Celsius Holdings, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Celsius Holdings, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	22.8	36.2	52.6	75.1	131	314	654	1,318	1,356	2,515
Cost of revenue	13	20.7	31.5	43.8	69.8	186	383	685	675	1,248
Gross profit	9.73	15.4	21.1	31.3	61	128	271	633	680	1,267
Research and development	0.09	0.36	0.57	0.34	0.5	1	0.4	1.7	1	2.4
Selling, general and administrative							429	367	524	799
Selling and marketing	8.68	16.6	21.2	21.1	34.9	74.7	353	160	222	319
General and administrative	3.9	6.9	10.5	11.6	18.2	132	429	367
Operating expenses	12.6	23.5	31.7	32.8	53.1	132	429
Operating income	-2.84	-8.08	-10.6	-1.45	7.91	-4.09	-158	266	156	141
Interest expense	0.23	0.16	0.17	0.51				0	0	49
Other non-operating income	-0.22	-0.16	-0.57	11.4	0.73	0.03	5.14	25.4	39.3	-16
Pre-tax income				9.97	8.64	-4.06	-153	292	195	125
Income tax	0	0	0		0.12	-8	34.6	64.9	50	17
Net income	-3.07	-8.24	-11.2	9.97	8.52	3.94	-187	227	145	108
EBITDA	-2.83	-8.06	-10.6	-1.38	8.04	-2.83	-156	270	163	171
EPS, basic	-0.04	-0.08	-0.09	0.06	0.05	0.02	-0.88	0.79	0.46	0.25
EPS, diluted	-0.04	-0.08	-0.09	0.06	0.04	0.02	-0.88	0.77	0.45	0.25
Shares, basic (weighted)	96.4	111	125	152	175	221	227	231	234	252
Shares, diluted (weighted)	96.4	111	125	160	186	233	227	237	237	255

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	11.7	14.2	7.74	23.1	43.2	16.3	614	756	890	399
Receivables	2.79	6.38	13	7.77	15	38.7	63.3	184	270	755
Inventory	2.21	5.31	11.5	15.3	18.4	191	173	229	131	338
Other current assets		1.2	2.3	4.17	14.6	13.6	11.3	19.5	18.8	129
Total current assets	17.7	27	34.5	51.5	93.2	262	918	1,205	1,325	1,811
Property, plant and equipment	0.03	0.06	0.12	0.13	0.58	3.18	10.2	24.9	55.6	87.9
Lease right-of-use assets				0.26	0.84	1.13	0.97	1.96	21.6
Goodwill				10	10.4	14.5	13.7	14.2	71.6	918
Intangible assets				17.2	16.6	16.3	12.3	12.1	12.2	112
Other non-current assets								0.29	30	43.4
Total assets	17.7	27.1	34.6	90.4	131	314	1,222	1,536	1,767	5,120
Accounts payable	0.86	3	5.83	10.2	11.9	35.8	36.2	42.8	41.3	138
Accrued liabilities	0.9	3.31	9.02	7.13	7.28	15.3	69.9	62.1	149	231
Deferred revenue						0	9.7	9.51	9.51	27
Short-term debt				8.63						7
Total current liabilities	2.32	6.46	14.9	26.7	26.4	93.1	161	277	366	1,079
Long-term debt									0	670
Lease liabilities				0.24	0.51	0.66	0.33	0.96	16.7	13.8
Other non-current liabilities									19.2	28.4
Total liabilities	6.82	9.96	22.8	26.9	27	97	357	448	542	2,178
Total debt				8.63					0	677
Paid-in capital	64.2	79.1	85.2	128	160	268	281	277	300	1,051
Retained earnings	-53.4	-62	-73.4	-63.4	-55.4	-51.5	-239	-12.1	106	176
Treasury stock									-2.59	-48.2
Other comprehensive income		-0.04	-0.03	-0.75	-0.2	0.61	-1.88	-0.7	-3.25	3.16
Shareholders' equity	10.9	17.1	11.8	63.5	104	217	40.1	264	400	1,181
Total equity	10.9	17.1	11.8	63.5	104	217	40.1	264	400	1,181
Total liabilities and equity	17.7	27.1	34.6	90.4	131	314	1,222	1,536	1,767	5,120
Shares outstanding	100	114	143	172	181	74.9	229	232	235	257

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-3.07	-8.24	-11.2	9.97	8.52	3.94	-187	227	145	108
Depreciation and amortization	0.02	0.02	0.07	0.07	0.13	1.26	1.92	3.23	7.27	29.5
Stock-based compensation	1.58	2.24	4.29	4.83	6.34	36.5	20.7	21.2	19.6	28.1
Deferred income tax					0.08	-9.2	20.2	-42.1	-9.73	-57.3
Change in receivables	-0.66	-3.59	-6.6	-1.43	-7.47	-25.2	-26.4	-122	-89.7
Change in inventory	0.11	-3.09	-6.18	-2.24	-3.86	-175	11.8	-63.3	77.2	-130
Change in payables	-0.05	4.56	8.53	2.62	4.74	24	0.43	5.25	-1.17	51.3
Cash from operations	-2.36	-8.42	-11.6	1.03	3.4	-96.6	108	141	263	359
Capital expenditures	-0.03	-0.05	-0.11	-0.08	-0.57	-3.15	-8.26	-17.4	-23.4	-36.1
Acquisitions							0	0	-75.3
Cash from investing	-0.02	-0.05	-0.11	-14.3	0.76	-1.26	-5.67	-14.2	-102	-1,296
Debt issued								0	0	900
Stock issued	4	10	0.3	27	21.9	67.8	0	0	3.86
Share buybacks							0	0	-2.26	-5.73
Cash from financing	4.01	10.9	5.3	28.7	15.6	71.4	534	-25.2	-26	583
Exchange rate effect		-0.04	-0.01	-0.07	0.43	-0.54
Net change in cash	1.62	2.44	-6.44	15.3	20.2	-27	637	103	134	-350
Free cash flow	-2.39	-8.47	-11.8	0.96	2.82	-99.7	99.9	124	240	323
Interest paid	0.11	0.16	0.17	0.13	0.45	0.01	0	0	0	45.8
Income taxes paid								56.7	99.1	64.2

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $27.99 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	48.8%	Gross profit / revenue.
Operating margin	5.3%	Operating income / revenue.
EBITDA margin	6.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	4.6%	Pre-tax income / revenue.
Net margin	4.2%	Net income / revenue.
FCF margin	15.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	16.7%	Cash from operations / revenue.
Effective tax rate	8.8%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	10.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.5%	Net income / average total assets.
Return on invested capital (ROIC)	11.8%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	30.0%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.1%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.5%	Capital expenditures / revenue.
D&A / revenue	0.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	85.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	56.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	80.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	86.3%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	67.3%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	83.5%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-9.4%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 5y	77.9%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	4.6%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 5y	84.2%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-25.6%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 5y	66.2%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-44.4%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 5y	41.5%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	36.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	49.2%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	154.1%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	35.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	47.9%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	158.1%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	195.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	208.9%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	62.5%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	189.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	61.2%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	108.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	7.4%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	3.9%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	6.5%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.80x	Current assets / current liabilities.
Quick ratio	1.31x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.60x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.56x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	13.1%	Total debt / total assets.
Liabilities / assets	42.7%	Total liabilities / total assets.
Net debt	$43.6M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.24x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	2.95x	Operating income / interest expense.
Working capital	$832.3M	Current assets - current liabilities.
Goodwill and intangibles / assets	19.7%	(Goodwill + intangible assets) / total assets.
Tangible book value	$180.2M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.59x	Revenue / average total assets.
Fixed asset turnover	28.0x	Revenue / average property, plant and equipment.
Inventory turnover	4.00x	Cost of revenue / average inventory.
Days inventory	91 days	365 x average inventory / cost of revenue.
Receivables turnover	4.14x	Revenue / average receivables.
Days sales outstanding	88 days	365 x average receivables / revenue.
Days payables	47 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	132 days	Days inventory + days sales outstanding - days payables.
FCF conversion	358.4%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	9.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.50	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$11.86	Revenue / diluted weighted shares.
FCF per share	$1.80	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.98	Cash from operations / diluted weighted shares.
Book value per share	$4.74	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$0.71	Tangible book value / shares outstanding.
Cash per share	$2.49	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	2.7%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$7.08B	Share price x shares outstanding.
Enterprise value	$7.13B	Market cap + total debt - cash - short-term investments.
P/E	54.9x	Market cap / net income. Only when net income is positive.
P/S	2.32x	Market cap / revenue.
P/B	5.90x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	39.3x	Market cap / tangible book value, when positive.
P/FCF	15.3x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	13.9x	Market cap / cash from operations, when positive.
EV/Sales	2.34x	Enterprise value / revenue.
EV/EBIT	44.5x	Enterprise value / operating income, when both are positive.
EV/EBITDA	38.4x	Enterprise value / EBITDA, when both are positive.
EV/FCF	15.4x	Enterprise value / free cash flow, when both are positive.
FCF yield	6.5%	Free cash flow / market cap.
Earnings yield	1.8%	Net income / market cap (the inverse of P/E).
Shareholder yield	0.2%	(Dividends paid + share buybacks) / market cap.

What was Celsius Holdings, Inc.'s revenue in fiscal 2025?

Celsius Holdings, Inc. reported revenue of $2.52B for fiscal 2025, 85.5% higher than the year before.

Was Celsius Holdings, Inc. profitable in fiscal 2025?

Yes. Net income was $108.0M, a net margin of 4.3%.

How much free cash flow did Celsius Holdings, Inc. generate in fiscal 2025?

Cash from operations of $359.4M minus capital expenditures of $36.1M left free cash flow of $323.4M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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