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REVENUE
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
REVENUE REVENUE
The Company recognizes revenue when performance obligations under the terms of a contract with the customer are satisfied. The primary performance obligation is the promise to sell finished products to customers, including distributors, wholesalers and retailers. Performance obligations are typically satisfied once control or title is transferred based on the commercial terms of the applicable agreements with customers. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring goods. Revenue is recorded net of variable consideration, such as provisions for returns, discounts and allowances. Such provisions are calculated using historical averages and are adjusted to reflect anticipated changes based on current business conditions. Consideration given to customers for advertising is recognized as a reduction of revenue except to the extent that there is a distinct good or service at or below fair market value, in which case the expense is classified as selling, general and administrative expenses in the Company's Condensed Consolidated Statements of Operations and Comprehensive Income. The amount of consideration the Company receives and revenue the Company recognizes varies with changes in incentives offered to its customers and their customers.
The following table summarizes revenue by geographical location, with all North American revenue derived from the U.S. and Canada. Puerto Rican revenue is included in the "Other" category:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
North America$790,698 $714,459 $1,538,014 $1,020,993 
Europe24,854 18,301 50,208 36,960 
Asia-Pacific
969 4,381 7,964 6,625 
Other1,404 2,118 4,354 3,957 
Revenue$817,925 $739,259 $1,600,540 $1,068,535 


The following table summarizes revenue by brand. Revenue attributable to Alani Nu and Rockstar is included beginning on their respective acquisition dates:

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Celsius $387,002 $438,065 $734,962 $767,341 
Alani Nu364,381 301,194 732,450 301,194 
Rockstar66,542 — 133,128 — 
Revenue$817,925 $739,259 $1,600,540 $1,068,535 
Promotional (Billback) Allowances
The Company’s promotional allowance programs with its customers are executed through separate agreements in the ordinary course of business (variable consideration). These agreements can provide for one or more of the arrangements described below and are of varying duration. The Company’s billbacks are calculated based on various programs with distributors and retail customers and accruals are established for the Company’s anticipated liabilities. These accruals are based on agreed upon terms as well as the Company’s historical experience with similar programs and require management’s judgment with respect to estimating consumer participation and the performance of distributors and retail customers. Differences between estimated and actual promotional and other allowances are recognized in the period such differences are determined.
Promotional allowances are recorded as reductions to revenue and primarily include consideration given to the Company's distributors or retail customers, such as the following:
•discounts from list prices to support price promotions to end-consumers by retailers;
•reimbursements given to distributors for agreed portions of their promotional spend with retailers, including slotting, shelf space allowances and other fees;
•the Company’s agreed share of fees given to distributors and/or directly to retailers for certain advertising, in-store marketing and promotional activities that cannot be separated from the transaction price;
•the Company’s agreed share of slotting, shelf space allowances and other fees given directly to retailers, club stores and/or wholesalers;
•incentives provided to distributors and/or retailers for achieving or exceeding certain predetermined volume goals or other incentive targets;
•discounted products;
•contractual fees given to distributors for items sold below defined pricing targets; and
•contractual fees paid to the Company’s distributors related to sales made by the Company directly to certain customers within the distributors’ sales territories.
For the three and six months ended June 30, 2026, promotional allowances included as a reduction of revenue were $312.0 million and $600.9 million, respectively. For the three and six months ended June 30, 2025, promotional allowances included as a reduction of revenue were $189.7 million and $299.9 million, respectively.
Transaction Agreement – Rockstar Acquisition and Captaincy
On August 28, 2025, the Closing Date of the Pepsi Transactions, the Company entered into the Transaction Agreement with Pepsi, pursuant to which (i) the Company acquired certain assets and assumed certain liabilities, comprising Rockstar in the U.S. and Canada and (ii) the Company and Pepsi commenced the Captaincy. Under the Captaincy, Pepsi is obligated to use commercially reasonable efforts to sell and distribute the Company’s energy drink portfolio in the U.S. and to prioritize the Company's products within its U.S. beverage distribution system. The arrangement provides the Company with enhanced control and oversight of the energy drink category within Pepsi’s U.S. distribution network, including the ability to determine product facings, merchandising allocations and certain promotional priorities for energy beverages. In connection with the Transaction Agreement, the Company initially recognized an asset of $598.8 million for a payment to its customer, which is presented within deferred other costs, current and non-current, on the Condensed Consolidated Balance Sheets. The asset is being amortized as a reduction of revenue over the approximate 17-year term of the A&R U.S. Distribution Agreement in accordance with ASC 606. See Note 5. Acquisitions.
Amended and Restated Distribution Agreements
On the Closing Date of the Pepsi Transactions, the Company and Pepsi entered into the A&R Distribution Agreements which amended and restated in its entirety the Original U.S. Distribution Agreement and Original Canadian Distribution Agreement, predominantly to include Pepsi’s distribution of Alani Nu and Rockstar products (in addition to existing Celsius products). The other material terms and covenants, including termination provisions, contained in the original agreements remain in full force and effect. In connection with this product transition, the Company has incurred fees from the termination of agreements with certain former Alani Nu distributors and the transfer of territory rights to Pepsi. Pepsi reimbursed the Company $275.0 million for such fees, with amounts received contractually restricted for use solely to satisfy termination obligations, all of which had been fully utilized by the Company as of June 30, 2026. Amounts received from Pepsi pursuant to the A&R U.S. Distribution Agreement relating to the costs associated with terminating certain of the Company’s prior distributors have been accounted for as deferred revenue, current and non-current, on the Condensed Consolidated Balance Sheets, and are being amortized over the approximate 17-year term of the agreement.
Channel Transition Amendment
On May 21, 2026, the Company entered into the Channel Transition Amendment, which transferred additional territory rights of certain former Alani Nu distributors to Pepsi. Pepsi agreed to reimburse the Company for related distributor termination fees of $81.1 million, with amounts received by the Company from Pepsi contractually restricted for use solely to satisfy the related termination obligations. As of June 30, 2026, the Company had utilized substantially all of the $81.1 million received from Pepsi under the Channel Transition Amendment. Amounts received from Pepsi pursuant to the Channel Transition Amendment relating to the costs associated with terminating certain of the Company’s prior distributors have been accounted for as deferred revenue, current and non-current, on the Condensed Consolidated Balance Sheets, and are being amortized over the remaining approximate 16-year term of the A&R U.S. Distribution Agreement. See Note 11. Related Party Transactions.