Monster Beverage (MNST) posts 26.9% Q1 sales growth and higher EPS
Rhea-AI Filing Summary
Monster Beverage Corporation reported strong growth for the first quarter ended March 31, 2026. Net sales rose 26.9% to $2.35 billion, with foreign currency adjusted net sales up 22.1%. Operating income increased 28.1% to $730.0 million, while net income grew 28.6% to $569.5 million.
Net income per diluted share increased to $0.58 from $0.45, and adjusted diluted EPS also reached $0.58. The Monster Energy® Drinks segment drove results with 27.6% net sales growth to $2.19 billion, while international net sales jumped 44.9% to $1.06 billion, representing about 45% of total net sales.
Gross margin declined to 55.0% from 56.5% due to geographic mix, higher aluminum can and freight-in costs, partly offset by pricing. The company repurchased approximately 1.4 million shares for about $100.0 million at an average price of $73.86, leaving roughly $400.0 million authorized for further buybacks.
Positive
- Robust top-line and earnings growth: Net sales grew 26.9% to $2.35 billion, operating income rose 28.1% to $730.0 million, and net income increased 28.6% to $569.5 million, with diluted EPS up from $0.45 to $0.58.
- Strong international and core energy performance: Monster Energy® Drinks segment net sales increased 27.6% to $2.19 billion, while net sales to customers outside the U.S. rose 44.9% to $1.06 billion, reaching about 45% of total net sales.
- Disciplined cost structure and capital returns: Operating expenses fell from 25.8% to 23.9% of net sales, and the company repurchased approximately 1.4 million shares for $100.0 million, with about $400.0 million remaining under its repurchase program.
Negative
- None.
Insights
Monster posted strong double‑digit growth with slightly lower margins but higher earnings.
Monster Beverage delivered 26.9% net sales growth to $2.35 billion, with operating income up 28.1% to $730.0 million and net income up 28.6% to $569.5 million. Core Monster Energy® Drinks net sales rose 27.6%, highlighting robust category and brand momentum.
Gross margin slipped from 56.5% to 55.0%, mainly from geographic mix and higher aluminum and freight‑in costs, partly offset by pricing actions. Operating expenses grew in dollars but fell as a percentage of sales, supporting improved profitability and adjusted operating income growth of 24.1%.
International expansion is notable: foreign net sales increased 44.9% to $1.06 billion, reaching about 45% of total net sales. Management also returned capital via $100.0 million of buybacks, with $400.0 million remaining authorized, signaling ongoing capacity to fund growth while rewarding shareholders.
8-K Event Classification
Key Figures
Key Terms
non-GAAP financial
foreign currency adjusted basis financial
adjusted operating income financial
stock-based compensation financial
deferred revenue financial
scanner data technical
Earnings Snapshot
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
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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. ¨
Item 2.02. Results of Operations and Financial Condition.
On May 7, 2026, Monster Beverage Corporation (the “Company”) issued a press release relating to its financial results for the first quarter ended March 31, 2026, a copy of which is furnished as Exhibit 99.1 hereto. The press release did not include certain financial statements, related footnotes and certain other financial information that will be filed with the Securities and Exchange Commission as part of the Company’s Quarterly Report on Form 10-Q.
On May 7, 2026, the Company will conduct a conference call at 2:00 p.m. Pacific Time. The conference call will be open to all interested investors through a live audio web broadcast via the internet at www.monsterbevcorp.com in the “Events & Presentations” section. For those who are not able to listen to the live broadcast, the call will be archived for approximately one year on the website.
Item 7.01. Regulation FD Disclosure.
The Company’s investor presentation containing scanner data for the first quarter ended March 31, 2026 is furnished as Exhibit 99.2 to this Current Report on Form 8-K.
The information under Items 2.02 and 7.01 above (including Exhibits 99.1 and 99.2 hereto) is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
| Exhibit 99.1 | Press Release dated May 7, 2026. |
| Exhibit 99.2 | Investor Presentation. |
| Exhibit 104 | The cover page from this Current Report on Form 8-K, formatted in iXBRL (Inline eXtensible Business Reporting Language). |
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 hereunto duly authorized.
| Monster Beverage Corporation | |
| Date: May 7, 2026 | /s/ Hilton H. Schlosberg |
| Hilton H. Schlosberg | |
| Vice Chairman of the Board of Directors and Chief Executive Officer |
Exhibit 99.1
Investor Relations Strategic Public Relations |
PondelWilkinson Inc. 2945 Townsgate Road, Suite 200 Westlake Village, CA 91361
T (310) 279 5980 W www.pondel.com |
CONTACTS:
NEWS RELEASE |
Mark Astrachan SVP, Investor Relations & Corporate Development (951) 739-6200
Roger S. Pondel / Judy Lin PondelWilkinson Inc. (310) 279-5980 |
MONSTER BEVERAGE REPORTS 2026 FIRST QUARTER
FINANCIAL RESULTS
2026 First Quarter Highlights
| · | Net Sales rise 26.9 percent to $2.35 billion |
| · | Operating Income increases 28.1 percent to $730.0 million (24.1 percent to $733.5 million on a non-GAAP adjusted basis)1 |
| · | Net Income increases 28.6 percent to $569.5 million (24.6 percent to $572.4 million on a non-GAAP adjusted basis) |
| · | Net Income Per Diluted Share increases 27.6 percent to $0.58 per share (23.7 percent to $0.58 per share on a non-GAAP adjusted basis) |
1The tables at the end of this press release provide a reconciliation of non-GAAP financial measures to the Company’s results, as reported under GAAP. (See “Reconciliation of GAAP and Non-GAAP Information” below).
Corona, CA – May 7, 2026 – Monster Beverage Corporation (NASDAQ: MNST) today reported financial results for the three-months ended March 31, 2026.
Net sales for the 2026 first quarter increased 26.9 percent to $2.35 billion, from $1.85 billion in the same period last year. Net changes in foreign currency exchange rates had a favorable impact on net sales for the 2026 first quarter of $89.3 million. Net sales on a foreign currency adjusted basis (non-GAAP) increased 22.1 percent in the 2026 first quarter.
Net sales, excluding the Alcohol Brands segment (non-GAAP), increased 27.5 percent in the 2026 first quarter. Net sales, excluding the Alcohol Brands segment, on a foreign currency adjusted basis (non-GAAP), increased 22.6 percent in the 2026 first quarter.
Net sales for the Company’s Monster Energy® Drinks segment, which primarily includes the Company’s Monster Energy® drinks, Reign Total Body Fuel® high performance energy drinks, Reign Storm® total wellness energy drinks, Bang Energy® drinks and FLRTTM total wellness energy drinks, increased 27.6 percent to $2.19 billion for the 2026 first quarter, from $1.72 billion for the 2025 first quarter. Net changes in foreign currency exchange rates had a favorable impact on net sales for the Monster Energy® Drinks segment of approximately $82.0 million for the 2026 first quarter. Net sales on a foreign currency adjusted basis (non-GAAP) for the Monster Energy® Drinks segment increased 22.8 percent in the 2026 first quarter.
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Monster Beverage Corporation
2-2-2
Net sales for the Company’s Strategic Brands segment, which primarily includes the various energy drink brands acquired from The Coca-Cola Company, as well as the Company’s affordable energy brands, Predator® and Fury®, increased 28.9 percent to $126.7 million for the 2026 first quarter, from $98.3 million in the 2025 first quarter. Net changes in foreign currency exchange rates had a favorable impact on net sales for the Strategic Brands segment of approximately $7.3 million for the 2026 first quarter. Net sales on a foreign currency adjusted basis (non-GAAP) for the Strategic Brands segment increased 21.4 percent in the 2026 first quarter.
Net sales for the Alcohol Brands segment, which is comprised of various craft beers, flavored malt beverages and hard seltzers, decreased 5.9 percent to $32.7 million for the 2026 first quarter, from $34.7 million in the 2025 first quarter.
Net sales for the Company’s Other segment, which primarily includes certain products of American Fruits and Flavors, LLC, a wholly owned subsidiary of the Company, sold to independent third-party customers, decreased 12.0 percent to $5.3 million for the 2026 first quarter, from $6.0 million in the 2025 first quarter.
Net sales to customers outside the United States increased 44.9 percent to $1.06 billion in the 2026 first quarter, from $733.2 million in the 2025 first quarter, representing approximately 45 percent and 40 percent of total reported net sales for the 2026 and 2025 first quarters, respectively. Net sales to customers outside the United States, on a foreign currency adjusted basis (non-GAAP), increased 32.7 percent to $973.3 million in the 2026 first quarter.
Gross profit as a percentage of net sales for the 2026 first quarter was 55.0 percent, compared with 56.5 percent in the 2025 first quarter. The decrease in gross profit as a percentage of net sales for the 2026 first quarter was primarily the result of geographical sales mix, increased aluminum can costs and increased freight-in costs, partially offset by pricing actions. The increase in freight-in costs was primarily the result of out-of-orbit production due to increased demand. Adjusted gross profit (non-GAAP) as a percentage of net sales, excluding the Alcohol Brands segment, for the 2026 first quarter was 55.3 percent, compared with 57.1 percent in the 2025 first quarter.
Distribution expenses for the 2026 first quarter were $102.8 million, or 4.4 percent of net sales, compared with $77.6 million, or 4.2 percent of net sales, in the 2025 first quarter.
Selling expenses for the 2026 first quarter were $195.0 million, or 8.3 percent of net sales, compared with $172.3 million, or 9.3 percent of net sales, in the 2025 first quarter.
General and administrative expenses for the 2026 first quarter were $265.5 million, or 11.3 percent of net sales, compared with $228.4 million, or 12.3 percent of net sales, for the 2025 first quarter. Stock-based compensation was $28.3 million for the 2026 first quarter, compared with $20.7 million in the 2025 first quarter. The increase in stock-based compensation for the 2026 first quarter included $4.0 million related to certain equity awards that contain a retirement clause.
Operating expenses for the 2026 first quarter were $563.4 million, compared with $478.2 million in the 2025 first quarter. Adjusted operating expenses (non-GAAP) for the 2026 first quarter were $549.3 million, compared with $447.5 million in the 2025 first quarter. Operating expenses as a percentage of net sales for the 2026 first quarter were 23.9 percent, compared with 25.8 percent in the 2025 first quarter. Adjusted operating expenses (non-GAAP) as a percentage of net sales, less alcohol, were 23.7 percent and 24.6 percent for the 2026 and 2025 first quarters, respectively.
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Monster Beverage Corporation
3-3-3
Operating income for the 2026 first quarter increased 28.1 percent to $730.0 million, from $569.7 million in the 2025 first quarter. Adjusted operating income (non-GAAP) for the 2026 first quarter increased 24.1 percent to $733.5 million, from $591.2 million in the 2025 first quarter.
The effective tax rate for the 2026 first quarter was 24.1 percent, compared with 23.4 percent in the 2025 first quarter.
Net income for the 2026 first quarter increased 28.6 percent to $569.5 million, from $443.0 million in the 2025 first quarter. Adjusted net income (non-GAAP) for the 2026 first quarter increased 24.6 percent to $572.4 million, from $459.5 million in the 2025 first quarter. Net income per diluted share for the 2026 first quarter increased 27.6 percent to $0.58, from $0.45 in the 2025 first quarter. Adjusted net income per diluted share (non-GAAP) for the 2026 first quarter increased 23.7 percent to $0.58, from $0.47 in the first quarter of 2025.
Hilton H. Schlosberg, Chief Executive Officer, said, “The global energy drink category continues to demonstrate solid growth, driven by increased consumer demand. We delivered a strong start to the year, with net sales increasing 26.9 percent, operating income increasing 28.1 percent and net income per diluted share increasing 27.6 percent for the 2026 first quarter. Net sales crossed the $2.0 billion threshold for the first time in the Company’s history for a fiscal first quarter.
“Our net sales to customers outside the United States increased 44.9 percent in the 2026 first quarter to approximately 45 percent of total net sales. This represents the highest percentage of net sales to customers outside the United States recorded by the Company to date for a single quarter.
“We remain focused on the growth of our existing core offerings as well as the continued introduction of product innovations, which remain central to our long-term growth strategy,” Mr. Schlosberg added.
Share Repurchase Program
During the 2026 first quarter, the Company purchased approximately 1.4 million shares of its common stock at an average purchase price of $73.86 per share, for a total amount of approximately $100.0 million. As of May 6, 2026, approximately $400.0 million remained available for repurchase under the previously authorized repurchase program.
Investor Conference Call
The Company will host an investor conference call today, May 7, 2026, at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time). The conference call will be open to all interested investors through a live audio web broadcast via the internet at www.monsterbevcorp.com in the “Events & Presentations” section. For those who are not able to listen to the live broadcast, the call will be archived for approximately one year on the website.
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Monster Beverage Corporation
4-4-4
Monster Beverage Corporation
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 develop and market energy drinks, including Monster Energy® drinks, Monster Energy Ultra® energy drinks, Juice Monster® and Punch Monster® Energy + Juice energy drinks, Java Monster® and Monster Killer Brew® non-carbonated coffee + energy drinks, Rehab® Monster® non-carbonated energy drinks, Monster Energy® Nitro energy drinks, Reign Total Body Fuel® high performance energy drinks, Reign Storm® and StormTM total wellness energy drinks, NOS® energy drinks, Full Throttle® energy drinks, Bang Energy® drinks, FLRTTM total wellness energy drinks, BPM® energy drinks, BU® energy drinks, Burn® energy drinks, Live+® energy drinks, Mother® energy drinks, Nalu® energy drinks, Play® and Power Play® (stylized) energy drinks, Relentless® energy drinks, Samurai® energy drinks, Ultra Energy® drinks, Predator® energy drinks and Fury® energy drinks. The Company’s subsidiaries also develop and market craft beers, flavored malt beverages and hard seltzers under a number of brands, including Jai Alai® IPA, Dale’s Pale Ale®, Dallas Blonde®, Wild Basin® hard seltzers, The BeastTM, Beast® Tea, Blind Lemon® and Blinder Lemon™. For more information visit www.monsterbevcorp.com.
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Monster Beverage Corporation
5-5-5
Caution Concerning Forward-Looking Statements
Certain statements made in this announcement may constitute “forward-looking statements” within the meaning of the U.S. federal securities laws, as amended, regarding the expectations of management with respect to our future operating results and other future events including revenues and profitability. The Company cautions that these statements are based on management’s current knowledge and expectations and are subject to certain risks and uncertainties, many of which are outside of the control of the Company, that could cause actual results and events to differ materially from the statements made herein. Such risks and uncertainties include, but are 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 costs and expenses, including, but not limited to, increases to the cost of aluminum and other raw materials, the Midwest Premium, and 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, including the imposition of additional tariffs; the impact of adverse changes in our costs, our supply chain, inflation or consumer demand for our products; the imposition of new and/or increased excise sales and/or other taxes on our products; 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 allocation 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, including the abuse or misuse of our products presented by the alcoholic beverage industry and/or related claims that may not be adequately covered by insurance or may lead to litigation; 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. For a more detailed discussion of these and other risks that could affect our operating results, see the Company’s reports filed with the Securities and Exchange Commission, including our annual report on Form 10-K for the year ended December 31, 2025. The Company’s actual results could differ materially from those contained in the forward-looking statements. The Company assumes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
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MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND OTHER INFORMATION
FOR THE THREE-MONTHS ENDED MARCH 31, 2026 AND 2025
(In Thousands, Except Per Share Amounts) (Unaudited)
| Three-Months Ended | ||||||||
| March 31, | ||||||||
| 2026 | 2025 | |||||||
| Net sales1 | $ | 2,353,291 | $ | 1,854,558 | ||||
| Cost of sales | 1,059,942 | 806,596 | ||||||
| Gross profit1 | 1,293,349 | 1,047,962 | ||||||
| Gross profit as a percentage of net sales | 55.0 | % | 56.5 | % | ||||
| Operating expenses | 563,391 | 478,217 | ||||||
| Operating expenses as a percentage of net sales | 23.9 | % | 25.8 | % | ||||
| Operating income1 | 729,958 | 569,745 | ||||||
| Operating income as a percentage of net sales | 31.0 | % | 30.7 | % | ||||
| Interest and other income, net | 20,170 | 8,272 | ||||||
| Income before provision for income taxes1 | 750,128 | 578,017 | ||||||
| Provision for income taxes | 180,643 | 135,024 | ||||||
| Income taxes as a percentage of income before taxes | 24.1 | % | 23.4 | % | ||||
| Net income | $ | 569,485 | $ | 442,993 | ||||
| Net income as a percentage of net sales | 24.2 | % | 23.9 | % | ||||
| Net income per common share: | ||||||||
| Basic | $ | 0.58 | $ | 0.45 | ||||
| Diluted | $ | 0.58 | $ | 0.45 | ||||
| Weighted average number of shares of common stock and common stock equivalents: | ||||||||
| Basic | 978,309 | 973,622 | ||||||
| Diluted | 988,258 | 981,282 | ||||||
| Energy drink case sales (in thousands) (in 192-ounce case equivalents) | 274,460 | 213,100 | ||||||
| Average net sales per case2 | $ | 8.44 | $ | 8.51 | ||||
1Includes $9.9 million for both the three-months ended March 31, 2026 and 2025, related to the recognition of deferred revenue.
2Excludes Alcohol Brands segment and Other segment net sales.
MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
AS OF MARCH 31, 2026 AND DECEMBER 31, 2025
(In Thousands, Except Par Value) (Unaudited)
March 31, 2026 | December 31, 2025 | |||||||
| ASSETS | ||||||||
| CURRENT ASSETS: | ||||||||
| Cash and cash equivalents | $ | 2,039,700 | $ | 2,088,117 | ||||
| Short-term investments | 945,293 | 677,084 | ||||||
| Accounts receivable, net | 1,882,808 | 1,618,072 | ||||||
| Inventories | 828,260 | 799,623 | ||||||
| Prepaid expenses and other current assets | 166,477 | 103,551 | ||||||
| Prepaid income taxes | 49,073 | 74,637 | ||||||
| Total current assets | 5,911,611 | 5,361,084 | ||||||
| INVESTMENTS | 770,400 | 487,329 | ||||||
| PROPERTY AND EQUIPMENT, net | 1,074,598 | 1,081,544 | ||||||
| DEFERRED INCOME TAXES, net | 189,055 | 188,646 | ||||||
| GOODWILL | 1,331,643 | 1,331,643 | ||||||
| OTHER INTANGIBLE ASSETS, net | 1,380,311 | 1,379,268 | ||||||
| OTHER ASSETS | 185,915 | 159,431 | ||||||
| Total Assets | $ | 10,843,533 | $ | 9,988,945 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| CURRENT LIABILITIES: | ||||||||
| Accounts payable | $ | 783,859 | $ | 565,974 | ||||
| Accrued liabilities | 396,864 | 306,085 | ||||||
| Accrued promotional allowances | 402,440 | 384,070 | ||||||
| Deferred revenue | 46,448 | 45,323 | ||||||
| Accrued compensation | 69,740 | 114,023 | ||||||
| Income taxes payable | 115,713 | 32,305 | ||||||
| Total current liabilities | 1,815,064 | 1,447,780 | ||||||
| DEFERRED REVENUE | 155,281 | 159,991 | ||||||
| OTHER LIABILITIES | 146,153 | 127,066 | ||||||
| STOCKHOLDERS’ EQUITY: | ||||||||
| Common stock - $0.005 par value;
5,000,000 shares authorized; 1,134,502 shares issued and 977,916 shares outstanding as of March 31, 2026; 1,132,906 shares issued and 978,113 shares outstanding as of December 31, 2025 | 5,673 | 5,665 | ||||||
| Additional paid-in capital | 5,476,746 | 5,430,847 | ||||||
| Retained earnings | 9,923,701 | 9,354,216 | ||||||
| Accumulated other comprehensive loss | (69,336 | ) | (60,841 | ) | ||||
| Common stock in treasury, at cost; 156,586 shares and 154,793 shares as of March 31, 2026 and December 31, 2025, respectively | (6,609,749 | ) | (6,475,779 | ) | ||||
| Total stockholders’ equity | 8,727,035 | 8,254,108 | ||||||
| Total Liabilities and Stockholders’ Equity | $ | 10,843,533 | $ | 9,988,945 | ||||
Reconciliation of GAAP and Non-GAAP Information
($ in Thousands, Except Per Share Amounts, unaudited)
The Company believes the following non-GAAP items are useful to investors in evaluating the Company’s ongoing operating and financial results. The non-GAAP items should be considered in addition to, and not in lieu of, U.S. GAAP financial measures. The non-GAAP financial measures do not represent a comprehensive basis of accounting. Therefore, our non-GAAP financial measures may not be comparable to similarly titled measures reported by other companies.
| Three-Months Ended | Percentage | |||||||||||
| March 31, | Change | |||||||||||
| 2026 | 2025 | 26 vs. 25 | ||||||||||
| Net Sales | $ | 2,353,291 | $ | 1,854,558 | 26.9 | % | ||||||
| Currency Impact | (89,277 | ) | N/A | |||||||||
| Adjusted Net Sales – FX Neutral | $ | 2,264,014 | $ | 1,854,558 | 22.1 | % | ||||||
| Three-Months Ended | Percentage | |||||||||||
| March 31, | Change | |||||||||||
| 2026 | 2025 | 26 vs. 25 | ||||||||||
| Net Sales | $ | 2,353,291 | $ | 1,854,558 | 26.9 | % | ||||||
| Alcohol Brands Segment | (32,657 | ) | (34,703 | ) | ||||||||
| Adjusted Net Sales – Less Alcohol | $ | 2,320,634 | $ | 1,819,855 | 27.5 | % | ||||||
| Three-Months Ended | Percentage | |||||||||||
| March 31, | Change | |||||||||||
| 2026 | 2025 | 26 vs. 25 | ||||||||||
| Net Sales | $ | 2,353,291 | $ | 1,854,558 | 26.9 | % | ||||||
| Alcohol Brands Segment | (32,657 | ) | (34,703 | ) | ||||||||
| Currency Impact | (89,277 | ) | N/A | |||||||||
| Adjusted Net Sales – FX Neutral/Less Alcohol | $ | 2,231,357 | $ | 1,819,855 | 22.6 | % | ||||||
| Monster Energy® Drinks Segment | Three-Months Ended | Percentage | ||||||||||
| March 31, | Change | |||||||||||
| 2026 | 2025 | 26 vs. 25 | ||||||||||
| Net Sales | $ | 2,188,654 | $ | 1,715,548 | 27.6 | % | ||||||
| Currency Impact | (81,955 | ) | N/A | |||||||||
| Adjusted Net Sales | $ | 2,106,699 | $ | 1,715,548 | 22.8 | % | ||||||
| Strategic Brands Segment | Three-Months Ended | Percentage | ||||||||||
| March 31, | Change | |||||||||||
| 2026 | 2025 | 26 vs. 25 | ||||||||||
| Net Sales | $ | 126,720 | $ | 98,332 | 28.9 | % | ||||||
| Currency Impact | (7,322 | ) | N/A | |||||||||
| Adjusted Net Sales | $ | 119,398 | $ | 98,332 | 21.4 | % | ||||||
| Foreign | Three-Months Ended | Percentage | ||||||||||
| March 31, | Change | |||||||||||
| 2026 | 2025 | 26 vs. 25 | ||||||||||
| Net Sales | $ | 1,062,545 | $ | 733,202 | 44.9 | % | ||||||
| Currency Impact | (89,277 | ) | N/A | |||||||||
| Adjusted Net Sales | $ | 973,268 | $ | 733,202 | 32.7 | % | ||||||
Reconciliation of GAAP and Non-GAAP Information
($ in Thousands, Except Per Share Amounts, unaudited) - continued
| Three-Months Ended | Percentage | |||||||||||
| March 31, | Change | |||||||||||
| 2026 | 2025 | 26 vs. 25 | ||||||||||
| Gross Profit | $ | 1,293,349 | $ | 1,047,962 | 23.4 | % | ||||||
| Alcohol Brands Segment1 | (10,510 | ) | (9,267 | ) | ||||||||
| Adjusted Gross Profit | $ | 1,282,839 | $ | 1,038,695 | 23.5 | % | ||||||
| Adjusted Gross Profit as a Percentage of Adjusted Net Sales – Less Alcohol | 55.3 | % | 57.1 | % | ||||||||
| Three-Months Ended | Percentage | |||||||||||
| March 31, | Change | |||||||||||
| 2026 | 2025 | 26 vs. 25 | ||||||||||
| Operating Expenses | $ | 563,391 | $ | 478,217 | 17.8 | % | ||||||
| Alcohol Brands Segment – Impairments2 | (67 | ) | (2,369 | ) | ||||||||
| Alcohol Brands Segment – Operations1 | (20,090 | ) | (28,388 | ) | ||||||||
| Litigation Provisions/Adjustments | 6,093 | - | ||||||||||
| Adjusted Operating Expenses | $ | 549,327 | $ | 447,460 | 22.8 | % | ||||||
| Adjusted Operating Expenses as a percentage of Adjusted Net Sales – Less Alcohol | 23.7 | % | 24.6 | % | ||||||||
| Three-Months Ended | Percentage | |||||||||||
| March 31, | Change | |||||||||||
| 2026 | 2025 | 26 vs. 25 | ||||||||||
| Operating Income | $ | 729,958 | $ | 569,745 | 28.1 | % | ||||||
| Alcohol Brands Segment – Impairments2 | 67 | 2,369 | ||||||||||
| Alcohol Brands Segment – Losses1 | 9,580 | 19,121 | ||||||||||
| Litigation Provisions/Adjustments | (6,093 | ) | - | |||||||||
| Adjusted Operating Income | $ | 733,512 | $ | 591,235 | 24.1 | % | ||||||
| Three-Months Ended | Percentage | |||||||||||
| March 31, | Change | |||||||||||
| 2026 | 2025 | 26 vs. 25 | ||||||||||
| Net Income | $ | 569,485 | $ | 442,993 | 28.6 | % | ||||||
| Alcohol Brands Segment – Impairments2 | 52 | 1,821 | ||||||||||
| Alcohol Brands Segment – Losses1 | 7,435 | 14,714 | ||||||||||
| Litigation Provisions/Adjustments | (4,588 | ) | - | |||||||||
| Adjusted Net Income | $ | 572,384 | $ | 459,528 | 24.6 | % | ||||||
Adjustments in this table are net of tax.
| Three-Months Ended | Percentage | |||||||||||
| March 31, | Change | |||||||||||
| 2026 | 2025 | 26 vs. 25 | ||||||||||
| Net Income per common share - Diluted | $ | 0.58 | $ | 0.45 | 27.6 | % | ||||||
| Alcohol Brands Segment – Impairments2 | - | - | ||||||||||
| Alcohol Brands Segment – Losses1 | 0.01 | 0.02 | ||||||||||
| Litigation Provisions/Adjustments | (0.01 | ) | - | |||||||||
| Adjusted Net Income per common share - Diluted | $ | 0.58 | $ | 0.47 | 23.7 | % | ||||||
Adjustments in this table are net of tax.
1Includes $1.2 million of inventory reserves for the three-months ended March 31, 2025.
2Includes $0.1 million and $2.4 million of Alcohol Brands segment impairment charges for the three-months ended March 31, 2026 and 2025, respectively.
Exhibit 99.2
The information presented herein is derived from Monster Energy Company’s proprietary, custom NielsenIQ database (and is not derived from our, or any industry participant’s, financial statements). While such information is based on data received from NielsenIQ , the results reported in this presentation may vary from those found in publicly available syndicated sources such as NielsenIQ and IRI Circana due to differing definitions of the energy drinks category and other factors. Further, Monster Energy Company has not independently verified industry data collected or provided by Nielsen and makes no representations as to its accuracy or completeness. Data provided by NielsenIQ (and other third - party sources), as well as our analysis of such data, involve a variety of assumptions and methodologies that are subject to uncertainties, and therefore you are cautioned not to give undue weight to the information contained in this presentation.
UNITED STATES SCANNER DATA Source: NielsenIQ p eriod ending 04/25/2026 TNA Energy $ % Change YA Total U.S. All Measured Channels (13 - weeks) 10.7% TOTAL NON - ALCOHOLIC (TNA) ENERGY (Total U.S. xAOC + Conv) 6.7% MEC 10.7% MONSTER - 18.7% REIGN - 5.4% NOS - 19.7% BANG - 5.4% FULL THROTTLE 7.4% RED BULL $ Share Change YA $ Share $ % Change YA U.S. Convenience & Gas (4 - weeks) 4.9% TNA ENERGY - 0.4 35.7 3.8% MEC 0.8 29.6 7.8% MONSTER - 0.5 2.0 - 15.9% REIGN - 0.2 2.3 - 2.9% NOS - 0.4 1.3 - 22.6% BANG 0.0 0.6 - 2.6% FULL THROTTLE - 1.3 35.5 1.2% RED BULL - 0.6 7.2 - 2.6% CELSIUS 2.4 5.3 95.3% ALANI NU - 0.4 2.1 - 10.0% ROCKSTAR - 0.3 3.2 - 5.0% C4 0.4 3.3 19.4% GHOST - 0.4 2.4 - 9.5% 5 - HOUR - 3.2% COFFEE + ENERGY CATEGORY 1.0 63.0 - 1.7% MEC - 0.2 36.5 - 3.8% STARBUCKS Note: Canada data reflects the 12 - week period ending 07/12/2025.
CANADA SCANNER DATA Source: NielsenIQ Total Canada All Channels 12 Weeks ending 04/18/2026 $ Share Change YA $ Share $ % Change YA Total Canada All Measured Channels 15.8% TNA Energy - 1.3 39.6 12.1% MEC - 0.5 35.5 14.3% Monster - 0.1 1.6 7.3% Reign - 0.2 0.9 - 3.6% NOS - 0.2 0.6 - 9.0% Bang - 0.3 0.5 - 29.3% Reign Storm 0.0 0.4 5.5% Full Throttle
EMEA SCANNER DATA % Share Change YA € Share € % Change YA 2.1% 20.0% 23.3% BELGIUM 3.5% 28.0% 33.2% CZECH REPUBLIC 3.0% 30.5% 22.1% DENMARK 3.9% 31.1% 37.5% FRANCE 2.4% 35.7% 18.5% GREAT BRITAIN 2.5% 38.5% 15.0% GREECE 2.8% 20.9% 29.4% GERMANY 1.5% 33.2% 17.4% ITALY 5.2% 15.8% 65.9% NETHERLANDS 4.2% 41.1% 15.0% NORWAY 2.3% 23.2% 24.5% POLAND 1.5% 34.3% 13.4% REPUBLIC OF IRELAND - 1.0% 17.9% 11.3% SOUTH AFRICA 0.7% 41.2% 13.5% SPAIN 4.3% 19.0% 39.1% SWEDEN % Change YA € Share € % Change YA 3.5% 14.9% 105.1% EGYPT 4.8% 46.9% 18.2% KENYA 1.2% 25.0% 17.7% NIGERIA Note: Kenya reflects the 13 - week period ended February 28, 2026. Nigeria and Egypt reflect the 13 - week period ended March 28, 2026. Belgium, Czech Republic, Denmark, France, Greece, Germany, Italy, Netherlands, Norway, Poland, Republic of Ireland, South Africa, Spain, and Sweden reflect the 13 - week period ended March 22, 2026. Great Britain reflects the 13 - week period ended March 21, 2026. The data source for EMEA is Nielsen IQ. All amounts are MEC. EMEA ALL MEASURED CHANNELS ENERGY DRINK CATEGORY GROWTH 10.5% € % Value Sales Change YA Monster, Total All Measured Channels Predator/Fury, Total All Measured Channels
ASIA PACIFIC SCANNER DATA Note: Australia reflect the 13 - week period ending March 29, 2026. New Zealand reflect the 13 - week period ending March 29, 2026. Asia Pacific country data reflects the months of January – March 2026. Japan data source is Intage , Australia is Circana. All other is Nielsen IQ. 16 .7% $ % Change YA ASIA PACIFIC ALL MEASURED CHANNELS ENERGY DRINK CATEGORY GROWTH $ Share Change YA $ Share $ % Change YA 16.3% TOTAL ENERGY 3.9 25.2% 37.4% MONSTER - 2.5 7.0% - 14.1% MOTHER AUSTRALIA $ Share Change YA $ Share $ % Change YA 7.2% TOTAL ENERGY 4.0 18.8% 36.4% MONSTER - 0.9 4.6% - 10.6% MOTHER - 0.7 3.9% - 8.3% LIVE+ $ Share Change YA $ Share $ % Change YA 5.9% TOTAL ENERGY 1.4 56.8% 8.6% MONSTER 0.6 0.6% REIGN STORM $ Share Change YA $ Share $ % Change YA 16.8% TOTAL ENERGY - 5.5 46.2% 4.4% MONSTER NEW ZEALAND SOUTH KOREA JAPAN Total All Measured Channels
LATIN AMERICA SCANNER DATA 15.6% $ % Change YA LATIN AMERICA ALL MEASURED CHANNELS ENERGY DRINK CATEGORY GROWTH $ Share Change YA $ Share $ % Change YA 9.2% TOTAL ENERGY 2.5 33.5 18.2% MONSTER 0.6 7.0 20.3% PREDATOR MEXICO $ Share Change YA $ Share $ % Change YA 41.4% TOTAL ENERGY 4.4 55.9 53.5% MONSTER $ Share Change YA $ Share $ % Change YA 9.9% TOTAL ENERGY - 1.3 38.8 6.4% MONSTER CHILE ARGENTINA Total All Measured Channels $ Share Change YA $ Share $ % Change YA 15.3% TOTAL ENERGY 4.2 46.2 26.9% MONSTER BRAZIL Note: Latin America data reflects the three - months ending March 31, 2026 All tracked markets are FX neutral. The data source for Latin America is NielsenIQ .