{
 "slug": "celsius-alani-nu-brand-mix-pepsi-amazon",
 "no": 9,
 "date": "2026-11-04",
 "updated": "2026-11-04",
 "title": "Celsius hit $2.5B. Its own brand is now under half of sales",
 "description": "Interactive: Celsius Holdings hit $2.52B in 2025 revenue, but its CELSIUS brand was just 47% of Q2 2026 sales. See brand mix, PepsiCo reliance and share.",
 "topics": [
  "CPG",
  "Retail",
  "Marketplaces"
 ],
 "big": {
  "v": 2.52,
  "f": {
   "d": 2,
   "p": "$",
   "s": "B"
  },
  "l": "Celsius Holdings revenue in calendar 2025 ($2,515.3 million), up 85.5% from $1,355.6 million in 2024, per its 10-K",
  "src": [
   "k25"
  ]
 },
 "stats": [
  {
   "v": "47.3%",
   "l": "of Celsius Holdings' Q2 2026 revenue came from the CELSIUS brand ($387.0M of $817.9M), down from 100% before the Alani Nu deal (XENA calculation)",
   "src": [
    "q226"
   ]
  },
  {
   "v": "60.2%",
   "l": "of Q2 2026 revenue came from PepsiCo, up from 33.3% a year earlier, after Alani Nu moved into PepsiCo's distribution system",
   "src": [
    "q226"
   ]
  },
  {
   "v": "20.1%",
   "l": "dollar share of U.S. energy drinks for the three-brand portfolio in the 13 weeks to June 28, 2026: CELSIUS 9.5%, Alani Nu 8.7%, Rockstar 1.9%",
   "src": [
    "r226"
   ]
  }
 ],
 "sources": [
  {
   "id": "k19",
   "t": "Celsius Holdings Form 10-K for fiscal year 2019",
   "pub": "Celsius Holdings via SEC EDGAR",
   "y": 2020,
   "u": "https://www.sec.gov/Archives/edgar/data/1341766/000121390020006069/f10k2019_celsiusholdingsinc.htm"
  },
  {
   "id": "k21",
   "t": "Celsius Holdings Form 10-K for fiscal year 2021",
   "pub": "Celsius Holdings via SEC EDGAR",
   "y": 2022,
   "u": "https://www.sec.gov/Archives/edgar/data/1341766/000095017022003965/celh-20211231.htm"
  },
  {
   "id": "k23",
   "t": "Celsius Holdings Form 10-K for fiscal year 2023",
   "pub": "Celsius Holdings via SEC EDGAR",
   "y": 2024,
   "u": "https://www.sec.gov/Archives/edgar/data/1341766/000134176624000015/celh-20231231.htm"
  },
  {
   "id": "k24",
   "t": "Celsius Holdings Form 10-K for fiscal year 2024",
   "pub": "Celsius Holdings via SEC EDGAR",
   "y": 2025,
   "u": "https://www.sec.gov/Archives/edgar/data/1341766/000134176625000024/celh-20241231.htm"
  },
  {
   "id": "k25",
   "t": "Celsius Holdings Form 10-K for fiscal year 2025",
   "pub": "Celsius Holdings via SEC EDGAR",
   "y": 2026,
   "u": "https://www.sec.gov/Archives/edgar/data/1341766/000134176626000024/celh-20251231.htm"
  },
  {
   "id": "q325",
   "t": "Celsius Holdings Form 10-Q for the quarter ended September 30, 2025",
   "pub": "Celsius Holdings via SEC EDGAR",
   "y": 2025,
   "u": "https://www.sec.gov/Archives/edgar/data/1341766/000134176625000144/celh-20250930.htm"
  },
  {
   "id": "q126",
   "t": "Celsius Holdings Form 10-Q for the quarter ended March 31, 2026",
   "pub": "Celsius Holdings via SEC EDGAR",
   "y": 2026,
   "u": "https://www.sec.gov/Archives/edgar/data/1341766/000134176626000039/celh-20260331.htm"
  },
  {
   "id": "q226",
   "t": "Celsius Holdings Form 10-Q for the quarter ended June 30, 2026",
   "pub": "Celsius Holdings via SEC EDGAR",
   "y": 2026,
   "u": "https://www.sec.gov/Archives/edgar/data/1341766/000134176626000050/celh-20260630.htm"
  },
  {
   "id": "r325",
   "t": "Celsius Holdings third quarter 2025 results (press release, Exhibit 99.1)",
   "pub": "Celsius Holdings via SEC EDGAR",
   "y": 2025,
   "u": "https://www.sec.gov/Archives/edgar/data/1341766/000134176625000138/ex9913q2025.htm"
  },
  {
   "id": "r425",
   "t": "Celsius Holdings fourth quarter and full-year 2025 results (press release, Exhibit 99.1)",
   "pub": "Celsius Holdings via SEC EDGAR",
   "y": 2026,
   "u": "https://www.sec.gov/Archives/edgar/data/1341766/000134176626000017/ex9914q20251.htm"
  },
  {
   "id": "r126",
   "t": "Celsius Holdings first quarter 2026 results (press release, Exhibit 99.1)",
   "pub": "Celsius Holdings via SEC EDGAR",
   "y": 2026,
   "u": "https://www.sec.gov/Archives/edgar/data/1341766/000134176626000035/ex9911q2026.htm"
  },
  {
   "id": "r226",
   "t": "Celsius Holdings Reports Second Quarter 2026 Financial Results",
   "pub": "Celsius Holdings Investor Relations",
   "y": 2026,
   "u": "https://ir.celsiusholdingsinc.com/news/news-details/2026/Celsius-Holdings-Reports-Second-Quarter-2026-Financial-Results/default.aspx"
  },
  {
   "id": "d326",
   "t": "Celsius Holdings to Release Third Quarter Results on Thursday, Nov. 5, 2026",
   "pub": "Celsius Holdings Investor Relations",
   "y": 2026,
   "u": "https://ir.celsiusholdingsinc.com/news/news-details/2026/Celsius-Holdings-to-Release-Third-Quarter-Results-on-Thursday-Nov--5-2026/default.aspx"
  }
 ],
 "notes": [
  "Celsius reports on a calendar year. Q3 2026 results are due before markets open on Thursday, Nov. 5, 2026, and are not included here.",
  "Brand revenue isn't a segment in Celsius's financial statements. Q2 2025 and Q2 2026 brand figures are from the disaggregated revenue table in the Q2 2026 10-Q. Other quarters use the approximate brand figures in Celsius's earnings releases; Q1 2026 CELSIUS is the 10-Q's six-month CELSIUS figure ($735.0 million) minus Q2. CELSIUS revenue for Q3 and Q4 2025 is XENA's estimate, derived as total revenue minus Alani Nu and Rockstar. Release figures are rounded, so quarterly sums can differ slightly from full-year totals.",
  "Customer shares come from the concentration-of-risk notes in each 10-K and 10-Q, which list only customers above 10% of revenue in a period shown. Blank points mean the figure wasn't disclosed, not zero. PepsiCo is also a related party: it owns Celsius preferred stock and acts as its main U.S. and Canada distributor.",
  "Dollar shares are Circana scanner data (Total US MULO+ with convenience, RTD energy) quoted in Celsius's releases. They measure retail sales in tracked stores, which isn't the same as Celsius's own revenue, so the two can move in different directions in a given quarter."
 ],
 "blocks": [
  {
   "id": "mix",
   "type": "donut",
   "title": "Where Celsius Holdings' revenue comes from, by brand",
   "sub": "Revenue by brand, $ millions. Drag the quarter slider or press play, and tap a slice for the exact figure.",
   "x": [
    "Q1 2025",
    "Q2 2025",
    "Q3 2025",
    "Q4 2025",
    "Q1 2026",
    "Q2 2026"
   ],
   "f": {
    "d": 1,
    "p": "$",
    "s": "M"
   },
   "segs": [
    {
     "name": "CELSIUS",
     "color": "#F8157F",
     "v": [
      329.3,
      438.1,
      380.9,
      306.6,
      348.0,
      387.0
     ]
    },
    {
     "name": "Alani Nu",
     "color": "#7733FF",
     "v": [
      0,
      301.2,
      332.0,
      370.0,
      368.1,
      364.4
     ]
    },
    {
     "name": "Rockstar Energy",
     "color": "#A98BFF",
     "v": [
      0,
      0,
      12.2,
      45.0,
      66.6,
      66.5
     ]
    }
   ],
   "hl": "CELSIUS",
   "src": [
    "q226",
    "q325",
    "r425",
    "r126",
    "q126",
    "r325"
   ],
   "note": "Alani Nu joined on April 1, 2025 and Rockstar Energy (U.S. and Canada) on Aug. 28, 2025, so Q1 2025 is CELSIUS only. Q2 2025 and Q2 2026 brand splits are from the Q2 2026 10-Q. Alani Nu (Q3 2025, Q4 2025, Q1 2026) and Rockstar (Q4 2025, Q1 2026) are the approximate figures in Celsius's releases; Q3 2025 Rockstar is the 10-Q's $12.2 million for Aug. 28 to Sept. 30. CELSIUS for Q3 and Q4 2025 is XENA's estimate: total revenue minus the other two brands."
  },
  {
   "id": "qtr",
   "type": "line",
   "title": "Quarterly revenue by brand",
   "sub": "Switch between dollars and each brand's share of total revenue, and tap the legend to hide a line.",
   "x": [
    "Q1 2025",
    "Q2 2025",
    "Q3 2025",
    "Q4 2025",
    "Q1 2026",
    "Q2 2026"
   ],
   "modes": [
    {
     "key": "usd",
     "label": "Revenue",
     "f": {
      "d": 1,
      "p": "$",
      "s": "M"
     },
     "series": [
      {
       "name": "CELSIUS",
       "color": "#F8157F",
       "v": [
        329.3,
        438.1,
        380.9,
        306.6,
        348.0,
        387.0
       ]
      },
      {
       "name": "Alani Nu",
       "color": "#7733FF",
       "v": [
        null,
        301.2,
        332.0,
        370.0,
        368.1,
        364.4
       ]
      },
      {
       "name": "Rockstar Energy",
       "color": "#A98BFF",
       "v": [
        null,
        null,
        12.2,
        45.0,
        66.6,
        66.5
       ]
      }
     ]
    },
    {
     "key": "pct",
     "label": "Share of revenue",
     "f": {
      "d": 1,
      "s": "%"
     },
     "series": [
      {
       "name": "CELSIUS",
       "color": "#F8157F",
       "v": [
        100.0,
        59.3,
        52.5,
        42.5,
        44.5,
        47.3
       ]
      },
      {
       "name": "Alani Nu",
       "color": "#7733FF",
       "v": [
        null,
        40.7,
        45.8,
        51.3,
        47.0,
        44.6
       ]
      },
      {
       "name": "Rockstar Energy",
       "color": "#A98BFF",
       "v": [
        null,
        null,
        1.7,
        6.2,
        8.5,
        8.1
       ]
      }
     ]
    }
   ],
   "ann": [
    {
     "i": 1,
     "t": "Alani Nu acquired"
    },
    {
     "i": 4,
     "t": "Alani outsells CELSIUS"
    }
   ],
   "src": [
    "q226",
    "q325",
    "r425",
    "r126",
    "q126",
    "r325"
   ],
   "note": "Shares of revenue are XENA calculations from the dollar figures. Q3 and Q4 2025 CELSIUS values are estimates (total minus the other brands). Celsius said the Q4 2025 CELSIUS decline came from integration timing and order sequencing at its largest distributor, while U.S. tracked retail sales of the brand rose 13%."
  },
  {
   "id": "rev",
   "type": "bar",
   "title": "Celsius Holdings revenue by year",
   "sub": "Total company revenue, $ millions. Drag the slider or press play, and tap a bar for growth.",
   "x": [
    "2019",
    "2020",
    "2021",
    "2022",
    "2023",
    "2024",
    "2025"
   ],
   "scrub": 1,
   "yoy": 1,
   "modes": [
    {
     "key": "rev",
     "label": "Revenue",
     "f": {
      "d": 1,
      "p": "$",
      "s": "M"
     },
     "series": [
      {
       "name": "Total revenue, $ millions",
       "color": "#F8157F",
       "v": [
        75.1,
        130.7,
        314.3,
        653.6,
        1318.0,
        1355.6,
        2515.3
       ]
      }
     ]
    }
   ],
   "src": [
    "k19",
    "k21",
    "k23",
    "k24",
    "k25"
   ],
   "note": "Calendar years, as reported in each 10-K. 2025 includes Alani Nu from April 1 and Rockstar Energy from Aug. 28. Celsius says CELSIUS brand revenue alone grew 7.5% in 2025, to $1,457.7 million."
  },
  {
   "id": "cust",
   "type": "line",
   "title": "Share of Celsius revenue from its biggest customers",
   "sub": "Percent of total revenue by year, as disclosed in the 10-K concentration notes. Tap the legend to hide a line.",
   "x": [
    "2021",
    "2022",
    "2023",
    "2024",
    "2025"
   ],
   "modes": [
    {
     "key": "c",
     "label": "Customers",
     "f": {
      "d": 1,
      "s": "%"
     },
     "series": [
      {
       "name": "PepsiCo",
       "color": "#F8157F",
       "v": [
        null,
        22.2,
        59.4,
        54.7,
        43.2
       ]
      },
      {
       "name": "Costco",
       "color": "#7733FF",
       "v": [
        12.7,
        16.7,
        12.0,
        11.6,
        10.8
       ]
      },
      {
       "name": "Amazon",
       "color": "#A98BFF",
       "v": [
        10.1,
        8.8,
        7.6,
        null,
        null
       ]
      }
     ]
    }
   ],
   "ann": [
    {
     "i": 1,
     "t": "PepsiCo deal, Aug. 2022"
    }
   ],
   "src": [
    "k21",
    "k23",
    "k24",
    "k25"
   ],
   "note": "Celsius names customers above 10% of revenue in any year shown. Amazon wasn't listed in the 2024 or 2025 annual tables; in quarterly filings it was 12.1% of Q1 2025 revenue and 8.4% of Q1 2026. PepsiCo's 2025 share fell because Alani Nu still sold through its own distributors for much of the year."
  },
  {
   "id": "pep",
   "type": "donut",
   "title": "PepsiCo's slice of Celsius revenue, Q2 2025 vs. Q2 2026",
   "sub": "Percent of quarterly revenue by customer. Switch quarters with the slider.",
   "x": [
    "Q2 2025",
    "Q2 2026"
   ],
   "f": {
    "d": 1,
    "s": "%"
   },
   "segs": [
    {
     "name": "PepsiCo",
     "color": "#F8157F",
     "v": [
      33.3,
      60.2
     ]
    },
    {
     "name": "Costco",
     "color": "#7733FF",
     "v": [
      11.7,
      8.7
     ]
    },
    {
     "name": "All other customers",
     "color": "#A98BFF",
     "v": [
      55.0,
      31.1
     ]
    }
   ],
   "hl": "PepsiCo",
   "src": [
    "q226"
   ],
   "note": "From the concentration note in the Q2 2026 10-Q, which lists PepsiCo, Costco and all other customers. 'All other customers' includes Amazon, other retailers and distributors, and international sales."
  },
  {
   "id": "share",
   "type": "line",
   "title": "U.S. energy drink dollar share by brand",
   "sub": "Dollar share of U.S. ready-to-drink energy in tracked channels, last 13 weeks of each quarter (Circana, as reported by Celsius).",
   "x": [
    "Q3 2025",
    "Q4 2025",
    "Q1 2026",
    "Q2 2026"
   ],
   "modes": [
    {
     "key": "s",
     "label": "Dollar share",
     "f": {
      "d": 1,
      "s": "%"
     },
     "series": [
      {
       "name": "Celsius Holdings portfolio",
       "color": "#0B0B0F",
       "v": [
        20.8,
        20.0,
        20.9,
        20.1
       ]
      },
      {
       "name": "CELSIUS",
       "color": "#F8157F",
       "v": [
        11.2,
        10.9,
        9.9,
        9.5
       ]
      },
      {
       "name": "Alani Nu",
       "color": "#7733FF",
       "v": [
        7.2,
        6.7,
        9.0,
        8.7
       ]
      },
      {
       "name": "Rockstar Energy",
       "color": "#A98BFF",
       "v": [
        2.4,
        2.4,
        2.0,
        1.9
       ]
      }
     ]
    }
   ],
   "src": [
    "r325",
    "r425",
    "r126",
    "r226"
   ],
   "note": "Circana Total US MULO+ with convenience, RTD energy, 13 weeks ended Sept. 28, 2025; Dec. 28, 2025; March 29, 2026; and June 28, 2026. Celsius gave the Q4 2025 portfolio share as 'approximate 20%'. Scanner data covers tracked stores, not Amazon or every online channel."
  },
  {
   "id": "cmp",
   "type": "compare",
   "title": "Compare any two years",
   "sub": "How many times bigger is Celsius Holdings' revenue?",
   "x": [
    "2019",
    "2020",
    "2021",
    "2022",
    "2023",
    "2024",
    "2025"
   ],
   "v": [
    75.1,
    130.7,
    314.3,
    653.6,
    1318.0,
    1355.6,
    2515.3
   ],
   "f": {
    "d": 1,
    "p": "$",
    "s": "M"
   },
   "a": 0,
   "b": 6,
   "unit": "x",
   "src": [
    "k19",
    "k21",
    "k23",
    "k24",
    "k25"
   ]
  },
  {
   "id": "quiz",
   "type": "choice",
   "q": "In Q1 2026, which Celsius Holdings brand brought in the most revenue?",
   "opts": [
    "CELSIUS",
    "Alani Nu",
    "Rockstar Energy",
    "They were about even"
   ],
   "a": 1,
   "reveal": "Alani Nu, with about $368.1 million, versus about $348.0 million for CELSIUS and $66.6 million for Rockstar Energy. CELSIUS took the lead back in Q2 2026, $387.0 million to $364.4 million.",
   "src": [
    "r126",
    "q226"
   ]
  },
  {
   "id": "guess",
   "type": "guess",
   "q": "Guess: what share of Celsius's Q1 2025 revenue came from Amazon?",
   "min": 0,
   "max": 30,
   "step": 0.1,
   "start": 5,
   "a": 12.1,
   "f": {
    "d": 1,
    "s": "%"
   },
   "reveal": "12.1%, which made Amazon a 10%-plus customer that quarter. A year later, in Q1 2026, Amazon was 8.4% of a much bigger revenue base, while PepsiCo was 59.0%.",
   "src": [
    "q126"
   ]
  }
 ],
 "url": "https://xenaintelligenceapp.com/xenalytics/celsius-alani-nu-brand-mix-pepsi-amazon",
 "publisher": "XENA Intelligence (Xenalytics)"
}