Key Partners
- PepsiCo — distributor, 43.2% customer, preferred investor (FACT).
- Category captain in Pepsi's U.S. energy system since Aug 2025 (FACT).
- Co-packers charge a per-case fee (FACT).
- Big Beverages co-packer bought Nov 2024, $75.3M (FACT).
- Costco — 10.8% of FY2025 revenue (FACT).
- International distribution partners by country (FACT).
Key Activities
- Flavor and product innovation, incl. limited-time drops (FACT).
- Advertising $318.9M in FY2025 (FACT).
- Trade promotion with distributors and retailers (FACT).
- Integrating Alani Nu and Rockstar (FACT).
- Running category captaincy for Pepsi's energy shelf (FACT).
- 2026 CELSIUS SKU optimization (FACT).
Key Resources
- Brands $1,280.3M; goodwill $917.6M, Dec 2025 (FACT).
- $598.8M PepsiCo customer-payment asset, ~17-year term (FACT).
- 1,497 employees at Dec 31, 2025 (FACT).
- In-house plant via Big Beverages (FACT).
- ~20% U.S. energy dollar share, Q4 2025 (FACT).
- Cash $398.9M; long-term debt $669.9M (FACT).
Value Propositions
- CELSIUS — fitness-born premium energy drink (FACT).
- Alani Nu — wellness brand, 2025 retail sales +101% (FACT).
- Rockstar — classic energy brand, retail sales −11% (FACT).
- Zero-sugar and functional positioning (FACT).
- Powder sticks and Hydration formats (FACT).
- For retailers — ~33% of zero-sugar category growth, 2025 (FACT).
Customer Relationships
- PepsiCo — long-term contract, equity and two board seats (FACT).
- Retailers — promotions, slotting, shelf fees (FACT).
- Drinkers — social media, influencers, sponsorships (FACT).
- Sampling with branded vehicles at events (FACT).
- Limited-time flavors drive repeat trial (FACT).
- No subscription or loyalty program reported (INFERENCE).
Channels
- PepsiCo DSD in the U.S. & Canada (FACT).
- Direct sales to retailers, e.g. Costco (FACT).
- E-commerce — Amazon, Shopify, Instacart, Walmart.com (FACT).
- International distributors; $92.8M revenue, +24% (FACT).
- ACV 99.5% for the portfolio in 2025 (FACT).
- Alani Nu moved into Pepsi's system Dec 1, 2025 (FACT).
Customer Segments
- PepsiCo 43.2% of FY2025 revenue (FACT).
- Costco 10.8% of FY2025 revenue (FACT).
- All other customers 46.0% (FACT).
- Drinkers — active, wellness-minded energy consumers (FACT).
- North America $2,422.5M; Europe $72.5M; APAC $13.0M (FACT).
- Order timing at Pepsi can swing quarters (FACT).
Cost Structure
- Cost of revenue $1,247.9M; freight $124.3M (FACT).
- Selling & marketing $548.8M; ads $318.9M (FACT).
- G&A $250.0M (FACT).
- Distributor termination fees $327.5M (FACT).
- Acquisition & integration costs $59.5M (FACT).
- Interest expense $49.0M on term loan (FACT).
Revenue Streams
- FY2025 revenue $2,515.3M, +85.5% (FACT).
- CELSIUS $1,457.7M, +7.5% (FACT).
- Alani Nu $1,001.9M, Apr–Dec 2025 (FACT).
- Rockstar $55.6M, Aug–Dec 2025 (FACT).
- FY2025 net income $108.0M, −26% (FACT).
- Trade spend and Pepsi payments reduce revenue (FACT).