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MNSTMonster Beverage

Consumer staples · Soft Drinks · Nasdaq
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The 10-K against last year's

220 changes: 25 added, 70 removed, 124 reworded, 1 quiet changes

10-K Feb 27, 2026 vs Feb 28, 2025
Risk FactorsRedline ↓
8.4%
of the text changed · 14,791 words now
19.3%
of the text changed · 9,939 words now
Legal ProceedingsRedline ↓
31.6%
of the text changed · 600 words now

10-K 0001104659-26-020831 (2026-02-27) vs 10-K 0001410578-25-000248 (2025-02-28) Not compared: Accounting Policies.

The redline

The paragraph that changed most in each section

Marked against last year's 10-K: cut words struck through, new words highlighted and underlined.

MD&A 160 words changed in this paragraph; it is 61% similar to last year's version.
Long-term debt. In May 2024, the Company entered into a credit agreement with JPMorgan Chase Bank, N.A., as administrative agent, and certain other lenders, lenders (the “Original Credit Agreement”), which provides provided for senior unsecured credit facilities in an aggregate principal amount of $1.50 billion (collectively, the “Credit Facilities”). The Credit Facilities consist previously consisted of a $750.0 million term loan (the “Term Loan”) and up to $750.0 million in multicurrency revolving loan commitments (the “Revolving Credit Facility”). The Term Loan matures May 2027, was repaid in April 2025 with no additional borrowings permitted. In addition, pursuant to Amendment No. 1 to the Original Credit Agreement, dated as of October 17, 2025, among the Company, JPMorgan Chase Bank, N.A., as administrative agent, and certain other lenders (the “Amended Credit Agreement”), the Company’s aggregate borrowing capacity under the Revolving Credit Facility matures May 2029. has been reduced to $500.0 million. Borrowings under the Revolving Credit Facilities Facility bear interest at a variable rate per annum equal to the applicable rate plus margin (as defined in the Amended Credit Agreement). Borrowings may be repaid at any time during the term of the Credit Facilities and, in the case of the Revolving Credit Facility, Facility and may be reborrowed prior to the maturity date. date, which is set to occur in May 2029. As of December 31, 2024, 2025, no borrowings of $375.0 million remained were outstanding on under the Term Loan. Credit Facilities, and the Company was in compliance with all covenants under the Amended Credit Agreement. As of February 27, 2025, borrowings of $225.0 million remained outstanding on the Term Loan. As of December 31, 2024, 26, 2026, the Revolving Credit Facility had remaining availability of $750.0 $500.0 million.

Source: Item 7, 10-K 0001104659-26-020831 vs Item 7, 10-K 0001410578-25-000248

Risk Factors 139 words changed in this paragraph; it is 64% similar to last year's version.
Global economic uncertainties, including highly inflationary economies and foreign currency exchange rates and rising interest rates, affect businesses such as ours in a number of ways, making it difficult to accurately forecast and plan our future business activities. There can be no assurance that economic improvements will occur, or that they would be sustainable, or that they would enhance conditions in markets relevant to us. In addition, we cannot predict the duration and severity of disruptions in any of our markets or the impact they may have on our customers or business, as our expansion outside of the United States has increased our exposure to any developments or crises in African, Asian, Central and South American, European, Middle Eastern and other international markets. Unfavorable economic conditions Moreover, geopolitical tensions have created, and may continue to create, supply chain and financial uncertainties, including economic slowdowns and recessions, and unstable political conditions, including civil unrest and governmental changes, in risk due to our major international markets could undermine global consumer confidence and reduce consumers’ purchasing power, thereby reducing demand reliance on aluminum for our products. The foregoing also includes the impact of several elections worldwide, including the 2024 U.S. elections, packaging and the resulting policy shifts, the impact of such new policies implemented by the U.S. potential for increased costs due to tariffs or other jurisdictions particularly with respect to tax and trade policies, including tariffs, and the impact of sanctions and related activities by the U.S., European Union, or other jurisdictions and any increased economic uncertainty and volatility in commodity prices that it poses. shortages.

Source: Item 1A, 10-K 0001104659-26-020831 vs Item 1A, 10-K 0001410578-25-000248

Legal Proceedings 27 words changed in this paragraph; it is 80% similar to last year's version.
The Company evaluates, on a quarterly basis, developments in legal proceedings and other matters that could cause an increase or decrease in the amount of the liability that is accrued, if any, and any related insurance reimbursements. As of December 31, 2025 and 2024, $36.2 million and $16.8 million million, respectively, of loss contingencies were included in the Company’s accompanying consolidated balance sheet. As of December 31, 2023, $0.3 million of loss contingencies were included in the Company’s accompanying consolidated balance sheet. sheets.

Source: Item 3, 10-K 0001104659-26-020831 vs Item 3, 10-K 0001410578-25-000248

Every change, by type

Sentences and paragraphs added, removed or reworded

Sentences and paragraphs of MNST's Risk Factors and MD&A, 10-K 2026-02-27 against 10-K 2025-02-28. Each links to the text at sec.gov.

AddedRisk Factors
disputes between our bottler/distributors and their customers or buying groups may result in the delisting of certain of the Company’s products, temporarily or otherwise. Bottler/distributor consolidation may also have an adverse impact on our business.

Read it in 10-K 2026-02-27 at sec.gov ↗

AddedRisk Factors
are a member, and/or any international beverage associations, it could negatively affect our overall reputation, which in turn could have a negative impact on our business, financial condition and results of operations.

Read it in 10-K 2026-02-27 at sec.gov ↗

AddedRisk Factors
We rely on artificial intelligence (“AI”) technologies to support and enhance various aspects of our products, services, and internal operations. These systems may not perform as intended and expose us to risks. In particular, AI models can generate inaccurate, biased, or unpredictable outputs, and failures in data quality, system design, or oversight could result in operational disruptions, security or privacy incidents, reputational challenges, and other harms. Because AI systems can be complex and difficult to fully evaluate or

Read it in 10-K 2026-02-27 at sec.gov ↗

AddedRisk Factors
audit, we may be unable to detect errors or vulnerabilities in a timely manner. If we are unable to effectively implement, monitor, and manage these technologies, our business, financial condition, and results of operations could be adversely affected.

Read it in 10-K 2026-02-27 at sec.gov ↗

AddedRisk Factors
We operate in a global market, and our use of AI is subject to different levels of regulations in different markets. These differences, as well as changes in the way AI is regulated—including potential new requirements governing transparency, accountability, data usage, and model controls—could increase our compliance costs, limit the use of certain technologies, or require changes to our products and processes. Any failure to comply with emerging AI regulatory frameworks could result in enforcement actions, fines, or other adverse consequences.

Read it in 10-K 2026-02-27 at sec.gov ↗

Show the other 16
AddedRisk Factors
We are upgrading our enterprise resource planning system, including implementing SAP S4 HANA with a planned go-live date of January 1, 2028, in order to improve operational efficiency, scalability, and overall business management. These upgrades involve personnel training, data migration, and potential security and stability risks, and any significant delays or failures could disrupt our business and negatively affect our operations and financial results.

Read it in 10-K 2026-02-27 at sec.gov ↗

AddedRisk Factors
are being considered by various U.S. states. These laws and regulations impose operational requirements, including disclosures to consumers about personal data practices, opt-out and consent choices and required contractual terms with certain third parties, as well as obligations to provide notice to individuals, third parties, and/or regulators in the event of certain cybersecurity incidents involving personal data. In China, for instance, the Personal Information Protection Law also imposes requirements on the collection, use, and cross-border transfer of personal information, and noncompliance may result in penalties and operational restrictions.

Read it in 10-K 2026-02-27 at sec.gov ↗

AddedRisk Factors
At December 31, 2025, we had $2.09 billion in cash and cash equivalents, $677.1 million in short-term investments and $487.3 million in long-term investments, including commercial paper, certificates of deposit, municipal securities, U.S. treasuries and corporate bonds. Certain of these investments are subject to general credit, liquidity, market and interest rate risks. These risks associated with our investment portfolio may have an adverse effect on our future results of operations, liquidity and financial condition.

Read it in 10-K 2026-02-27 at sec.gov ↗

AddedMD&A
Cash and cash equivalents. As of December 31, 2025, we had $2.09 billion in cash and cash equivalents, $677.1 million in short-term investments, and $487.3 million in long-term investments, including commercial paper, certificates of deposit, municipal securities, U.S. treasuries and corporate bonds. We maintain our investments for cash management purposes and not for purposes of speculation. Our risk management policies emphasize credit quality (primarily based on short-term ratings by nationally recognized statistical rating organizations) in selecting and maintaining our investments. We regularly assess the market risk of our investments and believe our current policies and investment practices adequately limit those risks. However, certain of these investments are subject to general credit, liquidity, market and interest rate risks. These market risks associated with our investment portfolio may have an adverse effect on our future results of operations, liquidity and financial condition.

Read it in 10-K 2026-02-27 at sec.gov ↗

AddedMD&A
our ability to sustain and/or surpass the current level of sales of our products, to adapt to changing consumer preferences, and to effectively respond to competitive products and pricing pressures;

Read it in 10-K 2026-02-27 at sec.gov ↗

AddedMD&A
the impact of the current U.S. presidential administration’s policies on our energy drinks due to concerns about sugar-sweetened beverages, particular ingredients, such as food dyes, and the “generally recognized as safe” (GRAS) process;

Read it in 10-K 2026-02-27 at sec.gov ↗

AddedMD&A
the impact of proposed or adopted domestic and/or foreign legislation to limit or restrict the sale of energy drinks (including the prohibition of the sale of energy drinks to certain demographics, at certain establishments, in certain container sizes or pursuant to certain governmental programs, such as the Supplemental Nutrition Assistance Program (SNAP));

Read it in 10-K 2026-02-27 at sec.gov ↗

AddedMD&A
changes in the price and/or availability of raw materials and other supply chain issues, such as the availability of products, suitable production facilities and/or co-packing arrangements;

Read it in 10-K 2026-02-27 at sec.gov ↗

AddedMD&A
disruption to our manufacturing facilities and operations related to climate, labor, production difficulties, capacity limitations, regulations or other causes;

Read it in 10-K 2026-02-27 at sec.gov ↗

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