MEDIUMOutside partyCustomer
43.2%
Pepsi
“10-K Item 1A: 'In 2025, sales to Pepsi constituted 43.2% of our total net revenue'”
CELH · Concentration risk · 10-K extracted
Celsius Holdings (CELH) concentration risks
Updated
The most significant concentration Celsius Holdings discloses is Pepsi at 43.2%, classified MEDIUM by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: Celsius Holdings’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 1 disclosed concentration
HIGH0
MEDIUM1
LOW0
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-06-24The company's disclosed concentration profile is anchored in a single large customer relationship. In 2025, sales to Pepsi constituted 43.2% of total net revenue — a medium share of total net revenue with a dependency character. This reflects the structure of the company's U.S. distribution arrangement, under which Pepsi serves as the primary route-to-market partner, rather than demand from Pepsi as an end consumer. That distinction matters: the risk is not Pepsi's own appetite for energy drinks but the continued functioning and prioritization of the distribution agreement. A dependency of this magnitude means that any material change to the arrangement — renegotiation of terms, a shift in shelf-space allocation, or a change in Pepsi's own strategic priorities — could affect a large portion of revenue without notice. The filing discloses no other comparable customer, geographic, or supplier concentration, so the Pepsi relationship stands as the single dominant variable in the disclosed concentration profile. On balance, the profile is narrow but the weight placed on one distribution partner is the key watchpoint: investors should monitor the health and terms of that arrangement alongside top-line growth metrics, as changes there would flow directly through to a meaningful portion of net revenue.
For the engine’s reasoning on CELH’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Beverages - Non-Alcoholic
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| COCO | The Vita Coco Company, Inc. | 3 | 1 | 0 | 4 |
| KO | Coca-Cola Company (The) | 2 | 3 | 0 | 5 |
| FIZZ | National Beverage Corp. | 1 | 1 | 0 | 2 |
| COKE | Coca-Cola Consolidated, Inc. | 1 | 0 | 2 | 3 |
| CELH● | Celsius Holdings, Inc. | 0 | 1 | 0 | 1 |
| KDP | Keurig Dr Pepper Inc. | 0 | 0 | 1 | 1 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.