Compare · Consumer Staples
Celsius vs. Monster Beverage: how they make money
The same facts for both companies, in the same order, from each company's own page and filings. This is not a ranking and says nothing about which share to own.
Each company in 5 points
Celsius
1 · What it sells
Celsius sells energy drinks under three brands: in the first nine months of FY2026, Alani Nu made 46.7% of revenue, CELSIUS 44.6% and Rockstar Energy 8.7%.
Sources and detail on the Celsius page2 · Who pays it
In the first nine months of FY2026, PepsiCo paid 61.3% of Celsius's revenue, Costco 9.5% and all other customers about 29%.
Sources and detail on the Celsius page3 · What it keeps from $100
Of every $100 of FY2025 revenue, Celsius kept $2.54 as net income for common stockholders; operating income was $5.61 per $100, after $13.02 of fees for ending old distributor contracts.
Sources and detail on the Celsius page4 · Where the operating profit comes from
Celsius reports one segment and no profit by brand: in Q3 FY2026, gross profit of $396.3 million less $220.7 million of selling, general and administrative costs and $3.5 million of distributor termination fees left $172.1 million of operating income.
Sources and detail on the Celsius page5 · The one thing to watch
PepsiCo's share of Celsius's revenue rose from 35.4% in Q3 FY2025 to 64.6% in Q3 FY2026, and PepsiCo owed 58.5% of Celsius's receivables at Sep 30, 2026.
Sources and detail on the Celsius page
Monster Beverage
1 · What it sells
Monster Beverage sells energy drinks such as Monster Energy, Reign and Bang in about 158 countries and territories, with net sales of $8.29 billion in FY2025.
Sources and detail on the Monster Beverage page2 · Who pays it
In FY2025, Coca-Cola Europacific Partners paid about 15% of net sales, Coca-Cola Consolidated about 10%, The Coca-Cola Company's own subsidiaries about 3%, and other bottlers, distributors and retailers the other 72%.
Sources and detail on the Monster Beverage page3 · What it keeps from $100
Of every $100 that came in during FY2025, Monster kept $22.8 as net income after $6.9 of income tax, with interest and other income adding $63.2 million, while operating income was $29.17 per $100 of net sales.
Sources and detail on the Monster Beverage page4 · Where the operating profit comes from
The Monster Energy Drinks segment earned $2.98 billion of FY2025 segment operating income and Strategic Brands $240.8 million, while Alcohol Brands lost $127.0 million and corporate costs took $674.4 million.
Sources and detail on the Monster Beverage page5 · The one thing to watch
Q3 FY2026 net sales rose 16.7% to $2.56 billion, while gross margin fell to 54.7% from 55.7% a year earlier, which Monster attributed to aluminum can costs, geographic sales mix and freight-in costs.
Sources and detail on the Monster Beverage page
Where each $100 went
Each company's own receipt for its latest full fiscal year, with matching lines in the same order where both have them.
Celsius
Where $100 went · FY2025
| Selling and marketing | $21.8 |
|---|---|
| Cost of revenue | $49.6 |
| General and administrative | $10.0 |
| Distributor termination fees | $13.0 |
| PepsiCo's preferred dividends and share | $1.8 |
| Net interest, other expense and income tax | $1.3 |
| Kept as net income for common stockholders | $2.5 |
| Total | $100 |
Cityfort calculation from the FY2025 10-K. Of every $100 of FY2025 revenue ($2,515.3 million): each line = line ÷ $2,515.3 million × 100. Net interest and other expense ($16.0 million) is a net cost, so there is no other-income line. The split of selling, general and administrative costs comes from the 10-K's segment note.
Monster Beverage
Where $100 went · FY2025
| Selling and marketing | $9.6 |
|---|---|
| Cost of sales | $43.8 |
| Payroll outside cost of sales | $8.0 |
| Freight and warehousing | $4.0 |
| Other operating and corporate costs | $4.9 |
| Income tax | $6.9 |
| Kept as net income | $22.8 |
| Total | $100 |
Cityfort calculation from the FY2025 10-K. Of every $100 that came in during FY2025 (net sales of $8.29 billion plus $63.2 million of interest and other income, $8.36 billion in all): each line = line ÷ $8.36 billion × 100. Operating costs are grouped from the 10-K's segment note. Operating income was $29.17 per $100 of net sales alone.
Line items differ because each company groups its costs its own way in its filings. Only on Celsius' receipt: Cost of revenue; General and administrative; Distributor termination fees; Net interest, other expense and income tax; PepsiCo's preferred dividends and share; Kept as net income for common stockholders. Only on Monster Beverage's receipt: Cost of sales; Payroll outside cost of sales; Freight and warehousing; Other operating and corporate costs; Income tax; Kept as net income.
Revenue, net income and free cash flow
Up to five fiscal years for each company, drawn on one shared scale per measure. Amounts in US$ as reported (GAAP).
Revenue
Celsius
Monster Beverage
See the numbers
Net income
Celsius
Monster Beverage
See the numbers
Free cash flow
Celsius
Monster Beverage
See the numbers
Who pays each company
Celsius
- PepsiCo · 61.3% of revenueBuys the drinks and distributes them to stores in the US and Canada; 61.3% of revenue ($1,501.4 million) in the first nine months of FY2026, up from 38.5% a year earlier.
- Costco · 9.5% of revenueThe warehouse club chain was the only other customer above 10% of revenue in FY2025 (10.8%).
- All other customers · 29.2% of revenueOther distributors and retailers in North America and abroad. Celsius does not split this further; Amazon was 13.6% of receivables at Sep 30, 2026.
Monster Beverage
- Coca-Cola Europacific Partners · 15.0% of revenueA bottler in Coca-Cola's network, separate from The Coca-Cola Company. About 15% of FY2025 net sales, up from about 12% in FY2021.
- Coca-Cola Consolidated · 10.0% of revenueA US bottler in Coca-Cola's network. About 10% of FY2025 net sales, down from about 12% in FY2021.
- The Coca-Cola Company's own subsidiaries · 3.0% of revenueAbout 3% of FY2025 net sales, the 10-K says.
- Other bottlers, distributors and retailers · 72.0% of revenueThe rest (Cityfort calculation from the FY2025 10-K). The 10-K names other Coca-Cola bottlers such as Coca-Cola Hellenic and Coca-Cola FEMSA, plus Reyes, Walmart, Costco and Amazon.
Revenue by segment
Celsius
First nine months of FY2026 (Jan to Sep 2026)
| Segment | Revenue | Share |
|---|---|---|
| Alani Nu | $1.1B | 46.7% |
| CELSIUS | $1.1B | 44.6% |
| Rockstar Energy | $214M | 8.7% |
Monster Beverage
FY2025
| Segment | Revenue | Share |
|---|---|---|
| Monster Energy Drinks | $7.7B | 92.4% |
| Strategic Brands | $469M | 5.7% |
| Alcohol Brands | $135M | 1.6% |
| Other | $25M | 0.3% |
Debt and cash
Celsius
- Debt
- $693M
- Cash and investments
- $701M
On Sep 30, 2026.
At Sep 30, 2026 Celsius's cash of $700.6 million exceeded the $693.0 million principal of its term loan by $7.6 million, against net debt of $299.4 million at Dec 31, 2025.
Monster Beverage
- Debt
- $0M
- Cash and investments
- $3.7B
On Sep 30, 2026.
At Sep 30, 2026 Monster had no borrowings and $3.70 billion of cash and short-term investments, up from $2.77 billion of net cash at Dec 31, 2025.
Sources: Celsius S5, S8, S1, S19, S21, S22 · Monster Beverage S8, S4, S1
Who owns each company
Celsius
- 3 classes of shares (votes per share: Common stock 1, Series A convertible preferred stock 0, Series B convertible preferred stock 0).
- Officers and directors as a group: 2.3% of shares (as of Apr 1, 2026).
- Chau Hoi Shuen Solina Holly (through Grieg International and Oscar Time): 9.0% (as of Feb 12, 2025).
- Alani Holdings, LLC (Alani Nu's sellers): 8.7% (as of Apr 1, 2026).
- Deborah DeSantis: 7.6% (as of Feb 17, 2026).
- 5 more holders on the Celsius page.
Monster Beverage
- One class of shares.
- Officers and directors as a group: 8.1% of shares (as of Mar 17, 2026).
- The Coca-Cola Company: 20.9% (as of Mar 17, 2026).
- Hilton H. Schlosberg (CEO): 7.7% (as of Mar 17, 2026).
- Rodney C. Sacks (Chairman): 7.5% (as of Mar 17, 2026).
- 4 more holders on the Monster Beverage page.
Sources: Celsius S17, S5, S1, S27, S28 · Monster Beverage S16, S4, S17, S24, S1
Risks only one page tracks
Risks whose type the other company's page does not list. Both pages track risks of these types: customer or supplier concentration, commodity costs, competition. Every risk is on each company's page.
Celsius
- The original CELSIUS brand is shrinking (demand)CELSIUS brand revenue fell 6% in Q3 FY2026 to $356.8 million and about 5% in the first nine months. Recent growth came from the acquired Alani Nu and Rockstar brands.
- Lawsuits and a state investigation (legal cases)Celsius faces securities class actions, a Texas Attorney General demand, product and label suits, and $25.0 million still due on an $85.0 million settlement. The suits' claims are allegations.
- PepsiCo's preferred stock (governance)The preferred stock earns a 5% cumulative dividend, converts into about 33.3 million common shares, and PepsiCo can require redemption on Aug 28, 2032, 2035 or 2038, or on a change of control.
- Debt and acquired assets (debt)The $693.0 million term loan cost $11.3 million of interest in Q3 FY2026. Goodwill and brands from the acquisitions were $2,199.8 million of $5,152.4 million of assets at Sep 30, 2026.
Monster Beverage
- Rules on energy drinks (regulation)Monster's 10-K lists limits on buying energy drinks with SNAP food benefits in some US states, FDA reviews of food chemicals and dyes, and container-size limits considered in Colombia, Costa Rica and the Dominican Republic.
- Alcohol Brands keeps losing money (execution)The segment has lost money every year since Monster bought it in February 2022. Impairments were $38.4 million in FY2023, $138.8 million in FY2024 and $53.7 million in FY2025.
- More sales in other currencies (currency)Sales outside the US were 41% of FY2025 net sales, and foreign currency transaction losses were $11.9 million in FY2025. Latin America sales rose 48.8% in Q3 FY2026, mainly from Brazil.
Key facts
- How does Celsius make money compared with Monster Beverage?
- Celsius' revenue by segment in First nine months of FY2026 (Jan to Sep 2026): Alani Nu 46.7%, CELSIUS 44.6%, Rockstar Energy 8.7%. Monster Beverage's revenue by segment in FY2025: Monster Energy Drinks 92.4%, Strategic Brands 5.7%, Alcohol Brands 1.6%, Other 0.3%.
- Which is bigger by revenue, Celsius or Monster Beverage?
- Celsius reported $2.5B of revenue in FY2025, and Monster Beverage reported $8.3B in FY2025.
- How much net income did Celsius and Monster Beverage report?
- Celsius reported net income of $63.8M in FY2025, and Monster Beverage reported $1.9B in FY2025.
- How much of every $100 did Celsius and Monster Beverage keep as net income?
- Celsius kept $2.5 of every $100 that came in during FY2025, and Monster Beverage kept $22.8 in FY2025 (Cityfort calculation from each company's annual report).
- How much debt and cash do Celsius and Monster Beverage have?
- Celsius had $693M of debt and $701M of cash and investments on Sep 30, 2026. Monster Beverage had $0M of debt and $3.7B of cash and investments on Sep 30, 2026.
- When do Celsius' and Monster Beverage's fiscal years end?
- Celsius: Fiscal year ends on Dec 31 (calendar year). Monster Beverage: Fiscal year ends on Dec 31 (calendar year).
Sources: Celsius S3, S4, S1, S5, S8, S19, S21, S22 · Monster Beverage S2, S3, S1, S8, S4
Built from each company's page. Celsius updated Nov 6, 2026; Monster Beverage updated Nov 7, 2026.
Sources
Celsius
- S1Form 10-K, fiscal 2025 (year ended Dec 31, 2025), Celsius Holdings, Inc. (SEC EDGAR), Mar 2, 2026
- S3Form 10-K, fiscal 2023 (year ended Dec 31, 2023), Celsius Holdings, Inc. (SEC EDGAR), Feb 29, 2024
- S4Form 10-K, fiscal 2022 (year ended Dec 31, 2022), Celsius Holdings, Inc. (SEC EDGAR), Mar 1, 2023
- S5Form 10-Q, Q3 fiscal 2026 (quarter ended Sep 30, 2026), Celsius Holdings, Inc. (SEC EDGAR), Nov 5, 2026
- S8Earnings release, Q3 2026 (Form 8-K Ex. 99.1), Celsius Holdings, Inc. (SEC EDGAR), Nov 5, 2026
- S17Proxy statement (DEF 14A), 2026 annual meeting, Celsius Holdings, Inc. (SEC EDGAR), Apr 14, 2026
- S19Form 8-K, Items 1.01, 2.01, 2.03: Alani Nu acquisition closed; $900M term loan and $100M revolver (Apr 1, 2025), Celsius Holdings, Inc. (SEC EDGAR), Apr 1, 2025
- S21Form 8-K, Items 1.01, 2.03: First Refinancing Amendment, $700M term loan (Oct 2, 2025), Celsius Holdings, Inc. (SEC EDGAR), Oct 2, 2025
- S22Form 8-K, Items 1.01, 2.03, with Ex. 10.1: Second Refinancing Amendment, $694.8M term loan (Jul 15, 2026), Celsius Holdings, Inc. (SEC EDGAR), Jul 15, 2026
- S27Schedule 13G/A (Amendment No. 4) by AllianceBernstein L.P. (3.3%, event Jun 30, 2026), AllianceBernstein L.P. (SEC EDGAR), Aug 14, 2026
- S28Schedule 13G/A (Amendment No. 4) by The Vanguard Group (0%, event Mar 13, 2026), The Vanguard Group (SEC EDGAR), Mar 26, 2026
Monster Beverage
- S1Form 10-K for fiscal year 2025 (ended Dec 31, 2025), Monster Beverage Corporation (SEC EDGAR), Feb 27, 2026
- S2Form 10-K for fiscal year 2023 (ended Dec 31, 2023), Monster Beverage Corporation (SEC EDGAR), Feb 29, 2024
- S3Form 10-K for fiscal year 2022 (ended Dec 31, 2022), Monster Beverage Corporation (SEC EDGAR), Mar 1, 2023
- S4Form 10-Q for Q3 fiscal 2026 (three months ended Sep 30, 2026), Monster Beverage Corporation (SEC EDGAR), Nov 6, 2026
- S8Q3 2026 earnings release (8-K Exhibit 99.1), Monster Beverage Corporation (SEC EDGAR), Nov 5, 2026
- S162026 proxy statement (DEF 14A), annual meeting May 14, 2026, Monster Beverage Corporation (SEC EDGAR), Mar 27, 2026
- S178-K filed Jul 8, 2026: two-for-one stock split (Item 8.01, Exhibit 99.1), Monster Beverage Corporation (SEC EDGAR), Jul 8, 2026
- S24Schedule 13D/A, The Coca-Cola Company and European Refreshments (204,243,204 shares, 21.0%), The Coca-Cola Company (SEC EDGAR), Jan 28, 2025
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