[10-Q] Monster Beverage Corp Quarterly Earnings Report

Q: How did MNST perform in Q3 2025?

Q3 net sales were $2,197,139 , operating income $675,352 , net income $524,455 , and diluted EPS $0.53 .

Q: What were MNST’s nine-month 2025 results?

Nine-month net sales were $6,163,290 and net income was $1,456,242 .

Q: What is MNST’s liquidity position?

Cash and cash equivalents were $2,292,939 with total investments of $645,565 at September 30, 2025.

Q: What is the status of the share repurchase program for MNST?

Under the August 2024 plan, $500.0 million remained available as of November 5, 2025; no Q3 open-market repurchases were made.

Q: How many MNST shares were outstanding?

Shares outstanding were 976,997 as of September 30, 2025; the company reported 977,021,216 as of October 31, 2025.

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

10-Q

Rhea-AI Filing Summary

Monster Beverage (MNST) reported strong Q3 results. Net sales were $2,197,139, up from $1,880,973 a year ago, driven primarily by Monster Energy Drinks across regions. Operating income rose to $675,352 from $479,916, and net income increased to $524,455 from $370,919. Diluted EPS was $0.53 versus $0.38.

For the nine months, net sales reached $6,163,290 and net income was $1,456,242. Gross profit for Q3 was $1,224,486, reflecting healthy margins despite higher costs of sales. Cash from operations for the nine months was $1,718,762, supporting liquidity and growth initiatives.

The company ended Q3 with cash and cash equivalents of $2,292,939 and short- and long-term investments of $645,565. Long-term debt was repaid in April 2025, leaving no borrowings outstanding; the revolving credit facility capacity was amended to $500.0 million. Shares outstanding were 976,997 as of September 30, 2025, and 977,021,216 as of October 31, 2025. Under its August 2024 repurchase plan, $500.0 million remained available as of November 5, 2025; no open-market repurchases occurred in Q3, though 0.4 million shares were acquired from employees for $27,288.

Insights

Solid Q3 growth, stronger profitability, and zero debt.

Monster Beverage delivered higher volume and mix benefits in Q3, with net sales of $2,197,139 and operating income of $675,352. Net income improved to $524,455, lifting diluted EPS to $0.53. Nine-month operating cash flow of $1,718,762 underpins liquidity.

Balance sheet quality improved: cash and equivalents were $2,292,939 and investments totaled $645,565. The term loan was repaid in April 2025, and the revolver capacity now stands at $500.0 million per the October 17, 2025 amendment.

Capital returns remain flexible with $500.0 million authorized for repurchases as of November 5, 2025. Actual impact depends on ongoing demand across geographies and execution within the Monster Energy Drinks segment.

11/06/2025 - 06:48 PM

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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

Quarterly Report Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

For the quarterly period ended September 30, 2025

Commission File Number 001-18761

MONSTER BEVERAGE CORPORATION

(Exact name of registrant as specified in its charter)


Delaware		47-1809393
(State or other jurisdiction of		(I.R.S. Employer
incorporation or organization)		Identification No.)

1 Monster Way

Corona, California 92879

(Address of principal executive offices) (Zip code)

(951) 739 - 6200

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock	MNST	Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes X No __

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes X No __

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer ☒		Accelerated filer ☐
Non-accelerated filer ☐		Smaller reporting company ☐
		Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes __ No X

The registrant had 977,021,216 shares of common stock, par value $0.005 per share, outstanding as of October 31, 2025.

Table of Contents

MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES

SEPTEMBER 30, 2025

INDEX


Part I.	FINANCIAL INFORMATION	Page No.

Item 1.	Condensed Consolidated Financial Statements (Unaudited)

	Condensed Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024	3

	Condensed Consolidated Statements of Income for the Three- and Nine-Months Ended September 30, 2025 and 2024	4

	Condensed Consolidated Statements of Comprehensive Income for the Three- and Nine-Months Ended September 30, 2025 and 2024	5

	Condensed Consolidated Statements of Stockholders’ Equity for the Three- and Nine-Months Ended September 30, 2025 and 2024	6

	Condensed Consolidated Statements of Cash Flows for the Nine-Months Ended September 30, 2025 and 2024	7

	Notes to Condensed Consolidated Financial Statements	9

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	30

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	45

Item 4.	Controls and Procedures	45

Part II.	OTHER INFORMATION

Item 1.	Legal Proceedings	46

Item 1A.	Risk Factors	46

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	46

Item 3.	Defaults Upon Senior Securities	47

Item 4.	Mine Safety Disclosures	47

Item 5.	Other Information	47

Item 6.	Exhibits	47

	Signatures	48

Table of Contents

PART I – FINANCIAL INFORMATION

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

AS OF SEPTEMBER 30, 2025 AND DECEMBER 31, 2024

(In Thousands, Except Par Value) (Unaudited)


	September 30,		December 31,
	2025		2024
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	2,292,939	$	1,533,287
Short-term investments		286,391		—
Accounts receivable, net		1,601,216		1,221,646
Inventories		704,586		737,107
Prepaid expenses and other current assets		142,713		107,262
Prepaid income taxes		38,372		42,202
Total current assets		5,066,217		3,641,504

INVESTMENTS		359,174		—
PROPERTY AND EQUIPMENT, net		1,110,705		1,047,024
DEFERRED INCOME TAXES, net		185,321		184,260
GOODWILL		1,331,643		1,331,643
OTHER INTANGIBLE ASSETS, net		1,419,306		1,414,252
OTHER ASSETS		138,907		100,406
Total Assets	$	9,611,273	$	7,719,089

LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable	$	683,030	$	466,775
Accrued liabilities		325,450		220,764
Accrued promotional allowances		392,628		267,711
Deferred revenue		47,158		45,809
Accrued compensation		102,131		92,454
Income taxes payable		40,023		4,006
Total current liabilities		1,590,420		1,097,519

DEFERRED REVENUE		164,701		179,008
OTHER LIABILITIES		110,992		110,893
LONG-TERM DEBT		—		373,951

COMMITMENTS AND CONTINGENCIES (Note 10)

STOCKHOLDERS’ EQUITY:
Common stock - $0.005 par value; 5,000,000 shares authorized; 1,130,977 shares issued and 976,997 shares outstanding as of September 30, 2025; 1,126,329 shares issued and 973,079 shares outstanding as of December 31, 2024		5,655		5,632
Additional paid-in capital		5,343,915		5,144,922
Retained earnings		8,905,026		7,448,784
Accumulated other comprehensive loss		(93,382)		(269,487)
Common stock in treasury, at cost; 153,980 shares and 153,250 shares as of September 30, 2025 and December 31, 2024, respectively		(6,416,054)		(6,372,133)
Total stockholders’ equity		7,745,160		5,957,718
Total Liabilities and Stockholders’ Equity	$	9,611,273	$	7,719,089

See accompanying notes to condensed consolidated financial statements.

Table of Contents

MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

FOR THE THREE- AND NINE-MONTHS ENDED SEPTEMBER 30, 2025 AND 2024

(In Thousands, Except Per Share Amounts) (Unaudited)


	Three-Months Ended				Nine-Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
NET SALES	$	2,197,139	$	1,880,973	$	6,163,290	$	5,680,668

COST OF SALES		972,653		881,174		2,714,428		2,634,235

GROSS PROFIT		1,224,486		999,799		3,448,862		3,046,433

OPERATING EXPENSES		549,134		519,883		1,572,142		1,497,363

OPERATING INCOME		675,352		479,916		1,876,720		1,549,070

INTEREST and OTHER INCOME (EXPENSE), net		14,185		(5,820)		37,522		54,311

INCOME BEFORE PROVISION FOR INCOME TAXES		689,537		474,096		1,914,242		1,603,381

PROVISION FOR INCOME TAXES		165,082		103,177		458,000		365,044

NET INCOME	$	524,455	$	370,919	$	1,456,242	$	1,238,337

NET INCOME PER COMMON SHARE:
Basic	$	0.54	$	0.38	$	1.49	$	1.22
Diluted	$	0.53	$	0.38	$	1.48	$	1.21

WEIGHTED AVERAGE NUMBER OF SHARES OF COMMON STOCK AND COMMON STOCK EQUIVALENTS:
Basic		976,608		975,841		975,337		1,015,252
Diluted		984,966		983,171		983,532		1,023,912

See accompanying notes to condensed consolidated financial statements.

Table of Contents

MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

FOR THE THREE- AND NINE-MONTHS ENDED SEPTEMBER 30, 2025 AND 2024

(In Thousands) (Unaudited)


	Three-Months Ended				Nine-Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
Net income, as reported	$	524,455	$	370,919	$	1,456,242	$	1,238,337
Other comprehensive income (loss), net of tax:
Change in foreign currency translation adjustment		(17,353)		47,846		147,377		(13,953)
Change in net unrealized gain (loss) on available-for-sale investments		221		—		434		758
Change in net gain (loss) on commodity derivatives		15,058		(3,384)		28,294		690
Other comprehensive income (loss)		(2,074)		44,462		176,105		(12,505)
Comprehensive income	$	522,381	$	415,381	$	1,632,347	$	1,225,832

See accompanying notes to condensed consolidated financial statements.

Table of Contents

MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

FOR THE THREE- AND NINE-MONTHS ENDED SEPTEMBER 30, 2025 AND 2024

(In Thousands) (Unaudited)


								Accumulated
				Additional				Other					Total
	Common stock			Paid-in		Retained		Comprehensive		Treasury stock			Stockholders’
	Shares	Amount		Capital		Earnings		(Loss) Income		Shares	Amount		Equity
Balance, December 31, 2024	1,126,329	$	5,632	$	5,144,922	$	7,448,784	$	(269,487)	(153,250)	$	(6,372,133)	$	5,957,718

Stock-based compensation	—		—		20,727		—		—	—		—		20,727
Stock options/awards	2,366		11		48,082		—		—	—		—		48,093
Repurchase of common stock	—		—		—		—		—	(302)		(16,633)		(16,633)
Foreign currency translation	—		—		—		—		63,971	—		—		63,971
Net gain (loss) on commodity derivatives	—		—		—		—		2,570	—		—		2,570
Net income	—		—		—		442,993		—	—		—		442,993
Balance, March 31, 2025	1,128,695	$	5,643	$	5,213,731	$	7,891,777	$	(202,946)	(153,552)	$	(6,388,766)	$	6,519,439

Stock-based compensation	—		—		31,842		—		—	—		—		31,842
Stock options/awards	1,255		7		39,584		—		—	—		—		39,591
Unrealized gain (loss), net on available-for-sale securities	—		—		—		—		213	—		—		213
Foreign currency translation	—		—		—		—		100,759	—		—		100,759
Net gain (loss) on commodity derivatives	—		—		—		—		10,666	—		—		10,666
Net income	—		—		—		488,794		—	—		—		488,794
Balance, June 30, 2025	1,129,950	$	5,650	$	5,285,157	$	8,380,571	$	(91,308)	(153,552)	$	(6,388,766)	$	7,191,304

Stock-based compensation	—		—		32,084		—		—	—		—		32,084
Stock options/awards	1,027		5		26,674		—		—	—		—		26,679
Unrealized gain (loss), net on available-for-sale securities	—		—		—		—		221	—		—		221
Repurchase of common stock	—		—		—		—		—	(428)		(27,288)		(27,288)
Foreign currency translation	—		—		—		—		(17,353)	—		—		(17,353)
Net gain (loss) on commodity derivatives	—		—		—		—		15,058	—		—		15,058
Net income	—		—		—		524,455		—	—		—		524,455
Balance, September 30, 2025	1,130,977	$	5,655	$	5,343,915	$	8,905,026	$	(93,382)	(153,980)	$	(6,416,054)	$	7,745,160


								Accumulated
				Additional				Other					Total
	Common stock			Paid-in		Retained		Comprehensive		Treasury stock			Stockholders’
	Shares	Amount		Capital		Earnings		(Loss) Income		Shares	Amount		Equity
Balance, December 31, 2023	1,122,592	$	5,613	$	4,975,115	$	5,939,736	$	(125,337)	(81,021)	$	(2,566,383)	$	8,228,744

Stock-based compensation	—		—		21,452		—		—	—		—		21,452
Stock options/awards	2,278		11		38,381		—		—	—		—		38,392
Unrealized gain (loss), net on available-for-sale securities	—		—		—		—		223	—		—		223
Repurchase of common stock	—		—		—		—		—	(2,151)		(120,245)		(120,245)
Foreign currency translation	—		—		—		—		(30,695)	—		—		(30,695)
Net gain (loss) on commodity derivatives	—		—		—		—		(2,131)	—		—		(2,131)
Net income	—		—		—		442,049		—	—		—		442,049
Balance, March 31, 2024	1,124,870	$	5,624	$	5,034,948	$	6,381,785	$	(157,940)	(83,172)	$	(2,686,628)	$	8,577,789

Stock-based compensation	—		—		19,645		—		—	—		—		19,645
Stock options/awards	460		3		13,698		—		—	—		—		13,701
Unrealized gain (loss), net on available-for-sale securities	—		—		—		—		535	—		—		535
Repurchase of common stock	—		—		—		—		—	(58,778)		(3,145,817)		(3,145,817)
Foreign currency translation	—		—		—		—		(31,104)	—		—		(31,104)
Net gain (loss) on commodity derivatives	—		—		—		—		6,205	—		—		6,205
Net income	—		—		—		425,369		—	—		—		425,369
Balance, June 30, 2024	1,125,330	$	5,627	$	5,068,291	$	6,807,154	$	(182,304)	(141,950)	$	(5,832,445)	$	5,866,323

Stock-based compensation	—		—		27,659		—		—	—		—		27,659
Stock options/awards	369		1		10,007		—		—	—		—		10,008
Repurchase of common stock	—		—		—		—		—	(11,299)		(539,971)		(539,971)
Foreign currency translation	—		—		—		—		47,846	—		—		47,846
Net gain (loss) on commodity derivatives	—		—		—		—		(3,384)	—		—		(3,384)
Net income	—		—		—		370,919		—	—		—		370,919
Balance, September 30, 2024	1,125,699	$	5,628	$	5,105,957	$	7,178,073	$	(137,842)	(153,249)	$	(6,372,416)	$	5,779,400

See accompanying notes to condensed consolidated financial statements.

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MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE NINE-MONTHS ENDED SEPTEMBER 30, 2025 AND 2024

(In Thousands) (Unaudited)


	Nine-Months Ended
	September 30,
	2025		2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	1,456,242	$	1,238,337
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		82,023		59,822
Non-cash lease expense		10,266		9,801
Loss (gain) on disposal of property and equipment		(916)		2,070
Loss on impairment of property and equipment		2,279		6,067
Stock-based compensation		86,664		68,793
Deferred income taxes		455		(10,242)
Effect on cash of changes in operating assets and liabilities:
Accounts receivable		(299,139)		(106,404)
Inventories		58,387		197,107
Prepaid expenses and other assets		(66,269)		(5,861)
Prepaid income taxes		14,043		(39,668)
Accounts payable		148,575		(14,346)
Accrued liabilities		98,535		46,749
Accrued promotional allowances		105,806		31,492
Accrued compensation		6,434		(6,043)
Income taxes payable		33,361		4,213
Other liabilities		(2,077)		(2,403)
Deferred revenue		(15,907)		(12,652)
Net cash provided by operating activities		1,718,762		1,466,832

CASH FLOWS FROM INVESTING ACTIVITIES:
Sales of available-for-sale investments		20,686		1,377,915
Purchases of available-for-sale investments		(618,389)		(342,121)
Purchases of property and equipment		(104,101)		(172,795)
Proceeds from sale of property and equipment		2,744		2,095
Additions to intangibles		(19,681)		(21,473)
Increase in other assets		(507)		(603)
Net cash (used in) provided by investing activities		(719,248)		843,018

CASH FLOWS FROM FINANCING ACTIVITIES:
Payments on short-term debt		(8,043)		(6,717)
Payments on credit facilities		(375,000)		—
Borrowings on credit facilities		—		750,000
Payments for debt issuance costs		—		(2,904)
Issuance of common stock		114,363		62,101
Purchases of common stock held in treasury		(43,921)		(3,770,184)
Net cash used in financing activities		(312,601)		(2,967,704)

Effect of exchange rate changes on cash and cash equivalents		72,739		(14,482)

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		759,652		(672,336)
CASH AND CASH EQUIVALENTS, beginning of period		1,533,287		2,297,675
CASH AND CASH EQUIVALENTS, end of period	$	2,292,939	$	1,625,339

SUPPLEMENTAL INFORMATION:
Cash paid during the period for:
Interest	$	5,296	$	13,808
Income taxes	$	413,194	$	411,884

See accompanying notes to condensed consolidated financial statements.

Table of Contents

MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE NINE-MONTHS ENDED SEPTEMBER 30, 2025 AND 2024

(In Thousands) (Unaudited) (Continued)

SUPPLEMENTAL DISCLOSURE OF NON-CASH ITEMS

Included in accrued liabilities as of September 30, 2025 and 2024 were additions to other intangible assets of $3.2 million and $10.9 million, respectively.

Included in accounts payable as of September 30, 2025 and 2024 were property and equipment purchases of $1.4 million and $20.3 million, respectively.

Included in accounts payable as of September 30, 2025 were available-for-sale short-term investment purchases of $16.2 million.

Included in accounts payable as of September 30, 2025 were available-for-sale long-term investment purchases of $31.2 million.

See accompanying notes to condensed consolidated financial statements.

Table of Contents

MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Tabular Dollars in Thousands, Except Per Share Amounts) (Unaudited)

1.	BASIS OF PRESENTATION

Reference is made to the Notes to Consolidated Financial Statements, in Monster Beverage Corporation and Subsidiaries (the “Company”) Annual Report on Form 10-K for the year ended December 31, 2024 for a summary of significant accounting policies utilized by the Company and its consolidated subsidiaries and other disclosures, which should be read in conjunction with this Quarterly Report on Form 10-Q (“Form 10-Q”).

The Company’s condensed consolidated financial statements included in this Form 10-Q have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and Securities and Exchange Commission (“SEC”) rules and regulations applicable to interim financial reporting. They do not include all the information and footnote disclosures normally included in annual financial statements prepared in accordance with GAAP. The information set forth in these interim condensed consolidated financial statements for the three- and nine-months ended September 30, 2025 and 2024, respectively, is unaudited and reflects all adjustments, which include only normal recurring adjustments and which in the opinion of management are necessary to make the interim condensed consolidated financial statements not misleading. Results of operations for periods covered by this report may not necessarily be indicative of results of operations for the full year.

The preparation of financial statements in conformity with GAAP necessarily requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from these estimates.

Recent Accounting Pronouncements

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in this update primarily require more detailed disclosures related to the rate reconciliation and income taxes paid. The amendments in ASU 2023-09 are effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is evaluating the impact ASU 2023-09 will have on its consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses. The amendments in this update require the Company to disaggregate key expense categories such as purchases of inventory, employee compensation, depreciation and intangible asset amortization, within its financial statements. The amendments in ASU 2024-03 are effective for fiscal years beginning after December 15, 2026. Early adoption is permitted. The Company is evaluating the impact ASU 2024-03 will have on its consolidated financial statements.

In September 2025, the FASB issued ASU 2025-06, Targeted Improvements to the Accounting for Internal-Use Software. The amendments in this update require internal-use software development cost capitalization to begin when both of the following occur: management has authorized and committed to funding the software project, and it is probable that the project will be completed and that the software will be used to perform its intended function. The amendments also eliminate the accounting considerations of software development stages. The amendments in ASU 2025-06 are effective for fiscal years beginning after December 15, 2027. Early adoption is permitted. The Company is evaluating the impact ASC 2025-06 will have on its consolidated financial statements.

2.	REVENUE RECOGNITION

Revenues are accounted for in accordance with FASB Accounting Standards Codification (“ASC”) 606, “Revenue from Contracts with Customers”. The Company has four operating and reportable segments: (i) Monster Energy® Drinks segment (“Monster Energy® Drinks”), which is primarily comprised of the Company’s Monster Energy® drinks, Reign Total Body Fuel® high performance energy drinks, Reign Storm® total wellness energy drinks and Bang Energy® drinks, (ii) Strategic Brands segment (“Strategic Brands”), which is primarily comprised of the various energy drink brands acquired from The Coca-Cola Company (“TCCC”) in 2015 as well as the Company’s affordable energy brands, Predator® and Fury®, (iii) Alcohol Brands segment (“Alcohol Brands”), which is comprised of various craft beers, flavored malt beverages (“FMBs”) and hard seltzers and (iv) Other segment (“Other”), which is comprised of certain products sold by American Fruits and Flavors, LLC, a wholly-owned subsidiary of the Company, to independent third-party customers (the “AFF Third-Party Products”).

Table of Contents

MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Tabular Dollars in Thousands, Except Per Share Amounts) (Unaudited)

The Company’s Monster Energy® Drinks segment primarily generates net operating revenues by selling ready-to-drink packaged drinks primarily to bottlers and full service beverage distributors (“bottlers/distributors”). In some cases, the Company sells ready-to-drink packaged drinks directly to retail grocery and specialty chains, wholesalers, club stores, mass merchandisers, convenience and gas chains, drug stores, foodservice customers, value stores, e-commerce retailers and the military.

The Company’s Strategic Brands segment primarily generates net operating revenues by selling “concentrates” and/or “beverage bases” to authorized bottling and canning operations. Such bottlers generally combine the concentrates and/or beverage bases with sweeteners, water and other ingredients to produce ready-to-drink packaged energy drinks. The ready-to-drink packaged energy drinks are then sold by such bottlers to other bottlers/distributors and to retail grocery and specialty chains, wholesalers, club stores, mass merchandisers, convenience and gas chains, foodservice customers, drug stores, value stores, e-commerce retailers and the military. To a lesser extent, the Strategic Brands segment generates net operating revenues by selling certain ready-to-drink packaged energy drinks to bottlers/distributors.

The Company’s Alcohol Brands segment primarily generates operating revenues by selling kegged and ready-to-drink canned beers, FMBs and hard seltzers primarily to beer distributors in the United States.

The majority of the Company’s revenue is recognized when it satisfies a single performance obligation by transferring control of its products to a customer. Control is generally transferred when the Company’s products are either shipped or delivered based on the terms contained within the underlying contracts or agreements. Certain of the Company’s bottlers/distributors may also perform a separate function as a co-packer on the Company’s behalf. In such cases, control of the Company’s products passes to such bottlers/distributors when they notify the Company that they have taken possession or transferred the relevant portion of the Company’s finished goods. The Company’s general payment terms are short-term in duration. The Company does not have significant financing components or payment terms. The Company did not have any material unsatisfied performance obligations as of September 30, 2025 and December 31, 2024.

The Company excludes from revenues all taxes assessed by a governmental authority that are imposed on the sale of its products and collected from customers.

Distribution expenses to transport the Company’s products, where applicable, and warehousing expenses after manufacture are accounted for within operating expenses.

Promotional and other allowances (variable consideration) recorded as a reduction to net sales for the Company’s energy drink products primarily include consideration given to the Company’s non-alcohol bottlers/distributors or customers, including, but not limited to, the following:

●

discounts granted off list prices to support price promotions to end-consumers by retailers;

●

reimbursements given to the Company’s bottlers/distributors for agreed portions of their promotional spend with retailers, including slotting, shelf space allowances and other fees for both new and existing products;

●

the Company’s agreed share of fees given to bottlers/distributors and/or directly to retailers for advertising, in-store marketing and promotional activities;

●

the Company’s agreed share of slotting, shelf space allowances and other fees given directly to retailers, club stores and/or wholesalers;

●

incentives given to the Company’s bottlers/distributors and/or retailers for achieving or exceeding certain predetermined sales goals;

●

discounted and/or free products or cash rebates;

●

contractual fees given to the Company’s bottlers/distributors related to sales made directly by the Company to certain customers that fall within the bottlers’/distributors’ sales territories; and

●

commissions to TCCC based on the Company’s sales to wholly-owned subsidiaries of TCCC (the “TCCC Subsidiaries”) and/or to TCCC bottlers/distributors accounted for under the equity method by TCCC (the “TCCC Related Parties”).

Table of Contents

MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Tabular Dollars in Thousands, Except Per Share Amounts) (Unaudited)

The Company’s promotional allowance programs for its energy drink products are executed through separate agreements in the ordinary course of business. These agreements generally provide for one or more of the arrangements described above and are of varying durations, typically ranging from one week to one year. The Company’s promotional and other allowances for its energy drink products are calculated based on various programs with bottlers/distributors and retail customers, and accruals are established at the time of initial product sale for the Company’s anticipated liabilities. These accruals are based on agreed upon terms as well as the Company’s historical experience with similar programs and require management’s judgment with respect to estimating consumer participation and/or bottler/distributor and retail customer performance levels. Differences between such estimated expenses and actual expenses for promotional and other allowance costs have historically been insignificant and are recognized in earnings in the period such differences are determined. Promotional and other allowances for our Alcohol Brands segment primarily include price promotions where permitted.

Amounts received pursuant to new and/or amended distribution agreements entered into with certain bottlers/distributors relating to the costs associated with terminating the Company’s prior distributors, are accounted for as deferred revenue and recognized as revenue ratably over the anticipated life of the respective distribution agreements, generally over 20 years.

The Company also enters into license agreements that generate revenues associated with third-party sales of non-beverage products bearing the Company’s trademarks including, but not limited to, clothing, hats, t-shirts, jackets, helmets and automotive wheels.

Management believes that adequate provision has been made for cash discounts, returns and spoilage based on the Company’s historical experience.

Disaggregation of Revenue

The following tables disaggregate the Company’s revenue by geographical markets and reportable segments:


	Three-Months Ended September 30, 2025
					Asia Pacific		Latin
	U.S. and				(including		America and
Net Sales	Canada		EMEA¹		Oceania)		Caribbean		Total
Monster Energy® Drinks	$	1,213,518	$	490,502	$	157,442	$	165,381	$	2,026,843
Strategic Brands		55,028		54,113		12,621		8,739		130,501
Alcohol Brands		33,009		—		—		—		33,009
Other		6,786		—		—		—		6,786
Total Net Sales	$	1,308,341	$	544,615	$	170,063	$	174,120	$	2,197,139


	Three-Months Ended September 30, 2024
					Asia Pacific		Latin
	U.S. and				(including		America and
Net Sales	Canada		EMEA¹		Oceania)		Caribbean		Total
Monster Energy® Drinks	$	1,071,923	$	371,026	$	124,136	$	155,608	$	1,722,693
Strategic Brands		54,524		46,562		7,910		3,570		112,566
Alcohol Brands		39,784		—		—		—		39,784
Other		5,930		—		—		—		5,930
Total Net Sales	$	1,172,161	$	417,588	$	132,046	$	159,178	$	1,880,973

¹Europe, Middle East and Africa (“EMEA”)

Table of Contents

MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Tabular Dollars in Thousands, Except Per Share Amounts) (Unaudited)


	Nine-Months Ended September 30, 2025
					Asia Pacific		Latin
	U.S. and				(including		America and
Net Sales	Canada		EMEA¹		Oceania)		Caribbean		Total
Monster Energy® Drinks	$	3,491,445	$	1,275,990	$	443,386	$	468,890	$	5,679,711
Strategic Brands		158,118		151,415		32,893		16,301		358,727
Alcohol Brands		105,683		—		—		—		105,683
Other		19,169		—		—		—		19,169
Total Net Sales	$	3,774,415	$	1,427,405	$	476,279	$	485,191	$	6,163,290


	Nine-Months Ended September 30, 2024
					Asia Pacific		Latin
	U.S. and				(including		America and
Net Sales	Canada		EMEA¹		Oceania)		Caribbean		Total
Monster Energy® Drinks	$	3,266,832	$	1,075,240	$	378,232	$	474,248	$	5,194,552
Strategic Brands		153,745		131,837		30,117		14,533		330,232
Alcohol Brands		137,417		—		—		—		137,417
Other		18,467		—		—		—		18,467
Total Net Sales	$	3,576,461	$	1,207,077	$	408,349	$	488,781	$	5,680,668

¹Europe, Middle East and Africa (“EMEA”)

Contract Liabilities

Amounts received from certain bottlers/distributors at inception of their distribution contracts or at the inception of certain sales/marketing programs are accounted for as deferred revenue. As of September 30, 2025 and December 31, 2024, the Company had $211.9 million and $224.8 million, respectively, of deferred revenue, which is included in current and long-term deferred revenue in the Company’s condensed consolidated balance sheets. During the three-months ended September 30, 2025 and 2024, $10.1 million and $10.0 million of deferred revenue was recognized in net sales, respectively. During the nine-months ended September 30, 2025 and 2024, $30.0 million and $29.9 million of deferred revenue was recognized in net sales, respectively. See Note 8.

3.INVESTMENTS

The following table summarizes the Company’s investments at September 30, 2025. The Company held no short-term or long-term investments at December 31, 2024.


									Continuous		Continuous
			Gross		Gross				Unrealized		Unrealized
			Unrealized		Unrealized				Loss Position		Loss Position
	Amortized		Holding		Holding		Fair		less than		greater than
September 30, 2025	Cost		Gains		Losses		Value		12 Months		12 Months
Available-for-sale
Short-term:
Commercial paper	$	31,601	$	—	$	—	$	31,601	$	—	$	—
Certificates of deposit		15,444		—		—		15,444		—		—
U.S. treasuries		209,387		140		—		209,527		—		—
Corporate bonds		29,754		65		—		29,819		—		—
Long-term:
U.S. treasuries		214,843		59		—		214,902		—		—
Corporate bonds		144,104		168		—		144,272		—
Total	$	645,133	$	432	$	—	$	645,565	$	—	$	—

Table of Contents

MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Tabular Dollars in Thousands, Except Per Share Amounts) (Unaudited)

During the three- and nine-months ended September 30, 2025 and 2024, realized gains or losses recognized on the sale of investments were not significant.

The Company’s investments at September 30, 2025 carried investment grade credit ratings.

The following table summarizes the underlying contractual maturities of the Company’s investments at September 30, 2025. The Company held no short-term or long-term investments at December 31, 2024.


	September 30, 2025
	Amortized Cost		Fair Value
Less than 1 year:
Commercial paper	$	31,601	$	31,601
Certificates of deposit		15,444		15,444
U.S. treasuries		209,387		209,527
Corporate bonds		29,754		29,819
Due 1 - 10 years:
U.S. treasuries		214,843		214,902
Corporate bonds		144,104		144,272
Total	$	645,133	$	645,565

4.	FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES

ASC 820, “Fair Value Measurement”, provides a framework for measuring fair value and requires disclosures regarding fair value measurements. ASC 820 defines fair value as the price that would be received on the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 also establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs, where available. The three levels of inputs required by the standard that the Company uses to measure fair value are summarized below.

●

Level 1: Quoted prices in active markets for identical assets or liabilities.

●

Level 2: Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities.

●

Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

ASC 820 requires the use of observable market inputs (quoted market prices) when measuring fair value and requires a Level 1 quoted price to be used to measure fair value whenever possible.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Tabular Dollars in Thousands, Except Per Share Amounts) (Unaudited)

The following tables present the fair value of the Company’s financial assets and liabilities that are recorded at fair value on a recurring basis, segregated among the appropriate levels within the fair value hierarchy at:


September 30, 2025	Level 1		Level 2		Level 3		Total
Cash	$	1,307,856	$	—	$	—	$	1,307,856
Money market funds		927,713		—		—		927,713
Certificates of deposit		—		72,814		—		72,814
Commercial paper		—		31,601		—		31,601
Corporate bonds		—		174,091		—		174,091
U.S. treasuries		—		424,429		—		424,429
Foreign currency derivatives		—		(907)		—		(907)
Commodity derivatives		—		24,327		—		24,327
Total	$	2,235,569	$	726,355	$	—	$	2,961,924

Amounts included in:
Cash and cash equivalents	$	2,235,569	$	57,370	$	—	$	2,292,939
Short-term investments		—		286,391		—		286,391
Accounts receivable, net		—		25,666		—		25,666
Prepaid expenses and other current assets		—		28		—		28
Other assets		—		1,777		—		1,777
Investments		—		359,174		—		359,174
Accrued liabilities		—		(4,051)		—		(4,051)
Total	$	2,235,569	$	726,355	$	—	$	2,961,924


December 31, 2024	Level 1		Level 2		Level 3		Total
Cash	$	1,103,647	$	—	$	—	$	1,103,647
Money market funds		396,306		—		—		396,306
Certificates of deposit		—		33,334		—		33,334
Foreign currency derivatives		—		799		—		799
Commodity derivatives		—		(785)		—		(785)
Total	$	1,499,953	$	33,348	$	—	$	1,533,301

Amounts included in:
Cash and cash equivalents	$	1,499,953	$	33,334	$	—	$	1,533,287
Accounts receivable, net		—		5,991		—		5,991
Other assets		—		6		—		6
Accrued liabilities		—		(5,952)		—		(5,952)
Other liabilities		—		(31)		—		(31)
Total	$	1,499,953	$	33,348	$	—	$	1,533,301

The Company’s valuation of its Level 1 investments is based on quoted market prices in active markets for identical securities. The Company’s valuation of its Level 2 investments is based on other observable inputs, specifically a market approach which utilizes valuation models, pricing systems, mathematical tools and other relevant information for the same or similar securities. The Company’s valuation of its Level 2 foreign currency exchange contracts is based on quoted market prices of the same or similar instruments, adjusted for counterparty risk. There were no transfers between Level 1 and Level 2 measurements during the three- and nine-months ended September 30, 2025, or during the year-ended December 31, 2024, and there were no changes in the Company’s valuation techniques.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Tabular Dollars in Thousands, Except Per Share Amounts) (Unaudited)

5.	INVENTORIES

Inventories consist of the following at:


	September 30,		December 31,
	2025		2024
Raw materials	$	311,809	$	232,698
Work in process		1,215		1,200
Finished goods		391,562		503,209
	$	704,586	$	737,107

6.	PROPERTY AND EQUIPMENT, NET

Property and equipment consist of the following at:


	September 30,		December 31,
	2025		2024
Land	$	181,593	$	178,056
Leasehold improvements		43,034		31,132
Furniture and fixtures		13,388		11,416
Office and computer equipment		26,166		28,029
Equipment		648,255		561,408
Buildings		402,483		280,663
Vehicles		83,397		72,564
Assets under construction		73,496		178,980
		1,471,812		1,342,248
Less: accumulated depreciation and amortization		(361,107)		(295,224)
	$	1,110,705	$	1,047,024

Total depreciation and amortization expense was $24.9 million and $17.7 million for the three-months ended September 30, 2025 and 2024, respectively. Total depreciation and amortization expense was $68.6 million and $54.6 million for the nine-months ended September 30, 2025 and 2024, respectively.

7.GOODWILL AND OTHER INTANGIBLE ASSETS

The following is a roll-forward of goodwill for the nine-months ended September 30, 2025 and 2024 by reportable segment:


	Monster
	Energy®		Strategic		Alcohol
	Drinks		Brands		Brands*		Other		Total
Balance at December 31, 2024	$	693,644	$	637,999	$	—	$	—	$	1,331,643
Acquisitions		—		—		—		—		—
Balance at September 30, 2025	$	693,644	$	637,999	$	—	$	—	$	1,331,643

*Accumulated goodwill impairment balance at December 31, 2024 and September 30, 2025 was $86.3 million related entirely to Alcohol Brands.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Tabular Dollars in Thousands, Except Per Share Amounts) (Unaudited)


	Monster
	Energy®		Strategic		Alcohol
	Drinks		Brands		Brands		Other		Total
Balance at December 31, 2023	$	693,644	$	637,999	$	86,298	$	—	$	1,417,941
Acquisitions		—		—		—		—		—
Balance at September 30, 2024	$	693,644	$	637,999	$	86,298	$	—	$	1,417,941

Intangible assets consist of the following at:


	September 30,		December 31,
	2025		2024
Amortizing intangibles	$	192,633	$	183,800
Accumulated amortization		(100,778)		(86,703)
		91,855		97,097
Non-amortizing intangibles		1,327,451		1,317,155
	$	1,419,306	$	1,414,252

Amortizing intangibles primarily consist of customer relationships. All amortizing intangibles have been assigned an estimated finite useful life, and such intangibles are amortized on a straight-line basis over the number of years that approximate their respective useful lives, generally three to ten years. Total amortization expense was $4.7 million and $2.2 million for the three-months ended September 30, 2025 and 2024, respectively. Total amortization expense was $13.4 million and $5.2 million for the nine-months ended September 30, 2025 and 2024, respectively. For the three- and nine-months ended September 30, 2025 and 2024, no impairment charges were recorded to intangible assets.

The following is the future estimated amortization expense related to amortizing intangibles as of September 30, 2025:


2025 (from October 1,2025 to December 31, 2025)	$	4,808
2026		19,235
2027		17,506
2028		15,105
2029		13,755
2030 and thereafter		21,446
	$	91,855

8.	DISTRIBUTION AGREEMENTS

In the normal course of business, amounts received pursuant to new and/or amended distribution agreements entered into with certain bottlers/distributors, relating to the costs associated with terminating agreements with the Company’s prior distributors, or at the inception of certain sales/marketing programs are accounted for as deferred revenue and are recognized as revenue ratably over the anticipated life of the respective agreement, generally 20 years or program duration, as the case may be. Revenue recognized was $10.1 million and $10.0 million for the three-months ended September 30, 2025 and 2024, respectively. Revenue recognized was $30.0 million and $29.9 million for the nine-months ended September 30, 2025 and 2024, respectively.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Tabular Dollars in Thousands, Except Per Share Amounts) (Unaudited)

DEBT

The Company repaid the outstanding balance on long-term debt in April 2025. As of December 31, 2024, the Company’s long-term debt consisted of the following:


	December 31,
	2024
Term loan	$	375,000
Revolving credit facility		—
Total debt		375,000
Less: unamortized debt issuance costs		(1,049)
Total debt, net of unamortized debt issuance costs		373,951
Less: current portion of long-term debt		—
Long-term debt	$	373,951

In May 2024, the Company entered into a credit agreement with JPMorgan Chase Bank, N.A., as administrative agent, and certain other lenders (the “Original Credit Agreement”), which provided for senior unsecured credit facilities in an aggregate principal amount of $1.50 billion (collectively, the “Credit Facilities”). The Credit Facilities previously consisted of a $750.0 million term loan (the “Term Loan”) and up to $750.0 million in multicurrency revolving loan commitments (the “Revolving Credit Facility”). The Term Loan was repaid in April 2025 with no additional borrowings permitted. In addition, pursuant to Amendment No. 1 to the Original Credit Agreement, dated as of October 17, 2025, among the Company, JPMorgan Chase Bank, N.A., as administrative agent, and certain other lenders (the “Amended Credit Agreement”), the Company’s aggregate borrowing capacity under the Revolving Credit Facility has been reduced to $500.0 million. Borrowings under the Revolving Credit Facility bear interest at a variable rate per annum equal to the applicable rate plus margin (as defined in the Amended Credit Agreement). Borrowings may be repaid at any time during the term of the Revolving Credit Facility and may be reborrowed prior to the maturity date, which is set to occur in May 2029. As of September 30, 2025, no borrowings were outstanding under the Credit Facilities, and the Company was in compliance with all covenants under the Amended Credit Agreement.

Additionally, the Company has a line of credit of up to $15.0 million with HSBC Bank (China) Company Limited, Shanghai Branch. As of September 30, 2025, no amount was outstanding on this line of credit.

10.	COMMITMENTS AND CONTINGENCIES

The Company had purchase commitments aggregating approximately $225.3 million at September 30, 2025, which represented commitments made by the Company and its subsidiaries to various suppliers of raw materials for the production of its products. These obligations vary in terms but are generally satisfied within one year.

The Company had contractual obligations aggregating approximately $481.1 million at September 30, 2025, which related primarily to sponsorships and other marketing activities.

Litigation — From time to time in the normal course of business, the Company is named in litigation, including labor and employment matters, personal injury matters, consumer class actions, intellectual property matters and claims from prior distributors. Although it is not possible to predict the ultimate outcome of such litigation, based on the facts known to the Company, management believes that such litigation in aggregate will likely not have a material adverse effect on the Company’s financial position or results of operations.

The Company evaluates, on a quarterly basis, developments in legal proceedings and other matters that could cause an increase or decrease in the amount of the liability that is accrued, if any, and any related insurance reimbursements. As of September 30, 2025 and December 31, 2024, $35.7 million and $16.8 million, respectively, of loss contingencies were included in the Company’s accompanying condensed consolidated balance sheets.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Tabular Dollars in Thousands, Except Per Share Amounts) (Unaudited)

11.	ACCUMULATED OTHER COMPREHENSIVE LOSS

Changes in accumulated other comprehensive loss by component, after tax, for the nine-months ended September 30, 2025 and 2024 are as follows:


	Accumulated Net		Currency		Unrealized Gains
	Gains (Losses)		Translation		(Losses) on
	on Commodity		Gains		Available-for-
	Derivatives		(Losses)		Sale Securities		Total
Balance at December 31, 2024	$	443	$	(269,930)	$	—	$	(269,487)
Other comprehensive income (loss) before reclassifications		29,983		147,377		434		177,794
Amounts reclassified from accumulated other comprehensive loss		(1,689)		—		—		(1,689)
Net current-period other comprehensive income (loss)		28,294		147,377		434		176,105
Balance at September 30, 2025	$	28,737	$	(122,553)	$	434	$	(93,382)


	Accumulated Net		Currency		Unrealized Gains
	Gains (Losses)		Translation		(Losses) on
	on Commodity		Gains		Available-for-
	Derivatives		(Losses)		Sale Securities		Total
Balance at December 31, 2023	$	4,410	$	(128,989)	$	(758)	$	(125,337)
Other comprehensive income (loss) before reclassifications		690		(13,953)		758		(12,505)
Net current-period other comprehensive income (loss)		690		(13,953)		758		(12,505)
Balance at September 30, 2024	$	5,100	$	(142,942)	$	—	$	(137,842)

12.	TREASURY STOCK

On August 19, 2024, the Company’s Board of Directors authorized a share repurchase program for the purchase of up to an additional $500.0 million of the Company’s outstanding common stock (the “August 2024 Repurchase Plan”). During the three-months ended September 30, 2025, no shares were repurchased under the August 2024 Repurchase Plan. As of November 5, 2025, $500.0 million remained available for repurchase under the August 2024 Repurchase Plan.

The aggregate amount of the Company’s outstanding common stock that remains available for repurchase under all previously authorized repurchase plans is $500.0 million as of November 5, 2025.

During the three-months ended September 30, 2025, 0.4 million shares of common stock were purchased from employees in lieu of cash payments for options exercised or withholding taxes due for a total amount of $27.3 million. While such purchases are considered common stock repurchases, they are not counted as purchases against the Company’s authorized share repurchase programs. Such shares are included in common stock in treasury in the accompanying condensed consolidated balance sheet at September 30, 2025.

13.	STOCK-BASED COMPENSATION

The Company has two stock-based compensation plans under which shares were available for grant at September 30, 2025: (i) the Monster Beverage Corporation 2020 Omnibus Incentive Plan, including the Monster Beverage Corporation Deferred Compensation Plan as a sub-plan thereunder, and (ii) the Monster Beverage Corporation 2017 Compensation Plan for Non-Employee Directors as Amended and Restated on February 23, 2022, including the Monster Beverage Corporation Deferred Compensation Plan for Non-Employee Directors as a sub-plan thereunder.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Tabular Dollars in Thousands, Except Per Share Amounts) (Unaudited)

The Company recorded $32.8 million and $27.5 million of compensation expense relating to outstanding options, restricted stock units, performance share units and other share-based awards during the three-months ended September 30, 2025 and 2024, respectively. The Company recorded $86.7 million and $68.8 million of compensation expense relating to outstanding options, restricted stock units, performance share units and other share-based awards during the nine-months ended September 30, 2025 and 2024, respectively.

The tax benefit for tax deductions from non-qualified stock option exercises, disqualifying dispositions of incentive stock options and vesting of restricted stock units and performance share units for the three-months ended September 30, 2025 and 2024 was $6.5 million and $1.3 million, respectively. The tax benefit for tax deductions from non-qualified stock option exercises, disqualifying dispositions of incentive stock options and vesting of restricted stock units and performance share units for the nine-months ended September 30, 2025 and 2024 was $20.1 million and $10.3 million, respectively.

Stock Options

Under the Company’s stock-based compensation plans, all stock options granted as of September 30, 2025 were granted at prices based on the fair value of the Company’s common stock on the date of grant. The Company records compensation expense for stock options based on the estimated fair value of the options on the date of grant using the Black-Scholes-Merton option pricing formula with the assumptions included in the table below. The Company uses historical data to determine the exercise behavior, volatility and forfeiture rate of the options.

The following weighted-average assumptions were used to estimate the fair value of options granted during:


	Three-Months Ended September 30,			Nine-Months Ended September 30,
	2025	2024		2025		2024
Dividend yield	—	0.0	%	0.0	%	0.0	%
Expected volatility	—	26.9	%	26.7	%	27.4	%
Risk-free interest rate	—	3.7	%	4.2	%	4.2	%
Expected term	—	6.3	years	6.2	years	6.4	years

Expected Volatility: The Company uses historical volatility as it provides a reasonable estimate of the expected volatility. Historical volatility is based on the most recent volatility of the stock price over a period of time equivalent to the expected term of the option.

Risk-Free Interest Rate: The risk-free interest rate is based on the U.S. treasury zero-coupon yield curve in effect at the time of grant for the expected term of the option.

Expected Term: The Company’s expected term represents the weighted-average period that the Company’s stock options are expected to be outstanding. The expected term is based on the expected time to post-vesting exercise of options by employees. The Company uses historical exercise patterns of previously granted options to derive employee behavioral patterns used to forecast expected exercise patterns.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Tabular Dollars in Thousands, Except Per Share Amounts) (Unaudited)

The following table summarizes the Company’s activities with respect to its stock option plans as follows:


				Weighted-
				Average
		Weighted-		Remaining
	Number of	Average		Contractual	Aggregate
	Shares	Exercise Price		Term	Intrinsic
Options	(in thousands)	Per Share		(in years)	Value
Outstanding at January 1, 2025	27,088	$	38.98	5.8	$	400,207
Granted 01/01/25 - 03/31/25	1,299	$	55.09
Granted 04/01/25 - 06/30/25	21	$	60.28
Granted 07/01/25 - 09/30/25	—	$	—
Exercised	(4,017)	$	28.47
Cancelled or forfeited	(317)	$	52.53
Outstanding at September 30, 2025	24,074	$	41.45	5.7	$	622,667
Vested and expected to vest in the future at September 30, 2025	23,366	$	41.09	5.7	$	612,710
Exercisable at September 30, 2025	13,120	$	33.17	3.9	$	447,884

No options were granted during the three-months ended September 30, 2025. The weighted-average grant-date fair value of options granted during the three-months ended September 30, 2024 was $17.01 per share. The weighted-average grant-date fair value of options granted during the nine-months ended September 30, 2025 and 2024 was $19.85 per share and $21.41 per share, respectively.

The total intrinsic value of options exercised during the three-months ended September 30, 2025 and 2024 was $38.2 million and $8.2 million, respectively. The total intrinsic value of options exercised during the nine-months ended September 30, 2025 and 2024 was $124.3 million and $66.0 million, respectively.

Cash received from option exercises under all plans for the three-months ended September 30, 2025 and 2024 was $26.7 million and $10.0 million, respectively. Cash received from option exercises under all plans for the nine-months ended September 30, 2025 and 2024 was $114.4 million and $62.1 million, respectively.

At September 30, 2025, there was $128.0 million of total unrecognized compensation expense related to non-vested options granted to employees under the Company’s stock-based compensation plans. That cost is expected to be recognized over a weighted-average period of 2.6 years.

Restricted Stock Units and Performance Share Units

The cost of stock-based compensation for restricted stock units and performance share units is measured based on the closing fair market value of the Company’s common stock at the date of grant. In the event that the Company has the option and intent to settle a restricted stock unit or performance share unit in cash, the award is classified as a liability and revalued at each balance sheet date.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Tabular Dollars in Thousands, Except Per Share Amounts) (Unaudited)

The following table summarizes the Company’s activities with respect to non-vested restricted stock units and performance share units as follows:


	Number of Shares	Weighted-Average
	(in thousands)	Grant-Date Fair Value
Non-vested at January 1, 2025	1,682	$	46.16
Granted 01/01/25 - 03/31/25¹	1,017	$	55.08
Granted 04/01/25 - 06/30/25	33	$	62.68
Granted 07/01/25 - 09/30/25	1	$	61.59
Vested	(631)	$	39.40
Forfeited/cancelled	(63)	$	42.44
Non-vested at September 30, 2025	2,039	$	53.09

¹The grant activity for performance share units is recorded based on the target performance level earning 100% of target performance share units. The actual number of performance share units earned could range from 0% to 200% of target depending on the achievement of pre-established performance goals.

The weighted-average grant-date fair value of restricted stock units and/or performance share units granted during the three-months ended September 30, 2025 and 2024 was $61.59 and $48.40 per share, respectively. The weighted-average grant-date fair value of restricted stock units and/or performance share units granted during the nine-months ended September 30, 2025 and 2024 was $55.33 and $58.80 per share, respectively.

As of September 30, 2025, 2.0 million restricted stock units and performance share units are expected to vest over their respective terms.

At September 30, 2025, total unrecognized compensation expense relating to non-vested restricted stock units and performance share units was $55.3 million, which is expected to be recognized over a weighted-average period of 2.0 years.

Other Share-Based Awards

The Company has granted other share-based awards to certain employees that are payable in cash. These awards are classified as liabilities and are valued based on the fair value of the award at the grant date and are remeasured at each reporting date until settlement, with compensation expense being recognized in proportion to the completed requisite service period up until date of settlement. At September 30, 2025, other share-based awards outstanding included grants that vest over three years payable in the first quarters of 2026, 2027 and 2028.

At September 30, 2025, there was $1.2 million of unrecognized compensation expense related to non-vested other share-based awards granted to employees under the Company’s stock-based compensation plans. That cost is expected to be recognized over a weighted-average period of 1.8 years.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Tabular Dollars in Thousands, Except Per Share Amounts) (Unaudited)

14.	INCOME TAXES

The following is a roll-forward of the Company’s total gross unrecognized tax benefits, not including interest and penalties, for the nine-months ended September 30, 2025:


	Gross Unrecognized Tax
	Benefits
Balance at December 31, 2024	$	2,626
Additions for tax positions related to the current year		—
Additions for tax positions related to the prior years		1,440
Decreases for tax positions related to the prior years		—
Balance at September 30, 2025	$	4,066

The Company recognizes accrued interest and penalties related to unrecognized tax benefits in the provision for income taxes in the Company’s condensed consolidated financial statements. As of September 30, 2025, the Company had approximately $1.0 million in accrued interest and penalties related to unrecognized tax benefits. If the Company were to prevail on all uncertain tax positions, the resultant impact on the Company’s effective tax rate would not be significant. It is expected that any change in the amount of unrecognized tax benefits within the next 12 months will not be significant.

The Company is subject to U.S. federal income tax as well as to income tax in multiple state and foreign jurisdictions.

The Company is in various stages of examination with certain states and certain foreign jurisdictions. The Company’s 2022 through 2024 U.S. federal income tax returns are subject to examination by the IRS. The Company’s state income tax returns are subject to examination for the 2020 through 2024 tax years. The United Kingdom and Ireland income tax returns are subject to examination for the 2020 through 2024 tax years.

The One Big Beautiful Bill Act (the “OBBBA”), which includes a broad range of tax reform provisions, was signed into law in the United States on July 4, 2025. The OBBBA does not materially impact the Company’s effective tax rate or cash flows in 2025.

15.	EARNINGS PER SHARE

A reconciliation of the weighted-average shares used in the basic and diluted earnings per common share computations is presented below (in thousands):


	Three-Months Ended		Nine-Months Ended
	September 30,		September 30,
	2025	2024	2025	2024
Weighted-average shares outstanding:
Basic	976,608	975,841	975,337	1,015,252
Dilutive	8,358	7,330	8,195	8,660
Diluted	984,966	983,171	983,532	1,023,912

For the three-months ended September 30, 2025 and 2024, options and awards outstanding totaling 5.5 million shares and 9.2 million shares, respectively, were excluded from the calculations as their effect would have been antidilutive. For the nine-months ended September 30, 2025 and 2024, options and awards outstanding totaling 9.5 million shares and 7.6 million shares, respectively, were excluded from the calculations as their effect would have been antidilutive.

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(Tabular Dollars in Thousands, Except Per Share Amounts) (Unaudited)

16.	SEGMENT INFORMATION

The Company has four operating and reportable segments: (i) Monster Energy® Drinks segment, which is primarily comprised of the Company’s Monster Energy® drinks, Reign Total Body Fuel® high performance energy drinks, Reign Storm® total wellness energy drinks and Bang Energy® drinks, (ii) Strategic Brands segment, which is primarily comprised of the various energy drink brands acquired from TCCC in 2015 as well as the Company’s affordable energy brands, Predator® and Fury®, (iii) Alcohol Brands segment, which is comprised of various craft beers, FMBs and hard seltzers and (iv) Other segment, which is comprised of the AFF Third-Party Products.

The Company’s Monster Energy® Drinks segment primarily generates net operating revenues by selling ready-to-drink packaged drinks primarily to bottlers/distributors. In some cases, the Company sells ready-to-drink packaged drinks directly to retail grocery and specialty chains, wholesalers, club stores, mass merchandisers, convenience and gas chains, drug stores, foodservice customers, value stores, e-commerce retailers and the military.

Generally, the Monster Energy® Drinks segment generates higher per case net operating revenues, but lower per case gross profit margin percentages than the Strategic Brands segment.

Generally, the Alcohol Brands segment has lower gross profit margin percentages than the Monster Energy® Drinks segment.

Corporate and unallocated amounts that do not relate to a reportable segment have been allocated to “Corporate & Unallocated.” No asset information, other than goodwill and other intangible assets, has been provided in the Company’s reportable segments, as management does not measure or allocate such assets on a segment basis.

The Company’s chief operating decision maker is the chief executive officer (the “CEO”). The CEO assesses segments’ performance by using each segment’s operating income and considers budget-to-actual variances on a periodic basis (at least quarterly) when making decisions about operational planning, including resource allocation. Further, the CEO uses segments’ operating income when comparing the results of each segment with one another.

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(Tabular Dollars in Thousands, Except Per Share Amounts) (Unaudited)

The tables below provide information about the Company’s reportable segments, including the corporate and unallocated category.

Three-Months Ended September 30, 2025


	Monster
	Energy®		Strategic		Alcohol				Corporate and
	Drinks		Brands		Brands		Other		Unallocated		Consolidated
Net sales¹	$	2,026,843	$	130,501	$	33,009	$	6,786	$	—	$	2,197,139

Cost of sales		902,094		41,546		24,694		4,319		—
Gross profit		1,124,749		88,955		8,315		2,467		—		1,224,486

Distribution expense		78,569		1,704		2,341		—		—
Selling and marketing expense		189,136		17,339		7,976		124		—
Nonmanufacturing payroll expense		43,684		2,711		8,908		524		112,924
Other segment items²		22,880		919		6,941		201		52,253
Operating income (loss)¹		790,480		66,282		(17,851)		1,618		(165,177)		675,352

Interest and other income (expense), net												14,185

Income before provision for income taxes											$	689,537

Depreciation and amortization	$	20,835	$	310	$	4,816	$	351	$	3,306	$	29,618

¹For the Monster Energy® Drinks segment, includes $10.1 million related to the recognition of deferred revenue.

²Other segment items for each reportable segment include:

Monster Energy® Drinks - travel and entertainment expense, professional services expense, and certain overhead expenses

Strategic Brands - travel and entertainment expense, and certain overhead expenses

Alcohol Brands - depreciation and amortization expense, travel and entertainment expense, and certain overhead expenses

Other - certain overhead expenses

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MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Tabular Dollars in Thousands, Except Per Share Amounts) (Unaudited)

Three-Months Ended September 30, 2024


	Monster
	Energy®		Strategic		Alcohol				Corporate and
	Drinks		Brands		Brands		Other		Unallocated		Consolidated
Net sales¹	$	1,722,693	$	112,566	$	39,784	$	5,930	$	—	$	1,880,973

Cost of sales		810,604		31,750		35,056		3,764		—
Gross profit		912,089		80,816		4,728		2,166		—		999,799

Distribution expense		78,089		1,555		3,067		(10)		—
Selling and marketing expense		170,718		16,436		8,918		55		—
Nonmanufacturing payroll expense		42,362		2,090		8,988		526		96,588
Other segment items²		19,232		644		6,364		85		64,176
Operating income (loss)¹		601,688		60,091		(22,609)		1,510		(160,764)		479,916

Interest and other income (expense), net												(5,820)

Income before provision for income taxes											$	474,096

Depreciation and amortization	$	13,330	$	237	$	3,419	$	48	$	2,875	$	19,909

¹For the Monster Energy® Drinks segment, includes $10.0 million related to the recognition of deferred revenue.

²Other segment items for each reportable segment include:

Monster Energy® Drinks - travel and entertainment expense, and certain overhead expenses

Strategic Brands - travel and entertainment expense, and certain overhead expenses

Alcohol Brands - depreciation and amortization expense, travel and entertainment expense, and certain overhead expenses

Other - certain overhead expenses

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MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Tabular Dollars in Thousands, Except Per Share Amounts) (Unaudited)

Nine-Months Ended September 30, 2025


	Monster
	Energy®		Strategic		Alcohol				Corporate and
	Drinks		Brands		Brands		Other		Unallocated		Consolidated
Net sales¹	$	5,679,711	$	358,727	$	105,683	$	19,169	$	—	$	6,163,290

Cost of sales		2,509,309		114,165		77,364		13,590		—
Gross profit		3,170,402		244,562		28,319		5,579		—		3,448,862

Distribution expense		229,826		4,403		7,968		2		—
Selling and marketing expense		518,439		44,241		20,777		298		—
Nonmanufacturing payroll expense		130,564		7,186		27,220		1,653		325,257
Other segment items²		63,241		2,687		26,327		512		161,541
Operating income (loss)¹		2,228,332		186,045		(53,973)		3,114		(486,798)		1,876,720

Interest and other income (expense), net												37,522

Income before provision for income taxes											$	1,914,242

Depreciation and amortization	$	56,674	$	813	$	14,718	$	800	$	9,018	$	82,023

¹For the Monster Energy® Drinks segment, includes $30.0 million related to the recognition of deferred revenue.

²Other segment items for each reportable segment include:

Monster Energy® Drinks - travel and entertainment expense, professional services expense, and certain overhead expenses

Strategic Brands - travel and entertainment expense, and certain overhead expenses

Alcohol Brands - depreciation and amortization expense, travel and entertainment expense, property and equipment impairment, and certain overhead expenses

Other - certain overhead expenses

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MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Tabular Dollars in Thousands, Except Per Share Amounts) (Unaudited)

Nine-Months Ended September 30, 2024


	Monster
	Energy®		Strategic		Alcohol				Corporate and
	Drinks		Brands		Brands		Other		Unallocated		Consolidated
Net sales¹	$	5,194,552	$	330,232	$	137,417	$	18,467	$	—	$	5,680,668

Cost of sales		2,423,866		93,440		104,397		12,532		—
Gross profit		2,770,686		236,792		33,020		5,935		—		3,046,433

Distribution expense		249,158		4,676		10,683		24		—
Selling and marketing expense		502,050		39,754		20,762		159		—
Nonmanufacturing payroll expense		122,403		6,460		27,260		1,597		282,695
Other segment items²		55,009		2,134		25,502		226		146,811
Operating income (loss)¹		1,842,066		183,768		(51,187)		3,929		(429,506)		1,549,070

Interest and other income (expense), net												54,311

Income before provision for income taxes											$	1,603,381

Depreciation and amortization	$	39,043	$	690	$	10,825	$	145	$	9,119	$	59,822

¹For the Monster Energy® Drinks segment, includes $29.9 million related to the recognition of deferred revenue.

²Other segment items for each reportable segment include:

Monster Energy® Drinks - travel and entertainment expense, and certain overhead expenses

Strategic Brands - travel and entertainment expense, and certain overhead expenses

Alcohol Brands - depreciation and amortization expense, travel and entertainment expense, professional services expense, and certain overhead expenses

Other - certain overhead expenses

Coca-Cola Europacific Partners accounted for approximately 17% and 15% of the Company’s net sales for the three-months ended September 30, 2025 and 2024, respectively. Coca-Cola Europacific Partners accounted for approximately 15% and 14% of the Company’s net sales for the nine-months ended September 30, 2025 and 2024, respectively.

Coca-Cola Consolidated, Inc. accounted for approximately 9% and 10% of the Company’s net sales for the three-months ended September 30, 2025 and 2024, respectively. Coca-Cola Consolidated, Inc. accounted for approximately 10% of the Company’s net sales for both the nine-months ended September 30, 2025 and 2024.

Reyes Holdings, LLC accounted for approximately 9% of the Company’s net sales for both the three-months ended September 30, 2025 and 2024. Reyes Holdings, LLC accounted for approximately 9% of the Company’s net sales for both the nine-months ended September 30, 2025 and 2024.

Net sales to customers outside the United States amounted to $937.1 million and $760.1 million for the three-months ended September 30, 2025 and 2024, respectively. Such sales were approximately 43% and 40% of net sales for the three-months ended September 30, 2025 and 2024, respectively. Net sales to customers outside the United States amounted to $2.53 billion and $2.25 billion for the nine-months ended September 30, 2025 and 2024, respectively. Such sales were approximately 41% and 40% of net sales for the nine-months ended September 30, 2025 and 2024, respectively.

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MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Tabular Dollars in Thousands, Except Per Share Amounts) (Unaudited)

Goodwill and other intangible assets for the Company’s reportable segments were as follows at:


	September 30,		December 31,
	2025		2024
Goodwill and other intangible assets:
Monster Energy® Drinks	$	1,715,964	$	1,703,256
Strategic Brands		982,408		982,035
Alcohol Brands		52,577		60,604
Other		—		—
	$	2,750,949	$	2,745,895

17.	RELATED PARTY TRANSACTIONS

TCCC controls approximately 20.9% of the voting interests of the Company. The TCCC Subsidiaries, the TCCC Related Parties and certain TCCC independent bottlers, purchase and distribute the Company’s products in domestic and certain international markets. The Company also pays TCCC a commission based on certain sales within the TCCC distribution network.

TCCC commissions, based on sales to the TCCC Subsidiaries and the TCCC Related Parties, were $32.0 million and $25.5 million for the three-months ended September 30, 2025 and 2024, respectively, and are included as a reduction to net sales. TCCC commissions, based on sales to the TCCC Subsidiaries and the TCCC Related Parties, were $87.4 million and $67.8 million for the nine-months ended September 30, 2025 and 2024, respectively, and are included as a reduction to net sales.

TCCC commissions, based on sales to TCCC independent bottlers, were $12.1 million and $9.9 million for the three-months ended September 30, 2025 and 2024, respectively, and are included in operating expenses. TCCC commissions, based on sales to TCCC independent bottlers, were $33.4 million and $28.3 million for the nine-months ended September 30, 2025 and 2024, respectively, and are included in operating expenses.

Net sales to the TCCC Subsidiaries for the three-months ended September 30, 2025 and 2024 were $65.2 million and $54.1 million, respectively. Net sales to the TCCC Subsidiaries for the nine-months ended September 30, 2025 and 2024 were $184.3 million and $151.3 million, respectively.

The Company also purchases concentrates from TCCC which are then sold to certain of the Company’s bottlers/distributors. Concentrate purchases from TCCC were $6.9 million and $7.4 million for the three-months ended September 30, 2025 and 2024, respectively. Concentrate purchases from TCCC were $20.1 million and $22.2 million for the nine-months ended September 30, 2025 and 2024, respectively.

Certain TCCC Subsidiaries also contract manufacture certain of the Company’s energy drinks. Such contract manufacturing expenses were $13.0 million and $10.2 million for the three-months ended September 30, 2025 and 2024, respectively. Such contract manufacturing expenses were $37.6 million and $28.7 million for the nine-months ended September 30, 2025 and 2024, respectively.

Accounts receivable, accounts payable, accrued promotional allowances and accrued liabilities related to the TCCC Subsidiaries were as follows at:


	September 30,		December 31,
	2025		2024
Accounts receivable, net	$	160,827	$	112,686
Accounts payable	$	(39,301)	$	(29,095)
Accrued promotional allowances	$	(22,178)	$	(16,914)
Accrued liabilities	$	(59,480)	$	(22,595)

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MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Tabular Dollars in Thousands, Except Per Share Amounts) (Unaudited)

One director of the Company through certain trusts, and a family member of one director have ownership interests in a company that provides promotional materials to the Company. Expenses incurred with such company in connection with promotional materials purchased during the three-months ended September 30, 2025 and 2024 were $1.3 million and $1.5 million, respectively. Expenses incurred with such company in connection with promotional materials purchased during the nine-months ended September 30, 2025 and 2024 were $4.8 million and $5.1 million, respectively.

The Company occasionally charters a private aircraft that is indirectly owned by Mr. Rodney C. Sacks, Chairman of the Board of Directors. On certain occasions, Mr. Sacks is accompanied by guests and other Company personnel when using such aircraft for business travel. During the three-months ended September 30, 2025, the Company incurred no expenses in relation to the aircraft. During the three - months ended September 30, 2024, the Company incurred expenses of $0.02 million in relation to the aircraft. During the nine-months ended September 30, 2025 and 2024, the Company incurred expenses of $0.06 million and $0.04 million, respectively, in relation to the aircraft.

In December 2018, the Company and a director of the Company entered into a 50-50 partnership that purchased land, and real property thereon, in Kona, Hawaii for the purpose of producing coffee products. In October 2023, the partnership made a special, one-time distribution to each of the partners, reflecting the amount of their initial capital contributions. This partnership meets the definition of a Variable Interest Entity (“VIE”) for which the Company has determined that it is the primary beneficiary. Therefore, the Company consolidates the VIE in the accompanying consolidated financial statements. The aggregate carrying values of the VIE’s assets and liabilities, after elimination of any intercompany transactions and balances, as well as the results of operations for all periods presented, are not material to the Company’s condensed consolidated financial statements.

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Our Business

When this report uses the words “the Company”, “we”, “us”, and “our”, these words refer to Monster Beverage Corporation and its subsidiaries, unless the context otherwise requires. Based in Corona, California, Monster Beverage Corporation is a holding company and conducts no operating business except through its consolidated subsidiaries. The Company’s subsidiaries primarily develop and market energy drinks, and to a lesser extent, craft beers, flavored malt beverages (“FMBs”) and hard seltzers.

Pricing Actions

We implemented price increases in the fourth quarter of 2024 (for core brands and packages) in the United States and at various times in certain international markets during 2024 and 2025 (collectively, the “Pricing Actions”). The Pricing Actions positively impacted gross profit margins in 2025 as compared to 2024.

Overview

We develop, market, sell and distribute energy drink beverages and concentrates for energy drink beverages, primarily under the following brand names:

● Monster Energy®	● Burn®
● Monster Energy Ultra®	● Mother®
● Rehab Monster®	● Nalu®
● Monster Energy® Nitro	● Ultra Energy®
● Java Monster®	● Play® and Power Play® (stylized)
● Punch Monster®	● Relentless®
● Juice Monster®	● BPM®
● Reign Total Body Fuel®	● BU®
● Reign Inferno® Thermogenic Fuel	● Samurai®
● Reign Storm®	● Live+®
● Bang Energy®	● Predator®
● NOS®	● Fury®
● Full Throttle®

We also develop, market, sell and distribute craft beers, FMBs and hard seltzers under a number of brands, including Jai Alai® IPA, Florida Man® IPA, Dale’s Pale Ale®, Wild Basin® Hard Seltzers, Dallas Blonde®, Deep Ellum^TM IPA, Perrin Brewing Company® Black Ale, Hop Rising® Double IPA, Wasatch® Apricot Hefeweizen, The Beast^TM, Beast^TM Tea, Blind Lemon®, Blinder Lemon^TM, Michi and a host of other brands.

We also develop, market, sell and distribute still and sparkling waters under the Monster Tour Water® brand name.

We have four operating and reportable segments: (i) Monster Energy® Drinks segment (“Monster Energy® Drinks”), which is primarily comprised of our Monster Energy® drinks, Reign Total Body Fuel® high performance energy drinks, Reign Storm® total wellness energy drinks and Bang Energy® drinks, (ii) Strategic Brands segment (“Strategic Brands”), which is primarily comprised of the various energy drink brands acquired from The Coca-Cola Company (“TCCC”) in 2015 as well as our affordable energy brands, Predator® and Fury®, (iii) Alcohol Brands segment (“Alcohol Brands”), which is comprised of various craft beers, FMBs and hard seltzers and (iv) Other segment (“Other”), which is comprised of certain products sold by American Fruits and Flavors LLC, a wholly-owned subsidiary of the Company, to independent third-party customers (the “AFF Third-Party Products”).

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During the three-months ended September 30, 2025, we continued to expand our existing drink portfolio by adding additional products to our portfolio in a number of countries and further developed our distribution markets. During the three-months ended September 30, 2025, we sold the following new products to our customers:

●

Monster Energy® Electric Blue^TM

●

Monster Energy® Orange Dreamsicle®

●

Monster Energy® Ultra Wild Passion

●

Mother® White Gummy

●

Predator® Wild Berry

In the normal course of business, we discontinue certain products and/or product lines. Those products or product lines discontinued in the three-months ended September 30, 2025, either individually or in aggregate, did not have a material adverse impact on our financial position, results of operations or liquidity.

Our net sales were $2.20 billion for the three-months ended September 30, 2025. Net changes in foreign currency exchange rates had a favorable impact on net sales of approximately $31.8 million for the three-months ended September 30, 2025. Net sales on a foreign currency adjusted basis increased 15.1% for the three-months ended September 30, 2025.

The vast majority of our net sales are derived from our Monster Energy® Drinks segment. Net sales of our Monster Energy® Drinks segment were $2.03 billion for the three-months ended September 30, 2025. Net sales of our Strategic Brands segment were $130.5 million for the three-months ended September 30, 2025. Net sales of our Alcohol Brands segment were $33.0 million for the three-months ended September 30, 2025. Net sales of our Other segment were $6.8 million for the three-months ended September 30, 2025.

Our Monster Energy® Drinks segment represented 92.3% and 91.6% of our net sales for the three-months ended September 30, 2025 and 2024, respectively. Our Strategic Brands segment represented 5.9% and 6.0% of our net sales for the three-months ended September 30, 2025 and 2024, respectively. Our Alcohol Brands segment represented 1.5% and 2.1% of our net sales for the three-months ended September 30, 2025 and 2024, respectively. Our Other segment represented 0.3% of our net sales for both the three-months ended September 30, 2025 and 2024.

Our growth strategy includes further developing our domestic markets and expanding our international business. Net sales to customers outside the United States were $937.1 million for the three-months ended September 30, 2025, an increase of approximately $177.0 million, or 23.3% higher than net sales to customers outside of the United States of $760.1 million for the three-months ended September 30, 2024. Such sales were approximately 43% and 40% of net sales for the three-months ended September 30, 2025 and 2024, respectively. Net changes in foreign currency exchange rates had a favorable impact on net sales to customers outside of the United States of approximately $31.8 million for the three-months ended September 30, 2025. Net sales to customers outside the United States, on a foreign currency adjusted basis, increased 19.1% for the three-months ended September 30, 2025.

Net sales to customers outside the United States were $2.53 billion for the nine-months ended September 30, 2025, an increase of approximately $284.3 million, or 12.6% higher than net sales to customers outside of the United States of $2.25 billion for the nine-months ended September 30, 2024. Such sales were approximately 41% and 40% of net sales for the nine-months ended September 30, 2025 and 2024, respectively. Net changes in foreign currency exchange rates had an unfavorable impact on net sales to customers outside of the United States of approximately $30.6 million for the nine-months ended September 30, 2025. Net sales to customers outside the United States, on a foreign currency adjusted basis, increased 14.0% for the nine-months ended September 30, 2025.

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Our non-alcohol customers are primarily full service beverage bottlers/distributors, retail grocery and specialty chains, wholesalers, club stores, mass merchandisers, convenience and gas chains, drug stores, foodservice customers, value stores, e-commerce retailers and the military. Our alcohol customers are primarily beer distributors who in turn sell to retailers within the alcohol distribution system. Percentages of our gross billings to our various customer types for the three- and nine-months ended September 30, 2025 and 2024 are reflected below. Such information includes sales made by us directly to the customer types concerned, which include our full service beverage bottlers/distributors in the United States. Such full service beverage bottlers/distributors in turn sell certain of our products to some of the same customer types listed below. We limit our description of our customer types to include only our sales to our full service bottlers/distributors without reference to such bottlers/distributors’ sales to their own customers.


	Three-Months Ended				Nine-Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
U.S. full service bottlers/distributors	44	%	45	%	45	%	46	%
International full service bottlers/distributors	44	%	42	%	43	%	41	%
Club stores and e-commerce retailers	8	%	8	%	8	%	8	%
Retail grocery, direct convenience, specialty chains and wholesalers	2	%	2	%	2	%	2	%
Alcohol, value stores and other	2	%	3	%	2	%	3	%

Our non-alcohol customers include Coca-Cola Canada Bottling Limited, Coca-Cola Consolidated, Inc., Coca-Cola Bottling Company United, Inc., Reyes Holdings, LLC, Coca-Cola Southwest Beverages LLC, The Coca-Cola Bottling Company of Northern New England, Inc., Swire Pacific Holdings, Inc. (USA), Liberty Coca-Cola Beverages, LLC, Coca-Cola Europacific Partners, Coca-Cola Hellenic, Coca-Cola FEMSA, Swire Coca-Cola (China), COFCO Coca-Cola, Coca-Cola Beverages Africa, Coca-Cola İçecek and certain other TCCC network bottlers, Asahi Soft Drinks, Co., Ltd., Wal-Mart, Inc. (including Sam’s Club), Costco Wholesale Corporation and Amazon.com, Inc.

Our alcohol customers include Reyes Beverage Group, Ben E. Keith Company, J.J. Taylor Distributing and Admiral Beverage Corporation.

A decision by any large customer to decrease amounts purchased from us or to cease carrying our products could have a material adverse effect on our financial condition and consolidated results of operations.

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Results of Operations

The following table sets forth key statistics for the three- and nine-months ended September 30, 2025 and 2024.


	Three-Months Ended						Percentage		Nine-Months Ended						Percentage
(In thousands, except per share amounts)	September 30,						Change		September 30,						Change
	2025			2024			25 vs. 24		2025			2024			25 vs. 24
Net sales¹	$	2,197,139		$	1,880,973		16.8	%	$	6,163,290		$	5,680,668		8.5	%
Cost of sales		972,653			881,174		10.4	%		2,714,428			2,634,235		3.0	%

Gross profit*¹		1,224,486			999,799		22.5	%		3,448,862			3,046,433		13.2	%
Gross profit as a percentage of net sales		55.7	%		53.2	%				56.0	%		53.6	%

Operating expenses		549,134			519,883		5.6	%		1,572,142			1,497,363		5.0	%
Operating expenses as a percentage of net sales		25.0	%		27.6	%				25.5	%		26.4	%

Operating income¹		675,352			479,916		40.7	%		1,876,720			1,549,070		21.2	%
Operating income as a percentage of net sales		30.7	%		25.5	%				30.4	%		27.3	%

Interest and other income (expense), net		14,185			(5,820)		343.7	%		37,522			54,311		(30.9)	%

Income before provision for income taxes¹		689,537			474,096		45.4	%		1,914,242			1,603,381		19.4	%

Provision for income taxes		165,082			103,177		60.0	%		458,000			365,044		25.5	%
Income taxes as a percentage of income before taxes		23.9	%		21.8	%				23.9	%		22.8	%

Net income	$	524,455		$	370,919		41.4	%	$	1,456,242		$	1,238,337		17.6	%
Net income as a percentage of net sales		23.9	%		19.7	%				23.6	%		21.8	%

Net income per common share:
Basic	$	0.54		$	0.38		41.3	%	$	1.49		$	1.22		22.4	%
Diluted	$	0.53		$	0.38		41.1	%	$	1.48		$	1.21		22.4	%

Energy drink case sales (in thousands) (in 192‑ounce case equivalents)		258,387			219,409		17.8	%		720,823			643,033		12.1	%

¹Includes $10.1 million and $10.0 million for the three-months ended September 30, 2025 and 2024, related to the recognition of deferred revenue, respectively. Includes $30.0 million and $29.9 million for the nine-months ended September 30, 2025 and 2024, related to the recognition of deferred revenue, respectively.

*Gross profit may not be comparable to that of other entities since some entities include all costs associated with their distribution process in cost of sales, whereas others exclude certain costs and instead include such costs within another line item such as operating expenses. We include out-bound freight and warehouse costs in operating expenses rather than in cost of sales.

Three-Months Ended September 30, 2025 Compared to the Three-Months Ended September 30, 2024.

Net Sales

Net sales were $2.20 billion for the three-months ended September 30, 2025, an increase of approximately $316.2 million, or 16.8% higher than net sales of $1.88 billion for the three-months ended September 30, 2024. Net sales increased primarily due to increased worldwide sales of our Monster Energy® brand energy drinks as a result of increased consumer demand. Net changes in foreign currency exchange rates had a favorable impact on net sales of approximately $31.8 million for the three-months ended September 30, 2025. Net sales on a foreign currency adjusted basis increased 15.1% for the three-months ended September 30, 2025.

Net sales for the Monster Energy® Drinks segment were $2.03 billion for the three-months ended September 30, 2025, an increase of approximately $304.1 million, or 17.7% higher than net sales of $1.72 billion for the three-months ended September 30, 2024. Net sales increased primarily due to increased worldwide sales of our Monster Energy® brand energy drinks as a result of increased consumer demand. Net changes in foreign currency exchange rates had a favorable impact on net sales for the Monster Energy® Drinks segment of approximately $28.7 million for the three-months ended September 30, 2025. Net sales for the Monster Energy® Drinks segment on a foreign currency adjusted basis increased 16.0% for the three-months ended September 30, 2025.

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Net sales for the Strategic Brands segment were $130.5 million for the three-months ended September 30, 2025, an increase of approximately $17.9 million, or 15.9% higher than net sales of $112.6 million for the three-months ended September 30, 2024. Net sales for the Strategic Brands segment increased primarily due to increased sales of our Predator®, Burn®, and Mother® brand energy drinks. Net changes in foreign currency exchange rates had a favorable impact on net sales of approximately $3.1 million for the Strategic Brands segment for the three-months ended September 30, 2025. Net sales for the Strategic Brands segment on a foreign currency adjusted basis increased 13.2% for the three-months ended September 30, 2025. Net sales of concentrates within the Strategic Brands segment tend to have more pronounced fluctuations from period to period as compared to net sales of our finished goods within the Monster Energy® Drinks segment primarily as a result of bottler production schedules.

Net sales for the Alcohol Brands segment were $33.0 million for the three-months ended September 30, 2025, a decrease of approximately $6.8 million, or 17.0% lower than net sales of $39.8 million for the three-months ended September 30, 2024. The decrease in net sales for the three-months ended September 30, 2025 was primarily due to decreased sales of The Beast^TMproduct line.

Net sales for the Other segment were $6.8 million for the three-months ended September 30, 2025, an increase of approximately $0.9 million, or 14.4% higher than net sales of $5.9 million for the three-months ended September 30, 2024.

Case sales for our energy drink products, in 192-ounce case equivalents, were 258.4 million cases for the three-months ended September 30, 2025, an increase of approximately 39.0 million cases or 17.8% higher than case sales of 219.4 million cases for the three-months ended September 30, 2024. The overall average net sales per case for our energy drink products (excluding net sales of Alcohol Brands and Other segments) decreased marginally to $8.35 for the three-months ended September 30, 2025 from $8.36 for the three-months ended September 30, 2024.

Case sales for our craft beers, FMBs and hard seltzers, in 192-ounce equivalents, were 2.4 million cases for the three-months ended September 30, 2025, a decrease of approximately 0.4 million cases or 17.0% lower than case sales of 2.8 million cases for the three-months ended September 30, 2024. Barrel sales for our craft beers, FMBs and hard seltzers, in 31 U.S. gallon equivalents, were 0.11 million barrels for the three-months ended September 30, 2025, a decrease of approximately 0.03 million barrels or 17.0% lower than barrel sales of 0.14 million barrels for the three-months ended September 30, 2024.

Gross Profit

Gross profit was $1.22 billion for the three-months ended September 30, 2025, an increase of approximately $224.7 million, or 22.5% higher than the gross profit of $999.8 million for the three-months ended September 30, 2024. The increase in gross profit dollars was primarily the result of the $316.2 million increase in net sales for the three-months ended September 30, 2025. Gross profit for the three-months ended September 30, 2024 was adversely impacted by an increase in inventory reserves due to excess inventory levels in the Alcohol Brands segment of $10.6 million (the “Alcohol Brands Inventory Reserves”).

Gross profit as a percentage of net sales increased to 55.7% for the three-months ended September 30, 2025 from 53.2% for the three-months ended September 30, 2024. The increase in gross profit as a percentage of net sales for the three-months ended September 30, 2025 was primarily the result of the Pricing Actions, supply chain optimization and product sales mix, partially offset by higher promotional allowances, increased aluminum can costs and geographical sales mix.

Operating Expenses

Total operating expenses were $549.1 million for the three-months ended September 30, 2025, an increase of approximately $29.3 million, or 5.6% higher than total operating expenses of $519.9 million for the three-months ended September 30, 2024.

The increase in operating expenses was primarily due to increased selling and marketing expense of $18.4 million and payroll expense of $18.2 million. Operating expenses as a percentage of net sales for the three-months ended September 30, 2025 were 25.0% as compared to 27.6% for the three-months ended September 30, 2024.

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Operating Income

Operating income was $675.4 million for the three-months ended September 30, 2025, an increase of approximately $195.4 million, or 40.7% higher than operating income of $479.9 million for the three-months ended September 30, 2024. Operating income as a percentage of net sales increased to 30.7% for the three-months ended September 30, 2025 from 25.5% for the three-months ended September 30, 2024.

Operating income was $197.3 million and $135.3 million for the three-months ended September 30, 2025 and 2024, respectively, for our international operations, exclusive of Canada.

Operating income for the Monster Energy® Drinks segment, exclusive of corporate and unallocated expenses, was $790.5 million for the three-months ended September 30, 2025, an increase of approximately $188.8 million, or 31.4% higher than operating income of $601.7 million for the three-months ended September 30, 2024. The increase in operating income for the Monster Energy® Drinks segment was primarily the result of an increase in net sales.

Operating income for the Strategic Brands segment, exclusive of corporate and unallocated expenses, was $66.3 million for the three-months ended September 30, 2025, an increase of approximately $6.2 million, or 10.3% higher than operating income of $60.1 million for the three-months ended September 30, 2024. The increase in operating income for the Strategic Brands segment was primarily the result of an increase in net sales.

Operating loss for the Alcohol Brands segment, exclusive of corporate and unallocated expenses, was $17.9 million for the three-months ended September 30, 2025, a decrease of approximately $4.8 million, or 21.0% lower than the operating loss of $22.6 million for the three-months ended September 30, 2024. The decrease in operating loss for the three-months ended September 30, 2025 was primarily due to the Alcohol Brands Inventory Reserves recognized in the three-months ended September 30, 2024.

Operating income for the Other segment, exclusive of corporate and unallocated expenses, was $1.6 million for the three-months ended September 30, 2025, as compared to operating income of $1.5 million for the three-months ended September 30, 2024.

Interest and Other Income (Expense), net

Interest and other income (expense), net, was $14.2 million for the three-months ended September 30, 2025, as compared to interest and other income (expense), net, of $(5.8) million for the three-months ended September 30, 2024. Interest income was $24.2 million and $18.1 million for the three-months ended September 30, 2025 and 2024, respectively. The increase in interest income for the three-months ended September 30, 2025 was primarily related to higher average short- and long-term investment balances for the three-months ended September 30, 2025 compared to the three-months ended September 30, 2024. Interest expense was $0.5 million and $12.5 million for the three-months ended September 30, 2025 and 2024, respectively. The decrease in interest expense for the three-months ended September 30, 2025 was primarily due to the repayment of long-term debt in April 2025. Foreign currency transaction losses were $8.0 million and $10.8 million for the three-months ended September 30, 2025 and 2024, respectively.

Provision for Income Taxes

Provision for income taxes was $165.1 million for the three-months ended September 30, 2025, an increase of $61.9 million from the provision for income taxes of $103.2 million for the three-months ended September 30, 2024. The effective combined federal, state and foreign tax rate increased to 23.9% from 21.8% for the three-months ended September 30, 2025 and 2024, respectively. The increase in the effective tax rate was primarily attributable to higher income taxes from foreign tax jurisdictions.

Net Income

Net income was $524.5 million for the three-months ended September 30, 2025, an increase of $153.5 million, or 41.4% higher than net income of $370.9 million for the three-months ended September 30, 2024.

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Nine-Months Ended September 30, 2025 Compared to the Nine-Months Ended September 30, 2024.

Net Sales

Net sales were $6.16 billion for the nine-months ended September 30, 2025, an increase of approximately $482.6 million, or 8.5% higher than net sales of $5.68 billion for the nine-months ended September 30, 2024. Net sales increased primarily due to increased worldwide sales of our Monster Energy® brand energy drinks as a result of increased consumer demand. Net changes in foreign currency exchange rates had an unfavorable impact on net sales of approximately $30.6 million for the nine-months ended September 30, 2025. Net sales on a foreign currency adjusted basis increased 9.0% for the nine-months ended September 30, 2025.

Net sales for the Monster Energy® Drinks segment were $5.68 billion for the nine-months ended September 30, 2025, an increase of approximately $485.2 million, or 9.3% higher than net sales of $5.19 billion for the nine-months ended September 30, 2024. Net sales increased primarily due to increased worldwide sales of our Monster Energy® brand energy drinks as a result of increased consumer demand. Net changes in foreign currency exchange rates had an unfavorable impact on net sales for the Monster Energy® Drinks segment of approximately $26.9 million for the nine-months ended September 30, 2025. Net sales for the Monster Energy® Drinks segment on a foreign currency adjusted basis increased 9.9% for the nine-months ended September 30, 2025.

Net sales for the Strategic Brands segment were $358.7 million for the nine-months ended September 30, 2025, an increase of approximately $28.5 million, or 8.6% higher than net sales of $330.2 million for the nine-months ended September 30, 2024. Net sales for the Strategic Brands segment increased primarily due to increased sales of our Predator®, Burn®, and NOS® brand energy drinks. Net changes in foreign currency exchange rates had an unfavorable impact on net sales of approximately $3.7 million for the Strategic Brands segment for the nine-months ended September 30, 2025. Net sales for the Strategic Brands segment on a foreign currency adjusted basis increased 9.7% for the nine-months ended September 30, 2025. Net sales of concentrates within the Strategic Brands segment tend to have more pronounced fluctuations from period to period as compared to net sales of our finished goods within the Monster Energy® Drinks segment primarily as a result of bottler production schedules.

Net sales for the Alcohol Brands segment were $105.7 million for the nine-months ended September 30, 2025, a decrease of approximately $31.7 million, or 23.1% lower than net sales of $137.4 million for the nine-months ended September 30, 2024. The decrease in net sales for the nine-months ended September 30, 2025 was primarily due to decreased sales of the Beast^TM Tea product line, which was launched during the nine-months ended September 30, 2024, as well as decreased sales of The Beast^TM product line.

Net sales for the Other segment were $19.2 million for the nine-months ended September 30, 2025, an increase of approximately $0.7 million, or 3.8% higher than net sales of $18.5 million for the nine-months ended September 30, 2024.

Case sales for our energy drink products, in 192-ounce case equivalents, were 720.8 million cases for the nine-months ended September 30, 2025, an increase of approximately 77.8 million cases or 12.1% higher than case sales of 643.0 million cases for the nine-months ended September 30, 2024. The overall average net sales per case for our energy drink products (excluding net sales of Alcohol Brands and Other segments) decreased to $8.38 for the nine-months ended September 30, 2025, which was 2.5% lower than the average net sales per case of $8.59 for the nine-months ended September 30, 2024. The decrease in overall average net sales per case for our energy drink products for the nine-months ended September 30, 2025 compared to the nine-months ended September 30, 2024 was primarily due to adverse changes in foreign currency exchange rates as well as geographical sales mix.

Case sales for our craft beers, FMBs and hard seltzers, in 192-ounce equivalents, were 7.6 million cases for the nine-months ended September 30, 2025, a decrease of approximately 2.4 million cases or 24.1% lower than case sales of 10.0 million cases for the nine-months ended September 30, 2024. Barrel sales for our craft beers, FMBs and hard seltzers, in 31 U.S. gallon equivalents, were 0.37 million barrels for the nine-months ended September 30, 2025, a decrease of approximately 0.11 million barrels or 24.1% lower than barrel sales of 0.48 million barrels for the nine-months ended September 30, 2024.

Gross Profit

Gross profit was $3.45 billion for the nine-months ended September 30, 2025, an increase of approximately $402.4 million, or 13.2% higher than the gross profit of $3.05 billion for the nine-months ended September 30, 2024. The increase in gross profit dollars was primarily the result of the $482.6 million increase in net sales for the nine-months ended September 30, 2025.

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Gross profit as a percentage of net sales increased to 56.0% for the nine-months ended September 30, 2025 from 53.6% for the nine-months ended September 30, 2024. The increase in gross profit as a percentage of net sales for the nine-months ended September 30, 2025 was primarily the result of the Pricing Actions and supply chain optimization, partially offset by higher promotional allowances and geographical sales mix.

Operating Expenses

Total operating expenses were $1.57 billion for the nine-months ended September 30, 2025, an increase of approximately $74.8 million, or 5.0% higher than total operating expenses of $1.50 billion for the nine-months ended September 30, 2024.

The increase in operating expenses was primarily due to increased payroll expense of $51.5 million, general administrative expense of $24.9 million, and selling and marketing expense of $21.0 million. Operating expenses as a percentage of net sales for the nine-months ended September 30, 2025 were 25.5% as compared to 26.4% for the nine-months ended September 30, 2024.

Operating Income

Operating income was $1.88 billion for the nine-months ended September 30, 2025, an increase of approximately $327.7 million, or 21.2% higher than operating income of $1.55 billion for the nine-months ended September 30, 2024. Operating income as a percentage of net sales increased to 30.4% for the nine-months ended September 30, 2025 from 27.3% for the nine-months ended September 30, 2024.

Operating income was $504.1 million and $419.0 million for the nine-months ended September 30, 2025 and 2024, respectively, for our international operations, exclusive of Canada.

Operating income for the Monster Energy® Drinks segment, exclusive of corporate and unallocated expenses, was $2.23 billion for the nine-months ended September 30, 2025, an increase of approximately $386.3 million, or 21.0% higher than operating income of $1.84 billion for the nine-months ended September 30, 2024. The increase in operating income for the Monster Energy® Drinks segment was primarily the result of an increase in net sales.

Operating income for the Strategic Brands segment, exclusive of corporate and unallocated expenses, was $186.0 million for the nine-months ended September 30, 2025, an increase of approximately $2.3 million, or 1.2% higher than operating income of $183.8 million for the nine-months ended September 30, 2024. The increase in operating income for the Strategic Brands segment was primarily the result of an increase in net sales.

Operating loss for the Alcohol Brands segment, exclusive of corporate and unallocated expenses, was $54.0 million for the nine-months ended September 30, 2025, an increase of approximately $2.8 million, or 5.4% higher than the operating loss of $51.2 million for the nine-months ended September 30, 2024. The increase in operating loss for the nine-months ended September 30, 2025 was primarily due to a decrease in net sales partially offset by the Alcohol Brands Inventory Reserves recognized in the three-months ended September 30, 2024.

Operating income for the Other segment, exclusive of corporate and unallocated expenses, was $3.1 million for the nine-months ended September 30, 2025, as compared to operating income of $3.9 million for the nine-months ended September 30, 2024.

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Interest and Other Income (Expense), net

Interest and other income (expense), net, was $37.5 million for the nine-months ended September 30, 2025, as compared to interest and other income (expense), net, of $54.3 million for the nine-months ended September 30, 2024. Interest income was $59.1 million and $97.5 million for the nine-months ended September 30, 2025 and 2024, respectively. The decrease in interest income for the nine-months ended September 30, 2025 was primarily related to lower average short- and long-term investment balances as a result of treasury stock repurchases made in the second and third quarters of 2024. Interest expense was $6.3 million and $17.5 million for the nine-months ended September 30, 2025 and 2024, respectively. The decrease in interest expense for the nine-months ended September 30, 2025 was primarily due to the repayment of long-term debt in April 2025. Foreign currency transaction losses were $13.8 million and $24.7 million for the nine-months ended September 30, 2025 and 2024, respectively.

Provision for Income Taxes

Provision for income taxes was $458.0 million for the nine-months ended September 30, 2025, an increase of $93.0 million from the provision for income taxes of $365.0 million for the nine-months ended September 30, 2024. The effective combined federal, state and foreign tax rate increased to 23.9% from 22.8% for the nine-months ended September 30, 2025 and 2024, respectively. The increase in the effective tax rate was primarily attributable to higher income taxes from foreign tax jurisdictions.

Net Income

Net income was $1.46 billion for the nine-months ended September 30, 2025, an increase of $217.9 million, or 17.6% higher than net income of $1.24 billion for the nine-months ended September 30, 2024.

Key Business Metrics

We use certain key metrics and financial measures not prepared in accordance with United States Generally Accepted Accounting Principles (“GAAP”) to evaluate and manage our business. For a further discussion of how we use key metrics and certain non-GAAP financial measures, see “Non-GAAP Financial Measures and Other Key Metrics.”

Non-GAAP Financial Measures and Other Key Metrics

Gross Billings**

Three-Months Ended September 30, 2025 Compared to the Three-Months Ended September 30, 2024.

Gross billings were $2.65 billion for the three-months ended September 30, 2025, an increase of approximately $443.8 million, or 20.1% higher than gross billings of $2.21 billion for the three-months ended September 30, 2024. Gross billings increased primarily due to increased worldwide sales of our Monster Energy® brand energy drinks as a result of increased consumer demand. Net changes in foreign currency exchange rates had a favorable impact on gross billings of approximately $40.8 million for the three-months ended September 30, 2025. Gross billings on a foreign currency adjusted basis increased 18.2% for the three-months ended September 30, 2025.

Gross billings for the Monster Energy® Drinks segment were $2.46 billion for the three-months ended September 30, 2025, an increase of approximately $426.5 million, or 21.0% higher than gross billings of $2.03 billion for the three-months ended September 30, 2024. Gross billings increased primarily due to increased worldwide sales of our Monster Energy® brand energy drinks as a result of increased consumer demand. Net changes in foreign currency exchange rates had a favorable impact on gross billings for the Monster Energy® Drinks segment of approximately $37.8 million for the three-months ended September 30, 2025. Gross billings for the Monster Energy® Drinks segment on a foreign currency adjusted basis increased 19.1% for the three-months ended September 30, 2025.

**Gross billings represent amounts invoiced to customers net of cash discounts, returns and excise taxes. Gross billings are used internally by management as an indicator of and to monitor operating performance, including sales performance of particular products, salesperson performance, product growth or declines and is useful to investors in evaluating overall Company performance. The use of gross billings allows evaluation of sales performance before the effect of any promotional items, which can mask certain performance issues. We therefore believe that the presentation of gross billings provides a useful measure of our operating performance. The use of gross billings is not a measure that is recognized under GAAP and should not be considered as an alternative to net sales, which is determined in accordance with GAAP, and should not be used alone as an indicator of operating performance in place of net sales. Additionally, gross billings may not be comparable to similarly titled measures used by other companies, as gross billings has been defined by our internal reporting practices. In addition, gross billings may not be realized in the form of cash receipts as promotional payments and allowances may be deducted from payments received from certain customers.

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Gross billings for the Strategic Brands segment were $152.3 million for the three-months ended September 30, 2025, an increase of $23.8 million, or 18.5% higher than gross billings of $128.5 million for the three-months ended September 30, 2024. Gross billings for the Strategic Brands segment increased primarily due to increased sales of our Predator®, Burn®, and Mother® brand energy drinks. Net changes in foreign currency exchange rates had a favorable impact on gross billings in the Strategic Brands segment of approximately $3.0 million for the three-months ended September 30, 2025. Gross billings for the Strategic Brands segment on a foreign currency adjusted basis increased 16.2% for the three-months ended September 30, 2025.

Gross billings for the Alcohol Brands segment were $33.6 million for the three-months ended September 30, 2025, a decrease of approximately $7.2 million, or 17.7% lower than gross billings of $40.8 million for the three-months ended September 30, 2024. The decrease in gross billings for the three-months ended September 30, 2025 was primarily due to decreased sales of The Beast^TM product line.

Gross billings for the Other segment were $6.8 million for the three-months ended September 30, 2025, an increase of $0.8 million, or 12.8% higher than gross billings of $6.0 million for the three-months ended September 30, 2024.

Promotional allowances, commissions and other expenses, as described in the footnote below, were $465.8 million for the three-months ended September 30, 2025, an increase of $127.7 million, or 37.8% higher than promotional allowances, commissions and other expenses of $338.1 million for the three-months ended September 30, 2024. Promotional allowances, commissions and other expenses as a percentage of gross billings increased to 17.6% from 15.3% for the three-months ended September 30, 2025 and 2024, respectively.

Nine-Months Ended September 30, 2025 Compared to the Nine-Months Ended September 30, 2024.

Gross billings were $7.32 billion for the nine-months ended September 30, 2025, an increase of approximately $699.6 million, or 10.6% higher than gross billings of $6.62 billion for the nine-months ended September 30, 2024. Gross billings increased primarily due to increased worldwide sales of our Monster Energy® brand energy drinks as a result of increased consumer demand. Net changes in foreign currency exchange rates had an unfavorable impact on gross billings of approximately $25.5 million for the nine-months ended September 30, 2025. Gross billings on a foreign currency adjusted basis increased 11.0% for the nine-months ended September 30, 2025.

Gross billings for the Monster Energy® Drinks segment were $6.77 billion for the nine-months ended September 30, 2025, an increase of approximately $686.2 million, or 11.3% higher than gross billings of $6.08 billion for the nine-months ended September 30, 2024. Gross billings increased primarily due to increased worldwide sales of our Monster Energy® brand energy drinks as a result of increased consumer demand. Net changes in foreign currency exchange rates had an unfavorable impact on gross billings for the Monster Energy® Drinks segment of approximately $21.6 million for the nine-months ended September 30, 2025. Gross billings for the Monster Energy® Drinks segment on a foreign currency adjusted basis increased 11.6% for the nine-months ended September 30, 2025.

Gross billings for the Strategic Brands segment were $418.0 million for the nine-months ended September 30, 2025, an increase of approximately $43.9 million, or 11.7% higher than gross billings of $374.1 million for the nine-months ended September 30, 2024. Gross billings for the Strategic Brands segment increased primarily due to increased sales of our Predator®, Burn® and NOS® brand energy drinks. Net changes in foreign currency exchange rates had an unfavorable impact on gross billings in the Strategic Brands segment of approximately $3.9 million for the nine-months ended September 30, 2025. Gross billings for the Strategic Brands segment on a foreign currency adjusted basis increased 12.8% for the nine-months ended September 30, 2025.

Gross billings for the Alcohol Brands segment were $109.6 million for the nine-months ended September 30, 2025, a decrease of approximately $31.2 million, or 22.1% lower than gross billings of $140.8 million for the nine-months ended September 30, 2024. The decrease in gross billings for the nine-months ended September 30, 2025 was primarily due to decreased sales of the Beast^TM Tea product line, which was launched during the nine-months ended September 30, 2024, as well as decreased sales of The Beast^TM product line.

Gross billings for the Other segment were $19.3 million for the nine-months ended September 30, 2025, an increase of approximately $0.6 million, or 3.4% higher than gross billings of $18.7 million for the nine-months ended September 30, 2024.

Promotional allowances, commissions and other expenses, as described in the footnote below, were $1.18 billion for the nine-months ended September 30, 2025, an increase of $217.1 million, or 22.5% higher than promotional allowances, commissions and other

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expenses of $965.3 million for the nine-months ended September 30, 2024. Promotional allowances, commissions and other expenses as a percentage of gross billings increased to 16.2% from 14.6% for the nine-months ended September 30, 2025 and 2024, respectively.

The following table reconciles the non-GAAP financial measure of gross billings with the most directly comparable GAAP financial measure of net sales:


	Three-Months Ended				Percentage		Nine-Months Ended				Percentage
(In thousands)	September 30,				Change		September 30,				Change
	2025		2024		25 vs. 24		2025		2024		25 vs. 24
Gross Billings	$	2,652,869	$	2,209,023	20.1	%	$	7,315,735	$	6,616,108	10.6	%
Deferred Revenue		10,068		10,044	0.2	%		29,959		29,897	0.2	%
Less: Promotional allowances, commissions and other expenses***		465,798		338,094	37.8	%		1,182,404		965,337	22.5	%
Net Sales	$	2,197,139	$	1,880,973	16.8	%	$	6,163,290	$	5,680,668	8.5	%

***Although the expenditures described in this line item are determined in accordance with GAAP and meet GAAP requirements, the presentation thereof does not conform to GAAP presentation requirements. Additionally, our definition of promotional and other allowances may not be comparable to similar items presented by other companies. Promotional and other allowances for our energy drink products primarily include consideration given to our non-alcohol bottlers/distributors or customers including, but not limited to the following: (i) discounts granted off list prices to support price promotions to end-consumers by retailers; (ii) reimbursements given to our bottlers/distributors for agreed portions of their promotional spend with retailers, including slotting, shelf space allowances and other fees for both new and existing products; (iii) our agreed share of fees given to bottlers/distributors and/or directly to retailers for advertising, in-store marketing and promotional activities; (iv) our agreed share of slotting, shelf space allowances and other fees given directly to retailers, club stores and/or wholesalers; (v) incentives given to our bottlers/distributors and/or retailers for achieving or exceeding certain predetermined sales goals; (vi) discounted and/or free products or cash rebates; (vii) contractual fees given to our bottlers/distributors related to sales made by us direct to certain customers that fall within the bottlers’/distributors’ sales territories; and (viii) certain commissions paid based on sales to our bottlers/distributors. The presentation of promotional and other allowances facilitates an evaluation of their impact on the determination of net sales and the spending levels incurred or correlated with such sales. Promotional and other allowances for our energy drink products constitute a material portion of our marketing activities. Our promotional allowance programs for our energy drink products with our numerous bottlers/distributors and/or retailers are executed through separate agreements in the ordinary course of business. These agreements generally provide for one or more of the arrangements described above and are of varying durations, ranging from one week to one year. Promotional and other allowances for our Alcohol Brands segment primarily include price promotions where permitted.

Sales

The table below discloses selected quarterly data regarding sales for the three- and nine-months ended September 30, 2025 and 2024, respectively. Data from any one or more quarters or periods is not necessarily indicative of annual results or continuing trends.

Sales of our energy drinks are expressed in unit case volume. A “unit case” means a unit of measurement equal to 192 U.S. fluid ounces of finished beverage (24 eight-ounce servings). Unit case volume means the number of unit cases (or unit case equivalents) of finished products or concentrates as if converted into finished products sold by us.

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Our quarterly results of operations reflect seasonal trends that are primarily the result of increased demand in the warmer months of the year. Beverage sales tend to be lower during the first and fourth quarters of each calendar year. However, our experience with our energy drink products suggests they are less seasonal than the seasonality expected from traditional beverages. In addition, our continued growth internationally may further reduce the impact of seasonality on our business. Quarterly fluctuations may also be affected by other factors including the introduction of new products, the opening of new markets where temperature fluctuations are more pronounced, the addition of new bottlers/distributors, changes in the sales mix of our products and changes in advertising and promotional expenses.


	Three-Months Ended				Nine-Months Ended
(In thousands, except average net sales per case)	September 30,				September 30,
	2025		2024		2025		2024
Net sales	$	2,197,139	$	1,880,973	$	6,163,290	$	5,680,668
Less: Alcohol Brands segment sales		(33,009)		(39,784)		(105,683)		(137,417)
Less: Other segment sales		(6,786)		(5,930)		(19,169)		(18,467)
Adjusted net sales¹	$	2,157,344	$	1,835,259	$	6,038,438	$	5,524,784

Case sales by segment:¹
Monster Energy® Drinks		201,310		172,587		562,395		507,970
Strategic Brands		57,077		46,822		158,428		135,063
Total case sales		258,387		219,409		720,823		643,033
Average net sales per case - Energy Drinks	$	8.35	$	8.36	$	8.38	$	8.59

¹Excludes Alcohol Brands segment and Other segment net sales.

Net changes in foreign currency exchange rates had a favorable impact on the overall average net sales per case for the three-months ended September 30, 2025 and an unfavorable impact on the overall average net sales per case for the nine-months ended September 30, 2025.

The following represents case sales for our craft beers, FMBs and hard seltzers, in 192-ounce equivalents:


	Three-Months Ended				Nine-Months Ended
(In thousands, except average net sales per case)	September 30,				September 30,
	2025		2024		2025		2024
Alcohol Brands segment net sales	$	33,009	$	39,784	$	105,683	$	137,417
Case sales		2,362		2,845		7,565		9,967
Average net sales per case - Alcohol Brands	$	13.98	$	13.98	$	13.97	$	13.79

See Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Results of Operations” for additional information related to net sales.

Liquidity and Capital Resources

Cash and cash equivalents. At September 30, 2025, we had $2.29 billion in cash and cash equivalents, $286.4 million in short-term investments, and $359.2 million in long-term investments, including certificates of deposit, commercial paper, U.S. treasuries and corporate bonds. We maintain our investments for cash management purposes and not for purposes of speculation. Our risk management policies emphasize credit quality (primarily based on short-term ratings by nationally recognized statistical rating organizations) in selecting and maintaining our investments. We regularly assess the market risk of our investments and believe our current policies and investment practices adequately limit those risks. However, certain of these investments are subject to general credit, liquidity, market and interest rate risks. These market risks associated with our investment portfolio may have an adverse effect on our future results of operations, liquidity and financial condition.

Of our $2.29 billion of cash and cash equivalents held at September 30, 2025, $1.15 billion was held by our foreign subsidiaries. No short-term or long-term investments were held by our foreign subsidiaries at September 30, 2025.

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Long-term debt. In May 2024, the Company entered into a credit agreement with JPMorgan Chase Bank, N.A., as administrative agent, and certain other lenders (the “Original Credit Agreement”), which provided for senior unsecured credit facilities in an aggregate principal amount of $1.50 billion (collectively, the “Credit Facilities”). The Credit Facilities previously consisted of a $750.0 million term loan (the “Term Loan”) and up to $750.0 million in multicurrency revolving loan commitments (the “Revolving Credit Facility”). The Term Loan was repaid in April 2025 with no additional borrowings permitted. In addition, pursuant to Amendment No. 1 to the Original Credit Agreement, dated as of October 17, 2025, among the Company, JPMorgan Chase Bank, N.A., as administrative agent, and certain other lenders (the “Amended Credit Agreement”), the Company’s aggregate borrowing capacity under the Revolving Credit Facility has been reduced to $500.0 million. Borrowings under the Revolving Credit Facility bear interest at a variable rate per annum equal to the applicable rate plus margin (as defined in the Amended Credit Agreement). Borrowings may be repaid at any time during the term of the Revolving Credit Facility and may be reborrowed prior to the maturity date, which is set to occur in May 2029. As of September 30, 2025, no borrowings were outstanding under the Credit Facilities, and the Company was in compliance with all covenants under the Amended Credit Agreement. As of November 5, 2025, the Revolving Credit Facility had remaining availability of $500.0 million.

We believe that cash available from operations, including our cash resources and access to credit, will be sufficient for our working capital needs, including purchase commitments for raw materials and inventory, increases in accounts receivable, payments of tax liabilities, expansion and development requirements, purchases of capital assets, purchases of equipment, purchases of real property and purchases of shares of our common stock, through at least the next 12 months. Based on our current plans, we estimate that capital expenditures (exclusive of common stock repurchases) are likely to be less than $250.0 million through September 30, 2026. However, future business opportunities may cause a change in this estimate.

Purchases of inventories, increases in accounts receivable and other assets, acquisition of property and equipment (including real property, personal property, plant and manufacturing equipment, and coolers), leasehold improvements, advances for or the purchase of equipment for our bottlers, acquisition and maintenance of trademarks, payments of accounts payable, income taxes payable and purchases of our common stock are expected to remain our principal recurring use of cash.

The following summarizes our cash flows for the nine-months ended September 30, 2025 and 2024 (in thousands):

Net cash provided by (used in):


	2025		2024
Operating activities	$	1,718,762	$	1,466,832
Investing activities	$	(719,248)	$	843,018
Financing activities	$	(312,601)	$	(2,967,704)

Cash flows provided by operating activities. Cash provided by operating activities was $1.72 billion for the nine-months ended September 30, 2025, as compared with cash provided by operating activities of $1.47 billion for the nine-months ended September 30, 2024.

For the nine-months ended September 30, 2025, cash provided by operating activities was primarily attributable to net income earned of $1.46 billion and adjustments for certain non-cash expenses, consisting primarily of $92.3 million of depreciation and amortization and non-cash lease expense and $86.7 million of stock-based compensation. For the nine-months ended September 30, 2025, cash provided by operating activities also increased due to a $148.6 million increase in accounts payable, a $105.8 million increase in accrued promotional allowances, a $98.5 million increase in accrued liabilities, a $58.4 million decrease in inventories, a $33.4 million increase in income taxes payable, and a $14.0 million decrease in prepaid income taxes. For the nine-months ended September 30, 2025, cash used in operating activities was primarily attributable to a $299.1 million increase in accounts receivable, a $66.3 million increase in prepaid expenses and other assets, and a $15.9 million decrease in deferred revenue.

For the nine-months ended September 30, 2024, cash provided by operating activities was primarily attributable to net income earned of $1.24 billion and adjustments for certain non-cash expenses, consisting primarily of $69.6 million of depreciation and amortization and non-cash lease expense and $68.8 million of stock-based compensation. For the nine-months ended September 30, 2024, cash provided by operating activities also increased due to a $197.1 million decrease in inventories, a $46.7 million increase in accrued liabilities, a $31.5 million increase in accrued promotional allowances and a $4.2 million increase in income taxes payable. For the nine-months ended September 30, 2024, cash used in operating activities was primarily attributable to a $106.4 million increase in accounts receivable, a $39.7 million increase in prepaid income taxes, a $14.3 million decrease in accounts payable, a $12.7 million

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decrease in deferred revenue, a $6.0 million decrease in accrued compensation, a $5.9 million increase in prepaid expenses and other assets and a $2.4 million decrease in other liabilities.

Cash flows (used in) provided by investing activities. Cash used in investing activities was $719.2 million for the nine-months ended September 30, 2025, as compared to cash provided by investing activities of $843.0 million for the nine-months ended September 30, 2024.

For both the nine-months ended September 30, 2025 and 2024, cash used in investing activities was primarily attributable to purchases of available-for-sale investments. To a lesser extent, for both the nine-months ended September 30, 2025 and 2024, cash used in investing activities also included the acquisitions of fixed assets consisting of vans and promotional vehicles, coolers and other equipment to support our marketing and promotional activities, production equipment, furniture and fixtures, office and computer equipment, equipment used for sales and administrative activities, certain leasehold improvements, as well as construction of and/or improvements to real property. For both the nine-months ended September 30, 2025 and 2024, cash provided by investing activities was primarily attributable to sales of available-for-sale investments. We expect to use a portion of our cash in excess of our requirements for operations for purchasing short-term and long-term investments, leasehold improvements, the acquisition of capital equipment (specifically, vans, trucks and promotional vehicles, coolers, other promotional equipment, merchandise displays, warehousing racks as well as items of production equipment required to produce certain of our existing and/or new products) to develop our brand in international markets and for other corporate purposes. From time to time, we may also use cash to purchase additional real property related to our beverage business and/or acquire compatible businesses.

Cash flows used in financing activities. Cash used in financing activities was $312.6 million for the nine-months ended September 30, 2025, as compared to cash used in financing activities of $2.97 billion for the nine-months ended September 30, 2024. The cash used in financing activities for the nine-months ended September 30, 2025 was primarily due to repayments on the Credit Facilities and, to a lesser extent, repurchases of our common stock. The cash used in financing activities for the nine-months ended September 30, 2024 was primarily the result of repurchases of our common stock. The cash provided by financing activities for the nine-months ended September 30, 2025 was primarily attributable to the issuance of our common stock under our stock-based compensation plans. The cash provided by financing activities for the nine-months ended September 30, 2024 was primarily attributable to borrowings under the Credit Facilities and, to a lesser extent, the issuance of our common stock under our stock-based compensation plans.

The following represents a summary of the Company’s contractual commitments and related scheduled maturities as of September 30, 2025:


	Payments due by period (in thousands)
			Less than		1‑3		3‑5		More than
Obligations	Total		1 year		years		years		5 years
Contractual Obligations¹	$	481,065	$	253,654	$	152,093	$	72,672	$	2,646
Finance Leases		3,959		3,928		23		8		—
Operating Leases		56,364		14,230		20,677		13,494		7,963
Purchase Commitments²		225,314		136,509		86,062		2,743		—
	$	766,702	$	408,321	$	258,855	$	88,917	$	10,609

¹Contractual obligations include our obligations related to sponsorships and other commitments.

²Purchase commitments include obligations made by us and our subsidiaries to various suppliers for raw materials used in the production of our products. These obligations vary in terms but are generally satisfied within one year.

In addition, approximately $4.1 million of unrecognized tax benefits have been recorded as liabilities as of September 30, 2025. It is expected that the amount of unrecognized tax benefits will not significantly change within the next 12 months. As of September 30, 2025, we had $1.0 million of accrued interest and penalties related to unrecognized tax benefits.

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Critical Accounting Policies and Estimates

Our consolidated financial statements are prepared in accordance with GAAP. GAAP requires us to make estimates and assumptions that affect the reported amounts in our consolidated financial statements. Critical accounting estimates are those that management believes are the most important to the portrayal of our financial condition and results and require the most difficult, subjective or complex judgments, often as a result of the need to make estimates about the effect of matters that are inherently uncertain and that have had, or are reasonably likely to have, a material impact on our financial condition or results of operations. Judgments and uncertainties may result in materially different amounts being reported under different conditions or using different assumptions. There have been no material changes to our critical accounting policies or estimates from the information provided in “Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Part II, Item 8 – Financial Statements and Supplementary Data – Note 1 – Organization and Summary of Significant Accounting Policies”, included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 (“Form 10-K”).

Recent Accounting Pronouncements

The information required by this Item is incorporated herein by reference to the Notes to Condensed Consolidated Financial Statements - Note 1. Recent Accounting Pronouncements, in Part I, Item 1, of this Quarterly Report on Form 10-Q.

Inflation

We believe inflation did not have a significant impact on our results of operations for the three- and nine-months ended September 30, 2025.

Forward-Looking Statements

Certain statements made in this report may constitute forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) (the “Exchange Act”) regarding the expectations of management with respect to revenues, profitability, and adequacy of funds from operations and the Revolving Credit Facility, among other things. All statements containing a projection of revenues, income (loss), earnings (loss) per share, capital expenditures, dividends, capital structure or other financial items, a statement of management’s plans and objectives for future operations, or a statement of future economic performance contained in management’s discussion and analysis of financial condition and results of operations, including statements related to new products, volume growth and statements encompassing general optimism about future operating results and non-historical information, are forward-looking statements within the meaning of the Exchange Act. Without limiting the foregoing, the words “believes,” “thinks,” “anticipates,” “plans,” “expects,” “estimates” and similar expressions are intended to identify forward-looking statements.

Management cautions that these statements are qualified by their terms and/or important factors, many of which are outside our control and involve a number of risks, uncertainties and other factors, that could cause actual results and events to differ materially from the statements made including, but not limited to, the following:

our ability to sustain and/or surpass the current level of sales of our products, to adapt to changing consumer preferences, and to effectively respond to competitive products and pricing pressures;

our ability to implement our growth strategy, including expanding our business in existing and new sectors and achieving profitability within our Alcohol Brands segment;

our ability to adapt to the changing retail landscape with the rapid growth in e-commerce retailers and e-commerce websites;

our ability to absorb, reduce or pass on to our bottlers/distributors increases in commodity costs, including freight costs;

the impact of the current U.S. presidential administration’s policies on our energy drinks due to concerns about sugar-sweetened beverages, particular ingredients, such as food dyes, and the “generally recognized as safe” (GRAS) process;

the impact of proposed or adopted domestic and/or foreign legislation to limit or restrict the sale of energy drinks (including the prohibition of the sale of energy drinks to certain demographics, at certain establishments, in certain container sizes or pursuant to certain governmental programs, such as the Supplemental Nutrition Assistance Program (SNAP));

the impact of changes in U.S. trade policies and the threat or imposition of tariffs on, among other things, our supply chain, input costs, inflation or consumer demand for our products;

the imposition of new and/or increased excise sales and/or other taxes on our products;

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our extensive commercial arrangements with The Coca-Cola Company (TCCC) and, as a result, our future performance’s substantial dependence on the success of our relationship with TCCC;

the effects of unilateral decisions by bottlers/distributors and/or retailers on our business, including their distribution and placement of our products, their consolidation, their discontinuation, or restriction of the range of, all or any of our products that they carry, their limitations on the sale or sizes of our products, and/or their devotion of less resources to the sale of our products;

changes in the price and/or availability of raw materials and other supply chain issues, such as the availability of products, suitable production facilities and/or co-packing arrangements;

possible recalls of our products and/or the consequences and costs of defective production;

disruption to our manufacturing facilities and operations related to climate, labor, production difficulties, capacity limitations, regulations or other causes;

disruption to and/or lack of effectiveness of our information technology systems, including internal and external cybersecurity threats and breaches;

adverse publicity surrounding obesity, alcohol consumption and other health concerns related to our products, product safety and quality;

liabilities resulting from legal or regulatory proceedings, government investigations, and/or injunctions;

the inherent operational risks presented by the alcoholic beverage industry that may not be adequately covered by insurance or lead to litigation relating to the abuse or misuse of our products;

the current uncertainty and volatility in the national and global economy and changes in demand due to such economic conditions, including a slowdown in consumer spending generally; and

the impact of military conflicts, including supply chain disruptions, volatility in commodity prices, increased economic uncertainty and escalating geopolitical tensions.

The foregoing list of important factors and other risks detailed from time to time in our reports filed with the SEC is not exhaustive. See “Part II, Item 1A – Risk Factors” for a more complete discussion of these risks and uncertainties and for other risks and uncertainties. Those factors and the other risk factors described therein are not necessarily all of the important factors that could cause actual results or developments to differ materially from those expressed in any of our forward-looking statements. Other unknown or unpredictable factors also could harm our results. Consequently, our actual results could be materially different from the results described or anticipated by our forward-looking statements due to the inherent uncertainty of estimates, forecasts and projections and may be better or worse than anticipated. Given these uncertainties, you should not rely on forward-looking statements. Forward-looking statements represent our estimates and assumptions only as of the date that they were made. We expressly disclaim any duty to provide updates to forward-looking statements, and the estimates and assumptions associated with them, after the date of this report, in order to reflect changes in circumstances or expectations or the occurrence of unanticipated events except to the extent required by applicable securities laws.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

There have been no material changes in our market risks during the three-months ended September 30, 2025 compared with the disclosures in Part II, Item 7A of our Form 10-K.

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures – Under the supervision and with the participation of the Company’s management, including our Chief Executive Officer and Chief Financial Officer, we have evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13(a)-15(e) and 15(d)-15(e) of the Exchange Act) as of the end of the period covered by this report. Based upon this evaluation, the Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures are adequate and effective to ensure that information we are required to disclose in reports that we file or submit under the Exchange Act is (1) recorded, processed, summarized and reported within the time periods specified in rules and forms of the SEC and (2) accumulated and communicated to our management, including its principal executive and principal financial officers, as appropriate, to allow timely decisions regarding required disclosures.

Changes in Internal Control Over Financial Reporting – There were no changes in the Company’s internal controls over financial reporting during the quarter ended September 30, 2025, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

The information required by this Item is incorporated herein by reference to the Notes to Condensed Consolidated Financial Statements - Note 10. Commitments and Contingencies: Litigation in Part I, Item 1, of this Quarterly Report on Form 10-Q.

ITEM 1A. RISK FACTORS

In addition to the other information set forth in this Quarterly Report on Form 10-Q, including Management’s Discussion and Analysis of Financial Condition and Results of Operations and the condensed consolidated financial statements and related notes, you should carefully consider the risks discussed in “Part I, Item 1A – Risk Factors” in our Form 10-K. If any of these risks occur or continue to occur, our business, reputation, financial condition and/or operating results could be materially adversely affected. We also note that the risk factors described in this report and our Form 10-K are not the only risks facing our Company, and such additional risks or uncertainties that we currently deem to be immaterial or are unknown to us could negatively impact our business, operations, or financial results.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

The aggregate amount of the Company’s outstanding common stock that remains available for repurchase under all previously authorized repurchase plans is $500.0 million as of November 5, 2025.

The following tabular summary reflects the Company’s repurchase activity during the quarter ended September 30, 2025.


					Maximum Number (or
					Approximate Dollar
				Total Number of	Value) of Shares that
				Shares Purchased	May Yet Be Purchased
	Total Number			as Part of Publicly	Under the Plans or
	of Shares	Average Price		Announced Plans	Programs
Period	Purchased¹	per Share		or Programs²	(In thousands)
Jul 1 – Jul 31, 2025	—	$	—	—	$	500,000
Aug 1 – Aug 31, 2025	—	$	—	—	$	500,000
Sep 1 – Sep 30, 2025	427,725	$	63.80	—	$	500,000
Total	427,725	$	63.80	—	$	500,000

¹The total number of shares purchased includes (1) shares repurchased, if any, pursuant to the August 2024 Repurchase Plan and (2) shares repurchased, if any, to satisfy exercise price and/or tax withholding obligations in connection with exercises of employee stock options and/or the vesting of restricted stock issued to employees.

²On August 19, 2024, the Company publicly announced that its Board of Directors authorized the August 2024 Repurchase Plan. Board authorization of the repurchase plan remains in effect until shares in the amount authorized thereunder have been repurchased.

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ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

During the three-months ended September 30, 2025, none of the Company’s directors or officers adopted, modified or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement (each as defined in Item 408 of Regulation S-K under the Securities Exchange Act of 1934, as amended).

ITEM 6. EXHIBITS


3.1		Second Amended and Restated Certificate of Incorporation of the Company (incorporated by reference to Exhibit 3.1 to our Form 8-K dated June 27, 2023).

3.2		Fourth Amended and Restated By-laws of the Company (incorporated by reference to Exhibit 3.2 to our Form 8-K dated November 7, 2024).

10.1*		Amendment No. 1 to the Credit Agreement, dated as of October 17, 2025, among the Company, JPMorgan Chase Bank, N.A., as administrative agent, and the lenders party thereto.

31.1*		Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes- Oxley Act of 2002

31.2*		Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes- Oxley Act of 2002

32.1*		Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

32.2*		Certification by Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

101*		The following financial information from Monster Beverage Corporation’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) Condensed Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024, (ii) Condensed Consolidated Statements of Income for the three- and nine-months ended September 30, 2025 and 2024, (iii) Condensed Consolidated Statements of Comprehensive Income for the three- and nine-months ended September 30, 2025 and 2024, (iv) Condensed Consolidated Statements of Stockholders’ Equity for the three- and nine-months ended September 30, 2025 and 2024, (v) Condensed Consolidated Statements of Cash Flows for the nine-months ended September 30, 2025 and 2024, and (vi) the Notes to Condensed Consolidated Financial Statements.

104*		The cover page from Monster Beverage Corporation’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, formatted in iXBRL (Inline eXtensible Business Reporting Language) and contained in Exhibit 101.

^*Filed herewith.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	MONSTER BEVERAGE CORPORATION
	Registrant

Date: November 6, 2025	/s/ HILTON H. SCHLOSBERG
	Hilton H. Schlosberg
	Vice Chairman of the Board of Directors
	and Chief Executive Officer

Date: November 6, 2025	/s/ THOMAS J. KELLY
	Thomas J. Kelly
	Chief Financial Officer

Source: View Original Filing on SEC EDGAR

FAQ

How did MNST perform in Q3 2025?

Q3 net sales were $2,197,139, operating income $675,352, net income $524,455, and diluted EPS $0.53.

What were MNST’s nine-month 2025 results?

Nine-month net sales were $6,163,290 and net income was $1,456,242.

What is MNST’s liquidity position?

Cash and cash equivalents were $2,292,939 with total investments of $645,565 at September 30, 2025.

Does MNST have debt outstanding?

The term loan was repaid in April 2025; the revolving credit facility capacity is $500.0 million with no borrowings outstanding as of quarter end.

What is the status of the share repurchase program for MNST?

Under the August 2024 plan, $500.0 million remained available as of November 5, 2025; no Q3 open-market repurchases were made.

How many MNST shares were outstanding?

Shares outstanding were 976,997 as of September 30, 2025; the company reported 977,021,216 as of October 31, 2025.

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