Monster Beverage (MNST) Q1 FY2026 earnings: revenue $2.4 billion, up 26.9% on the year

Monster Beverage Corp. (MNST) reported revenue of $2.4 billion for Q1 FY2026, the quarter ended 31 March 2026, up 26.9% on the same quarter a year earlier. Net income was $569 million, up 28.6% on the year, and diluted earnings per share $0.29. The figures are the company's own, from the 10-Q it filed with the SEC on 8 May 2026.

Revenue

$2.4 billion

+26.9% on the year · +10.4% on the quarter

Q2 FY2024Q1 FY2026

Operating margin

31.0%

30.7% a year earlier

Q2 FY2024Q1 FY2026

Net income

$569 million

+28.6% on the year · +26.8% on the quarter

Q2 FY2024Q1 FY2026

Diluted EPS

$0.29

+28.9% on the year · +26.1% on the quarter

Q2 FY2024Q1 FY2026

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

What management said

Net sales rose to $2.35 billion: Net sales were $2.35 billion. Currency added $89.3 million to net sales. Excluding currency effects, net sales rose 22.1 percent.
Operating and net income increased: Operating income was $730.0 million, and net income was $569.5 million. Diluted EPS was $0.58, against $0.45 a year earlier, reflecting the reported (GAAP) figures.
Outside-US sales reached 45 percent: Sales to customers outside the United States were about 45 percent of net sales, against 40 percent. Excluding currency, these sales rose 32.7 percent to $973.3 million.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Revenue	2,353	2,131	1,855	+10.4%	+26.9%
Cost of revenue	1,060	948	807	+11.8%	+31.4%
Gross profit	1,293	1,183	1,048	+9.3%	+23.4%
Gross margin	55.0%	55.5%	56.5%
Operating income	730	543	570	+34.5%	+28.1%
Operating margin	31.0%	25.5%	30.7%
Pre-tax income	750	568	578	+32.0%	+29.8%
Income tax	181	119	135	+51.7%	+33.8%
Effective tax rate	24.1%	21.0%	23.4%
Net income	569	449	443	+26.8%	+28.6%
Net margin	24.2%	21.1%	23.9%
Diluted EPS	$0.29	$0.23	$0.23	+26.1%	+28.9%

$ 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	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Operating cash flow	605	379	508	+59.5%	+19.2%
Capital expenditure	20.6	28.2	29.1	-26.9%	-29.1%
Free cash flow	584	351	479	+66.4%	+22.1%
Free cash flow margin	24.8%	16.5%	25.8%
Cash from investing	-521	-598	-30.9
Cash from financing	-118	-11.8	-146
Depreciation and amortisation	28.4	32.4	24.8	-12.4%	+14.3%
Share-based compensation	28.3	39.0	20.7	-27.4%	+36.5%
Buybacks	134	59.7	16.6	+124.3%	+705.4%
Diluted shares, weighted	1,977m	1,974m	1,963m	+0.1%	+0.7%
Shares outstanding at period end	1,956m	1,956m	1,950m	-0.0%	+0.3%

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	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Shareholders' equity	8,727	8,254	6,519	+5.7%	+33.9%
Debt	0.0	0.0	199
Operating lease liabilities	n/a	n/a	41.4
Finance lease liabilities	n/a	n/a	0.0
Other liabilities	2,116	1,735	1,467	+22.0%	+44.3%
Total liabilities and equity	10,844	9,989	8,227	+8.6%	+31.8%
Fixed assets	1,075	1,082	1,064	-0.6%	+1.0%
Goodwill	1,332	1,332	1,332	0.0%	0.0%
Intangible assets	1,380	1,379	1,416	+0.1%	-2.5%
Investments	1,716	1,164	n/a	+47.3%
Cash and equivalents	2,040	2,088	1,903	-2.3%	+7.2%
Receivables	1,883	1,618	1,360	+16.4%	+38.4%
Inventory	828	800	725	+3.6%	+14.2%
Other assets	591	526	427	+12.2%	+38.4%
Total assets	10,844	9,989	8,227	+8.6%	+31.8%

Questions

What was Monster Beverage's revenue in Q1 FY2026?

Monster Beverage (MNST) reported revenue of $2.4 billion for Q1 FY2026, the quarter ended 31 March 2026, up 26.9% on the same quarter a year earlier.

How much did Monster Beverage earn in Q1 FY2026?

Net income for Q1 FY2026 was $569 million, up 28.6% on the year, and diluted earnings per share $0.29.

When did Monster Beverage report Q1 FY2026 results?

Monster Beverage filed its 10-Q for the quarter ended 31 March 2026 with the SEC on 8 May 2026.

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-Q for the period ended 31 March 2026, filed 8 May 2026: the filing.