FULLTEXT DEL 1 AV 2
10-Q – 2025-11-07 – mnst-20250930x10q.htm
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mnst:segment Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended September 30, 2025 Commission File Number 001-18761 MONSTER BEVERAGE CORPORATION (Exact name of registrant as specified in its charter) Delaware 47-1809393 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 1 Monster Way Corona , California 92879 (Address of principal executive offices) (Zip code) ( 951 ) 739 - 6200 (Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock MNST Nasdaq Global Select Market Indicate by check mark whether the registrant (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. Yes X No __ 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). Yes X No __ 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. Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes __ No X The registrant had 977,021,216 shares of common stock, par value $0.005 per share, outstanding as of October 31, 2025. Table of Contents MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES SEPTEMBER 30, 2025 INDEX Part I. FINANCIAL INFORMATION Page No. Item 1. Condensed Consolidated Financial Statements (Unaudited) Condensed Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024 3 Condensed Consolidated Statements of Income for the Three- and Nine-Months Ended September 30, 2025 and 2024 4 Condensed Consolidated Statements of Comprehensive Income for the Three- and Nine-Months Ended September 30, 2025 and 2024 5 Condensed Consolidated Statements of Stockholders’ Equity for the Three- and Nine-Months Ended September 30, 2025 and 2024 6 Condensed Consolidated Statements of Cash Flows for the Nine-Months Ended September 30, 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 45 Part II. OTHER INFORMATION Item 1. Legal Proceedings 46 Item 1A. Risk Factors 46 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 46 Item 3. Defaults Upon Senior Securities 47 Item 4. Mine Safety Disclosures 47 Item 5. Other Information 47 Item 6. Exhibits 47 Signatures 48 2 Table of Contents PART I – FINANCIAL INFORMATION ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS AS OF SEPTEMBER 30, 2025 AND DECEMBER 31, 2024 (In Thousands, Except Par Value) (Unaudited) September 30, December 31, 2025 2024 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 2,292,939 $ 1,533,287 Short-term investments 286,391 — Accounts receivable, net 1,601,216 1,221,646 Inventories 704,586 737,107 Prepaid expenses and other current assets 142,713 107,262 Prepaid income taxes 38,372 42,202 Total current assets 5,066,217 3,641,504 INVESTMENTS 359,174 — PROPERTY AND EQUIPMENT, net 1,110,705 1,047,024 DEFERRED INCOME TAXES, net 185,321 184,260 GOODWILL 1,331,643 1,331,643 OTHER INTANGIBLE ASSETS, net 1,419,306 1,414,252 OTHER ASSETS 138,907 100,406 Total Assets $ 9,611,273 $ 7,719,089 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts payable $ 683,030 $ 466,775 Accrued liabilities 325,450 220,764 Accrued promotional allowances 392,628 267,711 Deferred revenue 47,158 45,809 Accrued compensation 102,131 92,454 Income taxes payable 40,023 4,006 Total current liabilities 1,590,420 1,097,519 DEFERRED REVENUE 164,701 179,008 OTHER LIABILITIES 110,992 110,893 LONG-TERM DEBT — 373,951 COMMITMENTS AND CONTINGENCIES (Note 10) STOCKHOLDERS’ EQUITY: Common stock - $ 0.005 par value; 5,000,000 shares authorized; 1,130,977 shares issued and 976,997 shares outstanding as of September 30, 2025; 1,126,329 shares issued and 973,079 shares outstanding as of December 31, 2024 5,655 5,632 Additional paid-in capital 5,343,915 5,144,922 Retained earnings 8,905,026 7,448,784 Accumulated other comprehensive loss ( 93,382 ) ( 269,487 ) Common stock in treasury, at cost; 153,980 shares and 153,250 shares as of September 30, 2025 and December 31, 2024, respectively ( 6,416,054 ) ( 6,372,133 ) Total stockholders’ equity 7,745,160 5,957,718 Total Liabilities and Stockholders’ Equity $ 9,611,273 $ 7,719,089 See accompanying notes to condensed consolidated financial statements. 3 Table of Contents MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME FOR THE THREE- AND NINE-MONTHS ENDED SEPTEMBER 30 , 2025 AND 2024 (In Thousands, Except Per Share Amounts) (Unaudited) Three-Months Ended Nine-Months Ended September 30, September 30, 2025 2024 2025 2024 NET SALES $ 2,197,139 $ 1,880,973 $ 6,163,290 $ 5,680,668 COST OF SALES 972,653 881,174 2,714,428 2,634,235 GROSS PROFIT 1,224,486 999,799 3,448,862 3,046,433 OPERATING EXPENSES 549,134 519,883 1,572,142 1,497,363 OPERATING INCOME 675,352 479,916 1,876,720 1,549,070 INTEREST and OTHER INCOME (EXPENSE), net 14,185 ( 5,820 ) 37,522 54,311 INCOME BEFORE PROVISION FOR INCOME TAXES 689,537 474,096 1,914,242 1,603,381 PROVISION FOR INCOME TAXES 165,082 103,177 458,000 365,044 NET INCOME $ 524,455 $ 370,919 $ 1,456,242 $ 1,238,337 NET INCOME PER COMMON SHARE: Basic $ 0.54 $ 0.38 $ 1.49 $ 1.22 Diluted $ 0.53 $ 0.38 $ 1.48 $ 1.21 WEIGHTED AVERAGE NUMBER OF SHARES OF COMMON STOCK AND COMMON STOCK EQUIVALENTS: Basic 976,608 975,841 975,337 1,015,252 Diluted 984,966 983,171 983,532 1,023,912 See accompanying notes to condensed consolidated financial statements. 4 Table of Contents MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME FOR THE THREE- AND NINE-MONTHS ENDED SEPTEMBER 30 , 2025 AND 2024 (In Thousands) (Unaudited) Three-Months Ended Nine-Months Ended September 30, September 30, 2025 2024 2025 2024 Net income, as reported $ 524,455 $ 370,919 $ 1,456,242 $ 1,238,337 Other comprehensive income (loss), net of tax: Change in foreign currency translation adjustment ( 17,353 ) 47,846 147,377 ( 13,953 ) Change in net unrealized gain (loss) on available-for-sale investments 221 — 434 758 Change in net gain (loss) on commodity derivatives 15,058 ( 3,384 ) 28,294 690 Other comprehensive income (loss) ( 2,074 ) 44,462 176,105 ( 12,505 ) Comprehensive income $ 522,381 $ 415,381 $ 1,632,347 $ 1,225,832 See accompanying notes to condensed consolidated financial statements . 5 Table of Contents MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY FOR THE THREE- AND NINE-MONTHS ENDED SEPTEMBER 30 , 2025 AND 2024 (In Thousands) (Unaudited) 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, 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 Repurchase of common stock — — — — — ( 302 ) ( 16,633 ) ( 16,633 ) Foreign currency translation — — — — 63,971 — — 63,971 Net gain (loss) on commodity derivatives — — — — 2,570 — — 2,570 Net income — — — 442,993 — — — 442,993 Balance, March 31, 2025 1,128,695 $ 5,643 $ 5,213,731 $ 7,891,777 $ ( 202,946 ) ( 153,552 ) $ ( 6,388,766 ) $ 6,519,439 Stock-based compensation — — 31,842 — — — — 31,842 Stock options/awards 1,255 7 39,584 — — — — 39,591 Unrealized gain (loss), net on available-for-sale securities — — — — 213 — — 213 Foreign currency translation — — — — 100,759 — — 100,759 Net gain (loss) on commodity derivatives — — — — 10,666 — — 10,666 Net income — — — 488,794 — — — 488,794 Balance, June 30, 2025 1,129,950 $ 5,650 $ 5,285,157 $ 8,380,571 $ ( 91,308 ) ( 153,552 ) $ ( 6,388,766 ) $ 7,191,304 Stock-based compensation — — 32,084 — — — — 32,084 Stock options/awards 1,027 5 26,674 — — — — 26,679 Unrealized gain (loss), net on available-for-sale securities — — — — 221 — — 221 Repurchase of common stock — — — — — ( 428 ) ( 27,288 ) ( 27,288 ) Foreign currency translation — — — — ( 17,353 ) — — ( 17,353 ) Net gain (loss) on commodity derivatives — — — — 15,058 — — 15,058 Net income — — — 524,455 — — — 524,455 Balance, September 30, 2025 1,130,977 $ 5,655 $ 5,343,915 $ 8,905,026 $ ( 93,382 ) ( 153,980 ) $ ( 6,416,054 ) $ 7,745,160 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, 2023 1,122,592 $ 5,613 $ 4,975,115 $ 5,939,736 $ ( 125,337 ) ( 81,021 ) $ ( 2,566,383 ) $ 8,228,744 Stock-based compensation — — 21,452 — — — — 21,452 Stock options/awards 2,278 11 38,381 — — — — 38,392 Unrealized gain (loss), net on available-for-sale securities — — — — 223 — — 223 Repurchase of common stock — — — — — ( 2,151 ) ( 120,245 ) ( 120,245 ) Foreign currency translation — — — — ( 30,695 ) — — ( 30,695 ) Net gain (loss) on commodity derivatives — — — — ( 2,131 ) — — ( 2,131 ) Net income — — — 442,049 — — — 442,049 Balance, March 31, 2024 1,124,870 $ 5,624 $ 5,034,948 $ 6,381,785 $ ( 157,940 ) ( 83,172 ) $ ( 2,686,628 ) $ 8,577,789 Stock-based compensation — — 19,645 — — — — 19,645 Stock options/awards 460 3 13,698 — — — — 13,701 Unrealized gain (loss), net on available-for-sale securities — — — — 535 — — 535 Repurchase of common stock — — — — — ( 58,778 ) ( 3,145,817 ) ( 3,145,817 ) Foreign currency translation — — — — ( 31,104 ) — — ( 31,104 ) Net gain (loss) on commodity derivatives — — — — 6,205 — — 6,205 Net income — — — 425,369 — — — 425,369 Balance, June 30, 2024 1,125,330 $ 5,627 $ 5,068,291 $ 6,807,154 $ ( 182,304 ) ( 141,950 ) $ ( 5,832,445 ) $ 5,866,323 Stock-based compensation — — 27,659 — — — — 27,659 Stock options/awards 369 1 10,007 — — — — 10,008 Repurchase of common stock — — — — — ( 11,299 ) ( 539,971 ) ( 539,971 ) Foreign currency translation — — — — 47,846 — — 47,846 Net gain (loss) on commodity derivatives — — — — ( 3,384 ) — — ( 3,384 ) Net income — — — 370,919 — — — 370,919 Balance, September 30, 2024 1,125,699 $ 5,628 $ 5,105,957 $ 7,178,073 $ ( 137,842 ) ( 153,249 ) $ ( 6,372,416 ) $ 5,779,400 See accompanying notes to condensed consolidated financial statements. 6 Table of Contents MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE NINE-MONTHS ENDED SEPTEMBER 30 , 2025 AND 2024 (In Thousands) (Unaudited) Nine-Months Ended September 30, 2025 2024 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 1,456,242 $ 1,238,337 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 82,023 59,822 Non-cash lease expense 10,266 9,801 Loss (gain) on disposal of property and equipment ( 916 ) 2,070 Loss on impairment of property and equipment 2,279 6,067 Stock-based compensation 86,664 68,793 Deferred income taxes 455 ( 10,242 ) Effect on cash of changes in operating assets and liabilities: Accounts receivable ( 299,139 ) ( 106,404 ) Inventories 58,387 197,107 Prepaid expenses and other assets ( 66,269 ) ( 5,861 ) Prepaid income taxes 14,043 ( 39,668 ) Accounts payable 148,575 ( 14,346 ) Accrued liabilities 98,535 46,749 Accrued promotional allowances 105,806 31,492 Accrued compensation 6,434 ( 6,043 ) Income taxes payable 33,361 4,213 Other liabilities ( 2,077 ) ( 2,403 ) Deferred revenue ( 15,907 ) ( 12,652 ) Net cash provided by operating activities 1,718,762 1,466,832 CASH FLOWS FROM INVESTING ACTIVITIES: Sales of available-for-sale investments 20,686 1,377,915 Purchases of available-for-sale investments ( 618,389 ) ( 342,121 ) Purchases of property and equipment ( 104,101 ) ( 172,795 ) Proceeds from sale of property and equipment 2,744 2,095 Additions to intangibles ( 19,681 ) ( 21,473 ) Increase in other assets ( 507 ) ( 603 ) Net cash (used in) provided by investing activities ( 719,248 ) 843,018 CASH FLOWS FROM FINANCING ACTIVITIES: Payments on short-term debt ( 8,043 ) ( 6,717 ) Payments on credit facilities ( 375,000 ) — Borrowings on credit facilities — 750,000 Payments for debt issuance costs — ( 2,904 ) Issuance of common stock 114,363 62,101 Purchases of common stock held in treasury ( 43,921 ) ( 3,770,184 ) Net cash used in financing activities ( 312,601 ) ( 2,967,704 ) Effect of exchange rate changes on cash and cash equivalents 72,739 ( 14,482 ) NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 759,652 ( 672,336 ) CASH AND CASH EQUIVALENTS, beginning of period 1,533,287 2,297,675 CASH AND CASH EQUIVALENTS, end of period $ 2,292,939 $ 1,625,339 SUPPLEMENTAL INFORMATION: Cash paid during the period for: Interest $ 5,296 $ 13,808 Income taxes $ 413,194 $ 411,884 See accompanying notes to condensed consolidated financial statements. 7 Table of Contents MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE NINE-MONTHS ENDED SEPTEMBER 30, 2025 AND 2024 (In Thousands) (Unaudited) (Continued) SUPPLEMENTAL DISCLOSURE OF NON-CASH ITEMS Included in accrued liabilities as of September 30, 2025 and 2024 were additions to other intangible assets of $ 3.2 million and $ 10.9 million, respectively. Included in accounts payable as of September 30, 2025 and 2024 were property and equipment purchases of $ 1.4 million and $ 20.3 million, respectively. Included in accounts payable as of September 30, 2025 were available-for-sale short-term investment purchases of $ 16.2 million. Included in accounts payable as of September 30, 2025 were available-for-sale long-term investment purchases of $ 31.2 million. See accompanying notes to condensed consolidated financial statements. 8 Table of Contents MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Tabular Dollars in Thousands, Except Per Share Amounts) (Unaudited) 1. BASIS OF PRESENTATION Reference is made to the Notes to Consolidated Financial Statements, in Monster Beverage Corporation and Subsidiaries (the “Company”) Annual Report on Form 10-K for the year ended December 31, 2024 for a summary of significant accounting policies utilized by the Company and its consolidated subsidiaries and other disclosures, which should be read in conjunction with this Quarterly Report on Form 10-Q (“Form 10-Q”). The Company’s condensed consolidated financial statements included in this Form 10-Q have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and Securities and Exchange Commission (“SEC”) rules and regulations applicable to interim financial reporting. They do not include all the information and footnote disclosures normally included in annual financial statements prepared in accordance with GAAP. The information set forth in these interim condensed consolidated financial statements for the three- and nine-months ended September 30, 2025 and 2024 , respectively, is unaudited and reflects all adjustments, which include only normal recurring adjustments and which in the opinion of management are necessary to make the interim condensed consolidated financial statements not misleading. Results of operations for periods covered by this report may not necessarily be indicative of results of operations for the full year. The preparation of financial statements in conformity with GAAP necessarily requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from these estimates. Recent Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . The amendments in this update primarily require more detailed disclosures related to the rate reconciliation and income taxes paid. The amendments in ASU 2023-09 are effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is evaluating the impact ASU 2023-09 will have on its consolidated financial statements. In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses . The amendments in this update require the Company to disaggregate key expense categories such as purchases of inventory, employee compensation, depreciation and intangible asset amortization, within its financial statements. The amendments in ASU 2024-03 are effective for fiscal years beginning after December 15, 2026. Early adoption is permitted. The Company is evaluating the impact ASU 2024-03 will have on its consolidated financial statements. In September 2025, the FASB issued ASU 2025-06, Targeted Improvements to the Accounting for Internal-Use Software . The amendments in this update require internal-use software development cost capitalization to begin when both of the following occur: management has authorized and committed to funding the software project, and it is probable that the project will be completed and that the software will be used to perform its intended function. The amendments also eliminate the accounting considerations of software development stages. The amendments in ASU 2025-06 are effective for fiscal years beginning after December 15, 2027. Early adoption is permitted. The Company is evaluating the impact ASC 2025-06 will have on its consolidated financial statements. 2. REVENUE RECOGNITION Revenues are accounted for in accordance with FASB Accounting Standards Codification (“ASC”) 606, “Revenue from Contracts with Customers”. The Company has four operating and reportable segments: (i) Monster Energy® Drinks segment (“Monster Energy® Drinks”), which is primarily comprised of the Company’s 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 the Company’s affordable energy brands, Predator® and Fury®, (iii) Alcohol Brands segment (“Alcohol Brands”), which is comprised of various craft beers, flavored malt beverages (“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”). 9 Table of Contents MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Tabular Dollars in Thousands, Except Per Share Amounts) (Unaudited) The Company’s Monster Energy® Drinks segment primarily generates net operating revenues by selling ready-to-drink packaged drinks primarily to bottlers and full service beverage distributors (“bottlers/distributors”). In some cases, the Company sells ready-to-drink packaged drinks directly to 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. The Company’s Strategic Brands segment primarily generates net operating revenues by selling “concentrates” and/or “beverage bases” to authorized bottling and canning operations. Such bottlers generally combine the concentrates and/or beverage bases with sweeteners, water and other ingredients to produce ready-to-drink packaged energy drinks. The ready-to-drink packaged energy drinks are then sold by such bottlers to other bottlers/distributors and to retail grocery and specialty chains, wholesalers, club stores, mass merchandisers, convenience and gas chains, foodservice customers, drug stores, value stores, e-commerce retailers and the military. To a lesser extent, the Strategic Brands segment generates net operating revenues by selling certain ready-to-drink packaged energy drinks to bottlers/distributors. The Company’s Alcohol Brands segment primarily generates operating revenues by selling kegged and ready-to-drink canned beers, FMBs and hard seltzers primarily to beer distributors in the United States. The majority of the Company’s revenue is recognized when it satisfies a single performance obligation by transferring control of its products to a customer. Control is generally transferred when the Company’s products are either shipped or delivered based on the terms contained within the underlying contracts or agreements. Certain of the Company’s bottlers/distributors may also perform a separate function as a co-packer on the Company’s behalf. In such cases, control of the Company’s products passes to such bottlers/distributors when they notify the Company that they have taken possession or transferred the relevant portion of the Company’s finished goods. The Company’s general payment terms are short-term in duration. The Company does not have significant financing components or payment terms. The Company did not have any material unsatisfied performance obligations as of September 30, 2025 and December 31, 2024. The Company excludes from revenues all taxes assessed by a governmental authority that are imposed on the sale of its products and collected from customers. Distribution expenses to transport the Company’s products, where applicable, and warehousing expenses after manufacture are accounted for within operating expenses. Promotional and other allowances (variable consideration) recorded as a reduction to net sales for the Company’s energy drink products primarily include consideration given to the Company’s non-alcohol bottlers/distributors or customers, including, but not limited to, the following: ● discounts granted off list prices to support price promotions to end-consumers by retailers; ● reimbursements given to the Company’s 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; ● the Company’s agreed share of fees given to bottlers/distributors and/or directly to retailers for advertising, in-store marketing and promotional activities; ● the Company’s agreed share of slotting, shelf space allowances and other fees given directly to retailers, club stores and/or wholesalers; ● incentives given to the Company’s bottlers/distributors and/or retailers for achieving or exceeding certain predetermined sales goals; ● discounted and/or free products or cash rebates; ● contractual fees given to the Company’s bottlers/distributors related to sales made directly by the Company to certain customers that fall within the bottlers’/distributors’ sales territories; and ● commissions to TCCC based on the Company’s sales to wholly-owned subsidiaries of TCCC (the “TCCC Subsidiaries”) and/or to TCCC bottlers/distributors accounted for under the equity method by TCCC (the “TCCC Related Parties”). 10 Table of Contents MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Tabular Dollars in Thousands, Except Per Share Amounts) (Unaudited) The Company’s promotional allowance programs for its energy drink products 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, typically ranging from one week to one year. The Company’s promotional and other allowances for its energy drink products are calculated based on various programs with bottlers/distributors and retail customers, and accruals are established at the time of initial product sale for the Company’s anticipated liabilities. These accruals are based on agreed upon terms as well as the Company’s historical experience with similar programs and require management’s judgment with respect to estimating consumer participation and/or bottler/distributor and retail customer performance levels. Differences between such estimated expenses and actual expenses for promotional and other allowance costs have historically been insignificant and are recognized in earnings in the period such differences are determined. Promotional and other allowances for our Alcohol Brands segment primarily include price promotions where permitted. Amounts received pursuant to new and/or amended distribution agreements entered into with certain bottlers/distributors relating to the costs associated with terminating the Company’s prior distributors, are accounted for as deferred revenue and recognized as revenue ratably over the anticipated life of the respective distribution agreements, generally over 20 years . The Company also enters into license agreements that generate revenues associated with third-party sales of non-beverage products bearing the Company’s trademarks including, but not limited to, clothing, hats, t-shirts, jackets, helmets and automotive wheels. Management believes that adequate provision has been made for cash discounts, returns and spoilage based on the Company’s historical experience. Disaggregation of Revenue The following tables disaggregate the Company’s revenue by geographical markets and reportable segments: Three-Months Ended September 30, 2025 Asia Pacific Latin U.S. and (including America and Net Sales Canada EMEA 1 Oceania) Caribbean Total Monster Energy® Drinks $ 1,213,518 $ 490,502 $ 157,442 $ 165,381 $ 2,026,843 Strategic Brands 55,028 54,113 12,621 8,739 130,501 Alcohol Brands 33,009 — — — 33,009 Other 6,786 — — — 6,786 Total Net Sales $ 1,308,341 $ 544,615 $ 170,063 $ 174,120 $ 2,197,139 Three-Months Ended September 30, 2024 Asia Pacific Latin U.S. and (including America and Net Sales Canada EMEA 1 Oceania) Caribbean Total Monster Energy® Drinks $ 1,071,923 $ 371,026 $ 124,136 $ 155,608 $ 1,722,693 Strategic Brands 54,524 46,562 7,910 3,570 112,566 Alcohol Brands 39,784 — — — 39,784 Other 5,930 — — — 5,930 Total Net Sales $ 1,172,161 $ 417,588 $ 132,046 $ 159,178 $ 1,880,973 1 Europe, Middle East and Africa (“EMEA”) 11 Table of Contents MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Tabular Dollars in Thousands, Except Per Share Amounts) (Unaudited) Nine-Months Ended September 30, 2025 Asia Pacific Latin U.S. and (including America and Net Sales Canada EMEA 1 Oceania) Caribbean Total Monster Energy® Drinks $ 3,491,445 $ 1,275,990 $ 443,386 $ 468,890 $ 5,679,711 Strategic Brands 158,118 151,415 32,893 16,301 358,727 Alcohol Brands 105,683 — — — 105,683 Other 19,169 — — — 19,169 Total Net Sales $ 3,774,415 $ 1,427,405 $ 476,279 $ 485,191 $ 6,163,290 Nine-Months Ended September 30, 2024 Asia Pacific Latin U.S. and (including America and Net Sales Canada EMEA 1 Oceania) Caribbean Total Monster Energy® Drinks $ 3,266,832 $ 1,075,240 $ 378,232 $ 474,248 $ 5,194,552 Strategic Brands 153,745 131,837 30,117 14,533 330,232 Alcohol Brands 137,417 — — — 137,417 Other 18,467 — — — 18,467 Total Net Sales $ 3,576,461 $ 1,207,077 $ 408,349 $ 488,781 $ 5,680,668 1 Europe, Middle East and Africa (“EMEA”) Contract Liabilities Amounts received from certain bottlers/distributors at inception of their distribution contracts or at the inception of certain sales/marketing programs are accounted for as deferred revenue. As of September 30, 2025 and December 31, 2024 , the Company had $ 211.9 million and $ 224.8 million, respectively, of deferred revenue, which is included in current and long-term deferred revenue in the Company’s condensed consolidated balance sheets. During the three-months ended September 30, 2025 and 2024, $ 10.1 million and $ 10.0 million of deferred revenue was recognized in net sales, respectively. During the nine-months ended September 30, 2025 and 2024, $ 30.0 million and $ 29.9 million of deferred revenue was recognized in net sales, respectively. See Note 8. 3. INVESTMENTS The following table summarizes the Company’s investments at September 30, 2025. The Company held no short-term or long-term investments at December 31, 2024. Continuous Continuous Gross Gross Unrealized Unrealized Unrealized Unrealized Loss Position Loss Position Amortized Holding Holding Fair less than greater than September 30, 2025 Cost Gains Losses Value 12 Months 12 Months Available-for-sale Short-term: Commercial paper $ 31,601 $ — $ — $ 31,601 $ — $ — Certificates of deposit 15,444 — — 15,444 — — U.S. treasuries 209,387 140 — 209,527 — — Corporate bonds 29,754 65 — 29,819 — — Long-term: U.S. treasuries 214,843 59 — 214,902 — — Corporate bonds 144,104 168 — 144,272 — Total $ 645,133 $ 432 $ — $ 645,565 $ — $ — 12 Table of Contents MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Tabular Dollars in Thousands, Except Per Share Amounts) (Unaudited) During the three- and nine-months ended September 30, 2025 and 2024, realized gains or losses recognized on the sale of investments were not significant. The Company’s investments at September 30, 2025 carried investment grade credit ratings. The following table summarizes the underlying contractual maturities of the Company’s investments at September 30, 2025. The Company held no short-term or long-term investments at December 31, 2024. September 30, 2025 Amortized Cost Fair Value Less than 1 year: Commercial paper $ 31,601 $ 31,601 Certificates of deposit 15,444 15,444 U.S. treasuries 209,387 209,527 Corporate bonds 29,754 29,819 Due 1 - 10 years: U.S. treasuries 214,843 214,902 Corporate bonds 144,104 144,272 Total $ 645,133 $ 645,565 4. FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES ASC 820, “Fair Value Measurement”, provides a framework for measuring fair value and requires disclosures regarding fair value measurements. ASC 820 defines fair value as the price that would be received on the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 also establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs, where available. The three levels of inputs required by the standard that the Company uses to measure fair value are summarized below. ● Level 1: Quoted prices in active markets for identical assets or liabilities. ● Level 2: Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities. ● Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. ASC 820 requires the use of observable market inputs (quoted market prices) when measuring fair value and requires a Level 1 quoted price to be used to measure fair value whenever possible. 13 Table of Contents MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Tabular Dollars in Thousands, Except Per Share Amounts) (Unaudited) The following tables present the fair value of the Company’s financial assets and liabilities that are recorded at fair value on a recurring basis, segregated among the appropriate levels within the fair value hierarchy at: September 30, 2025 Level 1 Level 2 Level 3 Total Cash $ 1,307,856 $ — $ — $ 1,307,856 Money market funds 927,713 — — 927,713 Certificates of deposit — 72,814 — 72,814 Commercial paper — 31,601 — 31,601 Corporate bonds — 174,091 — 174,091 U.S. treasuries — 424,429 — 424,429 Foreign currency derivatives — ( 907 ) — ( 907 ) Commodity derivatives — 24,327 — 24,327 Total $ 2,235,569 $ 726,355 $ — $ 2,961,924 Amounts included in: Cash and cash equivalents $ 2,235,569 $ 57,370 $ — $ 2,292,939 Short-term investments — 286,391 — 286,391 Accounts receivable, net — 25,666 — 25,666 Prepaid expenses and other current assets — 28 — 28 Other assets — 1,777 — 1,777 Investments — 359,174 — 359,174 Accrued liabilities — ( 4,051 ) — ( 4,051 ) Total $ 2,235,569 $ 726,355 $ — $ 2,961,924 December 31, 2024 Level 1 Level 2 Level 3 Total Cash $ 1,103,647 $ — $ — $ 1,103,647 Money market funds 396,306 — — 396,306 Certificates of deposit — 33,334 — 33,334 Foreign currency derivatives — 799 — 799 Commodity derivatives — ( 785 ) — ( 785 ) Total $ 1,499,953 $ 33,348 $ — $ 1,533,301 Amounts included in: Cash and cash equivalents $ 1,499,953 $ 33,334 $ — $ 1,533,287 Accounts receivable, net — 5,991 — 5,991 Other assets — 6 — 6 Accrued liabilities — ( 5,952 ) — ( 5,952 ) Other liabilities — ( 31 ) — ( 31 ) Total $ 1,499,953 $ 33,348 $ — $ 1,533,301 The Company’s valuation of its Level 1 investments is based on quoted market prices in active markets for identical securities. The Company’s valuation of its Level 2 investments is based on other observable inputs, specifically a market approach which utilizes valuation models, pricing systems, mathematical tools and other relevant information for the same or similar securities. The Company’s valuation of its Level 2 foreign currency exchange contracts is based on quoted market prices of the same or similar instruments, adjusted for counterparty risk. There were no transfers between Level 1 and Level 2 measurements during the three- and nine-months ended September 30, 2025 , or during the year-ended December 31, 2024, and there were no changes in the Company’s valuation techniques. 14 Table of Contents MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Tabular Dollars in Thousands, Except Per Share Amounts) (Unaudited) 5. INVENTORIES Inventories consist of the following at: September 30, December 31, 2025 2024 Raw materials $ 311,809 $ 232,698 Work in process 1,215 1,200 Finished goods 391,562 503,209 $ 704,586 $ 737,107 6. PROPERTY AND EQUIPMENT, NET Property and equipment consist of the following at: September 30, December 31, 2025 2024 Land $ 181,593 $ 178,056 Leasehold improvements 43,034 31,132 Furniture and fixtures 13,388 11,416 Office and computer equipment 26,166 28,029 Equipment 648,255 561,408 Buildings 402,483 280,663 Vehicles 83,397 72,564 Assets under construction 73,496 178,980 1,471,812 1,342,248 Less: accumulated depreciation and amortization ( 361,107 ) ( 295,224 ) $ 1,110,705 $ 1,047,024 Total depreciation and amortization expense was $ 24.9 million and $ 17.7 million for the three-months ended September 30, 2025 and 2024 , respectively. Total depreciation and amortization expense was $ 68.6 million and $ 54.6 million for the nine-months ended September 30, 2025 and 2024 , respectively. 7. GOODWILL AND OTHER INTANGIBLE ASSETS The following is a roll-forward of goodwill for the nine-months ended September 30, 2025 and 2024 by reportable segment: Monster Energy® Strategic Alcohol Drinks Brands Brands* Other Total Balance at December 31, 2024 $ 693,644 $ 637,999 $ — $ — $ 1,331,643 Acquisitions — — — — — Balance at September 30, 2025 $ 693,644 $ 637,999 $ — $ — $ 1,331,643 *Accumulated goodwill impairment balance at December 31, 2024 and September 30, 2025 was $ 86.3 million related entirely to Alcohol Brands. 15 Table of Contents MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Tabular Dollars in Thousands, Except Per Share Amounts) (Unaudited) Monster Energy® Strategic Alcohol Drinks Brands Brands Other Total Balance at December 31, 2023 $ 693,644 $ 637,999 $ 86,298 $ — $ 1,417,941 Acquisitions — — — — — Balance at September 30, 2024 $ 693,644 $ 637,999 $ 86,298 $ — $ 1,417,941 Intangible assets consist of the following at: September 30, December 31, 2025 2024 Amortizing intangibles $ 192,633 $ 183,800 Accumulated amortization ( 100,778 ) ( 86,703 ) 91,855 97,097 Non-amortizing intangibles 1,327,451 1,317,155 $ 1,419,306 $ 1,414,252 Amortizing intangibles primarily consist of customer relationships. All amortizing intangibles have been assigned an estimated finite useful life, and such intangibles are amortized on a straight-line basis over the number of years that approximate their respective useful lives, generally three to ten years . Total amortization expense was $ 4.7 million and $ 2.2 million for the three-months ended September 30, 2025 and 2024, respectively. Total amortization expense was $ 13.4 million and $ 5.2 million for the nine-months ended September 30, 2025 and 2024, respectively. For the three- and nine-months ended September 30, 2025 and 2024 , no impairment charges were recorded to intangible assets. The following is the future estimated amortization expense related to amortizing intangibles as of September 30, 2025: 2025 (from October 1,2025 to December 31, 2025) $ 4,808 2026 19,235 2027 17,506 2028 15,105 2029 13,755 2030 and thereafter 21,446 $ 91,855 8. DISTRIBUTION AGREEMENTS In the normal course of business, amounts received pursuant to new and/or amended distribution agreements entered into with certain bottlers/distributors, relating to the costs associated with terminating agreements with the Company’s prior distributors, or at the inception of certain sales/marketing programs are accounted for as deferred revenue and are recognized as revenue ratably over the anticipated life of the respective agreement, generally 20 years or program duration, as the case may be. Revenue recognized was $ 10.1 million and $ 10.0 million for the three-months ended September 30, 2025 and 2024, respectively. Revenue recognized was $ 30.0 million and $ 29.9 million for the nine-months ended September 30, 2025 and 2024, respectively. 16 Table of Contents MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Tabular Dollars in Thousands, Except Per Share Amounts) (Unaudited) 9. DEBT The Company repaid the outstanding balance on long-term debt in April 2025. As of December 31, 2024, the Company’s long-term debt consisted of the following: December 31, 2024 Term loan $ 375,000 Revolving credit facility — Total debt 375,000 Less: unamortized debt issuance costs ( 1,049 ) Total debt, net of unamortized debt issuance costs 373,951 Less: current portion of long-term debt — Long-term debt $ 373,951 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 September 30, 2025, no borrowings were outstanding under the Credit Facilities, and the Company was in compliance with all covenants under the Amended Credit Agreement. Additionally, the Company has a line of credit of up to $ 15.0 million with HSBC Bank (China) Company Limited, Shanghai Branch. As of September 30, 2025, no amount was outstanding on this line of credit. 10. COMMITMENTS AND CONTINGENCIES The Company had purchase commitments aggregating approximately $ 225.3 million at September 30, 2025, which represented commitments made by the Company and its subsidiaries to various suppliers of raw materials for the production of its products. These obligations vary in terms but are generally satisfied within one year . The Company had contractual obligations aggregating approximately $ 481.1 million at September 30, 2025, which related primarily to sponsorships and other marketing activities. Litigation — From time to time in the normal course of business, the Company is named in litigation, including labor and employment matters, personal injury matters, consumer class actions, intellectual property matters and claims from prior distributors. Although it is not possible to predict the ultimate outcome of such litigation, based on the facts known to the Company, management believes that such litigation in aggregate will likely not have a material adverse effect on the Company’s financial position or results of operations. The Company evaluates, on a quarterly basis, developments in legal proceedings and other matters that could cause an increase or decrease in the amount of the liability that is accrued, if any, and any related insurance reimbursements. As of September 30, 2025 and December 31, 2024 , $ 35.7 million and $ 16.8 million, respectively, of loss contingencies were included in the Company’s accompanying condensed consolidated balance sheets. 17 Table of Contents MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Tabular Dollars in Thousands, Except Per Share Amounts) (Unaudited) 11. ACCUMULATED OTHER COMPREHENSIVE LOSS Changes in accumulated other comprehensive loss by component, after tax, for the nine-months ended September 30, 2025 and 2024 are as follows: Accumulated Net Currency Unrealized Gains Gains (Losses) Translation (Losses) on on Commodity Gains Available-for- Derivatives (Losses) Sale Securities Total Balance at December 31, 2024 $ 443 $ ( 269,930 ) $ — $ ( 269,487 ) Other comprehensive income (loss) before reclassifications 29,983 147,377 434 177,794 Amounts reclassified from accumulated other comprehensive loss ( 1,689 ) — — ( 1,689 ) Net current-period other comprehensive income (loss) 28,294 147,377 434 176,105 Balance at September 30, 2025 $ 28,737 $ ( 122,553 ) $ 434 $ ( 93,382 ) Accumulated Net Currency Unrealized Gains Gains (Losses) Translation (Losses) on on Commodity Gains Available-for- Derivatives (Losses) Sale Securities Total Balance at December 31, 2023 $ 4,410 $ ( 128,989 ) $ ( 758 ) $ ( 125,337 ) Other comprehensive income (loss) before reclassifications 690 ( 13,953 ) 758 ( 12,505 ) Net current-period other comprehensive income (loss) 690 ( 13,953 ) 758 ( 12,505 ) Balance at September 30, 2024 $ 5,100 $ ( 142,942 ) $ — $ ( 137,842 ) 12. TREASURY STOCK 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 September 30, 2025, no shares were repurchased under the August 2024 Repurchase Plan. As of November 5, 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 November 5, 2025. During the three-months ended September 30, 2025, 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 $ 27.3 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 September 30, 2025. 13. STOCK-BASED COMPENSATION The Company has two stock-based compensation plans under which shares were available for grant at September 30, 2025: (i) the Monster Beverage Corporation 2020 Omnibus Incentive Plan, including the Monster Beverage Corporation Deferred Compensation Plan as a sub-plan thereunder, and (ii) the Monster Beverage Corporation 2017 Compensation Plan for Non-Employee Directors as Amended and Restated on February 23, 2022, including the Monster Beverage Corporation Deferred Compensation Plan for Non-Employee Directors as a sub-plan thereunder. 18 Table of Contents MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Tabular Dollars in Thousands, Except Per Share Amounts) (Unaudited) The Company recorded $ 32.8 million and $ 27.5 million of compensation expense relating to outstanding options, restricted stock units, performance share units and other share-based awards during the three-months ended September 30, 2025 and 2024, respectively. The Company recorded $ 86.7 million and $ 68.8 million of compensation expense relating to outstanding options, restricted stock units, performance share units and other share-based awards during the nine-months ended September 30, 2025 and 2024, respectively. The tax benefit for tax deductions from non-qualified stock option exercises, disqualifying dispositions of incentive stock options and vesting of restricted stock units and performance share units for the three-months ended September 30, 2025 and 2024 was $ 6.5 million and $ 1.3 million, respectively. The tax benefit for tax deductions from non-qualified stock option exercises, disqualifying dispositions of incentive stock options and vesting of restricted stock units and performance share units for the nine-months ended September 30, 2025 and 2024 was $ 20.1 million and $ 10.3 million, respectively. Stock Options Under the Company’s stock-based compensation plans, all stock options granted as of September 30, 2025 were granted at prices based on the fair value of the Company’s common stock on the date of grant. The Company records compensation expense for stock options based on the estimated fair value of the options on the date of grant using the Black-Scholes-Merton option pricing formula with the assumptions included in the table below. The Company uses historical data to determine the exercise behavior, volatility and forfeiture rate of the options. The following weighted-average assumptions were used to estimate the fair value of options granted during: Three-Months Ended September 30, Nine-Months Ended September 30, 2025 2024 2025 2024 Dividend yield — 0.0 % 0.0 % 0.0 % Expected volatility — 26.9 % 26.7 % 27.4 % Risk-free interest rate — 3.7 % 4.2 % 4.2 % Expected term — 6.3 years 6.2 years 6.4 years Expected Volatility : The Company uses historical volatility as it provides a reasonable estimate of the expected volatility. Historical volatility is based on the most recent volatility of the stock price over a period of time equivalent to the expected term of the option. Risk-Free Interest Rate : The risk-free interest rate is based on the U.S. treasury zero-coupon yield curve in effect at the time of grant for the expected term of the option. Expected Term : The Company’s expected term represents the weighted-average period that the Company’s stock options are expected to be outstanding. The expected term is based on the expected time to post-vesting exercise of options by employees. The Company uses historical exercise patterns of previously granted options to derive employee behavioral patterns used to forecast expected exercise patterns. 19 Table of Contents MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Tabular Dollars in Thousands, Except Per Share Amounts) (Unaudited) The following table summarizes the Company’s activities with respect to its stock option plans as follows: Weighted- Average Weighted- Remaining Number of Average Contractual Aggregate Shares Exercise Price Term Intrinsic Options (in thousands) Per Share (in years) Value Outstanding at January 1, 2025 27,088 $ 38.98 5.8 $ 400,207 Granted 01/01/25 - 03/31/25 1,299 $ 55.09 Granted 04/01/25 - 06/30/25 21 $ 60.28 Granted 07/01/25 - 09/30/25 — $ — Exercised ( 4,017 ) $ 28.47 Cancelled or forfeited ( 317 ) $ 52.53 Outstanding at September 30, 2025 24,074 $ 41.45 5.7 $ 622,667 Vested and expected to vest in the future at September 30, 2025 23,366 $ 41.09 5.7 $ 612,710 Exercisable at September 30, 2025 13,120 $ 33.17 3.9 $ 447,884 No options were granted during the three-months ended September 30, 2025. The weighted-average grant-date fair value of options granted during the three-months ended September 30, 2024 was $ 17.01 per share. The weighted-average grant-date fair value of options granted during the nine-months ended September 30, 2025 and 2024 was $ 19.85 per share and $ 21.41 per share, respectively. The total intrinsic value of options exercised during the three-months ended September 30, 2025 and 2024 was $ 38.2 million and $ 8.2 million, respectively. The total intrinsic value of options exercised during the nine-months ended September 30, 2025 and 2024 was $ 124.3 million and $ 66.0 million, respectively. Cash received from option exercises under all plans for the three-months ended September 30, 2025 and 2024 was $ 26.7 million and $ 10.0 million, respectively. Cash received from option exercises under all plans for the nine-months ended September 30, 2025 and 2024 was $ 114.4 million and $ 62.1 million, respectively. At September 30, 2025, there was $ 128.0 million of total unrecognized compensation expense related to non-vested options granted to employees under the Company’s stock-based compensation plans. That cost is expected to be recognized over a weighted-average period of 2.6 years. Restricted Stock Units and Performance Share Units The cost of stock-based compensation for restricted stock units and performance share units is measured based on the closing fair market value of the Company’s common stock at the date of grant. In the event that the Company has the option and intent to settle a restricted stock unit or performance share unit in cash, the award is classified as a liability and revalued at each balance sheet date. 20 Table of Contents MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Tabular Dollars in Thousands, Except Per Share Amounts) (Unaudited) The following table summarizes the Company’s activities with respect to non-vested restricted stock units and performance share units as follows: Number of Shares Weighted-Average (in thousands) Grant-Date Fair Value Non-vested at January 1, 2025 1,682 $ 46.16 Granted 01/01/25 - 03/31/25 1 1,017 $ 55.08 Granted 04/01/25 - 06/30/25 33 $ 62.68 Granted 07/01/25 - 09/30/25 1 $ 61.59 Vested ( 631 ) $ 39.40 Forfeited/cancelled ( 63 ) $ 42.44 Non-vested at September 30, 2025 2,039 $ 53.09 1 The grant activity for performance share units is recorded based on the target performance level earning 100 % of target performance share units. The actual number of performance share units earned could range from 0 % to 200 % of target depending on the achievement of pre-established performance goals. The weighted-average grant-date fair value of restricted stock units and/or performance share units granted during the three-months ended September 30, 2025 and 2024 was $ 61.59 and $ 48.40 per share, respectively. The weighted-average grant-date fair value of restricted stock units and/or performance share units granted during the nine-months ended September 30, 2025 and 2024 was $ 55.33 and $ 58.80 per share, respectively. As of September 30, 2025, 2.0 million restricted stock units and performance share units are expected to vest over their respective terms. At September 30, 2025, total unrecognized compensation expense relating to non-vested restricted stock units and performance share units was $ 55.3 million, which is expected to be recognized over a weighted-average period of 2.0 years. Other Share-Based Awards The Company has granted other share-based awards to certain employees that are payable in cash. These awards are classified as liabilities and are valued based on the fair value of the award at the grant date and are remeasured at each reporting date until settlement, with compensation expense being recognized in proportion to the completed requisite service period up until date of settlement. At September 30, 2025, other share-based awards outstanding included grants that vest over three years payable in the first quarters of 2026, 2027 and 2028. At September 30, 2025, there was $ 1.2 million of unrecognized compensation expense related to non-vested other share-based awards granted to employees under the Company’s stock-based compensation plans. That cost is expected to be recognized over a weighted-average period of 1.8 years. 21 Table of Contents MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Tabular Dollars in Thousands, Except Per Share Amounts) (Unaudited) 14. INCOME TAXES The following is a roll-forward of the Company’s total gross unrecognized tax benefits, not including interest and penalties, for the nine-months ended September 30, 2025: Gross Unrecognized Tax Benefits Balance at December 31, 2024 $ 2,626 Additions for tax positions related to the current year — Additions for tax positions related to the prior years 1,440 Decreases for tax positions related to the prior years — Balance at September 30, 2025 $ 4,066 The Company recognizes accrued interest and penalties related to unrecognized tax benefits in the provision for income taxes in the Company’s condensed consolidated financial statements. As of September 30, 2025, the Company had approximately $ 1.0 million in accrued interest and penalties related to unrecognized tax benefits. If the Company were to prevail on all uncertain tax positions, the resultant impact on the Company’s effective tax rate would not be significant. It is expected that any change in the amount of unrecognized tax benefits within the next 12 months will not be significant. The Company is subject to U.S. federal income tax as well as to income tax in multiple state and foreign jurisdictions. The Company is in various stages of examination with certain states and certain foreign jurisdictions. The Company’s 2022 through 2024 U.S. federal income tax returns are subject to examination by the IRS. The Company’s state income tax returns are subject to examination for the 2020 through 2024 tax years. The United Kingdom and Ireland income tax returns are subject to examination for the 2020 through 2024 tax years. The One Big Beautiful Bill Act (the “OBBBA”), which includes a broad range of tax reform provisions, was signed into law in the United States on July 4, 2025. The OBBBA does not materially impact the Company’s effective tax rate or cash flows in 2025. 15. EARNINGS PER SHARE A reconciliation of the weighted-average shares used in the basic and diluted earnings per common share computations is presented below (in thousands): Three-Months Ended Nine-Months Ended September 30, September 30, 2025 2024 2025 2024 Weighted-average shares outstanding: Basic 976,608 975,841 975,337 1,015,252 Dilutive 8,358 7,330 8,195 8,660 Diluted 984,966 983,171 983,532 1,023,912 For the three-months ended September 30, 2025 and 2024, options and awards outstanding totaling 5.5 million shares and 9.2 million shares, respectively, were excluded from the calculations as their effect would have been antidilutive. For the nine-months ended September 30, 2025 and 2024, options and awards outstanding totaling 9.5 million shares and 7.6 million shares, respectively, were excluded from the calculations as their effect would have been antidilutive. 22 Table of Contents MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Tabular Dollars in Thousands, Except Per Share Amounts) (Unaudited) 16. SEGMENT INFORMATION The Company has four operating and reportable segments: (i) Monster Energy® Drinks segment, which is primarily comprised of the Company’s 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, which is primarily comprised of the various energy drink brands acquired from TCCC in 2015 as well as the Company’s affordable energy brands, Predator® and Fury®, (iii) Alcohol Brands segment, which is comprised of various craft beers, FMBs and hard seltzers and (iv) Other segment, which is comprised of the AFF Third-Party Products. The Company’s Monster Energy® Drinks segment primarily generates net operating revenues by selling ready-to-drink packaged drinks primarily to bottlers/distributors. In some cases, the Company sells ready-to-drink packaged drinks directly to 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. The Company’s Strategic Brands segment primarily generates net operating revenues by selling “concentrates” and/or “beverage bases” to authorized bottling and canning operations. Such bottlers generally combine the concentrates and/or beverage bases with sweeteners, water and other ingredients to produce ready-to-drink packaged energy drinks. The ready-to-drink packaged energy drinks are then sold by such bottlers to other bottlers/distributors and to retail grocery and specialty chains, wholesalers, club stores, mass merchandisers, convenience and gas chains, foodservice customers, drug stores, value stores, e-commerce retailers and the military. To a lesser extent, the Strategic Brands segment generates net operating revenues by selling certain ready-to-drink packaged energy drinks to bottlers/distributors. Generally, the Monster Energy® Drinks segment generates higher per case net operating revenues, but lower per case gross profit margin percentages than the Strategic Brands segment. The Company’s Alcohol Brands segment primarily generates operating revenues by selling kegged and ready-to-drink canned beers, FMBs and hard seltzers primarily to beer distributors in the United States. Generally, the Alcohol Brands segment has lower gross profit margin percentages than the Monster Energy® Drinks segment. Corporate and unallocated amounts that do not relate to a reportable segment have been allocated to “Corporate & Unallocated.” No asset information, other than goodwill and other intangible assets, has been provided in the Company’s reportable segments, as management does not measure or allocate such assets on a segment basis. The Company’s chief operating decision maker is the chief executive officer (the “CEO”). The CEO assesses segments’ performance by using each segment’s operating income and considers budget-to-actual variances on a periodic basis (at least quarterly) when making decisions about operational planning, including resource allocation. Further, the CEO uses segments’ operating income when comparing the results of each segment with one another. 23 Table of Contents MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Tabular Dollars in Thousands, Except Per Share Amounts) (Unaudited) The tables below provide information about the Company’s reportable segments, including the corporate and unallocated category. Three-Months Ended September 30, 2025 Monster Energy® Strategic Alcohol Corporate and Drinks Brands Brands Other Unallocated Consolidated Net sales 1 $ 2,026,843 $ 130,501 $ 33,009 $ 6,786 $ — $ 2,197,139 Cost of sales 902,094 41,546 24,694 4,319 — Gross profit 1,124,749 88,955 8,315 2,467 — 1,224,486 Distribution expense 78,569 1,704 2,341 — — Selling and marketing expense 189,136 17,339 7,976 124 — Nonmanufacturing payroll expense 43,684 2,711 8,908 524 112,924 Other segment items 2 22,880 919 6,941 201 52,253 Operating income (loss) 1 790,480 66,282 ( 17,851 ) 1,618 ( 165,177 ) 675,352 Interest and other income (expense), net 14,185 Income before provision for income taxes $ 689,537 Depreciation and amortization $ 20,835 $ 310 $ 4,816 $ 351 $ 3,306 $ 29,618 1 For the Monster Energy® Drinks segment, includes $ 10.1 million related to the recognition of deferred revenue. 2 Other segment items for each reportable segment include: Monster Energy® Drinks - travel and entertainment expense, professional services expense, and certain overhead expenses Strategic Brands - travel and entertainment expense, and certain overhead expenses Alcohol Brands - depreciation and amortization expense, travel and entertainment expense, and certain overhead expenses Other - certain overhead expenses 24 Table of Contents MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Tabular Dollars in Thousands, Except Per Share Amounts) (Unaudited) Three-Months Ended September 30, 2024 Monster Energy® Strategic Alcohol Corporate and Drinks Brands Brands Other Unallocated Consolidated Net sales 1 $ 1,722,693 $ 112,566 $ 39,784 $ 5,930 $ — $ 1,880,973 Cost of sales 810,604 31,750 35,056 3,764 — Gross profit 912,089 80,816 4,728 2,166 — 999,799 Distribution expense 78,089 1,555 3,067 ( 10 ) — Selling and marketing expense 170,718 16,436 8,918 55 — Nonmanufacturing payroll expense 42,362 2,090 8,988 526 96,588 Other segment items 2 19,232 644 6,364 85 64,176 Operating income (loss) 1 601,688 60,091 ( 22,609 ) 1,510 ( 160,764 ) 479,916 Interest and other income (expense), net ( 5,820 ) Income before provision for income taxes $ 474,096 Depreciation and amortization $ 13,330 $ 237 $ 3,419 $ 48 $ 2,875 $ 19,909 1 For the Monster Energy® Drinks segment, includes $ 10.0 million related to the recognition of deferred revenue. 2 Other segment items for each reportable segment include: Monster Energy® Drinks - travel and entertainment expense, and certain overhead expenses Strategic Brands - travel and entertainment expense, and certain overhead expenses Alcohol Brands - depreciation and amortization expense, travel and entertainment expense, and certain overhead expenses Other - certain overhead expenses 25 Table of Contents MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Tabular Dollars in Thousands, Except Per Share Amounts) (Unaudited) Nine-Months Ended September 30, 2025 Monster Energy® Strategic Alcohol Corporate and Drinks Brands Brands Other Unallocated Consolidated Net sales 1 $ 5,679,711 $ 358,727 $ 105,683 $ 19,169 $ — $ 6,163,290 Cost of sales 2,509,309 114,165 77,364 13,590 — Gross profit 3,170,402 244,562 28,319 5,579 — 3,448,862 Distribution expense 229,826 4,403 7,968 2 — Selling and marketing expense 518,439 44,241 20,777 298 — Nonmanufacturing payroll expense 130,564 7,186 27,220 1,653 325,257 Other segment items 2 63,241 2,687 26,327 512 161,541 Operating income (loss) 1 2,228,332 186,045 ( 53,973 ) 3,114 ( 486,798 ) 1,876,720 Interest and other income (expense), net 37,522 Income before provision for income taxes $ 1,914,242 Depreciation and amortization $ 56,674 $ 813 $ 14,718 $ 800 $ 9,018 $ 82,023 1 For the Monster Energy® Drinks segment, includes $ 30.0 million related to the recognition of deferred revenue. 2 Other segment items for each reportable segment include: Monster Energy® Drinks - travel and entertainment expense, professional services expense, and certain overhead expenses Strategic Brands - travel and entertainment expense, and certain overhead expenses Alcohol Brands - depreciation and amortization expense, travel and entertainment expense, property and equipment impairment, and certain overhead expenses Other - certain overhead expenses 26 Table of Contents MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Tabular Dollars in Thousands, Except Per Share Amounts) (Unaudited) Nine-Months Ended September 30, 2024 Monster Energy® Strategic Alcohol Corporate and Drinks Brands Brands Other Unallocated Consolidated Net sales 1 $ 5,194,552 $ 330,232 $ 137,417 $ 18,467 $ — $ 5,680,668 Cost of sales 2,423,866 93,440 104,397 12,532 — Gross profit 2,770,686 236,792 33,020 5,935 — 3,046,433 Distribution expense 249,158 4,676 10,683 24 — Selling and marketing expense 502,050 39,754 20,762 159 — Nonmanufacturing payroll expense 122,403 6,460 27,260 1,597 282,695 Other segment items 2 55,009 2,134 25,502 226 146,811 Operating income (loss) 1 1,842,066 183,768 ( 51,187 ) 3,929 ( 429,506 ) 1,549,070 Interest and other income (expense), net 54,311 Income before provision for income taxes $ 1,603,381 Depreciation and amortization $ 39,043 $ 690 $ 10,825 $ 145 $ 9,119 $ 59,822 1 For the Monster Energy® Drinks segment, includes $ 29.9 million related to the recognition of deferred revenue. 2 Other segment items for each reportable segment include: Monster Energy® Drinks - travel and entertainment expense, and certain overhead expenses Strategic Brands - travel and entertainment expense, and certain overhead expenses Alcohol Brands - depreciation and amortization expense, travel and entertainment expense, professional services expense, and certain overhead expenses Other - certain overhead expenses Coca-Cola Europacific Partners accounted for approximately 17 % and 15 % of the Company’s net sales for the three-months ended September 30, 2025 and 2024, respectively. Coca-Cola Europacific Partners accounted for approximately 15 % and 14 % of the Company’s net sales for the nine-months ended September 30, 2025 and 2024, respectively. Coca-Cola Consolidated, Inc. accounted for approximately 9 % and 10 % of the Company’s net sales for the three-months ended September 30, 2025 and 2024, respectively. Coca-Cola Consolidated, Inc. accounted for approximately 10 % of the Company’s net sales for both the nine-months ended September 30, 2025 and 2024. Reyes Holdings, LLC accounted for approximately 9 % of the Company’s net sales for both the three-months ended September 30, 2025 and 2024. Reyes Holdings, LLC accounted for approximately 9 % of the Company’s net sales for both the nine-months ended September 30, 2025 and 2024. Net sales to customers outside the United States amounted to $ 937.1 million and $ 760.1 million for the three-months ended September 30, 2025 and 2024, respectively. Such sales were approximately 43 % and 40 % of net sales for the three-months ended September 30, 2025 and 2024, respectively. Net sales to customers outside the United States amounted to $ 2.53 billion and $ 2.25 billion for the nine-months ended September 30, 2025 and 2024, respectively. Such sales were approximately 41 % and 40 % of net sales for the nine-months ended September 30, 2025 and 2024, respectively. 27 Table of Contents MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Tabular Dollars in Thousands, Except Per Share Amounts) (Unaudited) Goodwill and other intangible assets for the Company’s reportable segments were as follows at: September 30, December 31, 2025 2024 Goodwill and other intangible assets: Monster Energy® Drinks $ 1,715,964 $ 1,703,256 Strategic Brands 982,408 982,035 Alcohol Brands 52,577 60,604 Other — — $ 2,750,949 $ 2,745,895 17. RELATED PARTY TRANSACTIONS TCCC controls approximately 20.9 % of the voting interests of the Company. The TCCC Subsidiaries, the TCCC Related Parties and certain TCCC independent bottlers, purchase and distribute the Company’s products in domestic and certain international markets. The Company also pays TCCC a commission based on certain sales within the TCCC distribution network. TCCC commissions, based on sales to the TCCC Subsidiaries and the TCCC Related Parties, were $ 32.0 million and $ 25.5 million for the three-months ended September 30, 2025 and 2024, respectively, and are included as a reduction to net sales. TCCC commissions, based on sales to the TCCC Subsidiaries and the TCCC Related Parties, were $ 87.4 million and $ 67.8 million for the nine-months ended September 30, 2025 and 2024, respectively, and are included as a reduction to net sales. TCCC commissions, based on sales to TCCC independent bottlers, were $ 12.1 million and $ 9.9 million for the three-months ended September 30, 2025 and 2024, respectively, and are included in operating expenses. TCCC commissions, based on sales to TCCC independent bottlers, were $ 33.4 million and $ 28.3 million for the nine-months ended September 30, 2025 and 2024, respectively, and are included in operating expenses. Net sales to the TCCC Subsidiaries for the three-months ended September 30, 2025 and 2024 were $ 65.2 million and $ 54.1 million, respectively. Net sales to the TCCC Subsidiaries for the nine-months ended September 30, 2025 and 2024 were $ 184.3 million and $ 151.3 million, respectively. The Company also purchases concentrates from TCCC which are then sold to certain of the Company’s bottlers/distributors. Concentrate purchases from TCCC were $ 6.9 million and $ 7.4 million for the three-months ended September 30, 2025 and 2024, respectively. Concentrate purchases from TCCC were $ 20.1 million and $ 22.2 million for the nine-months ended September 30, 2025 and 2024, respectively. Certain TCCC Subsidiaries also contract manufacture certain of the Company’s energy drinks. Such contract manufacturing expenses were $ 13.0 million and $ 10.2 million for the three-months ended September 30, 2025 and 2024, respectively. Such contract manufacturing expenses were $ 37.6 million and $ 28.7 million for the nine-months ended September 30, 2025 and 2024, respectively. Accounts receivable, accounts payable, accrued promotional allowances and accrued liabilities related to the TCCC Subsidiaries were as follows at: September 30, December 31, 2025 2024 Accounts receivable, net $ 160,827 $ 112,686 Accounts payable $ ( 39,301 ) $ ( 29,095 ) Accrued promotional allowances $ ( 22,178 ) $ ( 16,914 ) Accrued liabilities $ ( 59,480 ) $ ( 22,595 ) 28 Table of Contents MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Tabular Dollars in Thousands, Except Per Share Amounts) (Unaudited) One director of the Company through certain trusts, and a family member of one director have ownership interests in a company that provides promotional materials to the Company. Expenses incurred with such company in connection with promotional materials purchased during the three-months ended September 30, 2025 and 2024 were $ 1.3 million and $ 1.5 million, respectively. Expenses incurred with such company in connection with promotional materials purchased during the nine-months ended September 30, 2025 and 2024 were $ 4.8 million and $ 5.1 million, respectively. The Company occasionally charters a private aircraft that is indirectly owned by Mr. Rodney C. Sacks, Chairman of the Board of Directors. On certain occasions, Mr. Sacks is accompanied by guests and other Company personnel when using such aircraft for business travel. During the three-months ended September 30, 2025, the Company incurred no expenses in relation to the aircraft. During the three - months ended September 30, 2024, the Company incurred expenses of $ 0.02 million in relation to the aircraft. During the nine-months ended September 30, 2025 and 2024, the Company incurred expenses of $ 0.06 million and $ 0.04 million, respectively, in relation to the aircraft. In December 2018, the Company and a director of the Company entered into a 50-50 partnership that purchased land, and real property thereon, in Kona, Hawaii for the purpose of producing coffee products. In October 2023, the partnership made a special, one-time distribution to each of the partners, reflecting the amount of their initial capital contributions. This partnership meets the definition of a Variable Interest Entity (“VIE”) for which the Company has determined that it is the primary beneficiary. Therefore, the Company consolidates the VIE in the accompanying consolidated financial statements. The aggregate carrying values of the VIE’s assets and liabilities, after elimination of any intercompany transactions and balances, as well as the results of operations for all periods presented, are not material to the Company’s condensed consolidated financial statements. 29 Table of Contents ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 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 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: ● 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® 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 Ellum TM IPA, Perrin Brewing Company® Black Ale, Hop Rising® Double IPA, Wasatch® Apricot Hefeweizen, The Beast TM , Beast TM Tea, Blind Lemon®, Blinder Lemon TM , Michi 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”). 30 Table of Contents During the three-months ended September 30, 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 September 30, 2025, we sold the following new products to our customers: ● Monster Energy® Electric Blue TM ● Monster Energy® Orange Dreamsicle® ● Monster Energy® Ultra Wild Passion ● Mother® White Gummy ● Predator® Wild Berry 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 September 30, 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 $2.20 billion for the three-months ended September 30, 2025. Net changes in foreign currency exchange rates had a favorable impact on net sales of approximately $31.8 million for the three-months ended September 30, 2025. Net sales on a foreign currency adjusted basis increased 15.1% for the three-months ended September 30, 2025. The vast majority of our net sales are derived from our Monster Energy® Drinks segment. Net sales of our Monster Energy® Drinks segment were $2.03 billion for the three-months ended September 30, 2025. Net sales of our Strategic Brands segment were $130.5 million for the three-months ended September 30, 2025. Net sales of our Alcohol Brands segment were $33.0 million for the three-months ended September 30, 2025. Net sales of our Other segment were $6.8 million for the three-months ended September 30, 2025. Our Monster Energy® Drinks segment represented 92.3% and 91.6% of our net sales for the three-months ended September 30, 2025 and 2024, respectively. Our Strategic Brands segment represented 5.9% and 6.0% of our net sales for the three-months ended September 30, 2025 and 2024, respectively. Our Alcohol Brands segment represented 1.5% and 2.1% of our net sales for the three-months ended September 30, 2025 and 2024, respectively. Our Other segment represented 0.3% of our net sales for both the three-months ended September 30, 2025 and 2024. Our growth strategy includes further developing our domestic markets and expanding our international business. Net sales to customers outside the United States were $937.1 million for the three-months ended September 30, 2025, an increase of approximately $177.0 million, or 23.3% higher than net sales to customers outside of the United States of $760.1 million for the three-months ended September 30, 2024. Such sales were approximately 43% and 40% of net sales for the three-months ended September 30, 2025 and 2024, respectively. Net changes in foreign currency exchange rates had a favorable impact on net sales to customers outside of the United States of approximately $31.8 million for the three-months ended September 30, 2025. Net sales to customers outside the United States, on a foreign currency adjusted basis, increased 19.1% for the three-months ended September 30, 2025. Net sales to customers outside the United States were $2.53 billion for the nine-months ended September 30, 2025, an increase of approximately $284.3 million, or 12.6% higher than net sales to customers outside of the United States of $2.25 billion for the nine-months ended September 30, 2024. Such sales were approximately 41% and 40% of net sales for the nine-months ended September 30, 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 $30.6 million for the nine-months ended September 30, 2025. Net sales to customers outside the United States, on a foreign currency adjusted basis, increased 14.0% for the nine-months ended September 30, 2025. 31 Table of Contents 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- and nine-months ended September 30, 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. Three-Months Ended Nine-Months Ended September 30, September 30, 2025 2024 2025 2024 U.S. full service bottlers/distributors 44 % 45 % 45 % 46 % International full service bottlers/distributors 44 % 42 % 43 % 41 % Club stores and e-commerce retailers 8 % 8 % 8 % 8 % Retail grocery, direct convenience, specialty chains and wholesalers 2 % 2 % 2 % 2 % Alcohol, value stores and other 2 % 3 % 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 15% of the Company’s net sales for the three-months ended September 30, 2025 and 2024, respectively. Coca-Cola Europacific Partners accounted for approximately 15% and 14% of the Company’s net sales for the nine-months ended September 30, 2025 and 2024, respectively. Coca-Cola Consolidated, Inc. accounted for approximately 9% and 10% of the Company’s net sales for the three-months ended September 30, 2025 and 2024, respectively. Coca-Cola Consolidated, Inc. accounted for approximately 10% of the Company’s net sales for both the nine-months ended September 30, 2025 and 2024. Reyes Holdings, LLC accounted for approximately 9% of the Company’s net sales for both the three-months ended September 30, 2025 and 2024. Reyes Holdings, LLC accounted for approximately 9% of the Company’s net sales for both the nine-months ended September 30, 2025 and 2024. 32 Table of Contents Results of Operations The following table sets forth key statistics for the three- and nine-months ended September 30, 2025 and 2024. Three-Months Ended Percentage Nine-Months Ended Percentage (In thousands, except per share amounts) September 30, Change September 30, Change 2025 2024 25 vs. 24 2025 2024 25 vs. 24 Net sales 1 $ 2,197,139 $ 1,880,973 16.8 % $ 6,163,290 $ 5,680,668 8.5 % Cost of sales 972,653 881,174 10.4 % 2,714,428 2,634,235 3.0 % Gross profit* 1 1,224,486 999,799 22.5 % 3,448,862 3,046,433 13.2 % Gross profit as a percentage of net sales 55.7 % 53.2 % 56.0 % 53.6 % Operating expenses 549,134 519,883 5.6 % 1,572,142 1,497,363 5.0 % Operating expenses as a percentage of net sales 25.0 % 27.6 % 25.5 % 26.4 % Operating income 1 675,352 479,916 40.7 % 1,876,720 1,549,070 21.2 % Operating income as a percentage of net sales 30.7 % 25.5 % 30.4 % 27.3 % Interest and other income (expense), net 14,185 (5,820) 343.7 % 37,522 54,311 (30.9) % Income before provision for income taxes 1 689,537 474,096 45.4 % 1,914,242 1,603,381 19.4 % Provision for income taxes 165,082 103,177 60.0 % 458,000 365,044 25.5 % Income taxes as a percentage of income before taxes 23.9 % 21.8 % 23.9 % 22.8 % Net income $ 524,455 $ 370,919 41.4 % $ 1,456,242 $ 1,238,337 17.6 % Net income as a percentage of net sales 23.9 % 19.7 % 23.6 % 21.8 % Net income per common share: Basic $ 0.54 $ 0.38 41.3 % $ 1.49 $ 1.22 22.4 % Diluted $ 0.53 $ 0.38 41.1 % $ 1.48 $ 1.21 22.4 % Energy drink case sales (in thousands) (in 192‑ounce case equivalents) 258,387 219,409 17.8 % 720,823 643,033 12.1 % 1 I ncludes $10.1 million and $10.0 million for the three-months ended September 30, 2025 and 2024, related to the recognition of deferred revenue, respectively. Includes $30.0 million and $29.9 million for the nine-months ended September 30, 2025 and 2024, related to the recognition of deferred revenue, respectively . * 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 September 30, 2025 Compared to the Three-Months Ended September 30, 2024 . Net Sales Net sales were $2.20 billion for the three-months ended September 30, 2025, an increase of approximately $316.2 million, or 16.8% higher than net sales of $1.88 billion for the three-months ended September 30, 2024. 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 $31.8 million for the three-months ended September 30, 2025. Net sales on a foreign currency adjusted basis increased 15.1% for the three-months ended September 30, 2025. Net sales for the Monster Energy® Drinks segment were $2.03 billion for the three-months ended September 30, 2025, an increase of approximately $304.1 million, or 17.7% higher than net sales of $1.72 billion for the three-months ended September 30, 2024. 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 $28.7 million for the three-months ended September 30, 2025. Net sales for the Monster Energy® Drinks segment on a foreign currency adjusted basis increased 16.0% for the three-months ended September 30, 2025. 33 Table of Contents Net sales for the Strategic Brands segment were $130.5 million for the three-months ended September 30, 2025, an increase of approximately $17.9 million, or 15.9% higher than net sales of $112.6 million for the three-months ended September 30, 2024. Net sales for the Strategic Brands segment increased primarily due to increased sales of our Predator®, Burn®, and Mother® brand energy drinks. Net changes in foreign currency exchange rates had a favorable impact on net sales of approximately $3.1 million for the Strategic Brands segment for the three-months ended September 30, 2025. Net sales for the Strategic Brands segment on a foreign currency adjusted basis increased 13.2% for the three-months ended September 30, 2025. 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 $33.0 million for the three-months ended September 30, 2025, a decrease of approximately $6.8 million, or 17.0% lower than net sales of $39.8 million for the three-months ended September 30, 2024. The decrease in net sales for the three-months ended September 30, 2025 was primarily due to decreased sales of The Beast TM product line. Net sales for the Other segment were $6.8 million for the three-months ended September 30, 2025, an increase of approximately $0.9 million, or 14.4% higher than net sales of $5.9 million for the three-months ended September 30, 2024. Case sales for our energy drink products, in 192-ounce case equivalents, were 258.4 million cases for the three-months ended September 30, 2025, an increase of approximately 39.0 million cases or 17.8% higher than case sales of 219.4 million cases for the three-months ended September 30, 2024. The overall average net sales per case for our energy drink products (excluding net sales of Alcohol Brands and Other segments) decreased marginally to $8.35 for the three-months ended September 30, 2025 from $8.36 for the three-months ended September 30, 2024. Case sales for our craft beers, FMBs and hard seltzers, in 192-ounce equivalents, were 2.4 million cases for the three-months ended September 30, 2025, a decrease of approximately 0.4 million cases or 17.0% lower than case sales of 2.8 million cases for the three-months ended September 30, 2024. 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 September 30, 2025, a decrease of approximately 0.03 million barrels or 17.0% lower than barrel sales of 0.14 million barrels for the three-months ended September 30, 2024. Gross Profit Gross profit was $1.22 billion for the three-months ended September 30, 2025, an increase of approximately $224.7 million, or 22.5% higher than the gross profit of $999.8 million for the three-months ended September 30, 2024. The increase in gross profit dollars was primarily the result of the $316.2 million increase in net sales for the three-months ended September 30, 2025. Gross profit for the three-months ended September 30, 2024 was adversely impacted by an increase in inventory reserves due to excess inventory levels in the Alcohol Brands segment of $10.6 million (the “Alcohol Brands Inventory Reserves”). Gross profit as a percentage of net sales increased to 55.7% for the three-months ended September 30, 2025 from 53.2% for the three-months ended September 30, 2024. The increase in gross profit as a percentage of net sales for the three-months ended September 30, 2025 was primarily the result of the Pricing Actions, supply chain optimization and product sales mix, partially offset by higher promotional allowances, increased aluminum can costs and geographical sales mix. Operating Expenses Total operating expenses were $549.1 million for the three-months ended September 30, 2025, an increase of approximately $29.3 million, or 5.6% higher than total operating expenses of $519.9 million for the three-months ended September 30, 2024. The increase in operating expenses was primarily due to increased selling and marketing expense of $18.4 million and payroll expense of $18.2 million. Operating expenses as a percentage of net sales for the three-months ended September 30, 2025 were 25.0% as compared to 27.6% for the three-months ended September 30, 2024. 34 Table of Contents Operating Income Operating income was $675.4 million for the three-months ended September 30, 2025, an increase of approximately $195.4 million, or 40.7% higher than operating income of $479.9 million for the three-months ended September 30, 2024. Operating income as a percentage of net sales increased to 30.7% for the three-months ended September 30, 2025 from 25.5% for the three-months ended September 30, 2024. Operating income was $197.3 million and $135.3 million for the three-months ended September 30, 2025 and 2024, respectively, for our international operations, exclusive of Canada. Operating income for the Monster Energy® Drinks segment, exclusive of corporate and unallocated expenses, was $790.5 million for the three-months ended September 30, 2025, an increase of approximately $188.8 million, or 31.4% higher than operating income of $601.7 million for the three-months ended September 30, 2024. 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 $66.3 million for the three-months ended September 30, 2025, an increase of approximately $6.2 million, or 10.3% higher than operating income of $60.1 million for the three-months ended September 30, 2024. 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 $17.9 million for the three-months ended September 30, 2025, a decrease of approximately $4.8 million, or 21.0% lower than the operating loss of $22.6 million for the three-months ended September 30, 2024. The decrease in operating loss for the three-months ended September 30, 2025 was primarily due to the Alcohol Brands Inventory Reserves recognized in the three-months ended September 30, 2024. Operating income for the Other segment, exclusive of corporate and unallocated expenses, was $1.6 million for the three-months ended September 30, 2025, as compared to operating income of $1.5 million for the three-months ended September 30, 2024. Interest and Other Income (Expense), net Interest and other income (expense), net, was $14.2 million for the three-months ended September 30, 2025, as compared to interest and other income (expense), net, of $(5.8) million for the three-months ended September 30, 2024. Interest income was $24.2 million and $18.1 million for the three-months ended September 30, 2025 and 2024, respectively. The increase in interest income for the three-months ended September 30, 2025 was primarily related to higher average short- and long-term investment balances for the three-months ended September 30, 2025 compared to the three-months ended September 30, 2024. Interest expense was $0.5 million and $12.5 million for the three-months ended September 30, 2025 and 2024, respectively. The decrease in interest expense for the three-months ended September 30, 2025 was primarily due to the repayment of long-term debt in April 2025. Foreign currency transaction losses were $8.0 million and $10.8 million for the three-months ended September 30, 2025 and 2024, respectively. Provision for Income Taxes Provision for income taxes was $165.1 million for the three-months ended September 30, 2025, an increase of $61.9 million from the provision for income taxes of $103.2 million for the three-months ended September 30, 2024. The effective combined federal, state and foreign tax rate increased to 23.9% from 21.8% for the three-months ended September 30, 2025 and 2024, respectively. The increase in the effective tax rate was primarily attributable to higher income taxes from foreign tax jurisdictions. Net Income Net income was $524.5 million for the three-months ended September 30, 2025, an increase of $153.5 million, or 41.4% higher than net income of $370.9 million for the three-months ended September 30, 2024. 35 Table of Contents Nine-Months Ended September 30, 2025 Compared to the Nine-Months Ended September 30, 2024 . Net Sales Net sales were $6.16 billion for the nine-months ended September 30, 2025, an increase of approximately $482.6 million, or 8.5% higher than net sales of $5.68 billion for the nine-months ended September 30, 2024. 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 an unfavorable impact on net sales of approximately $30.6 million for the nine-months ended September 30, 2025. Net sales on a foreign currency adjusted basis increased 9.0% for the nine-months ended September 30, 2025. Net sales for the Monster Energy® Drinks segment were $5.68 billion for the nine-months ended September 30, 2025, an increase of approximately $485.2 million, or 9.3% higher than net sales of $5.19 billion for the nine-months ended September 30, 2024. 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 an unfavorable impact on net sales for the Monster Energy® Drinks segment of approximately $26.9 million for the nine-months ended September 30, 2025. Net sales for the Monster Energy® Drinks segment on a foreign currency adjusted basis increased 9.9% for the nine-months ended September 30, 2025. Net sales for the Strategic Brands segment were $358.7 million for the nine-months ended September 30, 2025, an increase of approximately $28.5 million, or 8.6% higher than net sales of $330.2 million for the nine-months ended September 30, 2024. Net sales for the Strategic Brands segment increased primarily due to increased sales of our Predator®, Burn®, and NOS® brand energy drinks. Net changes in foreign currency exchange rates had an unfavorable impact on net sales of approximately $3.7 million for the Strategic Brands segment for the nine-months ended September 30, 2025. Net sales for the Strategic Brands segment on a foreign currency adjusted basis increased 9.7% for the nine-months ended September 30, 2025. 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 $105.7 million for the nine-months ended September 30, 2025, a decrease of approximately $31.7 million, or 23.1% lower than net sales of $137.4 million for the nine-months ended September 30, 2024. The decrease in net sales for the nine-months ended September 30, 2025 was primarily due to decreased sales of the Beast TM Tea product line, which was launched during the nine-months ended September 30, 2024, as well as decreased sales of The Beast TM product line. Net sales for the Other segment were $19.2 million for the nine-months ended September 30, 2025, an increase of approximately $0.7 million, or 3.8% higher than net sales of $18.5 million for the nine-months ended September 30, 2024. Case sales for our energy drink products, in 192-ounce case equivalents, were 720.8 million cases for the nine-months ended September 30, 2025, an increase of approximately 77.8 million cases or 12.1% higher than case sales of 643.0 million cases for the nine-months ended September 30, 2024. The overall average net sales per case for our energy drink products (excluding net sales of Alcohol Brands and Other segments) decreased to $8.38 for the nine-months ended September 30, 2025, which was 2.5% lower than the average net sales per case of $8.59 for the nine-months ended September 30, 2024. The decrease in overall average net sales per case for our energy drink products for the nine-months ended September 30, 2025 compared to the nine-months ended September 30, 2024 was primarily due to adverse changes in foreign currency exchange rates as well as geographical sales mix. Case sales for our craft beers, FMBs and hard seltzers, in 192-ounce equivalents, were 7.6 million cases for the nine-months ended September 30, 2025, a decrease of approximately 2.4 million cases or 24.1% lower than case sales of 10.0 million cases for the nine-months ended September 30, 2024. Barrel sales for our craft beers, FMBs and hard seltzers, in 31 U.S. gallon equivalents, were 0.37 million barrels for the nine-months ended September 30, 2025, a decrease of approximately 0.11 million barrels or 24.1% lower than barrel sales of 0.48 million barrels for the nine-months ended September 30, 2024. Gross Profit Gross profit was $3.45 billion for the nine-months ended September 30, 2025, an increase of approximately $402.4 million, or 13.2% higher than the gross profit of $3.05 billion for the nine-months ended September 30, 2024. The increase in gross profit dollars was primarily the result of the $482.6 million increase in net sales for the nine-months ended September 30, 2025. 36 Table of Contents Gross profit as a percentage of net sales increased to 56.0% for the nine-months ended September 30, 2025 from 53.6% for the nine-months ended September 30, 2024. The increase in gross profit as a percentage of net sales for the nine-months ended September 30, 2025 was primarily the result of the Pricing Actions and supply chain optimization, partially offset by higher promotional allowances and geographical sales mix . Operating Expenses Total operating expenses were $1.57 billion for the nine-months ended September 30, 2025, an increase of approximately $74.8 million, or 5.0% higher than total operating expenses of $1.50 billion for the nine-months ended September 30, 2024. The increase in operating expenses was primarily due to increased payroll expense of $51.5 million, general administrative expense of $24.9 million, and selling and marketing expense of $21.0 million. Operating expenses as a percentage of net sales for the nine-months ended September 30, 2025 were 25.5% as compared to 26.4% for the nine-months ended September 30, 2024. Operating Income Operating income was $1.88 billion for the nine-months ended September 30, 2025, an increase of approximately $327.7 million, or 21.2% higher than operating income of $1.55 billion for the nine-months ended September 30, 2024. Operating income as a percentage of net sales increased to 30.4% for the nine-months ended September 30, 2025 from 27.3% for the nine-months ended September 30, 2024. Operating income was $504.1 million and $419.0 million for the nine-months ended September 30, 2025 and 2024, respectively, for our international operations, exclusive of Canada. Operating income for the Monster Energy® Drinks segment, exclusive of corporate and unallocated expenses, was $2.23 billion for the nine-months ended September 30, 2025, an increase of approximately $386.3 million, or 21.0% higher than operating income of $1.84 billion for the nine-months ended September 30, 2024. 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 $186.0 million for the nine-months ended September 30, 2025, an increase of approximately $2.3 million, or 1.2% higher than operating income of $183.8 million for the nine-months ended September 30, 2024. 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 $54.0 million for the nine-months ended September 30, 2025, an increase of approximately $2.8 million, or 5.4% higher than the operating loss of $51.2 million for the nine-months ended September 30, 2024. The increase in operating loss for the nine-months ended September 30, 2025 was primarily due to a decrease in net sales partially offset by the Alcohol Brands Inventory Reserves recognized in the three-months ended September 30, 2024. Operating income for the Other segment, exclusive of corporate and unallocated expenses, was $3.1 million for the nine-months ended September 30, 2025, as compared to operating income of $3.9 million for the nine-months ended September 30, 2024. 37 Table of Contents Interest and Other Income (Expense), net Interest and other income (expense), net, was $37.5 million for the nine-months ended September 30, 2025, as compared to interest and other income (expense), net, of $54.3 million for the nine-months ended September 30, 2024. Interest income was $59.1 million and $97.5 million for the nine-months ended September 30, 2025 and 2024, respectively. The decrease in interest income for the nine-months ended September 30, 2025 was primarily related to lower average short- and long-term investment balances as a result of treasury stock repurchases made in the second and third quarters of 2024. Interest expense was $6.3 million and $17.5 million for the nine-months ended September 30, 2025 and 2024, respectively. The decrease in interest expense for the nine-months ended September 30, 2025 was primarily due to the repayment of long-term debt in April 2025. Foreign currency transaction losses were $13.8 million and $24.7 million for the nine-months ended September 30, 2025 and 2024, respectively. Provision for Income Taxes Provision for income taxes was $458.0 million for the nine-months ended September 30, 2025, an increase of $93.0 million from the provision for income taxes of $365.0 million for the nine-months ended September 30, 2024. The effective combined federal, state and foreign tax rate increased to 23.9% from 22.8% for the nine-months ended September 30, 2025 and 2024, respectively. The increase in the effective tax rate was primarily attributable to higher income taxes from foreign tax jurisdictions. Net Income Net income was $1.46 billion for the nine-months ended September 30, 2025, an increase of $217.9 million, or 17.6% higher than net income of $1.24 billion for the nine-months ended September 30, 2024. 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 September 30, 2025 Compared to the Three-Months Ended September 30, 2024 . Gross billings were $2.65 billion for the three-months ended September 30, 2025, an increase of approximately $443.8 million, or 20.1% higher than gross billings of $2.21 billion for the three-months ended September 30, 2024. 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 $40.8 million for the three-months ended September 30, 2025. Gross billings on a foreign currency adjusted basis increased 18.2% for the three-months ended September 30, 2025. Gross billings for the Monster Energy® Drinks segment were $2.46 billion for the three-months ended September 30, 2025, an increase of approximately $426.5 million, or 21.0% higher than gross billings of $2.03 billion for the three-months ended September 30, 2024. 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 $37.8 million for the three-months ended September 30, 2025. Gross billings for the Monster Energy® Drinks segment on a foreign currency adjusted basis increased 19.1% for the three-months ended September 30, 2025. ** 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 . 38 Table of Contents Gross billings for the Strategic Brands segment were $152.3 million for the three-months ended September 30, 2025, an increase of $23.8 million, or 18.5% higher than gross billings of $128.5 million for the three-months ended September 30, 2024. Gross billings for the Strategic Brands segment increased primarily due to increased sales of our Predator®, Burn®, and Mother® brand energy drinks. Net changes in foreign currency exchange rates had a favorable impact on gross billings in the Strategic Brands segment of approximately $3.0 million for the three-months ended September 30, 2025. Gross billings for the Strategic Brands segment on a foreign currency adjusted basis increased 16.2% for the three-months ended September 30, 2025. Gross billings for the Alcohol Brands segment were $33.6 million for the three-months ended September 30, 2025, a decrease of approximately $7.2 million, or 17.7% lower than gross billings of $40.8 million for the three-months ended September 30, 2024. The decrease in gross billings for the three-months ended September 30, 2025 was primarily due to decreased sales of The Beast TM product line. Gross billings for the Other segment were $6.8 million for the three-months ended September 30, 2025, an increase of $0.8 million, or 12.8% higher than gross billings of $6.0 million for the three-months ended September 30, 2024. Promotional allowances, commissions and other expenses, as described in the footnote below, were $465.8 million for the three-months ended September 30, 2025, an increase of $127.7 million, or 37.8% higher than promotional allowances, commissions and other expenses of $338.1 million for the three-months ended September 30, 2024. Promotional allowances, commissions and other expenses as a percentage of gross billings increased to 17.6% from 15.3% for the three-months ended September 30, 2025 and 2024, respectively. Nine-Months Ended September 30, 2025 Compared to the Nine-Months Ended September 30, 2024 . Gross billings were $7.32 billion for the nine-months ended September 30, 2025, an increase of approximately $699.6 million, or 10.6% higher than gross billings of $6.62 billion for the nine-months ended September 30, 2024. 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 an unfavorable impact on gross billings of approximately $25.5 million for the nine-months ended September 30, 2025. Gross billings on a foreign currency adjusted basis increased 11.0% for the nine-months ended September 30, 2025. Gross billings for the Monster Energy® Drinks segment were $6.77 billion for the nine-months ended September 30, 2025, an increase of approximately $686.2 million, or 11.3% higher than gross billings of $6.08 billion for the nine-months ended September 30, 2024. 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 an unfavorable impact on gross billings for the Monster Energy® Drinks segment of approximately $21.6 million for the nine-months ended September 30, 2025. Gross billings for the Monster Energy® Drinks segment on a foreign currency adjusted basis increased 11.6% for the nine-months ended September 30, 2025. Gross billings for the Strategic Brands segment were $418.0 million for the nine-months ended September 30, 2025, an increase of approximately $43.9 million, or 11.7% higher than gross billings of $374.1 million for the nine-months ended September 30, 2024. Gross billings for the Strategic Brands segment increased primarily due to increased sales of our Predator®, Burn® and NOS® brand energy drinks. Net changes in foreign currency exchange rates had an unfavorable impact on gross billings in the Strategic Brands segment of approximately $3.9 million for the nine-months ended September 30, 2025. Gross billings for the Strategic Brands segment on a foreign currency adjusted basis increased 12.8% for the nine-months ended September 30, 2025. Gross billings for the Alcohol Brands segment were $109.6 million for the nine-months ended September 30, 2025, a decrease of approximately $31.2 million, or 22.1% lower than gross billings of $140.8 million for the nine-months ended September 30, 2024. The decrease in gross billings for the nine-months ended September 30, 2025 was primarily due to decreased sales of the Beast TM Tea product line, which was launched during the nine-months ended September 30, 2024, as well as decreased sales of The Beast TM product line. Gross billings for the Other segment were $19.3 million for the nine-months ended September 30, 2025, an increase of approximately $0.6 million, or 3.4% higher than gross billings of $18.7 million for the nine-months ended September 30, 2024. Promotional allowances, commissions and other expenses, as described in the footnote below, were $1.18 billion for the nine-months ended September 30, 2025, an increase of $217.1 million, or 22.5% higher than promotional allowances, commissions and other 39 Table of Contents expenses of $965.3 million for the nine-months ended September 30, 2024. Promotional allowances, commissions and other expenses as a percentage of gross billings increased to 16.2% from 14.6% for the nine-months ended September 30, 2025 and 2024, respectively. 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 Nine-Months Ended Percentage (In thousands) September 30, Change September 30, Change 2025 2024 25 vs. 24 2025 2024 25 vs. 24 Gross Billings $ 2,652,869 $ 2,209,023 20.1 % $ 7,315,735 $ 6,616,108 10.6 % Deferred Revenue 10,068 10,044 0.2 % 29,959 29,897 0.2 % Less: Promotional allowances, commissions and other expenses*** 465,798 338,094 37.8 % 1,182,404 965,337 22.5 % Net Sales $ 2,197,139 $ 1,880,973 16.8 % $ 6,163,290 $ 5,680,668 8.5 % ***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- and nine-months ended September 30, 2025 and 2024, 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. 40 Table of Contents 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 Nine-Months Ended (In thousands, except average net sales per case) September 30, September 30, 2025 2024 2025 2024 Net sales $ 2,197,139 $ 1,880,973 $ 6,163,290 $ 5,680,668 Less: Alcohol Brands segment sales (33,009) (39,784) (105,683) (137,417) Less: Other segment sales (6,786) (5,930) (19,169) (18,467) Adjusted net sales 1 $ 2,157,344 $ 1,835,259 $ 6,038,438 $ 5,524,784 Case sales by segment: 1 Monster Energy® Drinks 201,310 172,587 562,395 507,970 Strategic Brands 57,077 46,822 158,428 135,063 Total case sales 258,387 219,409 720,823 643,033 Average net sales per case - Energy Drinks $ 8.35 $ 8.36 $ 8.38 $ 8.59 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 September 30, 2025 and an unfavorable impact on the overall average net sales per case for the nine-months ended September 30, 2025. The following represents case sales for our craft beers, FMBs and hard seltzers, in 192-ounce equivalents: Three-Months Ended Nine-Months Ended (In thousands, except average net sales per case) September 30, September 30, 2025 2024 2025 2024 Alcohol Brands segment net sales $ 33,009 $ 39,784 $ 105,683 $ 137,417 Case sales 2,362 2,845 7,565 9,967 Average net sales per case - Alcohol Brands $ 13.98 $ 13.98 $ 13.97 $ 13.79 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 September 30, 2025, we had $2.29 billion in cash and cash equivalents, $286.4 million in short-term investments, and $359.2 million in long-term investments, including certificates of deposit, commercial paper, 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 $2.29 billion of cash and cash equivalents held at September 30, 2025, $1.15 billion was held by our foreign subsidiaries. No short-term or long-term investments were held by our foreign subsidiaries at September 30, 2025. 41 Table of Contents 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 September 30, 2025, no borrowings were outstanding under the Credit Facilities, and the Company was in compliance with all covenants under the Amended Credit Agreement. As of November 5, 2025, 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 September 30, 2026. 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 nine-months ended September 30, 2025 and 2024 (in thousands): Net cash provided by (used in): 2025 2024 Operating activities $ 1,718,762 $ 1,466,832 Investing activities $ (719,248) $ 843,018 Financing activities $ (312,601) $ (2,967,704) Cash flows provided by operating activities. Cash provided by operating activities was $1.72 billion for the nine-months ended September 30, 2025, as compared with cash provided by operating activities of $1.47 billion for the nine-months ended September 30, 2024. For the nine-months ended September 30, 2025, cash provided by operating activities was primarily attributable to net income earned of $1.46 billion and adjustments for certain non-cash expenses, consisting primarily of $92.3 million of depreciation and amortization and non-cash lease expense and $86.7 million of stock-based compensation. For the nine-months ended September 30, 2025, cash provided by operating activities also increased due to a $148.6 million increase in accounts payable, a $105.8 million increase in accrued promotional allowances, a $98.5 million increase in accrued liabilities, a $58.4 million decrease in inventories, a $33.4 million increase in income taxes payable, and a $14.0 million decrease in prepaid income taxes. For the nine-months ended September 30, 2025, cash used in operating activities was primarily attributable to a $299.1 million increase in accounts receivable, a $66.3 million increase in prepaid expenses and other assets, and a $15.9 million decrease in deferred revenue. For the nine-months ended September 30, 2024, cash provided by operating activities was primarily attributable to net income earned of $1.24 billion and adjustments for certain non-cash expenses, consisting primarily of $69.6 million of depreciation and amortization and non-cash lease expense and $68.8 million of stock-based compensation. For the nine-months ended September 30, 2024, cash provided by operating activities also increased due to a $197.1 million decrease in inventories, a $46.7 million increase in accrued liabilities, a $31.5 million increase in accrued promotional allowances and a $4.2 million increase in income taxes payable. For the nine-months ended September 30, 2024, cash used in operating activities was primarily attributable to a $106.4 million increase in accounts receivable, a $39.7 million increase in prepaid income taxes, a $14.3 million decrease in accounts payable, a $12.7 million 42 Table of Contents decrease in deferred revenue, a $6.0 million decrease in accrued compensation, a $5.9 million increase in prepaid expenses and other assets and a $2.4 million decrease in other liabilities. Cash flows (used in) provided by investing activities. Cash used in investing activities was $719.2 million for the nine-months ended September 30, 2025, as compared to cash provided by investing activities of $843.0 million for the nine-months ended September 30, 2024. For both the nine-months ended September 30, 2025 and 2024, cash used in investing activities was primarily attributable to purchases of available-for-sale investments. To a lesser extent, for both the nine-months ended September 30, 2025 and 2024, 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 both the nine-months ended September 30, 2025 and 2024, cash provided by investing activities was primarily attributable to sales of available-for-sale investments. We expect to use a portion of our cash in excess of our requirements for operations for purchasing short-term and long-term investments, leasehold improvements, the acquisition of 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 $312.6 million for the nine-months ended September 30, 2025, as compared to cash used in financing activities of $2.97 billion for the nine-months ended September 30, 2024. The cash used in financing activities for the nine-months ended September 30, 2025 was primarily due to repayments on the Credit Facilities and, to a lesser extent, repurchases of our common stock. The cash used in financing activities for the nine-months ended September 30, 2024 was primarily the result of repurchases of our common stock. The cash provided by financing activities for the nine-months ended September 30, 2025 was primarily attributable to the issuance of our common stock under our stock-based compensation plans. The cash provided by financing activities for the nine-months ended September 30, 2024 was primarily attributable to borrowings under the Credit Facilities and, to a lesser extent, 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 September 30, 2025: Payments due by period (in thousands) Less than 1‑3 3‑5 More than Obligations Total 1 year years years 5 years Contractual Obligations 1 $ 481,065 $ 253,654 $ 152,093 $ 72,672 $ 2,646 Finance Leases 3,959 3,928 23 8 — Operating Leases 56,364 14,230 20,677 13,494 7,963 Purchase Commitments 2 225,314 136,509 86,062 2,743 — $ 766,702 $ 408,321 $ 258,855 $ 88,917 $ 10,609 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 $4.1 million of unrecognized tax benefits have been recorded as liabilities as of September 30, 2025. It is expected that the amount of unrecognized tax benefits will not significantly change within the next 12 months. As of September 30, 2025, we had $1.0 million of accrued interest and penalties related to unrecognized tax benefits. 43 Table of Contents