U.S. Energy Drinks: Numerator Energy Drinks Monitor

Research evidence excerpt

U.S. Energy Drinks: Numerator Energy Drinks Monitor

J P M O R G A N North America Equity Research

23 July 2026

U.S. Energy Drinks

Numerator Energy Drinks Monitor

In this monthly edition, we highlight the latest Numerator data (June 2026) for the Beverage, Household & Personal

energy category and brand KPIs (see methodology below). We summarize key Care Products

conclusions from the data below. All supporting data points by brand are inside this Andrea Teixeira, CFA AC

note. (1-212) 622-6735

andrea.f.teixeira@jpmorgan.com

Key Brand Takeaways Drew Levine, CFA

(1-212) 622-0374

Monster (MNST, Neutral) drew.levine@jpmorgan.com

Shovana Chowdhury

• The data for Monster decelerated sequentially vs. prior month on softer (1-212) 270-2184

buy rate (purchase frequency and spend per trip deceleration) but overall shovana.chowdhury@jpmorgan.com

remains better than peers both on an absolute and relative basis, and trends J.P. Morgan Securities LLC

have generally been more resilient vs. peers.

• Household penetration gains decelerated slightly sequentially by -12 bps

in 13-weeks ended June to +151 bps YOY (third consecutive period of

deceleration following five consecutive months of accelerating household

penetration gain trend); that said, sequentially on an absolute basis Monster

household penetration increased +23 bps vs. prior monthly 13-week period (to

32.8%) and reached a new high. Monster household penetration gains have

been ahead of Red Bull for the past two monthly 13-week periods.

• Buy rate growth decelerated sequentially by -267 bps in 13-weeks ended

June to +2% YOY, fourth consecutive monthly 13-week period of decelerating

buy rate growth and well off +LDD% buy rate growth earlier in the year; on an

absolute basis Monster buy rate decreased -0.6% vs. 13-weeks ended May.