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Celsius vs National Beverage: revenue, profit, margins and growth compared

Celsius brought in $2.5B of revenue in fiscal 2025, National Beverage $1.2B in fiscal 2026. Revenue changed by +85.5% at Celsius and -1.7% at National Beverage on the year before, so Celsius grew faster. Celsius kept 4.3% of its revenue as net profit, National Beverage 15.6%. Free cash flow was $323.4M at Celsius and $156.1M at National Beverage.

Side by side, latest fiscal year

CELHFIZZ
Fiscal year endedFY2025 (December 31, 2025)FY2026 (May 2, 2026)
Revenue$2.5B$1.2B
Revenue growth+85.5%-1.7%
Net income$108M$183.6M
Net margin4.3%15.6%
Free cash flow$323.4M$156.1M
Free cash flow margin12.9%13.2%
Earnings per share (diluted)$0.25$1.96
Cash$398.9M$349.5M
Debt$676.9Mn/a
Price to earnings112.015.1
Market value$7.1B$2.8B
Dividend yieldn/an/a
Rank by revenue in sector#43 of 93 · Consumer staples#60 of 93 · Consumer staples

Over the years

Revenue
CELH FY2018: $52.6MCELH FY2019: $75.1MCELH FY2020: $130.7MCELH FY2021: $314.3MCELH FY2022: $653.6MCELH FY2023: $1.3BCELH FY2024: $1.4BCELH FY2025: $2.5BFIZZ FY2019: $1BFIZZ FY2020: $1BFIZZ FY2021: $1.1BFIZZ FY2022: $1.1BFIZZ FY2023: $1.2BFIZZ FY2024: $1.2BFIZZ FY2025: $1.2BFIZZ FY2026: $1.2BFY18FY19FY20FY21FY22FY23FY24FY25FY26
CELH $2.5BFIZZ $1.2B
Net income
CELH FY2018: -$11.2MCELH FY2019: $10MCELH FY2020: $8.5MCELH FY2021: $3.9MCELH FY2022: -$187.3MCELH FY2023: $226.8MCELH FY2024: $145.1MCELH FY2025: $108MFIZZ FY2019: $140.9MFIZZ FY2020: $130MFIZZ FY2021: $174.1MFIZZ FY2022: $158.5MFIZZ FY2023: $142.2MFIZZ FY2024: $176.7MFIZZ FY2025: $186.8MFIZZ FY2026: $183.6MFY18FY19FY20FY21FY22FY23FY24FY25FY26
CELH $108MFIZZ $183.6M
Net margin
CELH FY2018: -21.3%CELH FY2019: 13.3%CELH FY2020: 6.5%CELH FY2021: 1.3%CELH FY2022: -28.7%CELH FY2023: 17.2%CELH FY2024: 10.7%CELH FY2025: 4.3%FIZZ FY2019: 13.9%FIZZ FY2020: 13.0%FIZZ FY2021: 16.2%FIZZ FY2022: 13.9%FIZZ FY2023: 12.1%FIZZ FY2024: 14.8%FIZZ FY2025: 15.6%FIZZ FY2026: 15.6%FY18FY19FY20FY21FY22FY23FY24FY25FY26
CELH 4.3%FIZZ 15.6%
Revenue growth
CELH FY2019: +42.9%CELH FY2020: +74.0%CELH FY2021: +140.4%CELH FY2022: +108.0%CELH FY2023: +101.7%CELH FY2024: +2.9%CELH FY2025: +85.5%FIZZ FY2020: -1.4%FIZZ FY2021: +7.2%FIZZ FY2022: +6.1%FIZZ FY2023: +3.1%FIZZ FY2024: +1.6%FIZZ FY2025: +0.8%FIZZ FY2026: -1.7%FY19FY20FY21FY22FY23FY24FY25FY26
CELH +85.5%FIZZ -1.7%
Free cash flow
CELH FY2018: -$11.8MCELH FY2019: $956KCELH FY2020: $2.8MCELH FY2021: -$99.7MCELH FY2022: $99.9MCELH FY2023: $123.8MCELH FY2024: $239.5MCELH FY2025: $323.4MFIZZ FY2019: $101.1MFIZZ FY2020: $153.8MFIZZ FY2021: $168.5MFIZZ FY2022: $104.1MFIZZ FY2023: $139.7MFIZZ FY2024: $167.6MFIZZ FY2025: $170.4MFIZZ FY2026: $156.1MFY18FY19FY20FY21FY22FY23FY24FY25FY26
CELH $323.4MFIZZ $156.1M

Fiscal years as each company reports them; the two may end in different months.

Questions about Celsius and National Beverage

Which is bigger by revenue, Celsius or National Beverage?

Celsius is bigger by revenue: $2.5B in fiscal 2025, against $1.2B for National Beverage in fiscal 2026.

Which keeps more of its revenue as profit, Celsius or National Beverage?

Celsius had a net margin of 4.3% in fiscal 2025; National Beverage had 15.6% in fiscal 2026.

Which grew revenue faster, Celsius or National Beverage?

In their latest fiscal years revenue changed by +85.5% at Celsius and -1.7% at National Beverage.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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