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Beverages - Non-alcoholic · Consumer Defensive · Fiscal year ends Dec 31
Celsius reported revenue of $2.5B in the fiscal year ended Dec 2025, up 85.5% from the year before. Operating income was $141M, an operating margin of 5.6%, and net income was $108M. Operating cash flow of $359M less capital expenditure of $36M left free cash flow of $323M. Net debt was $278M.
Ranks among the 13 beverages - non-alcoholic companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 314 | 654 | 1,318 | 1,356 | 2,515 |
| Cost of revenue | 186 | 383 | 685 | 675 | 1,248 |
| Gross profit | 128 | 271 | 633 | 680 | 1,267 |
| Research & development | 1.0 | 0.4 | 1.7 | 1.0 | 2.4 |
| Selling, general & admin | 207 | 429 | 367 | 524 | 799 |
| Operating income | −4.1 | −158 | 266 | 156 | 141 |
| Net interest incomeBanks | −0.0 | 5.3 | 26.6 | 39.3 | 21.1 |
| Interest expense | – | – | 0.0 | 0.0 | 49.0 |
| Pre-tax income | −4.1 | −153 | 292 | 195 | 125 |
| Income tax | −8.0 | 34.6 | 64.9 | 50.0 | 17.0 |
| Net income | 3.9 | −187 | 227 | 145 | 108 |
| Diluted EPS | 0.02 | −0.88 | 0.77 | 0.45 | 0.25 |
| Diluted shares | 233 | 227 | 237 | 237 | 255 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 16.3 | 614 | 756 | 890 | 399 |
| Receivables | 38.7 | 63.3 | 184 | 270 | 755 |
| Inventory | 191 | 173 | 229 | 131 | 338 |
| Current assets | 262 | 918 | 1,205 | 1,325 | 1,811 |
| Net PP&E | 3.2 | 10.2 | 24.9 | 55.6 | 87.9 |
| Goodwill | 14.5 | 13.7 | 14.2 | 71.6 | 918 |
| Total assets | 314 | 1,222 | 1,536 | 1,767 | 5,120 |
| Payables | 35.8 | 36.2 | 42.8 | 41.3 | 138 |
| Deferred revenue | 0.0 | 9.7 | 9.5 | 9.5 | 27.0 |
| Current liabilities | 93.1 | 161 | 277 | 366 | 1,079 |
| Short-term debt | – | – | – | – | 7.0 |
| Long-term debt | – | – | – | 0.0 | 670 |
| Total liabilities | 97.0 | 357 | 448 | 542 | 2,178 |
| Shareholders' equity | 217 | 40.1 | 264 | 400 | 1,181 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −96.6 | 108 | 141 | 263 | 359 |
| Capital expenditure | 3.2 | 8.3 | 17.4 | 23.4 | 36.1 |
| Free cash flow | −99.7 | 99.9 | 124 | 240 | 323 |
| Depreciation & amortisation | 1.3 | 1.9 | 3.2 | 7.3 | 29.5 |
| Stock-based compensation | 36.5 | 20.7 | 21.2 | 19.6 | 28.1 |
| Acquisitions | – | 0.0 | 0.0 | 75.3 | – |
| Share buybacks | – | 0.0 | 0.0 | 2.3 | 5.7 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 108.0% | 101.7% | 2.9% | 85.5% |
| Operating income growth (YoY) | – | – | – | −41.5% | −9.4% |
| EPS growth (YoY) | – | −4500.0% | – | −41.6% | −44.4% |
| Gross margin | 40.8% | 41.4% | 48.0% | 50.2% | 50.4% |
| Operating margin | −1.3% | −24.1% | 20.2% | 11.5% | 5.6% |
| Net margin | 1.3% | −28.7% | 17.2% | 10.7% | 4.3% |
| Return on equityBlank when equity is negative | 1.8% | −467.1% | 85.9% | 36.3% | 9.1% |
| ROCEEBIT ÷ (assets − current liabilities) | −1.9% | −14.9% | 21.1% | 11.1% | 3.5% |
| Free cash flow margin | −31.7% | 15.3% | 9.4% | 17.7% | 12.9% |
| Cash conversion (CFO ÷ net income) | −24.5x | −0.58x | 0.62x | 1.81x | 3.33x |
| Receivable days | 45 | 35 | 51 | 73 | 110 |
| Inventory days | 375 | 165 | 122 | 71 | 99 |
| Payable days | 70 | 35 | 23 | 22 | 40 |
| Interest cover | – | – | – | – | 2.88x |
| Debt ÷ equity | – | – | – | 0.00x | 0.57x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | – | – | −890 | 278 |
| Current ratio | 2.82x | 5.69x | 4.36x | 3.62x | 1.68x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.