Celsius NASDAQ: CELH executives touted record first-quarter 2026 revenue, expanding market share, and integration progress across the company’s multi-brand energy drink portfolio during its earnings webcast, while also noting near-term commodity and freight pressures that could influence the timing of gross margin expansion.
Record revenue and expanding portfolio share
Chairman and CEO John Fieldly said Celsius Holdings delivered “a record first quarter revenue of $783 million,” and pointed to continued share gains in Circana-tracked channels for its combined portfolio of CELSIUS, Alani Nu, and Rockstar. Fieldly said portfolio dollar share reached 20.9% in the four weeks ended April 12, adding that the portfolio now represents “approximately 1/5 of the U.S. energy drink market in tracked channels.”
Fieldly framed the quarter as consistent with management’s stated priorities entering the year: “strengthening the platform, executing with discipline, and staying closely aligned with the consumer.” He also said the company now has “two billion-dollar brands,” and argued the expanded portfolio provides additional ways to participate across channels, occasions, and price points.
Brand performance: CELSIUS, Alani Nu, and Rockstar
Chief Financial Officer Jarrod Langhans broke down revenue by brand. Brand CELSIUS posted net sales of $348 million, representing “growth of approximately 6% year-over-year.” Langhans said the company has been focused on better aligning shipments with consumer takeaway and highlighted SKU optimization efforts that management said are improving velocities.
Alani Nu delivered net sales of $368 million in the quarter, which Langhans said represented “a pro forma growth of approximately 60% year-over-year.” He reminded listeners that Celsius acquired Alani Nu on April 1, 2025, and said the brand continued to benefit from distribution gains following its transition into the PepsiCo system.
Rockstar net sales were $67 million. Langhans described 2026 as a stabilization year for the brand, with the SKU reconfiguration and reset activity “substantially complete” and the broader integration still on track for completion in the first half of 2026.
In the Q&A, management was asked about moderation in CELSIUS brand growth and potential impacts from limited first-quarter innovation, SKU rationalization, and possible cannibalization from Alani Nu. Fieldly emphasized the company’s focus on its Fizz-Free line, calling it “a meaningful platform” and pointing to improved takeaways as distribution expands. President and COO Eric Hanson said SKU optimization tends to create a timing dynamic where “we see the reduction faster than the ACV build,” adding that the company expects distribution and assortment benefits to build “over the next quarter or so.”
Innovation, resets, and marketing partnerships
Management highlighted innovation as a key driver of trial and engagement across brands. Fieldly said Alani Nu’s Lime Slush limited-time offer (LTO) “performed especially well and became the brand’s top-selling flavor in tracked channels,” following earlier success with Cherry Bomb. He said the results support the durability of Alani Nu’s innovation approach and its “flavor rotation strategy.”
For CELSIUS, Fieldly said Fizz-Free is expanding across flavors such as Dragonfruit Lime, Pink Lemonade, and Blue Razz Lemonade, describing the platform as “now broadly distributed, but still early in terms of item per store.” The company also launched Electric Vibe, a limited edition flavor “inspired by soccer culture” ahead of a global soccer tournament in North America this summer.
Hanson said CELSIUS expects two LTOs over the next several months: Electric Vibe, which was launching around the time of the call, and another LTO planned for summer. Fieldly said the company plans additional innovation across both CELSIUS and Alani Nu in the back half of the year, including a summer CELSIUS LTO.
The company also discussed shelf resets and distribution gains. Fieldly reiterated space expectations previously outlined at CAGNY:
- Approximately 17% space gains for brand CELSIUS, driven by additional cooler placements and points of sale across national chains
- Over 100% space gains for Alani Nu across all channels
- Maintaining net space for Rockstar with reconfigured items and assortments
Responding to questions about timing, Hanson said many Alani Nu resets are “largely in place,” with remaining resets expected to finalize “through the course of May and June,” and that the company expects to be “almost fully done” before summer.
On marketing, Fieldly announced a “multi-year global partnership with Aston Martin Aramco Formula One Team” as the company’s official global energy drink partner. He also cited a partnership with Palm Tree Music Festival and continued work with Breakaway Music Festival. For Rockstar, Fieldly said the company kicked off the Formula Drift season opener in April and announced a new partnership with 23XI Racing and NASCAR driver Tyler Reddick.
Integration milestones and international expansion
Fieldly said Celsius completed the Alani Nu integration and captured the “approximately $50 million in synergies” it previously outlined. He also said substantial progress was made on the Alani Nu distribution transition, with most work completed in December and January. For Rockstar, Fieldly reiterated that integration remains on track for completion in the first half of 2026, with early signs of improved velocities on prioritized core items after SKU transitions and resets.
Internationally, Fieldly said the company launched brand CELSIUS in Spain through an exclusive sales and distribution agreement with Suntory Beverage and Food Spain, and noted that Portugal is next as part of its European footprint. He added that Celsius’ global headquarters in Dublin is now established, providing infrastructure to support deeper execution in existing markets and future market entries.
Margins, earnings, and capital return
Langhans reported first-quarter gross margin of “approximately 48.3%,” citing quarter-over-quarter improvement as integration-related costs rolled off and as raw material alignment advanced across Alani and Rockstar. He also flagged several items that partially offset progress, including higher Midwest aluminum premiums and London Metal Exchange (LME) aluminum pricing, incremental freight costs related to severe winter weather in the Northeast, and additional freight tied to rebalancing Rockstar inventory.
While Langhans said the company still has “a clear plan and a clear path back to the low 50s,” he cautioned that if elevated input costs remain, it could affect “the timing and sequencing” of margin expansion. In response to an analyst question about sequencing, Langhans said that for 2026, “Q2 is probably more of a sidestep type activity,” with a “stairstep” expected in Q3 and Q4, and further improvements into 2027. Fieldly similarly said the company anticipated “a sidestep in overall margin” from Q1 to Q2, with additional improvements expected in the second half as initiatives and investments progress.
On operating expenses, Langhans said adjusted SG&A was “approximately 26.4% of revenue,” down from 31.8% in Q4, reflecting cost control and operating leverage as revenue scales.
For profitability, Celsius reported GAAP net income of $110 million, compared with $44 million in the prior-year quarter. Adjusted EBITDA was $195 million, up about $125 million year-over-year, and adjusted EBITDA margin expanded to 24.9% from 21.2%.
Langhans also detailed share repurchases: the company bought back about 700,000 shares for $24.1 million at a weighted average price of $35.39. As of quarter end, $236.1 million remained under the company’s $300 million repurchase authorization approved in November 2025, and Langhans said the company has continued to use the program in the second quarter.
In closing remarks, Fieldly said the company entered the second quarter with plans to build on resets, add innovation, and activate brands around summer cultural moments spanning Formula One, soccer, music, fitness, and motorsports, calling it “the most important selling season for the category.”
About Celsius NASDAQ: CELH
Celsius Holdings, Inc is an American beverage company known for its line of fitness and energy drinks formulated to support active lifestyles. The company's flagship product, the Celsius® brand, features beverages enhanced with ingredients such as green tea extract, guarana seed extract and essential vitamins, positioned as a functional alternative to traditional energy drinks. These products are designed to deliver a blend of ingredients that support metabolism and sustained energy without high sugar content or artificial preservatives.
In addition to its core carbonated drink portfolio, Celsius has expanded its offerings to include powder mixes and non-carbonated ready-to-drink variants, catering to consumer preferences around taste, convenience and nutritional needs.
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