Celsius Holdings, Inc.

How has the stock done?

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.

Is the business growing?

In the fiscal year to Dec 2025, North America was 96% and Europe was 3% of revenue.

Quarters: Celsius Holdings, Inc.'s SEC filings, named by the month they end. Fiscal years: Celsius Holdings, Inc.'s annual reports to the SEC.

How it makes money

Of every $100 in revenue, $4.3 ends up as net income. Net margin rose from −28.7% to 4.3% over the past 3 years.

Circled: Dec 2022 (net −11.9%, operating −18.4%). Net margin is usually about 2 points below operating margin; in that quarter something below operating income (a tax charge or benefit, a gain or loss on investments, a write-down) moved it, not the business itself.

Each margin is that line of the income statement divided by revenue. Fiscal year: Celsius Holdings, Inc.'s annual reports to the SEC; quarters: SEC filings.

Customers and suppliers

In its latest annual report Celsius Holdings buys from Amazon, Microsoft; sells to PepsiCo.

Their suppliers

e.l.f. Beauty ELFto Amazon

United Parcel Service UPSto Amazon

Applied Optoelectronics AAOIto Amazon, Microsoft

CoreWeave CRWVto Microsoft

AMD AMDto Microsoft

Show 5

Suppliers

Amazon AMZN

Microsoft MSFT

 

CELHCelsius Holdings

Customers

PepsiCo PEP 43%

Their customers

Walmart WMTfrom PepsiCo

Show 1

Celsius Holdings's 10-Q for the quarter to Sep 2026 gives two customers' shares of its revenue: Pepsico Inc (64.6%) and Costco (10.2%). Separately, it gives a group of customers: All Other (25.2%).

From Celsius Holdings, Inc.'s 10-Q and 10-K filings (XBRL): each customer whose share of revenue a filing tags, under the filing's own label, so “Customer A” in one filing can be another company in the next; a later filing's figures for a period replace an earlier one's. A dash is a group of customers the filing gives (a government's agencies, the largest customers together, all the others): it can include the customers beside it, so the shares need not add up. Rings are fiscal years: a 10-K gives the year, not its fourth quarter.

Partners

PepsiCo PEPinvested in Celsius Holdings · Preferred equity investor and primary beverage distributor390,000 Series B Preferred Stock shares issued in August 2025

Lucozade Ribena SuntoryExclusively distributes CELSIUS in UK and Ireland

Frucor Suntory Australia PtyExclusively distributes CELSIUS in Australia

Frucor Suntory New ZealandExclusively distributes CELSIUS in New Zealand

Orangina Schweppes FranceExclusively distributes CELSIUS in European markets

Schweppes Suntory Benelux SAExclusively distributes CELSIUS in European markets

Amazon AMZNProvides online sales channel for productsShopify SHOPProvides online sales channel for products

Instacart CARTProvides online sales channel for products

Walmart WMTProvides online sales channel for products

Changes since the previous annual report (10-K filed Mar 3, 2025)

Microsoft MSFTNamed for the first time, as a supplierShopify SHOPNamed for the first time, as a partnerPepsiCo PEPCustomer, share of revenue54.7% → 43.2%Amazon AMZNNow also a supplierPepsiCo PEPNo longer a supplier, still a customer and a partner

Named in other companies’ filings

PepsiCo PEPinvested in Celsius Holdings · Preferred-share investment and energy drink distribution$550 million invested in Series A preferred shares in 2022; $585 million acquisition value of Series B preferred shares on August 28, 2025

Only the companies Celsius Holdings names in its 10-K filed Mar 2, 2026 (SEC). Named in other companies' filings: those whose own latest annual report or an 8-K since names Celsius Holdings. The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words.

Is it expensive?

P/E of 35.8x, above the peer median of 28.7x, so it needs earnings to keep growing to hold up.

Priced 25% above the peer median of 28.7x.

At 35.8× trailing earnings CELH is below most of its range since Jan 2022; the median is 122×.

Closing price over diluted earnings per share of the last four reported quarters, as known on each day (a quarter counts 35 days after it ends). From SEC filings; earnings per share adjusted for splits.

What analysts expect

The average analyst price target is $41.71, 31% above the current price; 75% of 24 analysts rate it a buy; earnings beat estimates in 3 of the last 4 quarters.

Buy or Strong Buy: 18 analysts (75%). Sell or Strong Sell: 0.

Over the past year the average of the analysts' latest price targets went from $65.06 to $44.14 (−32%), while CELH went from $44.01 to $31.89 (−28%). In the past three months targets were raised once and cut 3 times. 1 upgrade and 2 downgrades over the year; the latest: Maxim Group moved it to Hold from Buy on Aug 8, 2026.

The day after each of these reports the stock moved +5.9% (Dec 2025, beat); −1.6% (Mar 2026, beat); −4.7% (Jun 2026, missed); +4.6% (Sep 2026, beat).

For the quarter ending Dec 2026, analysts expect adjusted earnings of $0.26 a share, 1% more than the $0.26 of a year earlier, and revenue of $737M, up 2% on a year earlier. For the fiscal year ending Dec 2027, they expect revenue of $3.5B, up 8% on the year before's estimate.

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Where the cash goes

Generated $269M in free cash flow over the year, of which $13M went back to shareholders (dividends plus buybacks), leaving $256M in the company.

Celsius Holdings had 255M diluted shares in the quarter ended Sep 2026, 1.1% fewer than a year earlier. It spent $13M on buybacks over the last four quarters.

Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings, for the last 4 quarters and by quarter. Shares: each quarter's diluted weighted average as filed with the SEC, since the stock's listing and its latest split.

Financial health

Current ratio 1.7, no pressure to repay short-term debt; debt-to-equity 0.6, debt is moderate.

Latest fiscal year balance sheet. Source: Yahoo Finance.

Who holds it

In the filings of 4 funds whose copy leaves CELH out (on the exchange, not in the app yet): UNICOM Systems, Norges Bank, Swiss National Bank, Bridgewater Associates.

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 6 held CELH at the end of their latest quarter (for most, Q2 2026). Over that quarter 3 added shares, 1 cut, 4 sold all and 2 held the same. The largest of them is Norges Bank, 6.21M shares worth $182M at Jun 30, 2026, 101.7% more than at Dec 31, 2025.

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of CELH at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.

Are insiders buying or selling?

Officers and directors bought $3.2M of CELH on the open market in the 12 months to Nov 11, 2026; none sold. The largest was Hal Kravitz (Director), who bought $1.0M in 3 purchases.

From the Form 4s filed with the SEC about Celsius Holdings, Inc. (117 in the 12 months): purchases (code P) and sales (code S) on the open market by its officers and directors, at the price each filing gives (often an average of the day's trades). A sale is a 10b5-1 sale when its filing says it was made under such a plan, set up in advance. Not counted: 236 other transactions (grants, shares withheld for tax, shares sold to pay tax and other transfers).