Monster Beverage (MNST) financial statements
Monster Beverage reported revenue of $8.3B in fiscal 2025, up 11.8% a year over 9 years.
Net income was $1.9B and the operating margin 29.2%, against 35.6% in 2016.
Free cash flow was $2.0B, and the company returned $104M in net buybacks.
The diluted share count fell 18% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Monster Beverage's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.0B | $3.4B | $3.8B | $4.2B | $4.6B | $5.5B | $6.3B | $7.1B | $7.5B | $8.3B |
| Cost of revenue | $1.1B | $1.2B | $1.5B | $1.7B | $1.9B | $2.4B | $3.1B | $3.3B | $3.4B | $3.7B |
| Gross profit | $1.9B | $2.1B | $2.3B | $2.5B | $2.7B | $3.1B | $3.2B | $3.8B | $4.0B | $4.6B |
| Operating income | $1.1B | $1.2B | $1.3B | $1.4B | $1.6B | $1.8B | $1.6B | $2.0B | $1.9B | $2.4B |
| Pre-tax income | $1.1B | $1.2B | $1.3B | $1.4B | $1.6B | $1.8B | $1.6B | $2.1B | $2.0B | $2.5B |
| Income tax | $367M | $381M | $300M | $308M | $217M | $424M | $380M | $437M | $480M | $577M |
| Net income | $713M | $821M | $993M | $1.1B | $1.4B | $1.4B | $1.2B | $1.6B | $1.5B | $1.9B |
| Diluted shares | 1.20B | 1.15B | 1.13B | 1.09B | 1.07B | 1.07B | 1.07B | 1.06B | 1.01B | 984M |
| Gross margin | 63.7% | 63.5% | 60.3% | 60.0% | 59.2% | 56.1% | 50.3% | 53.1% | 54.0% | 55.8% |
| Operating margin | 35.6% | 35.6% | 33.7% | 33.4% | 35.5% | 32.4% | 25.1% | 27.4% | 25.8% | 29.2% |
| Net margin | 23.4% | 24.4% | 26.1% | 26.4% | 30.7% | 24.9% | 18.9% | 22.8% | 20.1% | 23.0% |
Balance sheet
Fiscal years, from Monster Beverage's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $598M | $1.2B | $958M | $1.3B | $2.1B | $3.1B | $2.7B | $3.3B | $1.5B | $2.8B |
| Receivables | $448M | $449M | $485M | $540M | $666M | $897M | $1.0B | $1.2B | $1.2B | $1.6B |
| Inventory | $162M | $256M | $278M | $361M | $333M | $593M | $936M | $971M | $737M | $800M |
| Total current assets | $1.4B | $2.1B | $1.8B | $2.3B | $3.1B | $4.7B | $4.8B | $5.6B | $3.6B | $5.4B |
| Property, plant and equipment | $173M | $230M | $243M | $299M | $315M | $314M | $517M | $891M | $1.0B | $1.1B |
| Goodwill | $1.3B | $1.3B | $1.3B | $1.3B | $1.3B | $1.3B | $1.4B | $1.4B | $1.3B | $1.3B |
| Total assets | $4.2B | $4.8B | $4.5B | $5.2B | $6.2B | $7.8B | $8.3B | $9.7B | $7.7B | $10.0B |
| Total current liabilities | $471M | $560M | $601M | $661M | $750M | $965M | $1.0B | $1.2B | $1.1B | $1.4B |
| Long-term debt | — | — | — | — | — | — | — | $0 | $374M | — |
| Total liabilities | $824M | $896M | $916M | $979M | $1.0B | $1.2B | $1.3B | $1.5B | $1.8B | $1.7B |
| Shareholders' equity | $3.3B | $3.9B | $3.6B | $4.2B | $5.2B | $6.6B | $7.0B | $8.2B | $6.0B | $8.3B |
| Net debt | -$378M | -$529M | -$638M | -$798M | -$1.2B | -$1.3B | -$1.3B | -$2.3B | -$1.2B | -$2.1B |
Cash flow
Fiscal years, from Monster Beverage's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $701M | $988M | $1.2B | $1.1B | $1.4B | $1.2B | $888M | $1.7B | $1.9B | $2.1B |
| Capital spending | $100M | $83M | $62M | $102M | $49M | $44M | $189M | $221M | $264M | $132M |
| Free cash flow | $602M | $904M | $1.1B | $1.0B | $1.3B | $1.1B | $699M | $1.5B | $1.7B | $2.0B |
| Stock-based compensation | $46M | $52M | $57M | $63M | $70M | $70M | $64M | $69M | $91M | $126M |
| Share buybacks (net) | -$2.3B | -$361M | -$1.3B | -$707M | -$596M | -$14M | -$771M | -$659M | -$3.8B | -$104M |
| Net borrowing | — | — | — | — | -$3M | $3M | $75,000 | -$14M | -$8M | -$10M |
| Free cash flow margin | 19.7% | 26.8% | 28.9% | 24.1% | 28.6% | 20.1% | 11.1% | 21.0% | 22.2% | 23.7% |
Questions
What was Monster Beverage's revenue in 2025?
$8.3B in fiscal 2025, from its 10-K filing.
How much free cash flow does Monster Beverage generate?
$2.0B in fiscal 2025 (operating cash flow minus capital spending).
From Monster Beverage's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.