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Monster Beverage cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$525M in Q3 2026 · $1.9B over twelve months

Operating cash flow$557M
Capital spending−$31.6M
Free cash flow+$525M
Cash / net income1.0×
Cash conversion cycle83 days

Analysis

In Q3 2026, Monster Beverage generated $557M of operating cash flow and spent $31.6M on capital projects, leaving free cash flow of $525M. That is $176M less than in Q3 2025 ($702M).

Over the twelve months to Sep 30, 2026, operating cash flow was $2.1B; the largest uses were other investing ($1.9B), buybacks ($294M), capital spending ($129M); besides operations, cash came from shares issued ($143M), asset & business sales ($5.3M); the cash balance fell by $145M.

Operating cash flow was $557M against net income of $568M — 1.0× profit, roughly in line with earnings. The largest differences: payables −$83.4M, receivables −$71.6M, inventory −$52.9M.

Its cash conversion cycle was 83 days (receivables 69 + inventory 71 − payables 57).

Free cash flow

Monster Beverage: free cash flow by quarterMonster Beverage: free cash flow by quarter$370MQ4 2024$479MQ1 2025$435MQ2 2025$702MQ3 2025$351MQ4 2025$584MQ1 2026$461MQ2 2026$525MQ3 2026
Operating cash flow less capital spending.
Monster Beverage: operating cash flow against capital spendingMonster Beverage: operating cash flow against capital spendingOperating cash flowCapital spending$462M$91.3MQ4 2024$508M$29.1MQ1 2025$466M$31.4MQ2 2025$745M$43.6MQ3 2025$379M$28.2MQ4 2025$605M$20.6MQ1 2026$509M$48.4MQ2 2026$557M$31.6MQ3 2026
Latest (Q3 2026): Operating cash flow $557M, Capital spending $31.6M.

Capital allocation, year by year

Monster Beverage: where the cash came from (up) and went (down), by fiscal yearMonster Beverage: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $1.2BFY2021: Net borrowing $2.9MFY2021: Shares issued $45.7MFY2021: Asset sales $1.3MFY2021: Capital spending −$43.9MFY2021: Buybacks −$13.8M$1.2BFY2021FY2022: Operating cash flow $888MFY2022: Shares issued $64.0MFY2022: Asset sales $1.3MFY2022: Capital spending −$189MFY2022: Acquisitions −$329MFY2022: Buybacks −$771M$953MFY2022FY2023: Operating cash flow $1.7BFY2023: Net borrowing −$13.9MFY2023: Shares issued $130MFY2023: Asset sales $2.5MFY2023: Capital spending −$221MFY2023: Acquisitions −$363MFY2023: Buybacks −$659M$1.9BFY2023FY2024: Operating cash flow $1.9BFY2024: Net borrowing $367MFY2024: Shares issued $79.0MFY2024: Asset sales $2.7MFY2024: Capital spending −$264MFY2024: Buybacks −$3.8B$2.4BFY2024FY2025: Operating cash flow $2.1BFY2025: Net borrowing −$385MFY2025: Shares issued $165MFY2025: Asset sales $4.3MFY2025: Capital spending −$132MFY2025: Buybacks −$104M$2.3BFY2025
Over these 5 years operating cash flow totalled $7.8B; the largest uses were buybacks ($5.3B) and capital spending ($850M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$3.7B
Debtnone
Net cash$3.7B

Monster Beverage funds itself: free cash flow was $1.9B over the last twelve months, with $3.7B of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Monster Beverage: sources (+) and uses (−) of cash, Q3 2026Monster Beverage: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$557MOther investing−$471MBuybacks−$100MCash drawn (+) / kept (−)$44.0MCapital spending−$31.6MShares issued$13.7MExchange rates−$11.1MNet borrowing (+) / repaid (−)−$1.5MAsset & business sales$868KTaxes on employees’ shares−$400KOther financing$400K
Monster Beverage: sources (+) and uses (−) of cash, TTM to Q3 2026Monster Beverage: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$2.1BOther investing−$1.9BBuybacks−$294MCash drawn (+) / kept (−)$145MShares issued$143MCapital spending−$129MExchange rates−$7.9MNet borrowing (+) / repaid (−)−$7.4MAsset & business sales$5.3M

From profit to cash

Monster Beverage: net income to operating cash flow, Q3 2026Monster Beverage: net income to operating cash flow, Q3 2026Net income$568MDepreciation & amortization$31.7MStock-based pay$30.3MImpairments$19.9MGains on disposals−$631KReceivables−$71.6MInventory−$52.9MPayables−$83.4MAccrued liabilities−$9.0MEmployee-related liabilities$34.7MPrepaid and other assets−$25.3MOther liabilities−$5.5MIncome taxes payable$32.6MOperating cash flow$557M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202669715783
Q2 202668696374
Q1 202667695779
Q4 202569736182
Q3 202565645574
Q2 202562674782
Q1 202563825391
Q4 202464865892

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$557M−$31.6M−$100M−$1.5M$13.7M$44.0M$525M
Q2 2026$509M−$48.4M−$8K−$1.5M$60.9M−$153M$461M
Q1 2026$605M−$20.6M−$134M−$2.1M$18.0M$48.4M$584M
Q4 2025$379M−$28.2M−$59.7M−$2.3M$50.2M$205M$351M
Q3 2025$745M−$43.6M−$27.3M−$3.0M$26.7M−$366M$702M
Q2 2025$466M−$31.4M—−$203M$39.6M−$23.5M$435M
Q1 2025$508M−$29.1M−$16.6M−$177M$48.1M−$370M$479M
Q4 2024$462M−$91.3M−$1.7M−$377M$16.9M$92.1M$370M

Monster Beverage: income statement and cash flow

Monster Beverage, Q3 2026: revenue $2.6B (+17% year over year), operating margin 28.0%. The chart follows the revenue to costs, profit and cash.

Monster Beverage: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.