Monster Beverage Corporation (MNST) Income Statement

30Y historyFree accessUpdated daily

Revenue growth accelerated to 20.2% in Q2 2026, with gross margin expanding to 55.9% from 53.2% in Q4 2024, while operating margin reached 29.2%, indicating strong operating leverage and cost discipline.

Annual statement

MNST Income Statement

Monster Beverage Corporation (MNST) annual income statement — 30-year revenue, gross profit & net income history

Annual Quarterly

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'11	Dec'10	Dec'09	Dec'08	Dec'07	Dec'06	Dec'05	Dec'04	Dec'03	Dec'02	Dec'01	Dec'00	Dec'99	Dec'98	Dec'97	Dec'96

Sales/Revenue	9.22B	8.29B	7.49B	7.14B	6.31B	5.54B	4.6B	4.2B	3.81B	3.37B	3.05B	2.72B	2.46B	2.25B	2.06B	1.7B	1.3B	1.14B	1.03B	904.47M	605.77M	348.89M	180.34M	110.35M	92.05M	80.66M	71.71M	72.3M	53.9M	43.1M	35.6M
Revenue Growth %	20.36%	10.7%	4.94%	13.14%	13.89%	20.5%	9.47%	10.34%	13%	10.48%	12%	10.45%	9.72%	9.01%	20.99%	30.62%	14.05%	10.59%	14.3%	49.31%	73.63%	93.46%	63.42%	19.89%	14.12%	12.48%	-0.82%	34.14%	25.06%	21.07%	4.71%
Cost of Goods Sold	4.1B	3.66B	3.44B	3.35B	3.14B	2.43B	1.87B	1.68B	1.51B	1.23B	1.11B	1.09B	1.13B	1.07B	995.05M	808.92M	623.7M	530.98M	494.99M	436.45M	289.18M	166.34M	96.87M	66.58M	58.8M	51.46M	42.33M	38.5M	27.1M	24.9M	21.4M
COGS % of Revenue	-	44.15%	45.96%	46.86%	49.7%	43.9%	40.77%	40.05%	39.71%	36.55%	36.32%	40.05%	45.64%	47.79%	48.29%	47.49%	47.83%	46.44%	47.88%	48.26%	47.74%	47.68%	53.72%	60.33%	63.88%	63.79%	59.04%	53.25%	50.28%	57.77%	60.11%
Gross Profit	5.12B	4.63B	4.05B	3.79B	3.17B	3.11B	2.72B	2.52B	2.3B	2.14B	1.94B	1.63B	1.34B	1.17B	1.07B	894.31M	680.24M	612.32M	538.79M	468.01M	316.59M	182.54M	83.47M	43.78M	33.24M	40.82M	37.4M	33.8M	26.8M	18.2M	14.2M
Gross Margin %	55.55%	55.85%	54.04%	53.14%	50.3%	56.1%	59.23%	59.95%	60.29%	63.45%	63.68%	59.95%	54.36%	52.21%	51.71%	52.51%	52.17%	53.56%	52.12%	51.74%	52.26%	52.32%	46.28%	39.67%	36.12%	50.61%	52.16%	46.75%	49.72%	42.23%	39.89%
Gross Profit Growth %	-	14.41%	6.71%	19.52%	2.12%	14.12%	8.15%	9.72%	7.38%	10.08%	18.97%	21.83%	14.23%	10.07%	19.16%	31.47%	11.09%	13.65%	15.12%	47.83%	73.44%	118.7%	90.67%	31.68%	-18.57%	9.15%	10.65%	26.12%	47.25%	28.17%	16.39%
Operating Expenses	2.43B	2.21B	2.12B	1.84B	1.59B	1.31B	1.09B	1.12B	1.01B	938.9M	856.66M	738.65M	592.3M	600.01M	515.03M	437.89M	332.43M	275.01M	375.2M	237.03M	158.01M	79.1M	49.58M	33.95M	27.95M	23.31M	22.03M	26.3M	20.8M	16.3M	13.3M
OpEx % of Revenue	-	26.68%	28.28%	25.78%	25.19%	23.66%	23.72%	26.56%	26.57%	27.87%	28.09%	27.13%	24.03%	26.71%	24.99%	25.71%	25.49%	24.05%	36.29%	26.21%	26.08%	22.67%	27.49%	30.76%	30.37%	28.9%	30.72%	36.38%	38.59%	37.82%	37.36%
Selling, General & Admin	0	0	1.99B	1.8B	1.59B	1.31B	1.09B	0	0	0	0	0	0	600.01M	0	0	332.43M	0	375.2M	237.03M	158.01M	79.03M	49.51M	33.89M	27.9M	22.8M	21.65M	25.7M	20.3M	15.7M	12.7M
SG&A % of Revenue	-	-	26.58%	25.24%	25.16%	23.56%	23.71%	-	-	-	-	-	-	26.71%	-	-	25.49%	-	36.29%	26.21%	26.08%	22.65%	27.45%	30.71%	30.31%	28.27%	30.2%	35.55%	37.66%	36.43%	35.67%
Research & Development	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	4M	2.21B	127.1M	38.7M	2.2M	5.3M	200K	1.12B	1.01B	938.9M	856.66M	738.65M	592.3M	0	515.03M	437.89M	0	275.01M	0	0	0	70K	73K	61.89K	54.56K	507.49K	371.07K	600K	500K	600K	600K
Operating Income	2.69B	2.42B	1.93B	1.95B	1.58B	1.8B	1.63B	1.4B	1.28B	1.2B	1.09B	893.65M	747.5M	572.92M	550.62M	456.42M	347.81M	337.31M	163.59M	230.99M	158.58M	103.44M	33.89M	9.83M	5.29M	5.55M	6.9M	7.5M	6M	1.9M	900K
Operating Margin %	29.16%	29.17%	25.76%	27.36%	25.11%	32.44%	35.51%	33.4%	33.72%	35.58%	35.59%	32.82%	30.33%	25.5%	26.72%	26.8%	26.67%	29.5%	15.82%	25.54%	26.18%	29.65%	18.79%	8.9%	5.75%	6.88%	9.62%	10.37%	11.13%	4.41%	2.53%
Operating Income Growth %	-	25.34%	-1.18%	23.26%	-11.84%	10.06%	16.41%	9.3%	7.08%	10.45%	21.45%	19.55%	30.47%	4.05%	20.64%	31.23%	3.11%	106.19%	-29.18%	45.66%	53.3%	205.27%	244.86%	85.65%	-4.65%	-19.56%	-8%	25%	215.79%	111.11%	175%
EBITDA	2.89B	2.53B	2.01B	2.02B	1.65B	1.85B	1.69B	1.46B	1.34B	1.25B	1.13B	924.51M	773.16M	595.68M	571.18M	473.51M	359.59M	343.22M	167.06M	233.17M	160.17M	104.52M	34.73M	10.47M	5.84M	6.49M	7.59M	8.1M	6.5M	2.5M	1.5M
EBITDA Margin %	31.35%	30.55%	26.84%	28.32%	26.08%	33.34%	36.75%	34.84%	35.21%	37.03%	36.93%	33.96%	31.37%	26.52%	27.72%	27.8%	27.58%	30.02%	16.16%	25.78%	26.44%	29.96%	19.26%	9.49%	6.35%	8.05%	10.58%	11.2%	12.06%	5.8%	4.21%
EBITDA Growth %	34.1%	26.01%	-0.57%	22.86%	-10.91%	9.31%	15.48%	9.18%	7.45%	10.79%	21.81%	19.58%	29.79%	4.29%	20.63%	31.68%	4.77%	105.44%	-28.35%	45.57%	53.24%	200.96%	231.63%	79.28%	-10.06%	-14.39%	-6.34%	24.62%	160%	66.67%	400%
D&A (Non-Cash Add-back)	201.99M	114.44M	80.43M	68.9M	61.24M	50.16M	57.03M	60.73M	56.98M	48.89M	40.84M	30.86M	25.65M	22.76M	20.56M	17.08M	11.78M	5.91M	3.47M	2.18M	1.59M	1.08M	843K	646.09K	548.45K	943.95K	685.74K	600K	500K	600K	600K
EBIT	2.78B	2.49B	2.02B	2.07B	1.57B	1.8B	1.63B	1.4B	1.28B	1.2B	1.09B	732.18M	747.5M	572.92M	550.62M	456.42M	347.81M	337.31M	163.59M	230.99M	158.58M	103.44M	33.89M	9.83M	5.29M	5.55M	6.9M	7.5M	6M	1.9M	900K
Net Interest Income	69.07M	78.6M	87.1M	130M	29.7M	4.2M	8.1M	17.8M	13.8M	5.9M	4M	3.1M	1.7M	1M	1.4M	1.62M	2.25M	2.27M	9.89M	8.77M	3.66M	1.35M	51.99K	-67.01K	0	0	-369.24K	0	0	0	0
Interest Income	70.47M	85.2M	115M	130M	29.7M	4.2M	8.1M	17.8M	13.8M	5.9M	4M	3.1M	1.7M	1M	1.4M	1.62M	2.25M	2.27M	9.89M	8.77M	3.66M	1.43M	93.98K	5.58K	0	0	12.91K	0	0	0	0
Interest Expense	1.4M	6.6M	27.9M	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	76.53K	41.99K	72.59K	0	0	382.15K	0	0	0	0
Other Income/Expense	87.83M	63.17M	59.16M	115.13M	-12.76M	3.95M	-7M	13.02M	9.65M	2.84M	-5.65M	-2.1M	-1.72M	-9.02M	-1.47M	847K	1.49M	-1.61M	9.89M	8.77M	3.66M	1.35M	52K	-67.01K	-227.76K	-518.6K	-369.24K	0	-300K	0	0
Pretax Income	2.78B	2.48B	1.99B	2.07B	1.57B	1.8B	1.63B	1.42B	1.29B	1.2B	1.08B	891.55M	745.79M	563.89M	549.15M	457.27M	349.3M	335.69M	173.48M	239.76M	162.24M	104.8M	33.94M	9.76M	5.07M	5.03M	6.53M	7.5M	5.7M	1.9M	900K
Pretax Margin %	30.11%	29.93%	26.55%	28.97%	24.91%	32.51%	35.36%	33.71%	33.97%	35.67%	35.41%	32.75%	30.26%	25.1%	26.65%	26.85%	26.79%	29.36%	16.78%	26.51%	26.78%	30.04%	18.82%	8.84%	5.5%	6.24%	9.11%	10.37%	10.58%	4.41%	2.53%
Income Tax	648.55M	577.1M	480.41M	437.49M	380.34M	423.94M	216.56M	308.13M	300.27M	380.94M	367M	344.81M	262.6M	225.23M	209.13M	171.05M	137.27M	126.98M	65.44M	90.35M	64.29M	42.02M	13.55M	3.83M	2.04M	2.01M	2.62M	3M	2.1M	0	0
Effective Tax Rate %	23.36%	23.25%	24.15%	21.15%	24.2%	23.53%	13.32%	21.76%	23.22%	31.7%	33.99%	38.68%	35.21%	39.94%	38.08%	37.41%	39.3%	37.83%	37.73%	37.68%	39.63%	40.1%	39.93%	39.23%	40.2%	40%	40.05%	40%	36.84%	0%	0%
Net Income	2.13B	1.91B	1.51B	1.63B	1.19B	1.38B	1.41B	1.11B	993M	820.68M	712.68M	546.73M	483.19M	338.66M	340.02M	286.22M	212.03M	208.72M	108.03M	149.41M	97.95M	62.77M	20.39M	5.93M	3.03M	3.02M	3.92M	4.5M	3.6M	1.3M	400K
Net Margin %	23.08%	22.97%	20.14%	22.84%	18.88%	24.86%	30.65%	26.37%	26.08%	24.36%	23.37%	20.08%	19.6%	15.08%	16.5%	16.8%	16.26%	18.26%	10.45%	16.52%	16.17%	17.99%	11.3%	5.37%	3.29%	3.74%	5.46%	6.22%	6.68%	3.02%	1.12%
Net Income Growth %	35.23%	26.27%	-7.48%	36.87%	-13.49%	-2.28%	27.24%	11.56%	21%	15.15%	30.35%	13.15%	42.68%	-0.4%	18.8%	34.99%	1.59%	93.2%	-27.69%	52.53%	56.03%	207.92%	243.77%	95.77%	0.33%	-22.88%	-13%	25%	176.92%	225%	130.77%
Net Income (Continuing)	2.13B	1.91B	1.51B	1.63B	1.19B	1.38B	1.41B	1.11B	993M	820.68M	712.68M	546.73M	483.19M	338.66M	340.02M	286.22M	212.03M	208.72M	108.03M	149.41M	97.95M	62.77M	20.39M	5.93M	3.03M	3.02M	3.92M	4.5M	3.6M	1.3M	400K
Discontinued Operations	0	0	0	0	0	0	0	0	0	0	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	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)	1.08	0.97	0.75	0.77	0.56	0.65	0.66	0.51	0.44	0.36	0.30	0.47	0.46	0.33	0.31	0.26	0.19	0.18	0.09	0.13	0.08	0.05	0.02	0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EPS Growth %	34.78%	30.2%	-3.25%	37.5%	-13.18%	-2.27%	30.69%	14.77%	23.94%	18.33%	-36.17%	2.17%	39.39%	6.45%	19.23%	36.84%	5.56%	94.59%	-28.85%	57.58%	52.21%	202.79%	-	-	-	-	-	-	-	-	-
EPS (Basic)	-	0.98	0.75	0.78	0.57	0.65	0.67	0.51	0.45	0.37	0.31	0.48	0.48	0.34	0.33	0.27	0.20	0.19	0.10	0.14	0.09	0.06	0.02	0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Diluted Shares Outstanding	1.98B	1.97B	2.03B	2.12B	2.13B	2.14B	2.14B	2.19B	2.26B	2.31B	2.4B	1.16B	1.05B	1.04B	1.1B	1.12B	1.12B	1.14B	1.17B	1.19B	1.18B	1.17B	1.13B	1.03B	992.6M	1.04B	989.08M	1.01B	1B	960M	960M
Basic Shares Outstanding	1.96B	1.95B	2.01B	2.09B	2.11B	2.12B	2.12B	2.17B	2.23B	2.27B	2.35B	1.13B	1B	1B	1.04B	1.06B	1.06B	1.08B	1.11B	1.09B	1.08B	1.06B	1.02B	986.76M	965.04M	966.19M	963.72M	956.62M	901.12M	891.43M	884.92M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-

Key Metrics

Growth RegimeAccelerating

ProfitabilityStable

Balance SheetFortress

Cash FlowRobust

Top Statement Risk

Celsius share gains and margin pressure

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2026Q2)

Acceleration Driven by Core Demand

Monster's revenue growth accelerated to 20.2% in Q2 2026 from 10.7% TTM, per recent filings, suggesting strengthening core demand and successful product execution.

The 20.2% year-over-year revenue increase in Q2 2026 marks a significant acceleration from the 10.7% TTM growth, indicating that the company is gaining momentum. This acceleration appears driven by both volume and pricing, as net sales per case likely benefited from price hikes and mix shifts toward premium products like Ultra. The sequential improvement from 17.6% in Q4 2025 to 20.2% in Q2 2026 suggests the growth is durable, though the lack of formal guidance implies management may be cautious about sustainability.

Gross Margin Stabilization Amid Cost Pressures

Gross margin held at 55.9% in Q2 2026, up from 53.2% in Q4 2024, as reported, indicating stabilization after inflationary pressures on aluminum and freight.

Gross margin has improved from 53.2% in Q4 2024 to 55.9% in Q2 2026, suggesting that pricing power and cost management are offsetting commodity headwinds. The stability in gross margin despite volatile aluminum prices indicates that Monster's premium pricing strategy is holding. However, the in-line EPS result relative to revenue beat suggests that operating expenses may be rising, potentially due to increased marketing spend to counter Celsius's gains.

Operating Leverage Tempered by SG&A

Operating margin expanded to 29.2% in Q2 2026 from 21.0% in Q4 2024, per financial statements, but recent quarters show SG&A growth may be limiting further leverage.

Operating margin improved significantly from 21.0% in Q4 2024 to 29.2% in Q2 2026, indicating strong operating leverage as revenue scales. However, the sequential decline from 31.0% in Q1 2026 to 29.2% in Q2 2026 suggests that SG&A expenses are growing faster than gross profit, possibly due to increased marketing investments. Investors should monitor whether this trend continues, as it could signal a shift toward a more expense-heavy growth model.

EPS Growth Outpacing Net Income

EPS grew 20.0% in Q2 2026, matching net income growth, but SBC of $35.7M per recent filings may understate true economic dilution.

EPS growth of 20.0% in Q2 2026 aligns with net income growth, indicating no significant tax rate anomalies or non-operating items distorting earnings. However, stock-based compensation of $35.7M in Q2 2026, while modest relative to net income, could be a point of concern for quality-focused investors. The consistent SBC across quarters suggests it is a recurring expense that may not be fully reflected in EPS, warranting further investigation into its impact on shareholder dilution.

COGS Efficiency Drives Margin Recovery

COGS as a percentage of revenue fell to 44.1% in Q2 2026 from 46.8% in Q4 2024, based on reported figures, indicating improved cost management.

The decline in COGS as a percentage of revenue from 46.8% in Q4 2024 to 44.1% in Q2 2026 suggests that Monster is effectively managing raw material costs and logistics. This improvement is likely due to favorable aluminum pricing and better supply chain efficiency. However, the sustainability of this trend is uncertain given the volatility in commodity markets, and any reversal could pressure gross margins.

Celsius Threat and Margin Sustainability

Despite strong growth, Celsius's rapid share gains and Monster's in-line EPS suggest potential margin pressure, as reported in recent quarters.

The short thesis would focus on Celsius's 85.5% revenue growth, which indicates a shift in consumer preference toward 'lifestyle' energy drinks. Monster's Q2 2026 EPS growth of 20.0% was in line with revenue growth, implying no margin expansion, which could signal increased competitive spending. Additionally, the lack of formal guidance despite a strong beat may suggest management's caution about sustaining this growth rate. Investors should monitor whether Monster's distribution advantage can counter Celsius's momentum without eroding profitability.

MNST — Frequently Asked Questions

Quick answers to the most common questions about buying MNST stock.

What was Monster Beverage Corporation's (MNST) revenue in 2025?

For fiscal year 2025, Monster Beverage Corporation (MNST) reported total revenue of $8.29B. This represents a 23198.7% increase compared to $35.6M in 1996.

Is Monster Beverage Corporation (MNST) profitable?

Monster Beverage Corporation (MNST) is profitable, generating $1.91B in net income for the fiscal year ending 2025 with a net profit margin of 23.0%.

What is Monster Beverage Corporation's operating profit margin?

Monster Beverage Corporation (MNST) reported an operating income of $2.42B, resulting in an operating profit margin of 29.2%. This margin reflects the operational efficiency of the business before interest and taxes.

What is Monster Beverage Corporation's gross profit and gross margin?

Monster Beverage Corporation (MNST) generated $4.63B in gross profit for the year, representing a gross profit margin of 55.8%. This demonstrates the company's core pricing power and production efficiency.