Monster Beverage Corp
For the period ended Jun 30, 2026. Filed Aug 7, 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.
Jun 30, 2026 · Filed Aug 7, 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 2026-03-31; filed 2026-05-08.
0001104659-26-057398
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-07.
0001104659-26-092193
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 106 previous paragraphs and 138 current paragraphs.
51 unchanged; 43 reworded; 40 added; 10 removed; 2 previous and 4 current paragraphs rearranged.
Tables are not compared: 38 previous and 35 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 (40)
Current report
Our net sales were $2.54 billion for the three-months ended June 30, 2026. Net changes in foreign currency exchange rates had a favorable impact on net sales of approximately $48.5 million for the three-months ended June 30, 2026. Net sales on a foreign currency adjusted basis increased 17.9% for the three-months ended June 30, 2026.
Current report
Net sales were $2.54 billion for the three-months ended June 30, 2026, an increase of approximately $425.9 million, or 20.2% higher than net sales of $2.11 billion for the three-months ended June 30, 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 $48.5 million for the three-months ended June 30, 2026. Net sales on a foreign currency adjusted basis increased 17.9% for the three-months ended June 30, 2026.
Current report
Net sales for the Monster Energy® Drinks segment were $2.36 billion for the three-months ended June 30, 2026, an increase of approximately $418.8 million, or 21.6% higher than net sales of $1.94 billion for the three-months ended June 30, 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 $45.3 million for the three-months ended June 30, 2026. Net sales for the Monster Energy® Drinks segment on a foreign currency adjusted basis increased 19.3% for the three-months ended June 30, 2026.
Current report
Net sales for the Alcohol Brands segment were $32.2 million for the three-months ended June 30, 2026, a decrease of approximately $5.8 million, or 15.2% lower than net sales of $38.0 million for the three-months ended June 30, 2025. The decrease in net sales for the three-months ended June 30, 2026 was primarily due to decreased sales of The Beast TM product line.
Current report
The increase in operating expenses was primarily due to increased selling and marketing expenses of $72.3 million, distribution expenses of $36.8 million and payroll expenses of $18.0 million. The increase in selling and marketing expenses was primarily due to increased social, digital, media and other marketing expenses, including sponsorships and endorsements, in order to reach a broader consumer audience and increase household penetration. Operating expenses as a percentage of net sales for the three-months ended June 30, 2026 and 2025 were 26.8% and 25.8%, respectively.
Current report
Operating income for the Strategic Brands segment, exclusive of corporate and unallocated expenses, was $66.3 million for the three-months ended June 30, 2026, a decrease of approximately $1.5 million, or 2.2% lower than operating income of $67.9 million for the three-months ended June 30, 2025. The decrease in operating income for the Strategic Brands segment was primarily the result of an increase in operating expenses.
Current report
Six-Months Ended June 30, 2026 Compared to the Six-Months Ended June 30, 2025**.**
Current report
Net Sales
Current report
Net sales were $4.89 billion for the six-months ended June 30, 2026, an increase of approximately $924.6 million, or 23.3% higher than net sales of $3.97 billion for the six-months ended June 30, 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 $137.8 million for the six-months ended June 30, 2026. Net sales on a foreign currency adjusted basis increased 19.8% for the six-months ended June 30, 2026.
Current report
Net sales for the Monster Energy® Drinks segment were $4.54 billion for the six-months ended June 30, 2026, an increase of approximately $891.9 million, or 24.4% higher than net sales of $3.65 billion for the six-months ended June 30, 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 $127.2 million for the six-months ended June 30, 2026. Net sales for the Monster Energy® Drinks segment on a foreign currency adjusted basis increased 20.9% for the six-months ended June 30, 2026.
Current report
Net sales for the Alcohol Brands segment were $64.9 million for the six-months ended June 30, 2026, a decrease of approximately $7.8 million, or 10.8% lower than net sales of $72.7 million for the six-months ended June 30, 2025. The decrease in net sales for the six-months ended June 30, 2026 was primarily due to decreased sales of The Beast TM product line.
Current report
Net sales for the Other segment were $10.7 million for the six-months ended June 30, 2026, a decrease of approximately $1.7 million, or 13.7% lower than net sales of $12.4 million for the six-months ended June 30, 2025.
Current report
Case sales for our energy drink products, in 192-ounce case equivalents, were 579.4 million cases for the six-months ended June 30, 2026, an increase of approximately 117.0 million cases or 25.3% higher than case sales of 462.4 million cases for the six-months ended June 30, 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 $8.31 for the six-months ended June 30, 2026 from $8.39 for the six-months ended June 30, 2025.
Current report
Case sales for our craft beers, FMBs and hard seltzers, in 192-ounce equivalents, were 4.6 million cases for the six-months ended June 30, 2026, a decrease of approximately 0.6 million cases or 11.3% lower than case sales of 5.2 million cases for the six-months ended June 30, 2025. Barrel sales for our craft beers, FMBs and hard seltzers, in 31 U.S. gallon equivalents, were 0.22 million barrels for the six-months ended June 30, 2026, a decrease of approximately 0.03 million barrels or 11.3% lower than barrel sales of 0.25 million barrels for the six-months ended June 30, 2025.
Current report
Gross Profit
Current report
Gross profit was $2.71 billion for the six-months ended June 30, 2026, an increase of approximately $488.6 million, or 22.0% higher than the gross profit of $2.22 billion for the six-months ended June 30, 2025. The increase in gross profit dollars was primarily the result of the increase in net sales.
Current report
Operating Expenses
Current report
Total operating expenses were $1.24 billion for the six-months ended June 30, 2026, an increase of approximately $219.6 million, or 21.5% higher than total operating expenses of $1.02 billion for the six-months ended June 30, 2025.
Current report
Operating Income
Current report
Operating income was $1.47 billion for the six-months ended June 30, 2026, an increase of approximately $269.0 million, or 22.4% higher than operating income of $1.20 billion for the six-months ended June 30, 2025. Operating income as a percentage of net sales decreased to 30.1% for the six-months ended June 30, 2026 from 30.3% for the six-months ended June 30, 2025.
Current report
Operating income for the Monster Energy® Drinks segment, exclusive of corporate and unallocated expenses, was $1.72 billion for the six-months ended June 30, 2026, an increase of approximately $286.7 million, or 19.9% higher than operating income of $1.44 billion for the six-months ended June 30, 2025. The increase in operating income for the Monster Energy® Drinks segment was primarily the result of an increase in net sales.
Current report
Operating income for the Strategic Brands segment, exclusive of corporate and unallocated expenses, was $130.2 million for the six-months ended June 30, 2026, an increase of approximately $10.5 million, or 8.7% higher than operating income of $119.8 million for the six-months ended June 30, 2025. The increase in operating income for the Strategic Brands segment was primarily the result of an increase in net sales.
Current report
Operating loss for the Alcohol Brands segment, exclusive of corporate and unallocated expenses, was $17.0 million for the six-months ended June 30, 2026, a decrease of approximately $19.1 million, or 53.0% lower than the operating loss of $36.1 million for the six-months ended June 30, 2025. The decrease in operating loss for the six-months ended June 30, 2026 was primarily due to decreased general administrative expenses.
Current report
Operating income for the Other segment, exclusive of corporate and unallocated expenses, was $0.2 million for the six-months ended June 30, 2026, as compared to operating income of $1.5 million for the six-months ended June 30, 2025.
Current report
Interest and Other Income, net
Current report
Interest and other income, net, was $48.0 million for the six-months ended June 30, 2026, as compared to interest and other income, net, of $23.3 million for the six-months ended June 30, 2025. Interest income was $64.6 million and $35.0 million for the six-months ended June 30, 2026 and 2025, respectively. Interest expense was $1.3 million and $5.8 million for the six-months ended June 30, 2026 and 2025, respectively. Foreign currency transaction losses were $12.8 million and $5.8 million for the six-months ended June 30, 2026 and 2025, respectively.
Current report
Provision for Income Taxes
Current report
Provision for income taxes was $364.4 million for the six-months ended June 30, 2026, an increase of $71.5 million from the provision for income taxes of $292.9 million for the six-months ended June 30, 2025. The effective combined federal, state and foreign tax rate increased to 24.0% from 23.9% for the six-months ended June 30, 2026 and 2025, respectively.
Current report
Net Income
Current report
Net income was $1.15 billion for the six-months ended June 30, 2026, an increase of $222.2 million, or 23.9% higher than net income of $931.8 million for the six-months ended June 30, 2025.
Current report
Gross billings were $2.99 billion for the three-months ended June 30, 2026, an increase of approximately $491.7 million, or 19.7% higher than gross billings of $2.50 billion for the three-months ended June 30, 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 $55.2 million for the three-months ended June 30, 2026. Gross billings on a foreign currency adjusted basis increased 17.5% for the three-months ended June 30, 2026.
Current report
Gross billings for the Monster Energy® Drinks segment were $2.78 billion for the three-months ended June 30, 2026, an increase of approximately $480.5 million, or 20.9% higher than gross billings of $2.30 billion for the three-months ended June 30, 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 $52.1 million for the three-months ended June 30, 2026. Gross billings for the Monster Energy® Drinks segment on a foreign currency adjusted basis increased 18.6% for the three-months ended June 30, 2026.
Current report
Gross billings for the Alcohol Brands segment were $33.8 million for the three-months ended June 30, 2026, a decrease of approximately $6.0 million, or 15.1% lower than gross billings of $39.8 million for the three-months ended June 30, 2025. The decrease in gross billings for the three-months ended June 30, 2026 was primarily due to decreased sales of The Beast TM product line.
Current report
Gross billings for the Other segment were $5.5 million for the three-months ended June 30, 2026, a decrease of $0.9 million, or 13.9% lower than gross billings of $6.4 million for the three-months ended June 30, 2025.
Current report
Six-Months Ended June 30, 2026 Compared to the Six-Months Ended June 30, 2025**.**
Current report
Gross billings were $5.76 billion for the six-months ended June 30, 2026, an increase of approximately $1.10 billion, or 23.5% higher than gross billings of $4.66 billion for the six-months ended June 30, 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 $163.2 million for the six-months ended June 30, 2026. Gross billings on a foreign currency adjusted basis increased 20.0% for the six-months ended June 30, 2026.
Current report
Gross billings for the Monster Energy® Drinks segment were $5.36 billion for the six-months ended June 30, 2026, an increase of approximately $1.05 billion, or 24.4% higher than gross billings of $4.31 billion for the six-months ended June 30, 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 $152.8 million for the six-months ended June 30, 2026. Gross billings for the Monster Energy® Drinks segment on a foreign currency adjusted basis increased 20.9% for the six-months ended June 30, 2026.
Current report
Gross billings for the Strategic Brands segment were $319.4 million for the six-months ended June 30, 2026, an increase of $53.6 million, or 20.1% higher than gross billings of $265.8 million for the six-months ended June 30, 2025. Gross billings for the Strategic Brands segment increased primarily due to increased sales of our Fury®, Predator® and Burn® brand energy drinks. Net changes in foreign currency exchange rates had a favorable impact on gross billings in the Strategic Brands segment of approximately $10.4 million for the six-months ended June 30, 2026. Gross billings for the Strategic Brands segment on a foreign currency adjusted basis increased 16.2% for the six-months ended June 30, 2026.
Current report
Gross billings for the Alcohol Brands segment were $67.3 million for the six-months ended June 30, 2026, a decrease of approximately $8.7 million, or 11.5% lower than gross billings of $76.0 million for the six-months ended June 30, 2025. The decrease in gross billings for the six-months ended June 30, 2026 was primarily due to decreased sales of The Beast TM product line.
Current report
Gross billings for the Other segment were $10.9 million for the six-months ended June 30, 2026, a decrease of $1.7 million, or 13.4% lower than gross billings of $12.5 million for the six-months ended June 30, 2025.
Removed paragraphs (10)
Previous 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.
Previous 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.
Previous report
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 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
Previous 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.
Previous report
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 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.
Previous report
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 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.
Previous report
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.
Reworded paragraphs (43)
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® Tea, Blind Lemon®, Blinder Lemon TM and 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, 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, 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”).
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, Bang Energy® drinks, Storm TM and Reign Storm® total wellness 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
During the three-months ended March 31, 2026, we continued to expand our existing drink portfolio by adding additional products to our portfolio in a number of countries and further developed our distribution markets. During the three-months ended March 31, 2026, we sold the following new products to our customers:
Current wording
During the three-months ended June 30, 2026, we continued to expand our existing drink portfolio by adding products to our portfolio in a number of countries and further developed our distribution markets. During the three-months ended June 30, 2026, we sold the following new products to our customers:
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 $2.19 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.
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 $2.36 billion for the three-months ended June 30, 2026. Net sales of our Strategic Brands segment were $143.7 million for the three-months ended June 30, 2026. Net sales of our Alcohol Brands segment were $32.2 million for the three-months ended June 30, 2026. Net sales of our Other segment were $5.4 million for the three-months ended June 30, 2026.
Previous 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.
Current wording
Our Monster Energy® Drinks segment represented 92.8% and 91.7% of our net sales for the three-months ended June 30, 2026 and 2025, respectively. Our Strategic Brands segment represented 5.7% and 6.2% of our net sales for the three-months ended June 30, 2026 and 2025, respectively. Our Alcohol Brands segment represented 1.3% and 1.8% of our net sales for the three-months ended June 30, 2026 and 2025, respectively. Our Other segment represented 0.2% and 0.3% of our net sales for the three-months ended June 30, 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 $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.
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 $1.16 billion for the three-months ended June 30, 2026, an increase of approximately $298.9 million, or 34.6% higher than net sales to customers outside of the United States of $864.2 million for the three-months ended June 30, 2025. Such sales were approximately 46% and 41% of net sales for the three-months ended June 30, 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 $48.5 million for the three-months ended June 30, 2026. Net sales to customers outside the United States, on a foreign currency adjusted basis, increased 29.0% for the three-months ended June 30, 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- 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.
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- and six-months ended June 30, 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 14% of the Company’s net sales for the three-months ended March 31, 2026 and 2025, respectively.
Current wording
Coca-Cola Europacific Partners accounted for approximately 16% and 15% of the Company’s net sales for the three-months ended June 30, 2026 and 2025, respectively. Coca-Cola Europacific Partners accounted for approximately 16% and 14% of the Company’s net sales for the six-months ended June 30, 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 March 31, 2026 and 2025, respectively.
Current wording
Coca-Cola Consolidated, Inc. accounted for approximately 9% and 11% of the Company’s net sales for the three-months ended June 30, 2026 and 2025, respectively. Coca-Cola Consolidated, Inc. accounted for approximately 9% and 10% of the Company’s net sales for the six-months ended June 30, 2026 and 2025, respectively.
Previous wording
The following table sets forth key statistics for the three-months ended March 31, 2026 and 2025.
Current wording
The following table sets forth key statistics for the three- and six-months ended June 30, 2026 and 2025.
Previous wording
1I**ncludes $9.9 million for both the three-months ended March 31, 2026 and 2025, related to the recognition of deferred revenue.
Current wording
1I**ncludes $10.0 million for both the three-months ended June 30, 2026 and 2025, related to the recognition of deferred revenue. Includes $19.9 million for both the six-months ended June 30, 2026 and 2025, related to the recognition of deferred revenue.
Previous 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.
Current wording
Net sales for the Other segment were $5.4 million for the three-months ended June 30, 2026, a decrease of approximately $1.0 million, or 15.3% lower than net sales of $6.4 million for the three-months ended June 30, 2025.
Previous 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.
Current wording
Case sales for our energy drink products, in 192-ounce case equivalents, were 304.9 million cases for the three-months ended June 30, 2026, an increase of approximately 55.6 million cases or 22.3% higher than case sales of 249.3 million cases for the three-months ended June 30, 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 $8.20 for the three-months ended June 30, 2026 from $8.29 for the three-months ended June 30, 2025.
Previous 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.
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 June 30, 2026, a decrease of approximately 0.5 million cases or 16.1% lower than case sales of 2.8 million cases for the three-months ended June 30, 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 June 30, 2026, a decrease of approximately 0.03 million barrels or 16.1% lower than barrel sales of 0.14 million barrels for the three-months ended June 30, 2025.** **
Previous 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.
Current wording
Gross profit was $1.42 billion for the three-months ended June 30, 2026, an increase of approximately $243.2 million, or 20.7% higher than the gross profit of $1.18 billion for the three-months ended June 30, 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 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.
Current wording
Gross profit as a percentage of net sales increased slightly to 55.9% for the three-months ended June 30, 2026 from 55.7% for the three-months ended June 30, 2025. The increase in gross profit as a percentage of net sales for the three-months ended June 30, 2026 was primarily the result of the Pricing Actions and product sales mix, partially offset by increased aluminum can costs, geographical sales mix and increased freight-in costs.
Previous 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.
Current wording
Total operating expenses were $679.2 million for the three-months ended June 30, 2026, an increase of approximately $134.4 million, or 24.7% higher than total operating expenses of $544.8 million for the three-months ended June 30, 2025.
Previous 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.
Current wording
Operating income was $740.4 million for the three-months ended June 30, 2026, an increase of approximately $108.8 million, or 17.2% higher than operating income of $631.6 million for the three-months ended June 30, 2025. Operating income as a percentage of net sales decreased to 29.2% for the three-months ended June 30, 2026 from 29.9% for the three-months ended June 30, 2025.
Previous 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.
Current wording
Operating income was $247.5 million and $164.1 million for the three-months ended June 30, 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 $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.
Current wording
Operating income for the Monster Energy® Drinks segment, exclusive of corporate and unallocated expenses, was $875.7 million for the three-months ended June 30, 2026, an increase of approximately $118.2 million, or 15.6% higher than operating income of $757.5 million for the three-months ended June 30, 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 $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.
Current wording
Operating loss for the Alcohol Brands segment, exclusive of corporate and unallocated expenses, was $7.3 million for the three-months ended June 30, 2026, a decrease of approximately $7.3 million, or 49.9% lower than the operating loss of $14.6 million for the three-months ended June 30, 2025. The decrease in operating loss for the three-months ended June 30, 2026 was primarily due to decreased general administrative expenses.
Previous 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.
Current wording
Operating loss for the Other segment, exclusive of corporate and unallocated expenses, was $0.2 million for the three-months ended June 30, 2026, as compared to operating income of $1.3 million for the three-months ended June 30, 2025.
Previous 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.
Current wording
Interest and other income, net, was $27.8 million for the three-months ended June 30, 2026, as compared to interest and other income, net, of $15.1 million for the three-months ended June 30, 2025. Interest income was $36.0 million and $18.1 million for the three-months ended June 30, 2026 and 2025, respectively. Interest expense was $0.8 million and $1.8 million for the three-months ended June 30, 2026 and 2025, respectively. Foreign currency transaction losses were $6.0 million and $2.1 million for the three-months ended June 30, 2026 and 2025, respectively.
Previous 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.
Current wording
Provision for income taxes was $183.7 million for the three-months ended June 30, 2026, an increase of $25.8 million from the provision for income taxes of $157.9 million for the three-months ended June 30, 2025. The effective combined federal, state and foreign tax rate decreased to 23.9% from 24.4% for the three-months ended June 30, 2026 and 2025, respectively.
Previous 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.
Current wording
Net income was $584.5 million for the three-months ended June 30, 2026, an increase of $95.7 million, or 19.6% higher than net income of $488.8 million for the three-months ended June 30, 2025.
Previous 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.
Current wording
Net sales for the Strategic Brands segment were $270.4 million for the six-months ended June 30, 2026, an increase of approximately $42.2 million, or 18.5% higher than net sales of $228.2 million for the six-months ended June 30, 2025. Net sales for the Strategic Brands segment increased primarily due to increased sales of our Fury®, Predator® and Burn® brand energy drinks. Net changes in foreign currency exchange rates had a favorable impact on net sales of approximately $10.6 million for the Strategic Brands segment for the six-months ended June 30, 2026. Net sales for the Strategic Brands segment on a foreign currency adjusted basis increased 13.9% for the six-months ended June 30, 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
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.
Current wording
The increase in operating expenses was primarily due to increased selling and marketing expenses of $95.0 million, distribution expenses of $62.0 million and payroll expenses of $46.4 million. Operating expenses as a percentage of net sales for the six-months ended June 30, 2026 and 2025 were 25.4% and 25.8%, respectively.
Previous wording
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.
Current wording
Gross billings for the Strategic Brands segment were $170.1 million for the three-months ended June 30, 2026, an increase of $18.1 million, or 11.9% higher than gross billings of $152.0 million for the three-months ended June 30, 2025. Gross billings for the Strategic Brands segment increased primarily due to increased sales of our Fury®, Predator® and Burn® brand energy drinks. Net changes in foreign currency exchange rates had a favorable impact on gross billings in the Strategic Brands segment of approximately $3.1 million for the three-months ended June 30, 2026. Gross billings for the Strategic Brands segment on a foreign currency adjusted basis increased 9.8% for the three-months ended June 30, 2026.
Previous 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.
Current wording
Promotional allowances, commissions and other expenses, as described in the footnote below, were $464.9 million for the three-months ended June 30, 2026, an increase of $65.9 million, or 16.5% higher than promotional allowances, commissions and other expenses of $399.1 million for the three-months ended June 30, 2025. Promotional allowances, commissions and other expenses as a percentage of gross billings decreased to 15.5% from 16.0% for the three-months ended June 30, 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
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 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.
Previous 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.
Current wording
The table below discloses selected quarterly data regarding sales for the three- and six-months ended June 30, 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 March 31, 2026.
Current wording
Net changes in foreign currency exchange rates had a favorable impact on the overall average net sales per case for the three - and six-months ended June 30, 2026.
Previous 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.
Current wording
*Cash and cash equivalents.*At June 30, 2026, we had $2.19 billion in cash and cash equivalents, $1.23 billion in short-term investments, and $781.3 million in long-term investments, including commercial paper, 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 $2.04 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.
Current wording
Of our $2.19 billion of cash and cash equivalents held at June 30, 2026, $912.8 million was held by our foreign subsidiaries. No short-term or long-term investments were held by our foreign subsidiaries at June 30, 2026.
Previous wording
The following summarizes our cash flows for the three-months ended March 31, 2026 and 2025 (in thousands):
Current wording
The following summarizes our cash flows for the six-months ended June 30, 2026 and 2025 (in thousands):
Previous 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.
Current wording
*Cash flows provided by operating activities.*Cash provided by operating activities was $1.11 billion for the six-months ended June 30, 2026, as compared with cash provided by operating activities of $973.6 million for the six-months ended June 30, 2025.
Previous 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.
Current wording
For the six-months ended June 30, 2026, cash provided by operating activities was primarily attributable to net income earned of $1.15 billion and adjustments for certain non-cash expenses, consisting primarily of $65.9 million of depreciation and amortization and non-cash lease expense and $64.0 million of stock-based compensation. For the six-months ended June 30, 2026, cash provided by operating activities also increased due to a $192.2 million increase in accounts payable, a $56.5 million increase in accrued promotional allowances, a $25.8 million increase in income taxes payable, and an $18.4 million increase in accrued liabilities. For the six-months ended June 30, 2026, cash used in operating activities was primarily attributable to a $290.4 million increase in accounts receivable, a $73.8 million increase in inventories, a $62.3 million increase in prepaid expenses and other assets, and a $27.1 million decrease in accrued compensation.
Previous wording
For the three-months ended March 31, 2025, cash provided by operating activities was primarily attributable to net income earned of $443.0 million and adjustments for certain non-cash expenses, consisting primarily of $28.9 million of depreciation and amortization and non-cash lease expense and $20.7 million of stock-based compensation. For the three-months ended March 31, 2025, cash provided by operating activities also increased due to a $61.7 million increase in income taxes payable, a $33.7 million increase in accrued liabilities, a $30.8 million increase in accrued promotional allowances, a $19.6 million decrease in inventories, an $11.9 million decrease in prepaid income taxes, and an $11.8 million increase in accounts payable. For the three-months ended March 31, 2025, cash used in operating activities was primarily attributable to a $109.6 million increase in accounts receivable, a $37.3 million decrease in accrued compensation, a $4.3 million decrease in deferred revenue, and a $4.0 million increase in prepaid expenses and other assets.
Current wording
For the six-months ended June 30, 2025, cash provided by operating activities was primarily attributable to net income earned of $931.8 million and adjustments for certain non-cash expenses, consisting primarily of $59.4 million of depreciation and amortization and non-cash lease expense and $53.9 million of stock-based compensation. For the six-months ended June 30, 2025, cash provided by operating activities also increased due to a $104.6 million decrease in inventories, a $71.5 million increase in accrued promotional allowances, a $28.5 million increase in accrued liabilities, a $21.1 million increase in income taxes payable, and a $14.5 million decrease in prepaid income taxes. For the six-months ended June 30, 2025, cash used in operating activities was primarily attributable to a $222.2 million increase in accounts receivable, a $63.7 million increase in prepaid expenses and other assets, a $22.1 million decrease in accrued compensation, and an $8.6 million decrease in deferred revenue.
Previous wording
*Cash flows used in investing activities.*Cash used in investing activities was $520.7 million for the three-months ended March 31, 2026, as compared to cash used in investing activities of $30.9 million for the three-months ended March 31, 2025.
Current wording
*Cash flows used in investing activities.*Cash used in investing activities was $929.3 million for the six-months ended June 30, 2026, as compared to cash used in investing activities of $357.7 million for the six-months ended June 30, 2025.
Previous wording
For the three-months ended March 31, 2026, cash used in investing activities was primarily attributable to purchases of available-for-sale investments. To a lesser extent, for both the three-months ended March 31, 2026 and 2025, cash used in investing activities also included the acquisitions of fixed assets consisting of vans and promotional vehicles, coolers and other equipment to support our marketing and promotional activities, production equipment, furniture and fixtures, office and computer equipment, equipment used for sales and administrative activities, certain leasehold improvements, as well as construction of and/or improvements to real property. For the three-months ended March 31, 2026, cash provided by investing activities was primarily attributable to sales of available-for-sale investments. We expect to continue to use a portion of our cash in excess of our requirements for operations to purchase short-term and long-term investments, leasehold improvements, and capital equipment (specifically, vans, trucks and promotional vehicles, coolers, other promotional equipment, merchandise displays, warehousing racks as well as items of production equipment required to produce certain of our existing and/or new products) to develop our brand in international markets and for other corporate purposes. From time to time, we may also use cash to purchase additional real property related to our beverage business and/or acquire compatible businesses.
Current wording
For the six-months ended June 30, 2026 and 2025, cash used in investing activities was primarily attributable to purchases of available-for-sale investments. To a lesser extent, for both the six-months ended June 30, 2026 and 2025, cash used in investing activities also included the acquisitions of fixed assets consisting of vans and promotional vehicles, coolers and other equipment to support our marketing and promotional activities, production equipment, furniture and fixtures, office and computer equipment, equipment used for sales and administrative activities, certain leasehold improvements, as well as construction of and/or improvements to real property. For the six-months ended June 30, 2026, cash provided by investing activities was primarily attributable to sales and maturities of available-for-sale investments. We expect to continue to use a portion of our cash in excess of our requirements for operations to purchase short-term and long-term investments, leasehold improvements, and capital equipment (specifically, vans, trucks and promotional vehicles, coolers, other promotional equipment, merchandise displays, warehousing racks as well as items of production equipment required to produce certain of our existing and/or new products) to develop our brand in international markets and for other corporate purposes. From time to time, we may also use cash to purchase additional real property related to our beverage business and/or acquire compatible businesses.
Showing the first 40 of 43 pairs. Open the source sections for the rest.
Rearranged current paragraphs (4)
Current report — wording carried from elsewhere
Net sales for the Strategic Brands segment were $143.7 million for the three-months ended June 30, 2026, an increase of approximately $13.8 million, or 10.6% higher than net sales of $129.9 million for the three-months ended June 30, 2025. Net sales for the Strategic Brands segment increased primarily due to increased sales of our Fury®, Predator® and Burn® brand energy drinks, partially offset by decreased sales of NOS® energy drinks. Net changes in foreign currency exchange rates had a favorable impact on net sales of approximately $3.3 million for the Strategic Brands segment for the three-months ended June 30, 2026. Net sales for the Strategic Brands segment on a foreign currency adjusted basis increased 8.1% for the three-months ended June 30, 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.
Current report — wording carried from elsewhere
Gross profit as a percentage of net sales decreased to 55.5% for the six-months ended June 30, 2026 from 56.1% for the six-months ended June 30, 2025. The decrease in gross profit as a percentage of net sales for the six-months ended June 30, 2026 was primarily the result of geographical sales mix, increased aluminum can costs and increased freight-in costs, partially offset by the Pricing Actions and product sales mix.
Current report — wording carried from elsewhere
Operating income was $481.3 million and $306.7 million for the six-months ended June 30, 2026 and 2025, respectively, for our international operations, exclusive of Canada.
Current report — wording carried from elsewhere
Promotional allowances, commissions and other expenses, as described in the footnote below, were $887.5 million for the six-months ended June 30, 2026, an increase of $170.8 million, or 23.8% higher than promotional allowances, commissions and other expenses of $716.6 million for the six-months ended June 30, 2025. Promotional allowances, commissions and other expenses as a percentage of gross billings were 15.4% for both the six-months ended June 30, 2026 and 2025.
Rearranged previous paragraphs (2)
Previous report — wording carried 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.
Previous report — wording carried 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