Monster Beverage (MNST) Q4 FY2025 earnings: revenue $2.1 billion, up 17.6% on the year

Monster Beverage Corp. (MNST) reported revenue of $2.1 billion for Q4 FY2025, the quarter ended 31 December 2025, up 17.6% on the same quarter a year earlier. Net income was $449 million, up 65.9% on the year, and diluted earnings per share $0.23. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2026.

Revenue

$2.1 billion

+17.6% on the year · -3.0% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

25.5%

21.0% a year earlier

Q1 FY2024Q4 FY2025

Net income

$449 million

+65.9% on the year · -14.4% on the quarter

Q1 FY2024Q4 FY2025

Diluted EPS

$0.23

+64.3% on the year · -13.2% on the quarter

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Fourth-quarter net sales rose 17.6 percent: Net sales reached $2.13 billion. Foreign currency added $27.7 million; on a foreign currency adjusted basis, sales grew 16.1 percent.
Fourth-quarter diluted EPS rose 64.9 percent: Diluted net income per share was $0.46, compared with $0.28 a year earlier.
Monster Energy Drinks grew 18.9 percent: The Monster Energy Drinks segment reached $1.99 billion in the quarter. On a foreign currency adjusted basis, segment sales rose 17.5 percent.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	2,131	2,197	1,812	-3.0%	+17.6%
Cost of revenue	948	973	810	-2.6%	+17.1%
Gross profit	1,183	1,224	1,002	-3.4%	+18.0%
Gross margin	55.5%	55.7%	55.3%
Operating income	543	675	381	-19.7%	+42.3%
Operating margin	25.5%	30.7%	21.0%
Pre-tax income	568	690	386	-17.6%	+47.2%
Income tax	119	165	115	-27.9%	+3.2%
Effective tax rate	21.0%	23.9%	29.9%
Net income	449	524	271	-14.4%	+65.9%
Net margin	21.1%	23.9%	14.9%
Diluted EPS	$0.23	$0.27	$0.14	-13.2%	+64.3%

$ 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

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	379	745	462	-49.1%	-17.8%
Capital expenditure	28.2	43.6	91.3	-35.4%	-69.1%
Free cash flow	351	702	370	-49.9%	-5.2%
Free cash flow margin	16.5%	31.9%	20.4%
Cash from investing	-598	-362	-109
Cash from financing	-11.8	-3.6	-361
Depreciation and amortisation	32.4	29.6	20.6	+9.5%	+57.3%
Share-based compensation	39.0	32.8	22.2	+18.8%	+75.4%
Buybacks	59.7	27.3	1.7	+118.9%	+3,431.9%
Diluted shares, weighted	1,974m	1,970m	1,962m	+0.2%	+0.6%
Shares outstanding at period end	1,956m	1,954m	1,946m	+0.1%	+0.5%

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

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	8,254	7,745	5,958	+6.6%	+38.5%
Debt	0.0	0.0	374
Operating lease liabilities	n/a	n/a	43.9
Finance lease liabilities	n/a	n/a	0.0
Other liabilities	1,735	1,866	1,344	-7.0%	+29.1%
Total liabilities and equity	9,989	9,611	7,719	+3.9%	+29.4%
Fixed assets	1,082	1,111	1,047	-2.6%	+3.3%
Goodwill	1,332	1,332	1,332	0.0%	0.0%
Intangible assets	1,379	1,419	1,414	-2.8%	-2.5%
Investments	1,164	646	0.0	+80.4%
Cash and equivalents	2,088	2,293	1,533	-8.9%	+36.2%
Receivables	1,618	1,601	1,222	+1.1%	+32.5%
Inventory	800	705	737	+13.5%	+8.5%
Other assets	526	505	434	+4.1%	+21.2%
Total assets	9,989	9,611	7,719	+3.9%	+29.4%

Questions

What was Monster Beverage's revenue in Q4 FY2025?

Monster Beverage (MNST) reported revenue of $2.1 billion for Q4 FY2025, the quarter ended 31 December 2025, up 17.6% on the same quarter a year earlier.

How much did Monster Beverage earn in Q4 FY2025?

Net income for Q4 FY2025 was $449 million, up 65.9% on the year, and diluted earnings per share $0.23.

When did Monster Beverage report Q4 FY2025 results?

Monster Beverage filed its 10-K for the year that ended with the quarter on 27 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	1,425	1,519	1,655	1,624	1,513	1,699	1,855	1,856	1,730	1,899	1,901	1,881	1,812	1,855	2,112	2,197	2,131	2,353	2,537	2,563
Cost of revenue	657	742	875	791	729	801	881	872	792	872	881	881	810	807	935	973	948	1,060	1,118	1,162
Gross profit	768	777	780	834	784	898	974	984	938	1,027	1,020	1,000	1,002	1,048	1,176	1,224	1,183	1,293	1,420	1,401
Gross margin	54%	51%	47%	51%	52%	53%	53%	53%	54%	54%	54%	53%	55%	57%	56%	56%	56%	55%	56%	55%
Operating income	413	399	373	418	394	485	524	511	434	542	527	480	381	570	632	675	543	730	740	719
Operating margin	29%	26%	23%	26%	26%	29%	28%	28%	25%	29%	28%	26%	21%	31%	30%	31%	25%	31%	29%	28%
Pre-tax income	419	392	366	420	394	498	539	582	450	578	552	474	386	578	647	690	568	750	768	753
Tax rate	23%	25%	25%	23%	23%	20%	23%	22%	18%	23%	23%	22%	30%	23%	24%	24%	21%	24%	24%	25%
Net income	321	294	273	322	302	397	414	453	367	442	425	371	271	443	489	524	449	569	585	568
Net margin	23%	19%	17%	20%	20%	23%	22%	24%	21%	23%	22%	20%	15%	24%	23%	24%	21%	24%	23%	22%
Diluted EPS	$0.30	$0.28	$0.26	$0.30	$0.28	$0.19	$0.20	$0.21	$0.17	$0.21	$0.20	$0.19	$0.14	$0.23	$0.25	$0.27	$0.23	$0.29	$0.29	$0.29
Operating cash flow	228	-0.4	131	459	299	424	339	520	434	412	436	618	462	508	466	745	379	605	509	557
Capital expenditure	15.7	21.5	77.9	36.7	52.6	40.1	42.3	27.8	111	66.0	59.8	47.0	91.3	29.1	31.4	43.6	28.2	20.6	48.4	31.6
Free cash flow	212	-21.9	53.1	422	246	384	296	492	323	346	377	571	370	479	435	702	351	584	461	525
Buybacks	0.0	12.2	284	197	278	35.1	55.7	397	171	120	3,114	536	1.7	16.6	0.0	27.3	59.7	134	0.0	100
Shares outstanding	1,059m	1,059m	1,054m	1,048m	1,045m	2,093m	2,095m	2,081m	2,083m	2,083m	1,967m	1,945m	1,946m	1,950m	1,953m	1,954m	1,956m	1,956m	1,959m	1,957m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* 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. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. 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.

10-K for the period ended 31 December 2025, filed 27 February 2026: the filing.