Celsius Holdings, Inc.

Worth knowing

• Shareholders being diluted. Shares outstanding up 10% from December 2022 to July 2026.

  Celsius had 10% more shares at July 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Celsius had 10% more shares at July 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

• Stock pay outran buybacks. Stock-based pay expense $69M vs $8M spent repurchasing shares over the 3 fiscal years to 2025.

  Over three fiscal years Celsius recorded $69M of stock-based pay expense and spent $8M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). Repurchases were smaller than the stock pay, so they did little to offset new employee shares.Over three fiscal years Celsius recorded $69M of stock-based pay expense and spent $8M repurchasing shares. Repurchases were smaller than the stock pay, so they did little to offset new employee shares.

• Cash flow well above reported profit. Free cash flow is 3.6× reported profit.

  Free cash flow is 3.6× reported profit. Large non-cash charges, such as depreciation, amortization or stock-based pay, reduce reported profit without using cash.

• Annual revenue rose 5 years in a row. Fiscal-year revenue rose from $131M in 2020 to $2.5B in 2025.

  Celsius's fiscal-year revenue rose in each of the five years to 2025, from $131M to $2.5B.