Monster Beverage Corp 10-Q

Monster Beverage Corp_June 30, 2026 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 June 30, 2026 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 979,525,882 shares of common stock, par value $0.005 per share, outstanding as of July 31, 2026. ​ ​ ​ ​ Table of Contents MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES JUNE 30, 2026 ​ INDEX ​ ​ ​ ​ ​ Part I. FINANCIAL INFORMATION ​ ​ ​ Page No. ​ ​ ​ ​ Item 1. Condensed Consolidated Financial Statements (Unaudited) ​ ​ ​ ​ ​ ​ ​ Condensed Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025 ​ 3 ​ ​ ​ ​ ​ Condensed Consolidated Statements of Income for the Three- and Six-Months Ended June 30, 2026 and 2025 ​ 4 ​ ​ ​ ​ ​ Condensed Consolidated Statements of Comprehensive Income for the Three- and Six-Months Ended June 30, 2026 and 2025 ​ 5 ​ ​ ​ ​ ​ Condensed Consolidated Statements of Stockholders’ Equity for the Three- and Six-Months Ended June 30, 2026 and 2025 ​ 6 ​ ​ ​ ​ ​ Condensed Consolidated Statements of Cash Flows for the Six-Months Ended June 30, 2026 and 2025 ​ 7 ​ ​ ​ ​ ​ Notes to Condensed Consolidated Financial Statements ​ 9 ​ ​ ​ ​ Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations ​ 30 ​ ​ ​ ​ Item 3. Quantitative and Qualitative Disclosures About Market Risk ​ 46 ​ ​ ​ ​ Item 4. Controls and Procedures ​ 46 ​ ​ ​ ​ Part II. OTHER INFORMATION ​ ​ ​ ​ ​ ​ Item 1. Legal Proceedings ​ 47 ​ ​ ​ ​ Item 1A. Risk Factors ​ 47 ​ ​ ​ ​ Item 2. Unregistered Sales of Equity Securities and Use of Proceeds ​ 47 ​ ​ ​ ​ Item 3. Defaults Upon Senior Securities ​ 48 ​ ​ ​ ​ Item 4. Mine Safety Disclosures ​ 48 ​ ​ ​ ​ Item 5. Other Information ​ 48 ​ ​ ​ ​ Item 6. Exhibits ​ 49 ​ ​ ​ ​ ​ Signatures ​ 50 ​ ​ 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 JUNE 30, 2026 AND DECEMBER 31, 2025 (In Thousands, Except Par Value) (Unaudited) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ ​ ​ 2026 ​ ​ ​ 2025 ASSETS ​ ​ ​ ​ ​ ​ CURRENT ASSETS: ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 2,192,424 ​ $ 2,088,117 Short-term investments ​ ​ 1,226,832 ​ ​ 677,084 Accounts receivable, net ​ 1,902,421 1,618,072 Inventories ​ 867,674 799,623 Prepaid expenses and other current assets ​ 148,691 103,551 Prepaid income taxes ​ 67,034 74,637 Total current assets ​ 6,405,076 5,361,084 ​ ​ ​ ​ ​ ​ ​ INVESTMENTS ​ ​ 781,314 ​ ​ 487,329 PROPERTY AND EQUIPMENT, net ​ 1,095,810 1,081,544 DEFERRED INCOME TAXES, net ​ 189,427 188,646 GOODWILL ​ 1,331,643 1,331,643 OTHER INTANGIBLE ASSETS, net ​ 1,381,827 1,379,268 OTHER ASSETS ​ 197,194 159,431 Total Assets ​ $ 11,382,291 $ 9,988,945 ​ ​ ​ ​ ​ ​ ​ LIABILITIES AND STOCKHOLDERS’ EQUITY ​ ​ ​ ​ ​ ​ CURRENT LIABILITIES: ​ ​ ​ ​ ​ ​ Accounts payable ​ $ 753,751 $ 565,974 Accrued liabilities ​ 335,527 306,085 Accrued promotional allowances ​ 434,012 384,070 Deferred revenue ​ 47,695 45,323 Accrued compensation ​ 88,194 114,023 Income taxes payable ​ 58,315 32,305 Total current liabilities ​ 1,717,494 1,447,780 ​ ​ ​ ​ ​ ​ ​ DEFERRED REVENUE ​ 151,344 159,991 OTHER LIABILITIES ​ ​ 149,305 ​ ​ 127,066 ​ ​ ​ ​ ​ ​ ​ COMMITMENTS AND CONTINGENCIES (Note 10) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ STOCKHOLDERS’ EQUITY: ​ ​ ​ ​ ​ ​ Common stock - $ 0.005 par value; 5,000,000 shares authorized; 1,136,078 shares issued and 979,490 shares outstanding as of June 30, 2026; 1,132,906 shares issued and 978,113 shares outstanding as of December 31, 2025 ​ ​ 5,680 ​ ​ 5,665 Additional paid-in capital ​ 5,572,830 5,430,847 Retained earnings ​ 10,508,241 9,354,216 Accumulated other comprehensive loss ​ ( 112,846 ) ( 60,841 ) Common stock in treasury, at cost; 156,588 shares and 154,793 shares as of June 30, 2026 and December 31, 2025, respectively ​ ( 6,609,757 ) ( 6,475,779 ) Total stockholders’ equity ​ 9,364,148 8,254,108 Total Liabilities and Stockholders’ Equity ​ $ 11,382,291 $ 9,988,945 ​ 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 SIX-MONTHS ENDED JUNE 30 , 2026 AND 2025 (In Thousands, Except Per Share Amounts) (Unaudited) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three-Months Ended ​ Six-Months Ended ​ ​ June 30, ​ June 30, ​ ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ 2026 ​ ​ ​ 2025 NET SALES ​ $ 2,537,473 ​ $ 2,111,593 ​ $ 4,890,764 ​ $ 3,966,150 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ COST OF SALES ​ 1,117,839 ​ 935,180 ​ 2,177,781 ​ 1,741,775 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ GROSS PROFIT ​ 1,419,634 ​ 1,176,413 ​ 2,712,983 ​ 2,224,375 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ OPERATING EXPENSES ​ 679,192 ​ 544,791 ​ 1,242,582 ​ 1,023,008 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ OPERATING INCOME ​ 740,442 ​ 631,622 ​ ​ 1,470,401 ​ 1,201,367 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ INTEREST and OTHER INCOME, net ​ 27,827 ​ 15,065 ​ 47,997 ​ 23,337 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ INCOME BEFORE PROVISION FOR INCOME TAXES ​ 768,269 ​ 646,687 ​ ​ 1,518,398 ​ 1,224,704 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ PROVISION FOR INCOME TAXES ​ ​ 183,729 ​ ​ 157,893 ​ ​ 364,373 ​ ​ 292,917 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ NET INCOME ​ $ 584,540 ​ $ 488,794 ​ $ 1,154,025 ​ $ 931,787 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ NET INCOME PER COMMON SHARE: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 0.60 ​ $ 0.50 ​ $ 1.18 ​ $ 0.96 Diluted ​ $ 0.59 ​ $ 0.50 ​ $ 1.17 ​ $ 0.95 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ WEIGHTED AVERAGE NUMBER OF SHARES OF COMMON STOCK AND COMMON STOCK EQUIVALENTS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ 978,662 ​ 975,749 ​ 978,487 ​ 974,691 Diluted ​ 988,479 ​ 983,997 ​ ​ 988,456 ​ 982,748 ​ 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 SIX -MONTHS ENDED JUNE 30 , 2026 AND 2025 (In Thousands) (Unaudited) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three-Months Ended ​ ​ ​ Six-Months Ended ​ ​ June 30, ​ June 30, ​ ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ 2026 ​ ​ ​ 2025 Net income, as reported ​ $ 584,540 ​ $ 488,794 ​ $ 1,154,025 ​ $ 931,787 Other comprehensive income (loss), net of tax: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change in foreign currency translation adjustment ​ ( 12,175 ) ​ 100,759 ​ ( 36,839 ) ​ 164,730 Change in net unrealized gain (loss) on available-for-sale investments ​ ( 2,743 ) ​ ​ 213 ​ ​ ( 7,067 ) ​ ​ 213 Change in net gain (loss) on commodity derivatives ​ ( 28,592 ) ​ 10,666 ​ ( 8,099 ) ​ 13,236 Other comprehensive income (loss) ​ ( 43,510 ) ​ 111,638 ​ ( 52,005 ) ​ 178,179 Comprehensive income ​ $ 541,030 ​ $ 600,432 ​ $ 1,102,020 ​ $ 1,109,966 ​ 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 SIX-MONTHS ENDED JUNE 30 , 2026 AND 2025 (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, 2025 ​ 1,132,906 ​ $ 5,665 ​ $ 5,430,847 ​ $ 9,354,216 ​ $ ( 60,841 ) ​ ( 154,793 ) ​ $ ( 6,475,779 ) ​ $ 8,254,108 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stock-based compensation — ​ ​ — ​ ​ 27,944 ​ ​ — ​ ​ — ​ — ​ ​ — ​ ​ 27,944 Stock options/awards 1,596 ​ ​ 8 ​ ​ 17,955 ​ ​ — ​ ​ — ​ — ​ ​ — ​ ​ 17,963 Unrealized gain (loss), net on available-for-sale securities — ​ — ​ — ​ — ​ ( 4,324 ) — ​ — ​ ( 4,324 ) Repurchase of common stock ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ( 1,793 ) ​ ​ ( 133,970 ) ​ ​ ( 133,970 ) Foreign currency translation — ​ ​ — ​ ​ — ​ ​ — ​ ​ ( 24,664 ) ​ — ​ ​ — ​ ​ ( 24,664 ) Net gain (loss) on commodity derivatives ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 20,493 ​ — ​ ​ — ​ ​ 20,493 Net income — ​ ​ — ​ ​ — ​ ​ 569,485 ​ ​ — ​ — ​ ​ — ​ ​ 569,485 Balance, March 31, 2026 1,134,502 ​ $ 5,673 ​ $ 5,476,746 ​ $ 9,923,701 ​ $ ( 69,336 ) ​ ( 156,586 ) ​ $ ( 6,609,749 ) ​ $ 8,727,035 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stock-based compensation — ​ ​ — ​ ​ 35,189 ​ ​ — ​ ​ — ​ — ​ ​ — ​ ​ 35,189 Stock options/awards 1,576 ​ ​ 7 ​ ​ 60,895 ​ ​ — ​ ​ — ​ — ​ ​ — ​ ​ 60,902 Unrealized gain (loss), net on available-for-sale securities — ​ — ​ — ​ — ​ ( 2,743 ) — ​ — ​ ( 2,743 ) Repurchase of common stock ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ( 2 ) ​ ​ ( 8 ) ​ ​ ( 8 ) Foreign currency translation — ​ ​ — ​ ​ — ​ ​ — ​ ​ ( 12,175 ) ​ — ​ ​ — ​ ​ ( 12,175 ) Net gain (loss) on commodity derivatives ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ( 28,592 ) ​ — ​ ​ — ​ ​ ( 28,592 ) Net income — ​ ​ — ​ ​ — ​ ​ 584,540 ​ ​ — ​ — ​ ​ — ​ ​ 584,540 Balance, June 30, 2026 ​ 1,136,078 ​ $ 5,680 ​ $ 5,572,830 ​ $ 10,508,241 ​ $ ( 112,846 ) ​ ( 156,588 ) ​ $ ( 6,609,757 ) ​ $ 9,364,148 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ 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 SIX -MONTHS ENDED JUNE 30 , 2026 AND 2025 (In Thousands) (Unaudited) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six-Months Ended ​ ​ June 30, ​ ​ ​ ​ 2026 ​ ​ ​ 2025 CASH FLOWS FROM OPERATING ACTIVITIES: ​ ​ ​ ​ ​ ​ Net income ​ $ 1,154,025 ​ $ 931,787 Adjustments to reconcile net income to net cash provided by operating activities: ​ ​ ​ ​ ​ ​ Depreciation and amortization ​ ​ 58,184 ​ ​ 52,405 Non-cash lease expense ​ ​ 7,757 ​ ​ 6,966 Gain on disposal of property and equipment ​ ​ ( 1,433 ) ​ ​ ( 641 ) Loss on impairment of property and equipment ​ ​ — ​ ​ 2,279 Stock-based compensation ​ ​ 63,965 ​ ​ 53,854 Deferred income taxes ​ ​ ( 412 ) ​ ​ 646 Effect on cash of changes in operating assets and liabilities: ​ ​ ​ ​ ​ ​ Accounts receivable ​ ​ ( 290,418 ) ​ ​ ( 222,239 ) Inventories ​ ​ ( 73,782 ) ​ ​ 104,633 Prepaid expenses and other assets ​ ​ ( 62,264 ) ​ ​ ( 63,675 ) Prepaid income taxes ​ ​ 3,457 ​ ​ 14,512 Accounts payable ​ ​ 192,205 ​ ​ 4,333 Accrued liabilities ​ ​ 18,359 ​ ​ 28,510 Accrued promotional allowances ​ ​ 56,516 ​ ​ 71,516 Accrued compensation ​ ​ ( 27,136 ) ​ ​ ( 22,146 ) Income taxes payable ​ ​ 25,830 ​ ​ 21,056 Other liabilities ​ ​ ( 4,177 ) ​ ​ ( 1,582 ) Deferred revenue ​ ​ ( 6,475 ) ​ ​ ( 8,598 ) Net cash provided by operating activities ​ ​ 1,114,201 ​ ​ 973,616 ​ ​ ​ ​ ​ ​ ​ CASH FLOWS FROM INVESTING ACTIVITIES: ​ ​ ​ ​ ​ ​ Sales and maturities of available-for-sale investments ​ ​ 507,415 ​ ​ — Purchases of available-for-sale investments ​ ​ ( 1,358,328 ) ​ ​ ( 283,097 ) Purchases of property and equipment ​ ​ ( 69,031 ) ​ ​ ( 60,460 ) Proceeds from sale of property and equipment ​ ​ 2,909 ​ ​ 2,334 Additions to intangibles ​ ​ ( 6,567 ) ​ ​ ( 15,399 ) Increase in other assets ​ ​ ( 5,713 ) ​ ​ ( 1,107 ) Net cash used in investing activities ​ ​ ( 929,315 ) ​ ​ ( 357,729 ) ​ ​ ​ ​ ​ ​ ​ CASH FLOWS FROM FINANCING ACTIVITIES: ​ ​ ​ ​ ​ ​ Payments on short-term debt ​ ​ ( 3,584 ) ​ ​ ( 5,023 ) Payments on credit facilities ​ ​ — ​ ​ ( 375,000 ) Issuance of common stock ​ ​ 78,865 ​ ​ 87,684 Purchases of common stock held in treasury ​ ​ ( 133,978 ) ​ ​ ( 16,633 ) Net cash used in financing activities ​ ​ ( 58,697 ) ​ ​ ( 308,972 ) ​ ​ ​ ​ ​ ​ ​ Effect of exchange rate changes on cash and cash equivalents ​ ​ ( 21,882 ) ​ ​ 86,725 ​ ​ ​ ​ ​ ​ ​ NET INCREASE IN CASH AND CASH EQUIVALENTS ​ ​ 104,307 ​ ​ 393,640 CASH AND CASH EQUIVALENTS, beginning of period ​ ​ 2,088,117 ​ ​ 1,533,287 CASH AND CASH EQUIVALENTS, end of period ​ $ 2,192,424 ​ $ 1,926,927 ​ ​ ​ ​ ​ ​ ​ SUPPLEMENTAL INFORMATION: ​ ​ ​ ​ ​ ​ Cash paid during the period for: ​ ​ ​ ​ ​ ​ Interest ​ $ 98 ​ $ 5,144 Income taxes ​ $ 332,057 ​ $ 262,711 ​ 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 SIX-MONTHS ENDED JUNE 30, 2026 AND 2025 (In Thousands) (Unaudited) (Continued) SUPPLEMENTAL DISCLOSURE OF NON-CASH ITEMS Included in accrued liabilities as of June 30, 2026 and 2025 were additions to other intangible assets of $ 1.8 million and $ 2.7 million, respectively. Included in accounts payable as of June 30, 2026 and 2025 were property and equipment purchases of $ 0.7 million and $ 4.2 million, respectively. 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, 2025 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 six -months ended June 30, 2026 and 2025 , 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 November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 ASU 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, Bang Energy® drinks, Storm TM and Reign Storm® total wellness energy drinks and FLRT TM total wellness energy drinks, (ii) Strategic Brands segment (“Strategic Brands”), which is primarily comprised of the various energy drink brands acquired from The Coca-Cola Company (“TCCC”) in 2015 as well as 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”). 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. 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 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 June 30, 2026 and December 31, 2025. 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”). 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 10 Table of Contents MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Tabular Dollars in Thousands, Except Per Share Amounts) (Unaudited) ​ 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 June 30, 2026 ​ ​ ​ ​ ​ ​ ​ ​ Asia Pacific ​ Latin ​ ​ ​ ​ U.S. and ​ ​ ​ ​ (including ​ America and ​ ​ Net Sales ​ ​ ​ Canada ​ ​ ​ EMEA 1 ​ ​ ​ Oceania) ​ ​ ​ Caribbean ​ ​ ​ Total Monster Energy® Drinks ​ $ 1,360,558 ​ $ 560,115 ​ $ 207,016 ​ $ 228,442 ​ $ 2,356,131 Strategic Brands ​ 53,452 ​ 72,644 ​ 11,957 ​ 5,668 ​ 143,721 Alcohol Brands ​ ​ 32,194 ​ ​ — ​ ​ — ​ ​ — ​ ​ 32,194 Other ​ 5,427 ​ — ​ — ​ — ​ 5,427 Total Net Sales ​ $ 1,451,631 ​ $ 632,759 ​ $ 218,973 ​ $ 234,110 ​ $ 2,537,473 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three-Months Ended June 30, 2025 ​ ​ ​ ​ ​ ​ ​ ​ Asia Pacific ​ Latin ​ ​ ​ ​ ​ U.S. and ​ ​ ​ ​ (including ​ America and ​ ​ ​ Net Sales ​ ​ ​ Canada ​ ​ ​ EMEA 1 ​ ​ ​ Oceania) ​ ​ ​ Caribbean ​ ​ ​ Total Monster Energy® Drinks ​ $ 1,197,590 ​ $ 439,418 ​ $ 153,926 ​ $ 146,387 ​ $ 1,937,321 Strategic Brands ​ ​ 59,460 ​ 58,798 ​ 7,768 ​ 3,867 ​ 129,893 Alcohol Brands ​ ​ 37,971 ​ ​ — ​ ​ — ​ ​ — ​ ​ 37,971 Other ​ ​ 6,408 ​ — ​ — ​ — ​ 6,408 Total Net Sales ​ $ 1,301,429 ​ $ 498,216 ​ $ 161,694 ​ $ 150,254 ​ $ 2,111,593 1 Europe, Middle East and Africa (“EMEA”) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six-Months Ended June 30, 2026 ​ ​ ​ ​ ​ ​ ​ ​ Asia Pacific ​ Latin ​ ​ ​ ​ ​ U.S. and ​ ​ ​ ​ (including ​ America and ​ ​ ​ Net Sales ​ ​ ​ Canada ​ ​ ​ EMEA 1 ​ ​ ​ Oceania) ​ ​ ​ Caribbean ​ ​ ​ Total Monster Energy® Drinks ​ $ 2,618,836 ​ $ 1,085,644 ​ $ 396,709 ​ $ 443,596 ​ $ 4,544,785 Strategic Brands ​ ​ 103,914 ​ 133,338 ​ 24,155 ​ 9,034 ​ 270,441 Alcohol Brands ​ ​ 64,851 ​ ​ — ​ ​ — ​ ​ — ​ ​ 64,851 Other ​ ​ 10,687 ​ — ​ — ​ — ​ 10,687 Total Net Sales ​ $ 2,798,288 ​ $ 1,218,982 ​ $ 420,864 ​ $ 452,630 ​ $ 4,890,764 ​ ​ 11 Table of Contents MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Tabular Dollars in Thousands, Except Per Share Amounts) (Unaudited) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six-Months Ended June 30, 2025 ​ ​ ​ ​ ​ ​ ​ ​ Asia Pacific ​ Latin ​ ​ ​ ​ ​ U.S. and ​ ​ ​ ​ (including ​ America and ​ ​ ​ Net Sales ​ ​ ​ Canada ​ ​ ​ EMEA 1 ​ ​ ​ Oceania) ​ ​ ​ Caribbean ​ ​ ​ Total Monster Energy® Drinks ​ $ 2,277,927 ​ $ 785,489 ​ $ 285,945 ​ $ 303,508 ​ $ 3,652,869 Strategic Brands ​ ​ 103,090 ​ 97,302 ​ 20,271 ​ 7,562 ​ 228,225 Alcohol Brands ​ ​ 72,674 ​ ​ — ​ ​ — ​ ​ — ​ ​ 72,674 Other ​ ​ 12,382 ​ — ​ — ​ — ​ 12,382 Total Net Sales ​ $ 2,466,073 ​ $ 882,791 ​ $ 306,216 ​ $ 311,070 ​ $ 3,966,150 1 Europe, Middle East and Africa (“EMEA”) ​ Contract Liabilities Amounts received from certain bottlers/distributors at the inception of their distribution contracts or at the inception of certain sales/marketing programs are accounted for as deferred revenue. As of June 30, 2026 and December 31, 2025 , the Company had $ 199.0 million and $ 205.3 million, respectively, of deferred revenue, which is included in current and long-term deferred revenue in the Company’s condensed consolidated balance sheets. During both the three -months ended June 30, 2026 and 2025, $ 10.0 million of deferred revenue was recognized in net sales. During both the six -months ended June 30, 2026 and 2025, $ 19.9 million of deferred revenue was recognized in net sales. See Note 8. ​ 3. INVESTMENTS The following table summarizes the Company’s investments at: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Continuous ​ ​ ​ Continuous ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ Unrealized ​ Unrealized ​ ​ ​ ​ Unrealized ​ Unrealized ​ ​ ​ Loss Position ​ Loss Position ​ ​ Amortized ​ Holding ​ Holding ​ Fair ​ less than ​ greater than June 30, 2026 ​ ​ ​ Cost ​ ​ ​ Gains ​ ​ ​ Losses ​ ​ ​ Value ​ ​ ​ 12 Months ​ ​ ​ 12 Months Available-for-sale ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Short-term: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial paper ​ $ 174,270 ​ $ 1 ​ $ — ​ $ 174,271 ​ $ — ​ $ — Municipal securities ​ ​ 3,107 ​ ​ — ​ ​ 5 ​ ​ 3,102 ​ ​ 5 ​ ​ — U.S. government agency securities ​ ​ 62,316 ​ ​ — ​ ​ 53 ​ ​ 62,263 ​ ​ 53 ​ ​ — U.S. treasuries ​ 653,881 ​ — ​ 907 ​ 652,974 ​ 907 ​ — Corporate bonds ​ 334,849 ​ — ​ 627 ​ 334,222 ​ 627 ​ — Long-term: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Municipal securities ​ ​ 593 ​ ​ — ​ ​ 4 ​ ​ 589 ​ ​ 4 ​ ​ — U.S. government agency securities ​ ​ 42,124 ​ ​ — ​ ​ 289 ​ ​ 41,835 ​ ​ 289 ​ ​ — U.S. treasuries ​ 468,616 ​ — ​ 2,664 ​ 465,952 ​ 2,664 ​ — Corporate bonds ​ 274,305 ​ — ​ 1,367 ​ 272,938 ​ 1,367 ​ ​ — Total ​ $ 2,014,061 ​ $ 1 ​ $ 5,916 ​ $ 2,008,146 ​ $ 5,916 ​ $ — ​ 12 Table of Contents MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Tabular Dollars in Thousands, Except Per Share Amounts) (Unaudited) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Continuous ​ ​ ​ Continuous ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ ​ Unrealized ​ Unrealized ​ ​ ​ ​ ​ Unrealized ​ Unrealized ​ ​ ​ ​ Loss Position ​ Loss Position ​ ​ Amortized ​ Holding ​ Holding ​ Fair ​ less than ​ greater than December 31, 2025 ​ ​ ​ Cost ​ ​ ​ Gains ​ ​ ​ Losses ​ ​ ​ Value ​ ​ ​ 12 Months ​ ​ ​ 12 Months Available-for-sale ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Short-term: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial paper ​ $ 90,418 ​ $ 1 ​ $ — ​ $ 90,419 ​ $ — ​ $ — Certificates of deposit ​ 12,728 ​ — ​ — ​ 12,728 ​ — ​ — Municipal securities ​ 674 ​ 1 ​ — ​ 675 ​ — ​ — U.S. treasuries ​ 489,007 ​ 492 ​ — ​ 489,499 ​ — ​ — Corporate bonds ​ 83,639 ​ 124 ​ — ​ 83,763 ​ — ​ — Long-term: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Municipal securities ​ 1,206 ​ 1 ​ — ​ 1,207 ​ — ​ — U.S. treasuries ​ 259,613 ​ 353 ​ — ​ 259,966 ​ — ​ — Corporate bonds ​ 225,867 ​ 289 ​ — ​ 226,156 ​ — ​ — Total ​ $ 1,163,152 ​ $ 1,261 ​ $ — ​ $ 1,164,413 ​ $ — ​ $ — ​ During the three- and six-months ended June 30, 2026 and 2025, realized gains or losses recognized on the sale of investments were not significant. The Company’s investments at June 30, 2026 carried investment grade credit ratings. The following table summarizes the underlying contractual maturities of the Company’s investments at: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2026 ​ ​ ​ December 31, 2025 ​ ​ ​ ​ Amortized Cost ​ ​ ​ Fair Value ​ ​ ​ Amortized Cost ​ ​ ​ Fair Value Less than 1 year: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial paper ​ $ 174,270 ​ $ 174,271 ​ $ 90,418 ​ $ 90,419 Certificates of deposit ​ — ​ — ​ 12,728 ​ 12,728 Municipal securities ​ ​ 3,107 ​ ​ 3,102 ​ ​ 674 ​ ​ 675 U.S. government agency securities ​ ​ 62,316 ​ ​ 62,263 ​ ​ — ​ ​ — U.S. treasuries ​ 653,881 ​ 652,974 ​ 489,007 ​ 489,499 Corporate bonds ​ 334,849 ​ 334,222 ​ 83,639 ​ 83,763 Due 1 - 10 years: ​ ​ ​ ​ ​ ​ ​ ​ Municipal securities ​ ​ 593 ​ ​ 589 ​ ​ 1,206 ​ ​ 1,207 U.S. government agency securities ​ ​ 42,124 ​ ​ 41,835 ​ ​ — ​ ​ — U.S. treasuries ​ 468,616 ​ 465,952 ​ 259,613 ​ 259,966 Corporate bonds ​ 274,305 ​ 272,938 ​ 225,867 ​ 226,156 Total ​ $ 2,014,061 ​ $ 2,008,146 ​ $ 1,163,152 ​ $ 1,164,413 ​ ​ 13 Table of Contents MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Tabular Dollars in Thousands, Except Per Share Amounts) (Unaudited) ​ 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. 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2026 ​ ​ ​ Level 1 ​ ​ ​ Level 2 ​ ​ ​ Level 3 ​ ​ ​ Total Cash ​ $ 967,598 ​ $ — ​ $ — ​ $ 967,598 Money market funds ​ 1,132,752 ​ — ​ — ​ 1,132,752 Commercial paper ​ — ​ 174,271 ​ — ​ 174,271 Certificates of deposit ​ ​ — ​ ​ 92,074 ​ ​ — ​ ​ 92,074 Municipal securities ​ — ​ 3,691 ​ — ​ 3,691 U.S. government agency securities ​ — ​ 104,098 ​ — ​ 104,098 U.S. treasuries ​ ​ — ​ ​ 1,118,926 ​ ​ — ​ ​ 1,118,926 Corporate bonds ​ ​ — ​ ​ 607,160 ​ ​ — ​ ​ 607,160 Foreign currency derivatives ​ — ​ ( 112 ) ​ — ​ ( 112 ) Commodity derivatives ​ — ​ 17,408 ​ — ​ 17,408 Total ​ $ 2,100,350 ​ $ 2,117,516 ​ $ — ​ $ 4,217,866 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amounts included in: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 2,100,350 ​ $ 92,074 ​ $ — ​ $ 2,192,424 Short-term investments ​ — ​ 1,226,832 ​ — ​ 1,226,832 Accounts receivable, net ​ — ​ 24,161 ​ — ​ 24,161 Other assets ​ — ​ 520 ​ — ​ 520 Investments ​ ​ — ​ ​ 781,314 ​ ​ — ​ ​ 781,314 Accrued liabilities ​ — ​ ( 6,078 ) ​ — ​ ( 6,078 ) Other liabilities ​ ​ — ​ ​ ( 1,307 ) ​ ​ — ​ ​ ( 1,307 ) Total ​ $ 2,100,350 ​ $ 2,117,516 ​ $ — ​ $ 4,217,866 ​ ​ 14 Table of Contents MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Tabular Dollars in Thousands, Except Per Share Amounts) (Unaudited) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2025 ​ ​ ​ Level 1 ​ ​ ​ Level 2 ​ ​ ​ Level 3 ​ ​ ​ Total Cash ​ $ 1,244,954 ​ $ — ​ $ — ​ $ 1,244,954 Money market funds ​ 787,293 ​ — ​ — ​ 787,293 Commercial paper ​ — ​ 90,419 ​ — ​ 90,419 Certificates of deposit ​ ​ — ​ ​ 68,597 ​ ​ — ​ ​ 68,597 Municipal securities ​ — ​ 1,882 ​ — ​ 1,882 U.S. treasuries ​ ​ — ​ ​ 749,465 ​ ​ — ​ ​ 749,465 Corporate bonds ​ ​ — ​ ​ 309,919 ​ ​ — ​ ​ 309,919 Foreign currency derivatives ​ — ​ ( 1,474 ) ​ — ​ ( 1,474 ) Commodity derivatives ​ ​ — ​ ​ 35,188 ​ ​ — ​ ​ 35,188 Total ​ $ 2,032,247 ​ $ 1,253,996 ​ $ — ​ $ 3,286,243 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amounts included in: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 2,032,247 ​ $ 55,870 ​ $ — ​ $ 2,088,117 Short-term investments ​ — ​ 677,084 ​ — ​ 677,084 Accounts receivable, net ​ — ​ 33,667 ​ — ​ 33,667 Other assets ​ ​ — ​ ​ 3,530 ​ ​ — ​ ​ 3,530 Investments ​ — ​ 487,329 ​ — ​ 487,329 Accrued liabilities ​ — ​ ( 3,484 ) ​ — ​ ( 3,484 ) Total ​ $ 2,032,247 ​ $ 1,253,996 ​ $ — ​ $ 3,286,243 ​ 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 six -months ended June 30, 2026 , or during the year-ended December 31, 2025, and there were no changes in the Company’s valuation techniques. ​ 5. INVENTORIES Inventories consist of the following at: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ ​ ​ December 31, ​ ​ ​ ​ 2026 ​ ​ ​ 2025 Raw materials ​ $ 364,255 ​ $ 322,604 Work in process ​ ​ 966 ​ ​ 1,114 Finished goods ​ 502,453 ​ 475,905 ​ ​ $ 867,674 ​ $ 799,623 ​ ​ 15 Table of Contents MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Tabular Dollars in Thousands, Except Per Share Amounts) (Unaudited) ​ 6. PROPERTY AND EQUIPMENT, NET Property and equipment consist of the following at: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ ​ ​ December 31, ​ ​ ​ ​ 2026 ​ ​ ​ 2025 Land ​ $ 189,094 ​ $ 188,889 Leasehold improvements ​ 31,354 ​ 33,456 Furniture and fixtures ​ 13,308 ​ 13,263 Office and computer equipment ​ 23,911 ​ 25,191 Equipment ​ 624,606 ​ 611,269 Buildings ​ 444,131 ​ 410,189 Vehicles ​ 118,863 ​ 83,066 Assets under construction ​ ​ 22,252 ​ ​ 55,252 ​ ​ 1,467,519 ​ 1,420,575 Less: accumulated depreciation and amortization ​ ( 371,709 ) ​ ( 339,031 ) ​ ​ $ 1,095,810 ​ $ 1,081,544 ​ Total depreciation and amortization expense was $ 27.1 million and $ 23.3 million for the three -months ended June 30, 2026 and 2025 , respectively. Total depreciation and amortization expense was $ 52.7 million and $ 43.7 million for the six -months ended June 30, 2026 and 2025 , respectively. ​ 7. GOODWILL AND OTHER INTANGIBLE ASSETS The following is a roll-forward of goodwill for the six -months ended June 30, 2026 and 2025 by reportable segment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Monster ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Energy® ​ Strategic ​ Alcohol ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Drinks ​ ​ ​ Brands ​ ​ ​ Brands* ​ ​ ​ Other ​ ​ ​ Total Balance at December 31, 2025 ​ $ 693,644 ​ $ 637,999 ​ $ — ​ $ — ​ $ 1,331,643 Acquisitions ​ — ​ — ​ — ​ — ​ — Balance at June 30, 2026 ​ $ 693,644 ​ $ 637,999 ​ $ — ​ $ — ​ $ 1,331,643 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Monster ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Energy® ​ Strategic ​ Alcohol ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Drinks ​ ​ ​ Brands ​ ​ ​ Brands* ​ ​ ​ Other ​ ​ ​ Total Balance at December 31, 2024 ​ $ 693,644 ​ $ 637,999 ​ $ — ​ $ — ​ $ 1,331,643 Acquisitions ​ — ​ — ​ — ​ — ​ — Balance at June 30, 2025 ​ $ 693,644 ​ $ 637,999 ​ $ — ​ $ — ​ $ 1,331,643 *Accumulated goodwill impairment balance was $ 86.3 million related entirely to Alcohol Brands. There were no impairments prior to the year ended December 31, 2024. ​ 16 Table of Contents MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Tabular Dollars in Thousands, Except Per Share Amounts) (Unaudited) ​ Intangible assets consist of the following at: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ ​ ​ December 31, ​ ​ ​ ​ 2026 ​ ​ ​ 2025 Amortizing intangibles ​ $ 140,553 ​ $ 137,664 Accumulated amortization ​ ( 91,609 ) ​ ( 86,999 ) ​ ​ 48,944 ​ 50,665 Non-amortizing intangibles ​ 1,332,883 ​ 1,328,603 ​ ​ $ 1,381,827 ​ $ 1,379,268 ​ Amortizing intangibles primarily consist of computer software, tradenames and 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 $ 2.7 million and $ 4.3 million for the three-months ended June 30, 2026 and 2025, respectively. Total amortization expense was $ 5.5 million and $ 8.7 million for the six-months ended June 30, 2026 and 2025, respectively. For the three- and six-months ended June 30, 2026 and 2025 , no impairment charges were recorded to intangible assets. The following is the future estimated amortization expense related to amortizing intangibles as of June 30, 2026: ​ ​ ​ ​ ​ 2026 (from July 1, 2026 to December 31, 2026) ​ ​ ​ $ 5,839 2027 ​ ​ 9,914 2028 ​ ​ 8,903 2029 ​ ​ 4,590 2030 ​ ​ 4,590 2031 and thereafter ​ ​ 15,108 ​ ​ $ 48,944 ​ ​ 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 $ 10.0 million for both the three-months ended June 30, 2026 and 2025. Revenue recognized was $ 19.9 million for both the six-months ended June 30, 2026 and 2025. ​ 17 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 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 June 30, 2026, 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 June 30, 2026, no amount was outstanding on this line of credit. ​ 10. COMMITMENTS AND CONTINGENCIES The Company had purchase commitments aggregating approximately $ 218.9 million at June 30, 2026, 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 $ 746.6 million at June 30, 2026, 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 June 30, 2026 and December 31, 2025 , $ 30.3 million and $ 36.2 million, respectively, of loss contingencies were included in the Company’s accompanying condensed consolidated balance sheets. ​ 18 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 six-months ended June 30, 2026 and 2025 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, 2025 ​ $ 45,955 ​ $ ( 108,059 ) ​ $ 1,263 ​ $ ( 60,841 ) Other comprehensive income (loss) before reclassifications ​ ​ 18,034 ​ ( 36,839 ) ​ ​ ( 7,067 ) ​ ​ ( 25,872 ) Amounts reclassified from accumulated other comprehensive loss ​ ​ ( 26,133 ) ​ — ​ ​ — ​ ​ ( 26,133 ) Net current-period other comprehensive income (loss) ​ ​ ( 8,099 ) ​ ( 36,839 ) ​ ​ ( 7,067 ) ​ ​ ( 52,005 ) Balance at June 30, 2026 ​ $ 37,856 ​ $ ( 144,898 ) ​ $ ( 5,804 ) ​ $ ( 112,846 ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ 16,189 ​ 164,730 ​ ​ 213 ​ ​ 181,132 Amounts reclassified from accumulated other comprehensive loss ​ ​ ( 2,953 ) ​ — ​ ​ — ​ ​ ( 2,953 ) Net current-period other comprehensive income (loss) ​ ​ 13,236 ​ 164,730 ​ ​ 213 ​ ​ 178,179 Balance at June 30, 2025 ​ $ 13,679 ​ $ ( 105,200 ) ​ $ 213 ​ $ ( 91,308 ) ​ ​ 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 June 30, 2026, no shares were repurchased under the August 2024 Repurchase Plan. As of August 5, 2026, approximately $ 400.0 million remained available for repurchase under the August 2024 Repurchase Plan. On May 14, 2026, 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 “May 2026 Repurchase Plan”). During the three-months ended June 30, 2026, no shares were repurchased under the May 2026 Repurchase Plan. As of August 5, 2026, approximately $ 500.0 million remained available for repurchase under the May 2026 Repurchase Plan. The aggregate amount of the Company’s outstanding common stock that remains available for repurchase under all previously authorized repurchase plans is approximately $ 900.0 million as of August 5, 2026. During the three-months ended June 30, 2026, 1,358 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 $ 0.1 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 June 30, 2026. ​ 19 Table of Contents MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Tabular Dollars in Thousands, Except Per Share Amounts) (Unaudited) ​ 13. STOCK-BASED COMPENSATION The Company has two stock-based compensation plans under which shares were available for grant at June 30, 2026: (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. The Company recorded $ 35.7 million and $ 33.2 million of compensation expense relating to outstanding options, restricted stock units, performance share units and other share-based awards during the three-months ended June 30, 2026 and 2025, respectively. The Company recorded $ 64.0 million and $ 53.9 million of compensation expense relating to outstanding options, restricted stock units, performance share units and other share-based awards during the six-months ended June 30, 2026 and 2025, 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 June 30, 2026 and 2025 was $ 10.7 million and $ 6.4 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 six-months ended June 30, 2026 and 2025 was $ 16.2 million and $ 13.6 million, respectively. Stock Options Under the Company’s stock-based compensation plans, all stock options granted as of June 30, 2026 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 June 30, ​ Six-Months Ended June 30, ​ ​ ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ 2026 ​ ​ ​ 2025 ​ Dividend yield ​ 0.0 % 0.0 % 0.0 % 0.0 % Expected volatility ​ 24.5 % 26.5 % 25.5 % 26.7 % Risk-free interest rate ​ 4.2 % 4.1 % 4.1 % 4.2 % Expected term ​ 5.9 years 6.1 years 6.1 years 6.2 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. 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 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, 2026 22,161 ​ $ 42.80 5.8 ​ $ 750,594 Granted 01/01/26 - 03/31/26 894 ​ $ 77.11 ​ ​ ​ ​ ​ Granted 04/01/26 - 06/30/26 14 ​ $ 89.10 ​ ​ ​ ​ ​ Exercised ( 2,187 ) ​ $ 36.06 ​ ​ ​ ​ ​ Cancelled or forfeited ( 112 ) ​ $ 52.33 ​ ​ ​ ​ ​ Outstanding at June 30, 2026 20,770 ​ $ 44.97 5.7 ​ $ 1,062,459 Vested and expected to vest in the future at June 30, 2026 ​ 20,158 ​ $ 44.60 ​ 5.6 ​ $ 1,038,580 Exercisable at June 30, 2026 ​ 12,144 ​ $ 37.70 ​ 4.3 ​ $ 709,422 ​ The weighted-average grant-date fair value of options granted during the three-months ended June 30, 2026 and 2025 was $ 29.51 per share and $ 21.20 per share, respectively. The weighted-average grant-date fair value of options granted during the six-months ended June 30, 2026 and 2025 was $ 26.59 per share and $ 19.85 per share, respectively. The total intrinsic value of options exercised during the three-months ended June 30, 2026 and 2025 was $ 75.0 million and $ 38.0 million, respectively. The total intrinsic value of options exercised during the six-months ended June 30, 2026 and 2025 was $ 105.4 million and $ 86.1 million, respectively. Cash received from option exercises under all plans for the three-months ended June 30, 2026 and 2025 was $ 60.9 million and $ 39.6 million, respectively. Cash received from option exercises under all plans for the six-months ended June 30, 2026 and 2025 was $ 78.9 million and $ 87.7 million, respectively. At June 30, 2026, there was $ 106.9 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 2.2 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. ​ 21 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 Grant-Date ​ ​ ​ ​ (in thousands) ​ ​ ​ Fair Value Non-vested at January 1, 2026 ​ 2,040 ​ $ 53.15 Granted 01/01/26 - 03/31/26 1 ​ 986 ​ $ 68.99 Granted 04/01/26 - 06/30/26 ​ 27 ​ $ 86.94 Vested ​ ( 985 ) ​ $ 51.10 Forfeited/cancelled ​ ( 8 ) ​ $ 59.92 Non-vested at June 30, 2026 ​ 2,060 ​ $ 62.13 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 June 30, 2026 and 2025 was $ 86.94 and $ 62.68 per share, respectively. The weighted-average grant-date fair value of restricted stock units and/or performance share units granted during the six-months ended June 30, 2026 and 2025 was $ 77.48 and $ 55.32 per share, respectively. As of June 30, 2026, 1.9 million restricted stock units and performance share units are expected to vest over their respective terms. At June 30, 2026, total unrecognized compensation expense relating to non-vested restricted stock units and performance share units was $ 87.3 million, which is expected to be recognized over a weighted-average period of 2.2 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 the date of settlement. At June 30, 2026, other share-based awards outstanding included grants that vest over three years payable in the first quarters of 2027, 2028 and 2029. At June 30, 2026, there was $ 2.9 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 1.7 years. ​ 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 six-months ended June 30, 2026: ​ ​ ​ ​ ​ ​ ​ Gross Unrecognized Tax ​ ​ ​ ​ Benefits Balance at December 31, 2025 ​ $ 3,230 Additions for tax positions related to the current year ​ — Additions for tax positions related to the prior years ​ 348 Decreases for tax positions related to the prior years ​ — Balance at June 30, 2026 ​ $ 3,578 ​ 22 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 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 June 30, 2026, the Company had approximately $ 1.1 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. 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 2025 U.S. federal income tax returns are subject to examination by the IRS. The Company’s state income tax returns are generally subject to examination for the 2021 through 2025 tax years. The United Kingdom and Ireland income tax returns are subject to examination for the 2021 through 2025 tax years. ​ 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 ​ Six-Months Ended ​ ​ June 30, ​ June 30, ​ ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ 2026 ​ ​ ​ 2025 Weighted-average shares outstanding: ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ 978,662 975,749 978,487 974,691 Dilutive ​ 9,817 8,248 9,969 8,057 Diluted ​ 988,479 983,997 988,456 982,748 ​ For the three-months ended June 30, 2026 and 2025, options and awards outstanding totaling 0.9 million shares and 7.2 million shares, respectively, were excluded from the calculations as their effect would have been antidilutive. For the six-months ended June 30, 2026 and 2025, options and awards outstanding totaling 0.6 million shares and 9.9 million shares, respectively, were excluded from the calculations as their effect would have been antidilutive. ​ 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, Bang Energy® drinks, Storm TM and Reign Storm® total wellness energy drinks and FLRT TM total wellness 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. 23 Table of Contents MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Tabular Dollars in Thousands, Except Per Share Amounts) (Unaudited) ​ 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. The tables below provide information about the Company’s reportable segments, including the corporate and unallocated category. Three-Months Ended June 30, 2026 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Monster ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Energy® ​ Strategic ​ Alcohol ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Drinks ​ ​ ​ Brands ​ ​ ​ Brands ​ ​ ​ Other ​ ​ ​ Total Net sales 1 ​ $ 2,356,131 ​ $ 143,721 ​ $ 32,194 ​ $ 5,427 $ 2,537,473 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost of sales ​ 1,038,248 ​ 51,671 ​ 23,320 ​ 4,600 ​ ​ ​ Gross profit ​ 1,317,883 ​ 92,050 ​ 8,874 ​ 827 ​ ​ 1,419,634 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Distribution expense ​ 112,516 ​ 3,475 ​ 2,791 ​ 11 ​ ​ ​ Selling and marketing expense ​ 246,554 ​ 18,803 ​ 3,753 ​ 48 ​ ​ ​ Nonmanufacturing payroll expense ​ 51,173 ​ 2,355 ​ 7,024 ​ 629 ​ ​ ​ Other segment items 2 ​ 31,956 ​ 1,067 ​ 2,641 ​ 290 ​ ​ ​ Segment profit (loss) 1 ​ ​ 875,684 ​ ​ 66,350 ​ ​ ( 7,335 ) ​ ​ ( 151 ) ​ ​ 934,548 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reconciliation of segment profit (loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest and other income, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 27,827 Unallocated amounts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate payroll expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ( 127,601 ) Corporate overhead expenses, excluding payroll ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ( 66,505 ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income before provision for income taxes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 768,269 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation and amortization ​ $ 22,312 ​ $ 276 ​ $ 1,623 ​ $ 459 ​ $ 24,670 Unallocated depreciation and amortization ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 5,114 Total depreciation and amortization ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 29,784 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, professional services expense, and certain overhead expenses Strategic Brands - travel and entertainment expense, and 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) ​ Alcohol Brands - travel and entertainment expense, professional services expense, depreciation and amortization expense, and certain overhead expenses Other - professional services expense, and certain overhead expenses Three-Months Ended June 30, 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Monster ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Energy® ​ Strategic ​ Alcohol ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Drinks ​ ​ ​ Brands ​ ​ ​ Brands ​ ​ ​ Other ​ ​ ​ Total Net sales 1 ​ $ 1,937,321 ​ $ 129,893 ​ $ 37,971 ​ $ 6,408 ​ $ 2,111,593 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost of sales ​ 861,518 ​ 41,931 ​ 27,235 ​ 4,496 ​ ​ Gross profit ​ 1,075,803 ​ 87,962 ​ 10,736 ​ 1,912 ​ 1,176,413 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Distribution expense ​ 77,812 ​ 1,588 ​ 2,629 ​ 6 ​ ​ Selling and marketing expense ​ 174,769 ​ 15,607 ​ 6,463 ​ 59 ​ ​ Nonmanufacturing payroll expense ​ 44,074 ​ 2,025 ​ 8,989 ​ 414 ​ ​ Other segment items 2 ​ 21,648 ​ 875 ​ 7,287 ​ 174 ​ ​ Segment profit (loss) 1 ​ ​ 757,500 ​ ​ 67,867 ​ ​ ( 14,632 ) ​ ​ 1,259 ​ ​ 811,994 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reconciliation of segment profit (loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest and other income, net ​ ​ ​ ​ ​ ​ ​ ​ ​ 15,065 Unallocated amounts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate payroll expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ( 115,232 ) Corporate overhead expenses, excluding payroll ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ( 65,140 ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income before provision for income taxes ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 646,687 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation and amortization ​ $ 19,214 ​ $ 244 ​ $ 4,808 ​ $ 325 ​ $ 24,591 Unallocated depreciation and amortization ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,966 Total depreciation and amortization ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 27,557 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, 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 25 Table of Contents MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Tabular Dollars in Thousands, Except Per Share Amounts) (Unaudited) ​ Six-Months Ended June 30, 2026 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Monster ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Energy® ​ Strategic ​ Alcohol ​ ​ ​ ​ ​ ​ ​ ​ ​ Drinks ​ ​ ​ Brands ​ ​ ​ Brands ​ ​ ​ Other ​ ​ ​ Total Net sales 1 ​ $ 4,544,785 ​ $ 270,441 ​ $ 64,851 ​ $ 10,687 ​ $ 4,890,764 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost of sales ​ 2,028,904 ​ 95,237 ​ 45,467 ​ 8,173 ​ ​ Gross profit ​ 2,515,881 ​ 175,204 ​ 19,384 ​ 2,514 ​ 2,712,983 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Distribution expense ​ 210,404 ​ 6,145 ​ 5,061 ​ 21 ​ ​ Selling and marketing expense ​ 424,479 ​ 31,648 ​ 7,958 ​ 87 ​ ​ Nonmanufacturing payroll expense ​ 101,225 ​ 5,235 ​ 16,735 ​ 1,062 ​ ​ Other segment items 2 ​ 55,209 ​ 1,942 ​ 6,613 ​ 1,114 ​ ​ Segment profit (loss) 1 ​ 1,724,564 ​ 130,234 ​ ( 16,983 ) ​ 230 ​ 1,838,045 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reconciliation of segment profit (loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest and other income, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 47,997 Unallocated amounts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate payroll expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ( 245,259 ) Corporate overhead expenses, excluding payroll ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ( 122,385 ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income before provision for income taxes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 1,518,398 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation and amortization ​ $ 43,982 ​ $ 570 ​ $ 3,507 ​ $ 741 ​ $ 48,800 Unallocated depreciation and amortization ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 9,384 Total depreciation and amortization ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 58,184 1 For the Monster Energy® Drinks segment, includes $ 19.9 million related to the recognition of deferred revenue. 2 Other segment items for each reportable segment include: Monster Energy® Drinks - travel and entertainment expense, professional services expense, and certain overhead expenses Strategic Brands - travel and entertainment expense, and certain overhead expenses Alcohol Brands - travel and entertainment expense, professional services expense, depreciation and amortization expense, and certain overhead expenses Other - professional services expense, and 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) ​ Six-Months Ended June 30, 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Monster ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Energy® ​ Strategic ​ Alcohol ​ ​ ​ ​ ​ ​ ​ ​ ​ Drinks ​ ​ ​ Brands ​ ​ ​ Brands ​ ​ ​ Other ​ ​ ​ Total Net sales 1 ​ $ 3,652,869 ​ $ 228,225 ​ $ 72,674 ​ $ 12,382 ​ $ 3,966,150 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost of sales ​ 1,607,215 ​ 72,618 ​ 52,670 ​ 9,272 ​ ​ Gross profit ​ 2,045,654 ​ 155,607 ​ 20,004 ​ 3,110 ​ 2,224,375 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Distribution expense ​ 151,257 ​ 2,698 ​ 5,627 ​ 6 ​ ​ Selling and marketing expense ​ 329,303 ​ 26,903 ​ 12,801 ​ 171 ​ ​ Nonmanufacturing payroll expense ​ 86,880 ​ 4,475 ​ 18,312 ​ 1,128 ​ ​ Other segment items 2 ​ 40,362 ​ 1,768 ​ 19,386 ​ 310 ​ ​ Segment profit (loss) 1 ​ 1,437,852 ​ 119,763 ​ ( 36,122 ) ​ 1,495 ​ 1,522,988 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reconciliation of segment profit (loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest and other income, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 23,337 Unallocated amounts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate payroll expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ( 212,333 ) Corporate overhead expenses, excluding payroll ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ( 109,288 ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income before provision for income taxes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 1,224,704 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation and amortization ​ $ 35,839 ​ $ 503 ​ $ 9,902 ​ $ 449 ​ $ 46,693 Unallocated depreciation and amortization ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 5,712 Total depreciation and amortization ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 52,405 1 For the Monster Energy® Drinks segment, includes $ 19.9 million related to the recognition of deferred revenue. 2 Other segment items for each reportable segment include: Monster Energy® Drinks - travel and entertainment expense, 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 Coca-Cola Europacific Partners accounted for approximately 16 % and 15 % of the Company’s net sales for the three-months ended June 30, 2026 and 2025, respectively. Coca-Cola Europacific Partners accounted for approximately 16 % and 14 % of the Company’s net sales for the six-months ended June 30, 2026 and 2025, respectively. Coca-Cola Consolidated, Inc. accounted for approximately 9 % and 11 % of the Company’s net sales for the three-months ended June 30, 2026 and 2025, respectively. Coca-Cola Consolidated, Inc. accounted for approximately 9 % and 10 % of the Company’s net sales for the six-months ended June 30, 2026 and 2025, respectively. Net sales to customers outside the United States amounted to $ 1.16 billion and $ 864.2 million for the three-months ended June 30, 2026 and 2025, respectively. Such sales were approximately 46 % and 41 % of net sales for the three-months ended June 30, 2026 and 2025, respectively. Net sales to customers outside the United States amounted to $ 2.23 billion and $ 1.60 billion for the six-months ended June 30, 2026 and 2025, respectively. Such sales were approximately 46 % and 40 % of net sales for the six-months ended June 30, 2026 and 2025, 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ ​ ​ 2026 ​ ​ ​ 2025 Goodwill and other intangible assets: ​ ​ ​ ​ ​ ​ Monster Energy® Drinks ​ $ 1,720,047 ​ $ 1,716,824 Strategic Brands ​ 982,543 ​ 982,543 Alcohol Brands ​ ​ 10,880 ​ ​ 11,544 Other ​ — ​ — ​ ​ $ 2,713,470 ​ $ 2,710,911 ​ ​ 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 $ 34.6 million and $ 29.6 million for the three-months ended June 30, 2026 and 2025, 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 $ 71.0 million and $ 55.4 million for the six-months ended June 30, 2026 and 2025, respectively, and are included as a reduction to net sales. TCCC commissions, based on sales to TCCC independent bottlers, were $ 16.8 million and $ 12.0 million for the three-months ended June 30, 2026 and 2025, respectively, and are included in operating expenses. TCCC commissions, based on sales to TCCC independent bottlers, were $ 33.1 million and $ 21.4 million for the six-months ended June 30, 2026 and 2025, respectively, and are included in operating expenses. Net sales to the TCCC Subsidiaries for the three-months ended June 30, 2026 and 2025 were $ 68.4 million and $ 61.1 million, respectively. Net sales to the TCCC Subsidiaries for the six-months ended June 30, 2026 and 2025 were $ 133.5 million and $ 119.2 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 $ 6.5 million and $ 6.8 million for the three-months ended June 30, 2026 and 2025, respectively. Concentrate purchases from TCCC were $ 12.4 million and $ 13.2 million for the six-months ended June 30, 2026 and 2025, respectively. Certain TCCC Subsidiaries also contract manufacture certain of the Company’s energy drinks. Such contract manufacturing expenses were $ 14.3 million and $ 12.9 million for the three-months ended June 30, 2026 and 2025, respectively. Such contract manufacturing expenses were $ 27.4 million and $ 24.6 million for the six-months ended June 30, 2026 and 2025, respectively. Accounts receivable, accounts payable, accrued promotional allowances and accrued liabilities related to the TCCC Subsidiaries were as follows at: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ ​ ​ 2026 ​ ​ ​ 2025 Accounts receivable, net ​ $ 196,513 ​ $ 166,618 Accounts payable ​ $ ( 30,836 ) ​ $ ( 37,775 ) Accrued promotional allowances ​ $ ( 22,943 ) ​ $ ( 24,898 ) Accrued liabilities ​ $ ( 39,802 ) ​ $ ( 28,458 ) ​ 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 June 30, 2026 and 2025 were $ 2.3 million and $ 1.9 million, respectively. Expenses incurred with such company in connection with promotional materials purchased during the six-months ended June 30, 2026 and 2025 were $ 3.6 million and $ 3.5 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- and six-months ended June 30, 2026, the Company incurred no expenses in relation to the aircraft. During the three- and six-months ended June 30, 2025, the Company incurred expenses of $ 0.01 million and $ 0.06 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. ​ 18. SUBSEQUENT EVENT ​ As previously announced, the Company’s Board of Directors has approved and declared a two -for-one stock split of its common stock to be effected in the form of a 100 % stock dividend. The stock dividend will be distributed after close of trading on August 10, 2026. The Company anticipates its common stock to begin trading at the split-adjusted price on August 11, 2026. ​ The following table reflects basic and diluted weighted-average shares outstanding and net income per common share on an unaudited pro forma basis giving effect to the stock split as if it had been effective for all periods presented. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pro forma Weighted-Average Shares Outstanding and ​ ​ Net Income per Common Share ​ ​ Three-Months Ended ​ Six-Months Ended ​ ​ June 30, ​ June 30, ​ ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ 2026 ​ ​ ​ 2025 Numerator: ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ $ 584,540 ​ $ 488,794 ​ $ 1,154,025 ​ $ 931,787 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average shares outstanding: ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ 1,957,325 ​ 1,951,499 ​ 1,956,973 ​ 1,949,383 Dilutive ​ 19,632 ​ 16,496 ​ 19,938 ​ 16,113 Diluted ​ 1,976,957 ​ 1,967,995 ​ 1,976,911 ​ 1,965,496 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income per common share: ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 0.30 ​ $ 0.25 ​ $ 0.59 ​ $ 0.48 Diluted ​ $ 0.30 ​ $ 0.25 ​ $ 0.58 ​ $ 0.47 ​ ​ ​ ​ 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 2025 (for core brands and packages) in the United States and at various times in certain international markets during 2025 (collectively, the “Pricing Actions”). The Pricing Actions positively impacted gross profit margins in 2026 as compared to 2025. Overview We develop, market, sell and distribute energy drink beverages and concentrates for energy drink beverages, primarily under the following brand names: ● Monster Energy® ● Full Throttle® ● Monster Energy Ultra® ● Burn® ● Rehab Monster® ● Mother® ● Monster Energy® Nitro ● Nalu® ● Java Monster® ● Ultra Energy® ● Punch Monster® ● Play® and Power Play® (stylized) ● Juice Monster® ● Relentless® ● Reign Total Body Fuel® ● BPM® ● Reign Storm® ● BU® ● Storm TM ● Samurai® ● Bang Energy® ● Live+® ● FLRT TM ● Predator® ● NOS® ● Fury® ​ 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 , Blind Lemon®, Blinder Lemon TM and other brands. We have four operating and reportable segments: (i) Monster Energy® Drinks segment (“Monster Energy® Drinks”), which is primarily comprised of our Monster Energy® drinks, Reign Total Body Fuel® high performance energy drinks, Bang Energy® drinks, Storm TM and Reign Storm® total wellness energy drinks and FLRT TM total wellness energy drinks, (ii) Strategic Brands segment (“Strategic Brands”), which is primarily comprised of the various energy drink brands acquired from The Coca-Cola Company (“TCCC”) in 2015 as well as our affordable energy brands, Predator® and Fury®, (iii) Alcohol Brands segment (“Alcohol Brands”), which is comprised of various craft beers, FMBs and hard seltzers and (iv) Other segment (“Other”), which is comprised of certain products sold by American Fruits and Flavors, LLC, a wholly-owned subsidiary of the Company, to independent third-party customers (the “AFF Third-Party Products”). 30 Table of Contents During the three-months ended June 30, 2026, we continued to expand our existing drink portfolio by adding products to our portfolio in a number of countries and further developed our distribution markets. During the three-months ended June 30, 2026, we sold the following new products to our customers: ● Bang Energy® American Berry ● Bang Energy® White Gummy Bear ● Burn® White Gummy Bear ● Fury® Wild Berry ● Monster Energy® Nitro Blue Flash ● Reign Total Body Fuel® Liberty & Justice for Apple TM ​ 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 June 30, 2026, either individually or in aggregate, did not have a material adverse impact on our financial position, results of operations or liquidity. Our net sales were $2.54 billion for the three-months ended June 30, 2026. Net changes in foreign currency exchange rates had a favorable impact on net sales of approximately $48.5 million for the three-months ended June 30, 2026. Net sales on a foreign currency adjusted basis increased 17.9% for the three-months ended June 30, 2026. The vast majority of our net sales are derived from our Monster Energy® Drinks segment. Net sales of our Monster Energy® Drinks segment were $2.36 billion for the three-months ended June 30, 2026. Net sales of our Strategic Brands segment were $143.7 million for the three-months ended June 30, 2026. Net sales of our Alcohol Brands segment were $32.2 million for the three-months ended June 30, 2026. Net sales of our Other segment were $5.4 million for the three-months ended June 30, 2026. Our Monster Energy® Drinks segment represented 92.8% and 91.7% of our net sales for the three-months ended June 30, 2026 and 2025, respectively. Our Strategic Brands segment represented 5.7% and 6.2% of our net sales for the three-months ended June 30, 2026 and 2025, respectively. Our Alcohol Brands segment represented 1.3% and 1.8% of our net sales for the three-months ended June 30, 2026 and 2025, respectively. Our Other segment represented 0.2% and 0.3% of our net sales for the three-months ended June 30, 2026 and 2025, respectively. Our growth strategy includes further developing our domestic markets and expanding our international business. Net sales to customers outside the United States were $1.16 billion for the three-months ended June 30, 2026, an increase of approximately $298.9 million, or 34.6% higher than net sales to customers outside of the United States of $864.2 million for the three-months ended June 30, 2025. Such sales were approximately 46% and 41% of net sales for the three-months ended June 30, 2026 and 2025, respectively. Net changes in foreign currency exchange rates had a favorable impact on net sales to customers outside of the United States of approximately $48.5 million for the three-months ended June 30, 2026. Net sales to customers outside the United States, on a foreign currency adjusted basis, increased 29.0% for the three-months ended June 30, 2026. 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 six-months ended June 30, 2026 and 2025 are reflected below. Such information includes sales made by us directly to the customer types concerned, which include our full service beverage bottlers/distributors in the United States. Such full service beverage bottlers/distributors in turn sell certain of our products to some of the same customer types listed below. We limit our description of our customer types to include only our sales to our full service bottlers/distributors without reference to such bottlers/distributors’ sales to their own customers. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three-Months Ended ​ Six-Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ 2026 ​ ​ ​ 2025 ​ U.S. full service bottlers/distributors 40 % 45 % 41 % 45 % International full service bottlers/distributors 48 % 43 % 48 % 42 % Club stores and e-commerce retailers 8 % 8 % 8 % 9 % Retail grocery, direct convenience, specialty chains and wholesalers 2 % 2 % 2 % 2 % Alcohol, value stores and other 2 % 2 % 1 % 2 % ​ 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 16% and 15% of the Company’s net sales for the three-months ended June 30, 2026 and 2025, respectively. Coca-Cola Europacific Partners accounted for approximately 16% and 14% of the Company’s net sales for the six-months ended June 30, 2026 and 2025, respectively. Coca-Cola Consolidated, Inc. accounted for approximately 9% and 11% of the Company’s net sales for the three-months ended June 30, 2026 and 2025, respectively. Coca-Cola Consolidated, Inc. accounted for approximately 9% and 10% of the Company’s net sales for the six-months ended June 30, 2026 and 2025, respectively. ​ 32 Table of Contents Results of Operations The following table sets forth key statistics for the three- and six-months ended June 30, 2026 and 2025. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three-Months Ended ​ ​ ​ Percentage ​ Six-Months Ended ​ Percentage ​ (In thousands, except per share amounts) ​ June 30, ​ Change ​ June 30, ​ Change ​ ​ ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ 26 vs. 25 ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ 26 vs. 25 ​ Net sales 1 ​ $ 2,537,473 ​ $ 2,111,593 ​ 20.2 % $ 4,890,764 ​ $ 3,966,150 ​ 23.3 % Cost of sales ​ 1,117,839 ​ 935,180 ​ 19.5 % 2,177,781 ​ 1,741,775 ​ 25.0 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross profit* 1 ​ 1,419,634 ​ 1,176,413 ​ 20.7 % 2,712,983 ​ 2,224,375 ​ 22.0 % Gross profit as a percentage of net sales ​ 55.9 % 55.7 % ​ ​ 55.5 % 56.1 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating expenses ​ 679,192 ​ 544,791 ​ 24.7 % 1,242,582 ​ 1,023,008 ​ 21.5 % Operating expenses as a percentage of net sales ​ 26.8 % 25.8 % ​ ​ 25.4 % 25.8 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating income 1 ​ 740,442 ​ 631,622 ​ 17.2 % 1,470,401 ​ 1,201,367 ​ 22.4 % Operating income as a percentage of net sales ​ 29.2 % 29.9 % ​ ​ 30.1 % 30.3 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest and other income, net ​ 27,827 ​ 15,065 ​ 84.7 % 47,997 ​ 23,337 ​ 105.7 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income before provision for income taxes 1 ​ 768,269 ​ 646,687 ​ 18.8 % 1,518,398 ​ 1,224,704 ​ 24.0 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Provision for income taxes ​ 183,729 ​ 157,893 ​ 16.4 % 364,373 ​ 292,917 ​ 24.4 % Income taxes as a percentage of income before taxes ​ 23.9 % 24.4 % ​ ​ 24.0 % 23.9 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ $ 584,540 ​ $ 488,794 ​ 19.6 % $ 1,154,025 ​ $ 931,787 ​ 23.9 % Net income as a percentage of net sales ​ 23.0 % 23.1 % ​ ​ 23.6 % 23.5 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income per common share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 0.60 ​ $ 0.50 ​ 19.2 % $ 1.18 ​ $ 0.96 ​ 23.4 % Diluted ​ $ 0.59 ​ $ 0.50 ​ 19.0 % $ 1.17 ​ $ 0.95 ​ 23.1 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Energy drink case sales (in thousands) (in 192‑ounce case equivalents) ​ 304,944 ​ 249,336 ​ 22.3 % 579,404 ​ 462,436 ​ 25.3 % 1 I ncludes $10.0 million for both the three-months ended June 30, 2026 and 2025, related to the recognition of deferred revenue. Includes $19.9 million for both the six-months ended June 30, 2026 and 2025, related to the recognition of deferred revenue. * Gross profit may not be comparable to that of other entities since some entities include all costs associated with their distribution process in cost of sales, whereas others exclude certain costs and instead include such costs within another line item such as operating expenses. We include out-bound freight and warehouse costs in operating expenses rather than in cost of sales . 33 Table of Contents Three-Months Ended June 30, 2026 Compared to the Three-Months Ended June 30, 2025 . Net Sales Net sales were $2.54 billion for the three-months ended June 30, 2026, an increase of approximately $425.9 million, or 20.2% higher than net sales of $2.11 billion for the three-months ended June 30, 2025. Net sales increased primarily due to increased worldwide sales of our Monster Energy® brand energy drinks as a result of increased consumer demand. Net changes in foreign currency exchange rates had a favorable impact on net sales of approximately $48.5 million for the three-months ended June 30, 2026. Net sales on a foreign currency adjusted basis increased 17.9% for the three-months ended June 30, 2026. Net sales for the Monster Energy® Drinks segment were $2.36 billion for the three-months ended June 30, 2026, an increase of approximately $418.8 million, or 21.6% higher than net sales of $1.94 billion for the three-months ended June 30, 2025. Net sales increased primarily due to increased worldwide sales of our Monster Energy® brand energy drinks as a result of increased consumer demand. Net changes in foreign currency exchange rates had a favorable impact on net sales for the Monster Energy® Drinks segment of approximately $45.3 million for the three-months ended June 30, 2026. Net sales for the Monster Energy® Drinks segment on a foreign currency adjusted basis increased 19.3% for the three-months ended June 30, 2026. Net sales for the Strategic Brands segment were $143.7 million for the three-months ended June 30, 2026, an increase of approximately $13.8 million, or 10.6% higher than net sales of $129.9 million for the three-months ended June 30, 2025. Net sales for the Strategic Brands segment increased primarily due to increased sales of our Fury®, Predator® and Burn® brand energy drinks, partially offset by decreased sales of NOS® energy drinks. Net changes in foreign currency exchange rates had a favorable impact on net sales of approximately $3.3 million for the Strategic Brands segment for the three-months ended June 30, 2026. Net sales for the Strategic Brands segment on a foreign currency adjusted basis increased 8.1% for the three-months ended June 30, 2026. Net sales of concentrates within the Strategic Brands segment tend to have more pronounced fluctuations from period to period as compared to net sales of our finished goods within the Monster Energy® Drinks segment primarily as a result of bottler production schedules. Net sales for the Alcohol Brands segment were $32.2 million for the three-months ended June 30, 2026, a decrease of approximately $5.8 million, or 15.2% lower than net sales of $38.0 million for the three-months ended June 30, 2025. The decrease in net sales for the three-months ended June 30, 2026 was primarily due to decreased sales of The Beast TM product line. Net sales for the Other segment were $5.4 million for the three-months ended June 30, 2026, a decrease of approximately $1.0 million, or 15.3% lower than net sales of $6.4 million for the three-months ended June 30, 2025. Case sales for our energy drink products, in 192-ounce case equivalents, were 304.9 million cases for the three-months ended June 30, 2026, an increase of approximately 55.6 million cases or 22.3% higher than case sales of 249.3 million cases for the three-months ended June 30, 2025. The overall average net sales per case for our energy drink products (excluding net sales of Alcohol Brands and Other segments) decreased marginally to $8.20 for the three-months ended June 30, 2026 from $8.29 for the three-months ended June 30, 2025. Case sales for our craft beers, FMBs and hard seltzers, in 192-ounce equivalents, were 2.3 million cases for the three-months ended June 30, 2026, a decrease of approximately 0.5 million cases or 16.1% lower than case sales of 2.8 million cases for the three-months ended June 30, 2025. Barrel sales for our craft beers, FMBs and hard seltzers, in 31 U.S. gallon equivalents, were 0.11 million barrels for the three-months ended June 30, 2026, a decrease of approximately 0.03 million barrels or 16.1% lower than barrel sales of 0.14 million barrels for the three-months ended June 30, 2025. Gross Profit Gross profit was $1.42 billion for the three-months ended June 30, 2026, an increase of approximately $243.2 million, or 20.7% higher than the gross profit of $1.18 billion for the three-months ended June 30, 2025. The increase in gross profit dollars was primarily the result of the increase in net sales. Gross profit as a percentage of net sales increased slightly to 55.9% for the three-months ended June 30, 2026 from 55.7% for the three-months ended June 30, 2025. The increase in gross profit as a percentage of net sales for the three-months ended June 30, 2026 was primarily the result of the Pricing Actions and product sales mix, partially offset by increased aluminum can costs, geographical sales mix and increased freight-in costs. 34 Table of Contents Operating Expenses Total operating expenses were $679.2 million for the three-months ended June 30, 2026, an increase of approximately $134.4 million, or 24.7% higher than total operating expenses of $544.8 million for the three-months ended June 30, 2025. The increase in operating expenses was primarily due to increased selling and marketing expenses of $72.3 million, distribution expenses of $36.8 million and payroll expenses of $18.0 million. The increase in selling and marketing expenses was primarily due to increased social, digital, media and other marketing expenses, including sponsorships and endorsements, in order to reach a broader consumer audience and increase household penetration. Operating expenses as a percentage of net sales for the three-months ended June 30, 2026 and 2025 were 26.8% and 25.8%, respectively. Operating Income Operating income was $740.4 million for the three-months ended June 30, 2026, an increase of approximately $108.8 million, or 17.2% higher than operating income of $631.6 million for the three-months ended June 30, 2025. Operating income as a percentage of net sales decreased to 29.2% for the three-months ended June 30, 2026 from 29.9% for the three-months ended June 30, 2025. Operating income was $247.5 million and $164.1 million for the three-months ended June 30, 2026 and 2025, respectively, for our international operations, exclusive of Canada. Operating income for the Monster Energy® Drinks segment, exclusive of corporate and unallocated expenses, was $875.7 million for the three-months ended June 30, 2026, an increase of approximately $118.2 million, or 15.6% higher than operating income of $757.5 million for the three-months ended June 30, 2025. The increase in operating income for the Monster Energy® Drinks segment was primarily the result of an increase in net sales. Operating income for the Strategic Brands segment, exclusive of corporate and unallocated expenses, was $66.3 million for the three-months ended June 30, 2026, a decrease of approximately $1.5 million, or 2.2% lower than operating income of $67.9 million for the three-months ended June 30, 2025. The decrease in operating income for the Strategic Brands segment was primarily the result of an increase in operating expenses. Operating loss for the Alcohol Brands segment, exclusive of corporate and unallocated expenses, was $7.3 million for the three-months ended June 30, 2026, a decrease of approximately $7.3 million, or 49.9% lower than the operating loss of $14.6 million for the three-months ended June 30, 2025. The decrease in operating loss for the three-months ended June 30, 2026 was primarily due to decreased general administrative expenses. Operating loss for the Other segment, exclusive of corporate and unallocated expenses, was $0.2 million for the three-months ended June 30, 2026, as compared to operating income of $1.3 million for the three-months ended June 30, 2025. Interest and Other Income, net Interest and other income, net, was $27.8 million for the three-months ended June 30, 2026, as compared to interest and other income, net, of $15.1 million for the three-months ended June 30, 2025. Interest income was $36.0 million and $18.1 million for the three-months ended June 30, 2026 and 2025, respectively. Interest expense was $0.8 million and $1.8 million for the three-months ended June 30, 2026 and 2025, respectively. Foreign currency transaction losses were $6.0 million and $2.1 million for the three-months ended June 30, 2026 and 2025, respectively. Provision for Income Taxes Provision for income taxes was $183.7 million for the three-months ended June 30, 2026, an increase of $25.8 million from the provision for income taxes of $157.9 million for the three-months ended June 30, 2025. The effective combined federal, state and foreign tax rate decreased to 23.9% from 24.4% for the three-months ended June 30, 2026 and 2025, respectively. 35 Table of Contents Net Income Net income was $584.5 million for the three-months ended June 30, 2026, an increase of $95.7 million, or 19.6% higher than net income of $488.8 million for the three-months ended June 30, 2025. Six-Months Ended June 30, 2026 Compared to the Six-Months Ended June 30, 2025 . Net Sales Net sales were $4.89 billion for the six-months ended June 30, 2026, an increase of approximately $924.6 million, or 23.3% higher than net sales of $3.97 billion for the six-months ended June 30, 2025. Net sales increased primarily due to increased worldwide sales of our Monster Energy® brand energy drinks as a result of increased consumer demand. Net changes in foreign currency exchange rates had a favorable impact on net sales of approximately $137.8 million for the six-months ended June 30, 2026. Net sales on a foreign currency adjusted basis increased 19.8% for the six-months ended June 30, 2026. Net sales for the Monster Energy® Drinks segment were $4.54 billion for the six-months ended June 30, 2026, an increase of approximately $891.9 million, or 24.4% higher than net sales of $3.65 billion for the six-months ended June 30, 2025. Net sales increased primarily due to increased worldwide sales of our Monster Energy® brand energy drinks as a result of increased consumer demand. Net changes in foreign currency exchange rates had a favorable impact on net sales for the Monster Energy® Drinks segment of approximately $127.2 million for the six-months ended June 30, 2026. Net sales for the Monster Energy® Drinks segment on a foreign currency adjusted basis increased 20.9% for the six-months ended June 30, 2026. Net sales for the Strategic Brands segment were $270.4 million for the six-months ended June 30, 2026, an increase of approximately $42.2 million, or 18.5% higher than net sales of $228.2 million for the six-months ended June 30, 2025. Net sales for the Strategic Brands segment increased primarily due to increased sales of our Fury®, Predator® and Burn® brand energy drinks. Net changes in foreign currency exchange rates had a favorable impact on net sales of approximately $10.6 million for the Strategic Brands segment for the six-months ended June 30, 2026. Net sales for the Strategic Brands segment on a foreign currency adjusted basis increased 13.9% for the six-months ended June 30, 2026. Net sales of concentrates within the Strategic Brands segment tend to have more pronounced fluctuations from period to period as compared to net sales of our finished goods within the Monster Energy® Drinks segment primarily as a result of bottler production schedules. Net sales for the Alcohol Brands segment were $64.9 million for the six-months ended June 30, 2026, a decrease of approximately $7.8 million, or 10.8% lower than net sales of $72.7 million for the six-months ended June 30, 2025. The decrease in net sales for the six-months ended June 30, 2026 was primarily due to decreased sales of The Beast TM product line. Net sales for the Other segment were $10.7 million for the six-months ended June 30, 2026, a decrease of approximately $1.7 million, or 13.7% lower than net sales of $12.4 million for the six-months ended June 30, 2025. Case sales for our energy drink products, in 192-ounce case equivalents, were 579.4 million cases for the six-months ended June 30, 2026, an increase of approximately 117.0 million cases or 25.3% higher than case sales of 462.4 million cases for the six-months ended June 30, 2025. The overall average net sales per case for our energy drink products (excluding net sales of Alcohol Brands and Other segments) decreased marginally to $8.31 for the six-months ended June 30, 2026 from $8.39 for the six-months ended June 30, 2025. Case sales for our craft beers, FMBs and hard seltzers, in 192-ounce equivalents, were 4.6 million cases for the six-months ended June 30, 2026, a decrease of approximately 0.6 million cases or 11.3% lower than case sales of 5.2 million cases for the six-months ended June 30, 2025. Barrel sales for our craft beers, FMBs and hard seltzers, in 31 U.S. gallon equivalents, were 0.22 million barrels for the six-months ended June 30, 2026, a decrease of approximately 0.03 million barrels or 11.3% lower than barrel sales of 0.25 million barrels for the six-months ended June 30, 2025. 36 Table of Contents Gross Profit Gross profit was $2.71 billion for the six-months ended June 30, 2026, an increase of approximately $488.6 million, or 22.0% higher than the gross profit of $2.22 billion for the six-months ended June 30, 2025. The increase in gross profit dollars was primarily the result of the increase in net sales. Gross profit as a percentage of net sales decreased to 55.5% for the six-months ended June 30, 2026 from 56.1% for the six-months ended June 30, 2025. The decrease in gross profit as a percentage of net sales for the six-months ended June 30, 2026 was primarily the result of geographical sales mix, increased aluminum can costs and increased freight-in costs, partially offset by the Pricing Actions and product sales mix. Operating Expenses Total operating expenses were $1.24 billion for the six-months ended June 30, 2026, an increase of approximately $219.6 million, or 21.5% higher than total operating expenses of $1.02 billion for the six-months ended June 30, 2025. The increase in operating expenses was primarily due to increased selling and marketing expenses of $95.0 million, distribution expenses of $62.0 million and payroll expenses of $46.4 million. Operating expenses as a percentage of net sales for the six-months ended June 30, 2026 and 2025 were 25.4% and 25.8%, respectively. Operating Income Operating income was $1.47 billion for the six-months ended June 30, 2026, an increase of approximately $269.0 million, or 22.4% higher than operating income of $1.20 billion for the six-months ended June 30, 2025. Operating income as a percentage of net sales decreased to 30.1% for the six-months ended June 30, 2026 from 30.3% for the six-months ended June 30, 2025. Operating income was $481.3 million and $306.7 million for the six-months ended June 30, 2026 and 2025, respectively, for our international operations, exclusive of Canada. Operating income for the Monster Energy® Drinks segment, exclusive of corporate and unallocated expenses, was $1.72 billion for the six-months ended June 30, 2026, an increase of approximately $286.7 million, or 19.9% higher than operating income of $1.44 billion for the six-months ended June 30, 2025. The increase in operating income for the Monster Energy® Drinks segment was primarily the result of an increase in net sales. Operating income for the Strategic Brands segment, exclusive of corporate and unallocated expenses, was $130.2 million for the six-months ended June 30, 2026, an increase of approximately $10.5 million, or 8.7% higher than operating income of $119.8 million for the six-months ended June 30, 2025. The increase in operating income for the Strategic Brands segment was primarily the result of an increase in net sales. Operating loss for the Alcohol Brands segment, exclusive of corporate and unallocated expenses, was $17.0 million for the six-months ended June 30, 2026, a decrease of approximately $19.1 million, or 53.0% lower than the operating loss of $36.1 million for the six-months ended June 30, 2025. The decrease in operating loss for the six-months ended June 30, 2026 was primarily due to decreased general administrative expenses. Operating income for the Other segment, exclusive of corporate and unallocated expenses, was $0.2 million for the six-months ended June 30, 2026, as compared to operating income of $1.5 million for the six-months ended June 30, 2025. Interest and Other Income, net Interest and other income, net, was $48.0 million for the six-months ended June 30, 2026, as compared to interest and other income, net, of $23.3 million for the six-months ended June 30, 2025. Interest income was $64.6 million and $35.0 million for the six-months ended June 30, 2026 and 2025, respectively. Interest expense was $1.3 million and $5.8 million for the six-months ended June 30, 2026 and 2025, respectively. Foreign currency transaction losses were $12.8 million and $5.8 million for the six-months ended June 30, 2026 and 2025, respectively. 37 Table of Contents Provision for Income Taxes Provision for income taxes was $364.4 million for the six-months ended June 30, 2026, an increase of $71.5 million from the provision for income taxes of $292.9 million for the six-months ended June 30, 2025. The effective combined federal, state and foreign tax rate increased to 24.0% from 23.9% for the six-months ended June 30, 2026 and 2025, respectively. Net Income Net income was $1.15 billion for the six-months ended June 30, 2026, an increase of $222.2 million, or 23.9% higher than net income of $931.8 million for the six-months ended June 30, 2025. Key Business Metrics We use certain key metrics and financial measures not prepared in accordance with United States Generally Accepted Accounting Principles (“GAAP”) to evaluate and manage our business. For a further discussion of how we use key metrics and certain non-GAAP financial measures, see “Non-GAAP Financial Measures and Other Key Metrics.” Non-GAAP Financial Measures and Other Key Metrics Gross Billings** Three-Months Ended June 30, 2026 Compared to the Three-Months Ended June 30, 2025 . Gross billings were $2.99 billion for the three-months ended June 30, 2026, an increase of approximately $491.7 million, or 19.7% higher than gross billings of $2.50 billion for the three-months ended June 30, 2025. Gross billings increased primarily due to increased worldwide sales of our Monster Energy® brand energy drinks as a result of increased consumer demand. Net changes in foreign currency exchange rates had a favorable impact on gross billings of approximately $55.2 million for the three-months ended June 30, 2026. Gross billings on a foreign currency adjusted basis increased 17.5% for the three-months ended June 30, 2026. Gross billings for the Monster Energy® Drinks segment were $2.78 billion for the three-months ended June 30, 2026, an increase of approximately $480.5 million, or 20.9% higher than gross billings of $2.30 billion for the three-months ended June 30, 2025. Gross billings increased primarily due to increased worldwide sales of our Monster Energy® brand energy drinks as a result of increased consumer demand. Net changes in foreign currency exchange rates had a favorable impact on gross billings for the Monster Energy® Drinks segment of approximately $52.1 million for the three-months ended June 30, 2026. Gross billings for the Monster Energy® Drinks segment on a foreign currency adjusted basis increased 18.6% for the three-months ended June 30, 2026. Gross billings for the Strategic Brands segment were $170.1 million for the three-months ended June 30, 2026, an increase of $18.1 million, or 11.9% higher than gross billings of $152.0 million for the three-months ended June 30, 2025. Gross billings for the Strategic Brands segment increased primarily due to increased sales of our Fury®, Predator® and Burn® brand energy drinks. Net changes in foreign currency exchange rates had a favorable impact on gross billings in the Strategic Brands segment of approximately $3.1 million for the three-months ended June 30, 2026. Gross billings for the Strategic Brands segment on a foreign currency adjusted basis increased 9.8% for the three-months ended June 30, 2026. Gross billings for the Alcohol Brands segment were $33.8 million for the three-months ended June 30, 2026, a decrease of approximately $6.0 million, or 15.1% lower than gross billings of $39.8 million for the three-months ended June 30, 2025. The decrease in gross billings for the three-months ended June 30, 2026 was primarily due to decreased sales of The Beast TM product line. Gross billings for the Other segment were $5.5 million for the three-months ended June 30, 2026, a decrease of $0.9 million, or 13.9% lower than gross billings of $6.4 million for the three-months ended June 30, 2025. Promotional allowances, commissions and other expenses, as described in the footnote below, were $464.9 million for the three-months ended June 30, 2026, an increase of $65.9 million, or 16.5% higher than promotional allowances, commissions and other expenses of $399.1 million for the three-months ended June 30, 2025. Promotional allowances, commissions and other expenses as a percentage of gross billings decreased to 15.5% from 16.0% for the three-months ended June 30, 2026 and 2025, respectively. 38 Table of Contents Six-Months Ended June 30, 2026 Compared to the Six-Months Ended June 30, 2025 . Gross billings were $5.76 billion for the six-months ended June 30, 2026, an increase of approximately $1.10 billion, or 23.5% higher than gross billings of $4.66 billion for the six-months ended June 30, 2025. Gross billings increased primarily due to increased worldwide sales of our Monster Energy® brand energy drinks as a result of increased consumer demand. Net changes in foreign currency exchange rates had a favorable impact on gross billings of approximately $163.2 million for the six-months ended June 30, 2026. Gross billings on a foreign currency adjusted basis increased 20.0% for the six-months ended June 30, 2026. Gross billings for the Monster Energy® Drinks segment were $5.36 billion for the six-months ended June 30, 2026, an increase of approximately $1.05 billion, or 24.4% higher than gross billings of $4.31 billion for the six-months ended June 30, 2025. Gross billings increased primarily due to increased worldwide sales of our Monster Energy® brand energy drinks as a result of increased consumer demand. Net changes in foreign currency exchange rates had a favorable impact on gross billings for the Monster Energy® Drinks segment of approximately $152.8 million for the six-months ended June 30, 2026. Gross billings for the Monster Energy® Drinks segment on a foreign currency adjusted basis increased 20.9% for the six-months ended June 30, 2026. Gross billings for the Strategic Brands segment were $319.4 million for the six-months ended June 30, 2026, an increase of $53.6 million, or 20.1% higher than gross billings of $265.8 million for the six-months ended June 30, 2025. Gross billings for the Strategic Brands segment increased primarily due to increased sales of our Fury®, Predator® and Burn® brand energy drinks. Net changes in foreign currency exchange rates had a favorable impact on gross billings in the Strategic Brands segment of approximately $10.4 million for the six-months ended June 30, 2026. Gross billings for the Strategic Brands segment on a foreign currency adjusted basis increased 16.2% for the six-months ended June 30, 2026. Gross billings for the Alcohol Brands segment were $67.3 million for the six-months ended June 30, 2026, a decrease of approximately $8.7 million, or 11.5% lower than gross billings of $76.0 million for the six-months ended June 30, 2025. The decrease in gross billings for the six-months ended June 30, 2026 was primarily due to decreased sales of The Beast TM product line. Gross billings for the Other segment were $10.9 million for the six-months ended June 30, 2026, a decrease of $1.7 million, or 13.4% lower than gross billings of $12.5 million for the six-months ended June 30, 2025. Promotional allowances, commissions and other expenses, as described in the footnote below, were $887.5 million for the six-months ended June 30, 2026, an increase of $170.8 million, or 23.8% higher than promotional allowances, commissions and other expenses of $716.6 million for the six-months ended June 30, 2025. Promotional allowances, commissions and other expenses as a percentage of gross billings were 15.4% for both the six-months ended June 30, 2026 and 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 . ​ 39 Table of Contents 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 ​ ​ ​ Six-Months Ended ​ ​ ​ Percentage ​ (In thousands) ​ June 30, ​ Change ​ June 30, Change ​ ​ 2026 ​ ​ ​ 2025 26 vs. 25 ​ 2026 ​ ​ ​ 2025 26 vs. 25 ​ Gross Billings ​ $ 2,992,358 ​ $ 2,500,676 ​ 19.7 % $ 5,758,287 ​ $ 4,662,866 23.5 % Deferred Revenue ​ ​ 10,030 ​ ​ 9,981 ​ 0.5 % ​ 19,932 ​ ​ 19,891 ​ 0.2 % Less: Promotional allowances, commissions and other expenses*** ​ 464,915 ​ 399,064 ​ 16.5 % 887,455 ​ 716,607 23.8 % Net Sales ​ $ 2,537,473 ​ $ 2,111,593 ​ 20.2 % $ 4,890,764 ​ $ 3,966,150 23.3 % ***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 six-months ended June 30, 2026 and 2025, respectively. Data from any one or more quarters or periods is not necessarily indicative of annual results or continuing trends. Sales of our energy drinks are expressed in unit case volume. A “unit case” means a unit of measurement equal to 192 U.S. fluid ounces of finished beverage (24 eight-ounce servings). Unit case volume means the number of unit cases (or unit case equivalents) of finished products or concentrates as if converted into finished products sold by us. ​ 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 ​ Six-Months Ended (In thousands, except average net sales per case) ​ June 30, ​ June 30, ​ ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ 2026 ​ ​ ​ 2025 Net sales ​ $ 2,537,473 ​ $ 2,111,593 ​ $ 4,890,764 ​ $ 3,966,150 Less: Alcohol Brands segment sales ​ ​ (32,194) ​ ​ (37,971) ​ ​ (64,851) ​ ​ (72,674) Less: Other segment sales ​ (5,427) ​ (6,408) ​ (10,687) ​ (12,382) Adjusted net sales 1 ​ $ 2,499,852 ​ $ 2,067,214 ​ $ 4,815,226 ​ $ 3,881,094 Case sales by segment: 1 ​ ​ ​ ​ ​ ​ ​ ​ Monster Energy® Drinks ​ 227,340 ​ 190,495 ​ 442,242 ​ 361,085 Strategic Brands ​ 77,604 ​ 58,841 ​ 137,162 ​ 101,351 Total case sales ​ 304,944 ​ 249,336 ​ 579,404 ​ 462,436 Average net sales per case - Energy Drinks ​ $ 8.20 ​ $ 8.29 ​ $ 8.31 ​ $ 8.39 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 - and six-months ended June 30, 2026. The following represents case sales for our craft beers, FMBs and hard seltzers, in 192-ounce equivalents: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three-Months Ended ​ Six-Months Ended (In thousands, except average net sales per case) ​ June 30, ​ June 30, ​ ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ 2026 ​ ​ ​ 2025 Alcohol Brands segment net sales ​ $ 32,194 ​ $ 37,971 ​ $ 64,851 ​ $ 72,674 Case sales ​ 2,345 ​ 2,794 ​ 4,612 ​ 5,203 Average net sales per case - Alcohol Brands ​ $ 13.73 ​ $ 13.59 ​ $ 14.06 ​ $ 13.97 ​ 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 June 30, 2026, we had $2.19 billion in cash and cash equivalents, $1.23 billion in short-term investments, and $781.3 million in long-term investments, including commercial paper, municipal securities, U.S. government agency securities, U.S. treasuries and corporate bonds. We maintain our investments for cash management purposes and not for purposes of speculation. Our risk management policies emphasize credit quality (primarily based on short-term ratings by nationally recognized statistical rating organizations) in selecting and maintaining our investments. We regularly assess the market risk of our investments and believe our current policies and investment practices adequately limit those risks. However, certain of these investments are subject to general credit, liquidity, market and interest rate risks. These market risks associated with our investment portfolio may have an adverse effect on our future results of operations, liquidity and financial condition. Of our $2.19 billion of cash and cash equivalents held at June 30, 2026, $912.8 million was held by our foreign subsidiaries. No short-term or long-term investments were held by our foreign subsidiaries at June 30, 2026. 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 June 30, 2026, no borrowings were outstanding under the Credit Facilities, and the Company was in compliance with all covenants under the Amended Credit Agreement. As of August 5, 2026, the Revolving Credit Facility had remaining availability of $500.0 million. We believe that cash available from operations, including our cash resources and access to credit, will be sufficient for our working capital needs, including purchase commitments for raw materials and inventory, increases in accounts receivable, payments of tax liabilities, expansion and development requirements, purchases of capital assets, purchases of equipment, purchases of real property and purchases of shares of our common stock, through at least the next 12 months. Based on our current plans, we estimate that capital expenditures (exclusive of common stock repurchases) are likely to be less than $250.0 million through June 30, 2027. However, future business opportunities may cause a change in this estimate. Purchases of inventories, increases in accounts receivable and other assets, acquisition of property and equipment (including real property, personal property, plant and manufacturing equipment, and coolers), leasehold improvements, advances for or the purchase of equipment for our bottlers, acquisition and maintenance of trademarks, payments of accounts payable, income taxes payable and purchases of our common stock are expected to remain our principal recurring use of cash. The following summarizes our cash flows for the six-months ended June 30, 2026 and 2025 (in thousands): Net cash provided by (used in): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2026 ​ ​ ​ 2025 Operating activities ​ $ 1,114,201 ​ $ 973,616 Investing activities ​ $ (929,315) ​ $ (357,729) Financing activities ​ $ (58,697) ​ $ (308,972) ​ Cash flows provided by operating activities. Cash provided by operating activities was $1.11 billion for the six-months ended June 30, 2026, as compared with cash provided by operating activities of $973.6 million for the six-months ended June 30, 2025. For the six-months ended June 30, 2026, cash provided by operating activities was primarily attributable to net income earned of $1.15 billion and adjustments for certain non-cash expenses, consisting primarily of $65.9 million of depreciation and amortization and non-cash lease expense and $64.0 million of stock-based compensation. For the six-months ended June 30, 2026, cash provided by operating activities also increased due to a $192.2 million increase in accounts payable, a $56.5 million increase in accrued promotional allowances, a $25.8 million increase in income taxes payable, and an $18.4 million increase in accrued liabilities. For the six-months ended June 30, 2026, cash used in operating activities was primarily attributable to a $290.4 million increase in accounts receivable, a $73.8 million increase in inventories, a $62.3 million increase in prepaid expenses and other assets, and a $27.1 million decrease in accrued compensation. For the six-months ended June 30, 2025, cash provided by operating activities was primarily attributable to net income earned of $931.8 million and adjustments for certain non-cash expenses, consisting primarily of $59.4 million of depreciation and amortization and non-cash lease expense and $53.9 million of stock-based compensation. For the six-months ended June 30, 2025, cash provided by operating activities also increased due to a $104.6 million decrease in inventories, a $71.5 million increase in accrued promotional allowances, a $28.5 million increase in accrued liabilities, a $21.1 million increase in income taxes payable, and a $14.5 million decrease in prepaid income taxes. For the six-months ended June 30, 2025, cash used in operating activities was primarily attributable to a $222.2 million increase in accounts receivable, a $63.7 million increase in prepaid expenses and other assets, a $22.1 million decrease in accrued compensation, and an $8.6 million decrease in deferred revenue. 42 Table of Contents Cash flows used in investing activities. Cash used in investing activities was $929.3 million for the six-months ended June 30, 2026, as compared to cash used in investing activities of $357.7 million for the six-months ended June 30, 2025. For the six-months ended June 30, 2026 and 2025, cash used in investing activities was primarily attributable to purchases of available-for-sale investments. To a lesser extent, for both the six-months ended June 30, 2026 and 2025, cash used in investing activities also included the acquisitions of fixed assets consisting of vans and promotional vehicles, coolers and other equipment to support our marketing and promotional activities, production equipment, furniture and fixtures, office and computer equipment, equipment used for sales and administrative activities, certain leasehold improvements, as well as construction of and/or improvements to real property. For the six-months ended June 30, 2026, cash provided by investing activities was primarily attributable to sales and maturities of available-for-sale investments. We expect to continue to use a portion of our cash in excess of our requirements for operations to purchase short-term and long-term investments, leasehold improvements, and capital equipment (specifically, vans, trucks and promotional vehicles, coolers, other promotional equipment, merchandise displays, warehousing racks as well as items of production equipment required to produce certain of our existing and/or new products) to develop our brand in international markets and for other corporate purposes. From time to time, we may also use cash to purchase additional real property related to our beverage business and/or acquire compatible businesses. Cash flows used in financing activities. Cash used in financing activities was $58.7 million for the six-months ended June 30, 2026, as compared to cash used in financing activities of $309.0 million for the six-months ended June 30, 2025. The cash used in financing activities for the six-months ended June 30, 2026 was primarily attributable to repurchases of our common stock. The cash used in financing activities for the six-months ended June 30, 2025 was primarily due to repayments on the Credit Facilities and, to a lesser extent, repurchases of our common stock. The cash provided by financing activities for both the six-months ended June 30, 2026 and 2025 was primarily attributable to the issuance of our common stock under our stock-based compensation plans. The following represents a summary of the Company’s contractual commitments and related scheduled maturities as of June 30, 2026: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ $ 746,637 ​ $ 417,083 ​ $ 267,705 ​ $ 61,627 ​ $ 222 Finance Leases ​ 5,138 ​ 3,924 ​ 868 ​ 346 ​ — Operating Leases ​ 87,794 ​ 20,493 ​ 36,356 ​ 25,391 ​ 5,554 Purchase Commitments 2 ​ 218,878 ​ 165,366 ​ 53,512 ​ — ​ — ​ ​ $ 1,058,447 ​ $ 606,866 ​ $ 358,441 ​ $ 87,364 ​ $ 5,776 1 Contractual obligations include our obligations related to sponsorships and other commitments. 2 Purchase commitments include obligations made by us and our subsidiaries to various suppliers for raw materials used in the production of our products. These obligations vary in terms but are generally satisfied within one year. In addition, approximately $3.6 million of unrecognized tax benefits have been recorded as liabilities as of June 30, 2026. As of June 30, 2026, we had $1.1 million of accrued interest and penalties related to unrecognized tax benefits. 43 Table of Contents Critical Accounting Policies and Estimates Our consolidated financial statements are prepared in accordance with GAAP. GAAP requires us to make estimates and assumptions that affect the reported amounts in our consolidated financial statements. Critical accounting estimates are those that management believes are the most important to the portrayal of our financial condition and results and require the most difficult, subjective or complex judgments, often as a result of the need to make estimates about the effect of matters that are inherently uncertain and that have had, or are reasonably likely to have, a material impact on our financial condition or results of operations. Judgments and uncertainties may result in materially different amounts being reported under different conditions or using different assumptions. There have been no material changes to our critical accounting policies or estimates from the information provided in “Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Part II, Item 8 – Financial Statements and Supplementary Data – Note 1 – Organization and Summary of Significant Accounting Policies”, included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (“Form 10-K”). Recent Accounting Pronouncements The information required by this Item is incorporated herein by reference to the Notes to Condensed Consolidated Financial Statements - Note 1. Recent Accounting Pronouncements, in Part I, Item 1, of this Quarterly Report on Form 10-Q. Inflation We believe inflation did not have a significant impact on our results of operations for the three- and six-months ended June 30, 2026. Forward-Looking Statements Certain statements made in this report may constitute forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) (the “Exchange Act”) regarding the expectations of management with respect to revenues, profitability, and adequacy of funds from operations and the Revolving Credit Facility, among other things. All statements containing a projection of revenues, income (loss), earnings (loss) per share, capital expenditures, dividends, capital structure or other financial items, a statement of management’s plans and objectives for future operations, or a statement of future economic performance contained in management’s discussion and analysis of financial condition and results of operations, including statements related to new products, volume growth and statements encompassing general optimism about future operating results and non-historical information, are forward-looking statements within the meaning of the Exchange Act. Without limiting the foregoing, the words “believes,” “thinks,” “anticipates,” “plans,” “expects,” “estimates” and similar expressions are intended to identify forward-looking statements. Management cautions that these statements are qualified by their terms and/or important factors, many of which are outside our control and involve a number of risks, uncertainties and other factors, that could cause actual results and events to differ materially from the statements made including, but not limited to, the following: ● our ability to sustain and/or surpass the current level of sales of our products, to adapt to changing consumer preferences, and to effectively respond to competitive products and pricing pressures; ● our ability to implement our growth strategy, including expanding our business in existing and new sectors and achieving profitability within our Alcohol Brands segment; ● our ability to adapt to the changing retail landscape with the rapid growth in e-commerce retailers and e-commerce websites; ● our ability to absorb, reduce or pass on to our bottlers/distributors increases in costs and expenses, including, but not limited to, increases to the cost of aluminum and other raw materials, the Midwest Premium, and freight costs; ● the impact of the current U.S. presidential administration’s policies on our energy drinks due to concerns about sugar-sweetened beverages, particular ingredients, such as food dyes, and the “generally recognized as safe” (GRAS) process; ● the impact of proposed or adopted domestic and/or foreign legislation to limit or restrict the sale of energy drinks (including the prohibition of the sale of energy drinks to certain demographics, at certain establishments, in certain container sizes or pursuant to certain governmental programs, such as the Supplemental Nutrition Assistance Program (SNAP)); ● the impact of changes in U.S. trade policies, including the imposition of additional tariffs; ● the impact of adverse changes in our costs, supply chain, inflation or consumer demand for our products; ● the imposition of new and/or increased excise sales and/or other taxes on our products; 44 Table of Contents ● our extensive commercial arrangements with The Coca-Cola Company (TCCC) and, as a result, our future performance’s substantial dependence on the success of our relationship with TCCC; ● the effects of unilateral decisions by bottlers/distributors and/or retailers on our business, including their distribution and placement of our products, their consolidation, their discontinuation, or restriction of the range of, all or any of our products that they carry, their limitations on the sale or sizes of our products and/or their allocation of less resources to the sale of our products; ● changes in the price and/or availability of raw materials and other supply chain issues, such as the availability of products, suitable production facilities and/or co-packing arrangements; ● possible recalls of our products and/or the consequences and costs of defective production; ● disruption to our manufacturing facilities and operations related to climate, labor, production difficulties, capacity limitations, regulations or other causes; ● disruption to and/or lack of effectiveness of our information technology systems, including internal and external cybersecurity threats and breaches; ● adverse publicity surrounding obesity, alcohol consumption and other health concerns related to our products, product safety and quality; ● liabilities resulting from legal or regulatory proceedings, government investigations, and/or injunctions; ● the inherent operational risks, including the abuse or misuse of our products, presented by the alcoholic beverage industry and/or related claims that may not be adequately covered by insurance or may lead to litigation; ● the current uncertainty and volatility in the national and global economy and changes in demand due to such economic conditions, including a slowdown in consumer spending generally; ● the impact of military and geopolitical conflicts, including supply chain disruptions, volatility in commodity prices, increased economic uncertainty and escalating geopolitical tensions; and ● the timing and completion of the Company’s two-for-one stock split. The foregoing list of important factors and other risks detailed from time to time in our reports filed with the SEC is not exhaustive. See “Part II, Item 1A – Risk Factors” for a more complete discussion of these risks and uncertainties and for other risks and uncertainties. Those factors and the other risk factors described therein are not necessarily all of the important factors that could cause actual results or developments to differ materially from those expressed in any of our forward-looking statements. Other unknown or unpredictable factors also could harm our results. Consequently, our actual results could be materially different from the results described or anticipated by our forward-looking statements due to the inherent uncertainty of estimates, forecasts and projections and may be better or worse than anticipated. Given these uncertainties, you should not rely on forward-looking statements. Forward-looking statements represent our estimates and assumptions only as of the date that they were made. We expressly disclaim any duty to provide updates to forward-looking statements, and the estimates and assumptions associated with them, after the date of this report, in order to reflect changes in circumstances or expectations or the occurrence of unanticipated events except to the extent required by applicable securities laws. ​ 45 Table of Contents ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK There have been no material changes in our market risks during the three- and six-months ended June 30, 2026 compared with the disclosures in Part II, Item 7A of our Form 10-K. ​ ITEM 4. CONTROLS AND PROCEDURES Evaluation of Disclosure Controls and Procedures – Under the supervision and with the participation of the Company’s management, including our Chief Executive Officer and Chief Financial Officer, we have evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13(a)-15(e) and 15(d)-15(e) of the Exchange Act) as of the end of the period covered by this report. Based upon this evaluation, the Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures are adequate and effective to ensure that information we are required to disclose in reports that we file or submit under the Exchange Act is (1) recorded, processed, summarized and reported within the time periods specified in rules and forms of the SEC and (2) accumulated and communicated to our management, including its principal executive and principal financial officers, as appropriate, to allow timely decisions regarding required disclosures. Changes in Internal Control Over Financial Reporting – There were no changes in the Company’s internal controls over financial reporting during the quarter ended June 30, 2026, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. ​ 46 Table of Contents PART II - OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS The information required by this Item is incorporated herein by reference to the Notes to Condensed Consolidated Financial Statements - Note 10. Commitments and Contingencies: Litigation in Part I, Item 1, of this Quarterly Report on Form 10-Q. ​ ITEM 1A. RISK FACTORS In addition to the other information set forth in this Quarterly Report on Form 10-Q, including Management’s Discussion and Analysis of Financial Condition and Results of Operations and the condensed consolidated financial statements and related notes, you should carefully consider the risks discussed in “Part I, Item 1A – Risk Factors” in our Form 10-K. If any of these risks occur or continue to occur, our business, reputation, financial condition and/or operating results could be materially adversely affected. We also note that the risk factors described in this report and our Form 10-K are not the only risks facing our Company, and such additional risks or uncertainties that we currently deem to be immaterial or are unknown to us could negatively impact our business, operations, or financial results. ​ ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS On August 19, 2024, the Company ’ s Board of Directors authorized a share repurchase program for the purchase of up to an additional $500.0 million of the Company ’ s outstanding common stock (the “ August 2024 Repurchase Plan ” ). During the three-months ended June 30, 2026, no shares were repurchased under the August 2024 Repurchase Plan. As of August 5, 2026, approximately $400.0 million remained available for repurchase under the August 2024 Repurchase Plan. On May 14, 2026, 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 “ May 2026 Repurchase Plan ” ). During the three-months ended June 30, 2026, no shares were repurchased under the May 2026 Repurchase Plan. As of August 5, 2026, approximately $500.0 million remained available for repurchase under the May 2026 Repurchase Plan. The aggregate amount of the Company ’ s outstanding common stock that remains available for repurchase under all previously authorized repurchase plans is approximately $900.0 million as of August 5, 2026. During the three-months ended June 30, 2026, 1,358 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 $0.1 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 June 30, 2026. ​ 47 Table of Contents The following tabular summary reflects the Company’s repurchase activity during the quarter ended June 30, 2026. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Maximum Number (or ​ ​ ​ ​ ​ ​ ​ ​ ​ Approximate Dollar ​ ​ ​ ​ ​ ​ ​ Total Number of ​ Value) of Shares that ​ ​ ​ ​ ​ ​ ​ Shares Purchased ​ May Yet Be Purchased ​ ​ Total Number ​ ​ ​ ​ as Part of Publicly ​ Under the Plans or ​ ​ of Shares ​ Average Price ​ Announced Plans ​ Programs Period ​ ​ ​ Purchased 1 ​ ​ ​ per Share ​ ​ ​ or Programs 2 ​ ​ ​ (In thousands) Apr 1 – Apr 30, 2026 ​ 243 ​ $ 75.17 ​ — ​ $ 400,000 May 14, 2026 Authorization ​ ​ ​ ​ ​ ​ ​ ​ $ 500,000 May 1 – May 31, 2026 ​ 588 ​ $ 77.12 — ​ $ 900,000 Jun 1 – Jun 30, 2026 ​ 527 ​ $ 88.24 — ​ $ 900,000 Total 1,358 ​ $ 81.09 — ​ $ 900,000 1 The total number of shares purchased includes (1) shares repurchased, if any, pursuant to the August 2024 Repurchase Plan and the May 2026 Repurchase Plan, and (2) shares repurchased, if any, to satisfy exercise price and/or tax withholding obligations in connection with exercises of employee stock options and/or the vesting of restricted stock issued to employees. 2 On August 19, 2024, the Company’s Board of Directors authorized the August 2024 Repurchase Plan. On May 14, 2026, the Company’s Board of Directors authorized the May 2026 Repurchase Plan. Board authorization of the repurchase plans remains in effect until shares in the amount authorized thereunder have been repurchased. ​ ITEM 3. DEFAULTS UPON SENIOR SECURITIES None. ​ ITEM 4. MINE SAFETY DISCLOSURES Not applicable. ITEM 5. OTHER INFORMATION During the three-months ended June 30, 2026, none of the Company’s directors or officers adopted , modified or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement (each as defined in Item 408 of Regulation S-K under the Securities Exchange Act of 1934, as amended). ​ 48 Table of Contents ITEM 6. EXHIBITS ​ ​ ​ 3.1 ​ ​ ​ Second Amended and Restated Certificate of Incorporation of the Company (incorporated by reference to Exhibit 3.1 to our Form 8-K dated June 27, 2023). ​ ​ ​ 3.2 ​ Fourth Amended and Restated By-laws of the Company (incorporated by reference to Exhibit 3.2 to our Form 8-K dated November 7, 2024). ​ ​ ​ 10.1*+ ​ Amendment to Stock Option Agreements between Monster Beverage Corporation and Rodney C. Sacks. ​ ​ ​ 31.1* ​ ​ Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 ​ ​ ​ 31.2* ​ Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 ​ ​ ​ 32.1* ​ Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 ​ ​ ​ 32.2* ​ Certification by Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 ​ ​ ​ 101* ​ The following financial information from Monster Beverage Corporation’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) Condensed Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025, (ii) Condensed Consolidated Statements of Income for the three - and six-months ended June 30, 2026 and 2025, (iii) Condensed Consolidated Statements of Comprehensive Income for the three- and six-months ended June 30, 2026 and 2025, (iv) Condensed Consolidated Statements of Stockholders’ Equity for the three- and six-months ended June 30, 2026 and 2025, (v) Condensed Consolidated Statements of Cash Flows for the six-months ended June 30, 2026 and 2025, and (vi) the Notes to Condensed Consolidated Financial Statements. ​ ​ ​ 104* ​ The cover page from Monster Beverage Corporation’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, formatted in iXBRL (Inline eXtensible Business Reporting Language) and contained in Exhibit 101. * Filed herewith. + Management contract or compensatory plan or arrangements. ​ 49 Table of Contents SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. ​ MONSTER BEVERAGE CORPORATION ​ Registrant ​ ​ Date: August 6, 2026 /s/ HILTON H. SCHLOSBERG ​ Hilton H. Schlosberg ​ Vice Chairman of the Board of Directors ​ and Chief Executive Officer ​ ​ Date: August 6, 2026 /s/ THOMAS J. KELLY ​ Thomas J. Kelly ​ Chief Financial Officer ​ ​ 50