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MNSTMonster Beverage

Consumer staples · Soft Drinks · Nasdaq

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. 10-K, Item 1

MNST quote by TradingView
Employees
6,891
Headquarters
Corona, CA
CEO
Hilton H. Schlosberg
Next results
around Feb 25, 2027
Compare with peers → Embed
All key numbers (39, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)-Sales (ttm)9.6BNet income (ttm)2.2BSales growth+10.7%EPS growth-Sales Q/Q+16.7%
Free cash flow1.9BGross margin55.3%Oper. margin28.5%Net margin22.7%FCF margin20.0%ROE22.1%
ROA18.2%R&D / sales-Dividend-Debt/Eq0.04Curr. ratio3.82Cash2.1B
Op. cash flow (ttm)2.1BEBITDA2.5BEBITDA margin30.5%Net debt-1.8BQuick ratio3.37Interest cover453.32
ROIC18.2%Tax rate23.2%Stock pay / sales1.5%Shares out.2.0BShares Y/Y-2.8%Book / share5.03
Cash / share1.10Sales / share4.90Asset turnover0.80Inventory turns4.58Days sales out.71Sales 3Y CAGR+9.5%
Sales 5Y CAGR+12.5%Employees6,891Sales / employee1.4M

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024
  • Revenue growth sped up to +10.7%+4.9% → +10.7% · Revenue FY2025 / revenue FY2024 − 1, against the same a year earlier · 10-K ↗
  • Operating margin widened to 29.2%25.8% → 29.2% · Operating income / revenue · 10-K ↗
What management wrote about it → · Every company →

MNST against Consumer staples peers

Ten years, side by side → · All 34 →
GrowthProfitBalanceCleanInsiders
MNSTPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 34 companies, the better end on the right. Hover a dot for the company.

Sales growth
+10.7%2nd of 33 · median +2.1%
Net margin
22.7%4th of 33 · median 8.0%
Return on equity
22.1%12th of 29 · median 18.6%
Free cash flow margin
20.0%5th of 33 · median 10.7%
Debt / equity (less is better)
0.041st of 29 · median 0.82
MNST and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
MNST Monster Beverage$9.6B +10.7%55.3%22.7%22.1%20.0%0.04
HRL Hormel Foods$12.1B +1.6%15.7%2.8%4.4%6.4%0.36
STZ Constellation Brands$9.2B -10.5%52.7%20.9%22.4%20.0%1.20
SJM J.M. Smucker$9.2B +3.7%38.7%2.5%4.0%17.3%1.17
MKC McCormick & Company$7.7B +1.7%39.1%19.4%21.3%12.0%0.72
CLX Clorox$7.6B +0.2%44.7%11.9%-10.7%-

From $5.5B of sales to $1.4B of profit

FY2021, from the 10-K income statement
Revenue to Gross profit: $3.1BRevenue to Cost of revenue: $2.4BGross profit to Operating profit: $1.8BGross profit to Operating expenses: $1.3BOperating profit to Net profit: $1.4BOperating profit to Tax & other: $420.0M Revenue: $5.5B Revenue$5.5B +20% Y/Y Gross profit: $3.1B · 56% margin Gross profit$3.1B56% margin +14% Y/Y Cost of revenue: $2.4B · 44% of revenue Cost of revenue$2.4B44% of revenue Operating profit: $1.8B · 32% margin Operating profit$1.8B32% margin +10% Y/Y Operating expenses: $1.3B · 24% of revenue Operating expenses$1.3B24% of revenue Net profit: $1.4B · 25% margin Net profit$1.4B25% margin −2% Y/Y Tax & other: $420.0M · 8% of revenue Tax & other$420.0M8% of revenue

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From $6.3B of sales to $1.2B of profit

FY2022, from the 10-K income statement and revenue by segment
Monster Energy Drinks to Revenue: $5.8BStrategic Brands to Revenue: $353.5MAlcohol Brands to Revenue: $101.4MOther to Revenue: $22.9MRevenue to Gross profit: $3.2BRevenue to Cost of revenue: $3.1BGross profit to Operating profit: $1.6BGross profit to Operating expenses: $1.6BOperating profit to Net profit: $1.2BOperating profit to Tax & other: $393.1M Monster Energy Drinks: $5.8B · 92% Monster Energy Drinks$5.8B92% Strategic Brands: $353.5M · 6% Strategic Brands$353.5M6% Alcohol Brands: $101.4M · 2% Alcohol Brands$101.4M2% Other: $22.9M · 0% Other$22.9M0% Revenue: $6.3B Revenue$6.3B +14% Y/Y Gross profit: $3.2B · 50% margin Gross profit$3.2B50% margin +2% Y/Y Cost of revenue: $3.1B · 50% of revenue Cost of revenue$3.1B50% of revenue Operating profit: $1.6B · 25% margin Operating profit$1.6B25% margin −12% Y/Y Operating expenses: $1.6B · 25% of revenue Operating expenses$1.6B25% of revenue Net profit: $1.2B · 19% margin Net profit$1.2B19% margin −13% Y/Y Tax & other: $393.1M · 6% of revenue Tax & other$393.1M6% of revenue

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From $7.1B of sales to $1.6B of profit

FY2023, from the 10-K income statement and revenue by segment
Monster Energy Drinks to Revenue: $6.6BStrategic Brands to Revenue: $376.6MAlcohol Brands to Revenue: $184.9MOther to Revenue: $23.5MRevenue to Gross profit: $3.8BRevenue to Cost of revenue: $3.3BGross profit to Operating profit: $2.0BGross profit to Operating expenses: $1.8BOperating profit to Net profit: $1.5BOperating profit to Tax: $437.5MOther income to Net profit: $115.1M Monster Energy Drinks: $6.6B · 92% Monster Energy Drinks$6.6B92% Strategic Brands: $376.6M · 5% Strategic Brands$376.6M5% Alcohol Brands: $184.9M · 3% Alcohol Brands$184.9M3% Other: $23.5M · 0% Other$23.5M0% Revenue: $7.1B Revenue$7.1B +13% Y/Y Gross profit: $3.8B · 53% margin Gross profit$3.8B53% margin +20% Y/Y Cost of revenue: $3.3B · 47% of revenue Cost of revenue$3.3B47% of revenue Operating profit: $2.0B · 27% margin Operating profit$2.0B27% margin +23% Y/Y Other income: $115.1M · 2% of revenue Other income$115.1M2% of revenue Operating expenses: $1.8B · 26% of revenue Operating expenses$1.8B26% of revenue Net profit: $1.6B · 23% margin Net profit$1.6B23% margin +37% Y/Y Tax: $437.5M · 6% of revenue Tax$437.5M6% of revenue

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From $7.5B of sales to $1.5B of profit

FY2024, from the 10-K income statement and revenue by segment
Monster Energy Drinks to Revenue: $6.9BStrategic Brands to Revenue: $432.2MAlcohol Brands to Revenue: $172.3MOther to Revenue: $23.6MRevenue to Gross profit: $4.0BRevenue to Cost of revenue: $3.4BGross profit to Operating profit: $1.9BGross profit to Operating expenses: $2.1BOperating profit to Net profit: $1.5BOperating profit to Tax & other: $421.2M Monster Energy Drinks: $6.9B · 92% Monster Energy Drinks$6.9B92% Strategic Brands: $432.2M · 6% Strategic Brands$432.2M6% Alcohol Brands: $172.3M · 2% Alcohol Brands$172.3M2% Other: $23.6M · 0% Other$23.6M0% Revenue: $7.5B Revenue$7.5B +5% Y/Y Gross profit: $4.0B · 54% margin Gross profit$4.0B54% margin +7% Y/Y Cost of revenue: $3.4B · 46% of revenue Cost of revenue$3.4B46% of revenue Operating profit: $1.9B · 26% margin Operating profit$1.9B26% margin −1% Y/Y Operating expenses: $2.1B · 28% of revenue Operating expenses$2.1B28% of revenue Net profit: $1.5B · 20% margin Net profit$1.5B20% margin −7% Y/Y Tax & other: $421.2M · 6% of revenue Tax & other$421.2M6% of revenue

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From $8.3B of sales to $1.9B of profit

FY2025, from the 10-K income statement and revenue by segment
Monster Energy Drinks to Revenue: $7.7BStrategic Brands to Revenue: $468.7MAlcohol Brands to Revenue: $134.7MOther to Revenue: $25.0MRevenue to Gross profit: $4.6BRevenue to Cost of revenue: $3.7BGross profit to Operating profit: $2.4BGross profit to Operating expenses: $2.2BOperating profit to Net profit: $1.9BOperating profit to Tax & other: $513.9M Monster Energy Drinks: $7.7B · 92% Monster Energy Drinks$7.7B92% Strategic Brands: $468.7M · 6% Strategic Brands$468.7M6% Alcohol Brands: $134.7M · 2% Alcohol Brands$134.7M2% Other: $25.0M · 0% Other$25.0M0% Revenue: $8.3B Revenue$8.3B +11% Y/Y Gross profit: $4.6B · 56% margin Gross profit$4.6B56% margin +14% Y/Y Cost of revenue: $3.7B · 44% of revenue Cost of revenue$3.7B44% of revenue Operating profit: $2.4B · 29% margin Operating profit$2.4B29% margin +25% Y/Y Operating expenses: $2.2B · 27% of revenue Operating expenses$2.2B27% of revenue Net profit: $1.9B · 23% margin Net profit$1.9B23% margin +26% Y/Y Tax & other: $513.9M · 6% of revenue Tax & other$513.9M6% of revenue

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Where each $100 of sales went

FY2021
FY2022
FY2023
FY2024
FY2025
  • Cost of revenue
  • Sales, admin & other
  • Tax, less other income
  • Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

3 of 4
  • ✓
    Net margin above the peer median22.7% vs 8.0%
  • !
    Gross margin down over 5 years59.2% → 55.8%
  • ✓
    Return on equity above 15%22.1%
  • ✓
    A profit in every one of 10 years
Net margin, FY2016 to FY2025: 23.4% → 23.0%

Balance sheet

4 of 4
  • ✓
    Interest covered more than 5 timesOperating income is over 100× interest expense
  • ✓
    Debt smaller than equityDebt / equity 0.04 on the latest balance sheet (peer median 0.82)
  • ✓
    Current assets cover current liabilitiesCurrent ratio 3.82
  • ✓
    More cash than debtNet cash $2.5B
Debt / equity at each year end, FY2016 to FY2025: 0.00 → 0.06

Cash and shareholders

3 of 3
  • ✓
    Free cash flow positive in every one of 10 years$2.0B last year
  • ✓
    Share count down over 5 years−8.0%
  • ✓
    Cash from operations above net income$2.1B vs $1.9B
Free cash flow, FY2016 to FY2025: 601.5M → 2.0B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Revenue and net income, FY2016 to FY2025

Revenue 8.3B Net income 1.9B
FY2016 revenue 3.0B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001104659-19-011581 FY2016 net income 712.7M · NetIncomeLossAvailableToCommonStockholdersBasic, 0001104659-19-011581 3.0B FY2016 FY2017 revenue 3.4B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001104659-20-027209 FY2017 net income 820.7M · NetIncomeLossAvailableToCommonStockholdersBasic, 0001104659-20-027209 3.4B FY2017 FY2018 revenue 3.8B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001104659-21-029943 FY2018 net income 993.0M · NetIncomeLossAvailableToCommonStockholdersBasic, 0001104659-21-029943 3.8B FY2018 FY2019 revenue 4.2B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001104659-22-028182 FY2019 net income 1.1B · NetIncomeLossAvailableToCommonStockholdersBasic, 0001104659-22-028182 4.2B FY2019 FY2020 revenue 4.6B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001104659-23-027245 FY2020 net income 1.4B · NetIncomeLossAvailableToCommonStockholdersBasic, 0001104659-23-027245 4.6B FY2020 FY2021 revenue 5.5B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001104659-24-029425 FY2021 net income 1.4B · NetIncomeLossAvailableToCommonStockholdersBasic, 0001104659-24-029425 5.5B FY2021 FY2022 revenue 6.3B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001410578-25-000248 FY2022 net income 1.2B · NetIncomeLossAvailableToCommonStockholdersBasic, 0001410578-25-000248 6.3B FY2022 FY2023 revenue 7.1B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001104659-26-020831 FY2023 net income 1.6B · NetIncomeLossAvailableToCommonStockholdersBasic, 0001104659-26-020831 7.1B FY2023 FY2024 revenue 7.5B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001104659-26-020831 FY2024 net income 1.5B · NetIncomeLossAvailableToCommonStockholdersBasic, 0001104659-26-020831 7.5B FY2024 FY2025 revenue 8.3B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001104659-26-020831 FY2025 net income 1.9B · NetIncomeLossAvailableToCommonStockholdersBasic, 0001104659-26-020831 8.3B FY2025

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

MNST's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly
Revenue8.3B
FY2016: 3.0BFY2017: 3.4BFY2018: 3.8BFY2019: 4.2BFY2020: 4.6BFY2021: 5.5BFY2022: 6.3BFY2023: 7.1BFY2024: 7.5BFY2025: 8.3B FY2017FY2019FY2021FY2023FY2025
Net income1.9B
FY2016: 712.7MFY2017: 820.7MFY2018: 993.0MFY2019: 1.1BFY2020: 1.4BFY2021: 1.4BFY2022: 1.2BFY2023: 1.6BFY2024: 1.5BFY2025: 1.9B FY2017FY2019FY2021FY2023FY2025
Free cash flow2.0B
FY2016: 601.5MFY2017: 904.3MFY2018: 1.1BFY2019: 1.0BFY2020: 1.3BFY2021: 1.1BFY2022: 699.0MFY2023: 1.5BFY2024: 1.7BFY2025: 2.0B FY2017FY2019FY2021FY2023FY2025
Diluted shares984.5M
FY2016: 599.8MFY2017: 577.1MFY2018: 564.3MFY2019: 546.6MFY2020: 534.8MFY2021: 1.1BFY2022: 1.1BFY2023: 1.1BFY2024: 1.0BFY2025: 984.5M FY2017FY2019FY2021FY2023FY2025

Revenue by business segment

year to Dec 31, 2025
RevenueSharevs year before
Monster Energy Drinks 7.7B92.4% +11.7%
Strategic Brands 468.7M5.7% +8.4%
Alcohol Brands 134.7M1.6% -21.8%
Other 25.0M0.3% +6.2%

10-K 0001104659-26-020831, segment and revenue notes (XBRL).

Revenue by region

year to Dec 31, 2025
RevenueSharevs year before
U.S. and Canada 5.1B61.2% +7.4%
EMEA 1.9B22.9% +21.5%
Latin America and Caribbean 698.0M8.4% +4.7%
Asia Pacific (including Oceania) 624.1M7.5% +15.4%

10-K 0001104659-26-020831, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue3.0B3.4B3.8B4.2B4.6B5.5B6.3B7.1B7.5B8.3B
Cost of revenue1.1B1.2B1.5B1.7B1.9B2.4B3.1B3.3B3.4B3.7B
Gross profit1.9B2.1B2.3B2.5B2.7B3.1B3.2B3.8B4.0B4.6B
Operating income1.1B1.2B1.3B1.4B1.6B1.8B1.6B2.0B1.9B2.4B
Interest expense68K75K60K320K44K134K431K363K25.3M5.3M
Pretax income1.1B1.2B1.3B1.4B1.6B1.8B1.6B2.1B2.0B2.5B
Income tax367.0M380.9M300.3M308.1M216.6M423.9M380.3M437.5M480.4M577.1M
Net income712.7M820.7M993.0M1.1B1.4B1.4B1.2B1.6B1.5B1.9B
Diluted shares599.8M577.1M564.3M546.6M534.8M1.1B1.1B1.1B1.0B984.5M
Depreciation & amortization40.8M48.9M57.0M60.7M57.0M50.2M61.2M68.9M80.4M114.4M
EBITDA1.1B1.2B1.3B1.5B1.7B1.8B1.6B2.0B2.0B2.5B
Gross margin63.7%63.5%60.3%60.0%59.2%56.1%50.3%53.1%54.0%55.8%
Operating margin35.6%35.6%33.7%33.4%35.5%32.4%25.1%27.4%25.8%29.2%
Net margin23.4%24.4%26.1%26.4%30.7%24.9%18.9%22.8%20.1%23.0%
Revenue growth-+10.5%+13.0%+10.3%+9.5%+20.5%+13.9%+13.1%+4.9%+10.7%

Balance sheet

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash377.6M528.6M637.5M798.0M1.2B1.3B1.3B2.3B1.5B2.1B
Short-term investments220.6M672.9M320.6M533.1M881.4M1.7B1.4B955.6M0677.1M
Receivables448.1M449.5M484.6M540.3M666.0M896.7M1.0B1.2B1.2B1.6B
Inventory162.0M255.7M277.7M360.7M333.1M593.4M935.6M971.4M737.1M799.6M
Current assets1.4B2.1B1.8B2.3B3.1B4.7B4.8B5.6B3.6B5.4B
Property & equipment173.3M230.3M243.1M298.6M314.7M313.8M516.9M890.8M1.0B1.1B
Goodwill1.3B1.3B1.3B1.3B1.3B1.3B1.4B1.4B1.3B1.3B
Total assets4.2B4.8B4.5B5.2B6.2B7.8B8.3B9.7B7.7B10.0B
Accounts payable193.3M245.9M248.8M274.0M296.8M404.3M444.3M564.4M466.8M566.0M
Current liabilities470.6M560.4M601.1M661.1M750.0M965.1M1.0B1.2B1.1B1.4B
Total debt-------0374.0M-
Shareholders' equity3.3B3.9B3.6B4.2B5.2B6.6B7.0B8.2B6.0B8.3B
Retained earnings2.1B2.9B3.9B5.0B6.4B7.8B9.0B5.9B7.4B9.4B

Cash flow

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow701.4M987.7M1.2B1.1B1.4B1.2B887.7M1.7B1.9B2.1B
Capital spending99.8M83.4M61.9M101.7M48.7M43.9M188.7M221.4M264.1M132.3M
Free cash flow601.5M904.3M1.1B1.0B1.3B1.1B699.0M1.5B1.7B2.0B
Stock-based pay (added back)45.8M52.3M57.1M63.4M70.3M70.5M64.1M68.8M91.0M125.7M
Buybacks2.3B361.2M1.3B707.3M595.9M13.8M771.0M659.0M3.8B103.6M
Acquisitions688.5M-----329.5M363.4M--
Investing cash flow-256.2M-531.5M273.0M-326.7M-472.5M-992.0M-161.4M-193.4M733.7M-1.3B
Financing cash flow-2.2B-311.1M-1.3B-628.5M-526.1M34.8M-706.9M-542.6M-3.3B-324.4M

Stock-based pay and leases

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Stock-based pay (expense)45.8M52.3M57.1M63.4M70.3M70.5M64.1M68.8M91.0M125.7M
Stock-based pay / revenue1.5%1.6%1.5%1.5%1.5%1.3%1.0%1.0%1.2%1.5%
Operating lease cost---4.9M4.6M4.6M8.6M12.1M15.8M-
Operating lease cash paid---4.1M4.0M4.1M8.2M10.6M15.0M-
Finance lease principal paid---2.2M3.1M2.7M2.1M6.3M8.2M-
Right-of-use assets---31.3M22.8M23.2M38.0M58.8M55.2M-
Operating lease liabilities---28.5M20.5M21.4M37.3M59.5M56.4M-
Finance lease liabilities---1.5M823K1.0M798K6.5M4.2M-

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

Work on MNST in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/MNST/export.csv") into a cell.