Monster Beverage Corp
For the period ended Dec 31, 2025. Filed Feb 27, 2026.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 27, 2026
MNST$45.72-4.4%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-K
Period ended 2024-12-31; filed 2025-02-28.
0001410578-25-000248
Item 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-K
Period ended 2025-12-31; filed 2026-02-27.
0001104659-26-020831
Item 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 129 previous paragraphs and 124 current paragraphs.
68 unchanged; 55 reworded; 1 added; 5 removed; 1 previous and 0 current paragraphs rearranged.
Tables are not compared: 144 previous and 77 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (1)
Current report
Cash and cash equivalents. As of December 31, 2025, we had $2.09 billion in cash and cash equivalents, $677.1 million in short-term investments, and $487.3 million in long-term investments, including commercial paper, certificates of deposit, municipal securities, 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.
Removed paragraphs (5)
Previous report
We also develop, market, sell and distribute still and sparkling waters under the Monster Tour Water® brand name.
Previous report
Reyes Holdings, LLC accounted for approximately 9% of our net sales for the years ended December 31, 2024, 2023 and 2022.
Previous report
Net sales were $2.77 billion and $2.53 billion for the years ended December 31, 2024 and 2023, respectively, in EMEA, Asia Pacific (including Oceania), Latin America and the Caribbean. Net changes in foreign currency exchange rates had an unfavorable impact on net sales to customers in EMEA, Asia Pacific (including Oceania), Latin America and the Caribbean of approximately $245.2 million for the year ended December 31, 2024. Net sales on a foreign currency adjusted basis in EMEA, Asia Pacific (including Oceania), Latin America and the Caribbean increased 19.2% for the year ended December 31, 2024.
Previous report
Additionally, the increase in operating expenses was primarily due to increased general and administrative expenses of $110.0 million (primarily impairment charges related to the Alcohol Brands segment), increased selling and marketing expenses of $80.5 million (primarily sponsorships and endorsements), increased payroll expenses of $68.7 million and increased distribution expenses (including storage and warehouse) of $18.5 million.
Previous report
1For the year ended December 31, 2022, effectively from February 17, 2022 to December 31, 2022.
Reworded paragraphs (55)
Previous wording
The following Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) is provided as a supplement to – and should be read in conjunction with – our financial statements and the accompanying notes (“Notes”) included in Part II, Item 8 of this Form 10-K. This discussion contains forward-looking statements that are based on management’s current expectations, estimates and projections about our business and operations. Our actual results may differ materially from those currently anticipated and expressed in such forward-looking statements. See “Forward-Looking Statements” and “Part I, Item 1A – Risk Factors.”
Current wording
The following MD&A is provided as a supplement to – and should be read in conjunction with – our financial statements and the accompanying notes (“Notes”) included in Part II, Item 8 of this Form 10-K. This discussion contains forward-looking statements that are based on management’s current expectations, estimates and projections about our business and operations. Our actual results may differ materially from those currently anticipated and expressed in such forward-looking statements. See “Forward-Looking Statements” and “Part I, Item 1A – Risk Factors.”
Previous wording
We implemented price increases (i) effective November 1, 2024 (for core brands and packages) and April 1, 2023 (for limited pack sizes) in the United States, and (ii) at various times in certain international markets during 2024 and 2023 (collectively, the “Pricing Actions”). The Pricing Actions positively impacted gross profit margins in 2024 as compared to 2023.
Current wording
We implemented price increases in the fourth quarters of fiscal years 2025 and 2024 (for core brands and packages) in the United States and at various times in certain international markets during 2025 and 2024 (collectively, the “Pricing Actions”). The Pricing Actions positively impacted gross profit margins in 2025 as compared to 2024.
Previous wording
As of the date of this filing, we expect to maintain sufficient liquidity as we manage through the current environment as described in the “Liquidity and Capital Resources” section below.
Current wording
As of the date of this filing, we expect to maintain sufficient liquidity as described in the “Liquidity and Capital Resources” section below.
Previous wording
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, Nasty Beast® Hard Tea and a host of other brands.
Current wording
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® Tea, Blind Lemon®, Blinder Lemon TM and other brands.
Previous wording
Our net sales of $7.49 billion for the year ended December 31, 2024 represented record annual net sales. Net changes in foreign currency exchange rates had an unfavorable impact on net sales of approximately $247.1 million for the year ended December 31, 2024. Net sales on a foreign currency adjusted basis increased 8.4% for the year ended December 31, 2024.
Current wording
Our net sales of $8.29 billion for the year ended December 31, 2025 represented record annual net sales. Net changes in foreign currency exchange rates had an unfavorable impact on net sales of approximately $3.0 million for the year ended December 31, 2025. Net sales on a foreign currency adjusted basis increased 10.7% for the year ended December 31, 2025.
Previous wording
The vast majority of our net sales are derived from our Monster Energy® Drinks segment. Our Monster Energy® Drinks segment represented 91.6% and 91.8% of our net sales for the years ended December 31, 2024 and 2023, respectively. Our Strategic Brands segment represented 5.8% and 5.3% of our net sales for the years ended December 31, 2024 and 2023, respectively. Our Alcohol Brands segment represented 2.3% and 2.6% of our net sales for the years ended December 31, 2024 and 2023, respectively. Our Other segment represented 0.3% of our net sales for both years ended December 31, 2024 and 2023.
Current wording
The vast majority of our net sales are derived from our Monster Energy® Drinks segment. Our Monster Energy® Drinks segment represented 92.4% and 91.6% of our net sales for the years ended December 31, 2025 and 2024, respectively. Our Strategic Brands segment represented 5.7% and 5.8% of our net sales for the years ended December 31, 2025 and 2024, respectively. Our Alcohol Brands segment represented 1.6% and 2.3% of our net sales for the years ended December 31, 2025 and 2024, respectively. Our Other segment represented 0.3% of our net sales for both years ended December 31, 2025 and 2024.
Previous wording
Net changes in foreign currency exchange rates had an unfavorable impact on net sales in the Monster Energy® Drinks segment of approximately $210.0 million for the year ended December 31, 2024. Net changes in foreign currency exchange rates had an unfavorable impact on net sales in the Strategic Brands segment of approximately $37.1 million for the year ended December 31, 2024.
Current wording
Net changes in foreign currency exchange rates had an unfavorable impact on net sales in the Monster Energy® Drinks segment of approximately $2.5 million for the year ended December 31, 2025. Net changes in foreign currency exchange rates had an unfavorable impact on net sales in the Strategic Brands segment of approximately $0.5 million for the year ended December 31, 2025.
Previous wording
Our growth strategy includes further developing our domestic markets, expanding our international business and growing our business into new sectors, such as the alcohol beverage sector. Net sales to customers outside the United States amounted to $2.96 billion and $2.71 billion for the years ended December 31, 2024 and 2023, respectively. Such sales were approximately 40% and 38% of net sales for the years ended December 31, 2024 and 2023, respectively. Net changes in foreign currency exchange rates had an unfavorable impact on net sales to customers outside of the United States of approximately $247.1 million for the year ended December 31, 2024. Net sales to customers outside the United States, on a foreign currency adjusted basis, increased 18.5% for the year ended December 31, 2024.
Current wording
Our growth strategy includes further developing our domestic markets and expanding our international business. Net sales to customers outside the United States were $3.44 billion and $2.96 billion for the years ended December 31, 2025 and 2024, respectively. Such sales were approximately 41% and 40% of net sales for the years ended December 31, 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 $3.0 million for the year ended December 31, 2025. Net sales to customers outside the United States, on a foreign currency adjusted basis, increased 16.2% for the year ended December 31, 2025.
Previous wording
Coca-Cola Europacific Partners accounted for approximately 14%, 13% and 13% of our net sales for the years ended December 31, 2024, 2023 and 2022, respectively.
Current wording
Coca-Cola Europacific Partners accounted for approximately 15%, 14% and 13% of our net sales for the years ended December 31, 2025, 2024 and 2023, respectively.
Previous wording
Coca-Cola Consolidated, Inc. accounted for approximately 10%, 10% and 11% of our net sales for the years ended December 31, 2024, 2023 and 2022, respectively.
Current wording
Coca-Cola Consolidated, Inc. accounted for approximately 10% of our net sales for each of the years ended December 31, 2025, 2024 and 2023.
Previous wording
As of December 31, 2024, the Company had working capital of $2.54 billion compared to $4.43 billion as of December 31, 2023. The decrease in working capital was primarily the result of the decrease in cash and cash equivalents and short-term investments related to treasury stock repurchases for the year ended December 31, 2024. For the year ended December 31, 2024, our net cash provided by operating activities was approximately $1.93 billion as compared to $1.72 billion for the year ended December 31, 2023. Principal uses of cash flows in 2024 were purchases of treasury stock and purchases of real property, property and equipment. These principal uses of cash flows are expected to be and remain our principal recurring use of cash and working capital funds in the future (See “Part II, Item 7 – Management’s Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital Resources”).
Current wording
As of December 31, 2025, the Company had working capital of $3.91 billion compared to $2.54 billion as of December 31, 2024. The increase in working capital was primarily the result of the increase in cash and cash equivalents and short-term investments. For the year ended December 31, 2025, our net cash provided by operating activities was approximately $2.10 billion as compared to $1.93 billion for the year ended December 31, 2024. Principal uses of cash flows in 2025 were purchases of available-for-sale investments, property and equipment and payments on the Credit Facilities (as defined below). Principal uses of cash flows are expected to be purchases of investments, our common stock, and property and equipment, with these expected to remain our principal recurring use of cash and working capital funds in the foreseeable future (See “Part II, Item 7 – Management’s Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital Resources”).
Previous wording
See “Part I, Item 1A – Risk Factors” for additional information about risks and uncertainties facing our Company.
Current wording
See “Part I, Item 1A – Risk Factors” and “Forward-Looking Statements” for additional information about risks and uncertainties facing our Company.
Previous wording
1Includes $39.9 million, $40.0 million and $40.0 million for the years ended December 31, 2024, 2023 and 2022, respectively, related to the recognition of deferred revenue.
Current wording
1Includes $40.0 million, $39.9 million and $40.0 million for the years ended December 31, 2025, 2024 and 2023, respectively, related to the recognition of deferred revenue.
Previous wording
Net sales were $7.49 billion for the year ended December 31, 2024, an increase of approximately $352.7 million, or 4.9% higher than net sales of $7.14 billion for the year ended December 31, 2023. Net sales increased primarily due to increased worldwide sales by volume of our Monster Energy® brand energy drinks as a result of increased consumer demand as well as due to the Pricing Actions. Net changes in foreign currency exchange rates had an unfavorable impact on net sales of approximately $247.1 million for the year ended December 31, 2024. Net sales on a foreign currency adjusted basis increased 8.4% for the year ended December 31, 2024.
Current wording
Net sales were $8.29 billion for the year ended December 31, 2025, an increase of approximately $801.6 million, or 10.7% higher than net sales of $7.49 billion for the year ended December 31, 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 $3.0 million for the year ended December 31, 2025. Net sales on a foreign currency adjusted basis increased 10.7% for the year ended December 31, 2025.
Previous wording
Net sales for the Monster Energy® Drinks segment were $6.86 billion for the year ended December 31, 2024, an increase of approximately $309.5 million, or 4.7% higher than net sales of $6.56 billion for the year ended December 31, 2023. Net sales for the Monster Energy® Drinks segment increased primarily due to increased worldwide sales by volume of our Monster Energy® brand energy drinks as a result of increased consumer demand as well as due to the Pricing Actions. Net changes in foreign currency exchange rates had an unfavorable impact on net sales for the Monster Energy® Drinks segment of approximately $210.0 million for the year ended December 31, 2024. Net sales for the Monster Energy® Drinks segment on a foreign currency adjusted basis increased 7.9% for the year ended December 31, 2024.
Current wording
Net sales for the Monster Energy® Drinks segment were $7.67 billion for the year ended December 31, 2025, an increase of approximately $801.3 million, or 11.7% higher than net sales of $6.86 billion for the year ended December 31, 2024. Net sales for the Monster Energy® Drinks segment 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 $2.5 million for the year ended December 31, 2025. Net sales for the Monster Energy® Drinks segment on a foreign currency adjusted basis increased 11.7% for the year ended December 31, 2025.
Previous wording
Net sales for the Strategic Brands segment were $432.2 million for the year ended December 31, 2024, an increase of approximately $55.6 million, or 14.8% higher than net sales of $376.6 million for the year ended December 31, 2023. Net sales for the Strategic Brands segment increased primarily due to increased worldwide sales by volume of our Burn®, Predator®, NOS® and Fury® 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 $37.1 million for the Strategic Brands segment for the year ended December 31, 2024. Net sales for the Strategic Brands segment on a foreign currency adjusted basis increased 24.6% for the year ended December 31, 2024. 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.
Current wording
Net sales for the Strategic Brands segment were $468.7 million for the year ended December 31, 2025, an increase of approximately $36.5 million, or 8.4% higher than net sales of $432.2 million for the year ended December 31, 2024. Net sales for the Strategic Brands segment increased primarily due to increased worldwide sales of our Predator®, Burn® and NOS® 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 $0.5 million for the Strategic Brands segment for the year ended December 31, 2025. Net sales for the Strategic Brands segment on a foreign currency adjusted basis increased 8.5% for the year ended December 31, 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.
Previous wording
Net sales for the Alcohol Brands segment were $172.3 million for the year ended December 31, 2024, a decrease of approximately $12.5 million, or 6.8% lower than net sales of $184.9 million for the year ended December 31, 2023. The decrease in net sales for the year ended December 31, 2024 was primarily due to decreased sales by volume of craft beers.
Current wording
Net sales for the Alcohol Brands segment were $134.7 million for the year ended December 31, 2025, a decrease of approximately $37.6 million, or 21.8% lower than net sales of $172.3 million for the year ended December 31, 2024. The decrease in net sales for the year ended December 31, 2025 was primarily due to decreased sales of the Beast® Tea and The Beast TM product lines.
Previous wording
Net sales for the Other segment were $23.6 million for the year ended December 31, 2024, an increase of approximately $0.1 million, or 0.3% higher than net sales of $23.5 million for the year ended December 31, 2023.
Current wording
Net sales for the Other segment were $25.0 million for the year ended December 31, 2025, an increase of approximately $1.5 million, or 6.2% higher than net sales of $23.6 million for the year ended December 31, 2024.
Previous wording
Case sales for our energy drink products, in 192-ounce case equivalents, were 846.7 million cases for the year ended December 31, 2024, an increase of approximately 77.4 million cases or 10.1% higher than case sales of 769.2 million cases for the year ended December 31, 2023. The overall average net sales per case for our energy drink products (excluding net sales of Alcohol Brands and Other segments) decreased to $8.62 for the year ended December 31, 2024, which was 4.4% lower than the average net sales per case of $9.01 for the year ended December 31, 2023. The decrease in overall average net sales per case for our energy drink products for the year ended December 31, 2024 compared to the year ended December 31, 2023 was primarily due to higher promotional allowances as a percentage of net sales as well as geographical/product sales mix.
Current wording
Case sales for our energy drink products, in 192-ounce case equivalents, were 959.0 million cases for the year ended December 31, 2025, an increase of approximately 112.3 million cases or 13.3% higher than case sales of 846.7 million cases for the year ended December 31, 2024. The overall average net sales per case for our energy drink products (excluding net sales of Alcohol Brands and Other segments) decreased to $8.48 for the year ended December 31, 2025, which was 1.6% lower than the average net sales per case of $8.62 for the year ended December 31, 2024. The decrease in overall average net sales per case for our energy drink products for the year ended December 31, 2025 compared to the year ended December 31, 2024 was primarily due to adverse changes in foreign currency exchange rates as well as geographical sales mix.
Previous wording
Case sales for our craft beers, FMBs and hard seltzers in 192-ounce equivalents, were 12.5 million cases for the year ended December 31, 2024, a decrease of approximately 0.7 million cases or 5.0% lower than case sales of 13.1 million cases for the year ended December 31, 2023. Barrel sales for our craft beers, FMBs and hard seltzers in 31 U.S. gallon equivalents, were 0.60 million barrels for the year ended December 31, 2024, a decrease of approximately 0.03 million barrels or 5.0% lower than barrel sales of 0.64 million barrels for the year ended December 31, 2023.
Current wording
Case sales for our craft beers, FMBs and hard seltzers in 192-ounce equivalents, were 9.7 million cases for the year ended December 31, 2025, a decrease of approximately 2.8 million cases or 22.6% lower than case sales of 12.5 million cases for the year ended December 31, 2024. Barrel sales for our craft beers, FMBs and hard seltzers in 31 U.S. gallon equivalents, were 0.47 million barrels for the year ended December 31, 2025, a decrease of approximately 0.14 million barrels or 22.6% lower than barrel sales of 0.60 million barrels for the year ended December 31, 2024.
Previous wording
Gross profit was $4.05 billion for the year ended December 31, 2024, an increase of approximately $254.7 million, or 6.7% higher than the gross profit of $3.79 billion for the year ended December 31, 2023. The increase in gross profit was primarily the result of the increase in net sales.
Current wording
Gross profit was $4.63 billion for the year ended December 31, 2025, an increase of approximately $583.3 million, or 14.4% higher than the gross profit of $4.05 billion for the year ended December 31, 2024. The increase in gross profit dollars was primarily the result of the increase in net sales.
Previous wording
Gross profit as a percentage of net sales increased to 54.0% for the year ended December 31, 2024 from 53.1% for the year ended December 31, 2023. The increase for the year ended December 31, 2024 was primarily the result of the Pricing Actions, decreased freight-in costs and decreased aluminum can costs, partially offset by production inefficiencies.
Current wording
Gross profit as a percentage of net sales increased to 55.8% for the year ended December 31, 2025 from 54.0% for the year ended December 31, 2024. The increase for the year ended December 31, 2025 was primarily the result of the Pricing Actions and supply chain optimization, partially offset by higher promotional allowances and geographical sales mix.
Previous wording
Total operating expenses were $2.12 billion for the year ended December 31, 2024, an increase of approximately $277.7 million, or 15.1% higher than total operating expenses of $1.84 billion for the year ended December 31, 2023.
Current wording
Total operating expenses were $2.21 billion for the year ended December 31, 2025, an increase of approximately $94.3 million, or 4.4% higher than total operating expenses of $2.12 billion for the year ended December 31, 2024.
Previous wording
Operating expenses for the year ended December 31, 2024 included impairment charges of $138.8 million related to the Alcohol Brands segment (the “Alcohol Impairment Charges”). The Alcohol Impairment Charges were primarily the result of operating and financial performance not meeting projections due in part to challenges in the category, as well as a decrease in projected ongoing operating and financial performance. The Alcohol Impairment Charges relate primarily to goodwill and to certain other indefinite lived intangible assets as well as property and equipment.
Current wording
Operating expenses for the years ended December 31, 2025 and 2024, included impairment charges of $53.7 million and $138.8 million, respectively, related to the Alcohol Brands segment. The Alcohol Brands segment impairment charges relate primarily to certain finite-lived intangible assets as well as property and equipment for the year ended December 31, 2025. The Alcohol Brands segment impairment charges relate primarily to goodwill and to certain other indefinite-lived intangible assets as well as property and equipment for the year ended December 31, 2024.
Previous wording
Operating expenses as a percentage of net sales for the years ended December 31, 2024 and 2023 were 28.3% and 25.8%, respectively.
Current wording
The increase in operating expenses for the year ended December 31, 2025 was primarily due to increased payroll expenses of $80.4 million. Operating expenses as a percentage of net sales for the years ended December 31, 2025 and 2024 were 26.7% and 28.3%, respectively.
Previous wording
Operating income was $1.93 billion for the year ended December 31, 2024, a decrease of approximately $23.1 million, or 1.2% lower than operating income of $1.95 billion for the year ended December 31, 2023. Operating income as a percentage of net sales decreased to 25.8% for the year ended December 31, 2024 from 27.4% for the year ended December 31, 2023. Operating income for the year ended December 31, 2024 decreased primarily due to the Alcohol Impairment Charges partially offset by an increase in gross profit.
Current wording
Operating income was $2.42 billion for the year ended December 31, 2025, an increase of approximately $489.1 million, or 25.3% higher than operating income of $1.93 billion for the year ended December 31, 2024. Operating income as a percentage of net sales increased to 29.2% for the year ended December 31, 2025 from 25.8% for the year ended December 31, 2024.
Previous wording
Operating income was $536.3 million and $409.3 million for the years ended December 31, 2024 and 2023, respectively, for our operations in EMEA, Asia Pacific (including Oceania), Latin America and the Caribbean.
Current wording
Operating income was $659.3 million and $536.3 million for the years ended December 31, 2025 and 2024, respectively, for our international operations, exclusive of Canada.
Previous wording
Operating income for the Monster Energy® Drinks segment, exclusive of corporate and unallocated expenses, was $2.46 billion for the year ended December 31, 2024, an increase of approximately $123.7 million, or 5.3% higher than operating income of $2.34 billion for the year ended December 31, 2023. The increase in operating income for the Monster Energy® Drinks segment was primarily the result of a $233.4 million increase in gross profit.
Current wording
Operating income for the Monster Energy® Drinks segment, exclusive of corporate and unallocated expenses, was $2.98 billion for the year ended December 31, 2025, an increase of approximately $514.0 million, or 20.9% higher than operating income of $2.46 billion for the year ended December 31, 2024. The increase in operating income for the Monster Energy® Drinks segment was primarily the result of an increase in net sales.
Previous wording
Operating income for the Strategic Brands segment, exclusive of corporate and unallocated expenses, was $233.8 million for the year ended December 31, 2024, an increase of approximately $26.6 million, or 12.8% higher than operating income of $207.1 million for the year ended December 31, 2023. The increase in operating income for the Strategic Brands segment was primarily the result of a $35.5 million increase in gross profit.
Current wording
Operating income for the Strategic Brands segment, exclusive of corporate and unallocated expenses, was $240.8 million for the year ended December 31, 2025, an increase of approximately $7.0 million, or 3.0% higher than operating income of $233.8 million for the year ended December 31, 2024. The increase in operating income for the Strategic Brands segment was primarily the result of an increase in net sales.
Previous wording
Operating loss for the Alcohol Brands segment, exclusive of corporate and unallocated expenses, was $200.3 million for the year ended December 31, 2024, an increase of approximately $119.2 million, or 146.9% higher than operating loss of $81.1 million for the year ended December 31, 2023. The increase in the operating loss for the Alcohol Brands segment for the year ended December 31, 2024 was primarily the result of the Alcohol Impairment Charges.
Current wording
Operating loss for the Alcohol Brands segment, exclusive of corporate and unallocated expenses, was $127.0 million for the year ended December 31, 2025, a decrease of approximately $73.4 million, or 36.6% lower than operating loss of $200.3 million for the year ended December 31, 2024. The decrease in operating loss for the Alcohol Brands segment for the year ended December 31, 2025 was primarily the result of a decrease in the Alcohol Brands segment impairment charges. Operating loss for the Alcohol Brands segment, exclusive of the Alcohol Brands segment impairment charges and corporate and unallocated expenses, was $73.3 million and $61.6 million for the years ended December 31, 2025 and 2024, respectively.
Previous wording
Operating income for the Other segment, exclusive of corporate and unallocated expenses, was $4.6 million for the year ended December 31, 2024, an increase of approximately $1.1 million, or 30.4% higher than operating income of $3.6 million for the year ended December 31, 2023. The increase in operating income for the year ended December 31, 2024 was primarily the result of the increase in gross profit.
Current wording
Operating income for the Other segment, exclusive of corporate and unallocated expenses, was $3.4 million for the year ended December 31, 2025, a decrease of approximately $1.2 million, or 25.9% lower than operating income of $4.6 million for the year ended December 31, 2024.
Previous wording
Interest and Other Income (Expense), net
Current wording
Interest and Other Income, net
Previous wording
Interest and other income (expense), net, was $59.2 million for the year ended December 31, 2024, as compared to interest and other income (expense), net, of $115.1 million for the year ended December 31, 2023. Foreign currency transaction gains (losses) were ($26.4) million and ($60.2) million for the years ended December 31, 2024 and 2023, respectively. Interest income was $115.0 million and $130.0 million for the years ended December 31, 2024 and 2023, respectively. The decrease in interest income for the year ended December 31, 2024 was primarily related to lower short- and long-term investment balances as a result of treasury stock repurchases made during the year ended December 31, 2024. Interest expense was $27.9 million and $0.4 million for the years ended December 31, 2024 and 2023, respectively. Interest and other income (expense), net included a gain on transaction of $45.4 million related to the acquisition of Bang Energy (“Bang Transaction Gain”) for the year ended December 31, 2023.
Current wording
Interest and other income, net, was $63.2 million for the year ended December 31, 2025, as compared to interest and other income, net, of $59.2 million for the year ended December 31, 2024. Interest income was $85.2 million and $115.0 million for the years ended December 31, 2025 and 2024, respectively. Interest expense was $6.6 million and $27.9 million for the years ended December 31, 2025 and 2024, respectively. Foreign currency transaction gains (losses) were $(11.9) million and $(26.4) million for the years ended December 31, 2025 and 2024, respectively.
Previous wording
Provision for income taxes was $480.4 million for the year ended December 31, 2024, an increase of $42.9 million, or 9.8% higher than the provision for income taxes of $437.5 million for the year ended December 31, 2023. The effective combined federal, state and foreign tax rate was 24.1% and 21.2% for the years ended December 31, 2024 and 2023, respectively. The increase in the effective tax rate was primarily attributable to a decrease in the stock-based compensation deduction for the year ended December 31, 2024.
Current wording
Provision for income taxes was $577.1 million for the year ended December 31, 2025, an increase of $96.7 million, or 20.1% higher than the provision for income taxes of $480.4 million for the year ended December 31, 2024. The effective combined federal, state and foreign tax rate was 23.2% and 24.1% for the years ended December 31, 2025 and 2024, respectively. The decrease in the effective tax rate was primarily attributable to an increase in the stock-based compensation deduction for the year ended December 31, 2025.
Previous wording
Net income was $1.51 billion for the year ended December 31, 2024, a decrease of $121.9 million, or 7.5% lower than net income of $1.63 billion for the year ended December 31, 2023. The decrease in net income for the year ended December 31, 2024 was primarily due to the Alcohol Impairment Charges.
Current wording
Net income was $1.91 billion for the year ended December 31, 2025, an increase of $396.4 million, or 26.3% higher than net income of $1.51 billion for the year ended December 31, 2024.
Previous wording
Gross billings were $8.74 billion for the year ended December 31, 2024, an increase of approximately $506.0 million, or 6.1% higher than gross billings of $8.23 billion for the year ended December 31, 2023. Net changes in foreign currency exchange rates had an unfavorable impact on gross billings of approximately $246.9 million for the year ended December 31, 2024. Gross billings on a foreign currency adjusted basis increased 9.1% for the year ended December 31, 2024.
Current wording
Gross billings were $9.83 billion for the year ended December 31, 2025, an increase of approximately $1.09 billion, or 12.5% higher than gross billings of $8.74 billion for the year ended December 31, 2024. Net changes in foreign currency exchange rates had a favorable impact on gross billings of approximately $8.2 million for the year ended December 31, 2025. Gross billings on a foreign currency adjusted basis increased 12.4% for the year ended December 31, 2025.
Previous wording
Gross billings for the Monster Energy® Drinks segment were $8.04 billion for the year ended December 31, 2024, an increase of approximately $452.1 million, or 6.0% higher than gross billings of $7.59 billion for the year ended December 31, 2023. Gross billings for the Monster Energy® Drinks segment increased primarily due to increased worldwide sales by volume of our Monster Energy® brand energy drinks as a result of increased consumer demand as well as due to the Pricing Actions. Net changes in foreign currency exchange rates had an unfavorable impact on gross billings for the Monster Energy® Drinks segment of approximately $209.7 million for the year ended December 31, 2024. Gross billings for the Monster Energy® Drinks segment on a foreign currency adjusted basis increased 8.7% for the year ended December 31, 2024.
Current wording
Gross billings for the Monster Energy® Drinks segment were $9.12 billion for the year ended December 31, 2025, an increase of approximately $1.07 billion, or 13.3% higher than gross billings of $8.04 billion for the year ended December 31, 2024. Gross billings for the Monster Energy® Drinks segment 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 $8.9 million for the year ended December 31, 2025. Gross billings for the Monster Energy® Drinks segment on a foreign currency adjusted basis increased 13.2% for the year ended December 31, 2025.
Previous wording
Gross billings for the Strategic Brands segment were $490.8 million for the year ended December 31, 2024, an increase of $65.5 million, or 15.4% higher than gross billings of $425.3 million for the year ended December 31, 2023. Gross billings for the Strategic Brands segment increased primarily due to increased sales by volume of our Burn®, Predator®, NOS® and Fury® brand energy drinks. Net changes in foreign currency exchange rates had an unfavorable impact on gross billings in the Strategic Brands segment of approximately $37.2 million for the year ended December 31, 2024. Gross billings for the Strategic Brands segment on a foreign currency adjusted basis increased 24.2% for the year ended December 31, 2024.
Current wording
Gross billings for the Strategic Brands segment were $545.4 million for the year ended December 31, 2025, an increase of $54.5 million, or 11.1% higher than gross billings of $490.8 million for the year ended December 31, 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 $0.7 million for the year ended December 31, 2025. Gross billings for the Strategic Brands segment on a foreign currency adjusted basis increased 11.3% for the year ended December 31, 2025.
Previous wording
Gross billings for the Alcohol Brands segment were $176.8 million for the year ended December 31, 2024, a decrease of $11.8 million, or 6.3% lower than gross billings of $188.6 million for the year ended December 31, 2023. The decrease in gross billings for the year ended December 31, 2024 was primarily due to decreased sales by volume of craft beers.
Current wording
Gross billings for the Alcohol Brands segment were $139.8 million for the year ended December 31, 2025, a decrease of $37.0 million, or 20.9% lower than gross billings of $176.8 million for the year ended December 31, 2024. The decrease in gross billings for the year ended December 31, 2025 was primarily due to decreased sales of the Beast® Tea and The Beast TM product lines.
Previous wording
Gross billings for the Other segment were $23.7 million for the year ended December 31, 2024, an increase of $0.2 million, or 0.7% higher than gross billings of $23.5 million for the year ended December 31, 2023.
Current wording
Gross billings for the Other segment were $25.2 million for the year ended December 31, 2025, an increase of $1.6 million, or 6.5% higher than gross billings of $23.7 million for the year ended December 31, 2024.
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Previous report — wording carried elsewhere
Promotional and other allowances for the Alcohol Brands segment primarily include price promotions where permitted.