Monster Beverage 10-Q 2025-03-31

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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Form 10-Q

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Quarterly Report Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

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For the quarterly period ended March 31, 2025	Commission File Number 001-18761	​

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MONSTER BEVERAGE CORPORATION

(Exact name of registrant as specified in its charter)

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Delaware		47-1809393
(State or other jurisdiction of	​	(I.R.S. Employer
incorporation or organization)	​	Identification No.)

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1 Monster Way

Corona, California 92879

(Address of principal executive offices) (Zip code)

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(951) 739 - 6200

(Registrant’s telephone number, including area code)

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

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

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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

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Yes X No __

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Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

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Yes X No __

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Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

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​	​	​	​
Large accelerated filer ☒		Accelerated filer ☐
Non-accelerated filer ☐		Smaller reporting company ☐
​		Emerging growth company ☐

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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. ☐

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Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

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Yes __ No X

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The registrant had 975,246,159 shares of common stock, par value $0.005 per share, outstanding as of April 30, 2025.

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MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES

MARCH 31, 2025

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INDEX

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​	​	​	​
Part I.	FINANCIAL INFORMATION		Page No.
​	​	​	​
Item 1.	Condensed Consolidated Financial Statements (Unaudited)	​	​
​	​	​	​
​	Condensed Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024	​	3
​	​	​	​
​	Condensed Consolidated Statements of Income for the Three-Months Ended March 31, 2025 and 2024	​	4
​	​	​	​
​	Condensed Consolidated Statements of Comprehensive Income for the Three-Months Ended March 31, 2025 and 2024	​	5
​	​	​	​
​	Condensed Consolidated Statements of Stockholders’ Equity for the Three-Months Ended March 31, 2025 and 2024	​	6
​	​	​	​
​	Condensed Consolidated Statements of Cash Flows for the Three-Months Ended March 31, 2025 and 2024	​	7
​	​	​	​
​	Notes to Condensed Consolidated Financial Statements	​	9
​	​	​	​
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	​	30
​	​	​	​
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	​	45
​	​	​	​
Item 4.	Controls and Procedures	​	46
​	​	​	​
Part II.	OTHER INFORMATION	​	​
​	​	​	​
Item 1.	Legal Proceedings	​	47
​	​	​	​
Item 1A.	Risk Factors	​	47
​	​	​	​
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	​	47
​	​	​	​
Item 3.	Defaults Upon Senior Securities	​	47
​	​	​	​
Item 4.	Mine Safety Disclosures	​	47
​	​	​	​
Item 5.	Other Information	​	48
​	​	​	​
Item 6.	Exhibits	​	48
​	​	​	​
​	Signatures	​	49

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PART I – FINANCIAL INFORMATION

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MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

AS OF MARCH 31, 2025 AND DECEMBER 31, 2024

(In Thousands, Except Par Value) (Unaudited)

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​	​	​	​	​	​	​
​	​	March 31,		​	December 31,
​		2025			2024
ASSETS	​	​	​	​	​	​
CURRENT ASSETS:	​	​	​	​	​	​
Cash and cash equivalents	​	$	1,903,419	​	$	1,533,287
Accounts receivable, net	​		1,360,233			1,221,646
Inventories	​		725,129			737,107
Prepaid expenses and other current assets	​		112,525			107,262
Prepaid income taxes	​		34,113			42,202
Total current assets	​		4,135,419			3,641,504
​	​	​	​	​	​	​
PROPERTY AND EQUIPMENT, net	​		1,064,008			1,047,024
DEFERRED INCOME TAXES, net	​		184,358			184,260
GOODWILL	​		1,331,643			1,331,643
OTHER INTANGIBLE ASSETS, net	​		1,415,958			1,414,252
OTHER ASSETS	​		95,642			100,406
Total Assets	​	$	8,227,028		$	7,719,089
​	​	​	​	​	​	​
LIABILITIES AND STOCKHOLDERS’ EQUITY	​	​	​	​	​	​
CURRENT LIABILITIES:	​	​	​	​	​	​
Accounts payable	​	$	486,951		$	466,775
Accrued liabilities	​		262,545			220,764
Accrued promotional allowances	​		304,670			267,711
Deferred revenue	​		47,542			45,809
Accrued compensation	​		55,812			92,454
Income taxes payable	​		67,837			4,006
Total current liabilities	​		1,225,357			1,097,519
​	​	​	​	​	​	​
DEFERRED REVENUE	​		173,921			179,008
OTHER LIABILITIES	​	​	109,252	​	​	110,893
LONG-TERM DEBT	​	​	199,059	​	​	373,951
​	​	​	​	​	​	​
COMMITMENTS AND CONTINGENCIES (Note 11)	​	​	​	​	​	​
​	​	​	​	​	​	​
STOCKHOLDERS’ EQUITY:	​	​	​	​	​	​
​	​	​	​	​	​	​
Common stock - $0.005 par value; 5,000,000 shares authorized; 1,128,695 shares issued and 975,143 shares outstanding as of March 31, 2025; 1,126,329 shares issued and 973,079 shares outstanding as of December 31, 2024	​	​	5,643	​	​	5,632
Additional paid-in capital	​		5,213,731			5,144,922
Retained earnings	​		7,891,777			7,448,784
Accumulated other comprehensive loss	​		(202,946)			(269,487)
Common stock in treasury, at cost; 153,552 shares and 153,250 shares as of March 31, 2025 and December 31, 2024, respectively	​		(6,388,766)			(6,372,133)
Total stockholders’ equity	​		6,519,439			5,957,718
Total Liabilities and Stockholders’ Equity	​	$	8,227,028		$	7,719,089

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See accompanying notes to condensed consolidated financial statements.

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MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

FOR THE THREE-MONTHS ENDED MARCH 31, 2025 AND 2024

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

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​	​	​	​	​	​	​
​	​	Three-Months Ended
​	​	March 31,
​		2025			2024
​	​	​	​	​	​	​
NET SALES	​	$	1,854,558	​	$	1,899,098
​	​	​	​	​	​	​
COST OF SALES	​		806,596	​		871,969
​	​	​	​	​	​	​
GROSS PROFIT	​		1,047,962	​		1,027,129
​	​	​	​	​	​	​
OPERATING EXPENSES	​		478,217	​		485,138
​	​	​	​	​	​	​
OPERATING INCOME	​		569,745	​		541,991
​	​	​	​	​	​	​
INTEREST and OTHER INCOME, net	​		8,272	​		35,754
​	​	​	​	​	​	​
INCOME BEFORE PROVISION FOR INCOME TAXES	​		578,017	​		577,745
​	​	​	​	​	​	​
PROVISION FOR INCOME TAXES	​	​	135,024	​	​	135,696
​	​	​	​	​	​	​
NET INCOME	​	$	442,993	​	$	442,049
​	​	​	​	​	​	​
NET INCOME PER COMMON SHARE:	​	​	​	​	​	​
Basic	​	$	0.45	​	$	0.42
Diluted	​	$	0.45	​	$	0.42
​	​	​	​	​	​	​
WEIGHTED AVERAGE NUMBER OF SHARES OF COMMON STOCK AND COMMON STOCK EQUIVALENTS:	​	​	​	​	​	​
Basic	​		973,622	​		1,041,081
Diluted	​		981,282	​		1,051,282

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See accompanying notes to condensed consolidated financial statements.

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MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

FOR THE THREE-MONTHS ENDED MARCH 31, 2025 AND 2024

(In Thousands) (Unaudited)

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​	​	​	​	​	​	​
​	​	Three-Months Ended
​	​	March 31,
​		2025			2024
Net income, as reported	​	$	442,993	​	$	442,049
Other comprehensive income (loss), net of tax:	​	​	​	​	​	​
Change in foreign currency translation adjustment	​		63,971	​		(30,695)
Change in net unrealized gain (loss) on available-for-sale investments	​		—	​		223
Change in net gain (loss) on commodity derivatives	​		2,570	​		(2,131)
Other comprehensive income (loss)	​		66,541	​		(32,603)
Comprehensive income	​	$	509,534	​	$	409,446

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See accompanying notes to condensed consolidated financial statements.

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MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

FOR THE THREE-MONTHS ENDED MARCH 31, 2025 AND 2024

(In Thousands) (Unaudited)

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​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​	​	Accumulated Other		​	​	​	​	​	​	Total
​	​	Common stock				​	Additional		​	Retained		​	Comprehensive (Loss)		​	Treasury stock				​	Stockholders’
​		Shares		Amount			Paid-in Capital			Earnings			Income			Shares		Amount			Equity
Balance, December 31, 2024	​	1,126,329	​	$	5,632	​	$	5,144,922	​	$	7,448,784	​	$	(269,487)	​	(153,250)	​	$	(6,372,133)	​	$	5,957,718
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Stock-based compensation		—	​	​	—	​	​	20,727	​	​	—	​	​	—	​	—	​	​	—	​	​	20,727
Stock options/awards		2,366	​	​	11	​	​	48,082	​	​	—	​	​	—	​	—	​	​	—	​	​	48,093
Unrealized gain (loss), net on available-for-sale securities		—	​		—	​		—	​		—	​		—		—	​		—	​		—
Repurchase of common stock	​	—	​	​	—	​	​	—	​	​	—	​	​	—	​	(302)	​	​	(16,633)	​	​	(16,633)
Foreign currency translation		—	​	​	—	​	​	—	​	​	—	​	​	63,971	​	—	​	​	—	​	​	63,971
Net gain (loss) on commodity derivatives	​	—	​	​	—	​	​	—	​	​	—	​	​	2,570	​	—	​	​	—

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Our Business

When this report uses the words “the Company”, “we”, “us”, and “our”, these words refer to Monster Beverage Corporation and its subsidiaries, unless the context otherwise requires. 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 primarily develop and market energy drinks, and to a lesser extent, craft beers, hard seltzers and flavored malt beverages (“FMBs”).

Pricing Actions

We implemented price increases in the fourth quarter of 2024 (for core brands and packages) in the United States and at various times in certain international markets during 2024 and 2025 (collectively, the “Pricing Actions”). The Pricing Actions positively impacted gross profit margins in 2025 as compared to 2024.

Overview

We develop, market, sell and distribute energy drink beverages and concentrates for energy drink beverages, primarily under the following brand names:

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● Monster Energy®	● Burn®
● Monster Energy Ultra®	● Mother®
● Rehab Monster®	● Nalu®
● Monster Energy® Nitro	● Ultra Energy®
● Java Monster®	● Play® and Power Play® (stylized)
● Punch Monster®	● Relentless®
● Juice Monster®	● BPM®
● Reign Total Body Fuel®	● BU®
● Reign Inferno® Thermogenic Fuel	● Samurai®
● Reign Storm®	● Live+®
● Bang Energy®	● Predator®
● NOS®	● Fury®
● Full Throttle®	​

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We also develop, market, sell and distribute craft beers, FMBs and hard seltzers under a number of brands, including Jai Alai® IPA, Florida Man® IPA, Dale’s Pale Ale®, Wild Basin® Hard Seltzers, Dallas Blonde®, Deep EllumTM IPA, Perrin Brewing Company® Black Ale, Hop Rising® Double IPA, Wasatch® Apricot Hefeweizen, The BeastTM, Nasty Beast® Hard Tea and a host of other brands.

We also develop, market, sell and distribute still and sparkling waters under the Monster Tour Water® brand name.

We have four operating and reportable segments: (i) Monster Energy® Drinks segment (“Monster Energy® Drinks”), which is primarily comprised of our Monster Energy® drinks, Reign Total Body Fuel® high performance energy drinks, Reign Storm® total wellness energy drinks and Bang Energy® drinks, (ii) Strategic Brands segment (“Strategic Brands”), which is primarily comprised of the various energy drink brands acquired from The Coca-Cola Company (“TCCC”) in 2015 as well as our affordable energy brands, Predator® and Fury®, (iii) Alcohol Brands segment (“Alcohol Brands”), which is comprised of various craft beers, FMBs and hard seltzers and (iv) Other segment (“Other”), which is comprised of certain products sold by American Fruits and Flavors LLC, a wholly-owned subsidiary of the Company, to independent third-party customers (the “AFF Third-Party Products”).

During the three-months ended March 31, 2025, we continued to expand our existing drink portfolio by adding additional products to our portfolio in a number of countries and further developed our distribution markets. During the three-months ended March 31, 2025, we sold the following new products to our customers:

	●	Bang Energy® Any Means Orange

	●	Burn® Orange

	●	Burn® White Citrus

	●	Fury® Mango Mayhem®

	●	Nalu® Zero Sugar Original

	●	Reign Total Body Fuel® White Haze

	●	Relentless® Guava

	●	Ultra Energy® White Citrus

	●	Michi Lime Chelada

	●	Michi Tomato Michelada

In the normal course of business, we discontinue certain products and/or product lines. Those products or product lines discontinued in the three-months ended March 31, 2025, either individually or in aggregate, did not have a material adverse impact on our financial position, results of operations or liquidity.

Our net sales were $1.85 billion for the three-months ended March 31, 2025. Net changes in foreign currency exchange rates had an unfavorable impact on net sales of approximately $57.3 million for the three-months ended March 31, 2025. Net sales on a foreign currency adjusted basis increased 0.7% for the three-months ended March 31, 2025.

Net sales for the 2025 first quarter were negatively impacted by bottler/distributor ordering patterns in the United States and EMEA, adverse changes in foreign currency exchange rates, decreased sales in the Alcohol Brands segment, adverse weather, one less selling day in the 2025 first quarter, as well as uncertain economic conditions.

The vast majority of our net sales are derived from our Monster Energy® Drinks segment. Net sales of our Monster Energy® Drinks segment were $1.72 billion for the three-months ended March 31, 2025. Net sales of our Strategic Brands segment were $98.3 million for the three-months ended March 31, 2025. Net sales of our Alcohol Brands segment were $34.7 million for the three-months ended March 31, 2025. Net sales of our Other segment were $6.0 million for the three-months ended March 31, 2025.

Our Monster Energy® Drinks segment represented 92.5% and 91.0% of our net sales for the three-months ended March 31, 2025 and 2024, respectively. Our Strategic Brands segment represented 5.3% and 5.7% of our net sales for the three-months ended March 31, 2025 and 2024, respectively. Our Alcohol Brands segment represented 1.9% and 3.0% of our net sales for the three-months ended March 31, 2025 and 2024, respectively. Our Other segment represented 0.3% of our net sales for both the three-months ended March 31, 2025 and 2024.

Our growth strategy includes further developing our domestic markets, expanding our international business and growing our business into new sectors, such as the alcohol beverage sector. Net sales to customers outside the United States were $733.2 million for the three-months ended March 31, 2025, a decrease of approximately $10.9 million, or 1.5% lower than net sales to customers outside of the United States of $744.1 million for the three-months ended March 31, 2024. Such sales were approximately 40% and 39% of net sales for the three-months ended March 31, 2025 and 2024, respectively. Net changes in foreign currency exchange rates had an unfavorable impact on net sales to customers outside of the United States of approximately $57.3 million for the three-months ended March 31, 2025. Net sales to customers outside the United States, on a foreign currency adjusted basis, increased 6.2% for the three-months ended March 31, 2025.

Our non-alcohol customers are primarily full service beverage bottlers/distributors, retail grocery and specialty chains, wholesalers, club stores, mass merchandisers, convenience and gas chains, drug stores, foodservice customers, value stores, e-commerce retailers and the military. Our alcohol customers are primarily beer distributors who in turn sell to retailers within the alcohol distribution system. Percentages of our gross billings to our various customer types for the three-months ended March 31, 2025 and 2024 are reflected below. Such information includes sales made by us directly to the customer types concerned, which include our full service beverage bottlers/distributors in the United States. Such full service beverage bottlers/distributors in turn sell certain of our products to some of the same customer types listed below. We limit our description of our customer types to include only our sales to our full service bottlers/distributors without reference to such bottlers/distributors’ sales to their own customers.

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​	​	Three-Months Ended			​
​	​	March 31,			​
​		2025		2024	​
U.S. full service bottlers/distributors		45	%	46	%
Interna

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There have been no material changes in our market risks during the three-months ended March 31, 2025 compared with the disclosures in Part II, Item 7A of our Form 10-K.

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Evaluation of Disclosure Controls and Procedures – Under the supervision and with the participation of the Company’s management, including our Co-Chief Executive Officers and Chief Financial Officer, we have evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13(a)-15(e) and 15(d)-15(e) of the Exchange Act) as of the end of the period covered by this report. Based upon this evaluation, the Co-Chief Executive Officers and Chief Financial Officer have concluded that our disclosure controls and procedures are adequate and effective to ensure that information we are required to disclose in reports that we file or submit under the Exchange Act is (1) recorded, processed, summarized and reported within the time periods specified in rules and forms of the SEC and (2) accumulated and communicated to our management, including its principal executive and principal financial officers, as appropriate, to allow timely decisions regarding required disclosures.

Changes in Internal Control Over Financial Reporting – There were no changes in the Company’s internal controls over financial reporting during the quarter ended March 31, 2025, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

The information required by this Item is incorporated herein by reference to the Notes to Condensed Consolidated Financial Statements - Note 11. Commitments and Contingencies: Litigation in Part I, Item 1, of this Quarterly Report on Form 10-Q.

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In addition to the other information set forth in this Quarterly Report on Form 10-Q, including Management’s Discussion and Analysis of Financial Condition and Results of Operations and the condensed consolidated financial statements and related notes, you should carefully consider the risks discussed in “Part I, Item 1A – Risk Factors” in our Form 10-K. If any of these risks occur or continue to occur, our business, reputation, financial condition and/or operating results could be materially adversely affected. We also note that the risk factors described in this report and our Form 10-K are not the only risks facing our Company, and such additional risks or uncertainties that we currently deem to be immaterial or are unknown to us could negatively impact our business, operations, or financial results.

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ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

On August 19, 2024, the Company’s Board of Directors authorized a share repurchase program for the purchase of up to an additional $500.0 million of the Company’s outstanding common stock (the “August 2024 Repurchase Plan”). During the three-months ended March 31, 2025, no shares were repurchased under the August 2024 Repurchase Plan. As of May 8, 2025, $500.0 million remained available for repurchase under the August 2024 Repurchase Plan.

The aggregate amount of the Company’s outstanding common stock that remains available for repurchase under all previously authorized repurchase plans is $500.0 million as of May 8, 2025.

During the three-months ended March 31, 2025, 0.3 million shares of common stock were purchased from employees in lieu of cash payments for options exercised or withholding taxes due for a total amount of $16.6 million. While such purchases are considered common stock repurchases, they are not counted as purchases against the Company’s authorized share repurchase programs. Such shares are included in common stock in treasury in the accompanying condensed consolidated balance sheet at March 31, 2025.

The following tabular summary reflects the Company’s repurchase activity during the quarter ended March 31, 2025.

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​	​	​	​	​	​	​	​	​	​	​
​	​	​		​	​		​		Maximum Number (or
​	​	​	​	​	​	​	​	​	Approximate Dollar
​	​	​	​	​	​	​	Total Number of	​	Value) of Shares that
​	​	​	​	​	​	​	Shares Purchased	​	May Yet Be Purchased
​	​	Total Number	​	​	​	​	as Part of Publicly	​	Under the Plans or
​	​	of Shares	​	Average Price		​	Announced Plans	​	Programs
Period		Purchased		per Share			or Programs1		(In thousands)
Jan 1 – Jan 31, 2025	​	—	​	$	—	​	—	​	$	500,000
Feb 1 – Feb 28, 2025		—	​	$	—		—	​	$	500,000
Mar 1 – Mar 31, 2025		—	​	$	—		—	​	$	500,000

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1 On August 19, 2024, the Company publicly announced that its Board of Directors authorized the August 2024 Repurchase Plan. Board authorization of the repurchase plan remains in effect until shares in the amount authorized thereunder have been repurchased. See Item 2, “Unregistered Sales of Equity Securities and Use of Proceeds” above for more information.

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ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

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ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

During the three-months ended March 31, 2025, none of the Company’s directors or officers adopted, modified or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement (each as defined in Item 408 of Regulation S-K under the Securities Exchange Act of 1934, as amended).

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3.1		Second Amended and Restated Certificate of Incorporation of the Company (incorporated by reference to Exhibit 3.1 to our Form 8-K dated June 27, 2023).
​	​	​
3.2	​	Fourth Amended and Restated By-laws of the Company (incorporated by reference to Exhibit 3.2 to our Form 8-K dated November 7, 2024).
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10.1+	​	Rodney C. Sacks Transition Letter, dated March 10, 2025 (incorporated by reference to Exhibit 10.1 to our Form 8-K dated March 10, 2025).
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10.2*+	​	Form of 2025 Stock Option Award Agreement for grants under the Monster Beverage Corporation 2020 Omnibus Incentive Plan.
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10.3*+	​	Form of 2025 Restricted Stock Unit Award Agreement for grants under the Monster Beverage Corporation 2020 Omnibus Incentive Plan.
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10.4*+	​	Form of 2025 Performance Share Unit Award Agreement for grants under the Monster Beverage Corporation 2020 Omnibus Incentive Plan.
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31.1*		Certification of Co-Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
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31.2*	​	Certification of Co-Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
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31.3*	​	Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
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32.1*	​	Certification of Co-Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
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32.2*	​	Certification of Co-Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
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32.3*	​	Certification by Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
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101*	​	The following financial information from Monster Beverage Corporation’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) Condensed Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024, (ii) Condensed Consolidated Statements of Income for the three-months ended March 31, 2025 and 2024, (iii) Condensed Consolidated Statements of Comprehensive Income for the three-months ended March 31, 2025 and 2024, (iv) Condensed Consolidated Statements of Stockholders’ Equity for the three-months ended March 31, 2025 and 2024, (v) Condensed Consolidated Statements of Cash Flows for the three-months ended March 31, 2025 and 2024, and (vi) the Notes to Condensed Consolidated Financial Statements.
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104*	​	The cover page from Monster Beverage Corporation’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, formatted in iXBRL (Inline eXtensible Business Reporting Language) and contained in Exhibit 101.

*Filed herewith.

+Management contract or compensatory plans or arrangements.

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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, thereunto duly authorized.

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​	MONSTER BEVERAGE CORPORATION
​	Registrant
​	​
Date: May 8, 2025	/s/ RODNEY C. SACKS
​	Rodney C. Sacks
​	Chairman of the Board of Directors
​	and Co-Chief Executive Officer
​	​
Date: May 8, 2025	/s/ HILTON H. SCHLOSBERG
​	Hilton H. Schlosberg
​	Vice Chairman of the Board of Directors
​	and Co-Chief Executive Officer

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