Celsius (CELH) financial statements
Celsius reported revenue of $2.5B in fiscal 2025, up 68.7% a year over 9 years.
Net income was $108M and the operating margin 5.6%, against -12.5% in 2016.
Free cash flow was $323M, and the company returned $6M in net buybacks.
The diluted share count rose 120% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Celsius's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $23M | $36M | $53M | $75M | $131M | $314M | $654M | $1.3B | $1.4B | $2.5B |
| Cost of revenue | $13M | $21M | $32M | $44M | $70M | $186M | $383M | $685M | $675M | $1.2B |
| Gross profit | $10M | $15M | $21M | $31M | $61M | $128M | $271M | $633M | $680M | $1.3B |
| Research and development | $90,000 | $360,000 | $572,000 | $341,000 | $500,000 | $1M | $400,000 | $2M | $1M | $2M |
| Selling, general and admin | $13M | $24M | $32M | $33M | $53M | $207M | $429M | $367M | $524M | $799M |
| Operating income | -$3M | -$8M | -$11M | -$1M | $8M | -$4M | -$158M | $266M | $156M | $141M |
| Interest expense | $228,750 | $160,616 | $174,409 | $509,430 | — | — | — | $0 | $0 | $49M |
| Pre-tax income | — | — | — | $10M | $9M | -$4M | -$153M | $292M | $195M | $125M |
| Income tax | $0 | $0 | $0 | — | $116,000 | -$8M | $35M | $65M | $50M | $17M |
| Net income | -$3M | -$8M | -$11M | $10M | $9M | $4M | -$187M | $227M | $145M | $108M |
| EPS (diluted) | -$0.03 | -$0.06 | -$0.08 | $0.05 | $0.04 | $0.02 | -$0.88 | $0.77 | $0.45 | $0.25 |
| Diluted shares | 116M | 133M | 150M | 193M | 223M | 233M | 227M | 237M | 237M | 255M |
| Gross margin | 42.7% | 42.7% | 40.0% | 41.7% | 46.6% | 40.8% | 41.4% | 48.0% | 50.2% | 50.4% |
| Operating margin | -12.5% | -22.3% | -20.2% | -1.9% | 6.1% | -1.3% | -24.1% | 20.2% | 11.5% | 5.6% |
| Net margin | -13.5% | -22.8% | -21.3% | 13.3% | 6.5% | 1.3% | -28.7% | 17.2% | 10.7% | 4.3% |
Balance sheet
Fiscal years, from Celsius's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $12M | $14M | $8M | $23M | $43M | $16M | $614M | $756M | $890M | $399M |
| Receivables | $3M | $6M | $13M | $8M | $15M | $39M | $63M | $184M | $270M | $755M |
| Inventory | $2M | $5M | $11M | $15M | $18M | $191M | $173M | $229M | $131M | $338M |
| Total current assets | $18M | $27M | $35M | $52M | $93M | $262M | $918M | $1.2B | $1.3B | $1.8B |
| Property, plant and equipment | $33,533 | $62,642 | $121,854 | $132,889 | $579,377 | $3M | $10M | $25M | $56M | $88M |
| Goodwill | — | — | — | $10M | $10M | $15M | $14M | $14M | $72M | $918M |
| Total assets | $18M | $27M | $35M | $90M | $131M | $314M | $1.2B | $1.5B | $1.8B | $5.1B |
| Total current liabilities | $2M | $6M | $15M | $27M | $26M | $93M | $161M | $277M | $366M | $1.1B |
| Long-term debt | — | — | — | — | — | — | — | — | $0 | $670M |
| Total liabilities | $7M | $10M | $23M | $27M | $27M | $97M | $357M | $448M | $542M | $2.2B |
| Shareholders' equity | $11M | $17M | $12M | $63M | $104M | $217M | $40M | $264M | $400M | $1.2B |
| Net debt | -$12M | -$14M | -$8M | -$14M | -$43M | -$16M | -$614M | -$756M | -$890M | $278M |
Cash flow
Fiscal years, from Celsius's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$2M | -$8M | -$12M | $1M | $3M | -$97M | $108M | $141M | $263M | $359M |
| Capital spending | $30,830 | $49,534 | $110,417 | $77,974 | $574,000 | $3M | $8M | $17M | $23M | $36M |
| Free cash flow | -$2M | -$8M | -$12M | $956,014 | $3M | -$100M | $100M | $124M | $240M | $323M |
| Stock-based compensation | $2M | $2M | $4M | $5M | $6M | $36M | $21M | $21M | $20M | $28M |
| Share buybacks (net) | — | — | — | — | — | — | $0 | $0 | -$2M | -$6M |
| Net borrowing | — | — | — | — | — | — | — | $0 | $0 | $900M |
| Free cash flow margin | -10.5% | -23.4% | -22.3% | 1.3% | 2.2% | -31.7% | 15.3% | 9.4% | 17.7% | 12.9% |
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Open CELH in InvestinglyQuestions
What was Celsius's revenue in 2025?
$2.5B in fiscal 2025, from its 10-K filing.
How much free cash flow does Celsius generate?
$323M in fiscal 2025 (operating cash flow minus capital spending).
From Celsius's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.