0001104659-26-020831 | 10-K | XBRL Viewer

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SEGMENT INFORMATION - Net Revenues (Details) $ in Thousands	12 Months Ended
SEGMENT INFORMATION - Net Revenues (Details) $ in Thousands	Dec. 31, 2025 USD ($) segment	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
SEGMENT INFORMATION
Number of reportable segments \| segment	4
Number of operating segments \| segment	4
Net sales	$ 8,294,343	$ 7,492,709	$ 7,140,027
Cost of sales	3,662,148	3,443,831	3,345,821
Gross profit	4,632,195	4,048,878	3,794,206
Intangibles impairment	38,411	127,098	38,700
INCOME BEFORE PROVISION FOR INCOME TAXES	2,482,529	1,989,459	2,068,482
Interest and other income, net	63,175	59,165	115,127
Total depreciation and amortization	114,441	80,434	68,898
Recognition of deferred revenue	21,400	21,500	21,500
Operating segment
SEGMENT INFORMATION
INCOME BEFORE PROVISION FOR INCOME TAXES	3,093,743	2,500,539	2,468,330
Total depreciation and amortization	100,293	68,549	55,408
Corporate and Unallocated
SEGMENT INFORMATION
Corporate payroll expenses	(445,742)	(377,382)	(331,743)
Corporate overhead expenses, excluding payroll	(228,647)	(192,863)	(183,232)
Total depreciation and amortization	14,148	11,885	13,490
Reconciling item, excluding corporate non segment
SEGMENT INFORMATION
Interest and other income, net	63,175	59,165	115,127
Monster Energy Drinks
SEGMENT INFORMATION
Net sales	7,665,871	6,864,597	6,555,089
Monster Energy Drinks \| Operating segment
SEGMENT INFORMATION
Net sales	7,665,871	6,864,597	6,555,089
Cost of sales	3,394,604	3,170,993	3,094,906
Gross profit	4,271,267	3,693,604	3,460,183
Distribution expense	314,933	322,464	306,516
Selling and marketing expense	714,958	672,582	601,550
Nonmanufacturing payroll expense	177,027	164,091	146,236
Other segment items	87,845	72,011	67,137
INCOME BEFORE PROVISION FOR INCOME TAXES	2,976,504	2,462,456	2,338,744
Total depreciation and amortization	78,504	53,117	37,606
Recognition of deferred revenue	$ 40,000	$ 39,900	$ 40,000
Other segment items, description	Monster Energy® Drinks - travel and entertainment expense, professional services expense, and certain overhead expenses	Monster Energy® Drinks - travel and entertainment expense, professional services expense, and certain overhead expenses	Monster Energy® Drinks - travel and entertainment expense, professional services expense, and certain overhead expenses
Strategic Brands
SEGMENT INFORMATION
Net sales	$ 468,716	$ 432,233	$ 376,589
Strategic Brands \| Operating segment
SEGMENT INFORMATION
Net sales	468,716	432,233	376,589
Cost of sales	146,913	125,099	104,980
Gross profit	321,803	307,134	271,609
Distribution expense	6,257	6,030	6,184
Selling and marketing expense	61,633	55,629	48,937
Nonmanufacturing payroll expense	9,556	8,790	6,446
Intangibles impairment			300
Other segment items	3,600	2,933	2,596
INCOME BEFORE PROVISION FOR INCOME TAXES	240,757	233,752	207,146
Total depreciation and amortization	$ 1,104	$ 942	$ 793
Other segment items, description	Strategic Brands - travel and entertainment expense, and certain overhead expenses	Strategic Brands - travel and entertainment expense, and certain overhead expenses	Strategic Brands - travel and entertainment expense, and certain overhead expenses
Alcohol Brands
SEGMENT INFORMATION
Net sales	$ 134,720	$ 172,313	$ 184,855
Alcohol Brands \| Operating segment
SEGMENT INFORMATION
Net sales	134,720	172,313	184,855
Cost of sales	102,303	131,590	129,607
Gross profit	32,417	40,723	55,248
Distribution expense	9,897	13,621	10,931
Selling and marketing expense	26,447	27,652	24,814
Nonmanufacturing payroll expense	35,212	36,884	34,192
Intangibles impairment	38,411	127,098	38,400
Other segment items	49,410	35,784	28,035
INCOME BEFORE PROVISION FOR INCOME TAXES	(126,960)	(200,316)	(81,124)
Total depreciation and amortization	$ 19,467	$ 14,290	$ 15,745
Other segment items, description	Alcohol Brands - property and equipment impairment, depreciation and amortization expense, travel and entertainment expense, professional services expense, and certain overhead expenses	Alcohol Brands - depreciation and amortization expense, travel and entertainment expense, professional services expense, and certain overhead expenses	Alcohol Brands - depreciation and amortization expense, travel and entertainment expense, professional services expense, and certain overhead expenses
Other
SEGMENT INFORMATION
Net sales	$ 25,036	$ 23,566	$ 23,494
Other \| Operating segment
SEGMENT INFORMATION
Net sales	25,036	23,566	23,494
Cost of sales	18,328	16,149	16,328
Gross profit	6,708	7,417	7,166
Distribution expense		19	47
Selling and marketing expense	421	235	266
Nonmanufacturing payroll expense	2,147	2,174	1,996
Other segment items	698	342	1,293
INCOME BEFORE PROVISION FOR INCOME TAXES	3,442	4,647	3,564
Total depreciation and amortization	$ 1,218	$ 200	$ 1,264
Other segment items, description	Other - professional services expense, and certain overhead expenses	Other - travel and entertainment expense, and certain overhead expenses	Other - depreciation and amortization expense, and certain overhead expenses

INCOME TAXES - Deferred Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets:
Capitalization of inventory costs	$ 11,326	$ 13,253
Accrued compensation	16,722	13,941
Deferred revenue	48,208	53,802
Stock-based compensation	18,704	19,649
Net operating loss carryforward	25,632	33,159
Termination payments	32,920	39,489
Operating lease liabilities	13,078	13,201
Intangible assets	100,129	84,455
Accrued liabilities	21,824	16,725
Foreign tax credit carryforward	12,378
Other deferred tax assets	81,214	76,593
Total gross deferred tax assets	382,135	364,267
Deferred tax liabilities:
Amortization of intangibles	(107,473)	(93,511)
Operating lease ROU assets	(13,078)	(13,201)
Bang transaction gain	(11,672)	(11,740)
Depreciation	(56,344)	(57,168)
Other deferred tax liabilities	(13,749)	(12,741)
Total gross deferred tax liabilities	(202,316)	(188,361)
Valuation Allowance	(45,245)	(38,665)
Net deferred tax assets	134,574	137,241
Increase to provision for income taxes	6,600	$ 8,600	$ 200
Net operating loss carryforwards subject to indefinite carryforward	68,400
Net operating loss carryforwards that begin to expire in 2025	104,600
State
Deferred tax liabilities:
Net operating loss carryforwards	96,000
Foreign
Deferred tax liabilities:
Net operating loss carryforwards	$ 77,000

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Foreign Currency Translation and Transactions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Foreign currency transaction gains (losses)	$ (11.9)	$ (26.4)	$ (60.2)

CONSOLIDATED STATEMENTS OF CASH FLOWS - SUPPLEMENTAL DISCLOSURE OF NON-CASH ITEMS (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
CONSOLIDATED STATEMENTS OF CASH FLOWS - SUPPLEMENTAL DISCLOSURE OF NON-CASH ITEMS
Accrued liabilities for intangible assets	$ 2.3	$ 5.0	$ 15.4
Accounts receivable related to available-for-sale short-term investment sales			3.0
Accounts payable for purchases of equipment	$ 1.8	$ 6.3	$ 16.9

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
COMMITMENTS AND CONTINGENCIES
Aggregate value of raw material purchases	$ 661.6	$ 577.0	$ 590.5
Loss contingencies	36.2	$ 16.8
Raw material items
COMMITMENTS AND CONTINGENCIES
Purchase commitments	$ 216.6
Obligation term (in years)	1 year

STOCK-BASED COMPENSATION - Fair Value Assumptions (Details) - Stock Options	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Weighted-average assumptions used to estimate the fair value of options granted
Dividend yield (as a percent)	0.00%	0.00%	0.00%
Expected volatility (as a percent)	26.70%	27.40%	27.60%
Risk-free interest rate (as a percent)	4.19%	4.18%	3.75%
Expected term	6 years 2 months 12 days	6 years 4 months 24 days	6 years 3 months 18 days

INVENTORIES

12 Months Ended

Dec. 31, 2025

INVENTORIES

INVENTORIES

5.INVENTORIES

Inventories consist of the following at December 31:


		2025		2024
Raw materials		$	322,604	$	232,698
Work in process			1,114		1,200
Finished goods			475,905		503,209
		$	799,623	$	737,107

GOODWILL AND OTHER INTANGIBLE ASSETS - Narratives (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
GOODWILL AND OTHER INTANGIBLE ASSETS
Goodwill impairment	$ 0	$ 86,298	$ 0
Impairment of indefinite-lived intangible assets	0
Loss on impairment of intangibles	0	$ 40,800	$ 38,700
Impairment, Intangible Asset, Statement of Income or Comprehensive Income [Extensible Enumeration]		Operating Expenses	Operating Expenses
Amortization expense	19,300	$ 7,500	$ 5,900
Impairment of finite-lived intangible assets		0	$ 0
Alcohol Brands
GOODWILL AND OTHER INTANGIBLE ASSETS
Goodwill impairment		$ 86,298
Goodwill, Impairment Loss, Statement of Income or Comprehensive Income [Extensible Enumeration]		Operating Expenses
Impairment of finite-lived intangible assets	$ 38,400
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration]	Operating Expenses
Minimum
GOODWILL AND OTHER INTANGIBLE ASSETS
Useful life of intangible assets	3 years
Maximum
GOODWILL AND OTHER INTANGIBLE ASSETS
Useful life of intangible assets	10 years

INCOME TAXES

12 Months Ended

Dec. 31, 2025

INCOME TAXES

INCOME TAXES

14.INCOME TAXES

The Company evaluated the various provisions of the Tax Reform Act, including, the global intangible low-taxed income (“GILTI”) and the foreign derived intangible income provisions. The Company will treat any U.S. tax on foreign earnings under GILTI as a current period expense when incurred.

Consolidated retained earnings at December 31, 2025 included undistributed after-tax earnings from certain non-U.S. subsidiaries that were not indefinitely reinvested. At December 31, 2025, the Company had a deferred tax liability of $10.0 million for the estimated taxes associated with the repatriation of these earnings. Undistributed earnings of approximately $22.5 million in foreign subsidiaries were indefinitely reinvested in foreign operations. Quantification of the deferred tax liability, if any, associated with indefinitely reinvested earnings was not practicable.

The domestic and foreign components of the Company’s income before provision for income taxes are as follows:


		Year Ended December 31,
		2025		2024		2023
Domestic*		$	2,302,984	$	1,540,619	$	1,809,418
Foreign*			179,545		448,840		259,064
Income before provision for income taxes		$	2,482,529	$	1,989,459	$	2,068,482

*After intercompany royalties, management fees and interest charges from the Company’s domestic to foreign entities of $110.3 million, $108.4 million and $101.4 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Components of the provision for income taxes are as follows:


	Year Ended December 31,
	2025		2024		2023
Current:
Federal	$	308,032	$	273,825	$	259,911
State		61,927		55,087		47,079
Foreign		202,791		145,118		99,563
		572,750		474,030		406,553

Deferred:
Federal		304		11,395		42,237
State		(1,228)		(900)		2,376
Foreign		(1,309)		(12,772)		(13,936)
		(2,233)		(2,277)		30,677

Valuation allowance		6,580		8,658		264
	$	577,097	$	480,411	$	437,494

A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective tax rate after the adoption of ASU 2023-09 for the year ended December 31, 2025 is as follows:


	2025
U.S. federal statutory tax rate	$	521,331	21.0	%
State and local income tax, net of federal income tax effect¹		49,399	2.0	%
Foreign tax effect		36,628	1.5	%
Effect of cross-border tax laws²		(1,390)	(0.1)	%
Tax Credits
Foreign tax credits		(21,357)	(0.9)	%
Energy-related tax credits		(4,335)	(0.2)	%
Change in valuation allowance		12,378	0.5	%
Nontaxable or nondeductible Items		(9,830)	(0.4)	%
Changes in unrecognized tax benefit		837	0.0	%
Other adjustments		(6,564)	(0.2)	%
Effective tax rate	$	577,097	23.2	%

(1)

State taxes in California, Illinois, Minnesota, Michigan, New Jersey and New York make up the majority (greater than 50%) of the tax effect in this category.

(2)

Includes the impact of any tax credits.

A reconciliation of the total provision for income taxes after applying the U.S. federal statutory rate of 21% to income before provision for income taxes to the reported provision for income taxes prior to the adoption of ASU 2023-09 are as follows for the years ended:


		Year ended December 31,
		2024		2023
U.S. federal tax expense at statutory rates		$	417,786	$	434,381
State income taxes, net of federal tax benefit			38,850		39,416
Permanent differences			(21,298)		(27,235)
Stock-based compensation			5,266		(43,846)
Residual tax on undistributed foreign earnings			3,903		8,423
Other			(10,843)		(5,132)
Foreign rate differential			38,089		31,223
Valuation allowance			8,658		264
		$	480,411	$	437,494

Cash paid for income taxes, net of refunds received, by jurisdiction for the year ended December 31, 2025 is as follows:


	2025
Federal	$	321,000
State		51,407
Foreign
Brazil		38,351
Ireland		28,495
Other		110,865
	$	550,118

The amount of cash income taxes paid by the Company during the years ended December 31, 2024 and 2023 was $476.2 million and $423.2 million, respectively.

Major components of the Company’s deferred tax assets (liabilities) at December 31, 2025 and 2024 are presented in the table below. Certain amounts as of December 31, 2024 have been reclassified to conform to the presentation as of December 31, 2025.


		2025		2024
Deferred tax assets:
Capitalization of inventory costs		$	11,326	$	13,253
Accrued compensation			16,722		13,941
Deferred revenue			48,208		53,802
Stock-based compensation			18,704		19,649
Net operating loss carryforward			25,632		33,159
Termination payments			32,920		39,489
Operating lease liabilities			13,078		13,201
Intangible assets			100,129		84,455
Accrued liabilities			21,824		16,725
Foreign tax credit carryforward			12,378		—
Other deferred tax assets			81,214		76,593
Total gross deferred tax assets		$	382,135	$	364,267

Deferred tax liabilities:
Amortization of intangibles		$	(107,473)	$	(93,511)
Operating lease ROU assets			(13,078)		(13,201)
Bang transaction gain			(11,672)		(11,740)
Depreciation			(56,344)		(57,168)
Other deferred tax liabilities			(13,749)		(12,741)
Total gross deferred tax liabilities		$	(202,316)	$	(188,361)

Valuation allowance			(45,245)		(38,665)

Net deferred tax assets		$	134,574	$	137,241

During the years ended December 31, 2025, 2024 and 2023, the Company recorded valuation allowances against certain deferred tax assets from cumulative net operating losses incurred by certain foreign subsidiaries of the Company, state income tax related to cumulative net operating losses incurred by certain U.S. subsidiaries, and foreign tax credit carryforwards. The effect of the valuation allowances and the subsequent related impact on the Company’s overall tax rate was to increase the Company’s provision for income taxes by $6.6 million, $8.6 million and $0.2 million for the years ended December 31, 2025, 2024 and 2023, respectively. At December 31, 2025, the Company had net state operating loss carryforwards of approximately $96.0 million and net foreign operating loss carryforwards of approximately $77.0 million. Of these amounts, $68.4 million of net foreign operating loss carryforwards may be carried forward indefinitely. The remaining $104.6 million of net state and foreign operating loss carryforwards will begin to expire in 2026.

The following is a roll-forward of the Company’s total gross unrecognized tax benefits, not including interest and penalties, for the years ended December 31, 2025, 2024 and 2023:


	Gross Unrecognized Tax
	Benefits
Balance at December 31, 2022	$	3,020
Additions for tax positions related to the current year		—
Additions for tax positions related to the prior year		739
Decreases for tax positions related to prior years		(650)
Balance at December 31, 2023	$	3,109
Additions for tax positions related to the current year		—
Additions for tax positions related to the prior year		631
Decreases for tax positions related to prior years		(1,114)
Balance at December 31, 2024	$	2,626
Additions for tax positions related to the current year		—
Additions for tax positions related to the prior year		1,440
Decreases for tax positions related to prior years		(836)
Balance at December 31, 2025	$	3,230

The Company recognizes accrued interest and penalties related to unrecognized tax benefits in the provision for income taxes in the Company’s consolidated financial statements. As of December 31, 2025, the Company had accrued approximately $0.9 million in interest and penalties related to unrecognized tax benefits. If the Company were to prevail on all uncertain tax positions, it would not have a significant impact on the Company’s effective tax rate.

It is expected that any change in the amount of unrecognized tax benefit change within the next 12 months will not be significant.

The Company is subject to U.S. federal income tax as well as to income tax in multiple state and foreign jurisdictions.

The Company is in various stages of examination with certain states and certain foreign jurisdictions. The Company’s 2022 through 2025 U.S. federal income tax returns are subject to examination by the IRS. The Company’s state income tax returns are generally subject to examination for the 2021 through 2025 tax years. The United Kingdom and Ireland income tax returns are subject to examination for the 2021 through 2025 tax years.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Allowance for doubtful accounts, sales returns and cash discounts:
Changes to valuation allowance
Balance at beginning of period	$ 7,124	$ 7,638	$ 10,460
Charged to cost and expenses	19,303	20,695	20,991
Deductions	(20,427)	(21,209)	(23,813)
Balance at end of period	6,000	7,124	7,638
Allowance on deferred tax assets and unrecognized tax benefits:
Changes to valuation allowance
Balance at beginning of period	41,968	33,692	33,166
Charged to cost and expenses	7,417	8,276	526
Balance at end of period	$ 49,385	$ 41,968	$ 33,692

DEBT - Narratives (Details) - USD ($) $ in Millions	Dec. 31, 2025	Oct. 17, 2025	May 31, 2024
Line of credit \| JPMorgan Chase Bank
DEBT
Maximum borrowing capacity			$ 1,500.0
Line of credit \| HSBC Bank (China) Company Limited
DEBT
Maximum borrowing capacity	$ 15.0
Outstanding borrowings	0.0
Term loan \| JPMorgan Chase Bank
DEBT
Maximum borrowing capacity			750.0
Revolving credit facility \| JPMorgan Chase Bank
DEBT
Maximum borrowing capacity		$ 500.0	$ 750.0
Outstanding borrowings	$ 0.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)

12 Months Ended

Dec. 31, 2025

ACCUMULATED OTHER COMPREHENSIVE LOSS

Schedule of components of accumulated other comprehensive loss


	2025		2024
Accumulated net unrealized gain (loss) on available-for-sale securities	$	1,263	$	—
Accumulated foreign currency translation gain (loss)		(108,059)		(269,930)
Accumulated net gain (loss) on commodity derivatives		45,955		443
Total accumulated other comprehensive loss	$	(60,841)	$	(269,487)

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Impairment of long lived assets and intangible assets finite lived	$ 53.7	$ 8.2	$ 4.3
Minimum \| Property and Equipment
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Estimated useful lives (in years)	5 years
Maximum \| Property and Equipment
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Estimated useful lives (in years)	30 years

REVENUE RECOGNITION - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
REVENUE RECOGNITION
Total Net Sales	$ 8,294,343	$ 7,492,709	$ 7,140,027
U.S. and Canada
REVENUE RECOGNITION
Total Net Sales	5,072,691	4,721,853	4,610,069
EMEA
REVENUE RECOGNITION
Total Net Sales	1,899,568	1,563,366	1,390,659
Asia Pacific (including Oceania)
REVENUE RECOGNITION
Total Net Sales	624,113	541,036	514,449
Latin America and Caribbean
REVENUE RECOGNITION
Total Net Sales	697,971	666,454	624,850
Monster Energy Drinks
REVENUE RECOGNITION
Total Net Sales	7,665,871	6,864,597	6,555,089
Monster Energy Drinks \| U.S. and Canada
REVENUE RECOGNITION
Total Net Sales	4,704,483	4,320,026	4,202,537
Monster Energy Drinks \| EMEA
REVENUE RECOGNITION
Total Net Sales	1,702,767	1,399,461	1,257,471
Monster Energy Drinks \| Asia Pacific (including Oceania)
REVENUE RECOGNITION
Total Net Sales	581,290	500,145	484,459
Monster Energy Drinks \| Latin America and Caribbean
REVENUE RECOGNITION
Total Net Sales	677,331	644,965	610,622
Strategic Brands
REVENUE RECOGNITION
Total Net Sales	468,716	432,233	376,589
Strategic Brands \| U.S. and Canada
REVENUE RECOGNITION
Total Net Sales	208,452	205,948	199,183
Strategic Brands \| EMEA
REVENUE RECOGNITION
Total Net Sales	196,801	163,905	133,188
Strategic Brands \| Asia Pacific (including Oceania)
REVENUE RECOGNITION
Total Net Sales	42,823	40,891	29,990
Strategic Brands \| Latin America and Caribbean
REVENUE RECOGNITION
Total Net Sales	20,640	21,489	14,228
Alcohol Brands
REVENUE RECOGNITION
Total Net Sales	134,720	172,313	184,855
Alcohol Brands \| U.S. and Canada
REVENUE RECOGNITION
Total Net Sales	134,720	172,313	184,855
Other
REVENUE RECOGNITION
Total Net Sales	25,036	23,566	23,494
Other \| U.S. and Canada
REVENUE RECOGNITION
Total Net Sales	$ 25,036	$ 23,566	$ 23,494

INVESTMENTS

12 Months Ended

Dec. 31, 2025

INVESTMENTS.

INVESTMENTS

3.INVESTMENTS

The following table summarizes the Company’s investments at December 31, 2025. The Company held no short-term or long-term investments at December 31, 2024.


									Continuous		Continuous
			Gross		Gross				Unrealized		Unrealized
			Unrealized		Unrealized				Loss Position		Loss Position
	Amortized		Holding		Holding		Fair		less than 12		greater than
December 31, 2025	Cost		Gains		Losses		Value		Months		12 Months
Available-for-sale
Short-term:
Commercial paper	$	90,418	$	1	$	—	$	90,419	$	—	$	—
Certificates of deposit		12,728		—		—		12,728		—		—
Municipal securities		674		1		—		675		—		—
U.S. treasuries		489,007		492		—		489,499		—		—
Corporate bonds		83,639		124		—		83,763		—		—
Long-term:
Municipal securities		1,206		1		—		1,207		—		—
U.S. treasuries		259,613		353		—		259,966		—		—
Corporate bonds		225,867		289		—		226,156		—		—
Total	$	1,163,152	$	1,261	$	—	$	1,164,413	$	—	$	—

During the years ended December 31, 2025, 2024 and 2023, realized gains or losses recognized on the sale of investments were not significant.

The Company’s investments at December 31, 2025 carried investment grade credit ratings.

The following table summarizes the underlying contractual maturities of the Company’s investments at December 31, 2025. The Company held no short-term or long-term investments at December 31, 2024.


	December 31, 2025
	Amortized Cost		Fair Value
Less than 1 year:
Commercial paper	$	90,418	$	90,419
Certificates of deposit		12,728		12,728
Municipal securities		674		675
U.S. treasuries		489,007		489,499
Corporate bonds		83,639		83,763
Due 1 - 10 years:
Municipal securities		1,206		1,207
U.S. treasuries		259,613		259,966
Corporate bonds		225,867		226,156
Total	$	1,163,152	$	1,164,413

INVENTORIES (Tables)

12 Months Ended

Dec. 31, 2025

INVENTORIES

Schedule of inventories


		2025		2024
Raw materials		$	322,604	$	232,698
Work in process			1,114		1,200
Finished goods			475,905		503,209
		$	799,623	$	737,107

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2025

INCOME TAXES

Schedule of domestic and foreign components of the income before provision for income taxes


		Year Ended December 31,
		2025		2024		2023
Domestic*		$	2,302,984	$	1,540,619	$	1,809,418
Foreign*			179,545		448,840		259,064
Income before provision for income taxes		$	2,482,529	$	1,989,459	$	2,068,482

Schedule of components of the provision for income taxes


	Year Ended December 31,
	2025		2024		2023
Current:
Federal	$	308,032	$	273,825	$	259,911
State		61,927		55,087		47,079
Foreign		202,791		145,118		99,563
		572,750		474,030		406,553

Deferred:
Federal		304		11,395		42,237
State		(1,228)		(900)		2,376
Foreign		(1,309)		(12,772)		(13,936)
		(2,233)		(2,277)		30,677

Valuation allowance		6,580		8,658		264
	$	577,097	$	480,411	$	437,494

Schedule of reconciliation of income taxes computed at statutory federal rate to total income taxes


	2025
U.S. federal statutory tax rate	$	521,331	21.0	%
State and local income tax, net of federal income tax effect¹		49,399	2.0	%
Foreign tax effect		36,628	1.5	%
Effect of cross-border tax laws²		(1,390)	(0.1)	%
Tax Credits
Foreign tax credits		(21,357)	(0.9)	%
Energy-related tax credits		(4,335)	(0.2)	%
Change in valuation allowance		12,378	0.5	%
Nontaxable or nondeductible Items		(9,830)	(0.4)	%
Changes in unrecognized tax benefit		837	0.0	%
Other adjustments		(6,564)	(0.2)	%
Effective tax rate	$	577,097	23.2	%

(1)

State taxes in California, Illinois, Minnesota, Michigan, New Jersey and New York make up the majority (greater than 50%) of the tax effect in this category.

(2)

Includes the impact of any tax credits.


		Year ended December 31,
		2024		2023
U.S. federal tax expense at statutory rates		$	417,786	$	434,381
State income taxes, net of federal tax benefit			38,850		39,416
Permanent differences			(21,298)		(27,235)
Stock-based compensation			5,266		(43,846)
Residual tax on undistributed foreign earnings			3,903		8,423
Other			(10,843)		(5,132)
Foreign rate differential			38,089		31,223
Valuation allowance			8,658		264
		$	480,411	$	437,494

Schedule of cash paid for income taxes, net of refunds received


	2025
Federal	$	321,000
State		51,407
Foreign
Brazil		38,351
Ireland		28,495
Other		110,865
	$	550,118

Schedule of components of the deferred tax assets (liabilities)


		2025		2024
Deferred tax assets:
Capitalization of inventory costs		$	11,326	$	13,253
Accrued compensation			16,722		13,941
Deferred revenue			48,208		53,802
Stock-based compensation			18,704		19,649
Net operating loss carryforward			25,632		33,159
Termination payments			32,920		39,489
Operating lease liabilities			13,078		13,201
Intangible assets			100,129		84,455
Accrued liabilities			21,824		16,725
Foreign tax credit carryforward			12,378		—
Other deferred tax assets			81,214		76,593
Total gross deferred tax assets		$	382,135	$	364,267

Deferred tax liabilities:
Amortization of intangibles		$	(107,473)	$	(93,511)
Operating lease ROU assets			(13,078)		(13,201)
Bang transaction gain			(11,672)		(11,740)
Depreciation			(56,344)		(57,168)
Other deferred tax liabilities			(13,749)		(12,741)
Total gross deferred tax liabilities		$	(202,316)	$	(188,361)

Valuation allowance			(45,245)		(38,665)

Net deferred tax assets		$	134,574	$	137,241

Schedule of roll-forward of the total gross unrecognized tax benefits, not including interest and penalties


	Gross Unrecognized Tax
	Benefits
Balance at December 31, 2022	$	3,020
Additions for tax positions related to the current year		—
Additions for tax positions related to the prior year		739
Decreases for tax positions related to prior years		(650)
Balance at December 31, 2023	$	3,109
Additions for tax positions related to the current year		—
Additions for tax positions related to the prior year		631
Decreases for tax positions related to prior years		(1,114)
Balance at December 31, 2024	$	2,626
Additions for tax positions related to the current year		—
Additions for tax positions related to the prior year		1,440
Decreases for tax positions related to prior years		(836)
Balance at December 31, 2025	$	3,230

RELATED PARTY TRANSACTIONS (Details) $ in Thousands	12 Months Ended
RELATED PARTY TRANSACTIONS (Details) $ in Thousands	Dec. 31, 2025 USD ($) director	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
RELATED PARTY TRANSACTIONS
Net sales	$ 8,294,343	$ 7,492,709	$ 7,140,027
Expenses incurred in connection with materials or services provided by a related party	2,212,841	2,118,584	1,840,851
Monster Energy Drinks
RELATED PARTY TRANSACTIONS
Net sales	7,665,871	6,864,597	6,555,089
Related Party \| Coca Cola Company
RELATED PARTY TRANSACTIONS
Purchases from related party	$ 25,800	28,000	29,100
Related Party \| Coca Cola Company \| Voting Interests
RELATED PARTY TRANSACTIONS
Related Party Ownership Interest (as a percent)	20.90%
Related Party \| TCCC Subsidiaries and TCCC Related parties
RELATED PARTY TRANSACTIONS
Commission expenses	$ 115,400	91,200	66,800
Related Party \| TCCC Subsidiaries
RELATED PARTY TRANSACTIONS
Net sales	251,000	216,400	137,900
Related Party \| TCCC Subsidiaries \| Monster Energy Drinks
RELATED PARTY TRANSACTIONS
Contract manufacturing expenses	54,200	41,900	35,400
Related Party \| TCCC Related Parties and TCCC Independent Bottlers \| Operating expense
RELATED PARTY TRANSACTIONS
Commission expenses	$ 46,600	37,300	32,000
Principal Owners
RELATED PARTY TRANSACTIONS
Number of directors \| director	1
Expenses incurred in connection with materials or services provided by a related party	$ 5,800	5,900	4,000
Business travelling expenses	$ 60	$ 50	$ 140

FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2025

FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES

Schedule of financial assets and liabilities recorded at fair value on a recurring basis


December 31, 2025	Level 1		Level 2		Level 3		Total
Cash	$	1,244,954	$	—	$	—	$	1,244,954
Money market funds		787,293		—		—		787,293
Commercial paper		—		90,419		—		90,419
Certificates of deposit		—		68,597		—		68,597
Municipal securities		—		1,882		—		1,882
U.S. treasuries		—		749,465		—		749,465
Corporate bonds		—		309,919		—		309,919
Foreign currency derivatives		—		(1,474)		—		(1,474)
Commodity derivatives		—		35,188		—		35,188
Total	$	2,032,247	$	1,253,996	$	—	$	3,286,243

Amounts included in:
Cash and cash equivalents	$	2,032,247	$	55,870	$	—	$	2,088,117
Short-term investments		—		677,084		—		677,084
Accounts receivable, net		—		33,667		—		33,667
Other assets		—		3,530		—		3,530
Investments		—		487,329		—		487,329
Accrued liabilities		—		(3,484)		—		(3,484)
Total	$	2,032,247	$	1,253,996	$	—	$	3,286,243


December 31, 2024	Level 1		Level 2		Level 3		Total
Cash	$	1,103,647	$	—	$	—	$	1,103,647
Money market funds		396,306		—		—		396,306
Certificates of deposit		—		33,334		—		33,334
Foreign currency derivatives		—		799		—		799
Commodity derivatives		—		(785)		—		(785)
Total	$	1,499,953	$	33,348	$	—	$	1,533,301

Amounts included in:
Cash and cash equivalents	$	1,499,953	$	33,334	$	—	$	1,533,287
Accounts receivable, net		—		5,991		—		5,991
Other assets		—		6		—		6
Accrued liabilities		—		(5,952)		—		(5,952)
Other liabilities		—		(31)		—		(31)
Total	$	1,499,953	$	33,348	$	—	$	1,533,301

STOCK-BASED COMPENSATION - Restricted stock units and performance share units (Details) - Restricted Stock Units, and Performance Share Units - $ / shares shares in Thousands	3 Months Ended				12 Months Ended
	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2025
Number of Shares
Non-vested at the beginning of the period (in shares)				1,682	1,682
Granted (in shares)	7	1	33	1,017
Vested (in shares)					(635)
Forfeited/cancelled (in shares)					(65)
Non-vested at the end of the period (in shares)	2,040				2,040
Weighted-Average Grant-Date Fair Value
Non-vested at the beginning of the period (in dollars per share)				$ 46.16	$ 46.16
Granted (in dollars per share)	$ 66.72	$ 61.59	$ 62.68	$ 55.08
Vested (in dollars per share)					39.42
Forfeited/cancelled (in dollars per share)					42.83
Non-vested at the end of the period (in dollars per share)	$ 53.15				$ 53.15

INVESTMENTS - Maturity Period (Details) $ in Thousands	Dec. 31, 2025 USD ($)
INVESTMENTS
Amortized Cost	$ 1,163,152
Fair Value	1,164,413
Commercial paper \| Less than 1 year
INVESTMENTS
Amortized Cost	90,418
Fair Value	90,419
Certificates of deposit \| Less than 1 year
INVESTMENTS
Amortized Cost	12,728
Fair Value	12,728
Municipal securities \| Less than 1 year
INVESTMENTS
Amortized Cost	674
Fair Value	675
Municipal securities \| Due 1 - 10 years
INVESTMENTS
Amortized Cost	1,206
Fair Value	1,207
U.S. treasuries \| Less than 1 year
INVESTMENTS
Amortized Cost	489,007
Fair Value	489,499
U.S. treasuries \| Due 1 - 10 years
INVESTMENTS
Amortized Cost	259,613
Fair Value	259,966
Corporate bonds \| Less than 1 year
INVESTMENTS
Amortized Cost	83,639
Fair Value	83,763
Corporate bonds \| Due 1 - 10 years
INVESTMENTS
Amortized Cost	225,867
Fair Value	$ 226,156

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 1,905,432	$ 1,509,048	$ 1,630,988
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	114,441	80,434	68,898
Non-cash lease expense	15,398	13,521	9,043
Loss on disposal of property and equipment	2,781	3,328	166
Gain on Bang Transaction			(45,382)
Impairment of goodwill and other intangibles	38,411	127,098	38,700
Impairment of property and equipment	12,029	8,184	4,336
Stock-based compensation	125,687	90,985	68,836
Deferred income taxes	4,210	(11,705)	2,040
Effect on cash of changes in operating assets and liabilities net of acquisition:
Accounts receivable	(300,600)	(93,915)	(163,158)
Inventories	(34,918)	211,503	7,898
Prepaid expenses and other assets	(39,307)	8,959	(10,215)
Prepaid income taxes	(21,094)	3,062	(18,833)
Accounts payable	78,460	(61,491)	112,786
Accrued liabilities	81,341	18,371	(10,393)
Accrued promotional allowances	98,266	9,736	8,418
Accrued compensation	17,801	5,947	13,398
Income taxes payable	27,779	9,438	1,748
Other liabilities	(4,935)	13,390	22,951
Deferred revenue	(23,005)	(17,360)	(24,472)
Net cash provided by operating activities	2,098,177	1,928,533	1,717,753
CASH FLOWS FROM INVESTING ACTIVITIES:
Sales of available-for-sale investments	105,794	1,377,915	2,029,737
Purchases of available-for-sale investments	(1,268,944)	(342,121)	(1,620,718)
Acquisition of Bang Energy			(363,385)
Purchases of property and equipment	(132,275)	(264,074)	(221,428)
Proceeds from sale of property and equipment	4,299	2,732	2,520
Additions to intangibles	(25,254)	(42,360)	(13,296)
Decrease (increase) in other assets	(398)	1,635	(6,825)
Net cash (used in) provided by investing activities	(1,316,778)	733,727	(193,395)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments on short-term debt	(10,344)	(8,223)	(13,914)
Borrowings on credit facilities		750,000
Payments on credit facilities	(375,000)	(375,000)
Payments for debt issuance costs		(2,904)
Issuance of common stock	164,568	78,973	130,267
Purchases of common stock held in treasury	(103,646)	(3,771,875)	(658,952)
Net cash used in financing activities	(324,422)	(3,329,029)	(542,599)
Effect of exchange rate changes on cash and cash equivalents	97,853	(97,619)	8,775
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	554,830	(764,388)	990,534
CASH AND CASH EQUIVALENTS, beginning of year	1,533,287	2,297,675	1,307,141
CASH AND CASH EQUIVALENTS, end of year	2,088,117	1,533,287	2,297,675
Cash paid during the year for:
Interest	$ 5,337	$ 25,270	$ 363

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2025
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation	Basis of Presentation – The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of the Company and its consolidated subsidiaries.
Principles of Consolidation	Principles of Consolidation – The Company consolidates all entities that it controls by ownership of a majority voting interest. All intercompany balances and transactions have been eliminated in consolidation.
Business Combinations	Business Combinations – Business acquisitions are accounted for in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 805 “Business Combinations”. FASB ASC 805 requires the reporting entity to identify the acquirer, determine the acquisition date, recognize and measure the identifiable tangible and intangible assets acquired, the liabilities assumed and any non-controlling interest in the acquired entity, and recognize and measure goodwill or a gain from the purchase. The acquiree’s results are included in the Company’s consolidated financial statements from the date of acquisition. Assets acquired and liabilities assumed are recorded at their fair values and the excess of the purchase price over the amounts assigned is recorded as goodwill. Adjustments to fair value assessments are recorded to goodwill over the measurement period (not longer than twelve months). The acquisition method also requires that acquisition-related transaction and post-acquisition restructuring costs be charged to expense and requires the Company to recognize and measure certain assets and liabilities including those arising from contingencies and contingent consideration in a business combination.
Cash and Cash Equivalents	Cash and Cash Equivalents – The Company considers all highly liquid investments with an original maturity of three months or less from date of purchase to be cash equivalents. Throughout the year, the Company has had amounts on deposit at financial institutions that exceed the federally insured limits. The Company has not experienced any loss as a result of these deposits and does not expect to incur any losses in the future.
Investments	Investments – The Company’s investments in debt securities are classified as either held-to-maturity, available-for-sale or trading, in accordance with FASB ASC 320. Held-to-maturity securities are those securities that the Company has the positive intent and ability to hold until maturity. Trading securities are those securities that the Company intends to sell in the near term. All other securities not included in the held-to-maturity or trading category are classified as available-for-sale. Held-to-maturity securities are recorded at amortized cost which approximates fair market value. Trading securities are carried at fair value with unrealized gains and losses charged to earnings. Available-for-sale securities are carried at fair value with unrealized gains and losses recorded within accumulated other comprehensive income (loss) as a separate component of stockholders’ equity. FASB ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. FASB ASC 820 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs, where available. Under FASB ASC 326-30-35, a security is considered to be impaired if the fair value of the security is less than its amortized cost basis. Where the decline in fair value below the amortized cost basis has resulted from a credit loss, the Company will record an impairment relating to credit losses through an allowance for credit losses. The allowance is limited by the amount that the fair value is less than the amortized cost basis. Impairment that has not been recorded through an allowance for credit losses is recorded through other comprehensive income (loss), net of applicable taxes. The Company evaluates whether the decline in fair value of its investments has resulted from credit loss or other factors at each quarter-end. This evaluation consists of a review by management and includes market pricing information and maturity dates for the securities held, market and economic trends in the industry and information on the issuer’s financial condition and, if applicable, information on the guarantors’ financial condition. Factors considered in determining whether an impairment has resulted from credit loss or other factors include the length of time and extent to which the investment’s fair value has been less than its cost basis, the financial condition and near-term prospects of the issuer and guarantors, including any specific events which may influence the operations of the issuer and the Company’s intent and ability to retain the investment for a reasonable period of time sufficient to allow for any anticipated recovery of fair value.
Accounts Receivable	Accounts Receivable – The Company evaluates the collectability of its trade accounts receivable based on a number of factors. In circumstances where the Company becomes aware of a specific customer’s inability to meet its financial obligations to the Company, a specific reserve for bad debts is estimated and recorded, which reduces the recognized receivable to the estimated amount the Company believes will ultimately be collected. In addition to specific customer identification of potential bad debts, bad debt charges are recorded based on the Company’s recent loss history and an overall assessment of past due trade accounts receivable outstanding. In accordance with FASB ASC 210-20-45, in its consolidated balance sheets, the Company has presented accounts receivable, net of promotional allowances, only for those customers that it allows net settlement. All other accounts receivable and related promotional allowances are shown on a gross basis.
Inventories	Inventories – Inventories are valued at the lower of first-in, first-out, cost or market value (net realizable value).
Property and Equipment	Property and Equipment – Property and equipment are stated at cost. Depreciation of furniture and fixtures, office and computer equipment, equipment, real property and vehicles is based on their estimated useful lives (generally five to thirty years) and is calculated using the straight-line method. Amortization of leasehold improvements is based on the lesser of their estimated useful lives or the terms of the related leases and is calculated using the straight-line method. Normal repairs and maintenance costs are expensed as incurred. Expenditures that materially increase values or extend useful lives are capitalized. The related costs and accumulated depreciation of disposed assets are eliminated and any resulting gain or loss on disposition is included in net income.
Goodwill	Goodwill – The Company records goodwill when the consideration paid for an acquisition exceeds the fair value of net tangible and intangible assets acquired, including related tax effects. Goodwill is not amortized; instead, goodwill is tested for impairment on an annual basis, or more frequently if the Company believes indicators of impairment exist. The Company first assesses qualitative factors to determine whether it is more-likely-than-not that the fair value of a reporting unit is less than its carrying value. If the Company reasonably determines that it is more-likely-than-not that the fair value is less than the carrying value, the Company performs its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. The Company will recognize an impairment for the amount by which the carrying amount exceeds a reporting unit’s fair value. For the years ended December 31, 2025 and 2023 there were no goodwill impairments recorded. For the year ended December 31, 2024, goodwill impairment charges of $86.3 million were recorded related to the Alcohol Brands reporting unit with no goodwill balance remaining in the Alcohol Brands reporting unit following the impairment charges. As of December 31, 2025, the accumulated goodwill impairment balance was $86.3 million related entirely to the Alcohol Brands reporting unit.
Other Intangibles	Other Intangibles – Other Intangibles are comprised primarily of trademarks that represent the Company’s exclusive ownership of the Monster Energy®, ®, Monster Energy Ultra®, Unleash the Beast!®, Rehab Monster®, Java Monster®, Punch Monster®, Juice Monster®, Monster Energy® Nitro, Reign Total Body Fuel®, Reign Storm®, Predator®, Fury®, NOS®, Full Throttle®, Burn®, Mother®, Nalu®, Ultra Energy®, Play® and Power Play® (stylized), Relentless®, BPM®, BU®, Samurai®, Bang Energy®, Oskar Blues Brewery®, Cigar City®, Deep Ellum Brewing Co®, Perrin Brewing Company®, Squatters®, Wasatch®, Jai Alai®, Dale’s Pale Ale®, Dallas Blonde®, Wild Basin®, Dale’s®, Mama’s Little Yella Pils®, Hop Rising®, The Beast^TM, The Beast Unleashed®, Beast® Tea, Blind Lemon® and Blinder Lemon^TM trademarks, all used in connection with the manufacture, sale and distribution of beverages. The Company also owns a number of other trademarks, flavors and formulas in the United States, as well as in a number of countries around the world. In accordance with FASB ASC 350, intangible assets with indefinite lives are not amortized but instead are measured for impairment at least annually, or when events indicate that an impairment exists. The Company calculates impairment as the excess of the carrying value of its indefinite-lived assets over their estimated fair value. If the carrying value exceeds the estimate of fair value a write-down is recorded. The Company amortizes intangible assets with finite useful lives over their respective useful lives. External legal costs incurred in the defense of the Company’s trademarks are capitalized when the future economic benefit of the intangible asset will be increased, and a successful defense is probable. In the event of a successful defense, the settlements received are netted against the external legal costs that were capitalized. The external legal costs incurred and settlements received may not occur in the same period. For the year ended December 31, 2025, no impairment charges were recorded to indefinite-lived intangibles. For the years ended December 31, 2024 and 2023, impairment charges of $40.8 million and $38.7 million, respectively, were recorded to indefinite-lived intangibles. The Company presently has more than 21,600 registered trademarks and pending applications in various countries worldwide, and the Company applies for new trademarks on an ongoing basis. The Company regards its trademarks, service marks, copyrights, domain names, trade dress and other intellectual property as very important to its business. The Company considers Monster®, Monster Energy®, ®, Monster Energy Ultra®, Unleash the Beast!®, Rehab Monster®, Java Monster®, Punch Monster®, Juice Monster®, Monster Energy® Nitro, Reign Total Body Fuel®, Reign Storm®, BU®, Nalu®, NOS®, Full Throttle®, Burn®, Mother®, Ultra Energy®, Play® and Power Play® (stylized), Relentless®, Predator®, Fury®, Live+®, BPM®, Samurai®, Bang Energy®, Oskar Blues Brewery®, Cigar City®, Deep Ellum Brewing Co®, Perrin Brewing Company®, Squatters®, Wasatch®, Jai Alai®, Dale’s Pale Ale®, Dallas Blonde®, Wild Basin®, Dale’s®, Hop Rising®, The Beast^TM, The Beast Unleashed®, Beast® Tea, Blind Lemon® and Blinder Lemon^TM to be its core trademarks. The Company also owns the intellectual property of its most important flavors for certain of its Monster Energy® Brand energy drinks in perpetuity.
Long-Lived Assets	Long-Lived Assets – Management regularly reviews property and equipment and other long-lived assets, including finite-lived intangible assets, for possible impairment. This review occurs annually, or more frequently if events or changes in circumstances indicate the carrying amount of the asset may not be recoverable. If there is indication of impairment, management then prepares an estimate of future cash flows (undiscounted and without interest charges) expected to result from the use of the asset and its eventual disposition. If these cash flows are less than the carrying amount of the asset, an impairment loss is recognized to write down the asset to its estimated fair value. The fair value is estimated using the present value of the future cash flows discounted at a rate commensurate with management’s estimates of the business risks. Preparation of estimated expected future cash flows is inherently subjective and is based on management’s best estimate of assumptions concerning expected future conditions. For the years ended December 31, 2025, 2024 and 2023, impairment charges of $53.7 million, $8.2 million and $4.3 million, respectively, were recognized on long-lived assets, consisting of property and equipment and finite-lived intangible assets related to the Company’s alcohol products. Long-lived assets held for sale are recorded at the lower of their carrying amount or fair value less cost to sell.
Foreign Currency Translation and Transactions	Foreign Currency Translation and Transactions – The accounts of the Company’s foreign subsidiaries are translated in accordance with FASB ASC 830. Foreign currency transaction gains and losses are recognized in other income (expense), net, at the time they occur. Net foreign currency exchange gains or losses resulting from the translation of assets and liabilities of foreign subsidiaries whose functional currency is not the U.S. dollar are recorded as a part of accumulated other comprehensive income (loss) in stockholders’ equity. Unrealized foreign currency exchange gains and losses on certain intercompany transactions that are of a long-term investment nature (i.e., settlement is not planned or anticipated in the foreseeable future) are also recorded in accumulated other comprehensive income (loss) in stockholders’ equity. During the years ended December 31, 2025, 2024 and 2023, the Company entered into forward currency exchange contracts with financial institutions to create an economic hedge to specifically manage a portion of the foreign exchange risk exposure associated with certain consolidated subsidiaries non-functional currency denominated assets and liabilities. All foreign currency exchange contracts outstanding as of December 31, 2025 have terms of three months or less. The Company does not enter into forward currency exchange contracts for speculation or trading purposes. The Company generally does not designate its foreign currency exchange contracts as hedge transactions under FASB ASC 815. Therefore, gains and losses on the Company’s foreign currency exchange contracts are recognized in interest and other income, net, in the consolidated statements of income, and are largely offset by the changes in the fair value of the underlying economically hedged item. For the years ended December 31, 2025, 2024 and 2023, aggregate foreign currency transaction gains (losses), including the gains or losses on forward currency exchange contracts, amounted to $(11.9) million, $(26.4) million and $(60.2) million, respectively, and have been recorded in interest and other income, net, in the accompanying consolidated statements of income.
Revenue Recognition	Revenue Recognition – See Note 2.
Cost of Sales	Cost of Sales – Cost of sales consists of the costs of flavors, concentrates, supplement ingredients and/or beverage bases, the costs of raw materials utilized in the manufacture of beverages, co-packing fees, repacking fees, in-bound freight charges, as well as internal transfer costs, warehouse expenses incurred prior to the manufacture of the Company’s finished products and certain quality control costs. In addition, the Company includes in costs of sales certain costs such as depreciation, amortization and payroll costs that relate to the direct manufacture by the Company of certain flavors and concentrates. Raw materials account for the largest portion of cost of sales. Raw materials include cans, bottles, other containers, flavors, ingredients and packaging materials.
Operating Expenses	Operating Expenses – Operating expenses include selling expenses such as distribution expenses to transport products to customers and warehousing expenses after manufacture, as well as expenses for advertising, sampling and in-store demonstration costs, costs for merchandise displays, point-of-sale materials and premium items, sponsorship expenses, other marketing expenses and design expenses. Operating expenses also include such costs as payroll costs, travel costs, professional service fees including legal fees, termination payments made to certain of the Company’s prior distributors, impairment charges on goodwill and other intangible assets, depreciation and other general and administrative costs.
Freight-Out Costs	Freight-Out Costs – For the years ended December 31, 2025, 2024 and 2023, freight-out costs amounted to $237.0 million, $224.2 million and $223.6 million, respectively, and have been recorded in operating expenses in the accompanying consolidated statements of income.
Advertising and Promotional Expenses	Advertising and Promotional Expenses – The Company accounts for advertising production costs by expensing such production costs the first time the related advertising takes place. A significant amount of the Company’s promotional expenses result from payments under sponsorship and endorsement contracts. Accounting for sponsorship and endorsement payments is based upon specific contract provisions. Generally, sponsorship and endorsement payments are expensed on a straight-line basis over the term of the contract after giving recognition to the periodic performance compliance provisions of the contracts. Advertising and promotional expenses, including, but not limited to, production costs amounted to $599.9 million, $584.1 million and $528.9 million for the years ended December 31, 2025, 2024 and 2023, respectively. Advertising and promotional expenses that are not subject to FASB ASC 606 are included in operating expenses in the accompanying consolidated statements of income.
Income Taxes	Income Taxes – The Company utilizes the liability method of accounting for income taxes as set forth in FASB ASC 740. Under the liability method, deferred taxes are determined based on the temporary differences between the financial statement and tax basis of assets and liabilities using tax rates expected to be in effect during the years in which the basis differences reverse. A valuation allowance is recorded when it is more likely than not that some of the deferred tax assets will not be realized. In determining the need for valuation allowances the Company considers projected future taxable income and the availability of tax planning strategies. If in the future the Company determines that it would not be able to realize its recorded deferred tax assets, an increase in the valuation allowance would be recorded, decreasing earnings in the period in which such determination is made. The Company assesses its income tax positions and records tax benefits for all years subject to examination based upon the Company’s evaluation of the facts, circumstances and information available at the reporting date. For those tax positions where there is a greater than 50% likelihood that a tax benefit will be sustained, the Company has recorded the largest amount of tax benefit that may potentially be realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For those income tax positions where there is less than 50% likelihood that a tax benefit will be sustained, no tax benefit has been recognized in the financial statements.
Stock-Based Compensation	Stock-Based Compensation – The Company accounts for stock-based compensation under the provisions of FASB ASC 718. The Company records compensation expense for employee stock options based on the estimated fair value of the options on the date of grant using the Black-Scholes-Merton option pricing formula. The Company records compensation expense for non-employee stock options based on the estimated fair value of the options as of the earlier of (1) the date at which a commitment for performance by the non-employee to earn the stock option is reached or (2) the date at which the non-employee’s performance is complete, using the Black-Scholes-Merton option pricing formula. Stock-based compensation cost for restricted stock units and performance share units is measured based on the closing fair market value of the Company’s common stock at the date of grant. In the event that the Company has the option and intent to settle a restricted stock unit or performance share unit in cash, the award is classified as a liability and revalued at each balance sheet date. See Note 13.
Net Income Per Common Share	Net Income Per Common Share – In accordance with FASB ASC 260, net income per common share, on a basic and diluted basis, is presented for all periods. Basic net income per share is computed by dividing net income by the weighted average number of common shares outstanding during each period. Diluted net income per share is computed by dividing net income by the weighted average number of common and dilutive common equivalent shares outstanding. The calculation of common equivalent shares assumes the exercise of dilutive stock options, net of assumed treasury share repurchases at average market prices, as applicable.
Concentration of Risk	Concentration of Risk – Certain of the Company’s products utilize components (raw materials and/or co-packing services) from a limited number of sources. A disruption in the supply of such components could significantly affect the Company’s revenues from those products, as alternative sources of such components may not be available at commercially reasonable rates or within a reasonably short time period. The Company continues to endeavor to secure the availability of alternative sources for such components and minimize the risk of any disruption in production. The Coca-Cola Company (“TCCC”), through certain wholly-owned subsidiaries (the “TCCC Subsidiaries”), accounted for approximately 3%, 3% and 2% of the Company’s net sales for the years ended December 31, 2025, 2024 and 2023, respectively. Coca-Cola Europacific Partners accounted for approximately 15%, 14% and 13% of the Company’s net sales for the years ended December 31, 2025, 2024 and 2023, respectively. Coca-Cola Consolidated, Inc. accounted for approximately 10% of the Company’s net sales for each of the years ended December 31, 2025, 2024 and 2023.
Credit Risk	Credit Risk – The Company sells its products nationally and internationally, primarily to bottlers and full service beverage distributors (“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. The Company performs ongoing credit evaluations of its customers and generally does not require collateral. The Company maintains reserves for estimated credit losses, and historically, such losses have been within management’s expectations.
Fair Value of Financial Instruments	Fair Value of Financial Instruments – The carrying value of the Company’s financial instruments, including cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities, approximate fair value due to the relatively short maturity of the respective instruments.
Use of Estimates	Use of Estimates – The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Recent Accounting Pronouncements	Recent Accounting Pronouncements – In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in this update primarily require more detailed disclosures related to the rate reconciliation and income taxes paid. The amendments in ASU 2023-09 are effective for fiscal years beginning after December 15, 2024. The Company adopted ASU 2023-09 on a prospective basis during the year ended December 31, 2025, which did not have a material impact on the Company’s financial position, results of operations and liquidity. In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses. The amendments in this update require the Company to disaggregate key expense categories such as purchases of inventory, employee compensation, depreciation and intangible asset amortization, within its financial statements. The amendments in ASU 2024-03 are effective for fiscal years beginning after December 15, 2026. Early adoption is permitted. The Company is evaluating the impact ASU 2024-03 will have on its consolidated financial statements. In September 2025, the FASB issued ASU 2025-06, Targeted Improvements to the Accounting for Internal-Use Software. The amendments in this update require internal-use software development cost capitalization to begin when both of the following occur: management has authorized and committed to funding the software project, and it is probable that the project will be completed and that the software will be used to perform its intended function. The amendments also eliminate the accounting considerations of software development stages. The amendments in ASU 2025-06 are effective for fiscal years beginning after December 15, 2027. Early adoption is permitted. The Company is evaluating the impact ASU 2025-06 will have on its consolidated financial statements.

PROPERTY AND EQUIPMENT, Net (Tables)

12 Months Ended

Dec. 31, 2025

PROPERTY AND EQUIPMENT, Net

Schedule of property and equipment


		2025		2024
Land		$	188,889	$	178,056
Leasehold improvements			33,456		31,132
Furniture and fixtures			13,263		11,416
Office and computer equipment			25,191		28,029
Equipment			611,269		561,408
Buildings			410,189		280,663
Vehicles			83,066		72,564
Assets under construction			55,252		178,980
			1,420,575		1,342,248
Less: accumulated depreciation and amortization			(339,031)		(295,224)
		$	1,081,544	$	1,047,024

INCOME TAXES - Classification (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Domestic and foreign components of company's income before income taxes
Domestic	$ 2,302,984	$ 1,540,619	$ 1,809,418
Foreign	179,545	448,840	259,064
INCOME BEFORE PROVISION FOR INCOME TAXES	2,482,529	1,989,459	2,068,482
Intercompany royalties, management fees and interest charges from the Company's domestic to foreign entities	110,300	108,400	101,400
Current:
Federal	308,032	273,825	259,911
State	61,927	55,087	47,079
Foreign	202,791	145,118	99,563
Total current provision	572,750	474,030	406,553
Deferred:
Federal	304	11,395	42,237
State	(1,228)	(900)	2,376
Foreign	(1,309)	(12,772)	(13,936)
Total deferred provision	(2,233)	(2,277)	30,677
Valuation allowance	6,580	8,658	264
Effective tax rate	$ 577,097	$ 480,411	$ 437,494

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income, as reported	$ 1,905,432	$ 1,509,048	$ 1,630,988
Other comprehensive income (loss), net of tax:
Change in foreign currency translation adjustment	161,871	(140,941)	24,241
Change in net unrealized gain (loss) on available-for-sale investments	1,263	758	5,085
Change in net gain (loss) on commodity derivatives	45,512	(3,967)	4,410
Other comprehensive income (loss)	208,646	(144,150)	33,736
Comprehensive income	$ 2,114,078	$ 1,364,898	$ 1,664,724

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
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+ Details

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Our Board recognizes the importance of maintaining the trust and confidence of our customers, consumers, employees, partners, and other stakeholders and oversees cybersecurity matters. Management plays a central role in our cybersecurity program, which is a critical component of our enterprise risk management and includes the implementation of controls generally aligned with industry best practices and applicable frameworks to identify threats, deter attacks and protect our Company assets. We also include cybersecurity training as part of our mandatory, periodic employee training program. In addition, we engage a range of cybersecurity experts, including cybersecurity auditors, assessors, and consultants, in evaluating and testing our security controls and processes. These partnerships enable us to leverage specialized knowledge and insights to align our cybersecurity strategies and processes with industry best practices. Our collaboration with these third parties includes regular audits, threat assessments, and consultations on potential security enhancements.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Management plays a central role in our cybersecurity program, which is a critical component of our enterprise risk management and includes the implementation of controls generally aligned with industry best practices and applicable frameworks to identify threats, deter attacks and protect our Company assets. We also include cybersecurity training as part of our mandatory, periodic employee training program. In addition, we engage a range of cybersecurity experts, including cybersecurity auditors, assessors, and consultants, in evaluating and testing our security controls and processes. These partnerships enable us to leverage specialized knowledge and insights to align our cybersecurity strategies and processes with industry best practices. Our collaboration with these third parties includes regular audits, threat assessments, and consultations on potential security enhancements.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our Chief Information Officer and his team are responsible for leading our cybersecurity strategy, policy, standards, architecture, and processes. Our cybersecurity leadership team has more than 40 years of combined experience in cyber and information security matters. Our cybersecurity program is also supported by our Chief Compliance Officer and other members of senior management. We conduct periodic reviews of our program by internal and external experts with the results of those reviews reported to senior management and the Board. Moreover, pursuant to our Audit Committee Charter, as amended and restated, the Audit Committee of our Board (the “Audit Committee”) reviews our cybersecurity matters with our Chief Information Officer at each of its quarterly meetings. We have procedures in place for addressing potential cybersecurity risks when selecting and managing our relationships with third-party service providers and other business partners. For example, we require certain third-party service providers and other business partners to provide us with SOC II reports that demonstrate alignment with data and cybersecurity standards. We also actively engage with industry participants as part of our continuing efforts to evolve our cybersecurity governance. Our cybersecurity team promptly informs our Incident Response Team of potentially material cybersecurity incidents, including with respect to such incidents involving our third-party service providers. The Chief Information Officer briefs our Chief Executive Officer and reports to the Audit Committee. The Audit Committee, in turn and if appropriate, briefs the Board on, among other matters, potentially material cybersecurity incidents, our cyber risks and threats, the status of projects to strengthen our enterprise systems (such as employee cybersecurity training), an assessment of the cybersecurity program, and the emerging threat landscape. The Cybersecurity and Compliance Steering Committee, comprised of senior members of management, convenes on a quarterly basis to review matters related to strengthening our cybersecurity posture and providing cybersecurity governance. As of the date of this filing, we have not identified any cybersecurity threats or incidents that have materially affected or are reasonably likely to materially affect our business strategy, results of operations, or financial condition. However, there can be no assurance that we, or our third-party service providers and other business partners, will not experience a cybersecurity threat or incident in the future that could materially adversely affect our business strategy, results of operations, or financial condition. For additional discussion regarding cybersecurity risks and potential related impacts on us, see “Part I, Item 1A – Risk Factors – Our use of information technology exposes us to the risk of cybersecurity incidents and other interruptions that could disrupt our business operations and adversely impact our reputation and results of operations,” “Cybersecurity incidents, business interruptions, and compliance issues experienced by third parties could materially and adversely affect our financial condition, results of operation and cash flows” and “If we fail to comply with data privacy and personal data protection laws and emerging cybersecurity laws, we could be subject to adverse publicity, government enforcement actions and/or private litigation, which may negatively impact our business and operating results.”
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Audit Committee
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our cybersecurity team promptly informs our Incident Response Team of potentially material cybersecurity incidents, including with respect to such incidents involving our third-party service providers. The Chief Information Officer briefs our Chief Executive Officer and reports to the Audit Committee. The Audit Committee, in turn and if appropriate, briefs the Board on, among other matters, potentially material cybersecurity incidents, our cyber risks and threats, the status of projects to strengthen our enterprise systems (such as employee cybersecurity training), an assessment of the cybersecurity program, and the emerging threat landscape.
Cybersecurity Risk Role of Management [Text Block]	Our Chief Information Officer and his team are responsible for leading our cybersecurity strategy, policy, standards, architecture, and processes. Our cybersecurity leadership team has more than 40 years of combined experience in cyber and information security matters. Our cybersecurity program is also supported by our Chief Compliance Officer and other members of senior management. We conduct periodic reviews of our program by internal and external experts with the results of those reviews reported to senior management and the Board. Moreover, pursuant to our Audit Committee Charter, as amended and restated, the Audit Committee of our Board (the “Audit Committee”) reviews our cybersecurity matters with our Chief Information Officer at each of its quarterly meetings. We have procedures in place for addressing potential cybersecurity risks when selecting and managing our relationships with third-party service providers and other business partners. For example, we require certain third-party service providers and other business partners to provide us with SOC II reports that demonstrate alignment with data and cybersecurity standards. We also actively engage with industry participants as part of our continuing efforts to evolve our cybersecurity governance. Our cybersecurity team promptly informs our Incident Response Team of potentially material cybersecurity incidents, including with respect to such incidents involving our third-party service providers. The Chief Information Officer briefs our Chief Executive Officer and reports to the Audit Committee. The Audit Committee, in turn and if appropriate, briefs the Board on, among other matters, potentially material cybersecurity incidents, our cyber risks and threats, the status of projects to strengthen our enterprise systems (such as employee cybersecurity training), an assessment of the cybersecurity program, and the emerging threat landscape. The Cybersecurity and Compliance Steering Committee, comprised of senior members of management, convenes on a quarterly basis to review matters related to strengthening our cybersecurity posture and providing cybersecurity governance.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Chief Information Officer
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our cybersecurity leadership team has more than 40 years of combined experience in cyber and information security matters.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	We conduct periodic reviews of our program by internal and external experts with the results of those reviews reported to senior management and the Board.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

INCOME TAXES - Cash paid for income taxes, net of refunds received (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
INCOME TAXES
Federal	$ 321,000
State	51,407
Cash paid for income taxes	550,118	$ 476,200	$ 423,200
Brazil
INCOME TAXES
Foreign	38,351
Ireland
INCOME TAXES
Foreign	28,495
Other
INCOME TAXES
Foreign	$ 110,865

DEBT

12 Months Ended

Dec. 31, 2025

DEBT

DEBT

9.DEBT

The Company repaid the outstanding balance on long-term debt in April 2025. As of December 31, 2024, the Company’s long-term debt consisted of the following:


	December 31,
	2024
Term loan	$	375,000
Revolving credit facility		—
Total debt		375,000
Less: unamortized debt issuance costs		(1,049)
Total debt, net of unamortized debt issuance costs		373,951
Less: current portion of long-term debt		—
Long-term debt	$	373,951

In May 2024, the Company entered into a credit agreement with JPMorgan Chase Bank, N.A., as administrative agent, and certain other lenders (the “Original Credit Agreement”), which provided for senior unsecured credit facilities in an aggregate principal amount of $1.50 billion (collectively, the “Credit Facilities”). The Credit Facilities previously consisted of a $750.0 million term loan (the “Term Loan”) and up to $750.0 million in multicurrency revolving loan commitments (the “Revolving Credit Facility”). The Term Loan was repaid in April 2025 with no additional borrowings permitted. In addition, pursuant to Amendment No. 1 to the Original Credit Agreement, dated as of October 17, 2025, among the Company, JPMorgan Chase Bank, N.A., as administrative agent, and certain other lenders (the “Amended Credit Agreement”), the Company’s aggregate borrowing capacity under the Revolving Credit Facility has been reduced to $500.0 million. Borrowings under the Revolving Credit Facility bear interest at a variable rate per annum equal to the applicable rate plus margin (as defined in the Amended Credit Agreement). Borrowings may be repaid at any time during the term of the Revolving Credit Facility and may be reborrowed prior to the maturity date, which is set to occur in May 2029. As of December 31, 2025, no borrowings were outstanding under the Credit Facilities, and the Company was in compliance with all covenants under the Amended Credit Agreement.

Additionally, the Company has a line of credit of up to $15.0 million with HSBC Bank (China) Company Limited, Shanghai Branch. As of December 31, 2025, no amount was outstanding on this line of credit.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

COMMITMENTS AND CONTINGENCIES - Contractual obligations (Details) $ in Thousands	Dec. 31, 2025 USD ($)
COMMITMENTS AND CONTINGENCIES.
2026	$ 318,009
2027	116,925
2028	75,540
2029	48,902
2030	10,420
2031 and thereafter	437
Total Contractual Obligations	$ 570,233

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Other Intangibles (Details) $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($) item	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Impairment charges of intangibles \| $	$ 0.0	$ 40.8	$ 38.7
Minimum
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Number of registered trademarks held \| item	21,600

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Goodwill impairment	$ 0	$ 86,298	$ 0
Goodwill	1,331,643	1,331,643	1,417,941
Accumulated goodwill impairment balances	86,300	86,300
Alcohol Brands
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Goodwill impairment		86,298
Goodwill	0	$ 0	$ 86,298
Accumulated goodwill impairment balances	$ 86,300

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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- Definition

Amount of impairment loss from asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References + Details

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Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

+ Details

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands	Dec. 31, 2025	Dec. 31, 2024
CONSOLIDATED BALANCE SHEETS
Common stock, par value (in dollars per share)	$ 0.005	$ 0.005
Common stock, shares authorized	5,000,000	5,000,000
Common stock, shares issued	1,132,906	1,126,329
Common stock, shares outstanding	978,113	973,079
Common stock in treasury, shares	154,793	153,250

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2025

COMMITMENTS AND CONTINGENCIES.

COMMITMENTS AND CONTINGENCIES

10.COMMITMENTS AND CONTINGENCIES

Contractual Obligations – The Company had the following contractual obligations related primarily to sponsorships and other marketing activities as of December 31, 2025:


Year Ending December 31:
2026		$	318,009
2027			116,925
2028			75,540
2029			48,902
2030			10,420
2031 and thereafter			437
		$	570,233

Purchase Commitments – The Company had purchase commitments aggregating approximately $216.6 million at December 31, 2025, which represented commitments made by the Company and its subsidiaries to various suppliers of raw materials for the production of its products. These obligations vary in terms but are generally satisfied within one year.

The Company purchases various raw material items, including, but not limited to, flavors, ingredients, supplement ingredients, containers, milk, glucose, sucralose and cream, from a limited number of suppliers. An interruption in supply from any of such resources could result in the Company’s inability to produce certain products for limited or possibly extended periods of time. The aggregate value of purchases from suppliers of such limited resources described above for the years ended December 31, 2025, 2024 and 2023 was $661.6 million, $577.0 million and $590.5 million, respectively.

Guarantees – The Company from time to time enters into certain types of contracts that contingently require the Company to indemnify parties against third-party claims. These contracts primarily relate to: (i) certain agreements with the Company’s officers, directors and employees under which the Company may be required to indemnify such persons for liabilities arising out of their employment relationship, (ii) certain distribution or purchase agreements under which the Company may have to indemnify the Company’s customers from any claim, liability or loss arising out of any actual or alleged injury or damages suffered in connection with the consumption or purchase of the Company’s products or the use of Company trademarks, and (iii) certain real estate leases, under which the Company may be required to indemnify property owners for liabilities and other claims arising from the Company’s use of the applicable premises. The terms of such obligations vary and typically, a maximum obligation is not explicitly stated. Generally, the Company believes that its insurance coverage is adequate to cover any resulting liabilities or claims.

Litigation – From time to time in the normal course of business, the Company is named in litigation, including mediation, arbitration, administrative proceedings, labor and employment matters, personal injury matters, consumer class actions, intellectual property matters, data privacy matters, and claims, including from prior distributors. Although it is not possible to predict the ultimate outcome of such litigation, based on the facts known to the Company, management believes that such litigation in aggregate will likely not have a material adverse effect on the Company’s financial position or results of operations.

The Company evaluates, on a quarterly basis, developments in legal proceedings and other matters that could cause an increase or decrease in the amount of the liability that is accrued, if any, and any related insurance reimbursements. As of December 31, 2025 and 2024, $36.2 million and $16.8 million, respectively, of loss contingencies were included in the Company’s accompanying consolidated balance sheets.

Schedule II - Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2025

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS

Schedule II - Valuation and Qualifying Accounts


	Balance at		Charged to				Balance at
	beginning		cost and				end of
Description	of period		expenses		Deductions		period
Allowance for doubtful accounts, sales returns and cash discounts:

2025	$	7,124	$	19,303	$	(20,427)	$	6,000
2024	$	7,638	$	20,695	$	(21,209)	$	7,124
2023	$	10,460	$	20,991	$	(23,813)	$	7,638

Allowance on deferred tax assets and unrecognized tax benefits:

2025	$	41,968	$	7,417	$	—	$	49,385
2024	$	33,692	$	8,276	$	—	$	41,968
2023	$	33,166	$	526	$	—	$	33,692

FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES

12 Months Ended

Dec. 31, 2025

FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES

FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES

4.FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES

ASC 820, “Fair Value Measurement”, provides a framework for measuring fair value and requires disclosures regarding fair value measurements. ASC 820 defines fair value as the price that would be received on the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 also establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs, where available. The three levels of inputs required by the standard that the Company uses to measure fair value are summarized below.

●

Level 1: Quoted prices in active markets for identical assets or liabilities.

●

Level 2: Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities.

●

Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

ASC 820 requires the use of observable market inputs (quoted market prices) when measuring fair value and requires a Level 1 quoted price to be used to measure fair value whenever possible.

The following tables present the fair value of the Company’s financial assets and liabilities that are recorded at fair value on a recurring basis, segregated among the appropriate levels within the fair value hierarchy at:


December 31, 2025	Level 1		Level 2		Level 3		Total
Cash	$	1,244,954	$	—	$	—	$	1,244,954
Money market funds		787,293		—		—		787,293
Commercial paper		—		90,419		—		90,419
Certificates of deposit		—		68,597		—		68,597
Municipal securities		—		1,882		—		1,882
U.S. treasuries		—		749,465		—		749,465
Corporate bonds		—		309,919		—		309,919
Foreign currency derivatives		—		(1,474)		—		(1,474)
Commodity derivatives		—		35,188		—		35,188
Total	$	2,032,247	$	1,253,996	$	—	$	3,286,243

Amounts included in:
Cash and cash equivalents	$	2,032,247	$	55,870	$	—	$	2,088,117
Short-term investments		—		677,084		—		677,084
Accounts receivable, net		—		33,667		—		33,667
Other assets		—		3,530		—		3,530
Investments		—		487,329		—		487,329
Accrued liabilities		—		(3,484)		—		(3,484)
Total	$	2,032,247	$	1,253,996	$	—	$	3,286,243


December 31, 2024	Level 1		Level 2		Level 3		Total
Cash	$	1,103,647	$	—	$	—	$	1,103,647
Money market funds		396,306		—		—		396,306
Certificates of deposit		—		33,334		—		33,334
Foreign currency derivatives		—		799		—		799
Commodity derivatives		—		(785)		—		(785)
Total	$	1,499,953	$	33,348	$	—	$	1,533,301

Amounts included in:
Cash and cash equivalents	$	1,499,953	$	33,334	$	—	$	1,533,287
Accounts receivable, net		—		5,991		—		5,991
Other assets		—		6		—		6
Accrued liabilities		—		(5,952)		—		(5,952)
Other liabilities		—		(31)		—		(31)
Total	$	1,499,953	$	33,348	$	—	$	1,533,301

The Company’s valuation of its Level 1 investments is based on quoted market prices in active markets for identical securities. The Company’s valuation of its Level 2 investments is based on other observable inputs, specifically a market approach which utilizes valuation models, pricing systems, mathematical tools and other relevant information for the same or similar securities. The Company’s valuation of its Level 2 foreign currency exchange contracts is based on quoted market prices of the same or similar instruments, adjusted for counterparty risk. There were no transfers between Level 1 and Level 2 measurements during the years ended December 31, 2025 and 2024, and there were no changes in the Company’s valuation techniques.

Assets recognized or disclosed at fair value in the consolidated financial statements on a nonrecurring basis may include items such as property and equipment, goodwill and other intangible assets. These assets are measured at fair value whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Nonrecurring fair value measurements were not material for the year ended December 31, 2025.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

EARNINGS PER SHARE (Details) - shares shares in Thousands	12 Months Ended
EARNINGS PER SHARE (Details) - shares shares in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Weighted-average shares outstanding:
Basic	975,887	1,004,566	1,044,887
Dilutive securities	8,564	8,541	13,094
Diluted	984,451	1,013,107	1,057,981
Totaling options and awards outstanding (in shares)	6,500	7,800	3,300

STOCK-BASED COMPENSATION

12 Months Ended

Dec. 31, 2025

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION

13.STOCK-BASED COMPENSATION

The Company has two stock-based compensation plans under which shares were available for grant as of December 31, 2025: (i) the Monster Beverage Corporation 2020 Omnibus Incentive Plan (the “2020 Omnibus Incentive Plan”), which includes the Monster Beverage Corporation Deferred Compensation Plan as a sub plan thereunder, and (ii) the Monster Beverage Corporation 2017 Compensation Plan for Non-Employee Directors as Amended and Restated on February 23, 2022 (the “2017 Directors Plan”), which includes the Monster Beverage Corporation Deferred Compensation Plan for Non-Employee Directors as a sub plan thereunder. The 2020 Omnibus Incentive Plan was approved by the Board of Directors on April 14, 2020 and approved by the stockholders of the Company at the annual meeting of the Company’s stockholders held on June 3, 2020 (the “Effective Date”). The 2020 Omnibus Incentive Plan replaced the Monster Beverage Corporation 2011 Omnibus Incentive Plan (the “2011 Omnibus Incentive Plan”).

The 2020 Omnibus Incentive Plan provides for the granting of stock options, stock appreciation rights, restricted stock, restricted stock units, performance awards, and other share-based awards up to an aggregate of 92,338,734 shares of the Company’s common stock, comprised of 64,000,000 new shares of common stock reserved under the 2020 Omnibus Incentive Plan, which were authorized on the Effective Date, and 28,338,734 shares of common stock that were available for grant under the 2011 Omnibus Incentive Plan as of December 31, 2019 and prior to the Effective Date. Shares authorized under the 2020 Omnibus Incentive Plan are reduced by one (1) share for options or stock appreciation rights granted under the 2020 Omnibus Incentive Plan and for any grants after December 31, 2019 under the 2011 Omnibus Incentive Plan, and by 2.6 shares for each share granted or issued with respect to a Full Value Award under either the 2020 Omnibus Incentive Plan or for any shares granted after December 31, 2019 under the 2011 Omnibus Incentive Plan. A “Full Value Award” is an award other than an incentive stock option, a non-qualified stock option, or a stock appreciation right, which is settled by the issuance of shares. Options granted under the 2020 Omnibus Incentive Plan may be incentive stock options under Section 422 of the Internal Revenue Code, as amended (the “Code”), or non-qualified stock options.

Shares previously granted under the 2011 Omnibus Incentive Plan after December 31, 2019 and prior to the Effective Date of the 2020 Omnibus Incentive Plan reduced the number of shares available for grant under the 2020 Omnibus Incentive Plan. As of December 31, 2025, 23,062,505 shares of the Company’s common stock have been granted, net of cancellations, and 62,964,030 shares

(as adjusted for Full Value Awards) of the Company’s common stock remain available for grant under the 2020 Omnibus Incentive Plan.

The Compensation Committee of the Board of Directors (the “Compensation Committee”) has sole and exclusive authority to grant stock awards to all employees who are not new hires and to all new hires who are subject to Section 16 of the Exchange Act (“Section 16”). Each of the Compensation Committee and the Executive Committee of the Board of Directors (the “Executive Committee”) independently has the authority to grant stock awards to (i) new hires and (ii) employees receiving a promotion, in each case, who are not Section 16 employees. Awards granted by the Executive Committee are not subject to approval or ratification by the Board of Directors or the Compensation Committee. Options granted under the 2020 Omnibus Incentive Plan generally vest over a three- to five-year period from the grant date and are generally exercisable up to 10 years after the grant date. Restricted stock units granted under the 2020 Omnibus Incentive Plan generally vest over a three- or five-year period from the grant date. Performance share units will generally vest based on an award recipient’s continuous employment through a cumulative three-year performance period and the achievement of financial performance goals specified for the applicable award during such performance period.

In 2016, the Company adopted the Deferred Compensation Plan (as a sub plan to the 2011 Omnibus Incentive Plan), pursuant to which eligible employees may elect to defer cash and/or equity based compensation and to receive the deferred amounts, together with an investment return (positive or negative), either at a pre-determined time in the future or upon termination of employment with the Company or its subsidiaries or affiliates that are participating employers under the Deferred Compensation Plan, as provided under the Deferred Compensation Plan and in relevant deferral elections. Deferrals under the Deferred Compensation Plan are unfunded and unsecured. As of December 31, 2025 deferrals under the Deferred Compensation Plan are solely comprised of cash compensation and equity compensation and are not material in the aggregate.

In 2017, the Company adopted the 2017 Directors Plan, a successor plan to the 2009 Monster Beverage Corporation Stock Incentive Plan for Non-Employee Directors. The 2017 Directors Plan permits the granting of stock options, stock appreciation rights, restricted shares or restricted stock units, deferred awards, dividend equivalents, and other share-based awards up to an aggregate of 2,500,000 shares of common stock of the Company to non-employee directors of the Company.

Each calendar year, a non-employee director will receive an annual retainer and annual equity award, as provided for in the 2017 Directors Plan, which may be modified from time to time. In February 2022, the Board of Directors amended and restated the 2017 Directors Plan to provide for increases to the annual cash retainer and annual equity retainer that non-employee directors are entitled to receive. Currently, non-employee directors receive an annual equity retainer of approximately $175,000 in the form of restricted stock units at each annual meeting of the Company’s stockholders or promptly thereafter. A non-employee director’s annual award of restricted stock units will generally vest on the earliest to occur of: (a) the last business day immediately preceding the annual meeting of the Company’s stockholders in the calendar year following the calendar year in which the grant date occurs, (b) a Change of Control (as defined in the 2017 Directors Plan), (c) the non-employee director’s death, or (d) the date of the non-employee director’s separation from service due to disability, so long as the non-employee director remains a non-employee director through such date. The Board of Directors may in its discretion award non-employee directors stock options, stock appreciation rights, restricted stock and other share-based awards in lieu of or in addition to restricted stock units. The Board of Directors may amend or terminate the 2017 Directors Plan at any time, subject to certain limitations set forth in the 2017 Directors Plan. As of December 31, 2025, 316,259 shares of the Company’s common stock had been granted under the 2017 Directors Plan, and 2,183,741 shares of the Company’s common stock remain available for grant.

In 2017, the Company adopted the Deferred Compensation Plan for Non-Employee Directors (as a sub plan to the 2017 Directors Plan), pursuant to which the Board of Directors may permit non-employee directors to elect, at such times and in accordance with rules and procedures (or sub-plan) adopted by the Board of Directors (which are intended to comply with Section 409A of the Code, as applicable), to receive all or any portion of such non-employee director’s compensation, whether payable in cash or in equity, on a deferred basis. Deferrals under the Deferred Compensation Plan for Non-Employee Directors are unfunded and unsecured. As of December 31, 2025, deferrals under the Deferred Compensation Plan for Non-Employee Directors are solely comprised of cash compensation and equity compensation and are not material in the aggregate. The 2017 Directors Plan was adopted to effectuate any such deferrals. The 2017 Directors Plan is administered by the Board of Directors. Each award granted under the 2017 Directors Plan will be evidenced by a written agreement and will contain the terms and conditions that the Board of Directors deems appropriate.

In February 2022, as part of the Board of Directors’ amendment and restatement of the 2017 Directors Plan, such amendment and restatement also introduced the requirement for each non-employee director to satisfy the share ownership guidelines set forth below, as may be modified by the Board of Directors from time to time. The current share ownership guidelines provide that non-employee directors of the Company must:

●

Hold shares of Company common stock having a total value of five times the annual retainer payable to a non-employee director (excluding any portion of the annual retainer attributable to a non-employee director’s service as a member of a subcommittee, as a chair of a subcommittee or as the lead independent director, as applicable). For this purpose, deferred shares or deferred restricted stock units will be deemed held, to the extent vested.

●

The minimum stock ownership level must be achieved by each non-employee director by the fifth anniversary of such non-employee director’s initial appointment to the Board of Directors.

●

Once achieved, ownership of the guideline amount should be maintained for so long as the non-employee director retains his or her seat on the Board of Directors.

●

There may be rare instances where these guidelines would place a hardship on a non-employee director. In these cases or in similar circumstances, the Board of Directors will make the final decision as to developing an alternative stock ownership guideline for a non-employee director that reflects the intention of these guidelines and his or her personal circumstances.

The Company recorded $125.7 million, $91.0 million and $68.8 million of compensation expense relating to outstanding options, restricted stock units, performance share units and other share-based awards during the years ended December 31, 2025, 2024 and 2023, respectively.

The tax benefit for tax deductions from non-qualified stock option exercises, disqualifying dispositions of incentive stock options and vesting of restricted stock units and performance share units for the years ended December 31, 2025, 2024 and 2023 was $37.1 million, $12.9 million and $62.2 million, respectively.

Stock Options

Under the Company’s stock-based compensation plans, all stock options granted through December 31, 2025 were granted at prices based on the fair value of the Company’s common stock on the date of grant. The Company records compensation expense for (i) employee stock options based on the estimated fair value of the options on the date of grant and (ii) for non-employee stock options based on the estimated fair value of the options as of the earlier of (1) the date at which a commitment for performance by the non-employee to earn the stock option is reached or (2) the date at which the non-employee’s performance is complete, in each case using the Black-Scholes-Merton option pricing formula with the assumptions included in the table below. The Company uses historical data to determine the exercise behavior, volatility and forfeiture rate of the options.

The following weighted-average assumptions were used to estimate the fair value of options granted during:


		2025		2024		2023
Dividend yield		0.0	%	0.0	%	0.0	%
Expected volatility		26.7	%	27.4	%	27.6	%
Risk-free interest rate		4.19	%	4.18	%	3.75	%
Expected term		6.2 Years		6.4 Years		6.3 Years

Expected Volatility: The Company uses historical volatility as it provides a reasonable estimate of the expected volatility. Historical volatility is based on the most recent volatility of the stock price over a period of time equivalent to the expected term of the option.

Risk-Free Interest Rate: The risk-free interest rate is based on the U.S. treasury zero-coupon yield curve in effect at the time of grant for the expected term of the option.

Expected Term: The Company’s expected term represents the weighted-average period that the Company’s stock options are expected to be outstanding. The expected term is based on the expected time to post-vesting exercise of options by employees. The Company uses historical exercise patterns of previously granted options to derive employee behavioral patterns used to forecast expected exercise patterns.

The following table summarizes the Company’s activities with respect to its stock option plans as follows:


				Weighted
		Weighted		Average
		Average		Remaining
	Number of	Exercise		Contractual
	Shares (in	Price Per		Term (in	Aggregate
Options	thousands)	Share		years)	Intrinsic Value
Outstanding at January 1, 2025	27,088	$	38.98	5.8	$	400,207
Granted 01/01/25 - 03/31/25	1,299	$	55.09
Granted 04/01/25 - 06/30/25	21	$	60.28
Granted 07/01/25 - 09/30/25	—	$	—
Granted 10/01/25 - 12/31/25	23	$	66.51
Exercised	(5,942)	$	27.69
Cancelled or forfeited	(328)	$	52.58
Outstanding at December 31, 2025	22,161	$	42.80	5.8	$	750,594
Vested and expected to vest in the future at December 31, 2025	21,554	$	42.49	5.8	$	736,616
Exercisable at December 31, 2025	11,219	$	34.42	4.0	$	474,047

The following table summarizes information about stock options outstanding and exercisable at December 31, 2025:


					Options Outstanding				Options Exercisable
						Weighted
						Average	Weighted		Number	Weighted
					Number	Remaining	Average		Exercisable	Average
Range of Exercise					Outstanding	Contractual	Exercise		(in	Exercise
Prices ($)					(in thousands)	Term (Years)	Price ($)		thousands)	Price ($)
$	20.91	-	$	29.37	3,854	1.7	$	26.52	3,854	$	26.52
$	29.84	-	$	31.20	3,111	3.6	$	30.40	3,111	$	30.40
$	31.73	-	$	33.71	40	4.1	$	32.80	40	$	32.80
$	36.62	-	$	36.62	3,497	6.2	$	36.62	1,561	$	36.62
$	38.96	-	$	48.30	2,823	6.7	$	45.85	1,358	$	44.91
$	48.90	-	$	48.90	20	5.7	$	48.90	14	$	48.90
$	50.82	-	$	50.82	3,360	7.2	$	50.82	827	$	50.82
$	51.38	-	$	59.52	1,470	9.1	$	54.90	30	$	53.86
$	60.30	-	$	60.30	3,960	8.2	$	60.30	424	$	60.30
$	63.83	-	$	66.51	26	9.8	$	66.13	—	$	—
					22,161	5.8	$	42.80	11,219	$	34.42

The weighted-average grant-date fair value of options granted during the years ended December 31, 2025, 2024 and 2023 was $19.90 per share, $21.40 per share and $18.28 per share, respectively. The total intrinsic value of options exercised during the years ended December 31, 2025, 2024 and 2023 was $214.7 million, $83.1 million and $333.5 million, respectively.

Cash received from option exercises under all plans for the years ended December 31, 2025, 2024 and 2023 was $164.6 million, $79.0 million and $130.3 million, respectively.

At December 31, 2025, there was $116.0 million of total unrecognized compensation expense related to non-vested options granted to employees under the Company’s share-based payment plans. That cost is expected to be recognized over a weighted-average period of 2.4 years.

Restricted Stock Units and Performance Share Units

The cost of stock-based compensation for restricted stock units and performance share units is measured based on the closing fair market value of the Company’s common stock at the date of grant. In the event that the Company has the option and intent to settle a restricted stock unit or performance share unit in cash, the award is classified as a liability and revalued at each balance sheet date.

The following table summarizes the Company’s activities with respect to non-vested restricted stock units and performance share units as follows:


		Weighted-
	Number of	Average
	Shares (in	Grant-Date
	thousands)	Fair Value
Non-vested at January 1, 2025	1,682	$	46.16
Granted 01/01/25 - 03/31/25¹	1,017	$	55.08
Granted 04/01/25 - 06/30/25	33	$	62.68
Granted 07/01/25 - 09/30/25	1	$	61.59
Granted 10/01/25 - 12/31/25	7	$	66.72
Vested	(635)	$	39.42
Forfeited/cancelled	(65)	$	42.83
Non-vested at December 31, 2025	2,040	$	53.15

¹The grant activity for performance share units is recorded based on the target performance level earning 100% of target performance share units. The actual number of performance share units earned could range from 0% to 200% of target depending on the achievement of pre-established performance goals.

The weighted-average grant-date fair value of restricted stock units and/or performance share units granted during the years ended December 31, 2025, 2024 and 2023 was $55.40, $58.77 and $51.24 per share, respectively. As of December 31, 2025, 1.7 million of restricted stock units and performance share units are expected to vest.

At December 31, 2025, total unrecognized compensation expense relating to non-vested restricted stock units and performance share units was $55.8 million, which is expected to be recognized over a weighted-average period of 2.2 years.

Other Share-Based Awards

The Company has granted other share-based awards to certain employees that are payable in cash. These awards are classified as liabilities and are valued based on the fair value of the award at the grant date and are remeasured at each reporting date until settlement, with compensation expense being recognized in proportion to the completed requisite service period up until date of settlement. At December 31, 2025, other share-based awards outstanding included grants that vest over three years payable in the first quarters of 2026, 2027 and 2028.

At December 31, 2025, there was $2.9 million of unrecognized compensation expense related to nonvested other share-based awards granted to employees under the Company’s stock-based compensation plans. That cost is expected to be recognized over a weighted-average period of 1.7 years.

Employee and Non-Employee Share-Based Compensation Expense

The table below shows the amounts recognized in the consolidated financial statements for the years ended December 31, 2025, 2024 and 2023 for share-based compensation related to employees and non-employees.

Employee and non-employee share-based compensation expense of $125.7 million for the year ended December 31, 2025 is comprised of $12.7 million relating to incentive stock options, $4.6 million relating to other share-based awards and $108.4 million relating to non-qualified stock options, restricted stock units and performance share units.

Employee and non-employee share-based compensation expense of $91.0 million for the year ended December 31, 2024 is comprised of $12.5 million relating to incentive stock options, $0.1 million relating to other share-based awards and $78.4 million relating to non-qualified stock options, restricted stock units and performance share units.

Employee and non-employee share-based compensation expense of $68.8 million for the year ended December 31, 2023 is comprised of $10.3 million relating to incentive stock options, $1.2 million relating to other share-based awards and $57.3 million relating to non-qualified stock options, restricted stock units and performance share units.


		2025		2024		2023
Operating expenses		$	125,687	$	90,985	$	68,836
Total employee and non-employee share-based compensation expense included in income, before income tax			125,687		90,985		68,836
Less: Amount of income tax benefit recognized in earnings			(39,745)		(16,006)		(64,401)
Amount charged against net income		$	85,942	$	74,979	$	4,435

INVESTMENTS (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
INVESTMENTS
Short-term investments	$ 677,084	$ 0
Long-Term Investments	487,329	$ 0
Available-for-sale
Amortized Cost	1,163,152
Gross Unrealized Holding Gains	1,261
Gross Unrealized Holding Losses	0
Fair Value	1,164,413
Continuous Unrealized Loss Position less than 12 Months	0
Continuous Unrealized Loss Position greater than 12 Months	0
Short-term \| Commercial paper
Available-for-sale
Amortized Cost	90,418
Gross Unrealized Holding Gains	1
Gross Unrealized Holding Losses	0
Fair Value	90,419
Continuous Unrealized Loss Position less than 12 Months	0
Continuous Unrealized Loss Position greater than 12 Months	0
Short-term \| Certificates of deposit
Available-for-sale
Amortized Cost	12,728
Gross Unrealized Holding Gains	0
Gross Unrealized Holding Losses	0
Fair Value	12,728
Continuous Unrealized Loss Position less than 12 Months	0
Continuous Unrealized Loss Position greater than 12 Months	0
Short-term \| Municipal securities
Available-for-sale
Amortized Cost	674
Gross Unrealized Holding Gains	1
Gross Unrealized Holding Losses	0
Fair Value	675
Continuous Unrealized Loss Position less than 12 Months	0
Continuous Unrealized Loss Position greater than 12 Months	0
Short-term \| U.S. treasuries
Available-for-sale
Amortized Cost	489,007
Gross Unrealized Holding Gains	492
Gross Unrealized Holding Losses	0
Fair Value	489,499
Continuous Unrealized Loss Position less than 12 Months	0
Continuous Unrealized Loss Position greater than 12 Months	0
Short-term \| Corporate bonds
Available-for-sale
Amortized Cost	83,639
Gross Unrealized Holding Gains	124
Gross Unrealized Holding Losses	0
Fair Value	83,763
Continuous Unrealized Loss Position less than 12 Months	0
Continuous Unrealized Loss Position greater than 12 Months	0
Long-term \| Municipal securities
Available-for-sale
Amortized Cost	1,206
Gross Unrealized Holding Gains	1
Gross Unrealized Holding Losses	0
Fair Value	1,207
Continuous Unrealized Loss Position less than 12 Months	0
Continuous Unrealized Loss Position greater than 12 Months	0
Long-term \| U.S. treasuries
Available-for-sale
Amortized Cost	259,613
Gross Unrealized Holding Gains	353
Gross Unrealized Holding Losses	0
Fair Value	259,966
Continuous Unrealized Loss Position less than 12 Months	0
Continuous Unrealized Loss Position greater than 12 Months	0
Long-term \| Corporate bonds
Available-for-sale
Amortized Cost	225,867
Gross Unrealized Holding Gains	289
Gross Unrealized Holding Losses	0
Fair Value	226,156
Continuous Unrealized Loss Position less than 12 Months	0
Continuous Unrealized Loss Position greater than 12 Months	$ 0

GOODWILL AND OTHER INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2025

GOODWILL AND OTHER INTANGIBLE ASSETS

GOODWILL AND OTHER INTANGIBLE ASSETS

7.GOODWILL AND OTHER INTANGIBLE ASSETS

The following is a roll-forward of goodwill for the years ended December 31, 2025 and 2024 by reportable segment:


	Monster
	Energy®		Strategic		Alcohol
	Drinks		Brands		Brands*		Other		Total
Balance at December 31, 2024	$	693,644	$	637,999	$	—	$	—	$	1,331,643
Acquisitions		—		—		—		—		—
Balance at December 31, 2025	$	693,644	$	637,999	$	—	$	—	$	1,331,643


	Monster
	Energy®		Strategic		Alcohol
	Drinks		Brands		Brands*		Other		Total
Balance at December 31, 2023	$	693,644	$	637,999	$	86,298	$	—	$	1,417,941
Acquisitions		—		—		—		—		—
Impairments*		—		—		(86,298)		—		(86,298)
Balance at December 31, 2024	$	693,644	$	637,999	$	—	$	—	$	1,331,643

*Accumulated goodwill impairment balance at December 31, 2025 and 2024 was $86.3 million related entirely to Alcohol Brands. There were no impairments prior to the year ended December 31, 2024.

Intangible assets consist of the following at:


		December 31,		December 31,
		2025		2024
Amortizing intangibles		$	137,664	$	183,800
Accumulated amortization			(86,999)		(86,703)
			50,665		97,097
Non-amortizing intangibles			1,328,603		1,317,155
		$	1,379,268	$	1,414,252

No impairment charges were recorded to goodwill and other indefinite-lived intangible assets for the year ended December 31, 2025. For the year ended December 31, 2024, as a result of operating and financial performance not meeting projections due in part to challenges in the category, as well as a decrease in projected ongoing operating and financial performance related to the Alcohol Brands reporting unit, the Company determined that the conditions indicated that indefinite-lived intangible assets within the Alcohol Brands reporting unit were more-likely-than-not impaired and performed an impairment test to compare the fair value of these indefinite-lived intangible assets, consisting of goodwill, trademarks and permits, with their respective carrying values and with the carrying value of the Alcohol Brands reporting unit. As a result of this analysis, the Company recorded impairment charges of $86.3 million related to goodwill of the Alcohol Brands reporting unit for the year ended December 31, 2024. Further, for the years ended December 31, 2024 and 2023, impairment charges of $40.8 million and $38.7 million were recorded to other indefinite-lived intangible assets related primarily to the Alcohol Brands segment. Impairment charges are included in operating expenses in the consolidated statements of income.

Amortizing intangibles primarily consist of computer software, tradenames and customer relationships. All amortizing intangibles have been assigned an estimated finite useful life, and such intangibles are amortized on a straight-line basis over the number of years that approximate their respective useful lives, generally three to ten years. Total amortization expense recorded was $19.3 million, $7.5 million and $5.9 million for the years ended December 31, 2025, 2024 and 2023, respectively. For the year ended December 31, 2025, impairment charges of $38.4 million were recorded to certain finite-lived intangible assets related to the Alcohol Brands segment. No impairment charges were recorded to finite-lived intangible assets for the years ended December 31, 2024 and 2023. Impairment charges are included in operating expenses in the consolidated statements of income.

The following is the future estimated amortization expense related to amortizing intangibles as of December 31, 2025:


Year Ending December 31:
2026		$	10,568
2027			9,104
2028			6,706
2029			4,590
2030			4,590
2031 and thereafter			15,107
		$	50,665

At December 31, 2025, non-amortizing other intangible assets primarily consist of indefinite-lived tradenames, flavors and formulas.

TREASURY STOCK (Details) - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2025	Feb. 26, 2026	Aug. 19, 2024
TREASURY STOCK
Number of shares repurchased of common stock from employees in lieu of cash or withholding taxes due	1.5
Subsequent Event
TREASURY STOCK
Share repurchase program, authorized remaining amount		$ 500.0
August 2024 Repurchase Plan
TREASURY STOCK
Share repurchase program, authorized amount			$ 500.0
Common stock repurchased (in shares)	0.0
Amount of repurchased of common stock from employees	$ 103.6
August 2024 Repurchase Plan \| Subsequent Event
TREASURY STOCK
Share repurchase program, authorized remaining amount		$ 500.0

REVENUE RECOGNITION (Details)	12 Months Ended
REVENUE RECOGNITION (Details)	Dec. 31, 2025 segment
REVENUE RECOGNITION
Number of operating segments	4
Number of reportable segments	4
Distribution agreement, revenue recognition period	20 years

DISTRIBUTION AGREEMENTS

12 Months Ended

Dec. 31, 2025

DISTRIBUTION AGREEMENTS

DISTRIBUTION AGREEMENTS

8.DISTRIBUTION AGREEMENTS

In accordance with ASC 420 “Exit or Disposal Cost Obligations”, the Company expenses distributor termination costs in the period in which the written notification of termination occurs. Termination costs recognized were not significant for the years ended December 31, 2025, 2024 and 2023.

In the normal course of business, amounts received pursuant to new and/or amended distribution agreements entered into with certain bottlers/distributors, relating to the costs associated with terminating agreements with the Company’s prior distributors, are accounted for as deferred revenue and are recognized as revenue ratably over the anticipated life of the respective distribution agreement, generally 20 years. Revenue recognized was $21.4 million, $21.5 million and $21.5 million for the years ended December 31, 2025, 2024 and 2023, respectively.

SEGMENT INFORMATION - Concentration Risk (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
SEGMENT INFORMATION
Net sales	$ 8,294,343	$ 7,492,709	$ 7,140,027
Sales \| Outside United States
SEGMENT INFORMATION
Net sales	$ 3,440,000	$ 2,960,000	$ 2,710,000
Sales \| Customer concentration \| Outside United States
SEGMENT INFORMATION
Percentage of net sales	41.00%	40.00%	38.00%
Coca-Cola Europacific Partners \| Sales \| Customer concentration
SEGMENT INFORMATION
Percentage of net sales	15.00%	14.00%	13.00%
Coca-Cola Consolidated, Inc \| Sales \| Customer concentration
SEGMENT INFORMATION
Percentage of net sales	10.00%	10.00%	10.00%
Coca Cola Company \| Sales \| Customer concentration
SEGMENT INFORMATION
Percentage of net sales	3.00%	3.00%	2.00%

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

EARNINGS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2025

EARNINGS PER SHARE

Schedule of reconciliation of the weighted average shares used in the basic and diluted earnings per common share

A reconciliation of the weighted-average shares used in the basic and diluted earnings per common share computations for the years ended December 31, 2025, 2024 and 2023 is presented below (in thousands):


		2025	2024	2023
Weighted-average shares outstanding:
Basic		975,887	1,004,566	1,044,887
Dilutive securities		8,564	8,541	13,094
Diluted		984,451	1,013,107	1,057,981

STOCK-BASED COMPENSATION - Stock Option Activity (Details) - Employee Stock Option - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended			12 Months Ended
	Dec. 31, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2025	Dec. 31, 2024
Stock options, Number of Shares
Balance at the beginning of the period (in shares)			27,088	27,088
Granted (in shares)	23	21	1,299
Exercised (in shares)				(5,942)
Cancelled or forfeited (in shares)				(328)
Balance at the end of the period (in shares)	22,161			22,161	27,088
Vested and expected to vest in the future at the end of the period (in shares)	21,554			21,554
Exercisable at the end of the period (in shares)	11,219			11,219
Stock options, Weighted-Average Exercise Price Per Share
Balance at the beginning of the period (in dollars per share)			$ 38.98	$ 38.98
Granted (in dollars per share)	$ 66.51	$ 60.28	$ 55.09
Exercised (in dollars per share)				27.69
Cancelled or forfeited (in dollars per share)				52.58
Balance at the end of the period (in dollars per share)	42.8			42.8	$ 38.98
Vested and expected to vest in the future at the end of the period (in dollars per share)	42.49			42.49
Exercisable at the end of the period (in dollars per share)	$ 34.42			$ 34.42
Weighted-Average Remaining Contractual Term (in years)
Weighted-Average Remaining Contractual Terms (in years)				5 years 9 months 18 days	5 years 9 months 18 days
Vested and expected to vest in the future at the end of the period				5 years 9 months 18 days
Exercisable at the end of the period				4 years
Aggregate Intrinsic Value
Balance at the beginning of the period			$ 400,207	$ 400,207
Balance at the end of the period	$ 750,594			750,594	$ 400,207
Vested and expected to vest in the future at the end of the period	736,616			736,616
Exercisable at the end of the period	$ 474,047			$ 474,047

ACCUMULATED OTHER COMPREHENSIVE LOSS

12 Months Ended

Dec. 31, 2025

ACCUMULATED OTHER COMPREHENSIVE LOSS

ACCUMULATED OTHER COMPREHENSIVE LOSS

11.ACCUMULATED OTHER COMPREHENSIVE LOSS

The components of accumulated other comprehensive loss, after tax, are as follows at December 31:


	2025		2024
Accumulated net unrealized gain (loss) on available-for-sale securities	$	1,263	$	—
Accumulated foreign currency translation gain (loss)		(108,059)		(269,930)
Accumulated net gain (loss) on commodity derivatives		45,955		443
Total accumulated other comprehensive loss	$	(60,841)	$	(269,487)

EMPLOYEE BENEFIT PLAN

12 Months Ended

Dec. 31, 2025

EMPLOYEE BENEFIT PLAN

EMPLOYEE BENEFIT PLAN

16.EMPLOYEE BENEFIT PLAN

Employees of the Company may participate in the Monster Beverage Corporation 401(k) Plan, a defined contribution plan, which qualifies under Section 401(k) of the Internal Revenue Code. Participating employees may contribute into a traditional plan with pretax salary or into a Roth plan with after tax salary up to statutory limits. The Company contributes 50% of the employee contribution, up to 8% of each employee’s earnings, which vest over four years (2 years of service = 50%, 3 years of service = 75%, 4 years of service = 100%). Matching contributions were $11.3 million, $10.4 million and $8.5 million for the years ended December 31, 2025, 2024 and 2023, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2025

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS

18.RELATED PARTY TRANSACTIONS

TCCC controls approximately 20.9% of the voting interests of the Company. The TCCC Subsidiaries, the TCCC Related Parties and certain TCCC independent bottlers, purchase and distribute the Company’s products in domestic and certain international markets. The Company also pays TCCC a commission based on certain sales within the TCCC distribution network.

TCCC commissions, based on sales to the TCCC Subsidiaries and the TCCC Related Parties, for the year ended December 31, 2025 were $115.4 million, and are included as a reduction to net sales. TCCC commissions, based on sales to the TCCC Independent Bottlers for the year ended December 31, 2025 were $46.6 million, and are included in operating expenses in the consolidated statements of income.

TCCC commissions, based on sales to the TCCC Subsidiaries and the TCCC Related Parties, for the year ended December 31, 2024 were $91.2 million, and are included as a reduction to net sales. TCCC commissions, based on sales to the TCCC Independent Bottlers for the year ended December 31, 2024 were $37.3 million, and are included in operating expenses in the consolidated statements of income.

TCCC commissions, based on sales to the TCCC Subsidiaries and the TCCC Related Parties, for the year ended December 31, 2023 were $66.8 million, and are included as a reduction to net sales. TCCC commissions, based on sales to the TCCC Independent Bottlers for the year ended December 31, 2023 were $32.0 million, and are included in operating expenses in the consolidated statements of income.

Net sales to the TCCC Subsidiaries for the years ended December 31, 2025, 2024 and 2023 were $251.0 million, $216.4 million and $137.9 million, respectively.

The Company also purchases concentrates from TCCC which are then sold to certain of the Company’s bottlers/distributors. Concentrate purchases from TCCC were $25.8 million, $28.0 million and $29.1 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Certain TCCC Subsidiaries also contract manufacture certain of the Company’s energy drinks. Such contract manufacturing expenses were $54.2 million, $41.9 million and $35.4 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Accounts receivable, accounts payable, accrued promotional allowances and accrued liabilities related to the TCCC Subsidiaries were as follows at:


	December 31,		December 31,
	2025		2024
Accounts receivable, net	$	166,618	$	112,686
Accounts payable	$	(37,775)	$	(29,095)
Accrued promotional allowances	$	(24,898)	$	(16,914)
Accrued liabilities	$	(28,458)	$	(22,595)

One director of the Company through certain trusts, and a family member of one director are principal owners of a company that provides promotional materials to the Company. Expenses incurred with such company in connection with promotional materials purchased during the years ended December 31, 2025, 2024 and 2023 were $5.8 million, $5.9 million and $4.0 million, respectively.

The Company occasionally charters a private aircraft that is indirectly owned by Mr. Rodney C. Sacks, Chairman of the Board of Directors. On certain occasions, Mr. Sacks is accompanied by guests and other Company personnel when using such aircraft for business travel. During the years ended December 31, 2025, 2024 and 2023, the Company incurred costs of $0.06 million, $0.05 million and $0.14 million, respectively.

In December 2018, the Company and a director of the Company entered into a 50-50 partnership that purchased land, and real property thereon, in Kona, Hawaii for the purpose of producing coffee products. In October 2023, the partnership made a special, one-time distribution to each of the partners, reflecting the amount of their initial capital contributions. This partnership meets the definition of a Variable Interest Entity (“VIE”) for which the Company has determined that it is the primary beneficiary. Therefore, the Company consolidates the VIE in the accompanying consolidated financial statements. The aggregate carrying values of the VIE’s assets and liabilities, after elimination of any intercompany transactions and balances, as well as the results of operations for all periods presented, are not material to the Company’s consolidated financial statements.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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+ Details

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Freight-Out Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Freight-out costs	$ 237.0	$ 224.2	$ 223.6

DEBT - Schedule of long-term debt (Details) $ in Thousands	Dec. 31, 2024 USD ($)
DEBT
Total debt	$ 375,000
Less: unamortized debt issuance costs	(1,049)
Total debt, net of unamortized debt issuance costs	373,951
Long-term debt	373,951
Term loan
DEBT
Total debt	$ 375,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Amount of unamortized debt discount (premium) and debt issuance costs.

+ References + Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

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+ Details

GOODWILL AND OTHER INTANGIBLE ASSETS - Amortization expense (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Future estimated amortization expense related to amortizing intangibles
2026	$ 10,568
2027	9,104
2028	6,706
2029	4,590
2030	4,590
2031 and thereafter	15,107
Amortizing intangibles, net	$ 50,665	$ 97,097

ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Components of accumulated other comprehensive loss:
Accumulated net unrealized gain (loss) on available-for-sale securities	$ 1,263
Accumulated foreign currency translation gain (loss)	(108,059)	$ (269,930)
Accumulated net gain (loss) on commodity derivatives	45,955	443
Total accumulated other comprehensive loss	$ (60,841)	$ (269,487)

- Definition

Amount, after tax, of accumulated increase (decrease) in equity from transaction and other event and circumstance from nonowner source.

+ References + Details

INVENTORIES (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
INVENTORIES
Raw materials	$ 322,604	$ 232,698
Work in process	1,114	1,200
Finished goods	475,905	503,209
Inventories	$ 799,623	$ 737,107

COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Dec. 31, 2025

COMMITMENTS AND CONTINGENCIES.

Schedule of contractual obligations related primarily to sponsorships and other marketing activities


Year Ending December 31:
2026		$	318,009
2027			116,925
2028			75,540
2029			48,902
2030			10,420
2031 and thereafter			437
		$	570,233

DISTRIBUTION AGREEMENTS (Details) - USD ($) $ in Millions	12 Months Ended
DISTRIBUTION AGREEMENTS (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
DISTRIBUTION AGREEMENTS
Termination costs	$ 0.0	$ 0.0	$ 0.0
Distribution agreement (in years)	20 years
Revenue recognized	$ 21.4	$ 21.5	$ 21.5

INCOME TAXES - Unrecognized tax benefits rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Gross unrecognized tax benefits, roll forward
Balance at the beginning of the period	$ 2,626	$ 3,109	$ 3,020
Additions for tax positions related to the prior years	1,440	631	739
Decreases for tax positions related to the prior years	(836)	(1,114)	(650)
Balance at the end of the period	3,230	$ 2,626	$ 3,109
Accrued interest and penalties related to unrecognized tax benefits	$ 900

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
CURRENT ASSETS:
Cash and cash equivalents	$ 2,088,117	$ 1,533,287
Short-term investments	677,084	0
Accounts receivable, net	1,618,072	1,221,646
Inventories	799,623	737,107
Prepaid expenses and other current assets	103,551	107,262
Prepaid income taxes	74,637	42,202
Total current assets	5,361,084	3,641,504
INVESTMENTS	487,329	0
PROPERTY AND EQUIPMENT, net	1,081,544	1,047,024
DEFERRED INCOME TAXES, net	188,646	184,260
GOODWILL	1,331,643	1,331,643
OTHER INTANGIBLE ASSETS, net	1,379,268	1,414,252
OTHER ASSETS	159,431	100,406
Total Assets	9,988,945	7,719,089
CURRENT LIABILITIES:
Accounts payable	565,974	466,775
Accrued liabilities	306,085	220,764
Accrued promotional allowances	384,070	267,711
Deferred revenue	45,323	45,809
Accrued compensation	114,023	92,454
Income taxes payable	32,305	4,006
Total current liabilities	1,447,780	1,097,519
DEFERRED REVENUE	159,991	179,008
OTHER LIABILITIES	127,066	110,893
LONG-TERM DEBT		373,951
COMMITMENTS AND CONTINGENCIES (Note 10)
STOCKHOLDERS' EQUITY:
Common stock - $0.005 par value; 5,000,000 shares authorized; 1,132,906 shares issued and 978,113 shares outstanding as of December 31, 2025; 1,126,329 shares issued and 973,079 shares outstanding as of December 31, 2024	5,665	5,632
Additional paid-in capital	5,430,847	5,144,922
Retained earnings	9,354,216	7,448,784
Accumulated other comprehensive loss	(60,841)	(269,487)
Common stock in treasury, at cost; 154,793 shares and 153,250 shares as of December 31, 2025 and December 31, 2024, respectively	(6,475,779)	(6,372,133)
Total stockholders' equity	8,254,108	5,957,718
Total Liabilities and Stockholders' Equity	$ 9,988,945	$ 7,719,089

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

REVENUE RECOGNITION

12 Months Ended

Dec. 31, 2025

REVENUE RECOGNITION

REVENUE RECOGNITION

2.REVENUE RECOGNITION

Revenues are accounted for in accordance with FASB ASC 606 “Revenue from Contracts with Customers”. The Company has four operating and reportable segments: (i) Monster Energy® Drinks segment (“Monster Energy® Drinks”), which is primarily comprised of the Company’s Monster Energy® drinks, Reign Total Body Fuel® high performance energy drinks, Reign Storm® total wellness energy drinks and Bang Energy® drinks, (ii) Strategic Brands segment (“Strategic Brands”), which is primarily comprised of the various energy drink brands acquired from The Coca-Cola Company (“TCCC”) in 2015 as well as the Company’s 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”).

The Company’s Monster Energy® Drinks segment primarily generates net operating revenues by selling ready-to-drink packaged drinks primarily to bottlers/distributors. In some cases, the Company sells ready-to-drink packaged drinks directly to 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.

The Company’s Strategic Brands segment primarily generates net operating revenues by selling “concentrates” and/or “beverage bases” to authorized bottling and canning operations. Such bottlers generally combine the concentrates and/or beverage bases with sweeteners, water and other ingredients to produce ready-to-drink packaged energy drinks. The ready-to-drink packaged energy drinks are then sold by such bottlers to other bottlers/distributors and to retail grocery and specialty chains, wholesalers, club stores, mass merchandisers, convenience and gas chains, foodservice customers, drug stores, value stores, e-commerce retailers and the military. To a lesser extent, the Strategic Brands segment generates net operating revenues by selling certain ready-to-drink packaged energy drinks to bottlers/distributors.

The Company’s Alcohol Brands segment primarily generates operating revenues by selling kegged and ready-to-drink canned beers, FMBs and hard seltzers primarily to beer distributors in the United States.

The majority of the Company’s revenue is recognized when it satisfies a single performance obligation by transferring control of its products to a customer. Control is generally transferred when the Company’s products are either shipped or delivered based on the terms contained within the underlying contracts or agreements. Certain of the Company’s bottlers/distributors may also perform a separate function as a co-packer on the Company’s behalf. In such cases, control of the Company’s products passes to such bottlers/distributors when they notify the Company that they have taken possession or transferred the relevant portion of the Company’s finished goods. The Company’s general payment terms are short-term in duration. The Company does not have significant financing components or payment terms. The Company did not have any material unsatisfied performance obligations as of December 31, 2025 and 2024.

The Company excludes from revenues all taxes assessed by a governmental authority that are imposed on the sale of its products and collected from customers.

Distribution expenses to transport the Company’s products, where applicable, and warehousing expense after manufacture are accounted for within operating expenses.

Promotional and other allowances (variable consideration) recorded as a reduction to net sales for the Company’s energy drink products, primarily include consideration given to the Company’s non-alcohol bottlers/distributors or customers including, but not limited to, the following:

●

discounts granted off list prices to support price promotions to end-consumers by retailers;

●

reimbursements given to the Company’s 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;

●

the Company’s agreed share of fees given to bottlers/distributors and/or directly to retailers for advertising, in-store marketing and promotional activities;

●

the Company’s agreed share of slotting, shelf space allowances and other fees given directly to retailers, club stores and/or wholesalers;

●

incentives given to the Company’s bottlers/distributors and/or retailers for achieving or exceeding certain predetermined sales goals;

●

discounted and/ or free products or cash rebates;

●

contractual fees given to the Company’s bottlers/distributors related to sales made directly by the Company to certain customers that fall within the bottlers’/distributors’ sales territories; and

●

commissions to TCCC based on the Company’s sales to wholly-owned subsidiaries of TCCC (the “TCCC Subsidiaries”) and/or to TCCC bottlers/distributors accounted for under the equity method by TCCC (the “TCCC Related Parties”).

The Company’s promotional allowance programs for its energy drink products 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, typically ranging from one week to one year. The Company’s promotional and other allowances for its energy drink products are calculated based on various programs with bottlers/distributors and retail customers, and accruals are established at the time of initial product sale for the Company’s anticipated liabilities. These accruals are based on agreed upon terms as well as the Company’s historical experience with similar programs and require management’s judgment with respect to estimating consumer participation and/or bottler/distributor and retail customer performance levels. Differences between such estimated expenses and actual expenses for promotional and other allowance costs have historically been insignificant and are recognized in earnings in the period such differences are determined. Promotional and other allowances for our Alcohol Brands segment primarily include price promotions where permitted.

Amounts received pursuant to new and/or amended distribution agreements entered into with certain bottlers/distributors relating to the costs associated with terminating the Company’s prior distributors, are accounted for as deferred revenue and recognized as revenue ratably over the anticipated life of the respective distribution agreements, generally over 20 years.

The Company also enters into license agreements that generate revenues associated with third-party sales of non-beverage products bearing the Company’s trademarks including, but not limited to, clothing, hats, t-shirts, jackets, helmets and automotive wheels.

Management believes that adequate provision has been made for cash discounts, returns and spoilage based on the Company’s historical experience.

Disaggregation of Revenue

The following table disaggregates the Company’s revenue by geographical markets and reportable segments:


	Year Ended December 31, 2025
							Latin
					Asia Pacific		America
	U.S. and				(including		and
Net Sales	Canada		EMEA¹		Oceania)		Caribbean		Total
Monster Energy® Drinks	$	4,704,483	$	1,702,767	$	581,290	$	677,331	$	7,665,871
Strategic Brands		208,452		196,801		42,823		20,640		468,716
Alcohol Brands		134,720		—		—		—		134,720
Other		25,036		—		—		—		25,036
Total Net Sales	$	5,072,691	$	1,899,568	$	624,113	$	697,971	$	8,294,343


	Year Ended December 31, 2024
							Latin
					Asia Pacific		America
	U.S. and				(including		and
Net Sales	Canada		EMEA¹		Oceania)		Caribbean		Total
Monster Energy® Drinks	$	4,320,026	$	1,399,461	$	500,145	$	644,965	$	6,864,597
Strategic Brands		205,948		163,905		40,891		21,489		432,233
Alcohol Brands		172,313		—		—		—		172,313
Other		23,566		—		—		—		23,566
Total Net Sales	$	4,721,853	$	1,563,366	$	541,036	$	666,454	$	7,492,709


	Year Ended December 31, 2023
							Latin
					Asia Pacific		America
	U.S. and				(including		and
Net Sales	Canada		EMEA¹		Oceania)		Caribbean		Total
Monster Energy® Drinks	$	4,202,537	$	1,257,471	$	484,459	$	610,622	$	6,555,089
Strategic Brands		199,183		133,188		29,990		14,228		376,589
Alcohol Brands		184,855		—		—		—		184,855
Other		23,494		—		—		—		23,494
Total Net Sales	$	4,610,069	$	1,390,659	$	514,449	$	624,850	$	7,140,027

¹Europe, Middle East and Africa (“EMEA”)

Contract Liabilities

Amounts received from certain bottlers/distributors at inception of their distribution contracts or at the inception of certain sales/marketing programs are accounted for as deferred revenue. As of December 31, 2025 and 2024, the Company had $205.3 million and $224.8 million of deferred revenue, respectively, which is included in current and long-term deferred revenue in the Company’s accompanying consolidated balance sheet. During the years ended December 31, 2025, 2024 and 2023, $40.0 million, $39.9 million and $40.0 million, respectively, of deferred revenue, was recognized in net sales. See Note 8.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

STOCK-BASED COMPENSATION - Equity Awards (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended				12 Months Ended
	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Employee Stock Option
STOCK-BASED COMPENSATION
Weighted-average grant-date fair value of options granted (in dollars per share)					$ 19.9	$ 21.4	$ 18.28
Total intrinsic value of options exercised					$ 214.7	$ 83.1	$ 333.5
Cash received from option exercises					$ 164.6	$ 79.0	$ 130.3
Vested and expected to vest in the future at the end of the period (in shares)	21,554				21,554
Total unrecognized compensation expense related to non-vested shares granted to employees	$ 116.0				$ 116.0
Cost expected to be recognized over a weighted-average period					2 years 4 months 24 days
Granted (in shares)	23		21	1,299
Restricted Stock Units, and Performance Share Units
STOCK-BASED COMPENSATION
Granted (in dollars per share)	$ 66.72	$ 61.59	$ 62.68	$ 55.08
Vested and expected to vest in the future at the end of the period (in shares)	1,700				1,700
Total unrecognized compensation expense related to non-vested shares granted to employees	$ 55.8				$ 55.8
Cost expected to be recognized over a weighted-average period					2 years 2 months 12 days
Restricted Stock Units, and/or Performance Share Units
STOCK-BASED COMPENSATION
Granted (in dollars per share)					$ 55.4	$ 58.77	$ 51.24
Performance Share Units
STOCK-BASED COMPENSATION
Percentage of target performance					100.00%
Performance Share Units \| Minimum
STOCK-BASED COMPENSATION
Percentage of target performance					0.00%
Performance Share Units \| Maximum
STOCK-BASED COMPENSATION
Percentage of target performance					200.00%
Other Share-Based Awards
STOCK-BASED COMPENSATION
Total unrecognized compensation expense related to non-vested shares granted to employees	$ 2.9				$ 2.9
Cost expected to be recognized over a weighted-average period					1 year 8 months 12 days

TREASURY STOCK

12 Months Ended

Dec. 31, 2025

TREASURY STOCK

TREASURY STOCK

12.TREASURY STOCK

On August 19, 2024, the Company’s Board of Directors authorized a share repurchase program for the purchase of up to an additional $500.0 million of the Company’s outstanding common stock (the “August 2024 Repurchase Plan”). During the year ended December 31, 2025, no shares were repurchased under the August 2024 Repurchase Plan. As of February 26, 2026, $500.0 million remained available for repurchase under the August 2024 Repurchase Plan.

The aggregate amount of the Company’s outstanding common stock that remains available for repurchase under all previously authorized repurchase plans is $500.0 million as of February 26, 2026.

During the year ended December 31, 2025, 1.5 million shares of common stock were purchased from employees in lieu of cash payments for options exercised or withholding taxes due for a total amount of $103.6 million. While such purchases are considered common stock repurchases, they are not counted as purchases against the Company’s authorized share repurchase programs. Such shares are included in common stock in treasury in the accompanying consolidated balance sheet at December 31, 2025.

DEBT (Tables)

12 Months Ended

Dec. 31, 2025

DEBT

Schedule of long-term debt


	December 31,
	2024
Term loan	$	375,000
Revolving credit facility		—
Total debt		375,000
Less: unamortized debt issuance costs		(1,049)
Total debt, net of unamortized debt issuance costs		373,951
Less: current portion of long-term debt		—
Long-term debt	$	373,951

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Concentration of Risk (Details) - Customer concentration - Sales	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Coca Cola Company
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Percentage of net sales	3.00%	3.00%	2.00%
Coca-Cola Europacific Partners
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Percentage of net sales	15.00%	14.00%	13.00%
Coca-Cola Consolidated, Inc
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Percentage of net sales	10.00%	10.00%	10.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-20

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 18
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482836/275-10-55-18

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-20

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 954
-SubTopic 310
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478785/954-310-50-2

+ Details

- Definition

+ References + Details

INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2025

INVESTMENTS.

Summary of investments in available-for-sale


									Continuous		Continuous
			Gross		Gross				Unrealized		Unrealized
			Unrealized		Unrealized				Loss Position		Loss Position
	Amortized		Holding		Holding		Fair		less than 12		greater than
December 31, 2025	Cost		Gains		Losses		Value		Months		12 Months
Available-for-sale
Short-term:
Commercial paper	$	90,418	$	1	$	—	$	90,419	$	—	$	—
Certificates of deposit		12,728		—		—		12,728		—		—
Municipal securities		674		1		—		675		—		—
U.S. treasuries		489,007		492		—		489,499		—		—
Corporate bonds		83,639		124		—		83,763		—		—
Long-term:
Municipal securities		1,206		1		—		1,207		—		—
U.S. treasuries		259,613		353		—		259,966		—		—
Corporate bonds		225,867		289		—		226,156		—		—
Total	$	1,163,152	$	1,261	$	—	$	1,164,413	$	—	$	—

Summary of the underlying contractual maturities of investments


	December 31, 2025
	Amortized Cost		Fair Value
Less than 1 year:
Commercial paper	$	90,418	$	90,419
Certificates of deposit		12,728		12,728
Municipal securities		674		675
U.S. treasuries		489,007		489,499
Corporate bonds		83,639		83,763
Due 1 - 10 years:
Municipal securities		1,206		1,207
U.S. treasuries		259,613		259,966
Corporate bonds		225,867		226,156
Total	$	1,163,152	$	1,164,413

PROPERTY AND EQUIPMENT, Net

12 Months Ended

Dec. 31, 2025

PROPERTY AND EQUIPMENT, Net

PROPERTY AND EQUIPMENT, Net

6.PROPERTY AND EQUIPMENT, Net

Property and equipment consist of the following at December 31:


		2025		2024
Land		$	188,889	$	178,056
Leasehold improvements			33,456		31,132
Furniture and fixtures			13,263		11,416
Office and computer equipment			25,191		28,029
Equipment			611,269		561,408
Buildings			410,189		280,663
Vehicles			83,066		72,564
Assets under construction			55,252		178,980
			1,420,575		1,342,248
Less: accumulated depreciation and amortization			(339,031)		(295,224)
		$	1,081,544	$	1,047,024

Total depreciation and amortization expense recorded was $95.1 million, $72.9 million and $63.0 million for the years ended December 31, 2025, 2024 and 2023, respectively. Assets under construction are not depreciated until in service date.

PROPERTY AND EQUIPMENT, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
PROPERTY AND EQUIPMENT, Net
Property and equipment, gross	$ 1,420,575	$ 1,342,248
Less: accumulated depreciation and amortization	(339,031)	(295,224)
Property and equipment, net	1,081,544	1,047,024
Total depreciation and amortization expense	95,100	72,900	$ 63,000
Land
PROPERTY AND EQUIPMENT, Net
Property and equipment, gross	188,889	178,056
Leasehold improvements
PROPERTY AND EQUIPMENT, Net
Property and equipment, gross	33,456	31,132
Furniture and fixtures
PROPERTY AND EQUIPMENT, Net
Property and equipment, gross	13,263	11,416
Office and computer equipment
PROPERTY AND EQUIPMENT, Net
Property and equipment, gross	25,191	28,029
Equipment
PROPERTY AND EQUIPMENT, Net
Property and equipment, gross	611,269	561,408
Buildings
PROPERTY AND EQUIPMENT, Net
Property and equipment, gross	410,189	280,663
Vehicles
PROPERTY AND EQUIPMENT, Net
Property and equipment, gross	83,066	72,564
Assets under construction
PROPERTY AND EQUIPMENT, Net
Property and equipment, gross	$ 55,252	$ 178,980

RELATED PARTY TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2025

RELATED PARTY TRANSACTIONS

Schedule of related party transactions


	December 31,		December 31,
	2025		2024
Accounts receivable, net	$	166,618	$	112,686
Accounts payable	$	(37,775)	$	(29,095)
Accrued promotional allowances	$	(24,898)	$	(16,914)
Accrued liabilities	$	(28,458)	$	(22,595)

STOCK-BASED COMPENSATION (Details) $ in Thousands	12 Months Ended
STOCK-BASED COMPENSATION (Details) $ in Thousands	Dec. 31, 2025 USD ($) plan shares	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2019 shares
STOCK-BASED COMPENSATION
Stock-based compensation plans \| plan	2
Aggregate amount of common stock authorized (in shares)	92,338,734
Compensation expense on share-based plans \| $	$ 125,687	$ 90,985	$ 68,836
Excess tax benefit realized for tax deductions from non-qualified stock option exercises and disqualifying dispositions of incentive stock options \| $	37,100	$ 12,900	$ 62,200
Non-employee directors
STOCK-BASED COMPENSATION
Annual equity retainer in the form of stock units at each annual meeting \| $	$ 175,000
Omnibus Incentive Plan 2020
STOCK-BASED COMPENSATION
Aggregate amount of common stock authorized (in shares)	64,000,000
Reduction in number of shares for each share granted	1
Shares available for grant	62,964,030
Omnibus Incentive Plan 2020 \| Stock Options
STOCK-BASED COMPENSATION
Expiration period (in years)	10 years
Omnibus Incentive Plan 2020 \| Stock Options \| Minimum
STOCK-BASED COMPENSATION
Vesting period	3 years
Omnibus Incentive Plan 2020 \| Stock Options \| Maximum
STOCK-BASED COMPENSATION
Vesting period	5 years
Omnibus Incentive Plan 2020 \| Restricted Stock Units, and Performance Share Units \| Minimum
STOCK-BASED COMPENSATION
Vesting period	3 years
Omnibus Incentive Plan 2020 \| Restricted Stock Units, and Performance Share Units \| Maximum
STOCK-BASED COMPENSATION
Vesting period	5 years
Omnibus Incentive Plan 2020 \| Performance Share Units
STOCK-BASED COMPENSATION
Cumulative performance	3 years
Omnibus Incentive Plan 2011
STOCK-BASED COMPENSATION
Aggregate amount of common stock authorized (in shares)				28,338,734
Reduction in number of shares for each share granted	2.6
Common stock granted, net of cancellations (in shares)	23,062,505
Stock Incentive Plan For Nonemployee Directors 2017
STOCK-BASED COMPENSATION
Aggregate amount of common stock authorized (in shares)	2,500,000
Common stock granted, net of cancellations (in shares)	316,259
Shares available for grant	2,183,741

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
CONSOLIDATED STATEMENTS OF INCOME
NET SALES	$ 8,294,343	$ 7,492,709	$ 7,140,027
COST OF SALES	3,662,148	3,443,831	3,345,821
GROSS PROFIT	4,632,195	4,048,878	3,794,206
OPERATING EXPENSES	2,212,841	2,118,584	1,840,851
OPERATING INCOME	2,419,354	1,930,294	1,953,355
INTEREST AND OTHER INCOME, NET	63,175	59,165	115,127
INCOME BEFORE PROVISION FOR INCOME TAXES	2,482,529	1,989,459	2,068,482
PROVISION FOR INCOME TAXES	577,097	480,411	437,494
NET INCOME	$ 1,905,432	$ 1,509,048	$ 1,630,988
NET INCOME PER COMMON SHARE:
Basic (in dollar per share)	$ 1.95	$ 1.5	$ 1.56
Diluted (in dollar per share)	$ 1.94	$ 1.49	$ 1.54
Basic (in shares)	975,887	1,004,566	1,044,887
Diluted (in shares)	984,451	1,013,107	1,057,981

RELATED PARTY TRANSACTIONS - TCCC subsidiaries (Details) - Related Party - TCCC Subsidiaries - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
RELATED PARTY TRANSACTIONS
Accounts receivable, net	$ 166,618	$ 112,686
Accounts payable	(37,775)	(29,095)
Accrued promotional allowances	(24,898)	(16,914)
Accrued liabilities	$ (28,458)	$ (22,595)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481990/310-10-45-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

+ Details

INCOME TAXES - Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Reconciliation of the U.S. federal statutory income tax rate
U.S. federal statutory tax rate	$ 521,331	$ 417,786	$ 434,381
State and local income tax, net of federal income tax effect	49,399	38,850	39,416
Foreign tax effect	36,628	38,089	31,223
Effect of cross-border tax laws	(1,390)
Tax Credits
Foreign tax credits	(21,357)
Energy-related tax credits	(4,335)
Change in valuation allowance	12,378
Nontaxable or nondeductible Items	(9,830)	(21,298)	(27,235)
Stock-based compensation		5,266	(43,846)
Residual tax on undistributed foreign earnings		3,903	8,423
Changes in unrecognized tax benefit	837
Other adjustments	(6,564)	(10,843)	(5,132)
Valuation allowance	6,580	8,658	264
Effective tax rate	$ 577,097	$ 480,411	$ 437,494
Reconciliation of the U.S. federal statutory income tax rate percentage
US federal statutory tax rate (in percent)	21.00%	21.00%	21.00%
State and local income tax, net of federal income tax effect (in percent)	2.00%
Foreign tax effect (in percent)	1.50%
Effect of cross-border tax laws (in percent)	(0.10%)
Tax Credits
Foreign tax credits (in percent)	(0.90%)
Energy-related tax credits (in percent)	(0.20%)
Change in valuation allowance (in percent)	0.50%
Nontaxable or nondeductible Items (in percent)	(0.40%)
Changes in unrecognized tax benefit (in percent)	0.00%
Other adjustments (in percent)	(0.20%)
Effective tax rate (in percent)	23.20%
Tax Jurisdiction of Domicile [Extensible Enumeration]	UNITED STATES	UNITED STATES	UNITED STATES
Effective Income Tax Rate Reconciliation, State and Local Jurisdiction, Contribution Greater than 50 Percent, Tax Effect [Extensible Enumeration]	country:CA, country:IL, stpr:MI, stpr:MN, stpr:NJ, stpr:NY	country:CA, country:IL, stpr:MI, stpr:MN, stpr:NJ, stpr:NY	country:CA, country:IL, stpr:MI, stpr:MN, stpr:NJ, stpr:NY

GOODWILL AND OTHER INTANGIBLE ASSETS - Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
GOODWILL AND OTHER INTANGIBLE ASSETS
Goodwill, beginning balance	$ 1,331,643	$ 1,417,941
Acquisitions	0	0
Impairments	0	(86,298)	$ 0
Goodwill, ending balance	1,331,643	1,331,643	1,417,941
Accumulated goodwill impairment balances	86,300	86,300
Monster Energy Drinks
GOODWILL AND OTHER INTANGIBLE ASSETS
Goodwill, beginning balance	693,644	693,644
Acquisitions	0	0
Impairments		0
Goodwill, ending balance	693,644	693,644	693,644
Strategic Brands
GOODWILL AND OTHER INTANGIBLE ASSETS
Goodwill, beginning balance	637,999	637,999
Acquisitions	0	0
Impairments		0
Goodwill, ending balance	637,999	637,999	637,999
Alcohol Brands
GOODWILL AND OTHER INTANGIBLE ASSETS
Goodwill, beginning balance	0	86,298
Acquisitions	0	0
Impairments		(86,298)
Goodwill, ending balance	0	0	86,298
Accumulated goodwill impairment balances	86,300
Other
GOODWILL AND OTHER INTANGIBLE ASSETS
Goodwill, beginning balance	0	0
Acquisitions	0	0
Impairments		0
Goodwill, ending balance	$ 0	$ 0	$ 0

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

+ Details

STOCK-BASED COMPENSATION - Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Compensation cost charged against income
Operating expenses	$ 125,687	$ 90,985	$ 68,836
Total employee and non-employee share-based compensation expense included in income, before income tax	125,687	90,985	68,836
Less: Amount of income tax benefit recognized in earnings	(39,745)	(16,006)	(64,401)
Amount charged against net income	85,942	74,979	4,435
Incentive Stock Options
Compensation cost charged against income
Total employee and non-employee share-based compensation expense included in income, before income tax	12,700	12,500	10,300
Other Share-Based Awards
Compensation cost charged against income
Total employee and non-employee share-based compensation expense included in income, before income tax	4,600	100	1,200
Non-qualified Stock Options, Restricted Stock Units and Performance Share Units
Compensation cost charged against income
Total employee and non-employee share-based compensation expense included in income, before income tax	108,400	78,400	57,300
Operating expense
Compensation cost charged against income
Total employee and non-employee share-based compensation expense included in income, before income tax	$ 125,700	$ 91,000	$ 68,800

SEGMENT INFORMATION (Tables)

12 Months Ended

Dec. 31, 2025

SEGMENT INFORMATION

Schedule of reportable segments including the corporate and unallocated category

Year Ended December 31, 2025


	Monster
	Energy®		Strategic		Alcohol
	Drinks		Brands		Brands		Other		Total
Net sales¹	$	7,665,871	$	468,716	$	134,720	$	25,036	$	8,294,343

Cost of sales		3,394,604		146,913		102,303		18,328		—
Gross profit		4,271,267		321,803		32,417		6,708		4,632,195

Distribution expense		314,933		6,257		9,897		—		—
Selling and marketing expense		714,958		61,633		26,447		421		—
Nonmanufacturing payroll expense		177,027		9,556		35,212		2,147		—
Intangibles impairment		—		—		38,411		—		—
Other segment items²		87,845		3,600		49,410		698		—
Segment profit (loss)¹		2,976,504		240,757		(126,960)		3,442		3,093,743

Reconciliation of segment profit (loss)
Interest and other income, net										63,175
Unallocated amounts:
Corporate payroll expenses										(445,742)
Corporate overhead expenses, excluding payroll										(228,647)

Income before provision for income taxes									$	2,482,529

Depreciation and amortization	$	78,504	$	1,104	$	19,467	$	1,218	$	100,293
Unallocated depreciation and amortization										14,148
Total depreciation and amortization									$	114,441

¹For the Monster Energy® Drinks segment, includes $40.0 million related to the recognition of deferred revenue.

²Other segment items for each reportable segment include:

Monster Energy® Drinks - travel and entertainment expense, professional services expense, and certain overhead expenses

Strategic Brands - travel and entertainment expense, and certain overhead expenses

Alcohol Brands - property and equipment impairment, depreciation and amortization expense, travel and entertainment expense, professional services expense, and certain overhead expenses

Other - professional services expense, and certain overhead expenses

Year Ended December 31, 2024


	Monster
	Energy®		Strategic		Alcohol
	Drinks		Brands		Brands		Other		Total
Net sales¹	$	6,864,597	$	432,233	$	172,313	$	23,566	$	7,492,709

Cost of sales		3,170,993		125,099		131,590		16,149		—
Gross profit		3,693,604		307,134		40,723		7,417		4,048,878

Distribution expense		322,464		6,030		13,621		19		—
Selling and marketing expense		672,582		55,629		27,652		235		—
Nonmanufacturing payroll expense		164,091		8,790		36,884		2,174		—
Goodwill and intangibles impairment		—		—		127,098		—		—
Other segment items²		72,011		2,933		35,784		342		—
Segment profit (loss)¹		2,462,456		233,752		(200,316)		4,647		2,500,539

Reconciliation of segment profit (loss)
Interest and other income, net										59,165
Unallocated amounts:
Corporate payroll expenses										(377,382)
Corporate overhead expenses, excluding payroll										(192,863)

Income before provision for income taxes									$	1,989,459

Depreciation and amortization	$	53,117	$	942	$	14,290	$	200	$	68,549
Unallocated depreciation and amortization										11,885
Total depreciation and amortization									$	80,434

¹For the Monster Energy® Drinks segment, includes $39.9 million related to the recognition of deferred revenue.

²Other segment items for each reportable segment include:

Monster Energy® Drinks - travel and entertainment expense, professional services expense, and certain overhead expenses

Strategic Brands - travel and entertainment expense, and certain overhead expenses

Alcohol Brands - depreciation and amortization expense, travel and entertainment expense, professional services expense, and certain overhead expenses

Other - travel and entertainment expense, and certain overhead expenses

Year Ended December 31, 2023


	Monster
	Energy®		Strategic		Alcohol
	Drinks		Brands		Brands		Other		Total
Net sales¹	$	6,555,089	$	376,589	$	184,855	$	23,494	$	7,140,027

Cost of sales		3,094,906		104,980		129,607		16,328		—
Gross profit		3,460,183		271,609		55,248		7,166		3,794,206

Distribution expense		306,516		6,184		10,931		47		—
Selling and marketing expense		601,550		48,937		24,814		266		—
Nonmanufacturing payroll expense		146,236		6,446		34,192		1,996		—
Intangibles impairment		—		300		38,400		—		—
Other segment items²		67,137		2,596		28,035		1,293		—
Segment profit (loss)¹		2,338,744		207,146		(81,124)		3,564		2,468,330

Reconciliation of segment profit (loss)
Interest and other income, net										115,127
Unallocated amounts:
Corporate payroll expenses										(331,743)
Corporate overhead expenses, excluding payroll										(183,232)

Income before provision for income taxes									$	2,068,482

Depreciation and amortization	$	37,606	$	793	$	15,745	$	1,264	$	55,408
Unallocated depreciation and amortization										13,490
Total depreciation and amortization									$	68,898

¹For the Monster Energy® Drinks segment, includes $40.0 million related to the recognition of deferred revenue.

²Other segment items for each reportable segment include:

Monster Energy® Drinks - travel and entertainment expense, professional services expense, and certain overhead expenses

Strategic Brands - travel and entertainment expense, and certain overhead expenses

Alcohol Brands - depreciation and amortization expense, travel and entertainment expense, professional services expense, and certain overhead expenses

Other - depreciation and amortization expense, and certain overhead expenses

Schedule of goodwill and other intangible assets for the reportable segments


	2025			2024
Goodwill and other intangible assets:
Monster Energy® Drinks	$	1,716,824		$	1,703,256
Strategic Brands		982,543			982,035
Alcohol Brands		11,544			60,604
Other		—			—
	$	2,710,911		$	2,745,895

STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2025

STOCK-BASED COMPENSATION

Schedule of weighted-average assumptions used to estimate the fair value of options granted


		2025		2024		2023
Dividend yield		0.0	%	0.0	%	0.0	%
Expected volatility		26.7	%	27.4	%	27.6	%
Risk-free interest rate		4.19	%	4.18	%	3.75	%
Expected term		6.2 Years		6.4 Years		6.3 Years

Schedule of activities with respect to its stock option plans


				Weighted
		Weighted		Average
		Average		Remaining
	Number of	Exercise		Contractual
	Shares (in	Price Per		Term (in	Aggregate
Options	thousands)	Share		years)	Intrinsic Value
Outstanding at January 1, 2025	27,088	$	38.98	5.8	$	400,207
Granted 01/01/25 - 03/31/25	1,299	$	55.09
Granted 04/01/25 - 06/30/25	21	$	60.28
Granted 07/01/25 - 09/30/25	—	$	—
Granted 10/01/25 - 12/31/25	23	$	66.51
Exercised	(5,942)	$	27.69
Cancelled or forfeited	(328)	$	52.58
Outstanding at December 31, 2025	22,161	$	42.80	5.8	$	750,594
Vested and expected to vest in the future at December 31, 2025	21,554	$	42.49	5.8	$	736,616
Exercisable at December 31, 2025	11,219	$	34.42	4.0	$	474,047

Summary of information about stock options outstanding and exercisable


					Options Outstanding				Options Exercisable
						Weighted
						Average	Weighted		Number	Weighted
					Number	Remaining	Average		Exercisable	Average
Range of Exercise					Outstanding	Contractual	Exercise		(in	Exercise
Prices ($)					(in thousands)	Term (Years)	Price ($)		thousands)	Price ($)
$	20.91	-	$	29.37	3,854	1.7	$	26.52	3,854	$	26.52
$	29.84	-	$	31.20	3,111	3.6	$	30.40	3,111	$	30.40
$	31.73	-	$	33.71	40	4.1	$	32.80	40	$	32.80
$	36.62	-	$	36.62	3,497	6.2	$	36.62	1,561	$	36.62
$	38.96	-	$	48.30	2,823	6.7	$	45.85	1,358	$	44.91
$	48.90	-	$	48.90	20	5.7	$	48.90	14	$	48.90
$	50.82	-	$	50.82	3,360	7.2	$	50.82	827	$	50.82
$	51.38	-	$	59.52	1,470	9.1	$	54.90	30	$	53.86
$	60.30	-	$	60.30	3,960	8.2	$	60.30	424	$	60.30
$	63.83	-	$	66.51	26	9.8	$	66.13	—	$	—
					22,161	5.8	$	42.80	11,219	$	34.42

Schedule of activities with respect to non-vested restricted stock units and performance share units


		Weighted-
	Number of	Average
	Shares (in	Grant-Date
	thousands)	Fair Value
Non-vested at January 1, 2025	1,682	$	46.16
Granted 01/01/25 - 03/31/25¹	1,017	$	55.08
Granted 04/01/25 - 06/30/25	33	$	62.68
Granted 07/01/25 - 09/30/25	1	$	61.59
Granted 10/01/25 - 12/31/25	7	$	66.72
Vested	(635)	$	39.42
Forfeited/cancelled	(65)	$	42.83
Non-vested at December 31, 2025	2,040	$	53.15

Schedule of employee and non-employee share-based compensation expense


		2025		2024		2023
Operating expenses		$	125,687	$	90,985	$	68,836
Total employee and non-employee share-based compensation expense included in income, before income tax			125,687		90,985		68,836
Less: Amount of income tax benefit recognized in earnings			(39,745)		(16,006)		(64,401)
Amount charged against net income		$	85,942	$	74,979	$	4,435

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Advertising and Promotional Expenses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Advertising and promotional expenses	$ 599.9	$ 584.1	$ 528.9

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 31, 2025

GOODWILL AND OTHER INTANGIBLE ASSETS

Schedule of goodwill


	Monster
	Energy®		Strategic		Alcohol
	Drinks		Brands		Brands*		Other		Total
Balance at December 31, 2024	$	693,644	$	637,999	$	—	$	—	$	1,331,643
Acquisitions		—		—		—		—		—
Balance at December 31, 2025	$	693,644	$	637,999	$	—	$	—	$	1,331,643


	Monster
	Energy®		Strategic		Alcohol
	Drinks		Brands		Brands*		Other		Total
Balance at December 31, 2023	$	693,644	$	637,999	$	86,298	$	—	$	1,417,941
Acquisitions		—		—		—		—		—
Impairments*		—		—		(86,298)		—		(86,298)
Balance at December 31, 2024	$	693,644	$	637,999	$	—	$	—	$	1,331,643

*Accumulated goodwill impairment balance at December 31, 2025 and 2024 was $86.3 million related entirely to Alcohol Brands. There were no impairments prior to the year ended December 31, 2024.

Schedule of intangible assets


		December 31,		December 31,
		2025		2024
Amortizing intangibles		$	137,664	$	183,800
Accumulated amortization			(86,999)		(86,703)
			50,665		97,097
Non-amortizing intangibles			1,328,603		1,317,155
		$	1,379,268	$	1,414,252

Schedule of future estimated amortization expense related to amortizing intangibles


Year Ending December 31:
2026		$	10,568
2027			9,104
2028			6,706
2029			4,590
2030			4,590
2031 and thereafter			15,107
		$	50,665

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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-Topic 350
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-Section 50
-Paragraph 2
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+ Details

EMPLOYEE BENEFIT PLAN (Details) - Employee 401(k) Plan - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
EMPLOYEE BENEFIT PLAN
Employer matching contribution as a percentage of the employee's contribution	50.00%
Percent of employee's earnings eligible for employer matching contribution	8.00%
Vesting period of contribution by the company	4 years
Matching contributions by the company	$ 11.3	$ 10.4	$ 8.5
2 years of service
EMPLOYEE BENEFIT PLAN
Percentage of award vesting	50.00%
3 years of service
EMPLOYEE BENEFIT PLAN
Percentage of award vesting	75.00%
4 years of service
EMPLOYEE BENEFIT PLAN
Percentage of award vesting	100.00%

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b5-1 Arrangement Modified	false
Non-Rule 10b5-1 Arrangement Modified	false

STOCK-BASED COMPENSATION - Exercise Prices (Details) shares in Thousands	12 Months Ended
	Dec. 31, 2025 $ / shares shares
STOCK-BASED COMPENSATION
Number Outstanding, Number Outstanding (in shares) \| shares	22,161
Options Outstanding, Weighted Average Remaining Contractual Term (Years)	5 years 9 months 18 days
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 42.8
Options Exercisable, Number Exercisable (in shares) \| shares	11,219
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 34.42
Exercise Price Range 20.91 - 29.37
STOCK-BASED COMPENSATION
Stock options, range of exercise prices, low end of range (in dollars per share)	20.91
Stock options, range of exercise prices, high end of range (in dollars per share)	$ 29.37
Number Outstanding, Number Outstanding (in shares) \| shares	3,854
Options Outstanding, Weighted Average Remaining Contractual Term (Years)	1 year 8 months 12 days
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 26.52
Options Exercisable, Number Exercisable (in shares) \| shares	3,854
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 26.52
Exercise Price Range 29.84 - 31.20
STOCK-BASED COMPENSATION
Stock options, range of exercise prices, low end of range (in dollars per share)	29.84
Stock options, range of exercise prices, high end of range (in dollars per share)	$ 31.2
Number Outstanding, Number Outstanding (in shares) \| shares	3,111
Options Outstanding, Weighted Average Remaining Contractual Term (Years)	3 years 7 months 6 days
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 30.4
Options Exercisable, Number Exercisable (in shares) \| shares	3,111
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 30.4
Exercise Price Range 31.73 - 33.71
STOCK-BASED COMPENSATION
Stock options, range of exercise prices, low end of range (in dollars per share)	31.73
Stock options, range of exercise prices, high end of range (in dollars per share)	$ 33.71
Number Outstanding, Number Outstanding (in shares) \| shares	40
Options Outstanding, Weighted Average Remaining Contractual Term (Years)	4 years 1 month 6 days
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 32.8
Options Exercisable, Number Exercisable (in shares) \| shares	40
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 32.8
Exercise Price Range 36.62 - 36.62
STOCK-BASED COMPENSATION
Stock options, range of exercise prices, low end of range (in dollars per share)	36.62
Stock options, range of exercise prices, high end of range (in dollars per share)	$ 36.62
Number Outstanding, Number Outstanding (in shares) \| shares	3,497
Options Outstanding, Weighted Average Remaining Contractual Term (Years)	6 years 2 months 12 days
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 36.62
Options Exercisable, Number Exercisable (in shares) \| shares	1,561
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 36.62
Exercise Price Range 38.96 - 48.30
STOCK-BASED COMPENSATION
Stock options, range of exercise prices, low end of range (in dollars per share)	38.96
Stock options, range of exercise prices, high end of range (in dollars per share)	$ 48.3
Number Outstanding, Number Outstanding (in shares) \| shares	2,823
Options Outstanding, Weighted Average Remaining Contractual Term (Years)	6 years 8 months 12 days
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 45.85
Options Exercisable, Number Exercisable (in shares) \| shares	1,358
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 44.91
Exercise Price Range 48.90 - 48.90
STOCK-BASED COMPENSATION
Stock options, range of exercise prices, low end of range (in dollars per share)	48.9
Stock options, range of exercise prices, high end of range (in dollars per share)	$ 48.9
Number Outstanding, Number Outstanding (in shares) \| shares	20
Options Outstanding, Weighted Average Remaining Contractual Term (Years)	5 years 8 months 12 days
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 48.9
Options Exercisable, Number Exercisable (in shares) \| shares	14
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 48.9
Exercise Price Range 50.82 - 50.82
STOCK-BASED COMPENSATION
Stock options, range of exercise prices, low end of range (in dollars per share)	50.82
Stock options, range of exercise prices, high end of range (in dollars per share)	$ 50.82
Number Outstanding, Number Outstanding (in shares) \| shares	3,360
Options Outstanding, Weighted Average Remaining Contractual Term (Years)	7 years 2 months 12 days
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 50.82
Options Exercisable, Number Exercisable (in shares) \| shares	827
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 50.82
Exercise Price Range 51.38 - 59.52
STOCK-BASED COMPENSATION
Stock options, range of exercise prices, low end of range (in dollars per share)	51.38
Stock options, range of exercise prices, high end of range (in dollars per share)	$ 59.52
Number Outstanding, Number Outstanding (in shares) \| shares	1,470
Options Outstanding, Weighted Average Remaining Contractual Term (Years)	9 years 1 month 6 days
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 54.9
Options Exercisable, Number Exercisable (in shares) \| shares	30
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 53.86
Exercise Price Range 60.30 - 60.30
STOCK-BASED COMPENSATION
Stock options, range of exercise prices, low end of range (in dollars per share)	60.3
Stock options, range of exercise prices, high end of range (in dollars per share)	$ 60.3
Number Outstanding, Number Outstanding (in shares) \| shares	3,960
Options Outstanding, Weighted Average Remaining Contractual Term (Years)	8 years 2 months 12 days
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 60.3
Options Exercisable, Number Exercisable (in shares) \| shares	424
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 60.3
Exercise Price Range 63.83 - 66.51
STOCK-BASED COMPENSATION
Stock options, range of exercise prices, low end of range (in dollars per share)	63.83
Stock options, range of exercise prices, high end of range (in dollars per share)	$ 66.51
Number Outstanding, Number Outstanding (in shares) \| shares	26
Options Outstanding, Weighted Average Remaining Contractual Term (Years)	9 years 9 months 18 days
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 66.13

INCOME TAXES (Details) $ in Millions	12 Months Ended
INCOME TAXES (Details) $ in Millions	Dec. 31, 2025 USD ($)
INCOME TAXES
Deferred tax liability	$ 10.0
Undistributed earnings	$ 22.5
Income tax examination description	The Company is in various stages of examination with certain states and certain foreign jurisdictions. The Company’s 2022 through 2025 U.S. federal income tax returns are subject to examination by the IRS. The Company’s state income tax returns are generally subject to examination for the 2021 through 2025 tax years. The United Kingdom and Ireland income tax returns are subject to examination for the 2021 through 2025 tax years.
Income Tax Examination Authority Name [Extensible Enumeration]	us-gaap:InternalRevenueServiceIRSMember
United States
INCOME TAXES
Income tax returns are subject to examination	2022 2023 2024 2025
State
INCOME TAXES
Income tax returns are subject to examination	2021 2022 2023 2024 2025
United Kingdom
INCOME TAXES
Income tax returns are subject to examination	2021 2022 2023 2024 2025
Ireland
INCOME TAXES
Income tax returns are subject to examination	2021 2022 2023 2024 2025

GOODWILL AND OTHER INTANGIBLE ASSETS - Intangible assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
GOODWILL AND OTHER INTANGIBLE ASSETS
Amortizing intangibles	$ 137,664	$ 183,800
Accumulated amortization	(86,999)	(86,703)
Amortizing intangibles, net	50,665	97,097
Non-amortizing intangibles	1,328,603	1,317,155
Intangibles, net	$ 1,379,268	$ 1,414,252

SEGMENT INFORMATION

12 Months Ended

Dec. 31, 2025

SEGMENT INFORMATION

SEGMENT INFORMATION

17.SEGMENT INFORMATION

The Company has four operating and reportable segments: (i) Monster Energy® Drinks segment, which is primarily comprised of the Company’s Monster Energy® drinks, Reign Total Body Fuel® high performance energy drinks, Reign Storm® total wellness energy drinks and Bang Energy® drinks, (ii) Strategic Brands segment, which is primarily comprised of the various energy drink brands acquired from TCCC in 2015 as well as the Company’s affordable energy brands, Predator® and Fury®, (iii) Alcohol Brands segment, which is comprised of various craft beers, FMBs and hard seltzers and (iv) Other segment, which is comprised of the AFF Third-Party Products.

Generally, the Monster Energy® Drinks segment generates higher per case net operating revenues, but lower per case gross profit margin percentages than the Strategic Brands segment.

Generally, the Alcohol Brands segment has lower gross profit margin percentages than the Monster Energy® Drinks segment.

Corporate and unallocated amounts that do not relate to a reportable segment have been allocated to “Corporate & Unallocated.” No asset information, other than goodwill and other intangible assets, has been provided in the Company’s reportable segments, as management does not measure or allocate such assets on a segment basis.

The Company’s chief operating decision maker is the chief executive officer (the “CEO”). The CEO assesses segments’ performance by using each segment’s operating income and considers budget-to-actual variances on a periodic basis (at least quarterly) when making decisions about operational planning, including resource allocation. Further, the CEO uses segments’ operating income when comparing the results of each segment with one another.

The tables below provide information about the Company’s reportable segments, including the corporate and unallocated category.

Year Ended December 31, 2025


	Monster
	Energy®		Strategic		Alcohol
	Drinks		Brands		Brands		Other		Total
Net sales¹	$	7,665,871	$	468,716	$	134,720	$	25,036	$	8,294,343

Cost of sales		3,394,604		146,913		102,303		18,328		—
Gross profit		4,271,267		321,803		32,417		6,708		4,632,195

Distribution expense		314,933		6,257		9,897		—		—
Selling and marketing expense		714,958		61,633		26,447		421		—
Nonmanufacturing payroll expense		177,027		9,556		35,212		2,147		—
Intangibles impairment		—		—		38,411		—		—
Other segment items²		87,845		3,600		49,410		698		—
Segment profit (loss)¹		2,976,504		240,757		(126,960)		3,442		3,093,743

Reconciliation of segment profit (loss)
Interest and other income, net										63,175
Unallocated amounts:
Corporate payroll expenses										(445,742)
Corporate overhead expenses, excluding payroll										(228,647)

Income before provision for income taxes									$	2,482,529

Depreciation and amortization	$	78,504	$	1,104	$	19,467	$	1,218	$	100,293
Unallocated depreciation and amortization										14,148
Total depreciation and amortization									$	114,441

¹For the Monster Energy® Drinks segment, includes $40.0 million related to the recognition of deferred revenue.

²Other segment items for each reportable segment include:

Monster Energy® Drinks - travel and entertainment expense, professional services expense, and certain overhead expenses

Strategic Brands - travel and entertainment expense, and certain overhead expenses

Alcohol Brands - property and equipment impairment, depreciation and amortization expense, travel and entertainment expense, professional services expense, and certain overhead expenses

Other - professional services expense, and certain overhead expenses

Year Ended December 31, 2024


	Monster
	Energy®		Strategic		Alcohol
	Drinks		Brands		Brands		Other		Total
Net sales¹	$	6,864,597	$	432,233	$	172,313	$	23,566	$	7,492,709

Cost of sales		3,170,993		125,099		131,590		16,149		—
Gross profit		3,693,604		307,134		40,723		7,417		4,048,878

Distribution expense		322,464		6,030		13,621		19		—
Selling and marketing expense		672,582		55,629		27,652		235		—
Nonmanufacturing payroll expense		164,091		8,790		36,884		2,174		—
Goodwill and intangibles impairment		—		—		127,098		—		—
Other segment items²		72,011		2,933		35,784		342		—
Segment profit (loss)¹		2,462,456		233,752		(200,316)		4,647		2,500,539

Reconciliation of segment profit (loss)
Interest and other income, net										59,165
Unallocated amounts:
Corporate payroll expenses										(377,382)
Corporate overhead expenses, excluding payroll										(192,863)

Income before provision for income taxes									$	1,989,459

Depreciation and amortization	$	53,117	$	942	$	14,290	$	200	$	68,549
Unallocated depreciation and amortization										11,885
Total depreciation and amortization									$	80,434

¹For the Monster Energy® Drinks segment, includes $39.9 million related to the recognition of deferred revenue.

²Other segment items for each reportable segment include:

Monster Energy® Drinks - travel and entertainment expense, professional services expense, and certain overhead expenses

Strategic Brands - travel and entertainment expense, and certain overhead expenses

Alcohol Brands - depreciation and amortization expense, travel and entertainment expense, professional services expense, and certain overhead expenses

Other - travel and entertainment expense, and certain overhead expenses

Year Ended December 31, 2023


	Monster
	Energy®		Strategic		Alcohol
	Drinks		Brands		Brands		Other		Total
Net sales¹	$	6,555,089	$	376,589	$	184,855	$	23,494	$	7,140,027

Cost of sales		3,094,906		104,980		129,607		16,328		—
Gross profit		3,460,183		271,609		55,248		7,166		3,794,206

Distribution expense		306,516		6,184		10,931		47		—
Selling and marketing expense		601,550		48,937		24,814		266		—
Nonmanufacturing payroll expense		146,236		6,446		34,192		1,996		—
Intangibles impairment		—		300		38,400		—		—
Other segment items²		67,137		2,596		28,035		1,293		—
Segment profit (loss)¹		2,338,744		207,146		(81,124)		3,564		2,468,330

Reconciliation of segment profit (loss)
Interest and other income, net										115,127
Unallocated amounts:
Corporate payroll expenses										(331,743)
Corporate overhead expenses, excluding payroll										(183,232)

Income before provision for income taxes									$	2,068,482

Depreciation and amortization	$	37,606	$	793	$	15,745	$	1,264	$	55,408
Unallocated depreciation and amortization										13,490
Total depreciation and amortization									$	68,898

¹For the Monster Energy® Drinks segment, includes $40.0 million related to the recognition of deferred revenue.

²Other segment items for each reportable segment include:

Monster Energy® Drinks - travel and entertainment expense, professional services expense, and certain overhead expenses

Strategic Brands - travel and entertainment expense, and certain overhead expenses

Alcohol Brands - depreciation and amortization expense, travel and entertainment expense, professional services expense, and certain overhead expenses

Other - depreciation and amortization expense, and certain overhead expenses

Coca-Cola Europacific Partners accounted for approximately 15%, 14% and 13% of the Company’s net sales for the years ended December 31, 2025, 2024 and 2023, respectively.

Coca-Cola Consolidated, Inc. accounted for approximately 10% of the Company’s net sales for each of the years ended December 31, 2025, 2024 and 2023.

Net sales to customers outside the United States amounted to $3.44 billion, $2.96 billion and $2.71 billion for the years ended December 31, 2025, 2024 and 2023, respectively. Such sales were approximately 41%, 40% and 38% of net sales for the years ended December 31, 2025, 2024 and 2023, respectively.

Goodwill and other intangible assets for the Company’s reportable segments as of December 31, 2025 and 2024 were as follows:


	2025			2024
Goodwill and other intangible assets:
Monster Energy® Drinks	$	1,716,824		$	1,703,256
Strategic Brands		982,543			982,035
Alcohol Brands		11,544			60,604
Other		—			—
	$	2,710,911		$	2,745,895

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Common stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive (Loss) Income	Treasury stock	Total
Balance at Dec. 31, 2022	$ 6,418	$ 4,776,804	$ 9,001,173	$ (159,073)	$ (6,600,281)	$ 7,025,041
Balance (in shares) at Dec. 31, 2022	1,283,688
Balance (in shares) at Dec. 31, 2022					(239,088)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation		67,664				67,664
Stock options/awards	$ 45	130,222				130,267
Stock options/awards (in shares)	8,904
Unrealized gain (loss), net on available-for-sale securities				5,085		5,085
Retirement of treasury stock	$ (850)	425	(4,692,425)		$ 4,692,850
Retirement of treasury stock (in shares)	(170,000)				170,000
Repurchase of common stock					$ (658,952)	(658,952)
Repurchase of common stock (in shares)					(11,933)
Foreign currency translation				24,241		24,241
Net gain (loss) on commodity derivatives				4,410		4,410
Net income			1,630,988			1,630,988
Balance at Dec. 31, 2023	$ 5,613	4,975,115	5,939,736	(125,337)	$ (2,566,383)	8,228,744
Balance (in shares) at Dec. 31, 2023	1,122,592
Balance (in shares) at Dec. 31, 2023					(81,021)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation		90,853				90,853
Stock options/awards	$ 19	78,954				78,973
Stock options/awards (in shares)	3,737
Unrealized gain (loss), net on available-for-sale securities				758		758
Repurchase of common stock					$ (3,805,750)	(3,805,750)
Repurchase of common stock (in shares)					(72,229)
Foreign currency translation				(140,941)		(140,941)
Net gain (loss) on commodity derivatives				(3,967)		(3,967)
Net income			1,509,048			1,509,048
Balance at Dec. 31, 2024	$ 5,632	5,144,922	7,448,784	(269,487)	$ (6,372,133)	$ 5,957,718
Balance (in shares) at Dec. 31, 2024	1,126,329
Balance (in shares) at Dec. 31, 2024					(153,250)	153,250
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation		121,390				$ 121,390
Stock options/awards	$ 33	164,535				164,568
Stock options/awards (in shares)	6,577
Unrealized gain (loss), net on available-for-sale securities				1,263		1,263
Repurchase of common stock					$ (103,646)	(103,646)
Repurchase of common stock (in shares)					(1,543)
Foreign currency translation				161,871		161,871
Net gain (loss) on commodity derivatives				45,512		45,512
Net income			1,905,432			1,905,432
Balance at Dec. 31, 2025	$ 5,665	$ 5,430,847	$ 9,354,216	$ (60,841)	$ (6,475,779)	$ 8,254,108
Balance (in shares) at Dec. 31, 2025	1,132,906
Balance (in shares) at Dec. 31, 2025					(154,793)	154,793

SEGMENT INFORMATION - Goodwill and other intangible assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
SEGMENT INFORMATION
Goodwill and other intangible assets	$ 2,710,911	$ 2,745,895
Monster Energy Drinks \| Operating segment
SEGMENT INFORMATION
Goodwill and other intangible assets	1,716,824	1,703,256
Strategic Brands \| Operating segment
SEGMENT INFORMATION
Goodwill and other intangible assets	982,543	982,035
Alcohol Brands \| Operating segment
SEGMENT INFORMATION
Goodwill and other intangible assets	$ 11,544	$ 60,604

REVENUE RECOGNITION - Contract Liabilities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Contract Liabilities
Deferred revenue	$ 205.3	$ 224.8
Deferred revenue recognized in net sales	$ 40.0	$ 39.9	$ 40.0

REVENUE RECOGNITION (Tables)

12 Months Ended

Dec. 31, 2025

REVENUE RECOGNITION

Schedule of disaggregation of revenue by geographical markets and reportable segments


	Year Ended December 31, 2025
							Latin
					Asia Pacific		America
	U.S. and				(including		and
Net Sales	Canada		EMEA¹		Oceania)		Caribbean		Total
Monster Energy® Drinks	$	4,704,483	$	1,702,767	$	581,290	$	677,331	$	7,665,871
Strategic Brands		208,452		196,801		42,823		20,640		468,716
Alcohol Brands		134,720		—		—		—		134,720
Other		25,036		—		—		—		25,036
Total Net Sales	$	5,072,691	$	1,899,568	$	624,113	$	697,971	$	8,294,343


	Year Ended December 31, 2024
							Latin
					Asia Pacific		America
	U.S. and				(including		and
Net Sales	Canada		EMEA¹		Oceania)		Caribbean		Total
Monster Energy® Drinks	$	4,320,026	$	1,399,461	$	500,145	$	644,965	$	6,864,597
Strategic Brands		205,948		163,905		40,891		21,489		432,233
Alcohol Brands		172,313		—		—		—		172,313
Other		23,566		—		—		—		23,566
Total Net Sales	$	4,721,853	$	1,563,366	$	541,036	$	666,454	$	7,492,709


	Year Ended December 31, 2023
							Latin
					Asia Pacific		America
	U.S. and				(including		and
Net Sales	Canada		EMEA¹		Oceania)		Caribbean		Total
Monster Energy® Drinks	$	4,202,537	$	1,257,471	$	484,459	$	610,622	$	6,555,089
Strategic Brands		199,183		133,188		29,990		14,228		376,589
Alcohol Brands		184,855		—		—		—		184,855
Other		23,494		—		—		—		23,494
Total Net Sales	$	4,610,069	$	1,390,659	$	514,449	$	624,850	$	7,140,027

¹Europe, Middle East and Africa (“EMEA”)

FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Cash and cash equivalents	$ 2,088,117	$ 1,533,287
Short-term investments	677,084	0
Asset transfers from Level 1 to Level 2 measurements	0	0
Asset transfers from Level 2 to Level 1 measurements	0	0
Liabilities transfers from Level 1 to Level 2 measurements	0	0
Liabilities transfers from Level 2 to Level 1 measurements	0	0
Total fair value
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Cash	1,244,954	1,103,647
Assets measured at fair value	3,286,243	1,533,301
Fair value liabilities	(1,474)	799
Cash and cash equivalents	2,088,117	1,533,287
Short-term investments	677,084
Accounts receivable, net	33,667	5,991
Other assets	3,530	6
Investments	487,329
Accrued liabilities	(3,484)	(5,952)
Other liabilities		(31)
Total fair value \| Money market funds
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Assets measured at fair value	787,293	396,306
Total fair value \| Commercial paper
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Assets measured at fair value	90,419
Total fair value \| Certificates of deposit
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Assets measured at fair value	68,597	33,334
Total fair value \| Municipal securities
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Assets measured at fair value	1,882
Total fair value \| U.S. treasuries
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Assets measured at fair value	749,465
Total fair value \| Corporate bonds
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Assets measured at fair value	309,919
Total fair value \| Commodity derivatives
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Fair value liabilities	35,188	(785)
Level 1
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Cash	1,244,954	1,103,647
Assets measured at fair value	2,032,247	1,499,953
Fair value liabilities	0	0
Cash and cash equivalents	2,032,247	1,499,953
Short-term investments	0
Accounts receivable, net	0	0
Other assets	0	0
Investments	0
Accrued liabilities	0	0
Other liabilities		0
Level 1 \| Money market funds
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Assets measured at fair value	787,293	396,306
Level 1 \| Commercial paper
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Assets measured at fair value	0
Level 1 \| Certificates of deposit
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Assets measured at fair value	0	0
Level 1 \| Municipal securities
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Assets measured at fair value	0
Level 1 \| U.S. treasuries
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Assets measured at fair value	0
Level 1 \| Corporate bonds
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Assets measured at fair value	0
Level 1 \| Commodity derivatives
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Fair value liabilities	0	0
Level 2
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Cash	0	0
Assets measured at fair value	1,253,996	33,348
Fair value liabilities	(1,474)	799
Cash and cash equivalents	55,870	33,334
Short-term investments	677,084
Accounts receivable, net	33,667	5,991
Other assets	3,530	6
Investments	487,329
Accrued liabilities	(3,484)	(5,952)
Other liabilities		(31)
Level 2 \| Money market funds
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Assets measured at fair value	0	0
Level 2 \| Commercial paper
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Assets measured at fair value	90,419
Level 2 \| Certificates of deposit
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Assets measured at fair value	68,597	33,334
Level 2 \| Municipal securities
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Assets measured at fair value	1,882
Level 2 \| U.S. treasuries
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Assets measured at fair value	749,465
Level 2 \| Corporate bonds
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Assets measured at fair value	309,919
Level 2 \| Commodity derivatives
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Fair value liabilities	35,188	(785)
Level 3
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Cash	0	0
Assets measured at fair value	0	0
Fair value liabilities	0	0
Cash and cash equivalents	0	0
Short-term investments	0
Accounts receivable, net	0	0
Other assets	0	0
Investments	0
Accrued liabilities	0	0
Other liabilities		0
Level 3 \| Money market funds
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Assets measured at fair value	0	0
Level 3 \| Commercial paper
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Assets measured at fair value	0
Level 3 \| Certificates of deposit
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Assets measured at fair value	0	0
Level 3 \| Municipal securities
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Assets measured at fair value	0
Level 3 \| U.S. treasuries
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Assets measured at fair value	0
Level 3 \| Corporate bonds
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Assets measured at fair value	0
Level 3 \| Commodity derivatives
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Fair value liabilities	$ 0	$ 0

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2025	Feb. 13, 2026	Jun. 30, 2025
Document and Entity Information
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2025
Document Transition Report	false
Securities Act File Number	001-18761
Entity Registrant Name	Monster Beverage Corp
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-1809393
Entity Address, Address Line One	1 Monster Way
Entity Address, City or Town	Corona
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92879
City Area Code	951
Local Phone Number	739 - 6200
Title of 12(b) Security	Common Stock, $0.005 par value per share
Trading Symbol	MNST
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 56,505,471,480
Entity Common Stock, Shares Outstanding		978,270,734
Documents Incorporated by Reference [Text Block]	Portions of the registrant’s Definitive Proxy Statement to be filed subsequent to the date hereof with the Commission pursuant to Regulation 14A in connection with the registrant’s 2026 Annual Meeting of Stockholders are incorporated by reference into Part III of this Report. Such Definitive Proxy Statement will be filed with the Securities and Exchange Commission no later than 120 days after the conclusion of the registrant’s fiscal year ended December 31, 2025.
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	Irvine, California
Entity Central Index Key	0000865752
Document Fiscal Period Focus	FY
Amendment Flag	false

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2025

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

1.ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Organization – Monster Beverage Corporation (the “Company”) was incorporated in the state of Delaware. The Company is a holding company and has no operating business except through its consolidated subsidiaries.

Nature of Operations – The Company develops, markets, sells and distributes energy drink beverages and concentrates for energy drink beverages, primarily under the following brand names: Monster Energy®, Monster Energy Ultra®, Rehab Monster®, Monster Energy® Nitro, Java Monster®, Punch Monster®, Juice Monster®, Reign Total Body Fuel®, Reign Storm®, Bang Energy®, NOS®, Full Throttle®, Burn®, Mother®, Nalu®, Ultra Energy®, Play® and Power Play® (stylized), Relentless®, BPM®, BU®, Samurai®, Live+®, Predator® and Fury®.

The Company also develops, markets, sells and distributes craft beers, flavored malt beverages (“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.

Basis of Presentation – The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of the Company and its consolidated subsidiaries.

Principles of Consolidation – The Company consolidates all entities that it controls by ownership of a majority voting interest. All intercompany balances and transactions have been eliminated in consolidation.

Business Combinations – Business acquisitions are accounted for in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 805 “Business Combinations”. FASB ASC 805 requires the reporting entity to identify the acquirer, determine the acquisition date, recognize and measure the identifiable tangible and intangible assets acquired, the liabilities assumed and any non-controlling interest in the acquired entity, and recognize and measure goodwill or a gain from the purchase. The acquiree’s results are included in the Company’s consolidated financial statements from the date of acquisition. Assets acquired and liabilities assumed are recorded at their fair values and the excess of the purchase price over the amounts assigned is recorded as goodwill. Adjustments to fair value assessments are recorded to goodwill over the measurement period (not longer than twelve months). The acquisition method also requires that acquisition-related transaction and post-acquisition restructuring costs be charged to expense and requires the Company to recognize and measure certain assets and liabilities including those arising from contingencies and contingent consideration in a business combination.

Cash and Cash Equivalents – The Company considers all highly liquid investments with an original maturity of three months or less from date of purchase to be cash equivalents. Throughout the year, the Company has had amounts on deposit at financial institutions that exceed the federally insured limits. The Company has not experienced any loss as a result of these deposits and does not expect to incur any losses in the future.

Investments – The Company’s investments in debt securities are classified as either held-to-maturity, available-for-sale or trading, in accordance with FASB ASC 320. Held-to-maturity securities are those securities that the Company has the positive intent and ability to hold until maturity. Trading securities are those securities that the Company intends to sell in the near term. All other securities not included in the held-to-maturity or trading category are classified as available-for-sale. Held-to-maturity securities are recorded at amortized cost which approximates fair market value. Trading securities are carried at fair value with unrealized gains and losses charged to earnings. Available-for-sale securities are carried at fair value with unrealized gains and losses recorded within accumulated other comprehensive income (loss) as a separate component of stockholders’ equity. FASB ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. FASB ASC 820 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs, where available. Under FASB ASC 326-30-35, a security is considered to be impaired if the fair value of the security is less than its amortized cost basis. Where the decline in fair value below the amortized cost basis has resulted from a credit loss, the Company will record an impairment relating to credit losses through an allowance for credit losses. The allowance is limited by the amount that the

fair value is less than the amortized cost basis. Impairment that has not been recorded through an allowance for credit losses is recorded through other comprehensive income (loss), net of applicable taxes. The Company evaluates whether the decline in fair value of its investments has resulted from credit loss or other factors at each quarter-end. This evaluation consists of a review by management and includes market pricing information and maturity dates for the securities held, market and economic trends in the industry and information on the issuer’s financial condition and, if applicable, information on the guarantors’ financial condition. Factors considered in determining whether an impairment has resulted from credit loss or other factors include the length of time and extent to which the investment’s fair value has been less than its cost basis, the financial condition and near-term prospects of the issuer and guarantors, including any specific events which may influence the operations of the issuer and the Company’s intent and ability to retain the investment for a reasonable period of time sufficient to allow for any anticipated recovery of fair value.

Accounts Receivable – The Company evaluates the collectability of its trade accounts receivable based on a number of factors. In circumstances where the Company becomes aware of a specific customer’s inability to meet its financial obligations to the Company, a specific reserve for bad debts is estimated and recorded, which reduces the recognized receivable to the estimated amount the Company believes will ultimately be collected. In addition to specific customer identification of potential bad debts, bad debt charges are recorded based on the Company’s recent loss history and an overall assessment of past due trade accounts receivable outstanding. In accordance with FASB ASC 210-20-45, in its consolidated balance sheets, the Company has presented accounts receivable, net of promotional allowances, only for those customers that it allows net settlement. All other accounts receivable and related promotional allowances are shown on a gross basis.

Inventories – Inventories are valued at the lower of first-in, first-out, cost or market value (net realizable value).

Property and Equipment – Property and equipment are stated at cost. Depreciation of furniture and fixtures, office and computer equipment, equipment, real property and vehicles is based on their estimated useful lives (generally five to thirty years) and is calculated using the straight-line method. Amortization of leasehold improvements is based on the lesser of their estimated useful lives or the terms of the related leases and is calculated using the straight-line method. Normal repairs and maintenance costs are expensed as incurred. Expenditures that materially increase values or extend useful lives are capitalized. The related costs and accumulated depreciation of disposed assets are eliminated and any resulting gain or loss on disposition is included in net income.

Goodwill – The Company records goodwill when the consideration paid for an acquisition exceeds the fair value of net tangible and intangible assets acquired, including related tax effects. Goodwill is not amortized; instead, goodwill is tested for impairment on an annual basis, or more frequently if the Company believes indicators of impairment exist. The Company first assesses qualitative factors to determine whether it is more-likely-than-not that the fair value of a reporting unit is less than its carrying value. If the Company reasonably determines that it is more-likely-than-not that the fair value is less than the carrying value, the Company performs its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. The Company will recognize an impairment for the amount by which the carrying amount exceeds a reporting unit’s fair value. For the years ended December 31, 2025 and 2023 there were no goodwill impairments recorded. For the year ended December 31, 2024, goodwill impairment charges of $86.3 million were recorded related to the Alcohol Brands reporting unit with no goodwill balance remaining in the Alcohol Brands reporting unit following the impairment charges. As of December 31, 2025, the accumulated goodwill impairment balance was $86.3 million related entirely to the Alcohol Brands reporting unit.

Other Intangibles – Other Intangibles are comprised primarily of trademarks that represent the Company’s exclusive ownership of the Monster Energy®, ®, Monster Energy Ultra®, Unleash the Beast!®, Rehab Monster®, Java Monster®, Punch Monster®, Juice Monster®, Monster Energy® Nitro, Reign Total Body Fuel®, Reign Storm®, Predator®, Fury®, NOS®, Full Throttle®, Burn®, Mother®, Nalu®, Ultra Energy®, Play® and Power Play® (stylized), Relentless®, BPM®, BU®, Samurai®, Bang Energy®, Oskar Blues Brewery®, Cigar City®, Deep Ellum Brewing Co®, Perrin Brewing Company®, Squatters®, Wasatch®, Jai Alai®, Dale’s Pale Ale®, Dallas Blonde®, Wild Basin®, Dale’s®, Mama’s Little Yella Pils®, Hop Rising®, The Beast^TM, The Beast Unleashed®, Beast® Tea, Blind Lemon® and Blinder Lemon^TM trademarks, all used in connection with the manufacture, sale and distribution of beverages. The Company also owns a number of other trademarks, flavors and formulas in the United States, as well as in a number of countries around the world. In accordance with FASB ASC 350, intangible assets with indefinite lives are not amortized but instead are measured for impairment at least annually, or when events indicate that an impairment exists. The Company calculates impairment as the excess of the carrying value of its indefinite-lived assets over their estimated fair value. If the carrying value exceeds the estimate of fair value

a write-down is recorded. The Company amortizes intangible assets with finite useful lives over their respective useful lives. External legal costs incurred in the defense of the Company’s trademarks are capitalized when the future economic benefit of the intangible asset will be increased, and a successful defense is probable. In the event of a successful defense, the settlements received are netted against the external legal costs that were capitalized. The external legal costs incurred and settlements received may not occur in the same period. For the year ended December 31, 2025, no impairment charges were recorded to indefinite-lived intangibles. For the years ended December 31, 2024 and 2023, impairment charges of $40.8 million and $38.7 million, respectively, were recorded to indefinite-lived intangibles.

The Company presently has more than 21,600 registered trademarks and pending applications in various countries worldwide, and the Company applies for new trademarks on an ongoing basis. The Company regards its trademarks, service marks, copyrights, domain names, trade dress and other intellectual property as very important to its business. The Company considers Monster®, Monster Energy®, ®, Monster Energy Ultra®, Unleash the Beast!®, Rehab Monster®, Java Monster®, Punch Monster®, Juice Monster®, Monster Energy® Nitro, Reign Total Body Fuel®, Reign Storm®, BU®, Nalu®, NOS®, Full Throttle®, Burn®, Mother®, Ultra Energy®, Play® and Power Play® (stylized), Relentless®, Predator®, Fury®, Live+®, BPM®, Samurai®, Bang Energy®, Oskar Blues Brewery®, Cigar City®, Deep Ellum Brewing Co®, Perrin Brewing Company®, Squatters®, Wasatch®, Jai Alai®, Dale’s Pale Ale®, Dallas Blonde®, Wild Basin®, Dale’s®, Hop Rising®, The Beast^TM, The Beast Unleashed®, Beast® Tea, Blind Lemon® and Blinder Lemon^TM to be its core trademarks. The Company also owns the intellectual property of its most important flavors for certain of its Monster Energy® Brand energy drinks in perpetuity.

Long-Lived Assets – Management regularly reviews property and equipment and other long-lived assets, including finite-lived intangible assets, for possible impairment. This review occurs annually, or more frequently if events or changes in circumstances indicate the carrying amount of the asset may not be recoverable. If there is indication of impairment, management then prepares an estimate of future cash flows (undiscounted and without interest charges) expected to result from the use of the asset and its eventual disposition. If these cash flows are less than the carrying amount of the asset, an impairment loss is recognized to write down the asset to its estimated fair value. The fair value is estimated using the present value of the future cash flows discounted at a rate commensurate with management’s estimates of the business risks. Preparation of estimated expected future cash flows is inherently subjective and is based on management’s best estimate of assumptions concerning expected future conditions. For the years ended December 31, 2025, 2024 and 2023, impairment charges of $53.7 million, $8.2 million and $4.3 million, respectively, were recognized on long-lived assets, consisting of property and equipment and finite-lived intangible assets related to the Company’s alcohol products. Long-lived assets held for sale are recorded at the lower of their carrying amount or fair value less cost to sell.

Foreign Currency Translation and Transactions – The accounts of the Company’s foreign subsidiaries are translated in accordance with FASB ASC 830. Foreign currency transaction gains and losses are recognized in other income (expense), net, at the time they occur. Net foreign currency exchange gains or losses resulting from the translation of assets and liabilities of foreign subsidiaries whose functional currency is not the U.S. dollar are recorded as a part of accumulated other comprehensive income (loss) in stockholders’ equity. Unrealized foreign currency exchange gains and losses on certain intercompany transactions that are of a long-term investment nature (i.e., settlement is not planned or anticipated in the foreseeable future) are also recorded in accumulated other comprehensive income (loss) in stockholders’ equity. During the years ended December 31, 2025, 2024 and 2023, the Company entered into forward currency exchange contracts with financial institutions to create an economic hedge to specifically manage a portion of the foreign exchange risk exposure associated with certain consolidated subsidiaries non-functional currency denominated assets and liabilities. All foreign currency exchange contracts outstanding as of December 31, 2025 have terms of three months or less. The Company does not enter into forward currency exchange contracts for speculation or trading purposes.

The Company generally does not designate its foreign currency exchange contracts as hedge transactions under FASB ASC 815. Therefore, gains and losses on the Company’s foreign currency exchange contracts are recognized in interest and other income, net, in the consolidated statements of income, and are largely offset by the changes in the fair value of the underlying economically hedged item. For the years ended December 31, 2025, 2024 and 2023, aggregate foreign currency transaction gains (losses), including the gains or losses on forward currency exchange contracts, amounted to $(11.9) million, $(26.4) million and $(60.2) million, respectively, and have been recorded in interest and other income, net, in the accompanying consolidated statements of income.

Revenue Recognition – See Note 2.

Cost of Sales – Cost of sales consists of the costs of flavors, concentrates, supplement ingredients and/or beverage bases, the costs of raw materials utilized in the manufacture of beverages, co-packing fees, repacking fees, in-bound freight charges, as well as internal transfer costs, warehouse expenses incurred prior to the manufacture of the Company’s finished products and certain quality control costs. In addition, the Company includes in costs of sales certain costs such as depreciation, amortization and payroll costs that relate to the direct manufacture by the Company of certain flavors and concentrates. Raw materials account for the largest portion of cost of sales. Raw materials include cans, bottles, other containers, flavors, ingredients and packaging materials.

Operating Expenses – Operating expenses include selling expenses such as distribution expenses to transport products to customers and warehousing expenses after manufacture, as well as expenses for advertising, sampling and in-store demonstration costs, costs for merchandise displays, point-of-sale materials and premium items, sponsorship expenses, other marketing expenses and design expenses. Operating expenses also include such costs as payroll costs, travel costs, professional service fees including legal fees, termination payments made to certain of the Company’s prior distributors, impairment charges on goodwill and other intangible assets, depreciation and other general and administrative costs.

Freight-Out Costs – For the years ended December 31, 2025, 2024 and 2023, freight-out costs amounted to $237.0 million, $224.2 million and $223.6 million, respectively, and have been recorded in operating expenses in the accompanying consolidated statements of income.

Advertising and Promotional Expenses – The Company accounts for advertising production costs by expensing such production costs the first time the related advertising takes place. A significant amount of the Company’s promotional expenses result from payments under sponsorship and endorsement contracts. Accounting for sponsorship and endorsement payments is based upon specific contract provisions. Generally, sponsorship and endorsement payments are expensed on a straight-line basis over the term of the contract after giving recognition to the periodic performance compliance provisions of the contracts. Advertising and promotional expenses, including, but not limited to, production costs amounted to $599.9 million, $584.1 million and $528.9 million for the years ended December 31, 2025, 2024 and 2023, respectively. Advertising and promotional expenses that are not subject to FASB ASC 606 are included in operating expenses in the accompanying consolidated statements of income.

Income Taxes – The Company utilizes the liability method of accounting for income taxes as set forth in FASB ASC 740. Under the liability method, deferred taxes are determined based on the temporary differences between the financial statement and tax basis of assets and liabilities using tax rates expected to be in effect during the years in which the basis differences reverse. A valuation allowance is recorded when it is more likely than not that some of the deferred tax assets will not be realized. In determining the need for valuation allowances the Company considers projected future taxable income and the availability of tax planning strategies. If in the future the Company determines that it would not be able to realize its recorded deferred tax assets, an increase in the valuation allowance would be recorded, decreasing earnings in the period in which such determination is made.

The Company assesses its income tax positions and records tax benefits for all years subject to examination based upon the Company’s evaluation of the facts, circumstances and information available at the reporting date. For those tax positions where there is a greater than 50% likelihood that a tax benefit will be sustained, the Company has recorded the largest amount of tax benefit that may potentially be realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For those income tax positions where there is less than 50% likelihood that a tax benefit will be sustained, no tax benefit has been recognized in the financial statements.

Stock-Based Compensation – The Company accounts for stock-based compensation under the provisions of FASB ASC 718. The Company records compensation expense for employee stock options based on the estimated fair value of the options on the date of grant using the Black-Scholes-Merton option pricing formula. The Company records compensation expense for non-employee stock options based on the estimated fair value of the options as of the earlier of (1) the date at which a commitment for performance by the non-employee to earn the stock option is reached or (2) the date at which the non-employee’s performance is complete, using the Black-Scholes-Merton option pricing formula. Stock-based compensation cost for restricted stock units and performance share units is measured based on the closing fair market value of the Company’s common stock at the date of grant. In the event that the Company has the option and intent to settle a restricted stock unit or performance share unit in cash, the award is classified as a liability and revalued at each balance sheet date. See Note 13.

Net Income Per Common Share – In accordance with FASB ASC 260, net income per common share, on a basic and diluted basis, is presented for all periods. Basic net income per share is computed by dividing net income by the weighted average number of common shares outstanding during each period. Diluted net income per share is computed by dividing net income by the weighted average number of common and dilutive common equivalent shares outstanding. The calculation of common equivalent shares assumes the exercise of dilutive stock options, net of assumed treasury share repurchases at average market prices, as applicable.

Concentration of Risk – Certain of the Company’s products utilize components (raw materials and/or co-packing services) from a limited number of sources. A disruption in the supply of such components could significantly affect the Company’s revenues from those products, as alternative sources of such components may not be available at commercially reasonable rates or within a reasonably short time period. The Company continues to endeavor to secure the availability of alternative sources for such components and minimize the risk of any disruption in production.

The Coca-Cola Company (“TCCC”), through certain wholly-owned subsidiaries (the “TCCC Subsidiaries”), accounted for approximately 3%, 3% and 2% of the Company’s net sales for the years ended December 31, 2025, 2024 and 2023, respectively.

Coca-Cola Europacific Partners accounted for approximately 15%, 14% and 13% of the Company’s net sales for the years ended December 31, 2025, 2024 and 2023, respectively.

Coca-Cola Consolidated, Inc. accounted for approximately 10% of the Company’s net sales for each of the years ended December 31, 2025, 2024 and 2023.

Credit Risk – The Company sells its products nationally and internationally, primarily to bottlers and full service beverage distributors (“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. The Company performs ongoing credit evaluations of its customers and generally does not require collateral. The Company maintains reserves for estimated credit losses, and historically, such losses have been within management’s expectations.

Fair Value of Financial Instruments – The carrying value of the Company’s financial instruments, including cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities, approximate fair value due to the relatively short maturity of the respective instruments.

Use of Estimates – The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Recent Accounting Pronouncements – In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in this update primarily require more detailed disclosures related to the rate reconciliation and income taxes paid. The amendments in ASU 2023-09 are effective for fiscal years beginning after December 15,

2024. The Company adopted ASU 2023-09 on a prospective basis during the year ended December 31, 2025, which did not have a material impact on the Company’s financial position, results of operations and liquidity.

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses. The amendments in this update require the Company to disaggregate key expense categories such as purchases of inventory, employee compensation, depreciation and intangible asset amortization, within its financial statements. The amendments in ASU 2024-03 are effective for fiscal years beginning after December 15, 2026. Early adoption is permitted. The Company is evaluating the impact ASU 2024-03 will have on its consolidated financial statements.

In September 2025, the FASB issued ASU 2025-06, Targeted Improvements to the Accounting for Internal-Use Software. The amendments in this update require internal-use software development cost capitalization to begin when both of the following occur: management has authorized and committed to funding the software project, and it is probable that the project will be completed and that the software will be used to perform its intended function. The amendments also eliminate the accounting considerations of software development stages. The amendments in ASU 2025-06 are effective for fiscal years beginning after December 15, 2027. Early adoption is permitted. The Company is evaluating the impact ASU 2025-06 will have on its consolidated financial statements.

EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2025

EARNINGS PER SHARE

EARNINGS PER SHARE

15.EARNINGS PER SHARE


		2025	2024	2023
Weighted-average shares outstanding:
Basic		975,887	1,004,566	1,044,887
Dilutive securities		8,564	8,541	13,094
Diluted		984,451	1,013,107	1,057,981

For the years ended December 31, 2025, 2024 and 2023, options and awards outstanding totaling 6.5 million shares, 7.8 million shares and 3.3 million shares, respectively, were excluded from the calculations as their effect would have been antidilutive.