Monster Beverage
MNST · NasdaqBottled & Canned Soft Drinks & Carbonated Waters · Fiscal year ends Dec 31
Monster Beverage reported revenue of $8.3B in the fiscal year ended Dec 2025, up 10.7% from the year before. Operating income was $2.4B, an operating margin of 29.2%, and net income was $1.9B. Operating cash flow of $2.1B less capital expenditure of $132M left free cash flow of $2B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $5.5B | $6.3B | $7.1B | $7.5B | $8.3B |
| Cost of revenue | $2.4B | $3.1B | $3.3B | $3.4B | $3.7B |
| Gross profit | $3.1B | $3.2B | $3.8B | $4B | $4.6B |
| Operating income | $1.8B | $1.6B | $2B | $1.9B | $2.4B |
| Pre-tax income | $1.8B | $1.6B | $2.1B | $2B | $2.5B |
| Income tax | $424M | $380M | $437M | $480M | $577M |
| Net income | $1.4B | $1.2B | $1.6B | $1.5B | $1.9B |
| Diluted shares | 1,071M | 1,066M | 1,058M | 1,013M | 984M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $1.3B | $1.3B | $2.3B | $1.5B | $2.1B |
| Receivables | $897M | $1B | $1.2B | $1.2B | $1.6B |
| Inventory | $593M | $936M | $971M | $737M | $800M |
| Current assets | $4.7B | $4.8B | $5.6B | $3.6B | $5.4B |
| Net PP&E | $314M | $517M | $891M | $1B | $1.1B |
| Goodwill | $1.3B | $1.4B | $1.4B | $1.3B | $1.3B |
| Total assets | $7.8B | $8.3B | $9.7B | $7.7B | $10B |
| Payables | $404M | $444M | $564M | $467M | $566M |
| Deferred revenue | $43M | $43M | $42M | $46M | $45M |
| Current liabilities | $965M | $1B | $1.2B | $1.1B | $1.4B |
| Short-term debt | – | – | $0 | $0 | – |
| Long-term debt | – | – | $0 | $374M | – |
| Shareholders' equity | $6.6B | $7B | $8.2B | $6B | $8.3B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $1.2B | $888M | $1.7B | $1.9B | $2.1B |
| Capital expenditure | $44M | $189M | $221M | $264M | $132M |
| Free cash flow | $1.1B | $699M | $1.5B | $1.7B | $2B |
| Depreciation & amortisation | $50M | $61M | $69M | $80M | $114M |
| Stock-based compensation | $70M | $64M | $69M | $91M | $126M |
| Share buybacks | $14M | $771M | $659M | $3.8B | $104M |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 13.9% | 13.1% | 4.9% | 10.7% |
| Operating income growth (YoY) | – | −11.8% | 23.3% | −1.2% | 25.3% |
| Gross margin | 56.1% | 50.3% | 53.1% | 54.0% | 55.8% |
| Operating margin | 32.4% | 25.1% | 27.4% | 25.8% | 29.2% |
| Net margin | 24.9% | 18.9% | 22.8% | 20.1% | 23.0% |
| Return on equityBlank when equity is negative | 21.0% | 17.0% | 19.8% | 25.3% | 23.1% |
| ROCEEBIT ÷ (assets − current liabilities) | 26.3% | 21.7% | 22.9% | 29.2% | 28.3% |
| Free cash flow margin | 20.1% | 11.1% | 21.0% | 22.2% | 23.7% |
| Cash conversion (CFO ÷ net income) | 0.84x | 0.74x | 1.05x | 1.28x | 1.10x |
| Receivable days | 59 | 59 | 61 | 60 | 71 |
| Inventory days | 89 | 109 | 106 | 78 | 80 |
| Payable days | 61 | 52 | 62 | 49 | 56 |
| Debt ÷ equity | – | – | 0.00x | 0.06x | – |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | – | −$2.3B | −$1.2B | – |
| Current ratio | 4.85x | 4.76x | 4.81x | 3.32x | 3.70x |
Recent filings
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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.