Coca-Cola vs Monster Beverage: Revenue, Profit and Business Model
Coca-Cola reported $47.9B of revenue in FY2025 and $13.1B of net income. Monster Beverage reported $8.3B of revenue in FY2025 and $1.9B of net income.
Latest financial snapshot
Coca-Cola
- Latest revenue
- $47.9B (FY2025)
- Net income
- $13.1B
- Net margin
- 27.3%
- Revenue growth
- +7.7% a year, FY2020–FY2025
Monster Beverage
- Latest revenue
- $8.3B (FY2025)
- Net income
- $1.9B
- Net margin
- 23.0%
- Revenue growth
- +11.8% a year, FY2016–FY2025
Financial summary
Coca-Cola
Coca-Cola's financial profile comes from its asset-light franchise model. It sells concentrates and syrups to independent bottlers, which own the capital-intensive plants, trucks and coolers, so the parent company keeps high margins on a relatively small asset base. FY2025 revenue was $47.941 billion with $13.107 billion in net income, up from $47.061 billion in revenue in 2024. In Q2 2026, net revenue grew 7% to $13.4 billion and comparable EPS rose 11% to $0.97. That cash supports the dividend: in February 2026 the board approved a 64th consecutive annual increase, to $0.53 per quarter. Berkshire Hathaway has held 400 million shares since the early 1990s, making it the largest single shareholder.
Monster Beverage
Monster has reported more than three decades of consecutive record annual net sales. Net sales rose from $3.05 billion in 2016 to $7.14 billion in 2023, $7.49 billion in 2024 and $8.29 billion in 2025, when net income reached $1.91 billion. Fourth-quarter 2025 net sales topped $2 billion for the first time ($2.13 billion, up 17.6%), and Q2 2026 net sales climbed 20.2% to $2.54 billion with diluted EPS of $0.59. The asset-light model, where third-party co-packers and Coca-Cola bottlers handle most production and delivery, keeps capital needs low and funds large share buybacks instead of a dividend. A key structural moment was the 2015 Coca-Cola transaction, in which Coke paid about $2.15 billion for a 16.7% stake and became Monster's preferred global distribution partner.
Revenue and profit by year
Coca-Cola
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $47.9B | $13.1B | 27.3% | +1.9% | Source |
| FY2024 | $47.1B | — | 0.0% | +2.9% | Source |
| FY2023 | $45.8B | — | 0.0% | +6.4% | Source |
| FY2022 | $43B | — | 0.0% | +11.3% | Source |
| FY2021 | $38.7B | — | 0.0% | +17.1% | Source |
| FY2020 | $33B | — | 0.0% | — | Source |
Monster Beverage
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $8.3B | $1.9B | 23.0% | +10.7% | Source |
| FY2024 | $7.5B | $1.5B | 20.1% | +4.9% | Source |
| FY2023 | $7.1B | $1.6B | 22.8% | +13.1% | Source |
| FY2022 | $6.3B | $1.2B | 18.9% | +13.9% | Source |
| FY2021 | $5.5B | $1.4B | 24.9% | +20.5% | Source |
| FY2020 | $4.6B | $1.4B | 30.7% | +9.5% | Source |
| FY2019 | $4.2B | $1.1B | 26.4% | +10.3% | Source |
| FY2018 | $3.8B | $993M | 26.1% | +13.0% | Source |
| FY2017 | $3.4B | $820.7M | 24.4% | +10.5% | Source |
| FY2016 | $3B | $712.7M | 23.4% | — | Source |
Where the revenue comes from
Coca-Cola
- Concentrate operations
Roughly 55-60% of net operating revenue
Sales of concentrates, syrups and beverage bases to authorized bottlers and fountain customers; the high-margin core of the model.
- Finished product operations
Roughly 40-45% of net operating revenue
Company-owned bottling operations, Costa Coffee, fairlife and other businesses that sell finished beverages directly to retailers and distributors.
Monster Beverage
- Monster Energy Drinks (Original, Ultra, Juice)89
Sales of Monster concentrates and finished beverages through Coca-Cola bottlers worldwide.
- Strategic Brands (NOS, Full Throttle, Predator)7
Concentrates and beverages sold across acquired Coca-Cola energy brands and value tier lines.
- Alcohol Segment (The Beast Unleashed, Hard Tea)4
Flavored malt beverages and craft beer distributed through independent beer wholesalers.
Business model and strategy
Coca-Cola
How it makes money
Coca-Cola operates a large, highly lucrative B2B franchise model. The core company focuses almost entirely on two things: inventing/acquiring beverage recipes and executing large, multi-billion dollar global marketing campaigns (like sponsoring the Olympics).
Growth strategy
Coca-Cola calls itself a 'total beverage company': it keeps trademark Coca-Cola and Coca-Cola Zero Sugar at the center while building scale in coffee (Costa), sports hydration (BodyArmor, Powerade), premium water (Smartwater, Topo Chico) and value-added dairy (fairlife).
Competitive advantage
Coca-Cola's absolute, insurmountable competitive advantage is its large brand equity and its strong global distribution network. You can travel to the most remote, impoverished village on earth, and you will find a red Coca-Cola sign and a cold bottle of Coke.
Monster Beverage
How it makes money
Monster operates a highly specialized B2B 'Asset-Light' Beverage model. They do not physically manufacture the drinks, and they do not own the delivery trucks. 1. Marketing & Formulation (The core): Monster essentially only does two things: they invent the flavor formulas and execute large, highly aggressive marketing campaigns (sponsoring UFC fighters and Supercross racers). 2.
Growth strategy
Facing large disruption from new, 'sugar-free, health-focused' energy drinks (like Celsius) and a highly saturated US market, Monster's large growth strategy is aggressive product diversification and large international expansion.
Competitive advantage
Monster's advantage rests on two assets: a 20-plus-year brand identity built around action sports, motorsport and gaming, and preferred distribution through the Coca-Cola bottling system, which gives its cans wide reach and prominent cold-vault placement in convenience stores. Challengers such as Celsius can match formulations, but replicating that brand history and distribution footprint is far harder.
Questions about Coca-Cola vs Monster Beverage
Which company has higher revenue — The Coca-Cola Company or Monster Beverage Corporation?
The Coca-Cola Company reported $47.9B (FY2025), while Monster Beverage Corporation reported $8.3B (FY2025). By last reported revenue, The Coca-Cola Company is the larger business, with Monster Beverage Corporation reporting a smaller revenue base.
What is the market cap of The Coca-Cola Company vs Monster Beverage Corporation?
The Coca-Cola Company's market capitalisation stands at $379.0B, while Monster Beverage Corporation's is $85.0B. The Coca-Cola Company carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Monster Beverage Corporation.
Which is more financially efficient — The Coca-Cola Company or Monster Beverage Corporation?
The Coca-Cola Company generates $727k / employee in revenue per employee, while Monster Beverage Corporation generates $1.54M / employee. Monster Beverage Corporation shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do The Coca-Cola Company and Monster Beverage Corporation make money?
The Coca-Cola Company and Monster Beverage Corporation generate revenue in fundamentally different ways. The Coca-Cola Company: Coca-Cola operates a large, highly lucrative B2B franchise model. Monster Beverage Corporation: Monster operates a highly specialized B2B 'Asset-Light' Beverage model.
Which company is valued higher relative to revenue — The Coca-Cola Company or Monster Beverage Corporation?
On a price-to-sales (P/S) basis, The Coca-Cola Company trades at 7.9x P/S and Monster Beverage Corporation at 10.2x P/S. Monster Beverage Corporation commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to The Coca-Cola Company. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is The Coca-Cola Company bigger than Monster Beverage Corporation?
By last reported revenue, The Coca-Cola Company ($47.9B (FY2025)) is the larger company compared to Monster Beverage Corporation ($8.3B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Coca-Cola vs Monster Beverage overview