# EDGAR Filing Document

**Accession Number:** 0000865752
**File Stem:** 0001104659-25-107778
**Filing Date:** 2025-11
**Character Count:** 43074
**Document Hash:** 4a02427b9e6a185a633bade3a4e35023
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-107778.hdr.sgml**: 20251106

**ACCESSION NUMBER**: 0001104659-25-107778

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 21

**CONFORMED PERIOD OF REPORT**: 20251106

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251106

**DATE AS OF CHANGE**: 20251106

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Monster Beverage Corp
- **CENTRAL INDEX KEY:** 0000865752
- **STANDARD INDUSTRIAL CLASSIFICATION:** BOTTLED & CANNED SOFT DRINKS CARBONATED WATERS [2086]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 471809393
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-18761
- **FILM NUMBER:** 251458841

**BUSINESS ADDRESS:**
- **STREET 1:** 1 MONSTER WAY
- **CITY:** CORONA
- **STATE:** CA
- **ZIP:** 92879
- **BUSINESS PHONE:** 909-739-6200

**MAIL ADDRESS:**
- **STREET 1:** 1 MONSTER WAY
- **CITY:** CORONA
- **STATE:** CA
- **ZIP:** 92879

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HANSEN NATURAL CORP
- **DATE OF NAME CHANGE:** 19930328

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** UNIPAC CORP
- **DATE OF NAME CHANGE:** 19600201

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the**

**Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): **November 6, 2025**

**Monster Beverage Corporation**

(Exact name of registrant as specified in its charter)

**Delaware**

(State or other jurisdiction of incorporation)

---

| | |
|:---|:---|
| **001-18761** | **47-1809393** |
| (Commission File Number) | (IRS Employer Identification No.) |

---

**1 Monster Way**

**Corona** **, California 92879**

(Address of principal executive offices and zip code)

**(951** **) 739 - 6200**

(Registrant's telephone number, including area code)

**N/A**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

◻ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

◻ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

◻ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

◻ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock | MNST | Nasdaq Global Select Market |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ◻

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

***Item 2.02. Results of Operations and Financial Condition.***

 ****

On November 6, 2025, Monster Beverage Corporation (the "Company") issued a press release relating to its financial results for the third quarter ended September 30, 2025, a copy of which is furnished as Exhibit 99.1 hereto. The press release did not include certain financial statements, related footnotes and certain other financial information that will be filed with the Securities and Exchange Commission as part of the Company's Quarterly Report on Form 10-Q.

On November 6, 2025, the Company will conduct a conference call at 2:00 p.m. Pacific Time. The conference call will be open to all interested investors through a live audio web broadcast via the internet at <u>www.monsterbevcorp.com</u> in the "Events & Presentations" section. For those who are not able to listen to the live broadcast, the call will be archived for approximately one year on the website.

***Item 7.01. Regulation FD Disclosure.***

 ****

The Company's investor presentation containing scanner data for the third quarter ended September 30, 2025 is furnished as Exhibit 99.2 to this Current Report on Form 8-K.

The information under Items 2.02 and 7.01 above (including Exhibits 99.1 and 99.2 hereto) is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such filing.

***Item 9.01. Financial Statements and Exhibits*.**

(d) Exhibits

---

| | |
|:---|:---|
| [Exhibit 99.1](tm2530426d1_ex99-1.htm) | [Press Release dated November 6, 2025.](tm2530426d1_ex99-1.htm) |
| [Exhibit 99.2](tm2530426d1_ex99-2.htm) | [Investor Presentation.](tm2530426d1_ex99-2.htm) |
| Exhibit 104 | The cover page from this Current Report on Form 8-K, formatted in iXBRL (Inline eXtensible Business Reporting Language). |

---

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
|  | Monster Beverage Corporation |
| Date: November 6, 2025 | /s/ Hilton H. Schlosberg |
|  | Hilton H. Schlosberg |
|  | Vice Chairman of the Board of Directors and Chief Executive Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![](tm2530426d1_ex99-1img01.jpg)

PondelWilkinson Inc.

2945 Townsgate Road, Suite 200

Westlake Village, CA 91361

Investor Relations T (310) 279 5980 <br> Strategic Public Relations W www.pondel.com

---

| | | |
|:---|:---|:---|
|  | CONTACTS: | Mark Astrachan |
|  |  | SVP, Investor Relations & Corporate Development |
|  |  | (951) 739-6200 |
|  |  | Roger S. Pondel / Judy Lin |
| **NEWS** |  | PondelWilkinson Inc. |
| **RELEASE** |  | (310) 279-5980 |

---

**MONSTER BEVERAGE REPORTS 2025 THIRD QUARTER FINANCIAL RESULTS**

***2025 Third Quarter Highlights***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·  ***Record Quarterly Net Sales rise 16.8 percent to $2.20 billion*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·  ***Operating Income increases 40.7 percent to $675.4 million*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·  ***Net Income increases 41.4 percent to $524.5 million*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·  ***Net Income Per Diluted Share increases 41.1 percent to $0.53 per share*** 

**Corona, CA** – November 6, 2025 – Monster Beverage Corporation (NASDAQ: MNST) today reported financial results for the three- and nine-months ended September 30, 2025.

Net sales for the 2025 third quarter increased 16.8 percent to $2.20 billion, from $1.88 billion in the same period last year. Net changes in foreign currency exchange rates had a favorable impact on net sales for the 2025 third quarter of $31.8 million. Net sales on a foreign currency adjusted basis (non-GAAP)<sup>1</sup> increased 15.1 percent in the 2025 third quarter.

Net sales, excluding the Alcohol Brands segment, on a foreign currency adjusted basis (non-GAAP), increased 15.8 percent in the 2025 third quarter.

Net sales for the Company's Monster Energy® Drinks segment, which primarily includes the Company's Monster Energy® drinks, Reign Total Body Fuel® high performance energy drinks, Reign Storm® total wellness energy drinks and Bang Energy® drinks, increased 17.7 percent to $2.03 billion for the 2025 third quarter, from $1.72 billion for the 2024 third quarter. Net changes in foreign currency exchange rates had a favorable impact on net sales for the Monster Energy® Drinks segment of approximately $28.7 million for the 2025 third quarter. Net sales on a foreign currency adjusted basis (non-GAAP) for the Monster Energy® Drinks segment increased 16.0 percent in the 2025 third quarter.

Net sales for the Company's Strategic Brands segment, which primarily includes the various energy drink brands acquired from The Coca-Cola Company, as well as the Company's affordable energy brands Predator® and Fury®, increased 15.9 percent to $130.5 million for the 2025 third quarter, from $112.6 million in the 2024 third quarter. Net changes in foreign currency exchange rates had a favorable impact on net sales for the Strategic Brands segment of approximately $3.1 million for the 2025 third quarter. Net sales on a foreign currency adjusted basis (non-GAAP) for the Strategic Brands segment increased 13.2 percent in the 2025 third quarter.

*<sup>1</sup>The tables at the end of this press release provide a reconciliation of non-GAAP financial measures to the Company's results, as reported under GAAP. (See "Reconciliation of GAAP and Non-GAAP Information" below).*

(more)

Monster Beverage Corporation

2-2-2

Net sales for the Alcohol Brands segment, which is comprised of various craft beers, flavored malt beverages and hard seltzers, decreased 17.0 percent to $33.0 million for the 2025 third quarter, from $39.8 million in the 2024 third quarter.

Net sales for the Company's Other segment, which primarily includes certain products of American Fruits and Flavors, LLC, a wholly owned subsidiary of the Company, sold to independent third-party customers, increased 14.4 percent to $6.8 million for the 2025 third quarter, from $5.9 million in the 2024 third quarter.

Net sales to customers outside the United States increased 23.3 percent to $937.1 million in the 2025 third quarter, from $760.1 million in the 2024 third quarter, representing approximately 43 percent and 40 percent of total reported net sales for the 2025 and 2024 third quarters, respectively. Net sales to customers outside the United States, on a foreign currency adjusted basis (non-GAAP), increased 19.1 percent to $905.3 million in the 2025 third quarter.

Gross profit as a percentage of net sales for the 2025 third quarter increased to 55.7 percent from 53.2 percent in the 2024 third quarter. The increase in gross profit as a percentage of net sales for the 2025 third quarter was primarily the result of pricing actions, supply chain optimization and product sales mix, partially offset by higher promotional allowances, increased aluminum can costs and geographical sales mix.

Distribution expenses for the 2025 third quarter were $82.6 million, or 3.8 percent of net sales, compared with $82.7 million, or 4.4 percent of net sales, in the 2024 third quarter.

Selling expenses for the 2025 third quarter were $214.6 million, or 9.8 percent of net sales, compared with $196.1 million, or 10.4 percent of net sales, in the 2024 third quarter.

General and administrative expenses for the 2025 third quarter were $251.9 million, or 11.5 percent of net sales, compared with $241.1 million, or 12.8 percent of net sales, for the 2024 third quarter. Stock-based compensation was $32.8 million for the 2025 third quarter, compared with $27.5 million in the 2024 third quarter. The increase in stock-based compensation for the 2025 third quarter included $7.4 million related to certain equity awards granted late in the 2025 first quarter that contain a new retirement clause.

Operating expenses for the 2025 third quarter were $549.1 million, compared with $519.9 million in the 2024 third quarter. Adjusted operating expenses (non-GAAP) for the 2025 third quarter were $510.4 million, compared with $474.7 million in the 2024 third quarter. Operating expenses as a percentage of net sales for the 2025 third quarter were 25.0 percent, compared with 27.6 percent in the 2024 third quarter. Adjusted operating expenses (non-GAAP) as a percentage of net sales for the 2025 third quarter were 23.6 percent.

Operating income for the 2025 third quarter increased 40.7 percent to $675.4 million, from $479.9 million in the 2024 third quarter. Adjusted operating income (non-GAAP) for the 2025 third quarter increased 35.6 percent to $705.8 million, from $520.4 million in the 2024 third quarter.

The effective tax rate for the 2025 third quarter was 23.9 percent, compared with 21.8 percent in the 2024 third quarter. The increase in the effective tax rate was primarily attributable to higher income taxes from foreign tax jurisdictions.

(more)

Monster Beverage Corporation

3-3-3

Net income for the 2025 third quarter increased 41.4 percent to $524.5 million, from $370.9 million in the 2024 third quarter. Adjusted net income (non-GAAP) for the 2025 third quarter increased 36.4 percent to $547.8 million, from $401.5 million in the 2024 third quarter. Net income per diluted share for the 2025 third quarter increased 41.1 percent to $0.53, from $0.38 in the 2024 third quarter. Adjusted net income per diluted share (non-GAAP) for the 2025 third quarter increased 36.2 percent to $0.56, from $0.41 in the third quarter of 2024.

Hilton H. Schlosberg, Chief Executive Officer, said, "The global energy drink category continues to demonstrate solid growth, driven by increasing consumer demand. We again delivered solid financial results in the 2025 third quarter, with record net sales, gross profit dollars, operating income and net income. The results for the quarter reflect the strength of our brands and dedication of our teams around the world. Our Monster Energy Ultra® energy drinks once again contributed significantly to our growth this quarter. Our net sales to customers outside of the United States increased 23.3 percent in the 2025 third quarter to approximately 43 percent of total net sales, up from approximately 40 percent in the 2024 third quarter, and is the highest percentage of net sales to customers outside the United States recorded by the Company to date for a single quarter.

"The quarter's performance also reflects the success of our product innovations, which are resonating strongly with consumers. Innovation remains central to our long-term growth strategy. We are excited about our 2025 fall new product offerings and our robust slate of planned new product offerings for 2026, including the upcoming launch of FLRT, our female-focused brand, late in the first quarter, which we plan to initially debut in four flavors," Schlosberg added.

**2025 Nine-Months Results**

Net sales for the nine-months ended September 30, 2025 increased 8.5 percent to $6.16 billion, from $5.68 billion in the comparable period last year. Net changes in foreign currency exchange rates had an unfavorable impact of $30.6 million on net sales for the nine-months ended September 30, 2025. Net sales on a foreign currency adjusted basis (non-GAAP) increased 9.0 percent in the nine-months ended September 30, 2025. Net sales, excluding the Alcohol Brands segment, on a foreign currency adjusted basis (non-GAAP), increased 9.8 percent in the nine-months ended September 30, 2025.

Gross profit as a percentage of net sales for the nine-months ended September 30, 2025 was 56.0 percent, compared with 53.6 percent in the comparable period last year.

Operating expenses for the nine-months ended September 30, 2025 were $1.57 billion, compared with $1.50 billion in the comparable period last year.

Operating income for the nine-months ended September 30, 2025 increased to $1.88 billion, from $1.55 billion in the comparable period last year.

The effective tax rate for the nine-months ended September 30, 2025 was 23.9 percent, compared with 22.8 percent in the comparable period last year.

Net income for the nine-months ended September 30, 2025 increased 17.6 percent to $1.46 billion, from $1.24 billion in the comparable period last year. Net income per diluted share for the nine-months ended September 30, 2025 increased 22.4 percent to $1.48, from $1.21 in the comparable period last year.

**Share Repurchase Program**

During the 2025 third quarter, no shares of the Company's common stock were repurchased. As of November 5, 2025, approximately $500.0 million remained available for repurchase under the previously authorized repurchase program.

(more)

Monster Beverage Corporation

4-4-4

**Investor Conference Call**

The Company will host an investor conference call today, November 6, 2025, at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time). The conference call will be open to all interested investors through a live audio web broadcast via the internet at <u>www.monsterbevcorp.com</u> in the "Events & Presentations" section. For those who are not able to listen to the live broadcast, the call will be archived for approximately one year on the website.

**Monster Beverage Corporation**

Based in Corona, California, Monster Beverage Corporation is a holding company and conducts no operating business except through its consolidated subsidiaries. The Company's subsidiaries develop and market energy drinks, including Monster Energy® drinks, Monster Energy Ultra® energy drinks, Juice Monster® Energy + Juice energy drinks, Java Monster® non-carbonated coffee + energy drinks, Monster Killer Brew™ Triple Shot, Rehab® Monster® non-carbonated energy drinks, Monster Energy® Nitro energy drinks, Reign® Total Body Fuel high performance energy drinks, Reign Storm® total wellness energy drinks, NOS® energy drinks, Full Throttle® energy drinks, Bang Energy® drinks, BPM® energy drinks, BU® energy drinks, Burn® energy drinks, Live+® energy drinks, Mother® energy drinks, Nalu® energy drinks, Play® and Power Play® (stylized) energy drinks, Relentless® energy drinks, Samurai® energy drinks, Ultra Energy® drinks, Predator® energy drinks and Fury® energy drinks. The Company's subsidiaries also develop and market still and sparkling waters under the Monster Tour Water® brand name. The Company's subsidiaries also develop and market craft beers, flavored malt beverages and hard seltzers under a number of brands, including Jai Alai® IPA, Dale's Pale Ale®, Dallas Blonde®, Wild Basin® hard seltzers, The Beast™, Beast™ Tea, Blind Lemon®, Blinder Lemon™ and Michi. For more information visit <u>www.monsterbevcorp.com</u>.

**Caution Concerning Forward-Looking Statements**

*Certain statements made in this announcement may constitute "forward-looking statements" within the meaning of the U.S. federal securities laws, as amended, regarding the expectations of management with respect to our future operating results and other future events including revenues and profitability. The Company cautions that these statements are based on management's current knowledge and expectations and are subject to certain risks and uncertainties, many of which are outside of the control of the Company, that could cause actual results and events to differ materially from the statements made herein. Such risks and uncertainties include, but are not limited to, the following: our ability to sustain and/or surpass the current level of sales of our products, to adapt to changing consumer preferences, and to effectively respond to competitive products and pricing pressures; our ability to implement our growth strategy, including expanding our business in existing and new sectors and achieving profitability within our Alcohol Brands segment; our ability to adapt to the changing retail landscape with the rapid growth in e-commerce retailers and e-commerce websites; our ability to absorb, reduce or pass on to our bottlers/distributors increases in commodity costs, including freight costs; the impact of the current U.S. presidential administration's policies on our energy drinks due to concerns about sugar-sweetened beverages, particular ingredients, such as food dyes, and the "generally recognized as safe" (GRAS) process; the impact of proposed or adopted domestic and/or foreign legislation to limit or restrict the sale of energy drinks (including the prohibition of the sale of energy drinks to certain demographics, at certain establishments, in certain container sizes or pursuant to certain governmental programs, such as the Supplemental Nutrition Assistance Program (SNAP)); the impact of changes in U.S. trade policies and the threat or imposition of tariffs on, among other things, our supply chain, input costs, inflation or consumer demand for our products; the imposition of new and/or increased excise sales and/or other taxes on our products; our extensive commercial arrangements with The Coca-Cola Company (TCCC) and, as a result, our future performance's substantial dependence on the success of our relationship with TCCC; the effects of unilateral decisions by bottlers/distributors and/or retailers on our business, including their distribution and placement of our products, their consolidation, their discontinuation, or restriction of the range of, all or any of our products that they carry, their limitations on the sale or sizes of our products, and/or their devotion of less resources to the sale of our products; changes in the price and/or availability of raw materials and other supply chain issues, such as the availability of products, suitable production facilities and/or co-packing arrangements; possible recalls of our products and/or the consequences and costs of defective production; disruption to our manufacturing facilities and operations related to climate, labor, production difficulties, capacity limitations, regulations or other causes; disruption to and/or lack of effectiveness of our information technology systems, including internal and external cybersecurity threats and breaches; adverse publicity surrounding obesity, alcohol consumption and other health concerns related to our products, product safety and quality; liabilities resulting from legal or regulatory proceedings, government investigations, and/or injunctions; the inherent operational risks presented by the alcoholic beverage industry that may not be adequately covered by insurance or lead to litigation relating to the abuse or misuse of our products; the current uncertainty and volatility in the national and global economy and changes in demand due to such economic conditions, including a slowdown in consumer spending generally; and the impact of military conflicts, including supply chain disruptions, volatility in commodity prices, increased economic uncertainty and escalating geopolitical tensions. For a more detailed discussion of these and other risks that could affect our operating results, see the Company's reports filed with the Securities and Exchange Commission, including our annual report on Form 10-K for the year ended December 31, 2024 and our subsequently filed quarterly reports. The Company's actual results could differ materially from those contained in the forward-looking statements. The Company assumes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.*

\# \# \#

(tables below)

**MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND OTHER INFORMATION**

**FOR THE THREE- AND NINE-MONTHS ENDED SEPTEMBER 30, 2025 AND 2024**

**(In Thousands, Except Per Share Amounts) (Unaudited)**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three-Months Ended** | **Three-Months Ended** | **Nine-Months Ended** | **Nine-Months Ended** |
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Net sales¹ | $2197139 | $1880973 | $6163290 | $5680668 |
| Cost of sales | 972653 | 881174 | 2714428 | 2634235 |
| Gross profit¹ | 1224486 | 999799 | 3448862 | 3046433 |
| Gross profit as a percentage of net sales | 55.7% | 53.2% | 56.0% | 53.6% |
| Operating expenses | 549134 | 519883 | 1572142 | 1497363 |
| Operating expenses as a percentage of net sales | 25.0% | 27.6% | 25.5% | 26.4% |
| Operating income¹ | 675352 | 479916 | 1876720 | 1549070 |
| Operating income as a percentage of net sales | 30.7% | 25.5% | 30.4% | 27.3% |
| Interest and other income (expense), net | 14185 | (5820) | 37522 | 54311 |
| Income before provision for income taxes¹ | 689537 | 474096 | 1914242 | 1603381 |
| Provision for income taxes | 165082 | 103177 | 458000 | 365044 |
| Income taxes as a percentage of income before taxes | 23.9% | 21.8% | 23.9% | 22.8% |
| Net income | $524455 | $370919 | $1456242 | $1238337 |
| Net income as a percentage of net sales | 23.9% | 19.7% | 23.6% | 21.8% |
| Net income per common share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | $0.54 | $0.38 | $1.49 | $1.22 |
| &nbsp;&nbsp;&nbsp;Diluted | $0.53 | $0.38 | $1.48 | $1.21 |
| Weighted average number of shares of common stock and common stock equivalents: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | 976608 | 975841 | 975337 | 1015252 |
| &nbsp;&nbsp;&nbsp;Diluted | 984966 | 983171 | 983532 | 1023912 |
| Energy drink case sales (in thousands) (in 192-ounce case equivalents) | 258387 | 219409 | 720823 | 643033 |
| Average net sales per case² | $8.35 | $8.36 | $8.38 | $8.59 |

---

*<sup>1</sup> Includes $10.1 million and $10.0 million for the three-months ended September 30, 2025 and 2024, respectively, related to the recognition of deferred revenue. Includes $30.0 and $29.9 million for the nine-months ended September 30, 2025 and 2024, respectively, related to the recognition of deferred revenue.*

*<sup>2</sup> Excludes Alcohol Brands segment and Other segment net sales.*

**MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

**AS OF SEPTEMBER 30, 2025 AND DECEMBER 31, 2024**

**(In Thousands, Except Par Value) (Unaudited)**

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| | | |
|:---|:---|:---|
|  | **September 30,**<br> **2025** | **December 31,**<br> **2024** |
| **<u>ASSETS</u>** |  |  |
| CURRENT ASSETS: |  |  |
| Cash and cash equivalents | $2292939 | $1533287 |
| Short-term investments | 286391 |  |
| Accounts receivable, net | 1601216 | 1221646 |
| Inventories | 704586 | 737107 |
| Prepaid expenses and other current assets | 142713 | 107262 |
| Prepaid income taxes | 38372 | 42202 |
| &nbsp;&nbsp;&nbsp;Total current assets | 5066217 | 3641504 |
| INVESTMENTS | 359174 |  |
| PROPERTY AND EQUIPMENT, net | 1110705 | 1047024 |
| DEFERRED INCOME TAXES, net | 185321 | 184260 |
| GOODWILL | 1331643 | 1331643 |
| OTHER INTANGIBLE ASSETS, net | 1419306 | 1414252 |
| OTHER ASSETS | 138907 | 100406 |
| **Total Assets** | $9611273 | $7719089 |
| **<u>LIABILITIES AND STOCKHOLDERS' EQUITY</u>** |  |  |
| CURRENT LIABILITIES: |  |  |
| Accounts payable | $683030 | $466775 |
| Accrued liabilities | 325450 | 220764 |
| Accrued promotional allowances | 392628 | 267711 |
| Deferred revenue | 47158 | 45809 |
| Accrued compensation | 102131 | 92454 |
| Income taxes payable | 40023 | 4006 |
| &nbsp;&nbsp;&nbsp;Total current liabilities | 1590420 | 1097519 |
| DEFERRED REVENUE | 164701 | 179008 |
| OTHER LIABILITIES | 110992 | 110893 |
| LONG-TERM DEBT |  | 373951 |
| STOCKHOLDERS' EQUITY: |  |  |
| Common stock - $0.005 par value; 5,000,000 shares authorized; 1,130,977 shares issued and 976,997 shares outstanding as of September 30, 2025; 1,126,329 shares issued and 973,079 shares outstanding as of December 31, 2024 | 5655 | 5632 |
| Additional paid-in capital | 5343915 | 5144922 |
| Retained earnings | 8905026 | 7448784 |
| Accumulated other comprehensive loss | (93382) | (269487) |
| Common stock in treasury, at cost; 153,980 shares and 153,250 shares as of September 30, 2025 and December 31, 2024, respectively | (6416054) | (6372133) |
| &nbsp;&nbsp;&nbsp;Total stockholders' equity | 7745160 | 5957718 |
| **Total Liabilities and Stockholders' Equity** | $9611273 | $7719089 |

---

**Reconciliation of GAAP and Non-GAAP Information**

**($ in Thousands, Except Per Share Amounts, unaudited)**

The Company believes the following non-GAAP items are useful to investors in evaluating the Company's ongoing operating and financial results. The non-GAAP items should be considered in addition to, and not in lieu of, U.S. GAAP financial measures. The non-GAAP financial measures do not represent a comprehensive basis of accounting. Therefore, our non-GAAP financial measures may not be comparable to similarly titled measures reported by other companies.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three-Months Ended** | **Three-Months Ended** | | **Nine-Months Ended** | **Nine-Months Ended** | |
|  | **September 30,** | **September 30,** | **Percentage**<br>**Change** | **September 30,** | **September 30,** | **Percentage**<br>**Change** |
|  | **2025** | **2024** | **25 vs. 24** | **2025** | **2024** | **25 vs. 24** |
| Net Sales | $2197139 | $1880973 | 16.8% | $6163290 | $5680668 | 8.5% |
| Currency Impact | (31754) | N/A |  | 30620 | N/A |  |
| Adjusted Net Sales – FX Neutral | $2165385 | $1880973 | 15.1% | $6193910 | $5680668 | 9.0% |

---

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three-Months Ended** | **Three-Months Ended** | | **Nine-Months Ended** | **Nine-Months Ended** | |
|  | **September 30,** | **September 30,** | **Percentage**<br>**Change** | **September 30,** | **September 30,** | **Percentage**<br>**Change** |
|  | **2025** | **2024** | **25 vs. 24** | **2025** | **2024** | **25 vs. 24** |
| Net Sales | $2197139 | $1880973 | 16.8% | $6163290 | $5680668 | 8.5% |
| Alcohol Brands Segment | (33009) | (39784) |  | (105683) | (137417) |  |
| Adjusted Net Sales – Less Alcohol | $2164130 | $1841189 | 17.5% | $6057607 | $5543251 | 9.3% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three-Months Ended** | **Three-Months Ended** | | **Nine-Months Ended** | **Nine-Months Ended** | |
|  | **September 30,** | **September 30,** | **Percentage**<br>**Change** | **September 30,** | **September 30,** | **Percentage**<br>**Change** |
|  | **2025** | **2024** | **25 vs. 24** | **2025** | **2024** | **25 vs. 24** |
| Net Sales | $2197139 | $1880973 | 16.8% | $6163290 | $5680668 | 8.5% |
| Alcohol Brands Segment | (33009) | (39784) |  | (105683) | (137417) |  |
| Currency Impact | (31754) | N/A |  | 30620 | N/A |  |
| Adjusted Net Sales – FX Neutral/Less Alcohol | $2132376 | $1841189 | 15.8% | $6088227 | $5543251 | 9.8% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ***Monster Energy® Drinks **Segment***** | **Three-Months Ended** | **Three-Months Ended** | | **Nine-Months Ended** | **Nine-Months Ended** | |
|  | **September 30,** | **September 30,** | **Percentage**<br>**Change** | **September 30,** | **September 30,** | **Percentage**<br>**Change** |
|  | **2025** | **2024** | **25 vs. 24** | **2025** | **2024** | **25 vs. 24** |
| Net Sales | $2026843 | $1722693 | 17.7% | $5679711 | $5194552 | 9.3% |
| Currency Impact | (28704) | N/A |  | 26939 | N/A |  |
| Adjusted Net Sales | $1998139 | $1722693 | 16.0% | $5706650 | $5194552 | 9.9% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Strategic Brands Segment** | **Three-Months Ended** | **Three-Months Ended** | | **Nine-Months Ended** | **Nine-Months Ended** | |
|  | **September 30,** | **September 30,** | **Percentage**<br>**Change** | **September 30,** | **September 30,** | **Percentage**<br>**Change** |
|  | **2025** | **2024** | **25 vs. 24** | **2025** | **2024** | **25 vs. 24** |
| Net Sales | $130501 | $112566 | 15.9% | $358727 | $330232 | 8.6% |
| Currency Impact | (3050) | N/A |  | 3681 | N/A |  |
| Adjusted Net Sales | $127451 | $112566 | 13.2% | $362408 | $330232 | 9.7% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Foreign** | **Three-Months Ended** | **Three-Months Ended** | | **Nine-Months Ended** | **Nine-Months Ended** | |
|  | **September 30,** | **September 30,** | **Percentage**<br>**Change** | **September 30,** | **September 30,** | **Percentage**<br>**Change** |
|  | **2025** | **2024** | **25 vs. 24** | **2025** | **2024** | **25 vs. 24** |
| Net Sales | $937069 | $760102 | 23.3% | $2534495 | $2250210 | 12.6% |
| Currency Impact | (31754) | N/A |  | 30620 | N/A |  |
| Adjusted Net Sales | $905315 | $760102 | 19.1% | $2565115 | $2250210 | 14.0% |

---

**Reconciliation of GAAP and Non-GAAP Information**

**($ in Thousands, Except Per Share Amounts, unaudited) - continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three-Months Ended** | **Three-Months Ended** | | **Nine-Months Ended** | **Nine-Months Ended** | |
|  | **September 30,** | **September 30,** | **Percentage**<br>**Change** | **September 30,** | **September 30,** | **Percentage**<br>**Change** |
|  | **2025** | **2024** | **25 vs. 24** | **2025** | **2024** | **25 vs. 24** |
| Gross Profit | $1224486 | $999799 | 22.5% | $3448862 | $3046433 | 13.2% |
| Alcohol Brands Inv. Reserve | - | 10587 |  | - | 10587 |  |
| Adjusted Gross Profit | $1224486 | $1010386 | 21.2% | $3448862 | $3057020 | 12.8% |
| Adjusted Gross Profit as a percentage of Net Sales | 55.7% | 53.7% |  | 56.0% | 53.8% |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three-Months Ended** | **Three-Months Ended** | | **Nine-Months Ended** | **Nine-Months Ended** | |
|  | **September 30,** | **September 30,** | **Percentage**<br>**Change** | **September 30,** | **September 30,** | **Percentage**<br>**Change** |
|  | **2025** | **2024** | **25 vs. 24** | **2025** | **2024** | **25 vs. 24** |
| Operating Expenses | $549134 | $519883 | 5.6% | $1572142 | $1497363 | 5.0% |
| Alcohol Brands Segment | (26166) | (27338) |  | (82291) | (84207) |  |
| Litigation Provisions | (5193) | (17860) |  | (19011) | (18154) |  |
| Retirement-Clause Related Stock-Based Compensation<sup>1</sup> | (7400) | - |  | (15269) | - |  |
| Adjusted Operating Expenses | $510375 | $474685 | 7.5% | $1455571 | $1395002 | 4.3% |
| Adjusted Operating Expenses as a percentage of Adjusted Net Sales – Less Alcohol | 23.6% | 25.8% |  | 24.0% | 25.2% |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three-Months Ended** | **Three-Months Ended** | | **Nine-Months Ended** | **Nine-Months Ended** | |
|  | **September 30,** | **September 30,** | **Percentage**<br>**Change** | **September 30,** | **September 30,** | **Percentage**<br>**Change** |
|  | **2025** | **2024** | **25 vs. 24** | **2025** | **2024** | **25 vs. 24** |
| Operating Income | $675352 | $479916 | 40.7% | $1876720 | $1549070 | 21.2% |
| Alcohol Brands Segment | 17851 | 22610 |  | 53972 | 51187 |  |
| Litigation Provisions | 5193 | 17860 |  | 19011 | 18154 |  |
| Retirement-Clause Related Stock-Based Compensation<sup>1</sup> | 7400 | - |  | 15269 | - |  |
| Adjusted Operating Income | $705796 | $520386 | 35.6% | $1964972 | $1618411 | 21.4% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three-Months Ended** | **Three-Months Ended** | | **Nine-Months Ended** | **Nine-Months Ended** | |
|  | **September 30,** | **September 30,** | **Percentage**<br>**Change** | **September 30,** | **September 30,** | **Percentage**<br>**Change** |
|  | **2025** | **2024** | **25 vs. 24** | **2025** | **2024** | **25 vs. 24** |
| Net Income | $524455 | $370919 | 41.4% | $1456242 | $1238337 | 17.6% |
| Alcohol Brands Segment | 13750 | 17090 |  | 41511 | 38738 |  |
| Litigation Provisions | 3905 | 13468 |  | 14294 | 13695 |  |
| Retirement-Clause Related Stock-Based Compensation<sup>1</sup> | 5678 | - |  | 11725 | - |  |
| Adjusted Net Income | $547788 | $401477 | 36.4% | $1523772 | $1290770 | 18.1% |

---

*Adjustments in this table are net of tax*.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three-Months Ended** | **Three-Months Ended** | | **Nine-Months Ended** | **Nine-Months Ended** | |
|  | **September 30,** | **September 30,** | **Percentage**<br>**Change** | **September 30,** | **September 30,** | **Percentage**<br>**Change** |
|  | **2025** | **2024** | **25 vs. 24** | **2025** | **2024** | **25 vs. 24** |
| Net Income per common share - Diluted | $0.53 | $0.38 | 41.1% | $1.48 | $1.21 | 22.4% |
| Alcohol Brands Segment | 0.01 | 0.02 |  | 0.04 | 0.04 |  |
| Litigation Provisions | 0.01 | 0.01 |  | 0.02 | 0.01 |  |
| Retirement-Clause Related Stock-Based Compensation<sup>1</sup> | 0.01 | - |  | 0.01 | - |  |
| Adjusted Net Income per common share - Diluted | $0.56 | $0.41 | 36.2% | $1.55 | $1.26 | 22.9% |

---

*Adjustments in this table are net of tax.*

**Reconciliation of GAAP and Non-GAAP Information**

**($ in Thousands, Except Per Share Amounts, unaudited) - continued**

*<sup>1</sup>In March 2025, the Company began issuing equity awards containing language that permits certain awards to continue vesting following a recipient's retirement (the "Retirement Clause"). The Retirement Clause is applicable for award recipients that have (i) attained the age of sixty-five, (ii) completed ten or more years of continuous service, and (iii) provided at least six months' written notice prior to the last day of service. Since recipients who meet the eligibility conditions of the Retirement Clause are not required to continue providing service following their retirement in order for certain of their awards subject to the Retirement Clause to continue vesting, the service period for such recipients is six months rather than the stated vesting period per the award.*

## Exhibit 99.2

**Exhibit 99.2**

![](tm2530426d1_ex99-2img001.jpg)

The information presented herein is derived from Monster Beverage Corporation's proprietary, custom NielsenIQ database (and is not derived from our, or any industry participant's, financial statements). While such information is based on data received from NielsenIQ, the results reported in this presentation may vary from those found in publicly available syndicated sources such as NielsenIQ and IRI Circana due to differing definitions of the energy drinks category and other factors. Further, Monster Beverage Corporation has not independently verified industry data collected or provided by Nielsen and makes no representations as to its accuracy or completeness. Data provided by NielsenIQ (and other third - party sources), as well as our analysis of such data, involve a variety of assumptions and methodologies that are subject to uncertainties, and therefore you are cautioned not to give undue weight to the information contained in this presentation.

![](tm2530426d1_ex99-2img002.jpg)

UNITED STATES SCANNER DATA Source: NielsenIQ p eriod ending 10 /25/2025 TNA Energy $% Change YA Total U.S. All Measured Channels (13 - weeks) 12.2% TOTAL NON - ALCOHOLIC (TNA) ENERGY (Total U.S. xAOC + Conv) 9.1% MEC 12.3% MONSTER - 7.0% REIGN 0.3% NOS - 9.6% BANG 2.7% FULL THROTTLE 9.0% RED BULL $ Share Change YA $ Share $% Change YA U.S. Convenience & Gas (4 - weeks) 7.0% TNA ENERGY 0.4 36.9 8.2% MEC 1.2 29.8 11.6% MONSTER - 0.2 2.5 - 2.4% REIGN - 0.2 2.4 - 0.8% NOS - 0.4 1.5 - 13.7% BANG 0.0 0.6 1.2% FULL THROTTLE - 1.5 34.7 2.6% RED BULL 0.6 8.2 15.1% CELSIUS 1.5 3.3 95.0% ALANI NU - 0.5 2.3 - 11.7% ROCKSTAR - 0.1 3.3 4.2% C4 0.1 3.3 11.5% GHOST - 0.5 2.6 - 9.0% 5 - HOUR 0.9% COFFEE + ENERGY CATEGORY 3.5 62.2 6.9% MEC - 4.2 36.6 - 9.5% STARBUCKS Note: Canada data reflects the 12 - week period ending 07/12/2025. A1

![](tm2530426d1_ex99-2img003.jpg)

CANADA SCANNER DATA Source: NielsenIQ p eriod ending 10 /4/2025 TNA Energy $ Share Change YA $ Share $% Change YA Total Canada All Measured Channels 17.4% TNA Energy - 2.9 37.5 9.1% MEC - 2.0 32.7 10.6% Monster 0.0 1.6 15.5% Reign - 0.3 1.0 - 7.6% NOS - 0.1 0.9 0.6% Bang 0.0 0.5 12.5% Full Throttle Note: Canada data reflects the 12 - week period ending 10/4/2025. A1

![](tm2530426d1_ex99-2img004.jpg)

EMEA SCANNER DATA % Share Change YA € Share € % Change YA 2.4% 18.7% 29.4% BELGIUM 4.5% 26.1% 38.8% CZECH REPUBLIC 1.7% 28.8% 17.5% DENMARK 3.3% 30.5% 35.5% FRANCE 2.4% 35.2% 24.0% GREAT BRITAIN 1.8% 37.8% 14.3% GREECE 2.4% 18.9% 18.2% GERMANY 1.7% 32.8% 12.9% ITALY 6.9% 14.8% 110.1% NETHERLANDS 4.3% 38.5% 25.0% NORWAY 2.2% 21.9% 25.8% POLAND 3.1% 33.8% 30.5% REPUBLIC OF IRELAND - 1.0% 17.9% 8.7% SOUTH AFRICA 0.6% 40.7% 17.1% SPAIN 2.3% 17.4% 25.9% SWEDEN % Change YA 2025 € Share € % Change YA 7.0% 15.4% 200.6% EGYPT 6.4% 44.4% 27.6% KENYA 1.2% 23.9% 55.4% NIGERIA Note: Kenya, Nigeria and Egypt reflect the 13 - week period ended September 28, 2025. Greece, Poland, Italy, Germany and South Africa reflect the 13 - week period ended September 28, 2025. Sweden, Norway, France, Republic of Ireland, Denmark, Belgium, Spain, Netherlands and Czech Republic reflect the 13 - week period ended September 7, 2025. Great Britain reflects the 13 - week period ended September 6, 2025. The data source for EMEA is L Nielsen IQ. All amounts are MEC. EMEA ALL MEASURED CHANNELS ENERGY DRINK CATEGORY GROWTH 13.3% € % Value Sales Change YA Monster, Total All Measured Channels Predator/Fury, Total All Measured Channels A1 A2 A3 A4 A5

![](tm2530426d1_ex99-2img005.jpg)

ASIA PACIFIC SCANNER DATA Note: Australia reflects the 13 - week period ending September 28, 2025. New Zealand reflects the 13 - week period ending October 5, 2025. Asia Pacific country data reflects the months of J uly - September 2025. The data sources for Japan and Australia are Intage and Circana, respectively. All other data is from Nielsen IQ. 20.0% $% Change YA ASIA PACIFIC ALL MEASURED CHANNELS ENERGY DRINK CATEGORY GROWTH $ Share Change YA $ Share $% Change YA 23.2% TOTAL ENERGY 3.2 22.9% 43.0% MONSTER - 2.4 7.8% - 6.0% MOTHER AUSTRALIA $ Share Change YA $ Share $% Change YA 14.9% TOTAL ENERGY 2.1 16.4% 32.2% MONSTER - 0.2 5.2% 11.1% MOTHER - 0.7 4.2% - 1.7% LIVE+ $ Share Change YA $ Share $% Change YA 2.1% TOTAL ENERGY 3.4 58.2% 8.4% MONSTER 1.2% REIGN STORM $ Share Change YA $ Share $% Change YA 17.3% TOTAL ENERGY - 4.0 49.0% 8.5% MONSTER NEW ZEALAND SOUTH KOREA JAPAN Total All Measured Channels A1 A2 A3A4

![](tm2530426d1_ex99-2img006.jpg)

LATIN AMERICA SCANNER DATA 1 2.6 % $% Change YA LATIN AMERICA ALL MEASURED CHANNELS ENERGY DRINK CATEGORY GROWTH $ Share Change YA $ Share $% Change YA 6.3% TOTAL ENERGY 3.1 31.8 17.7% MONSTER 0.3 6.3 11.8% PREDATOR MEXICO $ Share Change YA $ Share $% Change YA 49.7% TOTAL ENERGY - 1.0 54.0 46.9% MONSTER $ Share Change YA $ Share $% Change YA 8.0% TOTAL ENERGY - 3.2 36.9 - 0.6% MONSTER CHILE ARGENTINA Total All Measured Channels $ Share Change YA $ Share $% Change YA 12.9% TOTAL ENERGY 1.5 44.3 16.8% MONSTER BRAZIL Note: Latin America data reflects the three - months ending September 30, 2025. All tracked markets are FX neutral. The data source for Latin America is NielsenIQ. A1