Name: Monster Beverage Corp. (NASDAQ:MNST) | Income Statement
Creator: Stock Analysis on Net

Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

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Monster Beverage Corp., consolidated income statement

US$ in thousands

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net sales	7,140,027)	6,311,050)	5,541,352)	4,598,638)	4,200,819)
Cost of sales	(3,345,821)	(3,136,483)	(2,432,839)	(1,874,758)	(1,682,234)
Gross profit	3,794,206)	3,174,567)	3,108,513)	2,723,880)	2,518,585)
Operating expenses	(1,840,851)	(1,589,846)	(1,311,046)	(1,090,727)	(1,115,646)
Operating income	1,953,355)	1,584,721)	1,797,467)	1,633,153)	1,402,939)
Interest on finance lease liabilities	(255)	(24)	(19)	(39)	(56)
Other income (expense), net	115,382)	(12,733)	3,971)	(6,957)	13,079)
Income before provision for income taxes	2,068,482)	1,571,964)	1,801,419)	1,626,157)	1,415,962)
Provision for income taxes	(437,494)	(380,340)	(423,944)	(216,563)	(308,127)
Net income	1,630,988)	1,191,624)	1,377,475)	1,409,594)	1,107,835)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Net sales demonstrate a consistent upward trajectory over the five-year period, increasing from US$ 4,200,819 thousand in 2019 to US$ 7,140,027 thousand in 2023. This steady growth in top-line revenue indicates a sustained expansion of the company's market presence.

Gross Profitability and Cost Management: While gross profit increased in absolute terms from US$ 2,518,585 thousand in 2019 to US$ 3,794,206 thousand in 2023, the growth rate was tempered by rising costs of sales. A notable compression in gross margin is observed between 2021 and 2022, where the cost of sales accelerated more rapidly than revenue growth, resulting in a temporary decline in profitability ratios before a recovery in 2023.
Operating Performance: Operating income exhibited volatility, peaking in 2021 at US$ 1,797,467 thousand before declining to US$ 1,584,721 thousand in 2022. This decrease coincided with a steady rise in operating expenses, which grew from US$ 1,115,646 thousand in 2019 to US$ 1,840,851 thousand in 2023. A significant rebound occurred in 2023, with operating income reaching a period high of US$ 1,953,355 thousand.
Net Income and Non-Operating Impact: Net income showed an overall increasing trend, rising from US$ 1,107,835 thousand in 2019 to US$ 1,630,988 thousand in 2023, despite intermittent fluctuations. The results were influenced by volatile non-operating items, most notably a substantial increase in other income, net, which reached US$ 115,382 thousand in 2023. Provisions for income taxes remained significant throughout the period, with the 2023 provision reaching US$ 437,494 thousand.

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