No, Powerade does not contain caffeine. However, there are a few varieties of Powerade that do contain caffeine. These include the ION4 Advanced Electrolyte System flavors Cherry Blast and Orange Blaze, which both contain 10 milligrams of caffeine per 8-ounce serving. The other two flavors in the ION4 range – Lemon Lime Charge and Mixed Berry Rush – do not contain any caffeine at all.