How This Energy Drink Went Stone Cold | Celsius Holdings 2026 Q2 Update

Has the CELSIUS growth story gone “stone cold” or are temperatures about to heat up once again? Celsius Holdings (NASDAQ: CELH) had quarterly revenue of $817.9 million, which was up 11% YoY. Excluding the Rockstar Energy acquisition-related financial impact, Celsius Holdings revenue would've only increased 1.6% YoY. CELSIUS had revenue of $387 million, which was down 11.6% YoY. Alani Nu had revenue of $364.4 million, which was up 20.9% YoY. And then lastly, Rockstar Energy had revenue of approximately $66.5 million. According to recent 13-week retail sales data, CELSIUS decreased by 2% YoY...remaining the third-largest energy drink brand in the category with a dollar share of 9.5%. Alani Nu increased retail sales 55.7% YoY and is now the dominant fourth brand in the U.S. energy drinks market with dollar share of 8.7%. And Rockstar Energy retail sales decreased 13% YoY and is still a Top-10 largest U.S. energy drink with dollar share of 1.9%. If we look at Celsius Holdings combined brand portfolio, it reached 20% of dollar share...ranking it third and trailing only Red Bull and the combined Monster Beverage portfolio. Additionally, while Celsius Holdings has a large lead on the combined Keurig Dr Pepper (controlled) brand portfolio of GHOST, C4, and Bloom…that lead is shrinking relatively quickly due to the extreme growth of Bloom. Things drastically shifted for CELSIUS because of the August 2022 distribution and investment deal with PepsiCo. Additionally, when Celsius Holdings took ownership of the Rockstar Energy brand last quarter, it designated them the PepsiCo strategic energy drink captain. Also, another major aspect of “Celsius Holdings and PepsiCo strengthening its long-term strategic partnership” was the transition of Alani Nu distribution into the PepsiCo DSD system starting December 2025. So then, in my latest first principles thinking content piece, I'll explore several key factors surrounding why the next 12-18 months will define the future of the Celsius Holdings brand portfolio.