Celsius Holdings Delivers Record Q1 Revenue, Bolstered by Acquisitions and Robust Retail Growth
Record-Breaking Top Line Signals Market Share Gains
Celsius Holdings kicked off 2026 with a statement: revenue climbed to a record $782.6 million in the first quarter, up 138% year-over-year. This leap reflects not just organic growth but the successful integration of Alani Nu and Rockstar Energy, two new pillars that now complement the core CELSIUS brand. North America did most of the heavy lifting, bringing in $747.3 million (a 144% jump), while international operations grew a respectable 55% to $35.3 million.
Portfolio Strategy Powers Retail Performance and Category Share
The company’s results show the muscle of its expanded portfolio. Celsius Holdings’ brands contributed 45% of the U.S. zero-sugar energy category’s $800 million growth in Q1. Retail sales for the combined CELSIUS, Alani Nu, and Rockstar Energy portfolio soared 29.8% in tracked U.S. channels. CELSIUS maintained its momentum, growing retail sales 6% year over year, while Alani Nu shot up 100%, grabbing a 9.0% dollar share of the U.S. ready-to-drink (RTD) energy category. Despite a 13% decline in Rockstar sales, the trio’s integration under the PepsiCo distribution system has positioned the company as a category leader with an approximate 20.9% U.S. dollar share.
| Brand | Q1 Revenue ($M) | Y/Y Retail Sales Growth (%) | Dollar Share in U.S. RTD Energy |
|---|---|---|---|
| CELSIUS | ~333* | 6% | 9.9% |
| Alani Nu | 368.1 | 100% | 9.0% |
| Rockstar Energy | 66.6 | -13% | 2.0% |
*Estimated from total portfolio figures and company disclosures
Scaling Up with Strong Profitability Despite Margin Pressure
Gross profit rose to $378.1 million, but the gross margin dipped to 48.3% from 52.3% a year ago, primarily due to the lower margin profiles of recently acquired brands. Still, operating leverage is evident: net income surged to $110.1 million. Adjusted EBITDA—a preferred performance measure of management and many analysts—jumped 181% to $195.5 million, with the adjusted EBITDA margin expanding to 25%. Even with higher selling, general and administrative costs tied to integration and legal expenses, adjusted SG&A as a percentage of revenue improved to 26.4% from 33.6%.
| Financial Metric | Q1 2026 | Q1 2025 | Change (%) |
|---|---|---|---|
| Revenue ($M) | 782.6 | 329.3 | 138% |
| Gross Margin | 48.3% | 52.3% | -4 pts |
| Net Income ($M) | 110.1 | 44.4 | 148% |
| Adjusted EBITDA ($M) | 195.5 | 69.7 | 181% |
| Adj. Diluted EPS | 0.41 | 0.18 | 128% |
| Adj. SG&A as % of Revenue | 26.4% | 33.6% | -7.2 pts |
Capital Allocation Remains Disciplined Amid Expansion
Along with expansion, Celsius Holdings has executed disciplined capital allocation, repurchasing $24.1 million of shares in Q1—a sign of confidence in the business and commitment to shareholder value creation as the company scales up.
Looking Ahead: Sustainable Growth Trajectory with Potential Headwinds
While the first quarter sets a high bar for growth and operational improvements, management acknowledges ongoing challenges. Lower margins from newly acquired brands, rising commodity costs, and the integration process present both hurdles and opportunities. Yet, with an expanded distribution network, broader consumer reach, and continued cost optimization, Celsius Holdings appears poised to solidify its leadership in the fast-growing, better-for-you energy category.
Key Takeaway: Celsius Holdings has delivered outsized growth in the first quarter of 2026, gaining significant market share and demonstrating the potential of its multi-brand strategy under the PepsiCo umbrella. As the company continues integrating Alani Nu and Rockstar, and invests in operational efficiencies, investors may want to watch for future margin enhancements and category innovation as potential next catalysts.
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