Revenue growth decelerated to 10.6% in 2026Q2 from 137.7% in 2026Q1, while gross margin held at 48.1% but operating margin fell to 9.2% from 19.3% a year earlier, indicating margin compression and SG&A escalation.
Celsius Holdings, Inc. (CELH) annual income statement — 20-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 |
|---|
| Sales/Revenue | 3.05B | 2.52B | 1.36B | 1.32B | 653.6M | 314.27M | 130.73M | 75.15M | 52.6M | 36.16M | 22.76M | 17.22M | 14.61M | 10.61M | 7.68M | 8.31M | 5.87M | 2.59M | 1.64M | 1.3M | 0 |
| Revenue Growth % | 82.86% | 85.54% | 2.85% | 101.65% | 107.97% | 140.41% | 73.96% | 42.85% | 45.46% | 58.89% | 32.19% | 17.85% | 37.66% | 38.12% | -7.57% | 41.67% | 126.57% | 57.46% | 26.81% | - | - |
| Cost of Goods Sold | 1.56B | 1.25B | 675.42M | 684.88M | 382.74M | 186.1M | 69.75M | 43.84M | 31.54M | 20.73M | 13.03M | 10.18M | 9.01M | 6.54M | 5.37M | 7.22M | 3.06M | 1.83M | 0 | 0 | 0 |
| COGS % of Revenue | - | 49.61% | 49.82% | 51.96% | 58.56% | 59.22% | 53.36% | 58.35% | 59.96% | 57.33% | 57.25% | 59.11% | 61.68% | 61.62% | 69.9% | 86.82% | 52.2% | 70.78% | - | - | - |
| Gross Profit | 1.49B | 1.27B | 680.21M | 633.14M | 270.87M | 128.17M | 60.97M | 31.3M | 21.06M | 15.43M | 9.73M | 7.04M | 5.6M | 4.07M | 2.31M | 1.1M | 2.8M | 756.7K | 0 | 0 | 0 |
| Gross Margin % | 48.76% | 50.39% | 50.18% | 48.04% | 41.44% | 40.78% | 46.64% | 41.65% | 40.04% | 42.67% | 42.75% | 40.89% | 38.32% | 38.38% | 30.1% | 13.18% | 47.8% | 29.22% | - | - | - |
| Gross Profit Growth % | - | 86.32% | 7.43% | 133.74% | 111.34% | 110.2% | 94.79% | 48.63% | 36.48% | 58.59% | 38.21% | 25.75% | 37.44% | 76.11% | 111.15% | -60.95% | 270.65% | - | - | - | - |
| Operating Expenses | 1.24B | 798.81M | 524.48M | 366.77M | 428.67M | 132.26M | 53.06M | 32.75M | 31.7M | 23.51M | 12.57M | 8.87M | 7.13M | 5.5M | 4.88M | 19.89M | 10.26M | 5.68M | 5.19M | 2.64M | 8.02K |
| OpEx % of Revenue | - | 31.76% | 38.69% | 27.83% | 65.59% | 42.08% | 40.59% | 43.58% | 60.26% | 65.01% | 55.25% | 51.5% | 48.79% | 51.78% | 63.45% | 239.3% | 174.82% | 219.19% | 315.49% | 203.52% | - |
| Selling, General & Admin | 1.16B | 798.81M | 524.48M | 366.77M | 428.67M | 132.26M | 53.06M | 32.75M | 31.7M | 23.51M | 12.57M | 8.87M | 7.13M | 5.5M | 4.88M | 19.89M | 10.26M | 5.68M | 4.16M | 1.79M | 8.02K |
| SG&A % of Revenue | - | 31.76% | 38.69% | 27.83% | 65.59% | 42.08% | 40.59% | 43.58% | 60.26% | 65.01% | 55.25% | 51.5% | 48.79% | 51.78% | 63.45% | 239.3% | 174.82% | 219.19% | 252.63% | 137.99% | - |
| Research & Development | 0 | 0 | 1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | 0.07% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2M | 0 | -1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.03M | 850.07K | 0 |
| Operating Income | 241.07M | 468.52M | 155.73M | 266.37M | -157.8M | -4.09M | 7.91M | -1.45M | -10.64M | -8.08M | -2.84M | -1.83M | -1.53M | -1.42M | -2.56M | -18.8M | -7.45M | -4.92M | -3.54M | -1.34M | -8.02K |
| Operating Margin % | 7.91% | 18.63% | 11.49% | 20.21% | -24.14% | -1.3% | 6.05% | -1.93% | -20.23% | -22.34% | -12.5% | -10.61% | -10.47% | -13.4% | -33.35% | -226.12% | -127.03% | -189.97% | -215.49% | -103.52% | - |
| Operating Income Growth % | - | 200.86% | -41.54% | 268.8% | -3758.22% | -151.69% | 646.24% | 86.39% | -31.69% | -184.01% | -55.68% | -19.45% | -7.57% | 44.5% | 86.37% | -152.19% | -51.5% | -38.81% | -163.96% | -16647.12% | - |
| EBITDA | 278.03M | 497.97M | 163M | 269.59M | -155.88M | -2.83M | 9.52M | -555.03K | -10.57M | -8.06M | -2.83M | -1.79M | -1.49M | -1.38M | -2.52M | -18.75M | -7.4M | -4.89M | -3.52M | -1.34M | -8.02K |
| EBITDA Margin % | 9.12% | 19.8% | 12.02% | 20.45% | -23.85% | -0.9% | 7.28% | -0.74% | -20.09% | -22.29% | -12.42% | -10.42% | -10.22% | -13.01% | -32.81% | -225.52% | -126.09% | -188.75% | -214.31% | -103.39% | - |
| EBITDA Growth % | 46.61% | 205.5% | -39.54% | 272.94% | -5416.07% | -129.68% | 1815.76% | 94.75% | -31.13% | -184.99% | -57.6% | -20.21% | -8.11% | 45.24% | 86.55% | -153.39% | -51.35% | -38.68% | -162.84% | -16626.35% | - |
| D&A (Non-Cash Add-back) | 36.96M | 29.45M | 7.27M | 3.23M | 1.92M | 1.26M | 1.61M | 893.41K | 72.16K | 20.43K | 16.95K | 33.04K | 37.26K | 41.51K | 41.5K | 50.23K | 55.1K | 31.61K | 19.39K | 1.67K | 0 |
| EBIT | 195.95M | 174.01M | 195.05M | 291.75M | -152.66M | -4.05M | 9.71M | 11.36M | -11.02M | -8.08M | -2.84M | -1.83M | -1.53M | -1.42M | -2.56M | -19.1M | -7.44M | -4.92M | -2.51M | -492.71K | 0 |
| Net Interest Income | -31.04M | -27.89M | 39.26M | 26.63M | 5.53M | 307K | -718K | -1.01M | -188.86K | -160.62K | -228.75K | -322.34K | -497.2K | -431.51K | -318.12K | -377.51K | -305.29K | -341.61K | -181.45K | 0 | 0 |
| Interest Income | 23.27M | 21.09M | 39.26M | 26.63M | 5.53M | 315K | 356K | 381.73K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 18.41K | 16.34K | 70.44K | 0 | 0 | 0 |
| Interest Expense | 54.31M | 48.98M | 0 | 0 | 0 | 8K | 1.07M | 1.39M | 188.86K | 160.62K | 228.75K | 322.34K | 497.2K | 431.51K | 318.12K | 395.93K | 321.62K | 412.05K | 181.45K | 0 | -8.02K |
| Other Income/Expense | -99.43M | -343.49M | 39.32M | 25.38M | 5.14M | 31K | 728K | 11.42M | -565.9K | -160.62K | -222.66K | -322.34K | -497.2K | -357.11K | -252.12K | -699.87K | -305.29K | 4.92M | 3.54M | 1.34M | 0 |
| Pretax Income | 141.64M | 125.03M | 195.05M | 291.75M | -152.66M | -4.06M | 8.64M | 9.97M | -11.21M | -8.24M | -3.07M | -2.15M | -2.03M | -1.78M | -2.81M | -19.5M | -7.76M | 0 | 0 | 0 | -8.02K |
| Pretax Margin % | 4.65% | 4.97% | 14.39% | 22.14% | -23.36% | -1.29% | 6.61% | 13.27% | -21.3% | -22.79% | -13.48% | -12.49% | -13.87% | -16.77% | -36.63% | -234.54% | -132.23% | - | - | - | - |
| Income Tax | 12.52M | 17.03M | 49.98M | 64.95M | 34.62M | -8M | 116K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 8.84% | 13.62% | 25.62% | 22.26% | -22.68% | 196.99% | 1.34% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | - | - | - | 0% |
| Net Income | 110.25M | 108M | 145.07M | 226.8M | -187.28M | 3.94M | 8.52M | 9.97M | -11.21M | -8.24M | -3.07M | -2.15M | -2.03M | -1.78M | -2.81M | -19.5M | -7.76M | -5.26M | -3.73M | -1.45M | -8.02K |
| Net Margin % | 3.62% | 4.29% | 10.7% | 17.21% | -28.65% | 1.25% | 6.52% | 13.27% | -21.3% | -22.79% | -13.48% | -12.49% | -13.87% | -16.77% | -36.63% | -234.54% | -132.23% | -203.16% | -226.53% | -112.12% | - |
| Net Income Growth % | -16.33% | -25.56% | -36.03% | 221.1% | -4856.97% | -53.81% | -14.51% | 188.98% | -35.99% | -168.63% | -42.69% | -6.05% | -13.92% | 36.79% | 85.56% | -151.29% | -47.47% | -41.22% | -156.19% | -18038.6% | - |
| Net Income (Continuing) | 129.12M | 108M | 145.07M | 226.8M | -187.28M | 3.94M | 8.52M | 9.97M | -11.21M | -8.24M | -3.07M | -2.15M | -2.03M | -1.78M | -2.81M | -19.5M | -7.76M | -5.26M | -3.73M | -1.45M | -8.02K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.43 | 0.25 | 0.45 | 0.77 | -0.83 | 0.02 | 0.04 | 0.05 | -0.07 | -0.06 | -0.03 | -0.02 | -0.03 | -0.03 | -0.05 | -0.37 | -0.34 | -0.27 | -0.25 | -0.88 | -0.00 |
| EPS Growth % | -39.59% | -44.44% | -41.56% | 192.77% | -4250% | -45.5% | -31.14% | 171.45% | -20.71% | -133.21% | -22.69% | 34.74% | -12.58% | 36.77% | 87.43% | -8.82% | -25.93% | -8% | 71.59% | - | - |
| EPS (Basic) | - | 0.25 | 0.46 | 0.79 | -0.83 | 0.02 | 0.04 | 0.05 | -0.07 | -0.06 | -0.03 | -0.02 | -0.03 | -0.03 | -0.05 | -0.37 | -0.34 | -0.27 | -0.25 | -0.88 | -0.00 |
| Diluted Shares Outstanding | 256.93M | 237.17M | 237.4M | 236.96M | 226.95M | 233.07M | 223.33M | 192.55M | 150.15M | 133.26M | 115.7M | 99.53M | 61.18M | 60.54M | 60.55M | 52.58M | 22.88M | 19.31M | 15.1M | 1.65M | 157.22M |
| Basic Shares Outstanding | 254.81M | 235.19M | 233.67M | 230.78M | 226.95M | 221.34M | 210.59M | 182.29M | 150.15M | 133.26M | 115.7M | 99.53M | 61.18M | 60.54M | 60.55M | 52.58M | 22.88M | 19.31M | 15.1M | 1.65M | 157.22M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying CELH stock.
For fiscal year 2025, Celsius Holdings, Inc. (CELH) reported total revenue of $2.52B.
Celsius Holdings, Inc. (CELH) is profitable, generating $108.0M in net income for the fiscal year ending 2025 with a net profit margin of 4.3%.
Celsius Holdings, Inc. (CELH) reported an operating income of $468.5M, resulting in an operating profit margin of 18.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Celsius Holdings, Inc. (CELH) generated $1.27B in gross profit for the year, representing a gross profit margin of 50.4%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
EPS volatility and margin compression
Metrics are mathematically derived from official filings.
Revenue Growth Decelerates After PepsiCo Fill
Revenue growth slowed to 10.6% in 2026Q2 from 137.7% in 2026Q1, as reported in financial statements, suggesting the PepsiCo inventory fill effect is fading and underlying demand may be normalizing.
The 2026Q2 revenue of $817.9M represents a sequential increase from $782.6M in 2026Q1, but the year-over-year growth rate collapsed from triple-digit to single-digit. This deceleration aligns with the normalization of distributor inventory levels, as noted in recent context. Investors should monitor whether future quarters reflect true consumer takeaway or continued channel destocking.
Gross Margin Resilience Amid Cost Pressures
Gross margin held at 48.1% in 2026Q2, down from 51.5% a year earlier, per reported figures, indicating pricing power but also exposure to input costs and promotional activity.
The 330 basis point year-over-year decline in gross margin suggests that while Celsius maintains premium pricing, it is not immune to aluminum and ingredient cost inflation. The stability near Q1 levels (48.3%) implies management's efforts to defend margins are partially offsetting commodity headwinds. However, the gap versus Monster's 55.8% gross margin highlights a structural disadvantage that may persist.
Operating Leverage Reverses Sharply
Operating margin fell to 9.2% in 2026Q2 from 19.3% in 2025Q2, as SG&A surged to $237.6M, according to SEC filings, indicating that overhead costs are growing faster than revenue.
The 10.1 percentage point drop in operating margin is driven by a 30% year-over-year increase in SG&A, while revenue grew only 10.6%. This suggests that Celsius is investing heavily in marketing and distribution to sustain growth, but the payoff is not yet visible in operating income. The negative operating margin in 2025Q3 (-11.0%) further underscores the volatility in operating leverage.
EPS Miss Clouds Earnings Quality
Diluted EPS of $0.14 in 2026Q2 missed estimates by $0.28, despite revenue growth, as reported in financial statements, highlighting the impact of non-operating items and tax anomalies.
The wide gap between revenue performance and bottom-line results suggests that net income is being affected by factors beyond core operations, such as the PepsiCo warrant valuation and potential one-time charges. The net margin of 4.5% is significantly below the 13.5% reported in 2025Q2, indicating that profitability is not scaling with revenue. Stock-based compensation of $10.6M, while modest, adds to the divergence between reported and cash earnings.
SG&A Escalation Outpaces Revenue
SG&A expenses rose to $237.6M in 2026Q2, up from $237.9M in 2025Q2, but as a percentage of revenue they jumped to 29.1% from 32.2%, based on reported figures, indicating a lack of expense discipline.
The absolute SG&A has remained flat year-over-year, but the revenue base has grown, which should have led to operating leverage. Instead, the SG&A-to-revenue ratio has only improved slightly, suggesting that management is reinvesting heavily in brand building and distribution. The spike in SG&A in 2025Q3 ($452.3M) that caused an operating loss appears to be an anomaly, but the sustained high level in 2026Q2 warrants monitoring.
2025Q3: A Quarter of Transitional Turmoil
The 2025Q3 operating loss of $80.0M, as reported in financial statements, marked a sharp inflection from profitability, driven by a surge in SG&A to $452.3M, likely reflecting PepsiCo integration costs.
This quarter stands out as the most significant operational inflection in the recent income statement history, with revenue growing 172.9% year-over-year but operating income swinging to a loss. The subsequent recovery in 2025Q4 and 2026Q1 suggests that the SG&A spike was temporary, but the lasting impact is a higher cost base. Investors should assess whether the investments made during this period will yield sustainable growth or merely inflate expenses.
What Could Invalidate the Base Case
The sharp deceleration in revenue growth and persistent margin compression, as reported in financial statements, may indicate that Celsius's premium positioning is losing traction against competitors like Monster.
The 10.6% revenue growth in 2026Q2, down from triple-digit rates, suggests that the PepsiCo distribution tailwind is fading, and organic demand may be weaker than expected. Gross margin at 48.1% remains below Monster's 55.8%, and the elevated SG&A as a percentage of revenue indicates that Celsius may need to spend heavily to defend market share. If the functional beverage trend cools or legacy players successfully pivot to health-focused marketing, Celsius's moat could erode, leading to sustained margin compression and multiple de-rating.