Monster Beverage 10-Q 2026-03-31

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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, 2026	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 978,008,110 shares of common stock, par value $0.005 per share, outstanding as of April 30, 2026.

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MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES

MARCH 31, 2026

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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, 2026 and December 31, 2025	​	3
​	​	​	​
​	Condensed Consolidated Statements of Income for the Three-Months Ended March 31, 2026 and 2025	​	4
​	​	​	​
​	Condensed Consolidated Statements of Comprehensive Income for the Three-Months Ended March 31, 2026 and 2025	​	5
​	​	​	​
​	Condensed Consolidated Statements of Stockholders’ Equity for the Three-Months Ended March 31, 2026 and 2025	​	6
​	​	​	​
​	Condensed Consolidated Statements of Cash Flows for the Three-Months Ended March 31, 2026 and 2025	​	7
​	​	​	​
​	Notes to Condensed Consolidated Financial Statements	​	9
​	​	​	​
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	​	27
​	​	​	​
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	​	38
​	​	​	​
Item 4.	Controls and Procedures	​	38
​	​	​	​
Part II.	OTHER INFORMATION	​	​
​	​	​	​
Item 1.	Legal Proceedings	​	39
​	​	​	​
Item 1A.	Risk Factors	​	39
​	​	​	​
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	​	39
​	​	​	​
Item 3.	Defaults Upon Senior Securities	​	40
​	​	​	​
Item 4.	Mine Safety Disclosures	​	40
​	​	​	​
Item 5.	Other Information	​	40
​	​	​	​
Item 6.	Exhibits	​	40
​	​	​	​
​	Signatures	​	41

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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, 2026 AND DECEMBER 31, 2025

(In Thousands, Except Par Value) (Unaudited)

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​	​	​	​	​	​	​
​	​	March 31,		​	December 31,
​	​ ​ ​	2026		​ ​ ​	2025
ASSETS	​	​	​	​	​	​
CURRENT ASSETS:	​	​	​	​	​	​
Cash and cash equivalents	​	$	2,039,700	​	$	2,088,117
Short-term investments	​	​	945,293	​	​	677,084
Accounts receivable, net	​		1,882,808			1,618,072
Inventories	​		828,260			799,623
Prepaid expenses and other current assets	​		166,477			103,551
Prepaid income taxes	​		49,073			74,637
Total current assets	​		5,911,611			5,361,084
​	​	​	​	​	​	​
INVESTMENTS	​	​	770,400	​	​	487,329
PROPERTY AND EQUIPMENT, net	​		1,074,598			1,081,544
DEFERRED INCOME TAXES, net	​		189,055			188,646
GOODWILL	​		1,331,643			1,331,643
OTHER INTANGIBLE ASSETS, net	​		1,380,311			1,379,268
OTHER ASSETS	​		185,915			159,431
Total Assets	​	$	10,843,533		$	9,988,945
​	​	​	​	​	​	​
LIABILITIES AND STOCKHOLDERS’ EQUITY	​	​	​	​	​	​
CURRENT LIABILITIES:	​	​	​	​	​	​
Accounts payable	​	$	783,859		$	565,974
Accrued liabilities	​		396,864			306,085
Accrued promotional allowances	​		402,440			384,070
Deferred revenue	​		46,448			45,323
Accrued compensation	​		69,740			114,023
Income taxes payable	​		115,713			32,305
Total current liabilities	​		1,815,064			1,447,780
​	​	​	​	​	​	​
DEFERRED REVENUE	​		155,281			159,991
OTHER LIABILITIES	​	​	146,153	​	​	127,066
​	​	​	​	​	​	​
COMMITMENTS AND CONTINGENCIES (Note 10)	​	​	​	​	​	​
​	​	​	​	​	​	​
STOCKHOLDERS’ EQUITY:	​	​	​	​	​	​
Common stock - $0.005 par value; 5,000,000 shares authorized; 1,134,502 shares issued and 977,916 shares outstanding as of March 31, 2026; 1,132,906 shares issued and 978,113 shares outstanding as of December 31, 2025	​	​	5,673	​	​	5,665
Additional paid-in capital	​		5,476,746			5,430,847
Retained earnings	​		9,923,701			9,354,216
Accumulated other comprehensive loss	​		(69,336)			(60,841)
Common stock in treasury, at cost; 156,586 shares and 154,793 shares as of March 31, 2026 and December 31, 2025, respectively	​		(6,609,749)			(6,475,779)
Total stockholders’ equity	​		8,727,035			8,254,108
Total Liabilities and Stockholders’ Equity	​	$	10,843,533		$	9,988,945

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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**, 2026 AND 2025**

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

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​	​	​	​	​	​	​
​	​	Three-Months Ended
​	​	March 31,
​	​ ​ ​	2026		​ ​ ​	2025
NET SALES	​	$	2,353,291	​	$	1,854,558
​	​	​	​	​	​	​
COST OF SALES	​		1,059,942	​		806,596
​	​	​	​	​	​	​
GROSS PROFIT	​		1,293,349	​		1,047,962
​	​	​	​	​	​	​
OPERATING EXPENSES	​		563,391	​		478,217
​	​	​	​	​	​	​
OPERATING INCOME	​		729,958	​		569,745
​	​	​	​	​	​	​
INTEREST and OTHER INCOME, net	​		20,170	​		8,272
​	​	​	​	​	​	​
INCOME BEFORE PROVISION FOR INCOME TAXES	​		750,128	​		578,017
​	​	​	​	​	​	​
PROVISION FOR INCOME TAXES	​	​	180,643	​	​	135,024
​	​	​	​	​	​	​
NET INCOME	​	$	569,485	​	$	442,993
​	​	​	​	​	​	​
NET INCOME PER COMMON SHARE:	​	​	​	​	​	​
Basic	​	$	0.58	​	$	0.45
Diluted	​	$	0.58	​	$	0.45
​	​	​	​	​	​	​
WEIGHTED AVERAGE NUMBER OF SHARES OF COMMON STOCK AND COMMON STOCK EQUIVALENTS:	​	​	​	​	​	​
Basic	​		978,309	​		973,622
Diluted	​		988,258	​		981,282

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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**, 2026 AND 2025**

(In Thousands) (Unaudited)

​

​	​	​	​	​	​	​
​	​	Three-Months Ended
​	​	March 31,
​	​ ​ ​	2026		​ ​ ​	2025
Net income, as reported	​	$	569,485	​	$	442,993
Other comprehensive income (loss), net of tax:	​	​	​	​	​	​
Change in foreign currency translation adjustment	​		(24,664)	​		63,971
Change in net unrealized gain (loss) on available-for-sale investments	​		(4,324)	​	​	—
Change in net gain (loss) on commodity derivatives	​		20,493	​		2,570
Other comprehensive income (loss)	​		(8,495)	​		66,541
Comprehensive income	​	$	560,990	​	$	509,534

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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**, 2026 AND 2025**

(In Thousands) (Unaudited)

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​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​		​	​	​	​	Accumulated		​	​	​	​	​	​	​
​	​	​	​	​	​	​	Additional		​	​	​	​	Other		​	​	​	​	​	​	Total
​	​	Common stock				​	Paid-in		​	Retained		​	Comprehensive		​	Treasury stock				​	Stockholders’
​	​ ​ ​	Shares	​ ​ ​	Amount		​ ​ ​	Capital		​ ​ ​	Earnings		​ ​ ​	(Loss) Income		​ ​ ​	Shares	​ ​ ​	Amount		​ ​ ​	Equity
Balance, December 31, 2025	​	1,132,906	​	$	5,665	​	$	5,430,847	​	$	9,354,216	​	$	(60,841)	​	(154,793)	​	$	(6,475,779)	​	$	8,254,108
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Stock-based compensation		—	​	​	—	​	​	27,944	​	​	—	​	​	—	​	—	​	​	—	​	​	27,944
Stock options/awards		1,596	​	​	8	​	​	17,955	​	​	—	​	​	—	​	—	​	​	—	​	​	17,963
Unrealized gain (loss), net on available-for-sale securities		—	​		—	​		—	​		—	​		(4,324)		—	​		—	​		(4,324)
Repurchase of common stock	​	—	​	​	—	​	​	—	​	​	—	​	​	—	​	(1,

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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, flavored malt beverages (“FMBs”) and hard seltzers.

Pricing Actions

We implemented price increases in the fourth quarter of 2025 (for core brands and packages) in the United States and at various times in certain international markets during 2025 (collectively, the “Pricing Actions”). The Pricing Actions positively impacted gross profit margins in 2026 as compared to 2025.

Overview

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

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

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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, Beast® Tea, Blind Lemon®, Blinder LemonTM and other brands.

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, Bang Energy® drinks and FLRTTM total wellness 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, 2026, 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, 2026, we sold the following new products to our customers:

	●	Bang Energy® Lime Pop Drop

	●	FLRTTM Berry TemptingTM

	●	FLRTTM Guava LavaTM

	●	FLRTTM Strawberry FlingTM

	●	FLRTTM Sunset SqueezeTM

	●	Full Throttle® Red Apple

	●	Juice Monster® Strawberry Lemonade

	●	NOS® Grand Prix GuavaTM

	●	Reign Total Body Fuel® Watermelon Sour Gummy

	●	Relentless® White Citrus

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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, 2026, 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 $2.35 billion for the three-months ended March 31, 2026. Net changes in foreign currency exchange rates had a favorable impact on net sales of approximately $89.3 million for the three-months ended March 31, 2026. Net sales on a foreign currency adjusted basis increased 22.1% for the three-months ended March 31, 2026.

The vast majority of our net sales are derived from our Monster Energy® Drinks segment. Net sales of our Monster Energy® Drinks segment were $2.19 billion for the three-months ended March 31, 2026. Net sales of our Strategic Brands segment were $126.7 million for the three-months ended March 31, 2026. Net sales of our Alcohol Brands segment were $32.7 million for the three-months ended March 31, 2026. Net sales of our Other segment were $5.3 million for the three-months ended March 31, 2026.

Our Monster Energy® Drinks segment represented 93.0% and 92.5% of our net sales for the three-months ended March 31, 2026 and 2025, respectively. Our Strategic Brands segment represented 5.4% and 5.3% of our net sales for the three-months ended March 31, 2026 and 2025, respectively. Our Alcohol Brands segment represented 1.4% and 1.9% of our net sales for the three-months ended March 31, 2026 and 2025, respectively. Our Other segment represented 0.2% and 0.3% of our net sales for the three-months ended March 31, 2026 and 2025, respectively.

Our growth strategy includes further developing our domestic markets and expanding our international business. Net sales to customers outside the United States were $1.06 billion for the three-months ended March 31, 2026, an increase of approximately $329.3 million, or 44.9% higher than net sales to customers outside of the United States of $733.2 million for the three-months ended March 31, 2025. Such sales were approximately 45% and 40% of net sales for the three-months ended March 31, 2026 and 2025, respectively. Net changes in foreign currency exchange rates had a favorable impact on net sales to customers outside of the United States of approximately $89.3 million for the three-months ended March 31, 2026. Net sales to customers outside the United States, on a foreign currency adjusted basis, increased 32.7% for the three-months ended March 31, 2026.

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, 2026 and 2025 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.

​	​	​	​	​	​
​	​	Three-Months Ended			​
​	​	March 31,			​
​	​ ​ ​	2026	​ ​ ​	2025	​ ​ ​
U.S. full service bottlers/distributors		41	%	45	%
International full service bottlers/distributors		47	%	41	%
Club stores and e-commerce retailers		8	%	9	%
Retail grocery, direct convenience, specialty chains and wholesalers		2	%	2	%
Alcohol, value stores and other		2	%	3	%

​

Our non-alcohol customers include Coca-Cola Canada Bottling Limited, Coca-Cola Consolidated, Inc., Coca-Cola Bottling Company United, Inc., Reyes Holdings, LLC, Coca-Cola Southwest Beverages LLC, The Coca-Cola Bottling Company of Northern New England, Inc., Swire Pacific Holdings, Inc. (USA), Liberty Coca-Cola Beverages, LLC, Coca-Cola Europacific Partners, Coca-Cola Hellenic, Coca-Cola FEMSA, Swire Coca-Cola (China), COFCO Coca-Cola, Coca-Cola Beverages Africa, Coca-Cola İçecek and certain other TCCC network bottlers, Asahi Soft Drinks, Co., Ltd., Wal-Mart, Inc. (including Sam’s Club), Costco Wholesale Corporation and Amazon.com, Inc.

Our alcohol customers include Reyes Beverage Group, Ben E. Keith Company, J.J. Taylor Distributing and Admiral Beverage Corporation.

A decision by any large customer to decrease amounts purchased from us or to cease carrying our products could have a material adverse effect on our financial condition and consolidated results of operations.

Coca-Cola Europacific Partners accounted for approximately 17% and 14% of the Company’s net sales for the three-months ended March 31, 2026 and 2025, respectively.

Coca-Cola Consolidated, Inc. accounted for approximately 9% and 10% of the Company’s net sales for the three-months ended March 31, 2026 and 2025, respectively.

Results of Operations

The following table sets forth key statistics for the three-months ended March 31, 2026 and 2025.

​	​	​	​	​	​	​	​	​	​
​	​ ​ ​	Three-Months Ended					​ ​ ​	Percentage	​
(In thousands, except per share amounts)	​	March 31,					​	Change	​
​	​ ​ ​	2026		​ ​ ​	2025		​ ​ ​	26 vs. 25	​ ​ ​
Net sales1	​	$	2,353,291	​	$	1,854,558	​	26.9	%
Cost of sales	​		1,059,942	​		806,596	​	31.4	%
Gross profit*1	​		1,293,349	​		1,047,962	​	23.4	%
Gross profit as a percentage of net sales	​		55.0	%		56.5	%	​	​
​	​	​	​	​	​	​	​	​	​
Operating expenses	​		563,391	​		478,217	​	17.8	%
Operating expenses as a percentage of net sales	​		23.9	%		25.8	%	​	​
​	​	​	​	​	​	​	​	​	​
Operating income1	​		729,958	​		569,745	​	28.1	%
Operating income as a percentage of net sales	​		31.0	%		30.7	%	​	​
​	​	​	​	​	​	​	​	​	​
Interest and other income, net	​		20,170	​		8,272	​	143.8	%
​	​	​	​	​	​	​	​	​	​
Income before provision for income taxes1	​		750,128	​		578,017	​	29.8	%
​	​	​	​	​	​	​	​	​	​
Provision for income taxes	​		180,643	​		135,024	​	33.8	%
​	​	​	​	​	​	​	​	​	​
Income taxes as a percentage of income before taxes	​		24.1	%		23.4	%	​	​
​	​	​	​	​	​	​	​	​	​
Net income	​	$	569,485	​	$	442,993	​	28.6	%
Net income as a percentage of net sales	​		24.2	%		23.9	%	​	​
​	​	​	​	​	​	​	​	​	​
Net income per common share:	​		​	​		​	​	​	​
Basic	​	$	0.58	​	$	0.45	​	27.9	%
Diluted	​	$	0.58	​	$	0.45	​	27.6	%
​	​	​	​	​	​	​	​	​	​
Energy drink case sales (in thousands) (in 192‑ounce case equivalents)	​		274,460	​		213,100	​	28.8	%

1_I__ncludes $9.9 million for both the three-months ended March 31, 2026 and 2025, related to the recognition of deferred revenue._

*Gross profit may not be comparable to that of other entities since some entities include all costs associated with their distribution process in cost of sales, whereas others exclude certain costs and instead include such costs within another line item such as operating expenses. We include out-bound freight and warehouse costs in operating expenses rather than in cost of sales.

Three-Months Ended March 31, 2026 Compared to the Three-Months Ended March 31, 2025**.**

Net Sales

Net sales were $2.35 billion for the three-months ended March 31, 2026, an increase of approximately $498.7 million, or 26.9% higher than net sales of $1.85 billion for the three-months ended March 31, 2025. Net sales increased primarily due to increased worldwide sales of our Monster Energy® brand energy drinks as a result of increased consumer demand. Net changes in foreign currency exchange rates had a favorable impact on net sales of approximately $89.3 million for the three-months ended March 31, 2026. Net sales on a foreign currency adjusted basis increased 22.1% for the three-months ended March 31, 2026.

Net sales for the Monster Energy® Drinks segment were $2.19 billion for the three-months ended March 31, 2026, an increase of approximately $473.1 million, or 27.6% higher than net sales of $1.72 billion for the three-months ended March 31, 2025. Net sales increased primarily due to increased worldwide sales of our Monster Energy® brand energy drinks as a result of increased consumer demand. Net changes in foreign currency exchange rates had a favorable impact on net sales for the Monster Energy® Drinks segment of approximately $82.0 million for the three-months ended March 31, 2026. Net sales for the Monster Energy® Drinks segment on a foreign currency adjusted basis increased 22.8% for the three-months ended March 31, 2026.

Net sales for the Strategic Brands segment were $126.7 million for the three-months ended March 31, 2026, an increase of approximately $28.4 million, or 28.9% higher than net sales of $98.3 million for the three-months ended March 31, 2025. Net sales for the Strategic Brands segment increased primarily due to increased sales of our Burn®, Predator®, and Fury® brand energy drinks. Net

changes in foreign currency exchange rates had a favorable impact on net sales of approximately $7.3 million for the Strategic Brands segment for the three-months ended March 31, 2026. Net sales for the Strategic Brands segment on a foreign currency adjusted basis increased 21.4% for the three-months ended March 31, 2026. Net sales of concentrates within the Strategic Brands segment tend to have more pronounced fluctuations from period to period as compared to net sales of our finished goods within the Monster Energy® Drinks segment primarily as a result of bottler production schedules.

Net sales for the Alcohol Brands segment were $32.7 million for the three-months ended March 31, 2026, a decrease of approximately $2.0 million, or 5.9% lower than net sales of $34.7 million for the three-months ended March 31, 2025. The decrease in net sales for the three-months ended March 31, 2026 was primarily due to decreased sales of craft beers.

Net sales for the Other segment were $5.3 million for the three-months ended March 31, 2026, a decrease of approximately $0.7 million, or 12.0% lower than net sales of $6.0 million for the three-months ended March 31, 2025.

Case sales for our energy drink products, in 192-ounce case equivalents, were 274.5 million cases for the three-months ended March 31, 2026, an increase of approximately 61.4 million cases or 28.8% higher than case sales of 213.1 million cases for the three-months ended March 31, 2025. The overall average net sales per case for our energy drink products (excluding net sales of Alcohol Brands and Other segments) decreased marginally to $8.44 for the three-months ended March 31, 2026 from $8.51 for the three-months ended March 31, 2025.

Case sales for our craft beers, FMBs and hard seltzers, in 192-ounce equivalents, were 2.3 million cases for the three-months ended March 31, 2026, a decrease of approximately 0.1 million cases or 5.7% lower than case sales of 2.4 million cases for the three-months ended March 31, 2025. Barrel sales for our craft beers, FMBs and hard seltzers, in 31 U.S. gallon equivalents, were 0.11 million barrels for the three-months ended March 31, 2026, a decrease of approximately 0.01 million barrels or 5.7% lower than barrel sales of 0.12 million barrels for the three-months ended March 31, 2025.

Gross Profit

Gross profit was $1.29 billion for the three-months ended March 31, 2026, an increase of approximately $245.4 million, or 23.4% higher than the gross profit of $1.05 billion for the three-months ended March 31, 2025. The increase in gross profit dollars was primarily the result of the increase in net sales.

Gross profit as a percentage of net sales decreased to 55.0% for the three-months ended March 31, 2026 from 56.5% for the three-months ended March 31, 2025. The decrease in gross profit as a percentage of net sales for the three-months ended March 31, 2026 was primarily the result of geographical sales mix, increased aluminum can costs and increased freight-in costs, partially offset by the Pricing Actions.

Operating Expenses

Total operating expenses were $563.4 million for the three-months ended March 31, 2026, an increase of approximately $85.2 million, or 17.8% higher than total operating expenses of $478.2 million for the three-months ended March 31, 2025.

The increase in operating expenses was primarily due to increased payroll expenses of $28.3 million, distribution expenses of $25.3 million and selling and marketing expenses of $22.7 million. Operating expenses as a percentage of net sales for the three-months ended March 31, 2026 and 2025 were 23.9% and 25.8%, respectively.

Operating Income

Operating income was $730.0 million for the three-months ended March 31, 2026, an increase of approximately $160.2 million, or 28.1% higher than operating income of $569.7 million for the three-months ended March 31, 2025. Operating income as a percentage of net sales increased to 31.0% for the three-months ended March 31, 2026 from 30.7% for the three-months ended March 31, 2025.

Operating income was $233.8 million and $142.6 million for the three-months ended March 31, 2026 and 2025, respectively, for our international operations, exclusive of Canada.

Operating income for the Monster Energy® Drinks segment, exclusive of corporate and unallocated expenses, was $848.9 million for the three-months ended March 31, 2026, an increase of approximately $168.5 million, or 24.8% higher than operating income of $680.4 million for the three-months ended March 31, 2025. The increase in operating income for the Monster Energy® Drinks segment was primarily the result of an increase in net sales.

Operating income for the Strategic Brands segment, exclusive of corporate and unallocated expenses, was $63.9 million for the three-months ended March 31, 2026, an increase of approximately $12.0 million, or 23.1% higher than operating income of $51.9 million for the three-months ended March 31, 2025. The increase in operating income for the Strategic Brands segment was primarily the result of an increase in net sales.

Operating loss for the Alcohol Brands segment, exclusive of corporate and unallocated expenses, was $9.6 million for the three-months ended March 31, 2026, a decrease of approximately $11.8 million, or 55.1% lower than the operating loss of $21.5 million for the three-months ended March 31, 2025. The decrease in operating loss for the three-months ended March 31, 2026 was primarily due to decreased general administrative expenses of $8.1 million.

Operating income for the Other segment, exclusive of corporate and unallocated expenses, was $0.4 million for the three-months ended March 31, 2026, as compared to operating income of $0.2 million for the three-months ended March 31, 2025.

Interest and Other Income, net

Interest and other income, net, was $20.2 million for the three-months ended March 31, 2026, as compared to interest and other income, net, of $8.3 million for the three-months ended March 31, 2025. Interest income was $28.6 million and $16.8 million for the three-months ended March 31, 2026 and 2025, respectively. Interest expense was $0.6 million and $4.0 million for the three-months ended March 31, 2026 and 2025, respectively. Foreign currency transaction losses were $6.8 million and $3.7 million for the three-months ended March 31, 2026 and 2025, respectively.

Provision for Income Taxes

Provision for income taxes was $180.6 million for the three-months ended March 31, 2026, an increase of $45.6 million from the provision for income taxes of $135.0 million for the three-months ended March 31, 2025. The effective combined federal, state and foreign tax rate increased to 24.1% from 23.4% for the three-months ended March 31, 2026 and 2025, respectively.

Net Income

Net income was $569.5 million for the three-months ended March 31, 2026, an increase of $126.5 million, or 28.6% higher than net income of $443.0 million for the three-months ended March 31, 2025.

Key Business Metrics

We use certain key metrics and financial measures not prepared in accordance with United States Generally Accepted Accounting Principles (“GAAP”) to evaluate and manage our business. For a further discussion of how we use key metrics and certain non-GAAP financial measures, see “Non-GAAP Financial Measures and Other Key Metrics.”

Non-GAAP Financial Measures and Other Key Metrics

Gross Billings**

Three-Months Ended March 31, 2026 Compared to the Three-Months Ended March 31, 2025**.**

Gross billings were $2.77 billion for the three-months ended March 31, 2026, an increase of approximately $603.7 million, or 27.9% higher than gross billings of $2.16 billion for the three-months ended March 31, 2025. Gross billings increased primarily due to increased worldwide sales of our Monster Energy® brand energy drinks as a result of increased consumer demand. Net changes in foreign currency exchange rates had a favorable impact on gross billings of approximately $107.9 million for the three-months ended March 31, 2026. Gross billings on a foreign currency adjusted basis increased 22.9% for the three-months ended March 31, 2026.

Gross billings for the Monster Energy® Drinks segment were $2.58 billion for the three-months ended March 31, 2026, an increase of approximately $571.8 million, or 28.5% higher than gross billings of $2.01 billion for the three-months ended March 31, 2025. Gross billings increased primarily due to increased worldwide sales of our Monster Energy® brand energy drinks as a result of increased consumer demand. Net changes in foreign currency exchange rates had a favorable impact on gross billings for the Monster Energy® Drinks segment of approximately $100.7 million for the three-months ended March 31, 2026. Gross billings for the Monster Energy® Drinks segment on a foreign currency adjusted basis increased 23.5% for the three-months ended March 31, 2026.

Gross billings for the Strategic Brands segment were $149.2 million for the three-months ended March 31, 2026, an increase of $35.5 million, or 31.2% higher than gross billings of $113.8 million for the three-months ended March 31, 2025. Gross billings for the Strategic Brands segment increased primarily due to increased sales of our Burn®, Predator®, and Fury® brand energy drinks. Net changes in foreign currency exchange rates had a favorable impact on gross billings in the Strategic Brands segment of approximately $7.3 million for the three-months ended March 31, 2026. Gross billings for the Strategic Brands segment on a foreign currency adjusted basis increased 24.8% for the three-months ended March 31, 2026.

Gross billings for the Alcohol Brands segment were $33.5 million for the three-months ended March 31, 2026, a decrease of approximately $2.7 million, or 7.5% lower than gross billings of $36.2 million for the three-months ended March 31, 2025. The decrease in gross billings for the three-months ended March 31, 2026 was primarily due to decreased sales of craft beers.

Gross billings for the Other segment were $5.4 million for the three-months ended March 31, 2026, a decrease of $0.8 million, or 12.9% lower than gross billings of $6.1 million for the three-months ended March 31, 2025.

Promotional allowances, commissions and other expenses, as described in the footnote below, were $422.5 million for the three-months ended March 31, 2026, an increase of $105.0 million, or 33.1% higher than promotional allowances, commissions and other expenses of $317.5 million for the three-months ended March 31, 2025. Promotional allowances, commissions and other expenses as a percentage of gross billings increased to 15.3% from 14.7% for the three-months ended March 31, 2026 and 2025, respectively.

**G__ross billings represent amounts invoiced to customers net of cash discounts, returns and excise taxes. Gross billings are used internally by management as an indicator of and to monitor operating performance, including sales performance of particular products, salesperson performance, product growth or declines and is useful to investors in evaluating overall Company performance. The use of gross billings allows evaluation of sales performance before the effect of any promotional items, which can mask certain performance issues. We therefore believe that the presentation of gross billings provides a useful measure of our operating performance. The use of gross billings is not a measure that is recognized under GAAP and should not be considered as an alternative to net sales, which is determined in accordance with GAAP, and should not be used alone as an indicator of operating performance in place of net sales. Additionally, gross billings may not be comparable to similarly titled measures used by other companies, as gross billings has been defined by our internal reporting practices. In addition, gross billings may not be realized in the form of cash receipts as promotional payments and allowances may be deducted from payments received from certain customers.

The following table reconciles the non-GAAP financial measure of gross billings with the most directly comparable GAAP financial measure of net sales:

​	​	​	​	​	​	​	​	​	​
​	​ ​ ​	Three-Months Ended					​ ​ ​	Percentage	​ ​ ​
(In thousands)	​	March 31,					​	Change	​
​		2026		​ ​ ​	2025			26 vs. 25	​
Gross Billings	​	$	2,765,929	​	$	2,162,190	​	27.9	%
Deferred Revenue	​	​	9,902	​	​	9,910	​	(0.1)	%
Less: Promotional allowances, commissions and other expenses***	​		422,540	​		317,542	​	33.1	%
Net Sales	​	$	2,353,291	​	$	1,854,558	​	26.9	%

***Although the expenditures described in this line item are determined in accordance with GAAP and meet GAAP requirements, the presentation thereof does not conform to GAAP presentation requirements. Additionally, our definition of promotional and other allowances may not be comparable to similar items presented by other companies. Promotional and other allowances for our energy drink products primarily include consideration given to our non-alcohol bottlers/distributors or customers including, but not limited to the following: (i) discounts granted off list prices to support price promotions to end-consumers by retailers; (ii) reimbursements given to our bottlers/distributors for agreed portions of their promotional spend with retailers, including slotting, shelf space allowances and other fees for both new and existing products; (iii) our agreed share of fees given to bottlers/distributors and/or directly to retailers for advertising, in-store marketing and promotional activities; (iv) our agreed share of slotting, shelf space allowances and other fees given directly to retailers, club stores and/or wholesalers; (v) incentives given to our bottlers/distributors and/or retailers for achieving or exceeding certain predetermined sales goals; (vi) discounted and/or free products or cash rebates; (vii) contractual fees

given to our bottlers/distributors related to sales made by us direct to certain customers that fall within the bottlers’/distributors’ sales territories; and (viii) certain commissions paid based on sales to our bottlers/distributors. The presentation of promotional and other allowances facilitates an evaluation of their impact on the determination of net sales and the spending levels incurred or correlated with such sales. Promotional and other allowances for our energy drink products constitute a material portion of our marketing activities. Our promotional allowance programs for our energy drink products with our numerous bottlers/distributors and/or retailers are executed through separate agreements in the ordinary course of business. These agreements generally provide for one or more of the arrangements described above and are of varying durations, ranging from one week to one year. Promotional and other allowances for our Alcohol Brands segment primarily include price promotions where permitted.

Sales

The table below discloses selected quarterly data regarding sales for the three-months ended March 31, 2026 and 2025, respectively. Data from any one or more quarters or periods is not necessarily indicative of annual results or continuing trends.

Sales of our energy drinks are expressed in unit case volume. A “unit case” means a unit of measurement equal to 192 U.S. fluid ounces of finished beverage (24 eight-ounce servings). Unit case volume means the number of unit cases (or unit case equivalents) of finished products or concentrates as if converted into finished products sold by us.

Our quarterly results of operations reflect seasonal trends that are primarily the result of increased demand in the warmer months of the year. Beverage sales tend to be lower during the first and fourth quarters of each calendar year. However, our experience with our energy drink products suggests they are less seasonal than the seasonality expected from traditional beverages. In addition, our continued growth internationally may further reduce the impact of seasonality on our business. Quarterly fluctuations may also be affected by other factors including the introduction of new products, the opening of new markets where temperature fluctuations are more pronounced, the addition of new bottlers/distributors, changes in the sales mix of our products and changes in advertising and promotional expenses.

​	​	​	​	​	​	​
​	​	Three-Months Ended
(In thousands, except average net sales per case)	​	March 31,
​	​ ​ ​	2026		​ ​ ​	2025
Net sales	​	$	2,353,291	​	$	1,854,558
Less: Alcohol Brands segment sales	​	​	(32,657)	​	​	(34,703)
Less: Other segment sales	​		(5,260)	​		(5,975)
Adjusted net sales1	​	$	2,315,374	​	$	1,813,880
​	​	​	​	​	​	​
Case sales by segment:1	​		​	​		​
Monster Energy® Drinks	​		214,902	​		170,590
Strategic Brands	​		59,558	​		42,510
Total case sales	​		274,460	​		213,100
Average net sales per case - Energy Drinks	​	$	8.44	​	$	8.51

1_Excludes Alcohol Brands segment and Other segment net sales._

Net changes in foreign currency exchange rates had a favorable impact on the overall average net sales per case for the three-months ended March 31, 2026.

The following represents case sales for our craft beers, FMBs and hard seltzers, in 192-ounce equivalents:

​	​	​	​	​	​	​
​	​	Three-Months Ended
(In thousands, except average net sales per case)	​	March 31,
​	​ ​ ​	2026		​ ​ ​	2025
Alcohol Brands segment net sales	​	$	32,657	​	$	34,703
Case sales	​		2,267	​		2,403
Average net sales per case - Alcohol Brands	​	$	14.41	​	$	14.44

​

See Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Results of Operations” for additional information related to net sales.

Liquidity and Capital Resources

Cash and cash equivalents. At March 31, 2026, we had $2.04 billion in cash and cash equivalents, $945.3 million in short-term investments, and $770.4 million in long-term investments, including commercial paper, certificates of deposit, municipal securities, U.S. government agency securities, U.S. treasuries and corporate bonds. We maintain our investments for cash management purposes and not for purposes of speculation. Our risk management policies emphasize credit quality (primarily based on short-term ratings by nationally recognized statistical rating organizations) in selecting and maintaining our investments. We regularly assess the market risk of our investments and believe our current policies and investment practices adequately limit those risks. However, certain of these investments are subject to general credit, liquidity, market and interest rate risks. These market risks associated with our investment portfolio may have an adverse effect on our future results of operations, liquidity and financial condition.

Of our $2.04 billion of cash and cash equivalents held at March 31, 2026, $968.1 million was held by our foreign subsidiaries. No short-term or long-term investments were held by our foreign subsidiaries at March 31, 2026.

Long-term debt. In May 2024, the Company entered into a credit agreement with JPMorgan Chase Bank, N.A., as administrative agent, and certain other lenders (the “Original Credit Agreement”), which provided for senior unsecured credit facilities in an aggregate principal amount of $1.50 billion (collectively, the “Credit Facilities”). The Credit Facilities previously consisted of a $750.0 million term loan (the “Term Loan”) and up to $750.0 million in multicurrency revolving loan commitments (the “Revolving Credit Facility”). The Term Loan was repaid in April 2025 with no additional borrowings permitted. In addition, pursuant to Amendment No. 1 to the Original Credit Agreement, dated as of October 17, 2025, among the Company, JPMorgan Chase Bank, N.A., as administrative agent, and certain other lenders (the “Amended Credit Agreement”), the Company’s aggregate borrowing capacity under the Revolving Credit Facility has been reduced to $500.0 million. Borrowings under the Revolving Credit Facility bear interest at a variable rate per annum equal to the applicable rate plus margin (as defined in the Amended Credit Agreement). Borrowings may be repaid at any time during the term of the Revolving Credit Facility and may be reborrowed prior to the maturity date, which is set to occur in May 2029. As of March 31, 2026, no borrowings were outstanding under the Credit Facilities, and the Company was in compliance with all covenants under the Amended Credit Agreement. As of May 6, 2026, the Revolving Credit Facility had remaining availability of $500.0 million.

We believe that cash available from operations, including our cash resources and access to credit, will be sufficient for our working capital needs, including purchase commitments for raw materials and inventory, increases in accounts receivable, payments of tax liabilities, expansion and development requirements, purchases of capital assets, purchases of equipment, purchases of real property and purchases of shares of our common stock, through at least the next 12 months. Based on our current plans, we estimate that capital expenditures (exclusive of common stock repurchases) are likely to be less than $250.0 million through March 31, 2027. However, future business opportunities may cause a change in this estimate.

Purchases of inventories, increases in accounts receivable and other assets, acquisition of property and equipment (including real property, personal property, plant and manufacturing equipment, and coolers), leasehold improvements, advances for or the purchase of equipment for our bottlers, acquisition and maintenance of trademarks, payments of accounts payable, income taxes payable and purchases of our common stock are expected to remain our principal recurring use of cash.

The following summarizes our cash flows for the three-months ended March 31, 2026 and 2025 (in thousands):

Net cash provided by (used in):

​	​	​	​	​	​	​
​	​ ​ ​	2026		​ ​ ​	2025
Operating activities	​	$	604,986	​	$	507,600
Investing activities	​	$	(520,685)	​	$	(30,855)
Financing activities	​	$	(118,120)	​	$	(145,585)

​

Cash flows provided by operating activities. Cash provided by operating activities was $605.0 million for the three-months ended March 31, 2026, as compared with cash provided by operating activities of $507.6 million for the three-months ended March 31, 2025.

For the three-months ended March 31, 2026, cash provided by operating activities was primarily attributable to net income earned of $569.5 million and adjustments for certain non-cash expenses, consisting primarily of $32.0 million of depreciation and

amortization and non-cash lease expense and $28.3 million of stock-based compensation. For the three-months ended March 31, 2026, cash provided by operating activities also increased due to a $164.7 million increase in accounts payable, an $87.0 million increase in accrued liabilities, an $83.4 million increase in income taxes payable, a $23.7 million increase in accrued promotional allowances, and a $23.4 million decrease in prepaid income taxes. For the three-months ended March 31, 2026, cash used in operating activities was primarily attributable to a $249.1 million increase in accounts receivable, a $70.6 million increase in prepaid expenses and other assets, a $45.5 million decrease in accrued compensation, and a $33.5 million increase in inventories.

For the three-months ended March 31, 2025, cash provided by operating activities was primarily attributable to net income earned of $443.0 million and adjustments for certain non-cash expenses, consisting primarily of $28.9 million of depreciation and amortization and non-cash lease expense and $20.7 million of stock-based compensation. For the three-months ended March 31, 2025, cash provided by operating activities also increased due to a $61.7 million increase in income taxes payable, a $33.7 million increase in accrued liabilities, a $30.8 million increase in accrued promotional allowances, a $19.6 million decrease in inventories, an $11.9 million decrease in prepaid income taxes, and an $11.8 million increase in accounts payable. For the three-months ended March 31, 2025, cash used in operating activities was primarily attributable to a $109.6 million increase in accounts receivable, a $37.3 million decrease in accrued compensation, a $4.3 million decrease in deferred revenue, and a $4.0 million increase in prepaid expenses and other assets.

Cash flows used in investing activities. Cash used in investing activities was $520.7 million for the three-months ended March 31, 2026, as compared to cash used in investing activities of $30.9 million for the three-months ended March 31, 2025.

For the three-months ended March 31, 2026, cash used in investing activities was primarily attributable to purchases of available-for-sale investments. To a lesser extent, for both the three-months ended March 31, 2026 and 2025, cash used in investing activities also included the acquisitions of fixed assets consisting of vans and promotional vehicles, coolers and other equipment to support our marketing and promotional activities, production equipment, furniture and fixtures, office and computer equipment, equipment used for sales and administrative activities, certain leasehold improvements, as well as construction of and/or improvements to real property. For the three-months ended March 31, 2026, cash provided by investing activities was primarily attributable to sales of available-for-sale investments. We expect to continue to use a portion of our cash in excess of our requirements for operations to purchase short-term and long-term investments, leasehold improvements, and capital equipment (specifically, vans, trucks and promotional vehicles, coolers, other promotional equipment, merchandise displays, warehousing racks as well as items of production equipment required to produce certain of our existing and/or new products) to develop our brand in international markets and for other corporate purposes. From time to time, we may also use cash to purchase additional real property related to our beverage business and/or acquire compatible businesses.

Cash flows used in financing activities. Cash used in financing activities was $118.1 million for the three-months ended March 31, 2026, as compared to cash used in financing activities of $145.6 million for the three-months ended March 31, 2025. The cash used in financing activities for the three-months ended March 31, 2026 was primarily attributable to repurchases of our common stock. The cash used in financing activities for the three-months ended March 31, 2025 was primarily due to repayments on the Credit Facilities and, to a lesser extent, repurchases of our common stock. The cash provided by financing activities for both the three-months ended March 31, 2026 and 2025 was primarily attributable to the issuance of our common stock under our stock-based compensation plans.

The following represents a summary of the Company’s contractual commitments and related scheduled maturities as of March 31, 2026:

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Payments due by period (in thousands)
​	​ ​ ​	​	​	​ ​ ​	Less than		​ ​ ​	1‑3		​ ​ ​	3‑5		​ ​ ​	More than
Obligations	​	Total		​	1 year			years			years			5 years
Contractual Obligations1	​	$	684,937	​	$	390,557	​	$	247,223	​	$	47,039	​	$	118
Finance Leases	​		4,221	​		4,195	​		23	​		3	​		—
Operating Leases	​		90,248	​		18,816	​		36,617	​		27,598	​		7,217
Purchase Commitments2	​		207,992	​		187,450	​		20,542	​		—	​		—
​	​	$	987,398	​	$	601,018	​	$	304,405	​	$	74,640	​	$	7,335

1_Contractual obligations include our obligations related to sponsorships and other commitments._

2_Purchase commitments include obligations made by us and our subsidiaries to various suppliers for raw materials used in the production of our products. These obligations vary in terms but are generally satisfied within one year._

In addition, approximately $3.6 million of unrecognized tax benefits have been recorded as liabilities as of March 31, 2026. As of March 31, 2026, we had $1.0 million of accrued interest and penalties related to unrecognized tax benefits.

Critical Accounting Policies and Estimates

Our consolidated financial statements are prepared in accordance with GAAP. GAAP requires us to make estimates and assumptions that affect the reported amounts in our consolidated financial statements. Critical accounting estimates are those that management believes are the most important to the portrayal of our financial condition and results and require the most difficult, subjective or complex judgments, often as a result of the need to make estimates about the effect of matters that are inherently uncertain and that have had, or are reasonably likely to have, a material impact on our financial condition or results of operations. Judgments and uncertainties may result in materially different amounts being reported under different conditions or using different assumptions. There have been no material changes to our critical accounting policies or estimates from the information provided in “Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Part II, Item 8 – Financial Statements and Supplementary Data – Note 1 – Organization and Summary of Significant Accounting Policies”, included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (“Form 10-K”).

Recent Accounting Pronouncements

The information required by this Item is incorporated herein by reference to the Notes to Condensed Consolidated Financial Statements - Note 1. Recent Accounting Pronouncements, in Part I, Item 1, of this Quarterly Report on Form 10-Q.

Inflation

We believe inflation did not have a significant impact on our results of operations for the three-months ended March 31, 2026.

Forward-Looking Statements

Certain statements made in this report may constitute forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) (the “Exchange Act”) regarding the expectations of management with respect to revenues, profitability, and adequacy of funds from operations and the Revolving Credit Facility, among other things. All statements containing a projection of revenues, income (loss), earnings (loss) per share, capital expenditures, dividends, capital structure or other financial items, a statement of management’s plans and objectives for future operations, or a statement of future economic performance contained in management’s discussion and analysis of financial condition and results of operations, including statements related to new products, volume growth and statements encompassing general optimism about future operating results and non-historical information, are forward-looking statements within the meaning of the Exchange Act. Without limiting the foregoing, the words “believes,” “thinks,” “anticipates,” “plans,” “expects,” “estimates” and similar expressions are intended to identify forward-looking statements.

Management cautions that these statements are qualified by their terms and/or important factors, many of which are outside our control and involve a number of risks, uncertainties and other factors, that could cause actual results and events to differ materially from the statements made including, but 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 costs and expenses, including, but not limited to, increases to the cost of aluminum and other raw materials, the Midwest Premium, and 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, including the imposition of additional tariffs;

	●	the impact of adverse changes in our costs, supply chain, 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 allocation 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, including the abuse or misuse of our products, presented by the alcoholic beverage industry and/or related claims that may not be adequately covered by insurance or may lead to litigation;

	●	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 and geopolitical conflicts, including supply chain disruptions, volatility in commodity prices, increased economic uncertainty and escalating geopolitical tensions.

The foregoing list of important factors and other risks detailed from time to time in our reports filed with the SEC is not exhaustive. See “Part II, Item 1A – Risk Factors” for a more complete discussion of these risks and uncertainties and for other risks and uncertainties. Those factors and the other risk factors described therein are not necessarily all of the important factors that could cause actual results or developments to differ materially from those expressed in any of our forward-looking statements. Other unknown or unpredictable factors also could harm our results. Consequently, our actual results could be materially different from the results described or anticipated by our forward-looking statements due to the inherent uncertainty of estimates, forecasts and projections and may be better or worse than anticipated. Given these uncertainties, you should not rely on forward-looking statements. Forward-looking statements represent our estimates and assumptions only as of the date that they were made. We expressly disclaim any duty to provide updates to forward-looking statements, and the estimates and assumptions associated with them, after the date of this report, in order to reflect changes in circumstances or expectations or the occurrence of unanticipated events except to the extent required by applicable securities laws.

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There have been no material changes in our market risks during the three-months ended March 31, 2026 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 Chief Executive Officer 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 Chief Executive Officer 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, 2026, 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 10. 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, 2026, the Company purchased approximately 1.4 million shares of its common stock at an average purchase price of $73.86 per share, for a total amount of approximately $100.0 million under the August 2024 Repurchase Plan. As of May 6, 2026, approximately $400.0 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 approximately $400.0 million as of May 6, 2026.

During the three-months ended March 31, 2026, 0.4 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 $33.9 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, 2026.

The following tabular summary reflects the Company’s repurchase activity during the quarter ended March 31, 2026.

​	​	​	​	​	​	​	​	​	​	​
​	​	​	​ ​ ​	​	​	​ ​ ​	​	​ ​ ​	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	​ ​ ​	Purchased1	​ ​ ​	per Share		​ ​ ​	or Programs2	​ ​ ​	(In thousands)
Jan 1 – Jan 31, 2026	​	—	​	$	—	​	—	​	$	500,000
Feb 1 – Feb 28, 2026	​	202	​	$	81.10		—	​	$	500,000
Mar 1 – Mar 31, 2026	​	1,793,100	​	$	74.65		1,353,991	​	$	400,000
Total		1,793,302	​	$	74.65		1,353,991	​	$	400,000

1_The total number of shares purchased includes (1) shares repurchased, if any, pursuant to the August 2024 Repurchase Plan and (2) shares repurchased, if any, to satisfy exercise price and/or tax withholding obligations in connection with exercises of employee stock options and/or the vesting of restricted stock issued to employees._

2_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._

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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, 2026, 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).
​	​	​
31.1*	​ ​	Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
​	​	​
31.2*	​	Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
​	​	​
32.1*	​	Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
​	​	​
32.2*	​	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
​	​	​
101*	​	The following financial information from Monster Beverage Corporation’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025, (ii) Condensed Consolidated Statements of Income for the three-months ended March 31, 2026 and 2025, (iii) Condensed Consolidated Statements of Comprehensive Income for the three-months ended March 31, 2026 and 2025, (iv) Condensed Consolidated Statements of Stockholders’ Equity for the three-months ended March 31, 2026 and 2025, (v) Condensed Consolidated Statements of Cash Flows for the three-months ended March 31, 2026 and 2025, and (vi) the Notes to Condensed Consolidated Financial Statements.
​	​	​
104*	​	The cover page from Monster Beverage Corporation’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, formatted in iXBRL (Inline eXtensible Business Reporting Language) and contained in Exhibit 101.

*Filed herewith.

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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.

​	MONSTER BEVERAGE CORPORATION
​	Registrant
​	​
Date: May 7, 2026	/s/ HILTON H. SCHLOSBERG
​	Hilton H. Schlosberg
​	Vice Chairman of the Board of Directors
​	and Chief Executive Officer
​	​
Date: May 7, 2026	/s/ THOMAS J. KELLY
​	Thomas J. Kelly
​	Chief Financial Officer

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