Monster Beverage Corp
For the period ended Jun 30, 2025. Filed Aug 8, 2025.
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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, 2025 · Filed Aug 8, 2025
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 2025-03-31; filed 2025-05-09.
0001410578-25-001122
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-08.
0001410578-25-001620
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 104 previous paragraphs and 145 current paragraphs.
47 unchanged; 51 reworded; 39 added; 6 removed; 0 previous and 8 current paragraphs rearranged.
Tables are not compared: 105 previous and 102 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 (39)
Current report
Our net sales were $2.11 billion for the three-months ended June 30, 2025. Net changes in foreign currency exchange rates had an unfavorable impact on net sales of approximately $5.0 million for the three-months ended June 30, 2025. Net sales on a foreign currency adjusted basis increased 11.4% for the three-months ended June 30, 2025.
Current report
Net sales for the Monster Energy® Drinks segment were $1.94 billion for the three-months ended June 30, 2025, an increase of approximately $194.5 million, or 11.2% higher than net sales of $1.74 billion for the three-months ended June 30, 2024. Net sales increased primarily due to increased worldwide sales by volume of our Monster Energy® brand energy drinks as a result of increased consumer demand. Net changes in foreign currency exchange rates had an unfavorable impact on net sales for the Monster Energy® Drinks segment of approximately $4.8 million for the three-months ended June 30, 2025. Net sales for the Monster Energy® Drinks segment on a foreign currency adjusted basis increased 11.4% for the three-months ended June 30, 2025.
Current report
Net sales for the Alcohol Brands segment were $38.0 million for the three-months ended June 30, 2025, a decrease of approximately $3.6 million, or 8.6% lower than net sales of $41.6 million for the three-months ended June 30, 2024. The decrease in net sales for the three-months ended June 30, 2025 was primarily due to decreased sales by volume of certain craft beers and the Nasty Beast® Hard Tea product line.
Current report
Net sales for the Other segment were $6.4 million for the three-months ended June 30, 2025, a decrease of approximately $0.6 million, or 8.5% lower than net sales of $7.0 million for the three-months ended June 30, 2024.
Current report
The increase in operating expenses was primarily due to increased payroll expense of $29.6 million (of which $14.4 million was attributable to stock-based compensation expense) and general administrative expense of $23.5 million. Operating expenses as a percentage of net sales for the three-months ended June 30, 2025 were 25.8% as compared to 25.9% for the three-months ended June 30, 2024.
Current report
Operating income for the Strategic Brands segment, exclusive of corporate and unallocated expenses, was $67.9 million for the three-months ended June 30, 2025, an increase of approximately $6.2 million, or 10.1% higher than operating income of $61.7 million for the three-months ended June 30, 2024. The increase in operating income for the Strategic Brands segment was primarily the result of an increase in gross profit.
Current report
Operating loss for the Alcohol Brands segment, exclusive of corporate and unallocated expenses, was $14.6 million for the three-months ended June 30, 2025, a decrease of approximately $7.9 million, or 35.1% lower than the operating loss of $22.6 million for the three-months ended June 30, 2024. The decrease in operating loss for the three-months ended June 30, 2025 was primarily due to a decrease in general administrative expense.
Current report
Six-Months Ended June 30, 2025 Compared to the Six-Months Ended June 30, 2024**.**
Current report
Net Sales
Current report
Net sales were $3.97 billion for the six-months ended June 30, 2025, an increase of approximately $166.5 million, or 4.4% higher than net sales of $3.80 billion for the six-months ended June 30, 2024. Net sales increased primarily due to increased worldwide sales by volume of our Monster Energy® brand energy drinks as a result of increased consumer demand. Net changes in foreign currency exchange rates had an unfavorable impact on net sales of approximately $62.4 million for the six-months ended June 30, 2025. Net sales on a foreign currency adjusted basis increased 6.0% for the six-months ended June 30, 2025.
Current report
Net sales were $1.50 billion for the six-months ended June 30, 2025, an increase of $104.7 million, or 7.5% higher than net sales of $1.40 billion for the six-months ended June 30, 2024, in EMEA, Asia Pacific (including Oceania), Latin America and the Caribbean. Net changes in foreign currency exchange rates had an unfavorable impact on net sales to customers in EMEA, Asia Pacific (including Oceania), Latin America and the Caribbean of approximately $57.7 million for the six-months ended June 30, 2025. Net sales on a foreign currency adjusted basis in EMEA, Asia Pacific (including Oceania), Latin America and the Caribbean increased 11.6% for the six-months ended June 30, 2025.
Current report
Net sales for the Monster Energy® Drinks segment were $3.65 billion for the six-months ended June 30, 2025, an increase of approximately $181.0 million, or 5.2% higher than net sales of $3.47 billion for the six-months ended June 30, 2024. Net sales increased primarily due to increased worldwide sales by volume of our Monster Energy® brand energy drinks as a result of increased consumer demand. Net changes in foreign currency exchange rates had an unfavorable impact on net sales for the Monster Energy® Drinks segment of approximately $55.6 million for the six-months ended June 30, 2025. Net sales for the Monster Energy® Drinks segment on a foreign currency adjusted basis increased 6.8% for the six-months ended June 30, 2025.
Current report
Net sales for the Other segment were $12.4 million for the six-months ended June 30, 2025, a decrease of approximately $0.1 million, or 1.2% lower than net sales of $12.5 million for the six-months ended June 30, 2024.
Current report
Case sales for our craft beers, FMBs and hard seltzers, in 192-ounce equivalents, were 5.2 million cases for the six-months ended June 30, 2025, a decrease of approximately 1.9 million cases or 26.9% lower than case sales of 7.1 million cases for the six-months ended June 30, 2024. Barrel sales for our craft beers, FMBs and hard seltzers, in 31 U.S. gallon equivalents, were 0.25 million barrels for the six-months ended June 30, 2025, a decrease of approximately 0.09 million barrels or 26.9% lower than barrel sales of 0.34 million barrels for the six-months ended June 30, 2024.
Current report
Gross Profit
Current report
Gross profit was $2.22 billion for the six-months ended June 30, 2025, an increase of approximately $177.7 million, or 8.7% higher than the gross profit of $2.05 billion for the six-months ended June 30, 2024. The increase in gross profit dollars was primarily the result of the $166.5 million increase in net sales for the six-months ended June 30, 2025.
Current report
Gross profit as a percentage of net sales increased to 56.1% for the six-months ended June 30, 2025 from 53.9% for the six-months ended June 30, 2024. The increase in gross profit as a percentage of net sales for the six-months ended June 30, 2025 was primarily the result of the Pricing Actions, supply chain optimization, lower input costs and favorable product mix, partially offset by higher promotional allowances and geographical sales mix.
Current report
Operating Expenses
Current report
Total operating expenses were $1.02 billion for the six-months ended June 30, 2025, an increase of approximately $45.5 million, or 4.7% higher than total operating expenses of $977.5 million for the six-months ended June 30, 2024.
Current report
Operating Income
Current report
Operating income was $1.20 billion for the six-months ended June 30, 2025, an increase of approximately $132.2 million, or 12.4% higher than operating income of $1.07 billion for the six-months ended June 30, 2024. Operating income as a percentage of net sales increased to 30.3% for the six-months ended June 30, 2025 from 28.1% for the six-months ended June 30, 2024.
Current report
Operating income was $306.7 million and $283.7 million for the six-months ended June 30, 2025 and 2024, respectively, for our operations in EMEA, Asia Pacific (including Oceania), Latin America and the Caribbean.
Current report
Operating income for the Monster Energy® Drinks segment, exclusive of corporate and unallocated expenses, was $1.44 billion for the six-months ended June 30, 2025, an increase of approximately $197.5 million, or 15.9% higher than operating income of $1.24 billion for the six-months ended June 30, 2024. The increase in operating income for the Monster Energy® Drinks segment was primarily the result of an increase in gross profit.
Current report
Operating income for the Other segment, exclusive of corporate and unallocated expenses, was $1.5 million for the six-months ended June 30, 2025, as compared to operating income of $2.4 million for the six-months ended June 30, 2024.
Current report
Interest and Other Income, net
Current report
Interest and other income, net, was $23.3 million for the six-months ended June 30, 2025, as compared to interest and other income, net, of $60.1 million for the six-months ended June 30, 2024. Interest income was $35.0 million and $79.4 million for the six-months ended June 30, 2025 and 2024, respectively. The decrease in interest income for the six-months ended June 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 $5.8 million and $5.0 million for the six-months ended June 30, 2025 and 2024, respectively. Foreign currency transaction losses were $5.8 million and $14.0 million for the six-months ended June 30, 2025 and 2024, respectively.
Current report
Provision for Income Taxes
Current report
Provision for income taxes was $292.9 million for the six-months ended June 30, 2025, an increase of $31.1 million, or 11.9% higher than the provision for income taxes of $261.9 million for the six-months ended June 30, 2024. The effective combined federal, state and foreign tax rate increased to 23.9% from 23.2% for the six-months ended June 30, 2025 and 2024, respectively. The increase in the effective tax rate was primarily attributable to higher income taxes in foreign tax jurisdictions.
Current report
Net Income
Current report
Net income was $931.8 million for the six-months ended June 30, 2025, an increase of $64.4 million, or 7.4% higher than net income of $867.4 million for the six-months ended June 30, 2024.
Current report
Gross billings for the Monster Energy® Drinks segment were $2.30 billion for the three-months ended June 30, 2025, an increase of approximately $257.3 million, or 12.6% higher than gross billings of $2.05 billion for the three-months ended June 30, 2024. Gross billings increased primarily due to increased worldwide sales by volume 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 $2.6 million for the three-months ended June 30, 2025. Gross billings for the Monster Energy® Drinks segment on a foreign currency adjusted basis increased 12.7% for the three-months ended June 30, 2025.
Current report
Gross billings for the Strategic Brands segment were $152.0 million for the three-months ended June 30, 2025, an increase of $29.0 million, or 23.5% higher than gross billings of $123.1 million for the three-months ended June 30, 2024. Gross billings for the Strategic Brands segment increased primarily due to increased sales by volume of our Burn®, Predator®, NOS® and Fury® brand energy drinks. Net changes in foreign currency exchange rates had an unfavorable impact on gross billings in the Strategic Brands segment of approximately $0.4 million for the three-months ended June 30, 2025. Gross billings for the Strategic Brands segment on a foreign currency adjusted basis increased 23.8% for the three-months ended June 30, 2025.
Current report
Gross billings for the Alcohol Brands segment were $39.8 million for the three-months ended June 30, 2025, a decrease of approximately $3.1 million, or 7.3% lower than gross billings of $42.9 million for the three-months ended June 30, 2024. The decrease in gross billings for the three-months ended June 30, 2025 was primarily due to decreased sales by volume of certain craft beers and the Nasty Beast® Hard Tea product line.
Current report
Gross billings for the Other segment were $6.4 million for the three-months ended June 30, 2025, a decrease of $0.6 million, or 9.2% lower than gross billings of $7.0 million for the three-months ended June 30, 2024.
Current report
Six-Months Ended June 30, 2025 Compared to the Six-Months Ended June 30, 2024**.**
Current report
Gross billings were $4.66 billion for the six-months ended June 30, 2025, an increase of approximately $255.8 million, or 5.8% higher than gross billings of $4.41 billion for the six-months ended June 30, 2024. Gross billings increased primarily due to increased worldwide sales by volume 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 $66.3 million for the six-months ended June 30, 2025. Gross billings on a foreign currency adjusted basis increased 7.3% for the six-months ended June 30, 2025.
Current report
Gross billings for the Monster Energy® Drinks segment were $4.31 billion for the six-months ended June 30, 2025, an increase of approximately $259.7 million, or 6.4% higher than gross billings of $4.05 billion for the six-months ended June 30, 2024. Gross billings increased primarily due to increased worldwide sales by volume 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 $59.4 million for the six-months ended June 30, 2025. Gross billings for the Monster Energy® Drinks segment on a foreign currency adjusted basis increased 7.9% for the six-months ended June 30, 2025.
Current report
Gross billings for the Other segment were $12.5 million for the six-months ended June 30, 2025, a decrease of approximately $0.1 million, or 1.0% lower than gross billings of $12.7 million for the six-months ended June 30, 2024.
Current report
Net cash provided by (used in):
Removed paragraphs (6)
Previous report
Our net sales were $1.85 billion for the three-months ended March 31, 2025. Net changes in foreign currency exchange rates had an unfavorable impact on net sales of approximately $57.3 million for the three-months ended March 31, 2025. Net sales on a foreign currency adjusted basis increased 0.7% for the three-months ended March 31, 2025.
Previous report
Net sales for the 2025 first quarter were negatively impacted by bottler/distributor ordering patterns in the United States and EMEA, adverse changes in foreign currency exchange rates, decreased sales in the Alcohol Brands segment, adverse weather, one less selling day in the 2025 first quarter, as well as uncertain economic conditions.
Previous report
Net sales for the Monster Energy® Drinks segment were $1.72 billion for the three-months ended March 31, 2025, a decrease of approximately $13.5 million, or 0.8% lower than net sales of $1.73 billion for the three-months ended March 31, 2024. Net changes in foreign currency exchange rates had an unfavorable impact on net sales for the Monster Energy® Drinks segment of approximately $50.8 million for the three-months ended March 31, 2025. Net sales for the Monster Energy® Drinks segment on a foreign currency adjusted basis increased 2.2% for the three-months ended March 31, 2025.
Previous report
Net sales for the Other segment were $6.0 million for the three-months ended March 31, 2025, an increase of approximately $0.5 million, or 8.0% higher than net sales of $5.5 million for the three-months ended March 31, 2024.
Previous report
Gross billings for the Monster Energy® Drinks segment were $2.01 billion for the three-months ended March 31, 2025, an increase of approximately $2.4 million, or 0.1% higher than gross billings of $2.00 billion for the three-months ended March 31, 2024. Net changes in foreign currency exchange rates had an unfavorable impact on gross billings for the Monster Energy® Drinks segment of approximately $56.8 million for the three-months ended March 31, 2025. Gross billings for the Monster Energy® Drinks segment on a foreign currency adjusted basis increased 3.0% for the three-months ended March 31, 2025.
Previous report
Gross billings for the Other segment were $6.1 million for the three-months ended March 31, 2025, an increase of $0.5 million, or 9.2% higher than gross billings of $5.6 million for the three-months ended March 31, 2024.
Reworded paragraphs (51)
Previous wording
When this report uses the words “the Company”, “we”, “us”, and “our”, these words refer to Monster Beverage Corporation and its subsidiaries, unless the context otherwise requires. Based in Corona, California, Monster Beverage Corporation is a holding company and conducts no operating business except through its consolidated subsidiaries. The Company’s subsidiaries primarily develop and market energy drinks, and to a lesser extent, craft beers, hard seltzers and flavored malt beverages (“FMBs”).
Current wording
When this report uses the words “the Company”, “we”, “us”, and “our”, these words refer to Monster Beverage Corporation and its subsidiaries, unless the context otherwise requires. Based in Corona, California, Monster Beverage Corporation is a holding company and conducts no operating business except through its consolidated subsidiaries. The Company’s subsidiaries primarily develop and market energy drinks, and to a lesser extent, craft beers, flavored malt beverages (“FMBs”) and hard seltzers.
Previous wording
We also develop, market, sell and distribute craft beers, FMBs and hard seltzers under a number of brands, including Jai Alai® IPA, Florida Man® IPA, Dale’s Pale Ale®, Wild Basin® Hard Seltzers, Dallas Blonde®, Deep Ellum TM IPA, Perrin Brewing Company® Black Ale, Hop Rising® Double IPA, Wasatch® Apricot Hefeweizen, The Beast TM, Nasty Beast® Hard Tea and a host of other brands.
Current wording
We also develop, market, sell and distribute craft beers, FMBs and hard seltzers under a number of brands, including Jai Alai® IPA, Florida Man® IPA, Dale’s Pale Ale®, Wild Basin® Hard Seltzers, Dallas Blonde®, Deep Ellum TM IPA, Perrin Brewing Company® Black Ale, Hop Rising® Double IPA, Wasatch® Apricot Hefeweizen, The Beast TM, Nasty Beast® Hard Tea, Blind Lemon®, Blinder Lemon TM, Michi and a host of other brands.
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 $1.72 billion for the three-months ended March 31, 2025. Net sales of our Strategic Brands segment were $98.3 million for the three-months ended March 31, 2025. Net sales of our Alcohol Brands segment were $34.7 million for the three-months ended March 31, 2025. Net sales of our Other segment were $6.0 million for the three-months ended March 31, 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 $1.94 billion for the three-months ended June 30, 2025. Net sales of our Strategic Brands segment were $129.9 million for the three-months ended June 30, 2025. Net sales of our Alcohol Brands segment were $38.0 million for the three-months ended June 30, 2025. Net sales of our Other segment were $6.4 million for the three-months ended June 30, 2025.
Previous wording
Our Monster Energy® Drinks segment represented 92.5% and 91.0% of our net sales for the three-months ended March 31, 2025 and 2024, respectively. Our Strategic Brands segment represented 5.3% and 5.7% of our net sales for the three-months ended March 31, 2025 and 2024, respectively. Our Alcohol Brands segment represented 1.9% and 3.0% of our net sales for the three-months ended March 31, 2025 and 2024, respectively. Our Other segment represented 0.3% of our net sales for both the three-months ended March 31, 2025 and 2024.
Current wording
Our Monster Energy® Drinks segment represented 91.7% of our net sales for both the three-months ended June 30, 2025 and 2024. Our Strategic Brands segment represented 6.2% and 5.7% of our net sales for the three-months ended June 30, 2025 and 2024, respectively. Our Alcohol Brands segment represented 1.8% and 2.2% of our net sales for the three-months ended June 30, 2025 and 2024, respectively. Our Other segment represented 0.3% and 0.4% of our net sales for the three-months ended June 30, 2025 and 2024, respectively.
Previous wording
Our growth strategy includes further developing our domestic markets, expanding our international business and growing our business into new sectors, such as the alcohol beverage sector. Net sales to customers outside the United States were $733.2 million for the three-months ended March 31, 2025, a decrease of approximately $10.9 million, or 1.5% lower than net sales to customers outside of the United States of $744.1 million for the three-months ended March 31, 2024. Such sales were approximately 40% and 39% of net sales for the three-months ended March 31, 2025 and 2024, respectively. Net changes in foreign currency exchange rates had an unfavorable impact on net sales to customers outside of the United States of approximately $57.3 million for the three-months ended March 31, 2025. Net sales to customers outside the United States, on a foreign currency adjusted basis, increased 6.2% for the three-months ended March 31, 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 $864.2 million for the three-months ended June 30, 2025, an increase of approximately $118.2 million, or 15.8% higher than net sales to customers outside of the United States of $746.0 million for the three-months ended June 30, 2024. Such sales were approximately 41% and 39% of net sales for the three-months ended June 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 $5.0 million for the three-months ended June 30, 2025. Net sales to customers outside the United States, on a foreign currency adjusted basis, increased 16.5% for the three-months ended June 30, 2025.
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, 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 thethree- and six-months ended June 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
Previous wording
Coca-Cola Europacific Partners accounted for approximately 14% of our net sales for both the three-months ended March 31, 2025 and 2024.
Current wording
Coca-Cola Europacific Partners accounted for approximately 15% and 14% of the Company’s net sales for the three-months ended June 30, 2025 and 2024, respectively. Coca-Cola Europacific Partners accounted for approximately 14% of the Company’s net sales for both the six-months ended June 30, 2025 and 2024.
Previous wording
Coca-Cola Consolidated, Inc. accounted for approximately 10% of our net sales for both the three-months ended March 31, 2025 and 2024.
Current wording
Coca-Cola Consolidated, Inc. accounted for approximately 11% of the Company’s net sales for both the three-months ended June 30, 2025 and 2024. Coca-Cola Consolidated, Inc. accounted for approximately 10% of the Company’s net sales for both the six-months ended June 30, 2025 and 2024.
Previous wording
Reyes Holdings, LLC accounted for approximately 9% of our net sales for both the three-months ended March 31, 2025 and 2024.
Current wording
Reyes Holdings, LLC accounted for approximately 9% and 10% of the Company’s net sales for the three-months ended June 30, 2025 and 2024, respectively. Reyes Holdings, LLC accounted for approximately 9% of the Company’s net sales for both the six-months ended June 30, 2025 and 2024.
Previous wording
The following table sets forth key statistics for the three-months ended March 31, 2025 and 2024.
Current wording
The following table sets forth key statistics for the three- and six-months ended June 30, 2025 and 2024.
Previous wording
1Includes $9.9 million for both the three-months ended March 31, 2025 and 2024, related to the recognition of deferred revenue.
Current wording
1*Includes $10.0 million for both the three-months ended June 30, 2025 and 2024, related to the recognition of deferred revenue.*Includes $19.9 million for both the six-months ended June 30, 2025 and 2024, related to the recognition of deferred revenue.
Previous wording
Net sales were $1.85 billion for the three-months ended March 31, 2025, a decrease of approximately $44.5 million, or 2.3% lower than net sales of $1.90 billion for the three-months ended March 31, 2024. Net changes in foreign currency exchange rates had an unfavorable impact on net sales of approximately $57.3 million for the three-months ended March 31, 2025. Net sales on a foreign currency adjusted basis increased 0.7% for the three-months ended March 31, 2025.
Current wording
Net sales were $2.11 billion for the three-months ended June 30, 2025, an increase of approximately $211.0 million, or 11.1% higher than net sales of $1.90 billion for the three-months ended June 30, 2024. Net sales increased primarily due to increased worldwide sales by volume of our Monster Energy® brand energy drinks as a result of increased consumer demand. Net changes in foreign currency exchange rates had an unfavorable impact on net sales of approximately $5.0 million for the three-months ended June 30, 2025. Net sales on a foreign currency adjusted basis increased 11.4% for the three-months ended June 30, 2025.
Previous wording
Net sales were $689.9 million for the three-months ended March 31, 2025, a decrease of $3.1 million, or 0.4% lower than net sales of $693.0 million for the three-months ended March 31, 2024, in EMEA, Asia Pacific (including Oceania), Latin America and the Caribbean. Net changes in foreign currency exchange rates had an unfavorable impact on net sales to customers in EMEA, Asia Pacific (including Oceania), Latin America and the Caribbean of approximately $54.6 million for the three-months ended March 31, 2025. Net sales on a foreign currency adjusted basis in EMEA, Asia Pacific (including Oceania), Latin America and the Caribbean increased 7.4% for the three-months ended March 31, 2025.
Current wording
Net sales were $810.2 million for the three-months ended June 30, 2025, an increase of $107.8 million, or 15.3% higher than net sales of $702.4 million for the three-months ended June 30, 2024, in EMEA, Asia Pacific (including Oceania), Latin America and the Caribbean. Net changes in foreign currency exchange rates had an unfavorable impact on net sales to customers in EMEA, Asia Pacific (including Oceania), Latin America and the Caribbean of approximately $3.1 million for the three-months ended June 30, 2025. Net sales on a foreign currency adjusted basis in EMEA, Asia Pacific (including Oceania), Latin America and the Caribbean increased 15.8% for the three-months ended June 30, 2025.
Previous wording
Net sales for the Strategic Brands segment were $98.3 million for the three-months ended March 31, 2025, a decrease of approximately $10.1 million, or 9.3% lower than net sales of $108.4 million for the three-months ended March 31, 2024. Net sales for the Strategic Brands segment decreased primarily due to decreased sales by volume of our Fury® and NOS® brand energy drinks. Net changes in foreign currency exchange rates had an unfavorable impact on net sales of approximately $6.6 million for the Strategic Brands segment for the three-months ended March 31, 2025. Net sales for the Strategic Brands segment on a foreign currency adjusted basis decreased 3.3% for the three-months ended March 31, 2025. Net sales of concentrates within the Strategic Brands segment tend to have more pronounced fluctuations from period to period as compared to net sales of our finished goods within the Monster Energy® Drinks segment primarily as a result of bottler production schedules.
Current wording
Net sales for the Strategic Brands segment were $129.9 million for the three-months ended June 30, 2025, an increase of approximately $20.7 million, or 18.9% higher than net sales of $109.2 million for the three-months ended June 30, 2024. Net sales for the Strategic Brands segment increased primarily due to increased sales by volume of our Burn®, NOS®, and Fury® brand energy drinks. Net changes in foreign currency exchange rates had an unfavorable impact on net sales of approximately $0.2 million for the Strategic Brands segment for the three-months ended June 30, 2025. Net sales for the Strategic Brands segment on a foreign currency adjusted basis increased 19.1% for the three-months ended June 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 wording
Case sales for our energy drink products, in 192-ounce case equivalents, were 213.1 million cases for the three-months ended March 31, 2025, an increase of approximately 1.7 million cases or 0.8% higher than case sales of 211.4 million cases for the three-months ended March 31, 2024. The overall average net sales per case for our energy drink products (excluding net sales of Alcohol Brands and Other segments) decreased to $8.51 for the three-months ended March 31, 2025, which was 2.1% lower than the average net sales per case of $8.69 for the three-months ended March 31, 2024. The decrease in overall average net sales per case for our energy drink products for the three-months ended March 31, 2025 compared to the three-months ended March 31, 2024 was primarily due to adverse changes in foreign currency exchange rates as well as geographical/product sales mix.
Current wording
Case sales for our energy drink products, in 192-ounce case equivalents, were 249.3 million cases for the three-months ended June 30, 2025, an increase of approximately 37.1 million cases or 17.5% higher than case sales of 212.2 million cases for the three-months ended June 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 $8.29 for the three-months ended June 30, 2025, which was 5.0% lower than the average net sales per case of $8.73 for the three-months ended June 30, 2024. The decrease in overall average net sales per case for our energy drink products for the three-months ended June 30, 2025 compared to the three-months ended June 30, 2024 was primarily due to geographical/product sales mix.
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 March 31, 2025, a decrease of approximately 1.7 million cases or 41.4% lower than case sales of 4.1 million cases for the three-months ended March 31, 2024. Barrel sales for our craft beers, FMBs and hard seltzers, in 31 U.S. gallon equivalents, were 0.12 million barrels for the three-months ended March 31, 2025, a decrease of approximately 0.08 million barrels or 41.4% lower than barrel sales of 0.20 million barrels for the three-months ended March 31, 2024.
Current wording
Case sales for our craft beers, FMBs and hard seltzers, in 192-ounce equivalents, were 2.8 million cases for the three-months ended June 30, 2025, a decrease of approximately 0.2 million cases or 7.6% lower than case sales of 3.0 million cases for the three-months ended June 30, 2024. Barrel sales for our craft beers, FMBs and hard seltzers, in 31 U.S. gallon equivalents, were 0.14 million barrels for the three-months ended June 30, 2025, a decrease of approximately 0.01 million barrels or 7.6% lower than barrel sales of 0.15 million barrels for the three-months ended June 30, 2024.
Previous wording
Gross profit was $1.05 billion for the three-months ended March 31, 2025, an increase of approximately $20.8 million, or 2.0% higher than the gross profit of $1.03 billion for the three-months ended March 31, 2024. The increase in gross profit dollars was primarily the result of the $65.4 million decrease in cost of sales, partially offset by the decrease in net sales for the three-months ended March 31, 2025.
Current wording
Gross profit was $1.18 billion for the three-months ended June 30, 2025, an increase of approximately $156.9 million, or 15.4% higher than the gross profit of $1.02 billion for the three-months ended June 30, 2024. The increase in gross profit dollars was primarily the result of the $211.0 million increase in net sales for the three-months ended June 30, 2025.
Previous wording
Gross profit as a percentage of net sales increased to 56.5% for the three-months ended March 31, 2025 from 54.1% for the three-months ended March 31, 2024. The increase in gross profit as a percentage of net sales for the three-months ended March 31, 2025 was primarily the result of the Pricing Actions as well as supply chain optimization.
Current wording
Gross profit as a percentage of net sales increased to 55.7% for the three-months ended June 30, 2025 from 53.6% for the three-months ended June 30, 2024. The increase in gross profit as a percentage of net sales for the three-months ended June 30, 2025 was primarily the result of the Pricing Actions, supply chain optimization and lower input costs, partially offset by geographical sales mix and higher promotional allowances.
Previous wording
Total operating expenses were $478.2 million for the three-months ended March 31, 2025, a decrease of approximately $6.9 million, or 1.4% lower than total operating expenses of $485.1 million for the three-months ended March 31, 2024.
Current wording
Total operating expenses were $544.8 million for the three-months ended June 30, 2025, an increase of approximately $52.4 million, or 10.7% higher than total operating expenses of $492.3 million for the three-months ended June 30, 2024.
Previous wording
Operating income was $569.7 million for the three-months ended March 31, 2025, an increase of approximately $27.8 million, or 5.1% higher than operating income of $542.0 million for the three-months ended March 31, 2024. Operating income as a percentage of net sales increased to 30.7% for the three-months ended March 31, 2025 from 28.5% for the three-months ended March 31, 2024.
Current wording
Operating income was $631.6 million for the three-months ended June 30, 2025, an increase of approximately $104.5 million, or 19.8% higher than operating income of $527.2 million for the three-months ended June 30, 2024. Operating income as a percentage of net sales increased to 29.9% for the three-months ended June 30, 2025 from 27.7% for the three-months ended June 30, 2024.
Previous wording
Operating income was $142.6 million and $138.0 million for the three-months ended March 31, 2025 and 2024, respectively, for our operations in EMEA, Asia Pacific (including Oceania), Latin America and the Caribbean.
Current wording
Operating income was $164.1 million and $145.8 million for the three-months ended June 30, 2025 and 2024, respectively, for our operations in EMEA, Asia Pacific (including Oceania), Latin America and the Caribbean.
Previous wording
Operating income for the Monster Energy® Drinks segment, exclusive of corporate and unallocated expenses, was $680.4 million for the three-months ended March 31, 2025, an increase of approximately $52.2 million, or 8.3% higher than operating income of $628.1 million for the three-months ended March 31, 2024. The increase in operating income for the Monster Energy® Drinks segment was primarily the result of an increase in gross profit.
Current wording
Operating income for the Monster Energy® Drinks segment, exclusive of corporate and unallocated expenses, was $757.5 million for the three-months ended June 30, 2025, an increase of approximately $145.2 million, or 23.7% higher than operating income of $612.3 million for the three-months ended June 30, 2024. The increase in operating income for the Monster Energy® Drinks segment was primarily the result of an increase in gross profit.
Previous wording
Operating income for the Other segment, exclusive of corporate and unallocated expenses, was $0.2 million for the three-months ended March 31, 2025, as compared to operating income of $1.0 million for the three-months ended March 31, 2024.
Current wording
Operating income for the Other segment, exclusive of corporate and unallocated expenses, was $1.3 million for the three-months ended June 30, 2025, as compared to operating income of $1.4 million for the three-months ended June 30, 2024.
Previous wording
Interest and other income, net, was $8.3 million for the three-months ended March 31, 2025, as compared to interest and other income, net, of $35.8 million for the three-months ended March 31, 2024. Interest income was $16.8 million and $41.2 million for the three-months ended March 31, 2025 and 2024, respectively. Interest expense was $4.0 million and $0.1 million for the three-months ended March 31, 2025 and 2024, respectively. Foreign currency transaction losses were $3.7 million and $6.0 million for the three-months ended March 31, 2025 and 2024, respectively.
Current wording
Interest and other income, net, was $15.1 million for the three-months ended June 30, 2025, as compared to interest and other income, net, of $24.4 million for the three-months ended June 30, 2024. Interest income was $18.1 million and $38.2 million for the three-months ended June 30, 2025 and 2024, respectively. The decrease in interest income for the three-months ended June 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 $1.8 million and $4.9 million for the three-months ended June 30, 2025 and 2024, respectively. Foreign currency transaction losses were $2.1 million and $8.0 million for the three-months ended June 30, 2025 and 2024, respectively.
Previous wording
Provision for income taxes was $135.0 million for the three-months ended March 31, 2025, a decrease of $0.7 million, or 0.5% lower than the provision for income taxes of $135.7 million for the three-months ended March 31, 2024. The effective combined federal, state and foreign tax rate decreased to 23.4% from 23.5% for the three-months ended March 31, 2025 and 2024, respectively.
Current wording
Provision for income taxes was $157.9 million for the three-months ended June 30, 2025, an increase of $31.7 million, or 25.1% higher than the provision for income taxes of $126.2 million for the three-months ended June 30, 2024. The effective combined federal, state and foreign tax rate increased to 24.4% from 22.9% for the three-months ended June 30, 2025 and 2024, respectively. The increase in the effective tax rate was primarily attributable to higher income taxes in foreign tax jurisdictions.
Previous wording
Net income was $443.0 million for the three-months ended March 31, 2025, an increase of $0.9 million, or 0.2% higher than net income of $442.0 million for the three-months ended March 31, 2024.
Current wording
Net income was $488.8 million for the three-months ended June 30, 2025, an increase of $63.4 million, or 14.9% higher than net income of $425.4 million for the three-months ended June 30, 2024.
Previous wording
Net sales for the Alcohol Brands segment were $34.7 million for the three-months ended March 31, 2025, a decrease of approximately $21.4 million, or 38.1% lower than net sales of $56.1 million for the three-months ended March 31, 2024. The decrease in net sales for the three-months ended March 31, 2025 was primarily due to decreased sales by volume of Nasty Beast® Hard Tea, which was launched during the three-months ended March 31, 2024, as well as decreased sales by volume of The Beast TM.
Current wording
Net sales for the Alcohol Brands segment were $72.7 million for the six-months ended June 30, 2025, a decrease of approximately $25.0 million, or 25.6% lower than net sales of $97.6 million for the six-months ended June 30, 2024. The decrease in net sales for the six-months ended June 30, 2025 was primarily due to decreased sales by volume of the Nasty Beast® Hard Tea product line, which was launched during the six-months ended June 30, 2024, as well as decreased sales by volume of The Beast TM product line.
Previous wording
The decrease in operating expenses was primarily due to decreased distribution expenses of $16.9 million partially offset by an increase in general administrative expenses of $8.5 million. Operating expenses as a percentage of net sales for the three-months ended March 31, 2025 were 25.8% as compared to 25.5% for the three-months ended March 31, 2024.
Current wording
The increase in operating expenses was primarily due to increased payroll expense of $33.3 million and general administrative expense of $32.0 million, partially offset by decreased distribution expense of $22.3 million. Operating expenses as a percentage of net sales for the six-months ended June 30, 2025 were 25.8% as compared to 25.7% for the six-months ended June 30, 2024.
Previous wording
Operating income for the Strategic Brands segment, exclusive of corporate and unallocated expenses, was $51.9 million for the three-months ended March 31, 2025, a decrease of approximately $10.1 million, or 16.3% lower than operating income of $62.0 million for the three-months ended March 31, 2024. The decrease in operating income for the Strategic Brands segment was primarily the result of a decrease in net sales.
Current wording
Operating income for the Strategic Brands segment, exclusive of corporate and unallocated expenses, was $119.8 million for the six-months ended June 30, 2025, a decrease of approximately $3.9 million, or 3.2% lower than operating income of $123.7 million for the six-months ended June 30, 2024. The decrease in operating income for the Strategic Brands segment was primarily the result of a decrease in gross profit as a percentage of net sales.
Previous wording
Operating loss for the Alcohol Brands segment, exclusive of corporate and unallocated expenses, was $21.5 million for the three-months ended March 31, 2025, an increase of approximately $15.5 million, or 257.2% higher than the operating loss of $6.0 million for the three-months ended March 31, 2024. The increase in operating loss for the three-months ended March 31, 2025 was primarily due to a decrease in net sales.
Current wording
Operating loss for the Alcohol Brands segment, exclusive of corporate and unallocated expenses, was $36.1 million for the six-months ended June 30, 2025, an increase of approximately $7.5 million, or 26.4% higher than the operating loss of $28.6 million for the six-months ended June 30, 2024. The increase in operating loss for the six-months ended June 30, 2025 was primarily due to a decrease in net sales.
Previous wording
Gross billings were $2.16 billion for the three-months ended March 31, 2025, a decrease of approximately $26.7 million, or 1.2% lower than gross billings of $2.19 billion for the three-months ended March 31, 2024. Net changes in foreign currency exchange rates had an unfavorable impact on gross billings of approximately $63.3 million for the three-months ended March 31, 2025. Gross billings on a foreign currency adjusted basis increased 1.7% for the three-months ended March 31, 2025.
Current wording
Gross billings were $2.50 billion for the three-months ended June 30, 2025, an increase of approximately $282.5 million, or 12.7% higher than gross billings of $2.22 billion for the three-months ended June 30, 2024. Gross billings increased primarily due to increased worldwide sales by volume 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 $3.0 million for the three-months ended June 30, 2025. Gross billings on a foreign currency adjusted basis increased 12.9% for the three-months ended June 30, 2025.
Previous wording
Promotional allowances, commissions and other expenses, as described in the footnote below, were $317.5 million for the three-months ended March 31, 2025, an increase of $17.8 million, or 5.9% higher than promotional allowances, commissions and other expenses of $299.7 million for the three-months ended March 31, 2024. Promotional allowances, commissions and other expenses as a percentage of gross billings increased to 14.7% from 13.7% for the three-months ended March 31, 2025 and 2024, respectively.
Current wording
Promotional allowances, commissions and other expenses, as described in the footnote below, were $399.1 million for the three-months ended June 30, 2025, an increase of $71.5 million, or 21.8% higher than promotional allowances, commissions and other expenses of $327.5 million for the three-months ended June 30, 2024. Promotional allowances, commissions and other expenses as a percentage of gross billings increased to 16.0% from 14.8% for the three-months ended June 30, 2025 and 2024, respectively.
Previous wording
Gross billings for the Strategic Brands segment were $113.8 million for the three-months ended March 31, 2025, a decrease of $8.8 million, or 7.2% lower than gross billings of $122.6 million for the three-months ended March 31, 2024. Gross billings for the Strategic Brands segment decreased primarily due to decreased sales by volume of our Fury® 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 $6.5 million for the three-months ended March 31, 2025. Gross billings for the Strategic Brands segment on a foreign currency adjusted basis decreased 1.9% for the three-months ended March 31, 2025.
Current wording
Gross billings for the Strategic Brands segment were $265.8 million for the six-months ended June 30, 2025, an increase of approximately $20.2 million, or 8.2% higher than gross billings of $245.6 million for the six-months ended June 30, 2024. Gross billings for the Strategic Brands segment increased primarily due to increased sales by volume of our Burn®, Predator® 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 $6.9 million for the six-months ended June 30, 2025. Gross billings for the Strategic Brands segment on a foreign currency adjusted basis increased 11.0% for the six-months ended June 30, 2025.
Previous wording
Gross billings for the Alcohol Brands segment were $36.2 million for the three-months ended March 31, 2025, a decrease of approximately $20.8 million, or 36.5% lower than gross billings of $57.0 million for the three-months ended March 31, 2024. The decrease in gross billings for the three-months ended March 31, 2025 was primarily due to decreased sales by volume of Nasty Beast® Hard Tea, which was launched during the three-months ended March 31, 2024, as well as decreased sales by volume of The Beast TM.
Current wording
Gross billings for the Alcohol Brands segment were $76.0 million for the six-months ended June 30, 2025, a decrease of approximately $24.0 million, or 24.0% lower than gross billings of $100.0 million for the six-months ended June 30, 2024. The decrease in gross billings for the six-months ended June 30, 2025 was primarily due to decreased sales by volume of the Nasty Beast® Hard Tea product line, which was launched during the six-months ended June 30, 2024, as well as decreased sales by volume of The Beast TM product line.
Previous wording
**Gross billings represent amounts invoiced to customers net of cash discounts, returns and excise taxes. Gross billings are used internally by management as an indicator of and to monitor operating performance, including sales performance of particular products, salesperson performance, product growth or declines and is useful to investors in evaluating overall Company performance. The use of gross billings allows evaluation of sales performance before the effect of any promotional items, which can mask certain performance issues. We therefore believe that the presentation of gross billings provides a useful measure of our operating performance. The use of gross billings is not a measure that is recognized under GAAP and should not be considered as an alternative to net sales, which is determined in accordance with GAAP, and should not be used alone as an indicator of operating performance in place of net sales. Additionally, gross billings may not be comparable to similarly titled measures used by other companies, as gross billings has been defined by our internal reporting practices. In addition, gross billings may not be realized in the form of cash receipts as promotional payments and allowances may be deducted from payments received from certain customers.
Current wording
**** Gross billings represent amounts invoiced to customers net of cash discounts, returns and excise taxes. Gross billings are used internally by management as an indicator of and to monitor operating performance, including sales performance of particular products, salesperson performance, product growth or declines and is useful to investors in evaluating overall Company performance. The use of gross billings allows evaluation of sales performance before the effect of any promotional items, which can mask certain performance issues. We therefore believe that the presentation of gross billings provides a useful measure of our operating performance. The use of gross billings is not a measure that is recognized under GAAP and should not be considered as an alternative to net sales, which is determined in accordance with GAAP, and should not be used alone as an indicator of operating performance in place of net sales. Additionally, gross billings may not be comparable to similarly titled measures used by other companies,
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 retail 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 or free products; (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 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, 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- and six-months ended June 30, 2025 and 2024, respectively. Data from any one or more quarters or periods is not necessarily indicative of annual results or continuing trends.
Previous wording
Our quarterly results of operations reflect seasonal trends that are primarily the result of increased demand in the warmer months of the year. Beverage sales tend to be lower during the first and fourth quarters of each calendar year. However, our experience with our energy drink products suggests they are less seasonal than the seasonality expected from traditional beverages. In addition, our continued growth internationally may further reduce the impact of seasonality on our business. Quarterly fluctuations may also be affected by other factors including the introduction of new products, the opening of new markets where temperature fluctuations are more pronounced, the addition of new bottlers/distributors, changes in the sales mix of our products and changes in advertising and promotional expenses.
Current wording
Our quarterly results of operations reflect seasonal trends that are primarily the result of increased demand in the warmer months of the year. Beverage sales tend to be lower during the first and fourth quarters of each calendar year. However, our experience with our energy drink products suggests they are less seasonal than the seasonality expected from traditional beverages. In addition, our continued growth internationally may further reduce the impact of seasonality on our business. Quarterly fluctuations may also be affected by other factors including the introduction of new products, the opening of new markets where temperature fluctuations are
Previous wording
Net changes in foreign currency exchange rates had an unfavorable impact on the overall average net sales per case for the three-months ended March 31, 2025.
Current wording
Net changes in foreign currency exchange rates had an unfavorable impact on the overall average net sales per case for the three- and six-months ended June 30, 2025.
Previous wording
*Cash and cash equivalents.*At March 31, 2025, we had $1.90 billion in cash and cash equivalents. Of our $1.90 billion of cash and cash equivalents held at March 31, 2025, $1.25 billion was held by our foreign subsidiaries.
Current wording
*Cash and cash equivalents.*At June 30, 2025, we had $1.93 billion in cash and cash equivalents. Of our $1.93 billion of cash and cash equivalents held at June 30, 2025, $1.10 billion was held by our foreign subsidiaries.
Showing the first 40 of 51 pairs. Open the source sections for the rest.
Rearranged current paragraphs (8)
Current report — wording carried from elsewhere
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 report — wording carried from elsewhere
Net sales for the Strategic Brands segment were $228.2 million for the six-months ended June 30, 2025, an increase of approximately $10.6 million, or 4.9% higher than net sales of $217.7 million for the six-months ended June 30, 2024. Net sales for the Strategic Brands segment increased primarily due to increased sales by volume of our Burn®, Predator® and NOS® brand energy drinks. Net changes in foreign currency exchange rates had an unfavorable impact on net sales of approximately $6.7 million for the Strategic Brands segment for the six-months ended June 30, 2025. Net sales for the Strategic Brands segment on a foreign currency adjusted basis increased 7.9% for the six-months ended June 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 report — wording carried from elsewhere
Case sales for our energy drink products, in 192-ounce case equivalents, were 462.4 million cases for the six-months ended June 30, 2025, an increase of approximately 38.8 million cases or 9.2% higher than case sales of 423.6 million cases for the six-months ended June 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 $8.39 for the six-months ended June 30, 2025, which was 3.6% lower than the average net sales per case of $8.71 for the six-months ended June 30, 2024. The decrease in overall average net sales per case for our energy drink products for the six-months ended June 30, 2025 compared to the six-months ended June 30, 2024 was primarily due to adverse changes in foreign currency exchange rates as well as geographical/product sales mix.
Current report — wording carried from elsewhere
Three-Months Ended June 30, 2025 Compared to the Three-Months Ended June 30, 2024**.**
Current report — wording carried from elsewhere
Promotional allowances, commissions and other expenses, as described in the footnote below, were $716.6 million for the six-months ended June 30, 2025, an increase of $89.4 million, or 14.2% higher than promotional allowances, commissions and other expenses of $627.2 million for the six-months ended June 30, 2024. Promotional allowances, commissions and other expenses as a percentage of gross billings increased to 15.4% from 14.2% for the six-months ended June 30, 2025 and 2024, respectively.
Current report — wording carried from elsewhere
as gross billings has been defined by our internal reporting practices. In addition, gross billings may not be realized in the form of cash receipts as promotional payments and allowances may be deducted from payments received from certain customers.
Current report — wording carried from elsewhere
more pronounced, the addition of new bottlers/distributors, changes in the sales mix of our products and changes in advertising and promotional expenses.
Current report — wording carried from elsewhere
expenditures (exclusive of common stock repurchases) are likely to be less than $250.0 million through June 30, 2026. However, future business opportunities may cause a change in this estimate.