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® ●StormTM ●Samurai® ●Bang Energy® ●Live+® ●FLRTTM ●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 EllumTM IPA, Perrin Brewing Company® Black Ale, Hop Rising® Double IPA, Wasatch® Apricot Hefeweizen, The BeastTM, Blind Lemon®, Blinder LemonTM 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, StormTM and Reign Storm® total wellness energy drinks and FLRTTM 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 AppleTM ​ 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 sales1 ​ $ 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 income1 ​ 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 taxes1 ​ 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 % 1Includes $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 BeastTM 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 BeastTM 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 BeastTM 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 BeastTM 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. **Gross 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 sales1 ​ $ 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 1Excludes 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 Obligations1 ​ $ 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 Commitments2 ​ 218,878 ​ 165,366 ​ 53,512 ​ — ​ — ​ ​ $ 1,058,447 ​ $ 606,866 ​ $ 358,441 ​ $ 87,364 ​ $ 5,776 1Contractual obligations include our obligations related to sponsorships and other commitments. 2Purchase 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