U.S. Energy Drinks: Numerator Energy Drinks Monitor

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U.S. Energy Drinks: Numerator Energy Drinks Monitor

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

17 June 2026

U.S. Energy Drinks

Numerator Energy Drinks Monitor

In this monthly edition, we highlight the latest Numerator data (May 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 remains better than peers for Monster, both on an absolute basis (1-212) 270-2184

and relative to peers, and while KPIs for Monster decelerated sequentially shovana.chowdhury@jpmorgan.com

vs. prior month on softer buy rate (purchase frequency deceleration), trends J.P. Morgan Securities LLC

have been more resilient vs. peers.

• Household penetration gains were mostly flat sequentially, decelerating by

a slight -7 bps sequentially in 13-weeks ended May to +177 bps YOY (second

consecutive period of slight deceleration following five consecutive months of

accelerating household penetration gain trend); that said, sequentially on an

absolute basis Monster household penetration increased +56 bps vs. prior

monthly 13-week period (to 32.7%) and reached a new high.

• Buy rate growth decelerated sequentially by -246 bps in 13-weeks ended

May to +6% YOY, still well above Red Bull and best among the more mature

brands, but below recent +HSD-LDD% trend over prior three rolling 13-week

monthly periods; on an absolute basis Monster buy rate decreased -0.5% vs.

April.

• Purchase frequency growth decelerated sequentially by -200 bps in 13-