Monster Beverage Corporation (MNST) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.29	$0.3	+3.4%	—	$2.5B	—
Q1 26	$0.26	$0.29	+11.5%	—	$2.4B	—
Q3 25	$0.24	$0.27	+12.5%	—	$2.2B	—
Q2 25	$0.24	$0.25	+4.2%	—	$2.1B	—
Q1 25	$0.23	$0.23	0.0%	—	$1.9B	—
Q4 24	$0.2	$0.14	-30.0%	—	$1.8B	—
Q3 24	$0.21	$0.19	-9.5%	—	$1.9B	—
Q2 24	$0.23	$0.21	-8.7%	—	$1.9B	—
Q1 24	$0.22	$0.21	-4.5%	—	$1.9B	—
Q4 23	$0.19	$0.18	-5.3%	—	$1.7B	—
Q3 23	$0.4	$0.41	+2.5%	—	$1.9B	—
Q2 23	$0.39	$0.39	0.0%	—	$1.9B	—
Q1 23	$0.34	$0.38	+11.8%	—	$1.7B	—
Q4 22	$0.63	$0.57	-9.5%	—	$1.5B	—
Q3 22	$0.59	$0.6	+1.7%	—	$1.6B	—
Q2 22	$0.7	$0.51	-27.1%	—	$1.7B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$0.97	—	—	$8.3B	—
FY24	—	$1.63	—	—	$7.5B	—
FY23	—	$1.56	—	—	$7.1B	—
FY22	—	$1.13	—	—	$6.3B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$3B	$3.4B	$3.8B	$4.2B	$4.6B	$5.5B	$6.3B	$7.1B	$7.5B	$8.3B
YoY change	+12%	+10.5%	+13%	+10.3%	+9.47%	+20.5%	+13.9%	+13.1%	+4.94%	+10.7%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	3B	3.4B	3.8B	4.2B	4.6B	5.5B	6.3B	7.1B	7.5B	8.3B
Cost of revenue	1.1B	1.2B	1.5B	1.7B	1.9B	2.4B	3.1B	3.3B	3.4B	3.7B
Gross profit	1.9B	2.1B	2.3B	2.5B	2.7B	3.1B	3.2B	3.8B	4B	4.6B
Gross margin	63.7%	63.5%	60.3%	60%	59.2%	56.1%	50.3%	53.1%	54%	55.8%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	—	—	—	—	—	—	—	—	—	—
Operating expenses	—	—	—	—	—	—	—	—	—	—
Operating income	1.1B	1.2B	1.3B	1.4B	1.6B	1.8B	1.6B	2B	1.9B	2.4B
Operating margin	35.6%	35.6%	33.7%	33.4%	35.5%	32.4%	25.1%	27.4%	25.8%	29.2%
Non-operating income, net	-5.7M	2.8M	9.7M	13M	-7M	4M	-12.8M	115.1M	—	—
Pretax income	1.1B	1.2B	1.3B	1.4B	1.6B	1.8B	1.6B	2.1B	2B	2.5B
Income tax	367M	380.9M	300.3M	308.1M	216.6M	423.9M	380.3M	437.5M	480.4M	577.1M
Net income	712.7M	820.7M	993M	1.1B	1.4B	1.4B	1.2B	1.6B	1.5B	1.9B
Net margin	23.4%	24.4%	26.1%	26.4%	30.7%	24.9%	18.9%	22.8%	20.1%	23%
EBITDA	1.1B	1.2B	1.3B	1.5B	1.7B	1.8B	1.6B	2B	2B	2.5B
EPS	0.6	0.72	0.89	1.02	1.33	1.3	1.13	1.56	1.63	0.97
Diluted EPS	0.59	0.71	0.88	1.01	1.32	1.28	1.11	1.54	1.62	0.97

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	1.9B	1.7B	1.9B	1.9B	1.9B	1.8B	1.9B	2.1B	2.2B	2.1B	2.4B	2.5B
Cost of revenue	872.3M	791.7M	872M	881.1M	881.2M	809.6M	806.6M	935.2M	972.7M	947.7M	1.1B	1.1B
Gross profit	983.8M	938.4M	1B	1B	999.8M	1B	1B	1.2B	1.2B	1.2B	1.3B	1.4B
Gross margin	53%	54.2%	54.1%	53.6%	53.2%	55.3%	56.5%	55.7%	55.7%	55.5%	55%	55.9%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	—	—	—	—	—	—	—	—	—	—	—	—
Operating expenses	—	—	—	—	—	—	—	—	—	—	—	—
Operating income	510.5M	434M	542M	527.2M	479.9M	381.2M	569.7M	631.6M	675.4M	542.6M	730M	740.4M
Operating margin	27.5%	25.1%	28.5%	27.7%	25.5%	21%	30.7%	29.9%	30.7%	25.5%	31%	29.2%
Non-operating income, net	—	—	—	—	—	—	-4.5M	—	—	—	-7.8M	-7.4M
Pretax income	581.9M	450.1M	577.7M	551.5M	474.1M	386.1M	578M	646.7M	689.5M	568.3M	750.1M	768.3M
Income tax	129.2M	83.1M	135.7M	126.2M	103.2M	115.4M	135M	157.9M	165.1M	119.1M	180.6M	183.7M
Net income	452.7M	367M	442M	425.4M	370.9M	270.7M	443M	488.8M	524.5M	449.2M	569.5M	584.5M
Net margin	24.4%	21.2%	23.3%	22.4%	19.7%	14.9%	23.9%	23.1%	23.9%	21.1%	24.2%	23%
EBITDA	528.5M	452.5M	562.5M	546.6M	499.8M	401.8M	610.6M	659.2M	705M	575.1M	785.9M	804.9M
EPS	0.43	0.35	0.42	0.41	0.4	0.39	0.45	0.5	0.27	0.23	0.29	0.3
Diluted EPS	0.43	0.35	0.42	0.41	0.4	0.38	0.45	0.5	0.27	0.23	0.29	0.29

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	13B	17.9B	13.7B	17.2B	24.5B	25.4B	26.7B	30.1B	26.4B	—	82B
Enterprise value	12.4B	16.7B	12.8B	15.9B	22.4B	22.3B	24.1B	26.8B	25.2B	—	81.1B
Shares outstanding	1.2B	1.1B	1.1B	1.1B	1.1B	1.1B	1.1B	1B	1B	2B	2B

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	18.3	21.9	13.8	15.6	17.4	18.4	22.4	18.5	17.5	—	39.9
P/S	4.27	5.32	3.6	4.1	5.33	4.58	4.24	4.22	3.52	—	9.16
P/B	3.91	4.6	3.8	4.13	4.75	3.87	3.81	3.66	4.43	—	9.02
EV/EBITDA	11	13.4	9.51	10.9	13.3	12.1	14.6	13.3	12.6	—	27.7
EV/Sales	4.08	4.97	3.35	3.78	4.88	4.03	3.81	3.76	3.37	—	8.8
Earnings yield	5.47%	4.58%	7.24%	6.43%	5.76%	5.43%	4.46%	5.42%	5.72%	—	2.51%
FCF yield	4.57%	4.99%	7.93%	5.82%	5.3%	4.33%	2.53%	4.93%	6.14%	—	2.05%
PEG	—	—	—	—	—	—	—	—	—	—	-1

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	63.7%	63.5%	60.3%	60%	59.2%	56.1%	50.3%	53.1%	54%	55.8%	55.9%
Operating margin	35.6%	35.6%	33.7%	33.4%	35.5%	32.4%	25.1%	27.4%	25.8%	29.2%	29.2%
Net margin	23.4%	24.4%	26.1%	26.4%	30.7%	24.9%	18.9%	22.8%	20.1%	23%	23.1%
ROE	21.4%	21.1%	27.5%	26.6%	27.3%	21%	17%	19.8%	25.3%	23.1%	25.7%
ROA	17.2%	17.1%	21.9%	21.5%	22.7%	17.6%	14.4%	16.8%	19.5%	19.1%	17.5%
ROIC	26.2%	30.4%	37.2%	38.6%	45.7%	39.4%	27.6%	31%	30.5%	33.8%	34.7%
Return on tangible assets	-123.9%	1.4K%	-435.2%	289.4%	99.2%	46%	39.5%	40.8%	67.8%	41.7%	35.7%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	3.04	3.72	3	3.5	4.19	4.85	4.76	4.81	3.32	3.7	3.73
Quick ratio	2.7	3.27	2.54	2.96	3.74	4.24	3.82	3.97	2.65	3.15	3.22
Debt / equity	—	—	—	—	—	—	—	—	0.06	—	0.01
Debt / assets	—	—	—	—	—	—	—	—	0.05	—	—
Net debt / EBITDA	—	—	—	—	—	—	—	—	-0.58	—	-1.16
Effective tax rate	34%	31.7%	23.2%	21.8%	13.3%	23.5%	24.2%	21.2%	24.1%	23.2%	23.4%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	2.59	2.97	3.42	3.87	4.34	5.24	5.99	6.83	7.46	4.25	4.71
EPS (basic)	0.6	0.72	0.89	1.02	1.33	1.3	1.13	1.56	1.63	0.97	0.97
EPS (diluted)	0.59	0.71	0.88	1.01	1.32	1.28	1.11	1.54	1.62	0.97	1.08
Book value per share	2.83	3.44	3.24	3.85	4.87	6.21	6.67	7.88	5.93	4.23	4.78
FCF per share	0.51	0.79	0.98	0.93	1.22	1.04	0.64	1.42	1.61	0.99	1.05
Cash per share	0.51	1.06	0.86	1.23	1.95	2.91	2.53	3.11	1.53	1.42	1.75
Capex per share	0.08	0.07	0.05	0.09	0.05	0.04	0.18	0.21	0.26	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	3.25%	2.43%	1.51%	2.39%	1.04%	0.77%	2.97%	3.07%	3.49%	—	—
Capex / operating cash flow	13.1%	7.6%	5.49%	8.93%	3.64%	3.83%	19.3%	12.9%	15%	—	—
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%

Yield

—

trailing twelve months

Frequency

—

Last dividend

$0.0001

ex-dividend Nov 8, 1990

Payout ratio

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Nov 8, 1990	$0.0001

Split history

Date	Ratio
Aug 11, 2026	2:1
Mar 28, 2023	2:1
Nov 10, 2016	3:1
Feb 16, 2012	2:1
Jul 10, 2006	4:1
Aug 9, 2005	2:1
Feb 29, 1988	1:50

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$1.9B	$1.7B	$1.9B	$1.9B	$1.9B	$1.8B	$1.9B	$2.1B	$2.2B	$2.1B	$2.4B	$2.5B
YoY change	+14.3%	+14.4%	+11.8%	+2.46%	+1.34%	+4.74%	-2.35%	+11.1%	+16.8%	+17.6%	+26.9%	+20.2%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	598.1M	1.2B	958.2M	1.3B	2.1B	3.1B	2.7B	3.3B	1.5B	2.8B
Receivables	448.1M	449.5M	484.6M	540.3M	666M	896.7M	1B	1.2B	1.2B	1.6B
Inventory	162M	255.7M	277.7M	360.7M	333.1M	593.4M	935.6M	971.4M	737.1M	799.6M
Total current assets	1.4B	2.1B	1.8B	2.3B	3.1B	4.7B	4.8B	5.6B	3.6B	5.4B
Property, plant & equipment	103.8M	122.9M	127.8M	172.3M	158M	164.8M	353M	678.8M	766.4M	671.4M
Goodwill & intangibles	4.7B	4.7B	4.8B	4.8B	4.8B	4.8B	5.3B	5.7B	5.5B	5.4B
Total assets	4.2B	4.8B	4.5B	5.2B	6.2B	7.8B	8.3B	9.7B	7.7B	10B
Accounts payable	193.3M	245.9M	248.8M	274M	296.8M	404.3M	444.3M	564.4M	466.8M	566M
Short-term debt	—	—	—	—	—	—	—	—	—	—
Total current liabilities	470.6M	560.4M	601.1M	661.1M	750M	965.1M	1B	1.2B	1.1B	1.4B
Long-term debt	—	—	—	—	—	—	—	—	374M	—
Total liabilities	823.8M	895.8M	916M	979.1M	1B	1.2B	1.3B	1.5B	1.8B	1.7B
Shareholders' equity	3.3B	3.9B	3.6B	4.2B	5.2B	6.6B	7B	8.2B	6B	8.3B
Total debt	—	—	—	—	—	—	—	—	374M	—
Net debt	—	—	—	—	—	—	—	—	-1.2B	—

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	3B	3.3B	3.6B	1.6B	1.6B	1.5B	1.9B	2.1B	2.6B	2.8B	3B	3.4B
Receivables	1.2B	1.2B	1.4B	1.4B	1.3B	1.2B	1.4B	1.5B	1.6B	1.6B	1.9B	1.9B
Inventory	883.6M	971.4M	939.6M	834.4M	770.3M	737.1M	725.1M	658.2M	704.6M	799.6M	828.3M	867.7M
Total current assets	5.3B	5.6B	6B	4B	3.9B	3.6B	4.1B	4.4B	5.1B	5.4B	5.9B	6.4B
Property, plant & equipment	520.2M	678.8M	710.9M	743.7M	788.4M	766.4M	785.9M	706.1M	708.2M	671.4M	666.1M	651.7M
Goodwill & intangibles	5.8B	5.7B	5.7B	5.7B	5.7B	5.5B	5.5B	5.5B	5.5B	5.4B	5.4B	5.4B
Total assets	9.3B	9.7B	10.1B	8.1B	8.1B	7.7B	8.2B	8.7B	9.6B	10B	10.8B	11.4B
Accounts payable	539.9M	564.4M	533.7M	511.1M	549M	466.8M	487M	489M	683M	566M	783.9M	753.8M
Short-term debt	—	—	—	—	—	—	—	—	—	—	—	—
Total current liabilities	1.2B	1.2B	1.2B	1.2B	1.2B	1.1B	1.2B	1.3B	1.6B	1.4B	1.8B	1.7B
Long-term debt	—	—	—	748.7M	748.8M	374M	199.1M	—	—	—	—	—
Total liabilities	1.4B	1.5B	1.5B	2.2B	2.3B	1.8B	1.7B	1.5B	1.9B	1.7B	2.1B	2B
Shareholders' equity	7.9B	8.2B	8.6B	5.9B	5.8B	6B	6.5B	7.2B	7.7B	8.3B	8.7B	9.4B
Total debt	—	—	—	748.7M	748.8M	374M	199.1M	—	—	—	—	—
Net debt	—	—	—	-816M	-876.5M	-1.2B	-1.7B	—	—	—	—	—

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	712.7M	820.7M	993M	1.1B	1.4B	1.4B	1.2B	1.6B	1.5B	1.9B
Depreciation & amortization	40.8M	48.9M	57M	60.7M	57M	50.2M	61.2M	68.9M	80.4M	114.4M
Stock-based compensation	45.8M	52.3M	57.1M	63.4M	70.3M	70.5M	64.1M	68.8M	91M	125.7M
Change in working capital	-22.2M	89.1M	-56M	-113M	-71.2M	-408.4M	-400.6M	-35.6M	61.9M	-186.7M
Operating cash flow	758.1M	1.1B	1.1B	1.1B	1.3B	1.1B	971.9M	1.7B	1.7B	2.1B
Capital expenditure	-99M	-82M	-57.6M	-100.4M	-47.7M	-42.5M	-187.4M	-218.9M	-261.3M	—
Investing cash flow	-250.7M	-521.8M	285.9M	-318M	-453.9M	-978.4M	-137.9M	-180.1M	776.1M	-1.2B
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	-2.3B	-361.2M	-1.3B	-707.3M	-595.9M	-13.8M	-771M	-659M	-3.8B	-103.6M
Financing cash flow	-2.2B	-311.1M	-1.3B	-628.5M	-526.1M	31.9M	-707M	-528.7M	-3.3B	-334.8M
Net change in cash	-1.7B	245.9M	20.5M	177.7M	332.7M	163.7M	127M	990.1M	-808.8M	599.9M
Free cash flow	596M	894.6M	1.1B	1B	1.3B	1.1B	675.5M	1.5B	1.6B	1.9B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	452.7M	367M	442M	425.4M	370.9M	270.7M	443M	488.8M	524.5M	449.2M	569.5M	584.5M
Depreciation & amortization	18M	18.5M	20.5M	19.4M	19.9M	20.6M	24.8M	27.6M	29.6M	32.4M	28.4M	29.8M
Stock-based compensation	17.9M	16.4M	22.5M	18.8M	27.5M	22.2M	20.7M	33.1M	32.8M	39M	28.3M	35.7M
Change in working capital	61.8M	-19.4M	-131.3M	69.1M	155M	-30.9M	-53.6M	1.7M	47.6M	-182.4M	-101.3M	-24.8M
Operating cash flow	508.6M	387.1M	356.9M	522.8M	579.6M	284.8M	439.1M	466M	745.1M	379.4M	605M	509.2M
Capital expenditure	-27.1M	-110.4M	-65.6M	-59.1M	-45.9M	-90.6M	-27.9M	—	—	—	—	—
Investing cash flow	-198.6M	170.8M	-26.7M	936.4M	-45.2M	-88.4M	-25.5M	-286.6M	-314M	-565.3M	-497.4M	-359.3M
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	-397.3M	-170.9M	-120.2M	-3.1B	-535.7M	-1.7M	-16.6M	0	-27.3M	-59.7M	-134M	-8K
Financing cash flow	-400.6M	-106.2M	-84.7M	-3.1B	-528.7M	-354.6M	-147.6M	-166.4M	-6.6M	-14.1M	-120.2M	58M
Net change in cash	-90.6M	451.8M	245.4M	-1.6B	5.8M	-158.2M	265.9M	13.1M	424.5M	-200M	-12.6M	207.9M
Free cash flow	489.3M	318.9M	337.5M	378.8M	556.3M	349.5M	473.2M	424.6M	697.2M	345.7M	580.9M	457.8M

Monster Beverage Corporation Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Split history

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement