This study investigated the ergogenic effects of a commercial energy drink (Red Bull®) or an equivalent dose of anhydrous caffeine in comparison to a non-caffeinated control beverage on cycling performance. Eleven trained male cyclists (31.7±5.9yrs, 82.3±6.1kg, VO2 max=60.3±7.8mL·kg-1·min-1) participated in a double-blind, placebo-controlled and cross-over designed study involving three experimental conditions. Participants were randomly administered Red Bull® (9.4mL·kg-1 BM, containing 3mg·kg-1BM caffeine), anhydrous caffeine (3mg·kg-1 BM given in capsule form) or a placebo 90mins before commencing a time trial equivalent to 1hr cycling at 75% peak power output. Carbohydrate and fluid volumes were matched across all trials. Performance improved by 109±153s (2.8%, p=0.039) after Red Bull® compared with placebo and by 120±172s (3.1%, p=0.043) after caffeine compared with placebo. No significant difference (p>0.05) in performance time was detected between Red Bull® and caffeine treatments. There was no significant difference (p>0.05) in mean heart rate or rating of perceived exertion among the three treatments. This study demonstrated that a moderate dose of caffeine consumed as either Red Bull® or in anhydrous form enhanced cycling time trial performance. The ergogenic benefits of Red Bull® energy drink are therefore most likely due to the effects of caffeine, with the other ingredients not likely to offer additional benefit.