659-22-028182 (https://www.sec.gov/Archives/edgar/data/865752/000110465922028182/mnst-20211231x10k.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 2086 Bottled & Canned Soft Drinks & Carbonated Waters) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index
- [TCU](/indicator/TCU/): Capacity Utilization: Total Index
- [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities
- [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm

Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/MNST.md · JSON record: /company/MNST.json · verified financials: /company/MNST/financials.json / /company/MNST/financials.csv · machine TOC for the whole site: /llms.txt