Monster Beverage Corporation (Nasdaq: MNST) develops and markets energy drinks through its subsidiaries, including Monster, Reign, Bang and Strategic Brands concentrates. It also operates a smaller, loss-making alcohol business and sells flavor products through American Fruits and Flavors.
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A snapshot of what Monster Beverage Corp owns and owes at a point in time.
Read the company’s balance sheet in the original annual reports below.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 31, 20230001104659-24-029425 | Feb 29, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20240001410578-25-000248 | Feb 28, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20250001104659-26-020831 | Feb 27, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
Monster’s energy-drink business strengthened in 2025 and expanded rapidly in the first half of 2026, but the improvement was not uniform. Pricing and supply-chain optimization supported 2025 margins, while lower alcohol impairments amplified reported profit growth despite worsening underlying alcohol losses. In 2026, international growth and favorable currency helped sales, but aluminum, freight and marketing costs constrained margins. Cash generation remained substantial, although receivables and inventory absorbed cash and supplier-payment timing provided an offset. The term loan used in the 2024 buyback was repaid in 2025; unused borrowing capacity is separate from cash. Coca-Cola’s distribution network remains both a major commercial advantage and a concentration risk. Through the October 24, 2026 evidence cutoff, the announced stock split and certain leadership transitions remain unconfirmed as completed.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · 10-K · 2024-12-31 · 8-K · 2026-07-08 · 8-K · 2026-09-21
Monster Energy Drinks supplied 92.4% of 2025 sales, principally through packaged beverages sold to bottlers and distributors. Strategic Brands mainly sells concentrates, including acquired Coca-Cola energy brands and affordable Predator and Fury products. Finished beverages generally generate more revenue per equivalent case but lower percentage gross margins than concentrates. Alcohol Brands uses primarily U.S. beer distributors; Other comprises third-party flavor sales. Segment profits exclude corporate costs. Consequently, shipment growth, average sales per case and segment profit are not interchangeable measures of consumer demand, pricing or consolidated profitability.
Products reached approximately 158 countries and territories. Coca-Cola-network bottlers cover all U.S. and substantially all international distribution territories, and the international coordination agreement was renewed for five years in February 2025. That reach comes with dependence on independently managed bottlers, product-placement decisions and contractual termination risks. Coca-Cola owned approximately 20.9% of Monster’s shares as of February 13, 2026.
Sources: 10-K · 2025-12-31
For the year ended December 31, 2025, GAAP sales rose 10.7% to USD 8.294 billion and net income rose 26.3% to USD 1.905 billion. Management attributed sales growth primarily to worldwide Monster demand. Pricing and supply-chain optimization lifted gross margin to 55.8% from 54.0%, despite greater promotional deductions and geographic-mix pressure. Operating margin recovered to 29.2% from 25.8%. Diluted EPS rose faster than profit, partly because the weighted-average share count reflected the large 2024 repurchases—not new 2025 purchases under the authorized public program.
Alcohol remained the important offset. Sales fell 21.8% to USD 134.7 million. Its reported loss narrowed as disclosed impairments fell to USD 53.7 million from USD 138.8 million, but the company’s loss measure excluding impairments and corporate costs worsened to USD 73.3 million from USD 61.6 million. The smaller reported loss therefore did not establish an operating turnaround. Narrative impairment totals and cash-flow addbacks are not fully reconciled; no independently reconstructed adjusted profit is presented.
Sources: 10-K · 2025-12-31 · 10-K · 2024-12-31
Operating cash flow reached USD 2.098 billion in 2025, versus USD 1.929 billion in 2024. Receivables absorbed USD 300.6 million and inventory absorbed cash after releasing USD 211.5 million in 2024; higher payables and accruals partly offset those demands. Property-and-equipment cash purchases fell to USD 132.3 million from USD 264.1 million. Year-end cash was USD 2.088 billion, separate from USD 677.1 million of short-term and USD 487.3 million of long-term investments.
The remaining USD 375 million term loan was repaid in April 2025, and revolving commitments were reduced to USD 500 million in October, with May 2029 maturity. Management reported no facility borrowings and covenant compliance at December 31, 2025 and June 30, 2026. This does not establish zero total obligations or quantified covenant headroom. Monster has not paid cash dividends; repurchases, investment and liquidity retention have been its principal disclosed capital-allocation choices.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30
The August 7, 2026 quarterly filing reported first-half sales of USD 4.891 billion, up 23.3%, and GAAP net income of USD 1.154 billion, up 23.9%. Currency-adjusted sales growth was 19.8%; favorable translation is already included in reported sales. International customers represented approximately 46% of sales. First-half gross margin nevertheless declined to 55.5% from 56.1%, reflecting geographic mix, aluminum and inbound freight, partly offset by pricing and product mix. Second-quarter marketing and distribution spending also grew faster than sales, reducing quarterly operating margin.
First-half operating cash flow was USD 1.114 billion, below net income, as receivables and inventory absorbed cash. June-end cash was USD 2.192 billion, excluding investments. Approximately USD 900 million of repurchase authority remained on August 5; authority is not completed spending. Management’s latest capex estimate was below USD 250 million through June 30, 2027, excluding buybacks and subject to opportunities—not earnings guidance. Input costs, competition, regulation, uninsured recall exposure and Coca-Cola dependence remain material constraints on extrapolating growth.
Sources: 10-Q · 2026-06-30 · 10-K · 2025-12-31
USD 8.294343 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 8.294343 bn | 10.7% |
| 2024 | USD 7.492709 bn | 4.9% |
| 2023 | USD 7.140027 bn | — |
Consolidated GAAP net sales after promotional allowances and including recognized deferred revenue.
Sources: 10-K · 2025-12-31
USD 1.905432 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 1.905432 bn | 26.3% |
| 2024 | USD 1.509048 bn | — |
Consolidated GAAP income after income taxes.
Sources: 10-K · 2025-12-31
USD 1.630988 bn
FY2023 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2023 | USD 1.630988 bn | — |
Consolidated GAAP income after income taxes; includes the Bang transaction gain.
Sources: 10-K · 2025-12-31
USD 2.098177 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 2.098177 bn | 8.8% |
| 2024 | USD 1.928533 bn | 12.3% |
| 2023 | USD 1.717753 bn | — |
GAAP operating cash flow, including working-capital movements and noncash reconciliation adjustments.
Sources: 10-K · 2025-12-31
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