Detailed financial statements for Celsius Holdings, Inc. (CELH): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Celsius Holdings, Inc. is a global enterprise specializing in the development, production, promotion, and distribution of functional beverages and liquid nutritional supplements. Its extensive reach covers North America, Europe, Asia, and other international markets. The company's diverse product lineup includes CELSIUS Originals, offering both sparkling and still functional energy drinks.
Analysis Summary
Celsius Holdings, Inc. reported revenue of $2.52B in the most recent fiscal year, growing at a 5-year CAGR of 80.7%. Net income reached $108.0M, with a 66.2% 5-year CAGR.
Trailing-twelve-month margins: gross margin 48.8%, operating margin 7.9%, net margin 3.6%. Free cash flow grew at 158.1% CAGR over 5 years.
At the current price of $27.52, CELH trades at a P/E of 127.38 and an ROE of 3.67%. Market capitalisation stands at $7.0B.
Balance sheet quality for CELH: current ratio of 1.7, net debt of $271.1M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $323.4M represents 299% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $22.8M | $36.2M | $52.6M | $75.1M | $130.7M | $314.3M | $653.6M | $1.32B | $1.36B | $2.52B |
| Cost of Revenue | $13.0M | $20.7M | $31.5M | $43.8M | $69.8M | $186.1M | $382.7M | $684.9M | $675.4M | $1.25B |
| Gross Profit | $9.7M | $15.4M | $21.1M | $31.3M | $61.0M | $128.2M | $270.9M | $633.1M | $680.2M | $1.27B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $1.0M | 0 |
| Selling, General & Admin | $12.6M | $23.5M | $31.7M | $32.8M | $53.1M | $132.3M | $428.7M | $366.8M | $524.5M | $798.8M |
| Operating Expenses | $12.6M | $23.5M | $31.7M | $32.8M | $53.1M | $132.3M | $428.7M | $366.8M | $524.5M | $1.13B |
| Operating Income | -$2.8M | -$8.1M | -$10.6M | -$1.4M | $7.9M | -$4.1M | -$157.8M | $266.4M | $155.7M | $141.1M |
| EBITDA | -$2.8M | -$8.1M | -$10.9M | $12.3M | $11.3M | -$2.8M | -$150.7M | $295.0M | $202.3M | $203.5M |
| Interest Expense | $228,750 | $160,616 | $188,856 | $1.4M | $1.1M | $8,000 | 0 | 0 | 0 | $49.0M |
| Pre-tax Income | -$3.1M | -$8.2M | -$11.2M | $10.0M | $8.6M | -$4.1M | -$152.7M | $291.7M | $195.1M | $125.0M |
| Income Tax | 0 | 0 | 0 | 0 | $116,000 | -$8.0M | $34.6M | $64.9M | $50.0M | $17.0M |
| Net Income | -$3.1M | -$8.2M | -$11.2M | $10.0M | $8.5M | $3.9M | -$187.3M | $226.8M | $145.1M | $108.0M |
| EPS | $-0.03 | $-0.06 | $-0.07 | $0.05 | $0.04 | $0.02 | $-0.83 | $0.79 | $0.46 | $0.25 |
| EPS (Diluted) | $-0.03 | $-0.06 | $-0.07 | $0.05 | $0.04 | $0.02 | $-0.83 | $0.77 | $0.45 | $0.25 |
| Shares Outstanding (Diluted) | $115.7M | $133.3M | $150.2M | $192.6M | $223.3M | $233.1M | $226.9M | $237.0M | $237.4M | $237.2M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $725.1M | $721.6M | $782.6M | $817.9M |
| Gross Profit | $372.3M | $341.8M | $378.1M | $393.7M |
| Operating Income | -$80.0M | $106.8M | $139.0M | $75.3M |
| EBITDA | -$61.0M | $44.2M | $158.5M | $91.2M |
| Net Income | -$61.0M | $24.7M | $110.1M | $36.4M |
| EPS | $-0.30 | $0.04 | $0.33 | $0.14 |
| EPS (Diluted) | $-0.30 | $0.04 | $0.33 | $0.14 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $11.7M | $14.2M | $7.7M | $23.1M | $43.2M | $16.3M | $614.2M | $756.0M | $890.2M | $398.9M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $2.8M | $6.4M | $13.0M | $9.0M | $16.9M | $41.3M | $66.3M | $186.0M | $270.3M | $755.5M |
| Inventory | $2.2M | $5.3M | $11.5M | $15.3M | $18.4M | $191.2M | $173.3M | $229.3M | $131.2M | $337.7M |
| Total Current Assets | $17.7M | $27.0M | $34.5M | $51.5M | $93.2M | $262.4M | $918.0M | $1.20B | $1.32B | $1.81B |
| Property, Plant & Equipment | $33,533 | $62,642 | $121,854 | $942,355 | $1.6M | $4.4M | $11.4M | $27.0M | $77.4M | $87.9M |
| Goodwill | 0 | 0 | 0 | $10.0M | $10.4M | $14.5M | $13.7M | $14.2M | $71.6M | $917.6M |
| Intangible Assets | 0 | 0 | 0 | $17.2M | $16.6M | $16.3M | $12.3M | $12.1M | $12.2M | $1.39B |
| Total Assets | $17.7M | $27.1M | $34.6M | $90.4M | $131.3M | $314.0M | $1.22B | $1.54B | $1.77B | $5.12B |
| Accounts Payable | $858,131 | $3.0M | $5.8M | $10.2M | $11.9M | $35.8M | $36.2M | $42.8M | $41.3M | $137.9M |
| Short-term Debt | 0 | 0 | 0 | $8.6M | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $2.3M | $6.5M | $14.9M | $26.7M | $26.4M | $93.1M | $161.3M | $276.6M | $365.5M | $1.08B |
| Long-term Debt | $4.5M | $3.5M | $8.0M | 0 | 0 | 0 | 0 | 0 | 0 | $669.9M |
| Total Liabilities | $6.8M | $10.0M | $22.8M | $26.9M | $27.0M | $97.0M | $357.5M | $447.9M | $542.5M | $2.18B |
| Retained Earnings | -$53.4M | -$62.0M | -$73.4M | -$63.4M | -$55.4M | -$51.5M | -$238.8M | -$12.1M | $105.5M | $175.9M |
| Total Equity | $10.9M | $17.1M | $11.8M | $63.5M | $104.3M | $217.0M | $864.6M | $1.09B | $1.22B | $2.94B |
| Total Debt | $4.5M | $3.5M | $8.0M | $9.5M | $1.1M | $1.4M | $1.2M | $2.2M | $20.2M | $669.9M |
| Net Debt | -$7.2M | -$10.7M | $216,200 | -$13.6M | -$42.1M | -$14.9M | -$612.9M | -$753.8M | -$869.9M | $271.1M |
| Working Capital | $15.4M | $20.6M | $19.6M | $24.8M | $66.8M | $169.2M | $756.7M | $928.3M | $959.0M | $732.4M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $806.0M | $398.9M | $549.2M | $631.2M |
| Total Assets | $5.27B | $5.12B | $5.16B | $5.17B |
| Total Liabilities | $2.30B | $2.18B | $3.91B | $2.21B |
| Total Equity | $2.96B | $2.94B | $1.25B | $2.96B |
| Total Debt | $861.5M | $669.9M | $2.44B | $667.9M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$3.1M | -$8.2M | -$11.2M | $10.0M | $8.5M | $3.9M | -$187.3M | $226.8M | $145.1M | $108.0M |
| Depreciation & Amortization | $16,951 | $20,425 | $72,162 | $893,413 | $1.6M | $1.3M | $1.9M | $3.2M | $7.3M | $29.5M |
| Stock-based Compensation | $1.6M | $2.6M | $4.6M | $4.8M | $6.3M | $36.5M | $20.7M | $21.2M | $19.6M | $28.1M |
| Change in Working Capital | -$885,698 | -$2.8M | -$5.5M | -$2.6M | -$13.6M | -$133.8M | $235.4M | -$93.0M | $62.6M | $167.0M |
| Operating Cash Flow | -$2.4M | -$8.4M | -$11.6M | $1.0M | $3.4M | -$96.6M | $108.2M | $141.2M | $262.9M | $359.4M |
| Capital Expenditure | -$30,830 | -$49,534 | -$110,417 | -$77,974 | -$574,000 | -$3.1M | -$8.3M | -$17.4M | -$23.4M | -$36.1M |
| Acquisitions | 0 | 0 | 0 | -$14.2M | 0 | 0 | 0 | 0 | -$75.3M | -$1.28B |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -$2.3M | -$39.8M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | -$11.5M | -$27.5M | -$27.5M | -$37.6M |
| Free Cash Flow | -$2.4M | -$8.5M | -$11.8M | $956,014 | $2.8M | -$99.7M | $99.9M | $123.8M | $239.5M | $323.4M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $331.8M | -$119.4M | $73.7M | $222.5M |
| Capital Expenditure | -$10.3M | -$10.5M | -$7.9M | -$17.1M |
| Free Cash Flow | $321.5M | -$130.0M | $65.8M | $205.5M |
| Dividends Paid | -$9.7M | -$14.3M | -$14.0M | -$14.1M |
| Stock-based Compensation | $7.4M | $9.2M | $7.6M | $10.6M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +58.9% | +45.5% | +42.9% | +74.0% | +140.4% | +108.0% | +101.7% | +2.9% | +85.5% | |
| Net Income Growth (YoY) | -168.6% | -36.0% | +189.0% | -14.5% | -53.8% | -4,857.0% | +221.1% | -36.0% | -25.6% | |
| EPS Growth (YoY) | -133.2% | -20.7% | +171.4% | -25.0% | -50.0% | -4,250.0% | +195.2% | -41.8% | -45.7% | |
| Shares Change (YoY) | +15.2% | +12.7% | +28.2% | +16.0% | +4.4% | -2.6% | +4.4% | +0.2% | -0.1% | |
| FCF Growth (YoY) | -253.7% | -38.8% | +108.1% | +195.1% | -3,635.5% | +200.2% | +23.9% | +93.5% | +35.0% | |
| Gross Margin | 42.7% | 42.7% | 40.0% | 41.7% | 46.6% | 40.8% | 41.4% | 48.0% | 50.2% | 50.4% |
| Operating Margin | -12.5% | -22.3% | -20.2% | -1.9% | 6.1% | -1.3% | -24.1% | 20.2% | 11.5% | 5.6% |
| EBITDA Margin | -12.4% | -22.3% | -20.8% | 16.3% | 8.7% | -0.9% | -23.1% | 22.4% | 14.9% | 8.1% |
| Net Margin | -13.5% | -22.8% | -21.3% | 13.3% | 6.5% | 1.3% | -28.7% | 17.2% | 10.7% | 4.3% |
| FCF Margin | -10.5% | -23.4% | -22.3% | 1.3% | 2.2% | -31.7% | 15.3% | 9.4% | 17.7% | 12.9% |
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | 0.0% | 1.3% | 197.0% | -22.7% | 22.3% | 25.6% | 13.6% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-0.02 | $-0.06 | $-0.08 | $0.00 | $0.01 | $-0.43 | $0.44 | $0.52 | $1.01 | $1.36 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.05 | $0.12 | $0.12 | $0.16 |
| Shares Outstanding (Basic) | $115.7M | $133.3M | $150.2M | $182.3M | $210.6M | $221.3M | $226.9M | $230.8M | $233.7M | $235.2M |
What to look at in Consumer Defensive companies
- Gross margin (stable 5y) (Stable >=35%) — Brand pricing power — Coca-Cola does not drop margins.
- ROE / ROIC stable (ROE >=15% stable) — Defensive businesses have high consistent ROEs — Lynch's stalwarts.
- FCF / Net Income (>=90%) — Earnings to cash conversion — best names exceed 95%.
- Dividend growth 10y (>=6%/year) — Dividend Aristocrats raise 25+ years — moat signal.
- Payout Ratio (<75%) — >80% = dividend at risk. <60% comfortable.
- Net Debt / EBITDA (<2.5x) — Defensive with high debt loses its essence.
Profitability
| Return on Equity | 3.67% |
| Return on Invested Capital | 3.02% |
| Return on Assets | 2.11% |
| Gross Margin | 48.76% |
| Operating Margin | 7.91% |
| Net Margin | 3.62% |
Financial Health
| Debt / Equity | 0.23 |
| Current Ratio | 1.80 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -30.82 | -28.32 | -15.55 | 30.21 | 419.25 | 1,243.00 | -41.78 | 69.01 | 57.26 | 182.96 |
| P/B | 8.67 | 13.60 | 14.76 | 4.62 | 33.85 | 25.35 | 9.10 | 11.56 | 5.03 | 3.66 |
| P/S | 4.15 | 6.45 | 3.31 | 3.91 | 27.01 | 17.51 | 12.04 | 9.55 | 4.54 | 4.28 |
| Gross Margin | 42.7% | 42.7% | 40.0% | 41.7% | 46.6% | 40.8% | 41.4% | 48.0% | 50.2% | 50.4% |
| Operating Margin | -12.5% | -22.3% | -20.2% | -1.9% | 6.1% | -1.3% | -24.1% | 20.2% | 11.5% | 5.6% |
| Net Margin | -13.5% | -22.8% | -21.3% | 13.3% | 6.5% | 1.3% | -28.7% | 17.2% | 10.7% | 4.3% |
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Explore sector: Consumer Defensive · Beverages - Non-Alcoholic
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