Monster Beverage Corp. Q4 FY2023 results: revenue $1.7 billion, up 14.4% on the year

Monster Beverage Corp. (MNST) reported revenue of $1.7 billion for Q4 FY2023, the quarter ended 31 December 2023, up 14.4% on the same quarter a year earlier. Net income was $367 million, up 21.6% on the year. The figures are the company's own, from the 10-K it filed with the SEC on 29 February 2024.

Revenue$1.7 billionup 14.4%

Net income$367 millionup 21.6%

Diluted EPSn/a

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	1,730	1,856	n/a	n/a
Cost of revenue	792	872	n/a	n/a
Gross profit	938	984	n/a	n/a
Gross margin	54.2%	53.0%	n/a
Operating income	434	511	n/a	n/a
Operating margin	25.1%	27.5%	n/a
Pre-tax income	450	582	n/a	n/a
Income tax	83.1	129	n/a	n/a
Effective tax rate	18.5%	22.2%	n/a
Net income	367	453	n/a	n/a
Net margin	21.2%	24.4%	n/a

$ million except per share. Fourth quarters are the year less the first three quarters. Free 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 and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	434	520	n/a	n/a
Capital expenditure	111	27.8	n/a	n/a
Free cash flow	323	492	n/a	n/a
Free cash flow margin	18.7%	26.5%	n/a
Depreciation and amortisation	18.5	18.0	n/a	n/a
Share-based compensation	16.3	17.9	n/a	n/a
Buybacks	171	397	n/a	n/a
Diluted shares, weighted	1,058m	1,060m	n/a	n/a
Shares outstanding at period end	1,042m	1,040m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Total assets	9,687	9,314	n/a	n/a
Cash and equivalents	2,298	1,774	n/a	n/a
Receivables	1,194	1,231	n/a	n/a
Inventory	971	884	n/a	n/a
Goodwill	1,418	1,418	n/a	n/a
Long-term debt	0.0	n/a	n/a	n/a
Borrowings, as the company tags them	0.0	n/a	n/a	n/a
Operating lease liabilities	48.5	38.1	n/a	n/a
Finance lease liabilities	0.0	0.0	n/a	n/a
Shareholders' equity	8,229	7,873	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	1,856	1,730	1,899	1,901	1,881	1,812	1,855	2,112	2,197	2,131	2,353	2,537
Cost of revenue	872	792	872	881	881	810	807	935	973	948	1,060	1,118
Gross profit	984	938	1,027	1,020	1,000	1,002	1,048	1,176	1,224	1,183	1,293	1,420
Gross margin	53%	54%	54%	54%	53%	55%	57%	56%	56%	56%	55%	56%
Operating income	511	434	542	527	480	381	570	632	675	543	730	740
Operating margin	28%	25%	29%	28%	26%	21%	31%	30%	31%	25%	31%	29%
Pre-tax income	582	450	578	552	474	386	578	647	690	568	750	768
Tax rate	22%	18%	23%	23%	22%	30%	23%	24%	24%	21%	24%	24%
Net income	453	367	442	425	371	271	443	489	524	449	569	585
Net margin	24%	21%	23%	22%	20%	15%	24%	23%	24%	21%	24%	23%
Operating cash flow	520	434	412	436	618	462	508	466	745	379	605	509
Capital expenditure	27.8	111	66.0	59.8	47.0	91.3	29.1	31.4	43.6	28.2	20.6	48.4
Free cash flow	492	323	346	377	571	370	479	435	702	351	584	461
Buybacks	397	171	120	3,114	536	1.7	16.6	0.0	27.3	59.7	134	0.0
Shares outstanding	1,040m	1,042m	1,042m	983m	972m	973m	975m	976m	977m	978m	978m	979m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 29 February 2024, accession 0001104659-24-029425: the filing on EDGAR. All of Monster Beverage Corp.'s filings: EDGAR company page.

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