U.S. Energy Drinks: Numerator Energy Drinks Monitor

Research evidence excerpt

J P M O R G A N

North America Equity Research

19 August 2026

U.S. Energy Drinks

Numerator Energy Drinks Monitor

In this monthly edition, we highlight the latest Numerator data (July 2026) for the

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

conclusions from the data below. All supporting data points by brand are inside this

note.

Beverage, Household & Personal

Care Products

Key Brand Takeaways

Drew Levine, CFA

Monster (MNST, Neutral)

Andrea Teixeira, CFA AC

(1-212) 622-6735

(1-212) 622-0374

Shovana Chowdhury

The data for Monster improved sequentially vs. prior month on stronger

buy rate (purchase frequency and spend per trip both accelerated) and a slight

deceleration in household penetration gains (still strong) and remains better

than peers on an absolute and relative basis.

Household penetration gains decelerated slightly sequentially by -10 bps

in 13-weeks ended July to +149 bps YOY (fourth 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 +8 bps vs. prior monthly 13-week period (to

32.9%) and reached a new high. Monster household penetration gains have

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

Buy rate growth accelerated sequentially by +278 bps in 13-weeks ended

July to +6% YOY, following four consecutive monthly 13-week period of

decelerating buy rate growth, although still well off +LDD% buy rate growth

earlier in the year; on an absolute basis Monster buy rate increased +2.6% vs.

13-weeks ended June and reached a new absolute high.

Purchase frequency growth accelerated sequentially by +180 bps in 13weeks ended July to flat YOY, following two consecutive monthly 13-week

periods of negative YOY purchase frequency growth; on an absolute basis

Monster purchase frequency increased +1.8% vs. 13-weeks ended June.

Spend per trip accelerated sequentially by +89 bps in 13-weeks ended July

to +6% YOY (25th consecutive monthly 13-week period of +MSD-HSD%

spend per trip growth); on an absolute basis Monster spend per trip increased

+0.9% vs.…