Monster Beverage Corp
For the period ended Mar 31, 2026. Filed May 8, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed May 8, 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-Q
Period ended 2025-09-30; filed 2025-11-07.
0001104659-25-107944
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-08.
0001104659-26-057398
Item 2. 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 143 previous paragraphs and 106 current paragraphs.
50 unchanged; 46 reworded; 8 added; 43 removed; 4 previous and 2 current paragraphs rearranged.
Tables are not compared: 32 previous and 38 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 (8)
Current report
Our net sales were $2.35 billion for the three-months ended March 31, 2026. Net changes in foreign currency exchange rates had a favorable impact on net sales of approximately $89.3 million for the three-months ended March 31, 2026. Net sales on a foreign currency adjusted basis increased 22.1% for the three-months ended March 31, 2026.
Current report
Net sales were $2.35 billion for the three-months ended March 31, 2026, an increase of approximately $498.7 million, or 26.9% higher than net sales of $1.85 billion for the three-months ended March 31, 2025. 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 a favorable impact on net sales of approximately $89.3 million for the three-months ended March 31, 2026. Net sales on a foreign currency adjusted basis increased 22.1% for the three-months ended March 31, 2026.
Current report
Net sales for the Strategic Brands segment were $126.7 million for the three-months ended March 31, 2026, an increase of approximately $28.4 million, or 28.9% higher than net sales of $98.3 million for the three-months ended March 31, 2025. Net sales for the Strategic Brands segment increased primarily due to increased sales of our Burn®, Predator®, and Fury® brand energy drinks. Net
Current report
Net sales for the Alcohol Brands segment were $32.7 million for the three-months ended March 31, 2026, a decrease of approximately $2.0 million, or 5.9% lower than net sales of $34.7 million for the three-months ended March 31, 2025. The decrease in net sales for the three-months ended March 31, 2026 was primarily due to decreased sales of craft beers.
Current report
Operating income for the Strategic Brands segment, exclusive of corporate and unallocated expenses, was $63.9 million for the three-months ended March 31, 2026, an increase of approximately $12.0 million, or 23.1% higher than operating income of $51.9 million for the three-months ended March 31, 2025. The increase in operating income for the Strategic Brands segment was primarily the result of an increase in net sales.
Current report
Interest and Other Income, net
Current report
Gross billings for the Monster Energy® Drinks segment were $2.58 billion for the three-months ended March 31, 2026, an increase of approximately $571.8 million, or 28.5% higher than gross billings of $2.01 billion for the three-months ended March 31, 2025. Gross billings 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 $100.7 million for the three-months ended March 31, 2026. Gross billings for the Monster Energy® Drinks segment on a foreign currency adjusted basis increased 23.5% for the three-months ended March 31, 2026.
Current report
Gross billings for the Strategic Brands segment were $149.2 million for the three-months ended March 31, 2026, an increase of $35.5 million, or 31.2% higher than gross billings of $113.8 million for the three-months ended March 31, 2025. Gross billings for the Strategic Brands segment increased primarily due to increased sales of our Burn®, Predator®, and Fury® brand energy drinks. Net changes in foreign currency exchange rates had a favorable impact on gross billings in the Strategic Brands segment of approximately $7.3 million for the three-months ended March 31, 2026. Gross billings for the Strategic Brands segment on a foreign currency adjusted basis increased 24.8% for the three-months ended March 31, 2026.
Removed paragraphs (43)
Previous report
We also develop, market, sell and distribute still and sparkling waters under the Monster Tour Water® brand name.
Previous report
Our net sales were $2.20 billion for the three-months ended September 30, 2025. Net changes in foreign currency exchange rates had a favorable impact on net sales of approximately $31.8 million for the three-months ended September 30, 2025. Net sales on a foreign currency adjusted basis increased 15.1% for the three-months ended September 30, 2025.
Previous report
Reyes Holdings, LLC accounted for approximately 9% of the Company’s net sales for both the three-months ended September 30, 2025 and 2024. Reyes Holdings, LLC accounted for approximately 9% of the Company’s net sales for both the nine-months ended September 30, 2025 and 2024.
Previous report
Net sales were $2.20 billion for the three-months ended September 30, 2025, an increase of approximately $316.2 million, or 16.8% higher than net sales of $1.88 billion for the three-months ended September 30, 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 a favorable impact on net sales of approximately $31.8 million for the three-months ended September 30, 2025. Net sales on a foreign currency adjusted basis increased 15.1% for the three-months ended September 30, 2025.
Previous report
Net sales for the Alcohol Brands segment were $33.0 million for the three-months ended September 30, 2025, a decrease of approximately $6.8 million, or 17.0% lower than net sales of $39.8 million for the three-months ended September 30, 2024. The decrease in net sales for the three-months ended September 30, 2025 was primarily due to decreased sales of The Beast TMproduct line.
Previous report
Net sales for the Other segment were $6.8 million for the three-months ended September 30, 2025, an increase of approximately $0.9 million, or 14.4% higher than net sales of $5.9 million for the three-months ended September 30, 2024.
Previous report
Gross profit was $1.22 billion for the three-months ended September 30, 2025, an increase of approximately $224.7 million, or 22.5% higher than the gross profit of $999.8 million for the three-months ended September 30, 2024. The increase in gross profit dollars was primarily the result of the $316.2 million increase in net sales for the three-months ended September 30, 2025. Gross profit for the three-months ended September 30, 2024 was adversely impacted by an increase in inventory reserves due to excess inventory levels in the Alcohol Brands segment of $10.6 million (the “Alcohol Brands Inventory Reserves”).
Previous report
Operating income for the Strategic Brands segment, exclusive of corporate and unallocated expenses, was $66.3 million for the three-months ended September 30, 2025, an increase of approximately $6.2 million, or 10.3% higher than operating income of $60.1 million for the three-months ended September 30, 2024. The increase in operating income for the Strategic Brands segment was primarily the result of an increase in net sales.
Previous report
Interest and Other Income (Expense), net
Previous report
Nine-Months Ended September 30, 2025 Compared to the Nine-Months Ended September 30, 2024**.**
Previous report
Net Sales
Previous report
Net sales were $6.16 billion for the nine-months ended September 30, 2025, an increase of approximately $482.6 million, or 8.5% higher than net sales of $5.68 billion for the nine-months ended September 30, 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 $30.6 million for the nine-months ended September 30, 2025. Net sales on a foreign currency adjusted basis increased 9.0% for the nine-months ended September 30, 2025.
Previous report
Net sales for the Monster Energy® Drinks segment were $5.68 billion for the nine-months ended September 30, 2025, an increase of approximately $485.2 million, or 9.3% higher than net sales of $5.19 billion for the nine-months ended September 30, 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 for the Monster Energy® Drinks segment of approximately $26.9 million for the nine-months ended September 30, 2025. Net sales for the Monster Energy® Drinks segment on a foreign currency adjusted basis increased 9.9% for the nine-months ended September 30, 2025.
Previous report
Net sales for the Alcohol Brands segment were $105.7 million for the nine-months ended September 30, 2025, a decrease of approximately $31.7 million, or 23.1% lower than net sales of $137.4 million for the nine-months ended September 30, 2024. The decrease in net sales for the nine-months ended September 30, 2025 was primarily due to decreased sales of the Beast TM Tea product line, which was launched during the nine-months ended September 30, 2024, as well as decreased sales of The Beast TM product line.
Previous report
Case sales for our energy drink products, in 192-ounce case equivalents, were 720.8 million cases for the nine-months ended September 30, 2025, an increase of approximately 77.8 million cases or 12.1% higher than case sales of 643.0 million cases for the nine-months ended September 30, 2024. The overall average net sales per case for our energy drink products (excluding net sales of Alcohol Brands and Other segments) decreased to $8.38 for the nine-months ended September 30, 2025, which was 2.5% lower than the average net sales per case of $8.59 for the nine-months ended September 30, 2024. The decrease in overall average net sales per case for our energy drink products for the nine-months ended September 30, 2025 compared to the nine-months ended September 30, 2024 was primarily due to adverse changes in foreign currency exchange rates as well as geographical sales mix.
Previous report
Case sales for our craft beers, FMBs and hard seltzers, in 192-ounce equivalents, were 7.6 million cases for the nine-months ended September 30, 2025, a decrease of approximately 2.4 million cases or 24.1% lower than case sales of 10.0 million cases for the nine-months ended September 30, 2024. Barrel sales for our craft beers, FMBs and hard seltzers, in 31 U.S. gallon equivalents, were 0.37 million barrels for the nine-months ended September 30, 2025, a decrease of approximately 0.11 million barrels or 24.1% lower than barrel sales of 0.48 million barrels for the nine-months ended September 30, 2024.
Previous report
Gross Profit
Previous report
Gross profit as a percentage of net sales increased to 56.0% for the nine-months ended September 30, 2025 from 53.6% for the nine-months ended September 30, 2024. The increase in gross profit as a percentage of net sales for the nine-months ended September 30, 2025 was primarily the result ofthe Pricing Actions and supply chain optimization, partially offset by higher promotional allowances and geographical sales mix.
Previous report
Operating Expenses
Previous report
Total operating expenses were $1.57 billion for the nine-months ended September 30, 2025, an increase of approximately $74.8 million, or 5.0% higher than total operating expenses of $1.50 billion for the nine-months ended September 30, 2024.
Previous report
The increase in operating expenses was primarily due to increased payroll expense of $51.5 million, general administrative expense of $24.9 million, and selling and marketing expense of $21.0 million. Operating expenses as a percentage of net sales for the nine-months ended September 30, 2025 were 25.5% as compared to 26.4% for the nine-months ended September 30, 2024.
Previous report
Operating Income
Previous report
Operating income was $1.88 billion for the nine-months ended September 30, 2025, an increase of approximately $327.7 million, or 21.2% higher than operating income of $1.55 billion for the nine-months ended September 30, 2024. Operating income as a percentage of net sales increased to 30.4% for the nine-months ended September 30, 2025 from 27.3% for the nine-months ended September 30, 2024.
Previous report
Operating income for the Monster Energy® Drinks segment, exclusive of corporate and unallocated expenses, was $2.23 billion for the nine-months ended September 30, 2025, an increase of approximately $386.3 million, or 21.0% higher than operating income of $1.84 billion for the nine-months ended September 30, 2024. The increase in operating income for the Monster Energy® Drinks segment was primarily the result of an increase in net sales.
Previous report
Operating income for the Strategic Brands segment, exclusive of corporate and unallocated expenses, was $186.0 million for the nine-months ended September 30, 2025, an increase of approximately $2.3 million, or 1.2% higher than operating income of $183.8 million for the nine-months ended September 30, 2024. The increase in operating income for the Strategic Brands segment was primarily the result of an increase in net sales.
Previous report
Operating loss for the Alcohol Brands segment, exclusive of corporate and unallocated expenses, was $54.0 million for the nine-months ended September 30, 2025, an increase of approximately $2.8 million, or 5.4% higher than the operating loss of $51.2 million for the nine-months ended September 30, 2024. The increase in operating loss for the nine-months ended September 30, 2025 was primarily due to a decrease in net sales partially offset by the Alcohol Brands Inventory Reserves recognized in the three-months ended September 30, 2024.
Previous report
Operating income for the Other segment, exclusive of corporate and unallocated expenses, was $3.1 million for the nine-months ended September 30, 2025, as compared to operating income of $3.9 million for the nine-months ended September 30, 2024.
Previous report
Interest and Other Income (Expense), net
Previous report
Interest and other income (expense), net, was $37.5 million for the nine-months ended September 30, 2025, as compared to interest and other income (expense), net, of $54.3 million for the nine-months ended September 30, 2024. Interest income was $59.1 million and $97.5 million for the nine-months ended September 30, 2025 and 2024, respectively. The decrease in interest income for the nine-months ended September 30, 2025 was primarily related to lower average short- and long-term investment balances as a result of treasury stock repurchases made in the second and third quarters of 2024. Interest expense was $6.3 million and $17.5 million for the nine-months ended September 30, 2025 and 2024, respectively. The decrease in interest expense for the nine-months ended September 30, 2025 was primarily due to the repayment of long-term debt in April 2025. Foreign currency transaction losses were $13.8 million and $24.7 million for the nine-months ended September 30, 2025 and 2024, respectively.
Previous report
Provision for Income Taxes
Previous report
Provision for income taxes was $458.0 million for the nine-months ended September 30, 2025, an increase of $93.0 million from the provision for income taxes of $365.0 million for the nine-months ended September 30, 2024. The effective combined federal, state and foreign tax rate increased to 23.9% from 22.8% for the nine-months ended September 30, 2025 and 2024, respectively. The increase in the effective tax rate was primarily attributable to higher income taxes from foreign tax jurisdictions.
Previous report
Net Income
Previous report
Net income was $1.46 billion for the nine-months ended September 30, 2025, an increase of $217.9 million, or 17.6% higher than net income of $1.24 billion for the nine-months ended September 30, 2024.
Previous report
Gross billings for the Monster Energy® Drinks segment were $2.46 billion for the three-months ended September 30, 2025, an increase of approximately $426.5 million, or 21.0% higher than gross billings of $2.03 billion for the three-months ended September 30, 2024. Gross billings 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 $37.8 million for the three-months ended September 30, 2025. Gross billings for the Monster Energy® Drinks segment on a foreign currency adjusted basis increased 19.1% for the three-months ended September 30, 2025.
Previous report
Gross billings for the Strategic Brands segment were $152.3 million for the three-months ended September 30, 2025, an increase of $23.8 million, or 18.5% higher than gross billings of $128.5 million for the three-months ended September 30, 2024. Gross billings for the Strategic Brands segment increased primarily due to increased sales of our Predator®, Burn®, and Mother® brand energy drinks. Net changes in foreign currency exchange rates had a favorable impact on gross billings in the Strategic Brands segment of approximately $3.0 million for the three-months ended September 30, 2025. Gross billings for the Strategic Brands segment on a foreign currency adjusted basis increased 16.2% for the three-months ended September 30, 2025.
Previous report
Nine-Months Ended September 30, 2025 Compared to the Nine-Months Ended September 30, 2024**.**
Previous report
Gross billings were $7.32 billion for the nine-months ended September 30, 2025, an increase of approximately $699.6 million, or 10.6% higher than gross billings of $6.62 billion for the nine-months ended September 30, 2024. Gross billings 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 gross billings of approximately $25.5 million for the nine-months ended September 30, 2025. Gross billings on a foreign currency adjusted basis increased 11.0% for the nine-months ended September 30, 2025.
Previous report
Gross billings for the Monster Energy® Drinks segment were $6.77 billion for the nine-months ended September 30, 2025, an increase of approximately $686.2 million, or 11.3% higher than gross billings of $6.08 billion for the nine-months ended September 30, 2024. Gross billings 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 gross billings for the Monster Energy® Drinks segment of approximately $21.6 million for the nine-months ended September 30, 2025. Gross billings for the Monster Energy® Drinks segment on a foreign currency adjusted basis increased 11.6% for the nine-months ended September 30, 2025.
Previous report
Gross billings for the Strategic Brands segment were $418.0 million for the nine-months ended September 30, 2025, an increase of approximately $43.9 million, or 11.7% higher than gross billings of $374.1 million for the nine-months ended September 30, 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 $3.9 million for the nine-months ended September 30, 2025. Gross billings for the Strategic Brands segment on a foreign currency adjusted basis increased 12.8% for the nine-months ended September 30, 2025.
Previous report
Gross billings for the Alcohol Brands segment were $109.6 million for the nine-months ended September 30, 2025, a decrease of approximately $31.2 million, or 22.1% lower than gross billings of $140.8 million for the nine-months ended September 30, 2024. The decrease in gross billings for the nine-months ended September 30, 2025 was primarily due to decreased sales of the Beast TM Tea product line, which was launched during the nine-months ended September 30, 2024, as well as decreased sales of The Beast TM product line.
Showing the first 40 of 43 passages. Open the source sections for the rest.
Reworded paragraphs (46)
Previous wording
We implemented price increases in the fourth quarter of 2024 (for core brands and packages) in the United States and at various times in certain international markets during 2024 and 2025 (collectively, the “Pricing Actions”). The Pricing Actions positively impacted gross profit margins in 2025 as compared to 2024.
Current wording
We implemented price increases in the fourth quarter of 2025 (for core brands and packages) in the United States and at various times in certain international markets during 2025 (collectively, the “Pricing Actions”). The Pricing Actions positively impacted gross profit margins in 2026 as compared to 2025.
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, Beast TM Tea, Blind Lemon®, Blinder Lemon TM, Michi 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
We have four operating and reportable segments: (i) Monster Energy® Drinks segment (“Monster Energy® Drinks”), which is primarily comprised of our Monster Energy® drinks, Reign Total Body Fuel® high performance energy drinks, Reign Storm® total wellness energy drinks and Bang Energy® drinks, (ii) Strategic Brands segment (“Strategic Brands”), which is primarily comprised of the various energy drink brands acquired from The Coca-Cola Company (“TCCC”) in 2015 as well as our affordable energy brands, Predator® and Fury®, (iii) Alcohol Brands segment (“Alcohol Brands”), which is comprised of various craft beers, FMBs and hard seltzers and (iv) Other segment (“Other”), which is comprised of certain products sold by American Fruits and Flavors LLC, a wholly-owned subsidiary of the Company, to independent third-party customers (the “AFF Third-Party Products”).
Current wording
We have four operating and reportable segments: (i) Monster Energy® Drinks segment (“Monster Energy® Drinks”), which is primarily comprised of our 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, (ii) Strategic Brands segment (“Strategic Brands”), which is primarily comprised of the various energy drink brands acquired from The Coca-Cola Company (“TCCC”) in 2015 as well as our affordable energy brands, Predator® and Fury®, (iii) Alcohol Brands segment (“Alcohol Brands”), which is comprised of various craft beers, FMBs and hard seltzers and (iv) Other segment (“Other”), which is comprised of certain products sold by American Fruits and Flavors LLC, a wholly-owned subsidiary of the Company, to independent third-party customers (the “AFF Third-Party Products”).
Previous wording
The vast majority of our net sales are derived from our Monster Energy® Drinks segment. Net sales of our Monster Energy® Drinks segment were $2.03 billion for the three-months ended September 30, 2025. Net sales of our Strategic Brands segment were $130.5 million for the three-months ended September 30, 2025. Net sales of our Alcohol Brands segment were $33.0 million for the three-months ended September 30, 2025. Net sales of our Other segment were $6.8 million for the three-months ended September 30, 2025.
Current wording
The vast majority of our net sales are derived from our Monster Energy® Drinks segment. Net sales of our Monster Energy® Drinks segment were $2.19 billion for the three-months ended March 31, 2026. Net sales of our Strategic Brands segment were $126.7 million for the three-months ended March 31, 2026. Net sales of our Alcohol Brands segment were $32.7 million for the three-months ended March 31, 2026. Net sales of our Other segment were $5.3 million for the three-months ended March 31, 2026.
Previous wording
Our Monster Energy® Drinks segment represented 92.3% and 91.6% of our net sales for the three-months ended September 30, 2025 and 2024, respectively. Our Strategic Brands segment represented 5.9% and 6.0% of our net sales for the three-months ended September 30, 2025 and 2024, respectively. Our Alcohol Brands segment represented 1.5% and 2.1% of our net sales for the three-months ended September 30, 2025 and 2024, respectively. Our Other segment represented 0.3% of our net sales for both the three-months ended September 30, 2025 and 2024.
Current wording
Our Monster Energy® Drinks segment represented 93.0% and 92.5% of our net sales for the three-months ended March 31, 2026 and 2025, respectively. Our Strategic Brands segment represented 5.4% and 5.3% of our net sales for the three-months ended March 31, 2026 and 2025, respectively. Our Alcohol Brands segment represented 1.4% and 1.9% of our net sales for the three-months ended March 31, 2026 and 2025, respectively. Our Other segment represented 0.2% and 0.3% of our net sales for the three-months ended March 31, 2026 and 2025, respectively.
Previous wording
Our growth strategy includes further developing our domestic markets and expanding our international business. Net sales to customers outside the United States were $937.1 million for the three-months ended September 30, 2025, an increase of approximately $177.0 million, or 23.3% higher than net sales to customers outside of the United States of $760.1 million for the three-months ended September 30, 2024. Such sales were approximately 43% and 40% of net sales for the three-months ended September 30, 2025 and 2024, respectively. Net changes in foreign currency exchange rates had a favorable impact on net sales to customers outside of the United States of approximately $31.8 million for the three-months ended September 30, 2025. Net sales to customers outside the United States, on a foreign currency adjusted basis, increased 19.1% for the three-months ended September 30, 2025.
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 $1.06 billion for the three-months ended March 31, 2026, an increase of approximately $329.3 million, or 44.9% higher than net sales to customers outside of the United States of $733.2 million for the three-months ended March 31, 2025. Such sales were approximately 45% and 40% of net sales for the three-months ended March 31, 2026 and 2025, respectively. Net changes in foreign currency exchange rates had a favorable impact on net sales to customers outside of the United States of approximately $89.3 million for the three-months ended March 31, 2026. Net sales to customers outside the United States, on a foreign currency adjusted basis, increased 32.7% for the three-months ended March 31, 2026.
Previous wording
Our non-alcohol customers are primarily full service beverage bottlers/distributors, retail grocery and specialty chains, wholesalers, club stores, mass merchandisers, convenience and gas chains, drug stores, foodservice customers, value stores, e-commerce retailers and the military. Our alcohol customers are primarily beer distributors who in turn sell to retailers within the alcohol distribution system. Percentages of our gross billings to our various customer types for the three- and nine-months ended September 30, 2025 and 2024 are reflected below. Such information includes sales made by us directly to the customer types concerned, which include our full service beverage bottlers/distributors in the United States. Such full service beverage bottlers/distributors in turn sell certain of our products to some of the same customer types listed below. We limit our description of our customer types to include only our sales to our full service bottlers/distributors without reference to such bottlers/distributors’ sales to their own customers.
Current wording
Our non-alcohol customers are primarily full service beverage bottlers/distributors, retail grocery and specialty chains, wholesalers, club stores, mass merchandisers, convenience and gas chains, drug stores, foodservice customers, value stores, e-commerce retailers and the military. Our alcohol customers are primarily beer distributors who in turn sell to retailers within the alcohol distribution system. Percentages of our gross billings to our various customer types for the three- months ended March 31, 2026 and 2025 are reflected below. Such information includes sales made by us directly to the customer types concerned, which include our full service beverage bottlers/distributors in the United States. Such full service beverage bottlers/distributors in turn sell certain of our products to some of the same customer types listed below. We limit our description of our customer types to include only our sales to our full service bottlers/distributors without reference to such bottlers/distributors’ sales to their own customers.
Previous wording
Coca-Cola Europacific Partners accounted for approximately 17% and 15% of the Company’s net sales for the three-months ended September 30, 2025 and 2024, respectively. Coca-Cola Europacific Partners accounted for approximately 15% and 14% of the Company’s net sales for the nine-months ended September 30, 2025 and 2024, respectively.
Current wording
Coca-Cola Europacific Partners accounted for approximately 17% and 14% of the Company’s net sales for the three-months ended March 31, 2026 and 2025, respectively.
Previous wording
Coca-Cola Consolidated, Inc. accounted for approximately 9% and 10% of the Company’s net sales for the three-months ended September 30, 2025 and 2024, respectively. Coca-Cola Consolidated, Inc. accounted for approximately 10% of the Company’s net sales for both the nine-months ended September 30, 2025 and 2024.
Current wording
Coca-Cola Consolidated, Inc. accounted for approximately 9% and 10% of the Company’s net sales for the three-months ended March 31, 2026 and 2025, respectively.
Previous wording
The following table sets forth key statistics for the three- and nine-months ended September 30, 2025 and 2024.
Current wording
The following table sets forth key statistics for the three-months ended March 31, 2026 and 2025.
Previous wording
1Includes $10.1 million and $10.0 million for the three-months ended September 30, 2025 and 2024, related to the recognition of deferred revenue, respectively. Includes $30.0 million and $29.9 million for the nine-months ended September 30, 2025 and 2024, related to the recognition of deferred revenue, respectively.
Current wording
1I**ncludes $9.9 million for both the three-months ended March 31, 2026 and 2025, related to the recognition of deferred revenue.
Previous wording
Net sales for the Monster Energy® Drinks segment were $2.03 billion for the three-months ended September 30, 2025, an increase of approximately $304.1 million, or 17.7% higher than net sales of $1.72 billion for the three-months ended September 30, 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 a favorable impact on net sales for the Monster Energy® Drinks segment of approximately $28.7 million for the three-months ended September 30, 2025. Net sales for the Monster Energy® Drinks segment on a foreign currency adjusted basis increased 16.0% for the three-months ended September 30, 2025.
Current wording
Net sales for the Monster Energy® Drinks segment were $2.19 billion for the three-months ended March 31, 2026, an increase of approximately $473.1 million, or 27.6% higher than net sales of $1.72 billion for the three-months ended March 31, 2025. 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 a favorable impact on net sales for the Monster Energy® Drinks segment of approximately $82.0 million for the three-months ended March 31, 2026. Net sales for the Monster Energy® Drinks segment on a foreign currency adjusted basis increased 22.8% for the three-months ended March 31, 2026.
Previous wording
Net sales for the Strategic Brands segment were $130.5 million for the three-months ended September 30, 2025, an increase of approximately $17.9 million, or 15.9% higher than net sales of $112.6 million for the three-months ended September 30, 2024. Net sales for the Strategic Brands segment increased primarily due to increased sales of our Predator®, Burn®, and Mother® brand energy drinks. Net changes in foreign currency exchange rates had a favorable impact on net sales of approximately $3.1 million for the Strategic Brands segment for the three-months ended September 30, 2025. Net sales for the Strategic Brands segment on a foreign currency adjusted basis increased 13.2% for the three-months ended September 30, 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.
Current wording
changes in foreign currency exchange rates had a favorable impact on net sales of approximately $7.3 million for the Strategic Brands segment for the three-months ended March 31, 2026. Net sales for the Strategic Brands segment on a foreign currency adjusted basis increased 21.4% for the three-months ended March 31, 2026. 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 Other segment were $19.2 million for the nine-months ended September 30, 2025, an increase of approximately $0.7 million, or 3.8% higher than net sales of $18.5 million for the nine-months ended September 30, 2024.
Current wording
Net sales for the Other segment were $5.3 million for the three-months ended March 31, 2026, a decrease of approximately $0.7 million, or 12.0% lower than net sales of $6.0 million for the three-months ended March 31, 2025.
Previous wording
Case sales for our energy drink products, in 192-ounce case equivalents, were 258.4 million cases for the three-months ended September 30, 2025, an increase of approximately 39.0 million cases or 17.8% higher than case sales of 219.4 million cases for the three-months ended September 30, 2024. The overall average net sales per case for our energy drink products (excluding net sales of Alcohol Brands and Other segments) decreased marginally to $8.35 for the three-months ended September 30, 2025 from $8.36 for the three-months ended September 30, 2024.
Current wording
Case sales for our energy drink products, in 192-ounce case equivalents, were 274.5 million cases for the three-months ended March 31, 2026, an increase of approximately 61.4 million cases or 28.8% higher than case sales of 213.1 million cases for the three-months ended March 31, 2025. The overall average net sales per case for our energy drink products (excluding net sales of Alcohol Brands and Other segments) decreased marginally to $8.44 for the three-months ended March 31, 2026 from $8.51 for the three-months ended March 31, 2025.
Previous wording
Case sales for our craft beers, FMBs and hard seltzers, in 192-ounce equivalents, were 2.4 million cases for the three-months ended September 30, 2025, a decrease of approximately 0.4 million cases or 17.0% lower than case sales of 2.8 million cases for the three-months ended September 30, 2024. Barrel sales for our craft beers, FMBs and hard seltzers, in 31 U.S. gallon equivalents, were 0.11 million barrels for the three-months ended September 30, 2025, a decrease of approximately 0.03 million barrels or 17.0% lower than barrel sales of 0.14 million barrels for the three-months ended September 30, 2024.
Current wording
Case sales for our craft beers, FMBs and hard seltzers, in 192-ounce equivalents, were 2.3 million cases for the three-months ended March 31, 2026, a decrease of approximately 0.1 million cases or 5.7% lower than case sales of 2.4 million cases for the three-months ended March 31, 2025. Barrel sales for our craft beers, FMBs and hard seltzers, in 31 U.S. gallon equivalents, were 0.11 million barrels for the three-months ended March 31, 2026, a decrease of approximately 0.01 million barrels or 5.7% lower than barrel sales of 0.12 million barrels for the three-months ended March 31, 2025.
Previous wording
Gross profit was $3.45 billion for the nine-months ended September 30, 2025, an increase of approximately $402.4 million, or 13.2% higher than the gross profit of $3.05 billion for the nine-months ended September 30, 2024. The increase in gross profit dollars was primarily the result of the $482.6 million increase in net sales for the nine-months ended September 30, 2025.
Current wording
Gross profit was $1.29 billion for the three-months ended March 31, 2026, an increase of approximately $245.4 million, or 23.4% higher than the gross profit of $1.05 billion for the three-months ended March 31, 2025. 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 55.7% for the three-months ended September 30, 2025 from 53.2% for the three-months ended September 30, 2024. The increase in gross profit as a percentage of net sales for the three-months ended September 30, 2025 was primarily the result ofthe Pricing Actions, supply chain optimization and product sales mix, partially offset by higher promotional allowances, increased aluminum can costs and geographical sales mix.
Current wording
Gross profit as a percentage of net sales decreased to 55.0% for the three-months ended March 31, 2026 from 56.5% for the three-months ended March 31, 2025. The decrease in gross profit as a percentage of net sales for the three-months ended March 31, 2026 was primarily the result of geographical sales mix, increased aluminum can costs and increased freight-in costs, partially offset by the Pricing Actions.
Previous wording
Total operating expenses were $549.1 million for the three-months ended September 30, 2025, an increase of approximately $29.3 million, or 5.6% higher than total operating expenses of $519.9 million for the three-months ended September 30, 2024.
Current wording
Total operating expenses were $563.4 million for the three-months ended March 31, 2026, an increase of approximately $85.2 million, or 17.8% higher than total operating expenses of $478.2 million for the three-months ended March 31, 2025.
Previous wording
The increase in operating expenses was primarily due to increased selling and marketing expense of $18.4 million and payroll expense of $18.2 million. Operating expenses as a percentage of net sales for the three-months ended September 30, 2025 were 25.0% as compared to 27.6% for the three-months ended September 30, 2024.
Current wording
The increase in operating expenses was primarily due to increased payroll expenses of $28.3 million, distribution expenses of $25.3 million and selling and marketing expenses of $22.7 million. Operating expenses as a percentage of net sales for the three-months ended March 31, 2026 and 2025 were 23.9% and 25.8%, respectively.
Previous wording
Operating income was $675.4 million for the three-months ended September 30, 2025, an increase of approximately $195.4 million, or 40.7% higher than operating income of $479.9 million for the three-months ended September 30, 2024. Operating income as a percentage of net sales increased to 30.7% for the three-months ended September 30, 2025 from 25.5% for the three-months ended September 30, 2024.
Current wording
Operating income was $730.0 million for the three-months ended March 31, 2026, an increase of approximately $160.2 million, or 28.1% higher than operating income of $569.7 million for the three-months ended March 31, 2025. Operating income as a percentage of net sales increased to 31.0% for the three-months ended March 31, 2026 from 30.7% for the three-months ended March 31, 2025.
Previous wording
Operating income was $197.3 million and $135.3 million for the three-months ended September 30, 2025 and 2024, respectively, for our international operations, exclusive of Canada.
Current wording
Operating income was $233.8 million and $142.6 million for the three-months ended March 31, 2026 and 2025, 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 $790.5 million for the three-months ended September 30, 2025, an increase of approximately $188.8 million, or 31.4% higher than operating income of $601.7 million for the three-months ended September 30, 2024. The increase in operating income for the Monster Energy® Drinks segment was primarily the result of an increase in net sales.
Current wording
Operating income for the Monster Energy® Drinks segment, exclusive of corporate and unallocated expenses, was $848.9 million for the three-months ended March 31, 2026, an increase of approximately $168.5 million, or 24.8% higher than operating income of $680.4 million for the three-months ended March 31, 2025. The increase in operating income for the Monster Energy® Drinks 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 $17.9 million for the three-months ended September 30, 2025, a decrease of approximately $4.8 million, or 21.0% lower than the operating loss of $22.6 million for the three-months ended September 30, 2024. The decrease in operating loss for the three-months ended September 30, 2025 was primarily due to the Alcohol Brands Inventory Reserves recognized in the three-months ended September 30, 2024.
Current wording
Operating loss for the Alcohol Brands segment, exclusive of corporate and unallocated expenses, was $9.6 million for the three-months ended March 31, 2026, a decrease of approximately $11.8 million, or 55.1% lower than the operating loss of $21.5 million for the three-months ended March 31, 2025. The decrease in operating loss for the three-months ended March 31, 2026 was primarily due to decreased general administrative expenses of $8.1 million.
Previous wording
Operating income for the Other segment, exclusive of corporate and unallocated expenses, was $1.6 million for the three-months ended September 30, 2025, as compared to operating income of $1.5 million for the three-months ended September 30, 2024.
Current wording
Operating income for the Other segment, exclusive of corporate and unallocated expenses, was $0.4 million for the three-months ended March 31, 2026, as compared to operating income of $0.2 million for the three-months ended March 31, 2025.
Previous wording
Interest and other income (expense), net, was $14.2 million for the three-months ended September 30, 2025, as compared to interest and other income (expense), net, of $(5.8) million for the three-months ended September 30, 2024. Interest income was $24.2 million and $18.1 million for the three-months ended September 30, 2025 and 2024, respectively. The increase in interest income for the three-months ended September 30, 2025 was primarily related to higher average short- and long-term investment balances for the three-months ended September 30, 2025 compared to the three-months ended September 30, 2024. Interest expense was $0.5 million and $12.5 million for the three-months ended September 30, 2025 and 2024, respectively. The decrease in interest expense for the three-months ended September 30, 2025 was primarily due to the repayment of long-term debt in April 2025. Foreign currency transaction losses were $8.0 million and $10.8 million for the three-months ended September 30, 2025 and 2024, respectively.
Current wording
Interest and other income, net, was $20.2 million for the three-months ended March 31, 2026, as compared to interest and other income, net, of $8.3 million for the three-months ended March 31, 2025. Interest income was $28.6 million and $16.8 million for the three-months ended March 31, 2026 and 2025, respectively. Interest expense was $0.6 million and $4.0 million for the three-months ended March 31, 2026 and 2025, respectively. Foreign currency transaction losses were $6.8 million and $3.7 million for the three-months ended March 31, 2026 and 2025, respectively.
Previous wording
Provision for income taxes was $165.1 million for the three-months ended September 30, 2025, an increase of $61.9 million from the provision for income taxes of $103.2 million for the three-months ended September 30, 2024. The effective combined federal, state and foreign tax rate increased to 23.9% from 21.8% for the three-months ended September 30, 2025 and 2024, respectively. The increase in the effective tax rate was primarily attributable to higher income taxes from foreign tax jurisdictions.
Current wording
Provision for income taxes was $180.6 million for the three-months ended March 31, 2026, an increase of $45.6 million from the provision for income taxes of $135.0 million for the three-months ended March 31, 2025. The effective combined federal, state and foreign tax rate increased to 24.1% from 23.4% for the three-months ended March 31, 2026 and 2025, respectively.
Previous wording
Net income was $524.5 million for the three-months ended September 30, 2025, an increase of $153.5 million, or 41.4% higher than net income of $370.9 million for the three-months ended September 30, 2024.
Current wording
Net income was $569.5 million for the three-months ended March 31, 2026, an increase of $126.5 million, or 28.6% higher than net income of $443.0 million for the three-months ended March 31, 2025.
Previous wording
Gross billings were $2.65 billion for the three-months ended September 30, 2025, an increase of approximately $443.8 million, or 20.1% higher than gross billings of $2.21 billion for the three-months ended September 30, 2024. Gross billings 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 of approximately $40.8 million for the three-months ended September 30, 2025. Gross billings on a foreign currency adjusted basis increased 18.2% for the three-months ended September 30, 2025.
Current wording
Gross billings were $2.77 billion for the three-months ended March 31, 2026, an increase of approximately $603.7 million, or 27.9% higher than gross billings of $2.16 billion for the three-months ended March 31, 2025. Gross billings 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 of approximately $107.9 million for the three-months ended March 31, 2026. Gross billings on a foreign currency adjusted basis increased 22.9% for the three-months ended March 31, 2026.
Previous wording
Gross billings for the Alcohol Brands segment were $33.6 million for the three-months ended September 30, 2025, a decrease of approximately $7.2 million, or 17.7% lower than gross billings of $40.8 million for the three-months ended September 30, 2024. The decrease in gross billings for the three-months ended September 30, 2025 was primarily due to decreased sales of The Beast TM product line.
Current wording
Gross billings for the Alcohol Brands segment were $33.5 million for the three-months ended March 31, 2026, a decrease of approximately $2.7 million, or 7.5% lower than gross billings of $36.2 million for the three-months ended March 31, 2025. The decrease in gross billings for the three-months ended March 31, 2026 was primarily due to decreased sales of craft beers.
Previous wording
Gross billings for the Other segment were $6.8 million for the three-months ended September 30, 2025, an increase of $0.8 million, or 12.8% higher than gross billings of $6.0 million for the three-months ended September 30, 2024.
Current wording
Gross billings for the Other segment were $5.4 million for the three-months ended March 31, 2026, a decrease of $0.8 million, or 12.9% lower than gross billings of $6.1 million for the three-months ended March 31, 2025.
Previous wording
Promotional allowances, commissions and other expenses, as described in the footnote below, were $465.8 million for the three-months ended September 30, 2025, an increase of $127.7 million, or 37.8% higher than promotional allowances, commissions and other expenses of $338.1 million for the three-months ended September 30, 2024. Promotional allowances, commissions and other expenses as a percentage of gross billings increased to 17.6% from 15.3% for the three-months ended September 30, 2025 and 2024, respectively.
Current wording
Promotional allowances, commissions and other expenses, as described in the footnote below, were $422.5 million for the three-months ended March 31, 2026, an increase of $105.0 million, or 33.1% higher than promotional allowances, commissions and other expenses of $317.5 million for the three-months ended March 31, 2025. Promotional allowances, commissions and other expenses as a percentage of gross billings increased to 15.3% from 14.7% for the three-months ended March 31, 2026 and 2025, respectively.
Previous wording
***Although the expenditures described in this line item are determined in accordance with GAAP and meet GAAP requirements, the presentation thereof does not conform to GAAP presentation requirements. Additionally, our definition of promotional and other allowances may not be comparable to similar items presented by other companies. Promotional and other allowances for our energy drink products primarily include consideration given to our non-alcohol bottlers/distributors or customers including, but not limited to the following: (i) discounts granted off list prices to support price promotions to end-consumers by retailers; (ii) reimbursements given to our bottlers/distributors for agreed portions of their promotional spend with retailers, including slotting, shelf space allowances and other fees for both new and existing products; (iii) our agreed share of fees given to bottlers/distributors and/or directly to retailers for advertising, in-store marketing and promotional activities; (iv) our agreed share of slotting, shelf space allowances and other fees given directly to retailers, club stores and/or wholesalers; (v) incentives given to our bottlers/distributors and/or retailers for achieving or exceeding certain predetermined sales goals; (vi) discounted and/or free products or cash rebates; (vii) contractual fees given to our bottlers/distributors related to sales made by us direct to certain customers that fall within the bottlers’/distributors’ sales territories; and (viii) certain commissions paid based on sales to our bottlers/distributors. The presentation of promotional and other allowances facilitates an evaluation of their impact on the determination of net sales and the spending levels incurred or correlated with such sales. Promotional and other allowances for our energy drink products constitute a material portion of our marketing activities. Our promotional allowance programs for our energy drink products with our numerous bottlers/distributors and/or retailers are executed through separate agreements in the ordinary course of business. These agreements generally provide for one or more of the arrangements described above and are of varying durations, ranging from one week to one year. Promotional and other allowances for our Alcohol Brands segment primarily include price promotions where permitted.
Current wording
***Although the expenditures described in this line item are determined in accordance with GAAP and meet GAAP requirements, the presentation thereof does not conform to GAAP presentation requirements. Additionally, our definition of promotional and other allowances may not be comparable to similar items presented by other companies. Promotional and other allowances for our energy drink products primarily include consideration given to our non-alcohol bottlers/distributors or customers including, but not limited to the following: (i) discounts granted off list prices to support price promotions to end-consumers by retailers; (ii) reimbursements given to our bottlers/distributors for agreed portions of their promotional spend with retailers, including slotting, shelf space allowances and other fees for both new and existing products; (iii) our agreed share of fees given to bottlers/distributors and/or directly to retailers for advertising, in-store marketing and promotional activities; (iv) our agreed share of slotting, shelf space allowances and other fees given directly to retailers, club stores and/or wholesalers; (v) incentives given to our bottlers/distributors and/or retailers for achieving or exceeding certain predetermined sales goals; (vi) discounted and/or free products or cash rebates; (vii) contractual fees
Previous wording
The table below discloses selected quarterly data regarding sales for the three- and nine-months ended September 30, 2025 and 2024, respectively. Data from any one or more quarters or periods is not necessarily indicative of annual results or continuing trends.
Current wording
The table below discloses selected quarterly data regarding sales for the three-months ended March 31, 2026 and 2025, respectively. Data from any one or more quarters or periods is not necessarily indicative of annual results or continuing trends.
Previous wording
Net changes in foreign currency exchange rates had a favorable impact on the overall average net sales per case for the three-months ended September 30, 2025 and an unfavorable impact on the overall average net sales per case for the nine-months ended September 30, 2025.
Current wording
Net changes in foreign currency exchange rates had a favorable impact on the overall average net sales per case for the three-months ended March 31, 2026.
Previous wording
*Cash and cash equivalents.*At September 30, 2025, we had $2.29 billion in cash and cash equivalents, $286.4 million in short-term investments, and $359.2 million in long-term investments, including certificates of deposit, commercial paper, 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.
Current wording
*Cash and cash equivalents.*At March 31, 2026, we had $2.04 billion in cash and cash equivalents, $945.3 million in short-term investments, and $770.4 million in long-term investments, including commercial paper, certificates of deposit, municipal securities, U.S. government agency 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.
Previous wording
Of our $2.29 billion of cash and cash equivalents held at September 30, 2025, $1.15 billion was held by our foreign subsidiaries. No short-term or long-term investments were held by our foreign subsidiaries at September 30, 2025.
Current wording
Of our $2.04 billion of cash and cash equivalents held at March 31, 2026, $968.1 million was held by our foreign subsidiaries. No short-term or long-term investments were held by our foreign subsidiaries at March 31, 2026.
Previous wording
The following summarizes our cash flows for the nine-months ended September 30, 2025 and 2024 (in thousands):
Current wording
The following summarizes our cash flows for the three-months ended March 31, 2026 and 2025 (in thousands):
Previous wording
*Cash flows provided by operating activities.*Cash provided by operating activities was $1.72 billion for the nine-months ended September 30, 2025, as compared with cash provided by operating activities of $1.47 billion for the nine-months ended September 30, 2024.
Current wording
*Cash flows provided by operating activities.*Cash provided by operating activities was $605.0 million for the three-months ended March 31, 2026, as compared with cash provided by operating activities of $507.6 million for the three-months ended March 31, 2025.
Previous wording
For the nine-months ended September 30, 2024, cash provided by operating activities was primarily attributable to net income earned of $1.24 billion and adjustments for certain non-cash expenses, consisting primarily of $69.6 million of depreciation and amortization and non-cash lease expense and $68.8 million of stock-based compensation. For the nine-months ended September 30, 2024, cash provided by operating activities also increased due to a $197.1 million decrease in inventories, a $46.7 million increase in accrued liabilities, a $31.5 million increase in accrued promotional allowances and a $4.2 million increase in income taxes payable. For the nine-months ended September 30, 2024, cash used in operating activities was primarily attributable to a $106.4 million increase in accounts receivable, a $39.7 million increase in prepaid income taxes, a $14.3 million decrease in accounts payable, a $12.7 million
Current wording
amortization and non-cash lease expense and $28.3 million of stock-based compensation. For the three-months ended March 31, 2026, cash provided by operating activities also increased due to a $164.7 million increase in accounts payable, an $87.0 million increase in accrued liabilities, an $83.4 million increase in income taxes payable, a $23.7 million increase in accrued promotional allowances, and a $23.4 million decrease in prepaid income taxes. For the three-months ended March 31, 2026, cash used in operating activities was primarily attributable to a $249.1 million increase in accounts receivable, a $70.6 million increase in prepaid expenses and other assets, a $45.5 million decrease in accrued compensation, and a $33.5 million increase in inventories.
Showing the first 40 of 46 pairs. Open the source sections for the rest.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
given to our bottlers/distributors related to sales made by us direct to certain customers that fall within the bottlers’/distributors’ sales territories; and (viii) certain commissions paid based on sales to our bottlers/distributors. The presentation of promotional and other allowances facilitates an evaluation of their impact on the determination of net sales and the spending levels incurred or correlated with such sales. Promotional and other allowances for our energy drink products constitute a material portion of our marketing activities. Our promotional allowance programs for our energy drink products with our numerous bottlers/distributors and/or retailers are executed through separate agreements in the ordinary course of business. These agreements generally provide for one or more of the arrangements described above and are of varying durations, ranging from one week to one year. Promotional and other allowances for our Alcohol Brands segment primarily include price promotions where permitted.
Current report — wording carried from elsewhere
For the three-months ended March 31, 2026, cash provided by operating activities was primarily attributable to net income earned of $569.5 million and adjustments for certain non-cash expenses, consisting primarily of $32.0 million of depreciation and
Rearranged previous paragraphs (4)
Previous report — wording carried elsewhere
Net sales to customers outside the United States were $2.53 billion for the nine-months ended September 30, 2025, an increase of approximately $284.3 million, or 12.6% higher than net sales to customers outside of the United States of $2.25 billion for the nine-months ended September 30, 2024. Such sales were approximately 41% and 40% of net sales for the nine-months ended September 30, 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 $30.6 million for the nine-months ended September 30, 2025. Net sales to customers outside the United States, on a foreign currency adjusted basis, increased 14.0% for the nine-months ended September 30, 2025.
Previous report — wording carried elsewhere
Net sales for the Strategic Brands segment were $358.7 million for the nine-months ended September 30, 2025, an increase of approximately $28.5 million, or 8.6% higher than net sales of $330.2 million for the nine-months ended September 30, 2024. Net sales 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 net sales of approximately $3.7 million for the Strategic Brands segment for the nine-months ended September 30, 2025. Net sales for the Strategic Brands segment on a foreign currency adjusted basis increased 9.7% for the nine-months ended September 30, 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 report — wording carried elsewhere
Operating income was $504.1 million and $419.0 million for the nine-months ended September 30, 2025 and 2024, respectively, for our international operations, exclusive of Canada.
Previous report — wording carried elsewhere
Promotional allowances, commissions and other expenses, as described in the footnote below, were $1.18 billion for the nine-months ended September 30, 2025, an increase of $217.1 million, or 22.5% higher than promotional allowances, commissions and other