Consumer Staples · NASDAQ: CELH
Celsius: how the business works
Celsius sells CELSIUS, Alani Nu and Rockstar Energy drinks, mostly through PepsiCo, and had revenue of $2.52 billion in FY2025.
By Hardik Bhandare · Checked against filings: . Editorial policy. Corrections
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Celsius Holdings, Inc. · Boca Raton, Florida · Founded 2005
Updated for Q3 FY2026 · checked
- Revenue, FY2025
- $2.52B
- Net income for common stockholders, FY2025
- $63.8M
- Revenue, Q3 FY2026
- $847.2M
- PepsiCo's share of revenue, first nine months of FY2026
- 61.3%
- Employees, Dec 31, 2025
- 1,497
The short version
Celsius in 5 points
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%.
2 · 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%.
3 · 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.
4 · 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.
5 · 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: From Celsius's FY2025 10-K and its Q3 FY2026 10-Q and earnings release · checked
See the full receipt and the management scorecard below
01Where the money goes · FY2025
Where does $100 of Celsius' money go?
Celsius · FY2025
Receipt for every $100
| Cost of revenue | $49.6 |
|---|---|
| Selling and marketing | $21.8 |
| General and administrative | $10.0 |
| Distributor termination fees | $13.0 |
| Net interest, other expense and income tax | $1.3 |
| PepsiCo's preferred dividends and share | $1.8 |
| Kept as net income for common stockholders | $2.5 |
| Total | $100 |
Each line = amount ÷ total money in × 100. Lines may not add to exactly $100 because of rounding.
How this is worked out
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.
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02The business in one line
What does Celsius do?
PepsiCo, other distributors and stores pay Celsius for its energy drinks; making and shipping them took $49.61 of every $100 in FY2025, and $2.54 was left for common stockholders.
- In the first nine months of FY2026, Alani Nu made 46.7% of revenue, CELSIUS 44.6% and Rockstar Energy 8.7%.
- Of every $100 of FY2025 revenue, selling, marketing and running costs took $31.76, and fees for ending old distributor contracts took $13.02.
03Who pays it
Who pays Celsius?
PepsiCo
61%
of revenue
Buys 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
10%
of revenue
The warehouse club chain was the only other customer above 10% of revenue in FY2025 (10.8%).
All other customers
29%
of revenue
Other distributors and retailers in North America and abroad. Celsius does not split this further; Amazon was 13.6% of receivables at Sep 30, 2026.
- PepsiCo61%
- Costco10%
- All other customers29%
Customer concentration
PepsiCo's share of revenue rose from 35.4% in Q3 FY2025 to 64.6% in Q3 FY2026 as Alani Nu and Rockstar moved to PepsiCo distribution. PepsiCo held 58.5% of Celsius's receivables at Sep 30, 2026. PepsiCo's share was 59.4% in FY2023, 54.7% in FY2024 and 43.2% in FY2025.
- Largest customer
- 61%
04Why it makes money
Why does Celsius make money?
Celsius owns brands and outsources most production and US and Canada distribution, so profit turns on gross margin, marketing spend and distributor deals.
Gross profit per $100 of revenue rose from $40.78 in FY2021 to $50.39 in FY2025, then was $46.77 in Q3 FY2026; the company cited aluminum and fuel inflation. Moving distributors to PepsiCo brought large termination fees in FY2022 and FY2025.
Gross profit per $100 of revenue
$40.8$50.4
FY2021 to FY2025
- Celsius buys cans, flavors, sweeteners and caffeine
- Co-packers and one company plant fill the cans
- PepsiCo distributes all three brands in the US and Canada and paid 64.6% of Q3 FY2026 revenue
- Gross profit was $50.39 per $100 of FY2025 revenue
- Selling, marketing and running costs took $31.76 per $100 in FY2025
- After distributor fees, interest, tax and PepsiCo's preferred share, $2.54 per $100 was left for common stockholders
↺ Step 6 feeds back into step 1.
05Business segments · First nine months of FY2026 (Jan to Sep 2026)
Which businesses make up Celsius?
Alani Nu
47%Celsius has one reportable segment; these are its brands, disclosed in the 10-Q. Alani Nu revenue was $410.1 million in Q3 FY2026, up 24%.
Revenue $1.1B
CELSIUS
45%The original brand. Revenue was $356.8 million in Q3 FY2026, down 6%; the company cited fewer product variants, inventory rebalancing and softer club-store sales.
Revenue $1.1B
Rockstar Energy
9%US and Canada rights since Aug 28, 2025. Revenue was $80.3 million in Q3 FY2026, helped by the timing of orders in Canada, the company said.
Revenue $214M
How the mix changed
- Alani Nu
- CELSIUS
- Rockstar Energy
Revenue by segment, Q2 FY2025 to Q3 FY2026.
US$
See the numbers
06The numbers · Consolidated · US$
How has Celsius done?
Revenue
$2.5BFY2025
Revenue rose from $314.3 million in FY2021 to $2.52 billion in FY2025, which includes Alani Nu from Apr 1, 2025 (about $1,001.9 million) and Rockstar from Aug 28, 2025 (about $55.6 million); FY2024 grew 2.9%, and the first nine months of FY2026 grew 36.5% to $2,447.8 million.
US$
See the numbers
Net profit
$63.8MFY2025
Net income for common stockholders was $63.8 million in FY2025, against total net income of $108.0 million before PepsiCo's preferred dividends and share; distributor termination charges of about $193.8 million in FY2022 and $327.5 million in FY2025 cut those years' profit.
US$
See the numbers
Profit kept per $100 of revenue
$2.5FY2025
Operating income per $100 of revenue fell from $20.21 in FY2023 to $5.61 in FY2025, a year that carried $13.02 of distributor termination fees per $100 (Cityfort calculation from the FY2025 10-K).
$ of profit per $100 of revenue (net margin)
See the numbers
Free cash flow
$323MFY2025
Free cash flow (cash from operations minus purchases of property and equipment) went from −$99.7 million in FY2021 to $323.4 million in FY2025; FY2025 operating cash flow includes a $255.1 million increase in deferred revenue, mostly from PepsiCo's reimbursement of distributor termination fees, and stock-based compensation, a cost paid in shares, was $36.5 million in FY2021, more than that year's $3.9 million of net income, and $28.1 million in FY2025.
US$ · cash from operations minus spending on plants and equipment
See the numbers
See all yearly numbers
EBITDA here = operating income plus depreciation and amortization (from the cash flow statement). Fiscal years are the company's own (Fiscal year ends on Dec 31 (calendar year).). Net profit is the share belonging to the company's owners. Total net income differs from net profit to the company's owners: Total net income of $108.0 million, less $37.6 million of preferred dividends and $6.6 million allocated to PepsiCo's participating Series A and Series B preferred stock.
Download Celsius's yearly and quarterly numbers (CSV, with source ids)
Learn: Fiscal years that don't end in December: Nvidia's FY2027 explained · Stock-based compensation and dilution: pay that becomes shares
Sources (12)
- Form 10-K, fiscal 2023 (year ended Dec 31, 2023)
- Form 10-K, fiscal 2022 (year ended Dec 31, 2022)
- Form 10-K, fiscal 2025 (year ended Dec 31, 2025)
- Earnings release, Q3 2024 (Form 8-K Ex. 99.1)
- Earnings release, Q4 and full year 2024 (Form 8-K Ex. 99.1)
- Earnings release, Q4 and full year 2025 (Form 8-K Ex. 99.1)
- Earnings release, Q1 2025 (Form 8-K Ex. 99.1)
- Earnings release, Q2 2025 (Form 8-K Ex. 99.1)
- Earnings release, Q3 2025 (Form 8-K Ex. 99.1)
- Earnings release, Q3 2026 (Form 8-K Ex. 99.1)
- Earnings release, Q1 2026 (Form 8-K Ex. 99.1)
- Earnings release, Q2 2026 (Form 8-K Ex. 99.1)
07Who runs it
Who runs Celsius, and did they deliver?
John Fieldly
Chairman and Chief Executive Officer · since 2018
CEO since April 2018. His 2025 total pay was $9,607,616, per the 2026 proxy.
Jarrod Langhans
Chief Financial Officer
Tyler Bohannon
Chief Commercial Officer · since 2026
Named in August 2026, when President and COO Eric Hanson left.
Alex Zigliara
President, CELSIUS · since 2026
Named on Nov 5, 2026 in a new brand-led structure; Rishi Daing became President, Rockstar Energy Emerging Growth.
08What could go wrong
What could go wrong for Celsius?
- Concentration
Reliance on PepsiCo
PepsiCo paid 64.6% of Q3 FY2026 revenue and owed 58.5% of receivables at Sep 30, 2026. It also sells competing drinks, holds all the preferred stock and names 2 directors.
Watch PepsiCo's share of revenue and receivables in each 10-Q.
- Demand
The original CELSIUS brand is shrinking
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.
Watch CELSIUS brand revenue in the 10-Q brand table.
- Legal
Lawsuits and a state investigation
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.
Watch Legal notes in each 10-Q and 10-K.
- Raw-material prices
Can and fuel costs
Gross margin fell to 46.8% in Q3 FY2026 from 51.3% a year earlier; the company cited aluminum and fuel inflation. It had about $1,003.5 million of purchase commitments.
Watch Gross margin in each earnings release.
- Governance
PepsiCo's preferred stock
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.
Watch Preferred dividends and conversion terms in each 10-K.
- Debt
Debt and acquired assets
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.
Watch Interest expense and any impairment of goodwill or brands.
- Competition
Competition from larger drink makers
The FY2025 10-K names Monster Beverage, Red Bull, Coca-Cola, PepsiCo and Keurig Dr Pepper among its competitors.
Watch Brand revenue and the dollar-share figures the company quotes each quarter.
09Both sides
What do supporters and critics point to?
What supporters point to
- Revenue rose from $314.3 million in FY2021 to $2.52 billion in FY2025, and grew 36.5% in the first nine months of FY2026.
- Alani Nu revenue was $410.1 million in Q3 FY2026, up 24%.
- Operating income was $172.1 million in Q3 FY2026, against an operating loss of $80.0 million in Q3 FY2025.
- Free cash flow was $323.4 million in FY2025 and $399.0 million in the first nine months of FY2026 (Cityfort calculation from the Q3 FY2026 10-Q).
- Cash of $700.6 million exceeded the $693.0 million term loan principal at Sep 30, 2026.
What critics point to
- PepsiCo paid 64.6% of Q3 FY2026 revenue and owed 58.5% of receivables at Sep 30, 2026.
- CELSIUS brand revenue fell 6% in Q3 FY2026 to $356.8 million.
- Gross margin fell to 46.8% in Q3 FY2026 from 51.3% a year earlier.
- Net income for common stockholders was $63.8 million in FY2025, against total net income of $108.0 million, because of PepsiCo's preferred stock.
- Celsius faces securities class actions, a Texas Attorney General demand and product suits, and still owes $25.0 million of an $85.0 million settlement.
10What to watch next
What should you watch next at Celsius?
Next event
Q4 and full-year FY2026 results
Date not announced yet.
The CELSIUS brand
CELSIUS brand revenue was $356.8 million in Q3 FY2026, down 6%, while Alani Nu rose 24% to $410.1 million.
Gross margin
Gross margin was 46.8% in Q3 FY2026, against 51.3% in Q3 FY2025; the company cited aluminum and fuel inflation.
Legal matters
$25.0 million of the Strong Arm settlement is due Jan 5, 2027; the Texas Attorney General demand and the class actions are pending.
11Key dates
What are the key dates for Celsius?
| Event | Date | Source |
|---|---|---|
| Fiscal 2026 ends | Form 10-K, fiscal 2025 (year ended Dec 31, 2025) | |
| Final $25.0 million payment of the Strong Arm settlement | Form 10-Q, Q3 fiscal 2026 (quarter ended Sep 30, 2026) | |
| PepsiCo's preferred stock can start converting automaticallySubject to market-share and share-price conditions. | Form 10-K, fiscal 2025 (year ended Dec 31, 2025) | |
| First date PepsiCo can require redemption of its preferred stockFurther holder redemption dates: Aug 28, 2035 and Aug 28, 2038. | Form 10-K, fiscal 2025 (year ended Dec 31, 2025) | |
| First window to end the PepsiCo distribution agreements without causeYear 19 of the agreements (2041), with 12 months' notice. | Not yet stated | Form 10-K, fiscal 2025 (year ended Dec 31, 2025) |
Learn: Fiscal years that don't end in December: Nvidia's FY2027 explained
12Key facts
Key facts about Celsius
- What does Celsius Holdings do?
- Celsius Holdings, Inc. sells energy drinks under the CELSIUS, Alani Nu and Rockstar Energy brands; it owns the Rockstar Energy brand in the US and Canada only. Celsius had revenue of $2.52 billion in FY2025 and $847.2 million in Q3 FY2026 (quarter ended Sep 30, 2026).
- How does Celsius make money?
- Celsius makes money by selling drinks, mostly filled by contract manufacturers, to PepsiCo and other distributors and retailers for more than they cost. In FY2025 Celsius's gross profit was $1.27 billion on revenue of $2.52 billion, and income from operations was $141.1 million after $327.5 million of distributor termination fees.
- Is Celsius profitable?
- Yes. Celsius's net income for common stockholders was $63.8 million in FY2025, from total net income of $108.0 million before PepsiCo's preferred dividends. In Q3 FY2026 Celsius's 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, and net income for common stockholders was $99.5 million.
- What is Celsius's revenue by segment?
- Celsius reports one segment and discloses revenue by brand. In the first nine months of FY2026 (Jan to Sep 2026), Celsius's revenue of $2,447.8 million split into Alani Nu $1,142.6 million (46.7%), CELSIUS $1,091.7 million (44.6%) and Rockstar Energy $213.5 million (8.7%).
- Who are Celsius's customers?
- PepsiCo, which distributes Celsius's drinks in the US and Canada, paid 61.3% of Celsius's revenue in the first nine months of FY2026, and Costco paid 9.5%. In FY2025 PepsiCo paid 43.2% and Costco 10.8%.
- Who owns Celsius?
- No holder had more than 9% of Celsius's common stock in the 2026 proxy (record date Apr 1, 2026): the largest were Chau Hoi Shuen Solina Holly with 8.97% and Alani Holdings, LLC, the sellers of Alani Nu, with 8.74%. Celsius's officers and directors held 2.33% as a group. PepsiCo holds all of Celsius's convertible preferred stock, which converts into about 33.3 million common shares.
- How much revenue does the CELSIUS brand bring in?
- The CELSIUS brand had revenue of $1,091.7 million in the first nine months of FY2026, 44.6% of Celsius's total. In Q3 FY2026 CELSIUS brand revenue was $356.8 million, down 6% from Q3 FY2025.
- How much revenue does Alani Nu bring in for Celsius?
- Alani Nu, which Celsius bought on Apr 1, 2025, had revenue of $1,142.6 million in the first nine months of FY2026, 46.7% of Celsius's total. In Q3 FY2026 Alani Nu revenue was $410.1 million, up 24% from Q3 FY2025.
- How much revenue does Rockstar Energy bring in for Celsius?
- Rockstar Energy, whose US and Canada rights Celsius acquired on Aug 28, 2025, had revenue of $213.5 million in the first nine months of FY2026, 8.7% of Celsius's total, and $80.3 million in Q3 FY2026.
- Does Celsius pay a dividend?
- Celsius pays no dividend on its common stock. Celsius pays PepsiCo a 5% cumulative dividend on its convertible preferred stock, and had $91.4 million left at Sep 30, 2026 under a $300 million share buyback program approved in November 2025.
Terms on this page
- Capital expenditures (capex)
- Customer concentration
- Debt-to-equity
- Earnings per share (EPS)
- EBITDA
- Free cash flow
- Market cap
- Net debt
- Net margin
- P/E ratio
Each explains the term in plain English, with the same number from other companies on Cityfort.
Go deeper
More detail from the same filings. Open any section.
13What it sells
13What it sells
What does Celsius sell?
Alani Nu ($1,142.6M, first nine months of FY2026)
Bought on Apr 1, 2025 for $1,275.0 million in cash and 22,451,224 Celsius shares. 46.7% of revenue in the first nine months of FY2026.
CELSIUS ($1,091.7M)
Celsius's original brand. 44.6% of revenue in the first nine months of FY2026; the company put the brand's international revenue at $41.0 million in Q3 FY2026.
Rockstar Energy ($213.5M)
US and Canada rights acquired from PepsiCo on Aug 28, 2025, paid for with Series B preferred stock issued to PepsiCo. 8.7% of revenue in the first nine months of FY2026.
What it does
- Does: Owns and markets the three drink brands
- Does: Uses contract manufacturers (co-packers) plus one plant of its own, Big Beverages, bought in 2024
- Does: Sells through PepsiCo in the US and Canada under agreements signed Aug 28, 2025
- Does: Sells in Europe and Asia-Pacific: 3.4% of FY2025 revenue
What it does not do
- Does not: Does not own Rockstar Energy outside the US and Canada
- Does not: Does not report profit by brand; it has one reportable segment
- Does not: Does not pay a dividend on its common stock
14How the money flows
14How the money flows · FY2025
How does money flow through Celsius?
Money in
- Revenue$2.5B
The company
Celsius
$2.5B came in
Money out
- Cost of revenue (drinks, cans, co-packing, freight)$1.2B
- Selling and marketing$548M
- General and administrative$251M
- Distributor termination fees$328M
- Net interest, other expense and income tax$33M
- PepsiCo's preferred dividends and share of earnings$44.2M
- Net income for common stockholders$63.8M
- Distributors and stores paid Celsius $2.52 billion of revenue in FY2025.
- Making and shipping the drinks cost $1.25 billion, leaving $1.27 billion of gross profit.
- Selling and marketing took $548.3 million and general and administrative costs $250.5 million.
- Fees for ending contracts with Alani Nu's old distributors took $327.5 million, leaving $141.1 million of income from operations.
- After $33.0 million of net interest, other expense and tax, and $44.2 million for PepsiCo's preferred stock, $63.8 million was left for common stockholders.
15What it needs to run
15What it needs to run
What does Celsius need to run?
Co-packers and one plant
Contract manufacturers make most of the drinks. Celsius also owns one plant, Big Beverages, bought in 2024 for $75.3 million in net cash.
Cans and ingredients
Aluminum cans, flavors, sweeteners and caffeine. Purchase commitments, mostly cans and packaging, were about $1,003.5 million over five years at Sep 30, 2026.
PepsiCo's distribution network
Amended and restated agreements of Aug 28, 2025 cover all three brands in the US and Canada. They can be ended without cause only with 12 months' notice in year 19 (2041), year 29 (2051) and every 10th year after.
People
1,497 employees on Dec 31, 2025: 1,335 in North America, 158 in Europe, the Middle East and Africa, and 4 in Asia-Pacific.
16Where it sells
16Where it sells · FY2025
Where does Celsius sell?
- North America (US and Canada)96%
- Europe3%
- Asia-Pacific1%
- Other0%
17Competitors and what protects it
17Competitors and what protects it
Who does Celsius compete with?
Monster Beverage
NASDAQ: MNST
Named first among Celsius's competitors in its FY2025 10-K.
Red Bull
Named as a competitor in Celsius's FY2025 10-K.
Coca-Cola
NYSE: KO
Named as a competitor in Celsius's FY2025 10-K.
PepsiCo
NASDAQ: PEP
Named as a competitor in Celsius's FY2025 10-K. PepsiCo is also Celsius's largest customer and distributor, and holds all its preferred stock.
Keurig Dr Pepper
Named as a competitor in Celsius's FY2025 10-K.
What protects the business
Each strength is scored 1 (weak) to 5 (strong) for the business, with the reason. It is not a rating of the share.
- Distribution4 of 5
PepsiCo distributes all three brands in the US and Canada under agreements that can be ended without cause only in year 19 (2041), year 29 (2051) and every 10th year after.
- Brands3 of 5
The company said, citing Circana, that Alani Nu had 9.8%, CELSIUS 9.1% and Rockstar 1.8% of US ready-to-drink energy drink dollar sales in the 13 weeks to Sep 27, 2026.
- Production2 of 5
Contract manufacturers make most of the drinks; Celsius owns one plant.
Weak spot
Dependence on PepsiCo
PepsiCo paid 64.6% of Q3 FY2026 revenue and owed 58.5% of receivables at Sep 30, 2026, while also competing with Celsius and holding all its preferred stock.
18Where growth could come from
18Where growth could come from
Where could Celsius' growth come from?
Alani Nu
Working$410.1M in Q3 FY2026, up 24%
Alani Nu revenue was $1,142.6 million in the first nine months of FY2026, 46.7% of the total. Its former distributors were moved to PepsiCo in 2025 and 2026.
Status: Working, on track against what the company said.
Rockstar Energy
New$80.3M in Q3 FY2026
Acquired for the US and Canada on Aug 28, 2025. Revenue was $213.5 million in the first nine months of FY2026.
Status: New, recently announced.
CELSIUS brand internationally
Working$41.0M in Q3 FY2026, up 78%
International CELSIUS revenue was $103.6 million in the first nine months of FY2026, up 47%, the company said.
Status: Working, on track against what the company said.
CELSIUS brand overall
Mixed$356.8M in Q3 FY2026, down 6%
The company cited fewer product variants (SKU optimization), inventory rebalancing and softer club-store sales. On Nov 5, 2026 it moved to a brand-led organization with a President for CELSIUS.
Status: Mixed, partly on track.
Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.
19The company's own measures (non-GAAP)
19The company's own measures · FY2024, FY2025 and Q3 FY2026
What do Celsius' own measures show?
Official (GAAP): Net income, FY2025 (total, before preferred dividends)
$108M
Company's own measure: Adjusted EBITDA, FY2025 (Celsius's measure)
$620M
Celsius adds back interest, taxes, depreciation and amortization, stock-based compensationPay given as shares instead of cash, which spreads ownership more thinly. Learn more and other items listed in its reconciliation, including distributor termination fees.
Official (GAAP): Net income, FY2024 (total, before preferred dividends)
$145M
Company's own measure: Adjusted EBITDA, FY2024 (Celsius's measure)
$256M
Same measure, from the comparative column of the Q4 FY2025 release.
Official (GAAP): Net income, Q3 FY2026 (total, before preferred dividends)
$127M
Company's own measure: Adjusted EBITDA, Q3 FY2026 (Celsius's measure)
$199M
In the first nine months of FY2026 the adjustments included stock-based compensation ($26.9 million), distributor termination fees ($88.8 million), a legal settlement ($25.8 million) and acquisition and integration costs ($9.2 million).
Official (GAAP): Operating income as % of revenue, Q3 FY2026 (Cityfort calculation from the Q3 FY2026 earnings release)
20.3%
Company's own measure: Adjusted EBITDA margin, Q3 FY2026 (Celsius's measure)
23.4%
Adjusted EBITDAOperating profit before wear-and-tear charges (depreciation and amortization). As a margin: per $100 of sales. as a share of revenue, as Celsius states it; 28.4% in Q3 FY2025.
Official (GAAP): Diluted earnings per share, Q3 FY2026
$0.39
Company's own measure: Adjusted diluted earnings per share, Q3 FY2026 (Celsius's measure)
$0.41
Celsius's adjusted figure was $0.42 in Q3 FY2025.
Official (GAAP)
No official figure measures this; it is the company's own operating measure.
Company's own measure: US ready-to-drink energy dollar share, 13 weeks to Sep 27, 2026 (third-party data quoted by Celsius)
20.7%
The company said, citing Circana, that its three brands had about 20.7% of US ready-to-drink energy drink dollar sales, and that tracked retail sales of the brands rose 14.7%. The nearest GAAP figure is Q3 FY2026 revenue of $847.2 million.
These are the company's own measures, defined by the company. They are not comparable across companies, and they are not added together. Each sits beside the nearest official (GAAP) figure.
Learn: Non-GAAP measures: what a company's "adjusted" numbers leave out · Stock-based compensation and dilution: pay that becomes shares
20Financial strength and debt
20Financial strength · Sep 30, 2026
How much debt does Celsius have?
- Total debt$693M
- Cash and investments$701M
- Net cash (cash minus debt)$7.6M
- Net worth (shareholders' money)$1.3B
- Debt to equity
- 0.54×
- $ of debt for every $1 of shareholders' money
- Net cash = cash $700.6 million − term loan principal $693.0 million = $7.6 million (Cityfort calculation from the Q3 FY2026 10-Q). The loan's carrying value, after $18.3 million of unamortized costs, is $674.7 million.
- Net debt at Dec 31, 2025 = principal $698.3 million − cash $398.9 million = $299.4 million (Cityfort calculation from the FY2025 10-K). Restricted cash of $141.1 million, usable only for distributor fees, is left out; it was nil at Sep 30, 2026.
- Celsius had no borrowings at the FY2021 to FY2024 year ends. It borrowed $900.0 million on Apr 1, 2025 to buy Alani Nu, refinanced into a $700.0 million term loan on Oct 2, 2025 and into a $694.8 million term loan on Jul 15, 2026. Its $100.0 million revolving credit line was undrawn.
- PepsiCo's Series A ($852.4 million) and Series B ($907.6 million) convertible preferred stock sit between liabilities and equity, outside the $1,275.4 million of stockholders' equity.
- Goodwill of $919.6 million and brands of $1,280.2 million made up $2,199.8 million of $5,152.4 million of total assets at Sep 30, 2026 (Cityfort calculation from the Q3 FY2026 10-Q).
- Purchase commitments, mostly cans and packaging, were about $1,003.5 million over five years at Sep 30, 2026, and $25.0 million of a legal settlement is due Jan 5, 2027.
Sources (6)
- Form 10-Q, Q3 fiscal 2026 (quarter ended Sep 30, 2026)
- Earnings release, Q3 2026 (Form 8-K Ex. 99.1)
- Form 10-K, fiscal 2025 (year ended Dec 31, 2025)
- Form 8-K, Items 1.01, 2.01, 2.03: Alani Nu acquisition closed; $900M term loan and $100M revolver (Apr 1, 2025)
- Form 8-K, Items 1.01, 2.03: First Refinancing Amendment, $700M term loan (Oct 2, 2025)
- Form 8-K, Items 1.01, 2.03, with Ex. 10.1: Second Refinancing Amendment, $694.8M term loan (Jul 15, 2026)
21Who owns it
21Who owns it · ownership as of Apr 1, 2026
Who owns Celsius?
- Officers and directors (as a group), shares
- 2.3%
Shares vs votes by class
Celsius has more than one class of shares, and the classes carry different votes. The share of votes a class holds can differ a lot from its share of the shares.
- Common stock: share of all votes100.0%
- Series A convertible preferred stock: share of all votes0.0%
- Series B convertible preferred stock: share of all votes0.0%
Each class's part of all votes = its shares outstanding × votes per share ÷ the total for all classes.
Share classes
Holders of 5% or more
From the company's proxy statement (DEF 14A), later Schedule 13G filings and the share counts on its latest annual or quarterly report. Each holder row shows the date of its own filing.
Insider trades · Form 4 data as of Nov 6, 2026
What did Celsius' insiders report trading?
Celsius' insiders made 110 Form 4A filing an insider must make within two business days of buying or selling the company's shares. Learn more filings in the 12 months to Nov 6, 2026.
They reported 9 purchases (104,933 shares) and 1 sale (2,880 shares) in the open market or privately (codes P and S).
The sale was on a form without the Rule 10b5-1 plan box checked.
The same filings report 231 other share transactions (J: 191, A: 20, F: 20).
They also report 182 transactions in options, stock units or other derivatives.
Insiders are a company's officers, directors and owners of more than 10% of a class of its shares. Most changes in their holdings must be reported to the SEC on a Form 4 within two business days. Source: SEC Form 4 filings on EDGAR.
- P
- a purchase in the open market or privately
- S
- a sale in the open market or privately
- A
- a grant, award or other acquisition from the company under Rule 16b-3
- F
- shares withheld or handed over to pay an exercise price or tax when an award is received, exercised or vests
- J
- another acquisition or disposition, described in a footnote
Code meanings: General Instruction 8 of Form 4 (SEC).
The latest 25 of 241 transactions
Shares: A = acquired, D = disposed of. A price the filing gives only in a footnote shows as “See filing”. The 10b5-1 box is checked when at least one trade on the form was made under a Rule 10b5-1 plan. A Form 4/A replaces the form it amends. See all of Celsius' Form 4 filings on EDGAR.
Learn: Dual-class shares: when votes and ownership don't match · How to read a proxy statement (DEF 14A): Nvidia's 2026 proxy · Form 4 insider filings: who files, the codes and the footnotes · Rule 10b5-1 trading plans: how insiders pre-schedule their trades
Sources (5)
- Form 10-Q, Q3 fiscal 2026 (quarter ended Sep 30, 2026)
- Proxy statement (DEF 14A), 2026 annual meeting
- Form 10-K, fiscal 2025 (year ended Dec 31, 2025)
- Form 8-K, Items 1.01, 2.01, 3.02, 5.02: PepsiCo transactions, Rockstar acquisition, Series B preferred (Aug 28, 2025)
- Schedule 13G/A (Amendment No. 4) by AllianceBernstein L.P. (3.3%, event Jun 30, 2026)
22What it does with profit
22What it does with profit
What does Celsius do with its profit?
Buyback · Dec 31, 2025
FY2025: bought back $39.8 million of shares after the board approved a $300 million program in November 2025.
$39.8M
Buyback · Sep 30, 2026
First nine months of FY2026: bought back about 5.6 million shares at an average $30.18; cash paid was $167.5 million. $91.4 million of the program was left at Sep 30, 2026.
$168M
Money raised · Apr 1, 2025
$900.0 million term loan, fully drawn to pay for Alani Nu, plus a $100.0 million revolving credit line (undrawn).
$900M
Money raised · Aug 28, 2025
390,000 Series B convertible preferred shares issued to PepsiCo for the Rockstar Energy rights, carried at $907.6 million.
$908M
Money raised · Oct 2, 2025
Refinancing: repaid $197.8 million and replaced the loan with a $700.0 million term loan.
$700M
Money raised · Jul 15, 2026
Second refinancing: a new $694.8 million term loan.
$695M
Sources (7)
- Form 10-K, fiscal 2025 (year ended Dec 31, 2025)
- Form 8-K Ex. 99.1: $300 million share repurchase authorization (Nov 10, 2025)
- Form 10-Q, Q3 fiscal 2026 (quarter ended Sep 30, 2026)
- Form 8-K, Items 1.01, 2.01, 2.03: Alani Nu acquisition closed; $900M term loan and $100M revolver (Apr 1, 2025)
- Form 8-K, Items 1.01, 2.01, 3.02, 5.02: PepsiCo transactions, Rockstar acquisition, Series B preferred (Aug 28, 2025)
- Form 8-K, Items 1.01, 2.03: First Refinancing Amendment, $700M term loan (Oct 2, 2025)
- Form 8-K, Items 1.01, 2.03, with Ex. 10.1: Second Refinancing Amendment, $694.8M term loan (Jul 15, 2026)
23Governance signals
23Governance signals
What do Celsius' governance filings show?
- Auditor
- Ernst & Young LLP, since 2021
- Auditor changes
- None in the period covered
- Audit qualifications
- None reported
- Related-party dealings
- PepsiCo is a related party: Celsius's revenue from PepsiCo was $1,086.0 million in FY2025 and $1,501.4 million in the first nine months of FY2026. PepsiCo also distributes the drinks, holds all the convertible preferred stock, designates 2 directors, and reimbursed most of the FY2025 distributor termination fees.
- Credit rating
- No public credit rating found in a search of rating agency sites on Nov 7, 2026
Flags to know about
related party
PepsiCo is customer, distributor, preferred holder and board designator
PepsiCo paid 64.6% of Q3 FY2026 revenue, holds all the preferred stock and names 2 directors; on Feb 10, 2026 its designees were replaced by Christy Jacoby and John Short. The 10-K says this "may allow it to exert greater influence".
regulatory
SEC settlement, January 2025
On Jan 17, 2025, without admitting or denying the SEC's findings, Celsius settled with the SEC over alleged reporting, books-and-records, internal-accounting-controls and disclosure-controls violations and paid a $3.0 million civil penalty, per Note 17 of the FY2025 10-K.
regulatory
Texas Attorney General demand
In June 2026 Celsius received a civil investigative demand (a request for documents and information) from the Texas Attorney General, per the Q3 FY2026 10-Q.
other
Securities class actions
Shareholder suits allege misleading statements about the move of distribution to PepsiCo and, in a later suit, about Alani Nu marketing and caffeine content (alleged class period Feb 21, 2025 to Jun 3, 2026).
other
Product lawsuits
A wrongful-death suit filed Apr 8, 2026 (Glazer) makes allegations involving an Alani Nu product; Celsius is not a named defendant but has an obligation to indemnify the named defendants, a former Alani Nu distributor. Proposed class actions filed in October 2026 in Washington and Illinois concern product labels.
other
$85.0 million legal settlement
On Sep 4, 2026, without admitting any wrongdoing or liability, Celsius agreed to pay $85.0 million to settle a suit by Strong Arm Productions: $60.0 million paid Sep 15, 2026 and $25.0 million due Jan 5, 2027.
other
Leadership changes
President and COO Eric Hanson left on Aug 10, 2026, and Celsius reorganized around its brands on Nov 5, 2026.
disclosure
No annual revenue by brand
The FY2025 10-K gives no brand table; brand revenue appears in the 10-Qs, and the Q4 FY2025 brand figures were stated only as approximations.
Sources (7)
- Form 10-K, fiscal 2025 (year ended Dec 31, 2025)
- Earnings release, Q3 2026 (Form 8-K Ex. 99.1)
- Form 10-Q, Q3 fiscal 2026 (quarter ended Sep 30, 2026)
- Form 8-K, Items 1.01, 2.03, with Ex. 10.1: Second Refinancing Amendment, $694.8M term loan (Jul 15, 2026)
- Form 8-K, Item 5.02: PepsiCo board designees replaced (Feb 10, 2026)
- Form 8-K, Items 5.02, 7.01 with Ex. 99.1: President and COO departure, leadership changes (Aug 10, 2026)
- Earnings release, Q4 and full year 2025 (Form 8-K Ex. 99.1)
24What the market paid
24What the market paid · price as of Nov 5, 2026
What did the market pay for Celsius on Nov 5, 2026?
Price as of Nov 5, 2026 (shown for education; prices change daily).
Price as of Nov 5, 2026: Celsius common stock closed at $30.04 on Nasdaq, per Nasdaq's historical price table. Times 250,556,309 shares outstanding on Oct 31, 2026, that is a market value of about $7,526.7 million (Cityfort calculation from the Nov 5, 2026 Nasdaq closing price and the Q3 FY2026 10-Q cover). It leaves out about 33.3 million common shares that PepsiCo's preferred stock converts into. P/E is price ÷ earnings per share: 33.4 on diluted EPS of $0.90 for the four quarters to Sep 30, 2026 (Cityfort calculation from the Q4 FY2025 and Q3 FY2026 earnings releases).
- Share price
- $30.04
- Market value (market cap)
- $7.5B
- P/E
- 33.4×
More price-based ratios · as of Nov 5, 2026
Each ratio divides a number from the company's filings by the market value or share price on Nov 5, 2026. Prices change daily, so these ratios do too.
Price to sales (P/S)
2.4×
$7.5B market value ÷ $3.2B revenue (four quarters to Sep 30, 2026) = 2.4×
Cityfort calculation from the Nov 5, 2026 closing price and the Q4 FY2025 to Q3 FY2026 earnings releases. Source: CELH historical quotes, Nasdaq, Oct 20 to Nov 5, 2026 (close Nov 5, 2026: $30.04); Form 10-Q, Q3 fiscal 2026 (quarter ended Sep 30, 2026); Form 10-K, fiscal 2025 (year ended Dec 31, 2025) and 4 more
How price ratios workFree cash flow yield
4.3%
$323M free cash flow (FY2025) ÷ $7.5B market value = 4.3%
Cityfort calculation from the FY2025 10-K and the Nov 5, 2026 closing price. Source: CELH historical quotes, Nasdaq, Oct 20 to Nov 5, 2026 (close Nov 5, 2026: $30.04); Form 10-Q, Q3 fiscal 2026 (quarter ended Sep 30, 2026); Form 10-K, fiscal 2025 (year ended Dec 31, 2025) and 2 more
What free cash flow means
Shares used for the market value: 252.42 million ($30.04 × 252.42 million shares ≈ $7.5B). Source: Form 10-Q, Q3 fiscal 2026 (quarter ended Sep 30, 2026); Proxy statement (DEF 14A), 2026 annual meeting; Form 10-K, fiscal 2025 (year ended Dec 31, 2025) and 1 more
Source: CELH historical quotes, Nasdaq, Oct 20 to Nov 5, 2026 (close Nov 5, 2026: $30.04); Form 10-Q, Q3 fiscal 2026 (quarter ended Sep 30, 2026); Form 10-K, fiscal 2025 (year ended Dec 31, 2025) and 2 more
Sources (9)
- CELH historical quotes, Nasdaq, Oct 20 to Nov 5, 2026 (close Nov 5, 2026: $30.04)
- Form 10-Q, Q3 fiscal 2026 (quarter ended Sep 30, 2026)
- Form 10-K, fiscal 2025 (year ended Dec 31, 2025)
- Earnings release, Q4 and full year 2025 (Form 8-K Ex. 99.1)
- Earnings release, Q3 2026 (Form 8-K Ex. 99.1)
- Earnings release, Q1 2026 (Form 8-K Ex. 99.1)
- Earnings release, Q2 2026 (Form 8-K Ex. 99.1)
- Proxy statement (DEF 14A), 2026 annual meeting
- Form 8-K, Items 1.01, 2.01, 3.02, 5.02: PepsiCo transactions, Rockstar acquisition, Series B preferred (Aug 28, 2025)
25How it got here
25How it got here
How did Celsius get here?
2005
Milestone
Incorporated
Celsius Holdings, Inc. was incorporated in Nevada on Apr 26, 2005.
2018
Milestone
John Fieldly becomes CEO
Fieldly became CEO in April 2018 and is also Chairman.
2022
Business-model change
PepsiCo takes over distribution
On Aug 1, 2022 Celsius signed a US distribution agreement with PepsiCo and sold it Series A preferred stock. Ending old distributor contracts cost about $193.8 million, and the loss for common stockholders was $198.8 million.
2023
Milestone
Revenue doubles; 3-for-1 split
Revenue roughly doubled to $1,318.0 million from $653.6 million. A 3-for-1 stock split took effect on Nov 13, 2023.
2024
Crisis
Growth stalls
Revenue grew 2.9%; the company cited slower energy drink category growth, PepsiCo order timing and more promotions. Q3 FY2024 revenue fell to $265.7 million.
2025
Business-model change
Alani Nu bought
On Apr 1, 2025 Celsius bought Alani Nu for $1,275.0 million in cash plus 22,451,224 shares, partly funded by a $900.0 million term loan.
2025
Business-model change
Rockstar Energy and wider PepsiCo deal
On Aug 28, 2025 Celsius took the US and Canada rights to Rockstar Energy, issued Series B preferred stock to PepsiCo and moved all three brands to PepsiCo distribution.
2026
Crisis
Settlement, suits and a new structure
Celsius agreed an $85.0 million settlement in September, faced new securities, product and label suits, and reorganized around its three brands on Nov 5, 2026.
Sources (10)
- Form 10-K, fiscal 2025 (year ended Dec 31, 2025)
- Proxy statement (DEF 14A), 2026 annual meeting
- Form 10-K, fiscal 2022 (year ended Dec 31, 2022)
- Form 10-K, fiscal 2023 (year ended Dec 31, 2023)
- Form 10-K, fiscal 2024 (year ended Dec 31, 2024)
- Earnings release, Q3 2024 (Form 8-K Ex. 99.1)
- Form 8-K, Items 1.01, 2.01, 2.03: Alani Nu acquisition closed; $900M term loan and $100M revolver (Apr 1, 2025)
- Form 8-K, Items 1.01, 2.01, 3.02, 5.02: PepsiCo transactions, Rockstar acquisition, Series B preferred (Aug 28, 2025)
- Form 10-Q, Q3 fiscal 2026 (quarter ended Sep 30, 2026)
- Earnings release, Q3 2026 (Form 8-K Ex. 99.1)
26Sources and changes
Where every number on this page comes from
Sources (26 documents)
- S1Form 10-K, fiscal 2025 (year ended Dec 31, 2025) · Celsius Holdings, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 2, 2026
- S2Form 10-K, fiscal 2024 (year ended Dec 31, 2024) · Celsius Holdings, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 3, 2025
- S3Form 10-K, fiscal 2023 (year ended Dec 31, 2023) · Celsius Holdings, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 29, 2024
- S4Form 10-K, fiscal 2022 (year ended Dec 31, 2022) · Celsius Holdings, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 1, 2023
- S5Form 10-Q, Q3 fiscal 2026 (quarter ended Sep 30, 2026) · Celsius Holdings, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 5, 2026
- S6Form 10-Q, Q2 fiscal 2026 (quarter ended Jun 30, 2026) · Celsius Holdings, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 6, 2026
- S8Earnings release, Q3 2026 (Form 8-K Ex. 99.1) · Celsius Holdings, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 5, 2026
- S9Earnings release, Q2 2026 (Form 8-K Ex. 99.1) · Celsius Holdings, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 6, 2026
- S10Earnings release, Q1 2026 (Form 8-K Ex. 99.1) · Celsius Holdings, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 7, 2026
- S11Earnings release, Q4 and full year 2025 (Form 8-K Ex. 99.1) · Celsius Holdings, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 26, 2026
- S12Earnings release, Q3 2025 (Form 8-K Ex. 99.1) · Celsius Holdings, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 6, 2025
- S13Earnings release, Q2 2025 (Form 8-K Ex. 99.1) · Celsius Holdings, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 7, 2025
- S14Earnings release, Q1 2025 (Form 8-K Ex. 99.1) · Celsius Holdings, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 6, 2025
- S15Earnings release, Q4 and full year 2024 (Form 8-K Ex. 99.1) · Celsius Holdings, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 20, 2025
- S16Earnings release, Q3 2024 (Form 8-K Ex. 99.1) · Celsius Holdings, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 6, 2024
- S17Proxy statement (DEF 14A), 2026 annual meeting · Celsius Holdings, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · 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) · Tier 1: company or exchange filing · Apr 1, 2025
- S20Form 8-K, Items 1.01, 2.01, 3.02, 5.02: PepsiCo transactions, Rockstar acquisition, Series B preferred (Aug 28, 2025) · Celsius Holdings, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 29, 2025
- S21Form 8-K, Items 1.01, 2.03: First Refinancing Amendment, $700M term loan (Oct 2, 2025) · Celsius Holdings, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · 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) · Tier 1: company or exchange filing · Jul 15, 2026
- S23Form 8-K Ex. 99.1: $300 million share repurchase authorization (Nov 10, 2025) · Celsius Holdings, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 10, 2025
- S24Form 8-K, Item 5.02: PepsiCo board designees replaced (Feb 10, 2026) · Celsius Holdings, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 10, 2026
- S25Form 8-K, Items 5.02, 7.01 with Ex. 99.1: President and COO departure, leadership changes (Aug 10, 2026) · Celsius Holdings, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 10, 2026
- S26CELH historical quotes, Nasdaq, Oct 20 to Nov 5, 2026 (close Nov 5, 2026: $30.04) · Nasdaq, Inc. · Tier 1: company or exchange filing · Nov 5, 2026
- S27Schedule 13G/A (Amendment No. 4) by AllianceBernstein L.P. (3.3%, event Jun 30, 2026) · AllianceBernstein L.P. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 14, 2026
- S28Schedule 13G/A (Amendment No. 4) by The Vanguard Group (0%, event Mar 13, 2026) · The Vanguard Group (SEC EDGAR) · Tier 1: company or exchange filing · Mar 26, 2026
Changes to this page (v1 · Nov 6, 2026)
- v1 · Nov 6, 2026First version, through Q3 FY2026 (quarter ended Sep 30, 2026). (first version)
Numbers come only from tier 1 and tier 2 sources. Read how we research.
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