Celsius hit $2.5B. Its own brand is now under half of sales

A brand company that outgrew its own name

For most of its life, Celsius Holdings was one product. The company's revenue and the CELSIUS brand were the same number, and that number grew fast: from $75.1 million in 2019 to $1,355.6 million in 2024, according to its 10-K filings.

Then 2025 happened. Celsius closed its purchase of Alani Nu on April 1, 2025, for $1,275.0 million in cash plus about 22.5 million shares. On Aug. 28 it took over Rockstar Energy in the U.S. and Canada as part of a wider set of deals with PepsiCo. Full-year revenue jumped 85.5% to $2,515.3 million.

The chart above shows what that did to the mix. Drag the slider from Q1 2025 to Q2 2026 and watch the pink slice. CELSIUS went from all of the company's revenue to 47.3% of it in Q2 2026: $387.0 million out of $817.9 million.

That isn't because CELSIUS collapsed. The brand grew 7.5% in 2025, to $1,457.7 million. The other brands simply arrived at full size, and one of them is growing much faster.

Alani Nu caught up in three quarters

Switch the chart below to "Share of revenue." By Q4 2025, Alani Nu was bringing in more money than CELSIUS. Celsius's release put Alani at about $370.0 million that quarter. CELSIUS was roughly $306.6 million, which is our estimate, since Celsius only said the brand fell about 8% from a year earlier.

Before you read too much into Q4, know that it was messy. Alani Nu was moving out of its old distributors and into PepsiCo's system, and PepsiCo was buying inventory to fill the pipeline. Celsius said CELSIUS shipments were hit by "temporary integration-related timing" at its largest distributor, even as the brand's U.S. tracked retail sales rose 13% in the same 13 weeks.

Q1 2026 is a cleaner test, and Alani still came out ahead.

CELSIUS took the lead back in Q2 2026, but its revenue was down about 11.7% from Q2 2025. Over the first half of 2026, CELSIUS brand revenue was $735.0 million, about 4% below the same period a year earlier.

What the checkout counter says

Revenue tells you what Celsius shipped to its customers. Scanner data tells you what shoppers actually bought. Celsius quotes Circana's U.S. tracked-store numbers in every release, and they show the same handoff more slowly.

In the 13 weeks ended Sept. 28, 2025, CELSIUS held 11.2% of U.S. energy drink dollar sales and Alani Nu 7.2%. By the quarter ended June 28, 2026, it was 9.5% to 8.7%. Alani Nu's retail sales grew 55.7% that quarter, while CELSIUS slipped 2% and Rockstar fell 13%.

The portfolio as a whole barely moved, staying around 20% of the category. CEO John Fieldly called it "roughly one in five energy drinks." In other words, the company is holding its place on the shelf while the brand doing the work changes.

That is a familiar pattern in CPG. A challenger brand that grows up gets the hard part of the job: defending a big base while a younger sibling takes the momentum. We saw a version of it in e.l.f. Beauty's retailer mix, where growth came from new doors as much as new shoppers.

One customer, 60% of the money

The second story in these filings is about who Celsius sells to. Its biggest customer isn't a retailer. It's PepsiCo, which buys the drinks and distributes them to stores across the U.S. and Canada.

Celsius signed its PepsiCo distribution deal in August 2022. By 2023, PepsiCo was 59.4% of revenue. That share fell to 43.2% in 2025, but only because Alani Nu still went to market through its own distributors for much of the year.

Once Alani moved over, the share snapped back. PepsiCo accounted for 60.2% of revenue in Q2 2026, up from 33.3% a year earlier. Costco, the next-largest customer, was 8.7%. PepsiCo is also a related party: it owns Celsius preferred stock, and the August 2025 deals gave it the right to name an additional board member.

Where Amazon fits

Amazon is the e-commerce angle here, and it's smaller than you might guess.

Amazon was 10.1% of Celsius revenue in 2021, then slipped under the 10% disclosure line on an annual basis as PepsiCo's share grew. It still crosses 10% in some quarters, including Q1 2025 at 12.1%, when there was no Alani Nu yet. In Q1 2026 it was 8.4% of a much bigger company.

One detail stands out. At June 30, 2026, Amazon made up 14.2% of Celsius's accounts receivable, up from 9.3% at Dec. 31, 2025. Receivables are a balance-sheet snapshot, so it isn't a revenue figure. Still, it suggests Amazon remains a meaningful direct account, the kind where Celsius sells wholesale, much like a 1P vendor relationship.

What it means for brands

Portfolio math hides brand math. Celsius's total revenue rose about 11% in Q2 2026 while its founding brand's revenue fell about 12%. If you report on a portfolio, track every brand's revenue and share on its own, every quarter.

Distribution changes move revenue before they move shoppers. Pipeline fills and distributor switches made Celsius's quarterly revenue swing far more than its scanner data did. Before you judge a brand's health, compare what you ship with what sells through.

Channel concentration cuts both ways. PepsiCo gives Celsius reach nobody else can match. It also means one partner's ordering habits can move a quarter. Amazon and other direct accounts are where a brand still controls its own content, pricing and Buy Box position, and Amazon's push into everyday essentials, covered in our Amazon Q3 2026 grocery breakdown, makes that channel harder to ignore.

Watch the next print. Celsius reports Q3 2026 results before markets open on Thursday, Nov. 5, 2026. The question to watch is whether CELSIUS revenue turns back up, or whether Alani Nu takes the top spot for good.

If you'd like to see that kind of brand-by-brand, channel-by-channel view across your own marketplaces, it's what we build in unified marketplace data.

Methodology

Annual revenue comes from Celsius Holdings' 10-K filings. Brand revenue for Q2 2025 and Q2 2026 comes from the disaggregated revenue table in the Q2 2026 10-Q. Other quarters use the approximate brand figures in Celsius's earnings releases and 10-Qs. CELSIUS revenue for Q3 and Q4 2025 is our estimate, total revenue minus Alani Nu and Rockstar Energy, and is labeled as such. Customer shares come from the concentration notes in each filing, which list only customers above 10% of revenue. Dollar shares are Circana figures as quoted by Celsius. Q3 2026 results aren't out yet and aren't included. Full notes and every source are below.