Monster Beverage Corp Financials

MNST

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows Monster Beverage Corp (MNST) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Key Financial Metrics

Revenue

$7.5B

YoY+4.9%

5Y CAGR+12.3%

10Y CAGR+11.8%

Monster Beverage Corp generated $7.5B in revenue in fiscal year 2024. This represents an increase of 4.9% from the prior year.

EBITDA

$2.0B

YoY-0.6%

5Y CAGR+6.6%

10Y CAGR+10.0%

Monster Beverage Corp's EBITDA was $2.0B in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 0.6% from the prior year.

Free Cash Flow

$1.7B

YoY+11.2%

5Y CAGR+10.5%

10Y CAGR+11.3%

Monster Beverage Corp generated $1.7B in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 11.2% from the prior year.

Net Income

$1.5B

YoY-7.5%

5Y CAGR+6.4%

10Y CAGR+12.1%

Monster Beverage Corp reported $1.5B in net income in fiscal year 2024. This represents a decrease of 7.5% from the prior year.

EPS (Diluted)

$1.49

YoY-3.2%

5Y CAGR-6.0%

10Y CAGR+4.9%

Monster Beverage Corp earned $1.49 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 3.2% from the prior year.

Cash & Debt

$1.5B

YoY-33.3%

5Y CAGR+14.0%

10Y CAGR+15.3%

Monster Beverage Corp held $1.5B in cash against $374.0M in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

973M

YoY-6.6%

5Y CAGR+12.6%

10Y CAGR+19.2%

Monster Beverage Corp had 973M shares outstanding in fiscal year 2024. This represents a decrease of 6.6% from the prior year.

Gross Margin

54.0%

YoY+0.9pp

5Y CAGR-5.9pp

10Y CAGR-0.3pp

Monster Beverage Corp's gross margin was 54.0% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 0.9 percentage points from the prior year.

Operating Margin

25.8%

YoY-1.6pp

5Y CAGR-7.6pp

10Y CAGR-4.6pp

Monster Beverage Corp's operating margin was 25.8% in fiscal year 2024, reflecting core business profitability. This is down 1.6 percentage points from the prior year.

Net Margin

20.1%

YoY-2.7pp

5Y CAGR-6.2pp

10Y CAGR+0.5pp

Monster Beverage Corp's net profit margin was 20.1% in fiscal year 2024, showing the share of revenue converted to profit. This is down 2.7 percentage points from the prior year.

Return on Equity

25.3%

YoY+5.5pp

5Y CAGR-1.2pp

10Y CAGR-6.6pp

Monster Beverage Corp's ROE was 25.3% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is up 5.5 percentage points from the prior year.

R&D Spending

N/A

Share Buybacks

$3.8B

YoY+472.4%

5Y CAGR+39.8%

10Y CAGR+84.7%

Monster Beverage Corp spent $3.8B on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding. This represents an increase of 472.4% from the prior year.

Capital Expenditures

$264.1M

YoY+19.3%

5Y CAGR+21.0%

10Y CAGR+25.2%

Monster Beverage Corp invested $264.1M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 19.3% from the prior year.

MNST Income Statement

Metric	FY24	FY24	FY24	FY23	FY22	FY21
Revenue	$7.5B+4.9%	$7.1B+13.1%	$6.3B+13.9%	$5.5B+20.5%	$4.6B+9.5%	$4.2B
Cost of Revenue	$3.4B+2.9%	$3.3B+6.7%	$3.1B+28.9%	$2.4B+29.8%	$1.9B+11.4%	$1.7B
Gross Profit	$4.0B+6.7%	$3.8B+19.5%	$3.2B+2.1%	$3.1B+14.1%	$2.7B+8.2%	$2.5B
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	$1.9B-1.2%	$2.0B+23.3%	$1.6B-11.8%	$1.8B+10.1%	$1.6B+16.4%	$1.4B
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$480.4M+9.8%	$437.5M+15.0%	$380.3M-10.3%	$423.9M+95.8%	$216.6M-29.7%	$308.1M
Net Income	$1.5B-7.5%	$1.6B+36.9%	$1.2B-13.5%	$1.4B-2.3%	$1.4B+27.2%	$1.1B
EPS (Diluted)	$1.49-3.2%	$1.54+37.5%	$1.12-13.2%	$1.29-51.1%	$2.64+30.0%	$2.03

Metric	Q3'25	Q2'25	Q1'25	Q3'25	Q3'25	Q2'25	Q1'25	Q4'24
Revenue	$2.2B+4.1%	$2.1B+13.9%	$1.9B+2.3%	$1.8B-3.7%	$1.9B-1.0%	$1.9B+0.1%	$1.9B+9.8%	$1.7B
Cost of Revenue	$972.7M+4.0%	$935.2M+15.9%	$806.6M-0.4%	$809.6M-8.1%	$881.2M0.0%	$881.1M+1.0%	$872.0M+10.1%	$791.7M
Gross Profit	$1.2B+4.1%	$1.2B+12.3%	$1.0B+4.5%	$1.0B+0.3%	$999.8M-1.9%	$1.0B-0.7%	$1.0B+9.5%	$938.4M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	$675.4M+6.9%	$631.6M+10.9%	$569.7M+49.5%	$381.2M-20.6%	$479.9M-9.0%	$527.2M-2.7%	$542.0M+24.9%	$434.0M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$165.1M+4.6%	$157.9M+16.9%	$135.0M+17.0%	$115.4M+11.8%	$103.2M-18.2%	$126.2M-7.0%	$135.7M+63.3%	$83.1M
Net Income	$524.5M+7.3%	$488.8M+10.3%	$443.0M+63.6%	$270.7M-27.0%	$370.9M-12.8%	$425.4M-3.8%	$442.0M+20.5%	$367.0M
EPS (Diluted)	$0.53+6.0%	$0.50+11.1%	$0.45+60.7%	$0.28-26.3%	$0.38-7.3%	$0.41-2.4%	$0.42+23.5%	$0.34

MNST Balance Sheet

Metric	FY24	FY24	FY24	FY23	FY22	FY21
Total Assets	$7.7B-20.3%	$9.7B+16.8%	$8.3B+6.3%	$7.8B+25.8%	$6.2B+20.4%	$5.2B
Current Assets	$3.6B-34.8%	$5.6B+17.3%	$4.8B+1.8%	$4.7B+49.1%	$3.1B+35.6%	$2.3B
Cash & Equivalents	$1.5B-33.3%	$2.3B+75.8%	$1.3B-1.5%	$1.3B+12.4%	$1.2B+47.9%	$798.0M
Inventory	$737.1M-24.1%	$971.4M+3.8%	$935.6M+57.7%	$593.4M+78.1%	$333.1M-7.7%	$360.7M
Accounts Receivable	$1.2B+2.3%	$1.2B+17.5%	$1.0B+13.3%	$896.7M+34.6%	$666.0M+23.3%	$540.3M
Goodwill	$1.3B-6.1%	$1.4B0.0%	$1.4B+6.5%	$1.3B0.0%	$1.3B0.0%	$1.3B
Total Liabilities	$1.8B+20.8%	$1.5B+15.0%	$1.3B+2.4%	$1.2B+18.8%	$1.0B+6.4%	$979.1M
Current Liabilities	$1.1B-5.5%	$1.2B+15.9%	$1.0B+3.8%	$965.1M+28.7%	$750.0M+13.4%	$661.1M
Long-Term Debt	$374.0M	$0	N/A	N/A	N/A	N/A
Total Equity	$6.0B-27.6%	$8.2B+17.1%	$7.0B+7.0%	$6.6B+27.2%	$5.2B+23.7%	$4.2B
Retained Earnings	$7.4B+25.4%	$5.9B-34.0%	$9.0B+15.3%	$7.8B+21.4%	$6.4B+28.1%	$5.0B

Metric	Q3'25	Q2'25	Q1'25	Q3'25	Q3'25	Q2'25	Q1'25	Q4'24
Total Assets	$9.6B+10.1%	$8.7B+6.1%	$8.2B+6.6%	$7.7B-4.2%	$8.1B-0.1%	$8.1B-20.2%	$10.1B+4.2%	$9.7B
Current Assets	$5.1B+14.4%	$4.4B+7.1%	$4.1B+13.6%	$3.6B-6.6%	$3.9B-1.4%	$4.0B-34.5%	$6.0B+8.0%	$5.6B
Cash & Equivalents	$2.3B+19.0%	$1.9B+1.2%	$1.9B+24.1%	$1.5B-5.7%	$1.6B+3.9%	$1.6B-39.3%	$2.6B+12.1%	$2.3B
Inventory	$704.6M+7.1%	$658.2M-9.2%	$725.1M-1.6%	$737.1M-4.3%	$770.3M-7.7%	$834.4M-11.2%	$939.6M-3.3%	$971.4M
Accounts Receivable	$1.6B+5.2%	$1.5B+11.9%	$1.4B+11.3%	$1.2B-5.0%	$1.3B-5.7%	$1.4B-0.6%	$1.4B+14.8%	$1.2B
Goodwill	$1.3B0.0%	$1.3B0.0%	$1.3B0.0%	$1.3B-6.1%	$1.4B0.0%	$1.4B0.0%	$1.4B0.0%	$1.4B
Total Liabilities	$1.9B+21.3%	$1.5B-9.9%	$1.7B-3.1%	$1.8B-22.5%	$2.3B+3.6%	$2.2B+44.4%	$1.5B+4.3%	$1.5B
Current Liabilities	$1.6B+26.4%	$1.3B+2.7%	$1.2B+11.6%	$1.1B-11.9%	$1.2B+7.3%	$1.2B-5.6%	$1.2B+5.8%	$1.2B
Long-Term Debt	N/A	N/A	$199.1M-46.8%	$374.0M-50.1%	$748.8M0.0%	$748.7M	N/A	$0
Total Equity	$7.7B+7.7%	$7.2B+10.3%	$6.5B+9.4%	$6.0B+3.1%	$5.8B-1.5%	$5.9B-31.6%	$8.6B+4.2%	$8.2B
Retained Earnings	$8.9B+6.3%	$8.4B+6.2%	$7.9B+5.9%	$7.4B+3.8%	$7.2B+5.4%	$6.8B+6.7%	$6.4B+7.4%	$5.9B

MNST Cash Flow Statement

Metric	FY24	FY24	FY24	FY23	FY22	FY21
Operating Cash Flow	$1.9B+12.3%	$1.7B+93.5%	$887.7M-23.2%	$1.2B-15.3%	$1.4B+22.5%	$1.1B
Capital Expenditures	$264.1M+19.3%	$221.4M+17.3%	$188.7M+330.2%	$43.9M-10.0%	$48.7M-52.1%	$101.7M
Free Cash Flow	$1.7B+11.2%	$1.5B+114.1%	$699.0M-37.1%	$1.1B-15.5%	$1.3B+30.0%	$1.0B
Investing Cash Flow	$733.7M+479.4%	-$193.4M-19.8%	-$161.4M+83.7%	-$992.0M-110.0%	-$472.5M-44.6%	-$326.7M
Financing Cash Flow	-$3.3B-513.5%	-$542.6M+23.2%	-$706.9M-2130.2%	$34.8M+106.6%	-$526.1M+16.3%	-$628.5M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$3.8B+472.4%	$659.0M-14.5%	$771.0M+5475.0%	$13.8M-97.7%	$595.9M-15.7%	$707.3M

Metric	Q3'25	Q2'25	Q1'25	Q3'25	Q3'25	Q2'25	Q1'25	Q4'24
Operating Cash Flow	N/A	N/A	$507.6M	N/A	N/A	N/A	$412.1M	N/A
Capital Expenditures	N/A	N/A	$29.1M	N/A	N/A	N/A	$66.0M	N/A
Free Cash Flow	N/A	N/A	$478.5M	N/A	N/A	N/A	$346.1M	N/A
Investing Cash Flow	N/A	N/A	-$30.9M	N/A	N/A	N/A	-$35.3M	N/A
Financing Cash Flow	N/A	N/A	-$145.6M	N/A	N/A	N/A	-$84.7M	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	$16.6M	N/A	N/A	N/A	$120.2M	N/A

MNST Financial Ratios

Metric	FY24	FY24	FY24	FY23	FY22	FY21
Gross Margin	54.0%+0.9pp	53.1%+2.8pp	50.3%-5.8pp	56.1%-3.1pp	59.2%-0.7pp	60.0%
Operating Margin	25.8%-1.6pp	27.4%+2.3pp	25.1%-7.3pp	32.4%-3.1pp	35.5%+2.1pp	33.4%
Net Margin	20.1%-2.7pp	22.8%+4.0pp	18.9%-6.0pp	24.9%-5.8pp	30.6%+4.3pp	26.4%
Return on Equity	25.3%+5.5pp	19.8%+2.9pp	17.0%-4.0pp	21.0%-6.3pp	27.3%+0.8pp	26.6%
Return on Assets	19.6%+2.7pp	16.8%+2.5pp	14.4%-3.3pp	17.6%-5.1pp	22.7%+1.2pp	21.5%
Current Ratio	3.32-1.5	4.81+0.1	4.76-0.1	4.85+0.7	4.19+0.7	3.50
Debt-to-Equity	0.06+0.1	0.00-0.2	0.180.0	0.19-0.0	0.20-0.0	0.23
FCF Margin	22.2%+1.2pp	21.0%+9.9pp	11.1%-9.0pp	20.1%-8.5pp	28.6%+4.5pp	24.1%

Metric	Q3'25	Q2'25	Q1'25	Q3'25	Q3'25	Q2'25	Q1'25	Q4'24
Gross Margin	55.7%+0.0pp	55.7%-0.8pp	56.5%+1.2pp	55.3%+2.2pp	53.1%-0.5pp	53.6%-0.5pp	54.1%-0.1pp	54.2%
Operating Margin	30.7%+0.8pp	29.9%-0.8pp	30.7%+9.7pp	21.0%-4.5pp	25.5%-2.2pp	27.7%-0.8pp	28.5%+3.5pp	25.1%
Net Margin	23.9%+0.7pp	23.2%-0.7pp	23.9%+8.9pp	14.9%-4.8pp	19.7%-2.7pp	22.4%-0.9pp	23.3%+2.1pp	21.2%
Return on Equity	6.8%-0.0pp	6.8%+0.0pp	6.8%+2.3pp	4.5%-1.9pp	6.4%-0.8pp	7.2%+2.1pp	5.1%+0.7pp	4.5%
Return on Assets	5.5%-0.1pp	5.6%+0.2pp	5.4%+1.9pp	3.5%-1.1pp	4.6%-0.7pp	5.3%+0.9pp	4.4%+0.6pp	3.8%
Current Ratio	3.19-0.3	3.52+0.1	3.37+0.1	3.32+0.2	3.13-0.3	3.41-1.5	4.91+0.1	4.81
Debt-to-Equity	0.24+0.0	0.21+0.2	0.03-0.0	0.06-0.1	0.130.0	0.13-0.0	0.18+0.2	0.00
FCF Margin	N/A	N/A	25.8%	N/A	N/A	N/A	18.2%	N/A

Financial Health Signals

Financial Profile 90/100

Profitability

100

Growth

Leverage

100

Liquidity

100

Cash Flow

100

Returns

100

Based on FY2024 annual data. Scores normalized against common benchmarks.

Altman Z-Score Safe

30.56

Bankruptcy risk indicator. Above 2.99 = safe, below 1.81 = distress.

Piotroski F-Score Strong

7/9

Financial strength trend (9 signals). 7-9 = strong, 0-3 = weak.

Earnings Quality Cash-Backed

1.28x

Operating cash flow vs net income. Above 1.0x = cash-backed earnings.

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Frequently Asked Questions

What is Monster Beverage Corp's annual revenue?

Monster Beverage Corp (MNST) reported $7.5B in total revenue for fiscal year 2024. This represents a 4.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Monster Beverage Corp's revenue growing?

Monster Beverage Corp (MNST) revenue grew by 4.9% year-over-year, from $7.1B to $7.5B in fiscal year 2024.

Is Monster Beverage Corp profitable?

Yes, Monster Beverage Corp (MNST) reported a net income of $1.5B in fiscal year 2024, with a net profit margin of 20.1%.

What is Monster Beverage Corp's earnings per share (EPS)?

Monster Beverage Corp (MNST) reported diluted earnings per share of $1.49 for fiscal year 2024. This represents a -3.2% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Monster Beverage Corp's EBITDA?

Monster Beverage Corp (MNST) had EBITDA of $2.0B in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Monster Beverage Corp have?

As of fiscal year 2024, Monster Beverage Corp (MNST) had $1.5B in cash and equivalents against $374.0M in long-term debt.

What is Monster Beverage Corp's gross margin?

Monster Beverage Corp (MNST) had a gross margin of 54.0% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.

What is Monster Beverage Corp's operating margin?

Monster Beverage Corp (MNST) had an operating margin of 25.8% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is Monster Beverage Corp's net profit margin?

Monster Beverage Corp (MNST) had a net profit margin of 20.1% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Monster Beverage Corp's return on equity (ROE)?

Monster Beverage Corp (MNST) has a return on equity of 25.3% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.

What is Monster Beverage Corp's free cash flow?

Monster Beverage Corp (MNST) generated $1.7B in free cash flow during fiscal year 2024. This represents a 11.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Monster Beverage Corp's operating cash flow?

Monster Beverage Corp (MNST) generated $1.9B in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Monster Beverage Corp's total assets?

Monster Beverage Corp (MNST) had $7.7B in total assets as of fiscal year 2024, including both current and long-term assets.

What are Monster Beverage Corp's capital expenditures?

Monster Beverage Corp (MNST) invested $264.1M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

Does Monster Beverage Corp buy back shares?

Yes, Monster Beverage Corp (MNST) spent $3.8B on share buybacks during fiscal year 2024, returning capital to shareholders by reducing shares outstanding.

How many shares does Monster Beverage Corp have outstanding?

Monster Beverage Corp (MNST) had 973M shares outstanding as of fiscal year 2024.

What is Monster Beverage Corp's current ratio?

Monster Beverage Corp (MNST) had a current ratio of 3.32 as of fiscal year 2024, which is generally considered healthy.

What is Monster Beverage Corp's debt-to-equity ratio?

Monster Beverage Corp (MNST) had a debt-to-equity ratio of 0.06 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Monster Beverage Corp's return on assets (ROA)?

Monster Beverage Corp (MNST) had a return on assets of 19.6% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Monster Beverage Corp's Altman Z-Score?

Monster Beverage Corp (MNST) has an Altman Z-Score of 30.56, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress.

What is Monster Beverage Corp's Piotroski F-Score?

Monster Beverage Corp (MNST) has a Piotroski F-Score of 7 out of 9, indicating strong financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals.

Are Monster Beverage Corp's earnings high quality?

Monster Beverage Corp (MNST) has an earnings quality ratio of 1.28x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation.

How financially healthy is Monster Beverage Corp?

Monster Beverage Corp (MNST) scores 90 out of 100 on our Financial Profile, indicating strong overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks.