Celsius (CELH) Q4 2025 earnings summary

Executive summary

• Achieved record full-year revenue of $2,515.3 million in 2025, up 86% year-over-year, driven by acquisitions, organic growth, and significant scale across the Modern Energy portfolio.

• Portfolio now includes two billion-dollar brands, representing about 20% of the U.S. energy drink market in tracked channels.

• Alani Nu and Rockstar Energy integrations are progressing, with Alani Nu's transition into Pepsi's DSD network nearly complete and Rockstar expected by H1 2026.

• International expansion underway, with presence in 10 markets and international revenue up 24% to $92.8 million.

• Focused on operational discipline, innovation, and expanding reach through partnerships, notably with PepsiCo.

Financial highlights

• Q4 2025 revenue was $721.6 million, up 117% year-over-year; full-year revenue reached $2,515.3 million, up 86%.

• FY 2025 gross margin was 50.4%, up 20 bps YoY; Q4 gross margin was 47.4%, down 280 bps YoY due to integration costs.

• FY 2025 net income was $108.0 million, down 26% YoY; diluted EPS was $0.25, down 44% YoY.

• Adjusted EBITDA for FY 2025 was $619.6 million, up 142% YoY; Adjusted EBITDA margin was 24.6%.

• North America revenue grew 89% YoY to $2,422.5 million; International revenue rose 24% YoY to $92.8 million.

Outlook and guidance

• Expect Alani Nu integration to complete by end of Q1 2026 and Rockstar Energy by H1 2026.

• Margins anticipated to expand across 2026, targeting gross margin percentages in the low 50s as integration costs subside.

• Continued focus on innovation, shelf space gains, and international growth to drive future performance.