Celsius Holdings, Inc. (CELH) · Nov 5, 2026 · Earnings
Beat — GAAP EPS $0.39 vs ~$0.34 consensus; revenue $847.2M vs ~$800.6M
Celsius earnings beat Q3 expectations on revenue and EPS, but declining CELSIUS sales and sharply lower margins keep the turnaround unfinished.
Celsius is transitioning from a single-brand growth story into a multi-brand energy platform built around CELSIUS, Alani Nu and Rockstar, with Alani Nu carrying much of the expansion while the legacy CELSIUS brand is being reset. Ahead of this release, the market was already focused on whether Alani’s growth could offset continued weakness in CELSIUS and whether integration costs and commodity inflation would allow margins to recover.
The quarter cleared the published bar, but not by enough to erase the underlying concerns. Revenue reached $847.2 million versus a published consensus of roughly $800.6 million, while GAAP diluted EPS was $0.39 versus approximately $0.34 expected.
| Metric | Q3 2026 | Q3 2025 | Consensus |
|---|---|---|---|
| Revenue (Financial Highlights) | $847.2M (+16.8%) | $725.1M | $800.6M |
| Diluted EPS (Income Statement) | $0.39 | $(0.27) | $0.34 |
| Adjusted diluted EPS (Adjusted EPS reconciliation) | $0.41 (-2%) | $0.42 | |
| Gross margin (Financial Highlights) | 46.8% (-450 bps) | 51.3% | |
| Adjusted EBITDA (Financial Highlights) | $198.6M (-3%) | $205.6M |
Alani Nu is doing the heavy lifting, while the namesake brand has not yet stabilized. Alani Nu revenue rose about 24% to $410.1 million, but CELSIUS revenue fell about 6% to $356.8 million, and retail sales for the CELSIUS brand declined 7.0%. That means the portfolio is growing, but the company’s original growth engine is still being repaired rather than reaccelerating.
Profit quality was weaker than the headline revenue beat suggests. Gross margin fell to 46.8% from 51.3%, and adjusted EBITDA declined 3% despite 17% revenue growth. Management attributes the pressure to aluminum and fuel inflation, along with the higher mix of direct-store-delivery sales. 〔0〕 SG&A improved as a percentage of revenue, but that efficiency was not enough to offset gross-margin compression.
The result modestly advances the integration story, not the full turnaround story. International CELSIUS revenue grew 78%, the broader portfolio’s tracked retail sales rose 14.7%, and the company repurchased $44.5 million of stock during the quarter. Those are constructive signs, but the central execution test remains whether CELSIUS can return to growth while the company converts portfolio scale into better margins.
Bottom line: Celsius beat a lowered near-term earnings bar and is growing through Alani Nu and international expansion, but the core brand decline and margin deterioration keep this from being a cleanly strong quarter. The business is progressing, but the main turnaround work is not finished.
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