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Celsius Holdings (CELH) FY2025 results: revenue $2.5 billion, up 85.5% on the year

Celsius Holdings, Inc. (CELH) reported revenue of $2.5 billion for fiscal 2025, the year ended 31 December 2025, up 85.5% on the year before. Net income was $108 million, down 25.6%, and diluted earnings per share $0.25. The figures are the company's own, from the 10-K it filed with the SEC on 2 March 2026.

Revenue
$2.5 billion
+85.5% on the year
FY2018FY2025
Operating margin
5.6%
11.5% a year earlier
FY2018FY2025
Net income
$108 million
-25.6% on the year
FY2018FY2025
Diluted EPS
$0.25
-44.4% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 1 new.

  • Full-year revenue rose 85.5%: Full-year revenue was $2,515.3 million against $1,355.6 million. Alani Nu contributed $1,001.9 million in its second through fourth quarters under the company.
  • Fourth-quarter revenue rose 117%: Fourth-quarter revenue was $721.6 million against $332.2 million. The increase reflected the Alani Nu acquisition on April 1, 2025 and Rockstar Energy on Aug. 28, 2025.
  • Adjusted EBITDA reached $619.6 million: Full-year Adjusted EBITDA was $619.6 million against $255.7 million, a 24.6% margin. Fourth-quarter Adjusted EBITDA was $134.1 million, an 18.6% margin.
  • Portfolio retail sales grew 22%: Combined retail sales of CELSIUS, Alani Nu and Rockstar Energy in U.S. tracked channels rose 22% for calendar 2025. Distribution points rose 15% and ACV reached 99.5%.
  • Fourth-quarter gross margin was 47.4%: Fourth-quarter gross margin was 47.4% against 50.2%. Management cited Rockstar dilution, integration costs and tariffs, partly offset by billbacks, improved outbound freight and product and pack mix.
Read the Q4 FY2025 earnings call summary

From this 10-K

Celsius Holdings sells functional energy drinks and wellness beverages in the U.S. and internationally. Its portfolio consists mainly of energy drinks under three brands: CELSIUS, which it calls its flagship functional energy brand; Alani Nu, a wellness-focused energy and nutrition brand acquired in April 2025; and Rockstar, an energy drink acquired in August 2025. It was incorporated in Nevada on April 26, 2005, the same year it introduced its first CELSIUS drink.

Celsius Holdings, Inc., the 10-K for 2025

Celsius Holdings sells functional energy drinks and wellness beverages in the U.S. and internationally. Its portfolio consists mainly of energy drinks under three brands: CELSIUS, which it calls its flagship functional energy brand; Alani Nu, a wellness-focused energy and nutrition brand acquired in April 2025; and Rockstar, an energy drink acquired in August 2025. It was incorporated in Nevada on April 26, 2005, the same year it introduced its first CELSIUS drink.

The products

Ready-to-drink energy beverages, carbonated and non-carbonated, come mainly in 12-ounce and 16-ounce cans, in original, zero-sugar and fruit-forward versions. On-the-go powder and hydration sticks are single-serve powders mixed with water. The portfolio also includes protein and nutrition products, amino blends and other supplements. Some products contain caffeine, green tea extract, ginger root extract, amino acids, vitamins and electrolytes, and many contain zero sugar. The shelf life of most products ranges from 15 to 24 months.

How they are made

The products are made mainly by beverage co-packers, which charge a fee per case, along with the company's own in-house manufacturing facility. The company buys most ingredients and all packaging itself. The principal raw materials are aluminum cans, packaging, natural flavors, sweeteners and functional ingredients such as caffeine, vitamins, minerals and botanical extracts, and it is not dependent on any single supplier for them.

Pepsi

Pepsi is the company's primary distributor in the U.S. and Canada, for CELSIUS and, under amended agreements signed as part of the Rockstar deal, now also for Alani Nu and Rockstar. Under an arrangement called the Captaincy, Pepsi has agreed to use commercially reasonable efforts to sell and distribute the company's products in the U.S. under jointly set sales, placement and promotional priorities. Pepsi holds all of the company's preferred stock and has two Board seats. In 2025, sales to Pepsi constituted 43.2% of total revenue. The distribution agreements can be ended by either party without cause only on 12 months' notice in set years, the first being 2041.

Where it sells

In the U.S. and Canada the products are sold in supermarkets, convenience stores, drugstores, nutrition stores, fitness centers, mass merchants and online through Amazon, Instacart and Walmart.com, among others. Outside North America the products are available in Europe, the Middle East and Asia-Pacific, through regional and country-specific distribution partners. Sales are highest in the second and third calendar quarters, the warmer months in its key markets. Competitors named include Monster Beverage, Red Bull, Coca-Cola, Pepsi, Keurig Dr Pepper and Nestlé.

People

As of December 31, 2025 the company employed 1,497 people globally, including those engaged through professional employer organizations: 1,322 in the U.S., 13 in Canada, 158 in the EMEA region and 4 in Asia-Pacific.

From Celsius Holdings' annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 2 March 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue2,5151,3561,318+85.5%
Cost of revenue1,248675685+84.8%
Gross profit1,267680633+86.3%
Gross margin50.4%50.2%48.0%
Research and development2.41.01.7+140.0%
Selling, general and administrative799524367+52.3%
Operating income141156266-9.4%
Operating margin5.6%11.5%20.2%
Interest expense49.00.00.0
Pre-tax income125195292-35.9%
Income tax17.050.064.9-65.9%
Effective tax rate13.6%25.6%22.3%
Net income108145227-25.6%
Net margin4.3%10.7%17.2%
Diluted EPS$0.25$0.45$0.77-44.4%
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow359263141+36.7%
Capital expenditure36.123.417.4+54.2%
Free cash flow323240124+35.0%
Free cash flow margin12.9%17.7%9.4%
Cash from investing-1,296-102-14.2
Cash from financing583-26.0-25.2
Depreciation and amortisation29.57.33.2+304.9%
Share-based compensation28.119.621.2+43.2%
Buybacks5.72.30.0+153.3%
Diluted shares, weighted255m237m237m+7.4%
Shares outstanding at period end257m235m232m+9.3%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity1,181400264+195.4%
Redeemable equityn/a824824
Debt6770.00.0
Operating lease liabilities13.816.71.0-17.5%
Finance lease liabilitiesn/a0.20.2
Other liabilities3,247526447+517.9%
Total liabilities and equity5,1201,7671,536+189.8%
Fixed assets87.955.624.9+58.1%
Goodwill91871.614.2+1,181.8%
Intangible assets11212.212.1+816.3%
Cash and equivalents399890756-55.2%
Receivables755270184+179.5%
Inventory338131229+157.5%
Other assets2,510336316+647.6%
Total assets5,1201,7671,536+189.8%

10-K for the year ended 31 December 2025, filed 2 March 2026: the filing.