Monster Beverage (MNST) FY2025 results: revenue $8.3 billion, up 10.7% on the year

Monster Beverage is a holding company based in Corona, California that conducts no operating business except through its consolidated subsidiaries, which develop, market, sell and distribute energy drinks and concentrates for them. Brands include Monster Energy, Monster Energy Ultra, Rehab Monster, Java Monster, Juice Monster, Reign Total Body Fuel, Reign Storm, Bang Energy, NOS, Full Throttle, Burn, Mother, Relentless, Predator and Fury. It also makes and sells craft beers, flavoured malt beverages and hard seltzers under brands including Jai Alai IPA, Florida Man IPA, Dale's Pale Ale, Wild Basin Hard Seltzers and Deep Ellum IPA. It traces its origins to a Los Angeles juice business started by Hubert Hansen and his sons in the 1930s, renamed itself from Hansen Natural Corporation in 2012, bought energy brands from The Coca-Cola Company and sold its non-energy business in 2015, bought its flavour supplier American Fruits and Flavors in 2016, entered alcohol in 2022 and bought Bang Energy in 2023.

The four segments

Monster Energy Drinks covers the Monster Energy drinks, Reign Total Body Fuel, Reign Storm and Bang Energy, and earns mainly by selling ready-to-drink packaged drinks to bottlers and distributors, and in some cases directly to grocery and specialty chains, wholesalers, club stores, mass merchandisers, convenience chains, drug stores, foodservice customers and the military. Strategic Brands holds the energy brands bought from The Coca-Cola Company plus the affordable brands Predator and Fury, and earns mainly by selling concentrates and beverage bases to authorised bottling and canning operations, which add sweeteners, water and other ingredients to make the finished drinks. Alcohol Brands sells kegged and canned beers, flavoured malt beverages and hard seltzers, mainly to beer distributors in the United States. The Other segment holds certain products sold by American Fruits and Flavors to independent third-party customers. The filing states that Monster Energy Drinks generally takes in more per case than Strategic Brands but carries a lower gross margin percentage, and that Alcohol Brands generally runs at lower gross margin percentages than Monster Energy Drinks.

Making the products

American Fruits and Flavors develops and makes the primary flavours for the Monster Energy Drinks segment at facilities in California and Athy, Ireland. During 2025 it continued to outsource manufacturing of most finished energy drink products to third-party bottlers and contract packers, while making Bang Energy drinks and certain other energy products at its own plants in Phoenix and Norwalk. It buys flavour ingredients, concentrates, sweeteners, juices, supplement ingredients, cans, lids, caps, labels and other inputs and delivers them to those bottlers and co-packers, which add filtered water, other ingredients and sometimes carbonation and package the result into approved containers to its recipes. For Strategic Brands it mainly buys concentrates and beverage bases from suppliers including The Coca-Cola Company and sells them to third-party bottlers and distributors, who handle manufacture, packaging and all other ingredients. For alcohol it buys cans, cartons, hops, malt, yeast, sugar, ethanol, additives and packaging, takes kegs on a right-of-use basis at a contracted rate per fill, and makes most finished goods at its own or leased plants or at co-packers.

Co-packing and distribution

Most non-alcohol and some alcohol finished goods are made by third-party bottlers and co-packers at home and abroad under separate arrangements whose terms vary, with occasional minimum quantity contracts, and equipment the company buys and installs at a co-packer's plant stays its property. For the Monster Energy Drinks segment the company generally buys and delivers the containers its drinks are packaged in, and packing happens in a number of locations at home and abroad. Distribution agreements with bottlers and distributors for certain energy drinks run initial terms of up to twenty years, extendable, and hold while the products are distributed, subject to termination on mutual agreement, material breach, insolvency, deadlock, change of control or regulatory change; sales outside the United States have grown each year since 2023.

Inputs, competition and people

The principal raw materials are aluminium cans of several formats, plastic bottles and caps to a limited extent, kegs and cartons, along with flavours, juice concentrates, glucose, sugar, sucralose, coffee, tea, hops, malt, yeast, ethanol and supplement ingredients, all subject to price fluctuation. American Fruits and Flavors is the primary flavour supplier, with other flavours, juices, supplement ingredients and sweeteners bought from independent suppliers at home and abroad. Some third-party flavour suppliers own the proprietary rights to their formulas, so the company does not hold the ingredient lists for certain products and blended concentrates and may not be able to obtain comparable flavours elsewhere at short notice. The beverage industry is highly competitive on pricing, packaging, new products and flavours and promotional strategies, and the company has faced new entrants in energy drinks, energy shots and beer, and makers of teas, coffees, enhanced waters and sports drinks adding supplement ingredients to position their products as functional. At 31 December 2025 it had 6,891 employees in 80 countries, 4,559 in North America and 1,576 in Europe, the Middle East and Africa, with 5,773 full-time and 4,555 working in sales and marketing.

From Monster Beverage's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 27 February 2026: read the full 10-K.