Celsius Holdings Reports Third Quarter 2026 Financial Results
Celsius Holdings, Inc. (CELH) filed an SEC Form 8-K — Results of Operations and Financial Condition. Celsius Holdings Reports Third Quarter 2026 Financial Results Scalable, multi-brand Modern Energy platform delivers record third quarter revenue of $847 million Portfolio scale, distinct brand roles and international momentum support long-term growth Celsius Holdings’ Portfolio c
How this was made
The 30-second read
Why it matters
The earnings beat and profit swing are likely to trigger buying interest, while margin pressure may temper enthusiasm.
Market read
First‑report earnings for a mid‑cap growth company with significant revenue growth; immediate trading relevance.
What to watch
Commodity price inflation (aluminum, fuel) and SKU optimization may weigh on future profitability.
Scalable, multi-brand Modern Energy platform delivers record third quarter revenue of $847 million
Revenue increased 17% to a record $847.2 million, supported by Alani Nu, Rockstar Energy and international growth, but gross margin declined 450 BPS and non-GAAP adjusted diluted EPS decreased 2% to $0.41.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Revenue, three months ended September 30GAAP | $847.2M | – | 17% |
| Cost of revenue, three months ended September 30GAAP | $451.0M | – | – |
| Gross profit, three months ended September 30GAAP | $396.3M | – | 6.4% |
| Gross margin, three months ended September 30GAAP | 46.8% | – | -450 BPS |
| Selling, general and administrative expenses, three months ended September 30GAAP | $220.7M | – | 7.3% |
| Selling, general and administrative expenses as a percentage of revenue, three months ended September 30GAAP | 26.1% | – | – |
| Adjusted selling, general and administrative expenses, three months ended September 30non-GAAP | $ 215,953 | – | – |
| Adjusted selling, general and administrative expenses as a percentage of revenue, three months ended September 30non-GAAP | 25.5 % | – | – |
| Distributor termination fees, three months ended September 30GAAP | $3.48M | – | – |
| Income (loss) from operations, three months ended September 30GAAP | $172.1M | – | – |
| Net income (loss) before provision for income taxes, three months ended September 30GAAP | $163.1M | – | – |
| Net income (loss), three months ended September 30GAAP | $127M | – | 308% |
| Net income (loss) attributable to common shareholders, three months ended September 30GAAP | $99.5M | – | 241% |
| Basic earnings (loss) per share, three months ended September 30GAAP | $ 0.39 | – | – |
| Diluted earnings (loss) per share, three months ended September 30GAAP | $0.39 | – | 244% |
| Adjusted diluted earnings per share, three months ended September 30non-GAAP | $0.41 | – | (2)% |
| Adjusted EBITDA, three months ended September 30non-GAAP | $198.6M | – | (3)% |
| Adjusted EBITDA margin, three months ended September 30non-GAAP | 23.4 % | – | – |
| Revenue, nine months ended September 30GAAP | $2.45B | – | 36% |
| Gross profit, nine months ended September 30GAAP | $1.17B | – | 26.2% |
| Gross margin, nine months ended September 30GAAP | 47.7% | – | -390 BPS |
| Selling, general and administrative expenses, nine months ended September 30GAAP | $692.9M | – | 22.9% |
| Selling, general and administrative expenses as a percentage of revenue, nine months ended September 30GAAP | 28.3% | – | – |
| Income from operations, nine months ended September 30GAAP | $ 386,310 | – | – |
| Net income, nine months ended September 30GAAP | $292.3M | – | 251% |
| Net income attributable to common shareholders, nine months ended September 30GAAP | $221M | – | 304% |
| Diluted earnings per share, nine months ended September 30GAAP | $0.86 | – | 291% |
| Adjusted diluted earnings per share, nine months ended September 30non-GAAP | $1.19 | – | 8% |
| Adjusted EBITDA, nine months ended September 30non-GAAP | $578.3M | – | 19% |
| Adjusted EBITDA margin, nine months ended September 30non-GAAP | 23.6 % | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| North America, three months ended September 30North America refers to the United States and Canada. | $806.2M | – | 15% |
| International, three months ended September 30Strong momentum across Nordic markets and expansion markets including Iberia, the UK, Ireland, France, Australia, New Zealand and Benelux. | $41M | – | 78% |
| CELSIUS brand, three months ended September 30SKU optimization initiatives, shipment timing related to inventory rebalancing, and softness in the club channel. | $356.8M | – | approximately 6% decrease |
| Alani Nu, three months ended September 30Increased distribution within the PepsiCo DSD system, the successful release of limited-time Alani Nu Witch’s Brew flavors, and continued strong consumer demand. | $410.1M | – | approximately 24% |
| Rockstar Energy, three months ended September 30Strong performance in Canada due to the timing of orders across the second and third quarter of 2026. | $80.3M | – | – |
| North America, nine months ended September 30North America refers to the United States and Canada. | $2.34B | – | 36% |
| International, nine months ended September 30Growth in the Nordics and continued momentum in expansion markets. | $103.6M | – | 47% |
| CELSIUS brand, nine months ended September 30Planned moderation in innovation activity, portfolio optimization, increased trade and promotional investment, inventory rebalancing shipment timing and club-channel softness. | $1.09B | – | approximately 5% decrease |
| Alani Nu, nine months ended September 30Strong consumer demand, increased PepsiCo DSD distribution and continued success of limited-time offering flavors. | $1.14B | – | approximately 80% |
| Rockstar Energy, nine months ended September 30The Company acquired the Rockstar Energy brand in the U.S. and Canada on August 28, 2025. | approximately $213.5 million | – | – |
Capital returns
- The Company repurchased approximately $44.5 million of shares during the third quarter of 2026 under the Company’s $300 million share repurchase authorization.
- For the nine months ended September 30, 2026, the Company repurchased approximately $168.8 million of shares under the Company’s $300 million share repurchase authorization.
What drove it
- Alani Nu revenue increased approximately 24% in the quarter, driven by PepsiCo DSD distribution, Witch’s Brew limited-time flavors and consumer demand.
- CELSIUS brand international revenue increased 78% to approximately $41.0 million in the quarter.
- Rockstar Energy contributed $80.3 million of third-quarter revenue, with Canadian order timing cited as a driver.
- Retail sales of the Celsius Holdings portfolio in U.S. tracked channels increased 14.7% for the 13-week period ended September 27, 2026.
- The Celsius Holdings portfolio contributed approximately 28% of the zero-sugar U.S. energy category’s $773 million growth during the third quarter of 2026.
- The Company cited supply-chain integration efficiencies, freight and freight lane optimization, raw material alignment, revenue growth-management capabilities and price-pack architecture as margin initiatives.
Concerns
- Gross margin decreased to 46.8% from 51.3% due to inflation in commodity costs, primarily aluminum and fuel, and a higher mix of DSD sales.
- Adjusted EBITDA decreased 3% to $198.6 million and adjusted EBITDA margin was 23.4%, compared to 28.4%.
- CELSIUS brand revenue decreased by approximately 6% to $356.8 million, while CELSIUS brand retail sales decreased 7.0%.
- Alani Nu's higher DSD mix resulted in higher trade investments and billbacks that reduced reported net revenue.
- Rockstar Energy retail sales decreased 13.2% year over year due to planned portfolio SKU optimization.
- Near-term margin initiatives partially offset continued commodity price inflation, particularly in aluminum and fuel.
What to watch
- CELSIUS brand performance following SKU optimization, inventory rebalancing and club-channel softness.
- Commodity costs, particularly aluminum and fuel, and the pace of gross-margin improvement.
- Alani Nu's distribution growth and the effect of DSD trade investments and billbacks on net revenue.
- Rockstar Energy performance beyond Canadian order timing and portfolio SKU optimization.
- Execution of the new brand-led organizational structure and the leadership appointments of Alex Zigliara and Rishi Daing.
- The maturation of supply-chain integration, freight optimization, revenue growth management and price-pack architecture initiatives.
Balance sheet and cash flow
- Cash and cash equivalents were $ 700,617 as of September 30, 2026, compared to $ 398,866 as of December 31, 2025.
- Long-term debt was $ 667,755 as of September 30, 2026, compared to $ 669,926 as of December 31, 2025.
- Total assets were $ 5,152,385 as of September 30, 2026, compared to $ 5,119,621 as of December 31, 2025.
- Total liabilities were $ 2,117,042 as of September 30, 2026, compared to $ 2,178,179 as of December 31, 2025.
- No operating cash flow, capital expenditures or free cash flow was reported in the filing.
Analysis
Celsius reported record third-quarter revenue of $847.2 million, up 17% from $725.1 million. Growth was led by Alani Nu, whose revenue increased approximately 24% to $410.1 million, international revenue growth of 78% to $41.0 million, and $80.3 million of Rockstar Energy revenue. The portfolio's U.S. tracked-channel retail sales increased 14.7% for the 13-week period ended September 27, 2026, and management said the portfolio contributed approximately 28% of the zero-sugar U.S. energy category's $773 million growth.
The demand mix was uneven by brand. CELSIUS brand revenue declined approximately 6% to $356.8 million, reflecting SKU optimization, inventory-rebalancing shipment timing and club-channel softness. CELSIUS retail sales decreased 7.0%, while Alani Nu retail sales increased 57.9%, supported by innovation, expanded distribution and consumer adoption. Rockstar retail sales declined 13.2% due to planned SKU optimization, although reported Rockstar revenue benefited from the timing of Canadian orders across the second and third quarters.
Profitability weakened despite higher revenue. Gross profit increased 6.4% to $396.3 million, but gross margin fell 450 BPS to 46.8% as aluminum and fuel inflation and a higher DSD sales mix outweighed supply-chain integration efficiencies. SG&A rose 7.3% to $220.7 million but declined as a percentage of revenue to 26.1% from 28.4%. GAAP diluted EPS was $0.39 compared with a loss of $(0.27), while adjusted diluted EPS declined 2% to $0.41 and adjusted EBITDA declined 3% to $198.6 million. Adjusted EBITDA margin was 23.4%, versus 28.4% in the prior-year period.
Capital allocation included approximately $44.5 million of third-quarter repurchases and approximately $168.8 million of repurchases for the nine months ended September 30, 2026, under the $300 million authorization. Cash and cash equivalents were $ 700,617 and long-term debt was $ 667,755 at September 30, 2026. The filing did not provide quantitative forward guidance. Management's forward focus is on integrating acquired businesses, executing the new brand-led structure, improving CELSIUS performance and expanding margins through supply-chain, freight, raw-material, revenue growth-management and price-pack initiatives.
Management, verbatim
We delivered record quarterly revenue in the third quarter of 2026, reflecting the strength of our scaled, multi-brand Modern Energy platform and continued execution of our total energy portfolio strategy. We continued to make progress to improve CELSIUS brand performance, while advancing operational execution across the portfolio. With today’s brand-led leadership appointments, including welcoming Alex Zigliara to lead brand CELSIUS and appointing Rishi Daing to lead Rockstar Energy & Emerging Growth, we are further strengthening execution against our priorities: realizing the benefits of our integrated platform, improving margins through revenue growth management, supply chain and cost initiatives, and positioning each brand for sustainable growth.
John Fieldly, Chairman and CEO of Celsius Holdings
Not in the filing
stated, not guessed- Quantitative forward revenue guidance
- Quantitative forward gross-margin guidance
- Quantitative forward operating-expense guidance
- Quantitative forward tax-rate guidance
- Prior-period outlook for comparison
- Operating cash flow
- Capital expenditures
- Free cash flow
- Dividend declaration or payment
- Prior-quarter comparisons for reported financial metrics
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was checked against the filing text, and a metric whose value, prior period and change do not add up is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Celsius Holdings (NASDAQ: CELH) released its Q3 2026 results via an SEC Form 8‑K, detailing revenue, earnings, margin, and share repurchase activity.
Ticker impact
Celsius Holdings filed its Q3 2026 earnings, reporting record $847M revenue and a swing to $127M net income.
upward pressure as investors price in revenue growth and profitability turnaround
Revenue up 16.8% YoY, net income positive after a loss, and a $44.5M share repurchase signal confidence.
Market effects
Boosts the zero‑sugar RTD energy segment and may lift peers in the broader beverage sector.
Strengthens the North American beverage market outlook, especially in the U.S. and Canada.
Highlights growing demand for low‑sugar energy drinks worldwide, supporting international expansion plans.
Counterpoint
The margin compression and higher SG&A could limit upside if cost pressures persist.
Key entities
- ExecutiveJohn Fieldly
Chairman and CEO who commented on the results and brand leadership changes.
