CELH

Celsius transformed itself in 2025 from a single-brand functional energy company into a three-brand portfolio, acquiring Alani Nu (April 2025) and Rockstar (August 2025) and deepening its Pepsi distribution partnership. The headline growth is dramatic: revenue jumped 85.5% to $2.52B and gross profit rose 86.3% to $1.27B at a healthy 50.4% gross margin. But the acquisitions came at a cost to the per-share story — net income actually fell 25.6% to $108M and diluted EPS dropped 44.4% to $0.25, as operating income slipped 9.4% to $141M and the share count grew 9.3% to fund the deals. The result is an operating margin of just 5.6% and net margin of 4.3% on a vastly larger but lower-quality (acquired) revenue base.

The balance sheet was reshaped accordingly. Total assets nearly tripled to $5.12B (goodwill/intangibles from the deals), total liabilities surged 301.5% to $2.18B including $670M of new long-term debt, and cash fell 55.2% to $399M. Leverage moved to 1.84x liabilities/equity from a previously cash-rich position. Encouragingly, operating cash flow still grew 36.7% to $359M, so the underlying brands generate cash even as reported earnings absorbed integration and financing costs.