Revenue contracted 3.3% year-over-year in Q2 2026 to $3.1B, with gross margin falling to 34.3% from 40.0% and operating margin dropping to 10.7% from 18.2%, reflecting negative operating leverage and cost pressures.
Molson Coors Beverage Company (TAP) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 11.08B | 11.14B | 11.63B | 11.7B | 10.7B | 10.28B | 9.65B | 10.58B | 10.77B | 11B | 4.88B | 3.57B | 4.15B | 4.21B | 3.92B | 3.52B | 3.25B | 3.03B | 4.77B | 6.19B | 5.84B | 5.51B | 4.31B | 4B | 3.78B | 2.43B | 2.41B | 2.06B | 1.9B | 1.82B | 1.73B |
| Revenue Growth % | -1.77% | -4.18% | -0.64% | 9.36% | 4.1% | 6.48% | -8.75% | -1.77% | -2.12% | 125.24% | 36.93% | -13.96% | -1.42% | 7.39% | 11.4% | 8.03% | 7.32% | -36.48% | -22.88% | 5.91% | 6.14% | 27.89% | 7.64% | 5.93% | 55.44% | 0.62% | 17.4% | 8.27% | 4.25% | 5.19% | 3.39% |
| Cost of Goods Sold | 7.07B | 6.95B | 7.09B | 7.33B | 7.05B | 6.23B | 5.89B | 6.38B | 6.58B | 6.24B | 3B | 2.13B | 2.49B | 2.55B | 2.35B | 2.05B | 1.81B | 1.73B | 2.84B | 3.7B | 3.48B | 3.31B | 2.74B | 2.59B | 2.41B | 1.54B | 1.53B | 1.22B | 1.16B | 1.12B | 1.13B |
| COGS % of Revenue | - | 62.42% | 61.01% | 62.67% | 65.84% | 60.57% | 60.97% | 60.29% | 61.14% | 56.68% | 61.39% | 59.75% | 60.13% | 60.52% | 60.07% | 58.28% | 55.68% | 56.95% | 59.5% | 59.81% | 59.56% | 60.05% | 63.67% | 64.67% | 63.94% | 63.29% | 63.2% | 59.12% | 61.01% | 61.51% | 65.1% |
| Gross Profit | 4.01B | 4.19B | 4.53B | 4.37B | 3.66B | 4.05B | 3.77B | 4.2B | 4.18B | 4.77B | 1.89B | 1.44B | 1.65B | 1.66B | 1.56B | 1.47B | 1.44B | 1.31B | 1.93B | 2.49B | 2.36B | 2.2B | 1.56B | 1.41B | 1.36B | 891.84M | 888.59M | 840.68M | 740.65M | 701.37M | 614.37M |
| Gross Margin % | 36.22% | 37.58% | 38.99% | 37.33% | 34.16% | 39.43% | 39.03% | 39.71% | 38.86% | 43.32% | 38.61% | 40.25% | 39.87% | 39.48% | 39.93% | 41.72% | 44.32% | 43.05% | 40.5% | 40.19% | 40.44% | 39.95% | 36.33% | 35.33% | 36.06% | 36.71% | 36.8% | 40.88% | 38.99% | 38.49% | 35.47% |
| Gross Profit Growth % | - | -7.65% | 3.77% | 19.52% | -9.82% | 7.57% | -10.3% | 0.39% | -12.2% | 152.71% | 31.35% | -13.13% | -0.45% | 6.17% | 6.64% | 1.69% | 10.47% | -32.48% | -22.28% | 5.24% | 7.45% | 40.65% | 10.67% | 3.78% | 52.69% | 0.37% | 5.7% | 13.51% | 5.6% | 14.16% | 5.19% |
| Operating Expenses | 6.53B | 6.53B | 2.78B | 2.93B | 3.5B | 2.6B | 4.18B | 3.44B | 2.55B | 3.09B | -1.44B | 868.7M | 926.5M | 854.8M | 696.6M | 573.4M | 577.7M | 551.5M | 1.31B | 1.85B | 1.78B | 1.78B | 1.22B | 1.11B | 1.06B | 740.23M | 737.96M | 698.7M | 636.83M | 553.97M | 533.35M |
| OpEx % of Revenue | - | 58.59% | 23.91% | 25.04% | 32.69% | 25.28% | 43.27% | 32.49% | 23.71% | 28.07% | -29.41% | 24.35% | 22.35% | 20.32% | 17.79% | 16.31% | 17.75% | 18.19% | 27.47% | 29.83% | 30.5% | 32.29% | 28.23% | 27.65% | 28.16% | 30.47% | 30.56% | 33.97% | 33.53% | 30.4% | 30.79% |
| Selling, General & Admin | 2.58B | 2.59B | 2.52B | 2.78B | 2.62B | 2.55B | 2.44B | 2.73B | 2.8B | 3.05B | 1.6B | 1.04B | 1.16B | 1.19B | 1.13B | 1.02B | 1.01B | 900.8M | 1.33B | 1.73B | 1.71B | 1.63B | 1.22B | 1.11B | 1.06B | 717.06M | 722.75M | 692.99M | 617.43M | 585.49M | 527.01M |
| SG&A % of Revenue | - | 23.27% | 21.64% | 23.76% | 24.47% | 24.85% | 25.24% | 25.79% | 26.02% | 27.74% | 32.7% | 29.1% | 28.07% | 28.38% | 28.75% | 28.98% | 31.11% | 29.71% | 27.92% | 28.02% | 29.18% | 29.64% | 28.41% | 27.65% | 28% | 29.52% | 29.93% | 33.7% | 32.5% | 32.13% | 30.42% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 12.76M |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0.74% |
| Other Operating Expenses | 3M | 3.93B | 264.1M | 150.7M | 878.9M | 44.5M | 1.74B | 708.8M | -249.7M | 36.4M | -3.03B | -169.6M | -237.4M | -339M | -429.5M | -445.6M | -434.8M | -349.3M | -21.7M | 112.2M | 77.4M | 145.39M | -7.52M | 0 | 6.27M | 23.17M | 15.21M | 5.71M | 19.39M | -31.52M | -6.42M |
| Operating Income | -2.52B | -2.34B | 1.75B | 1.44B | 157.5M | 1.45B | -408.9M | 764.4M | 1.63B | 1.68B | 3.32B | 567.2M | 726.5M | 805.7M | 867.4M | 893.2M | 864.5M | 754M | 622M | 641.1M | 581.1M | 422.05M | 348.43M | 307.37M | 298.29M | 151.6M | 150.63M | 141.98M | 103.82M | 147.4M | 81.02M |
| Operating Margin % | -22.74% | -21.01% | 15.08% | 12.29% | 1.47% | 14.15% | -4.24% | 7.23% | 15.15% | 15.25% | 68.02% | 15.9% | 17.52% | 19.16% | 22.15% | 25.41% | 26.56% | 24.86% | 13.03% | 10.36% | 9.94% | 7.66% | 8.09% | 7.68% | 7.9% | 6.24% | 6.24% | 6.9% | 5.47% | 8.09% | 4.68% |
| Operating Income Growth % | - | -233.52% | 21.9% | 813.14% | -89.17% | 455.69% | -153.49% | -53.16% | -2.74% | -49.51% | 485.79% | -21.93% | -9.83% | -7.11% | -2.89% | 3.32% | 14.66% | 21.22% | -2.98% | 10.33% | 37.68% | 21.13% | 13.36% | 3.05% | 96.75% | 0.65% | 6.09% | 36.76% | -29.57% | 81.93% | 0.8% |
| EBITDA | -1.77B | -1.62B | 2.51B | 2.12B | 842.3M | 2.24B | 513.1M | 1.62B | 2.49B | 2.49B | 3.71B | 881.6M | 1.04B | 1.13B | 1.14B | 1.11B | 1.07B | 962M | 895.4M | 986.9M | 1.02B | 814.86M | 614.35M | 544.19M | 528.58M | 272.7M | 279.91M | 265.75M | 219.63M | 264.56M | 202.14M |
| EBITDA Margin % | -15.98% | -14.53% | 21.61% | 18.13% | 7.87% | 21.8% | 5.31% | 15.34% | 23.11% | 22.64% | 75.97% | 24.71% | 25.07% | 26.78% | 29.11% | 31.58% | 32.78% | 31.72% | 18.75% | 15.94% | 17.44% | 14.8% | 14.27% | 13.6% | 14% | 11.22% | 11.59% | 12.92% | 11.56% | 14.52% | 11.67% |
| EBITDA Growth % | -174.36% | -164.44% | 18.46% | 151.81% | -62.41% | 336.66% | -68.39% | -34.78% | -0.05% | -32.89% | 320.94% | -15.19% | -7.7% | -1.22% | 2.68% | 4.08% | 10.89% | 7.44% | -9.27% | -3.2% | 25.11% | 32.64% | 12.89% | 2.95% | 93.84% | -2.58% | 5.33% | 21% | -16.98% | 30.88% | -0.53% |
| D&A (Non-Cash Add-back) | 749.2M | 721.9M | 759.4M | 682.8M | 684.8M | 786.1M | 922M | 859M | 857.5M | 812.8M | 388.4M | 314.4M | 313M | 320.5M | 272.7M | 217.1M | 202.3M | 208M | 273.4M | 345.8M | 438.4M | 392.81M | 265.92M | 236.82M | 230.3M | 121.09M | 129.28M | 123.77M | 115.81M | 117.17M | 121.12M |
| EBIT | -2.58B | -2.33B | 1.79B | 1.49B | 188.1M | 1.5B | -369.3M | 760.8M | 1.67B | 1.73B | 3.33B | 576.4M | 731.3M | 838.3M | 788.4M | 892.9M | 919.2M | 814.1M | 618.5M | 660.9M | 615.12M | 426.31M | 380.62M | 335.01M | 298.29M | 174.78M | 150.63M | 147.69M | 103.82M | 147.4M | 81.02M |
| Net Interest Income | -169.8M | -225.6M | -243.9M | -203.4M | -232M | -259.6M | -282.6M | -293.2M | -305.9M | -339.6M | -267.6M | -124.9M | -143M | -163.1M | -152.2M | -106.4M | -87.1M | -80.1M | -86M | -99.88M | -126.78M | -113.6M | -53.19M | -61.95M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 35.4M | 25.4M | 4.3M | 2M | 3.3M | 8.2M | 8M | 6M | 27.2M | 8.3M | 11.3M | 13.7M | 11.3M | 10.7M | 10.8M | 10.7M | 17.3M | 26.59M | 16.29M | 17.5M | 19.25M | 19.25M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 169.8M | 225.6M | 279.3M | 228.8M | 236.3M | 261.6M | 285.9M | 301.4M | 313.9M | 345.6M | 294.8M | 133.2M | 154.3M | 176.8M | 163.5M | 117.1M | 97.9M | 90.8M | 103.3M | 126.46M | 143.07M | 131.11M | 72.44M | 81.19M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -230.8M | -177.1M | -250.2M | -185.7M | -220M | -215.4M | -235M | -284.5M | -272M | -294.5M | -268.5M | -156.5M | -140.2M | -151.2M | -275.3M | -119M | -55.5M | -36.5M | -122.6M | -115.07M | -109.05M | -126.85M | -40.24M | -53.55M | -41.69M | 46.41M | 18.9M | 8.68M | 7.28M | -506K | -6.04M |
| Pretax Income | -2.75B | -2.52B | 1.5B | 1.25B | -62.5M | 1.24B | -643.9M | 479.9M | 1.36B | 1.38B | 3.04B | 410.7M | 586.3M | 654.5M | 592.1M | 774.2M | 809M | 717.5M | 515.2M | 534.38M | 472.05M | 295.2M | 308.18M | 253.82M | 256.6M | 198.01M | 169.53M | 150.67M | 111.1M | 146.89M | 74.97M |
| Pretax Margin % | -24.82% | -22.6% | 12.93% | 10.7% | -0.58% | 12.05% | -6.67% | 4.54% | 12.63% | 12.56% | 62.14% | 11.51% | 14.14% | 15.56% | 15.12% | 22.02% | 24.86% | 23.66% | 10.79% | 8.63% | 8.08% | 5.36% | 7.16% | 6.35% | 6.79% | 8.15% | 7.02% | 7.33% | 5.85% | 8.06% | 4.33% |
| Income Tax | -395.5M | -337.8M | 345.3M | 296.1M | 124M | 230.5M | 301.8M | 233.7M | 225.2M | -53.2M | 1.05B | 51.8M | 69M | 84M | 154.5M | 99.4M | 138.7M | -14.7M | 102.9M | 4.19M | 82.41M | 50.26M | 95.23M | 79.16M | 94.95M | 75.05M | 59.91M | 58.38M | 43.32M | 64.63M | 31.55M |
| Effective Tax Rate % | 14.37% | 13.42% | 22.97% | 23.64% | -198.4% | 18.6% | -46.87% | 48.7% | 16.56% | -3.85% | 34.62% | 12.61% | 11.77% | 12.83% | 26.09% | 12.84% | 17.14% | -2.05% | 19.97% | 0.78% | 17.46% | 17.03% | 30.9% | 31.19% | 37% | 37.9% | 35.34% | 38.75% | 38.99% | 44% | 42.08% |
| Net Income | -2.31B | -2.14B | 1.12B | 948.9M | -175.3M | 1.01B | -945.7M | 241.7M | 1.12B | 1.41B | 1.98B | 359.5M | 514M | 567.3M | 443M | 676.3M | 707.7M | 720.4M | 388M | 497.19M | 361.03M | 134.94M | 196.74M | 174.66M | 161.65M | 122.96M | 109.62M | 92.28M | 67.78M | 82.26M | 43.42M |
| Net Margin % | -20.81% | -19.21% | 9.65% | 8.11% | -1.64% | 9.78% | -9.8% | 2.28% | 10.37% | 12.85% | 40.45% | 10.08% | 12.4% | 13.49% | 11.31% | 19.24% | 21.75% | 23.76% | 8.13% | 8.03% | 6.18% | 2.45% | 4.57% | 4.37% | 4.28% | 5.06% | 4.54% | 4.49% | 3.57% | 4.51% | 2.51% |
| Net Income Growth % | -322.34% | -290.63% | 18.28% | 641.3% | -117.43% | 206.34% | -491.27% | -78.35% | -21.05% | -28.43% | 449.62% | -30.06% | -9.4% | 28.06% | -34.5% | -4.44% | -1.76% | 85.67% | -21.96% | 37.71% | 167.54% | -31.41% | 12.64% | 8.04% | 31.46% | 12.18% | 18.78% | 36.14% | -17.6% | 89.43% | 0.57% |
| Net Income (Continuing) | -2.36B | -2.18B | 1.16B | 956.4M | -186.5M | 1.01B | -945.7M | 246.2M | 1.13B | 1.59B | 1.6B | 358.9M | 517.3M | 570.5M | 437.6M | 674.8M | 670.3M | 732.2M | 412.3M | 530.19M | 389.64M | 244.94M | 212.95M | 174.66M | 161.65M | 122.96M | 109.62M | 92.28M | 67.78M | 82.26M | 43.42M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.9M | 500K | 2M | 1.5M | 2.3M | 39.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 289.2M | 312.4M | 360.3M | 239.1M | 225.5M | 247M | 256.3M | 253.7M | 228.4M | 208.9M | 203M | 20.1M | 22.8M | 24.9M | 24.7M | 42.3M | 43.8M | 13.2M | 9.4M | 43.75M | 46.78M | 83.81M | 36.87M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -12.29 | -10.85 | 5.35 | 4.37 | -0.86 | 4.62 | -4.36 | 1.11 | 5.15 | 6.53 | 9.26 | 1.93 | 2.76 | 3.08 | 2.44 | 3.63 | 3.78 | 3.87 | 2.04 | 2.71 | 2.08 | 0.84 | 2.60 | 2.38 | 2.21 | 1.66 | 1.47 | 1.23 | 0.91 | 1.08 | 0.57 |
| EPS Growth % | -327.61% | -302.8% | 22.43% | 608.14% | -118.61% | 205.96% | -492.79% | -78.45% | -21.13% | -29.48% | 379.79% | -30.07% | -10.39% | 26.23% | -32.78% | -3.97% | -2.33% | 89.71% | -24.72% | 30.29% | 147.62% | -67.69% | 9.24% | 7.69% | 33.13% | 12.93% | 19.51% | 35.16% | -15.74% | 89.47% | 1.79% |
| EPS (Basic) | - | -10.83 | 5.38 | 4.39 | -0.86 | 4.63 | -4.36 | 1.12 | 5.17 | 6.57 | 9.32 | 1.94 | 2.78 | 3.10 | 2.45 | 3.66 | 3.80 | 3.91 | 2.07 | 2.75 | 2.10 | 0.85 | 2.65 | 2.40 | 2.24 | 1.67 | 1.49 | 1.25 | 0.94 | 1.11 | 0.57 |
| Diluted Shares Outstanding | 187.7M | 195.7M | 209.9M | 217.3M | 216.9M | 217.6M | 216.8M | 216.9M | 216.6M | 216.5M | 213.4M | 186.4M | 186.1M | 184.2M | 181.8M | 186.4M | 187.3M | 185.9M | 185.5M | 181.4M | 173.31M | 160.07M | 75.82M | 73.19M | 73.13M | 74.35M | 74.9M | 74.91M | 75.03M | 76.11M | 76.44M |
| Basic Shares Outstanding | 187.5M | 195.1M | 208.8M | 216M | 216.9M | 217.1M | 216.8M | 216.6M | 216M | 215.4M | 212M | 185.3M | 184.9M | 183M | 180.8M | 184.9M | 185.9M | 184.4M | 182.6M | 178.7M | 172.17M | 158.81M | 74.32M | 72.68M | 72.28M | 73.8M | 73.57M | 73.46M | 72.62M | 74.44M | 75.93M |
| Dividend Payout Ratio | - | - | 32.89% | 37.38% | - | 14.7% | - | 175.59% | 31.72% | 24.99% | 17.86% | 84.39% | 53.23% | 41.35% | 52.42% | 33.73% | 28.42% | 23.65% | 35.85% | 23.09% | 30.62% | 81.49% | 15.52% | 17.07% | 18.35% | 24% | 24.23% | 25.73% | 32.3% | 24.95% | 43.71% |
Quick answers to the most common questions about buying TAP stock.
For fiscal year 2025, Molson Coors Beverage Company (TAP) reported total revenue of $11.14B. This represents a 543.1% increase compared to $1.73B in 1996.
Molson Coors Beverage Company (TAP) reported a net loss of $2.14B for the fiscal year ending 2025.
Molson Coors Beverage Company (TAP) reported an operating income of $-2340.9M, resulting in an operating profit margin of -21.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Molson Coors Beverage Company (TAP) generated $4.19B in gross profit for the year, representing a gross profit margin of 37.6%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent volume decline and margin recovery
Metrics are mathematically derived from official filings.
Volume Erosion Persists Despite Price Gains
Revenue contracted 4.2% year-over-year in Q2 2026, with the latest quarter showing a 3.3% decline, indicating ongoing volume weakness that price increases have not fully offset.
The revenue trajectory remains negative, with the most recent quarter showing a 3.3% decline, a slight improvement from the prior quarter's 2.7% drop but still below the 2.0% growth seen in Q1 2026. This suggests that the company's premiumization efforts are not yet generating enough price/mix to overcome persistent volume declines in core markets. The maintained full-year guidance implies management does not expect a near-term inflection, and investors should monitor whether the recent EPS beat was driven by cost cuts rather than sustainable top-line recovery.
Gross Margin Compression Signals Pricing Limits
Gross margin fell to 34.3% in Q2 2026 from 40.0% a year earlier, reflecting input cost pressures and limited pricing power in the competitive beer market.
The sequential decline from 38.2% in Q1 2026 to 34.3% in Q2 2026 is notable, as it suggests that the company could not fully pass on higher aluminum and agricultural costs. Compared to peers like BUD at 55.9% and SAM at 45.6%, TAP's gross margin is structurally lower, indicating a weaker brand mix and less pricing flexibility. This compression, if sustained, could erode the operating leverage that the company has historically enjoyed, making margin recovery a key watch item.
Operating Leverage Fading as Costs Outpace Sales
Operating margin dropped to 10.7% in Q2 2026 from 18.2% in the year-ago quarter, as SG&A costs rose 3.7% while revenue declined, indicating negative operating leverage.
The 10.7% operating margin in Q2 2026 is well below the 18.4% seen in Q2 2024, and the increase in SG&A from $693.1M to $718.5M despite lower revenue suggests that fixed overhead is not being scaled down fast enough. This implies that the company's cost discipline is being tested by volume declines, and the negative operating leverage could persist if revenue continues to shrink. The deeply negative operating margin in Q3 2025 (-115.4%) was driven by a non-cash impairment, but the underlying trend still shows margin compression from operational factors.
Impairment Distorts Underlying Profitability
Reported net margin of -19.2% in Q3 2025 reflects a massive non-cash write-down, but excluding that, net margins have ranged from 5.3% to 13.4%, indicating volatile underlying earnings quality.
The Q3 2025 net loss of $2.9B is clearly an anomaly, as the company generated positive net income in all other quarters, with Q2 2025 showing a 13.4% net margin. However, the EPS growth swings are extreme, from -42.3% in Q2 2026 to +35.6% in Q1 2026, suggesting that earnings are sensitive to one-time items and tax effects. Stock-based compensation is modest at $8.8M in Q2 2026, so the earnings quality issue is more about the impairment and potential tax rate volatility than SBC dilution.
SG&A Discipline Wavers Amid Revenue Decline
SG&A expenses rose to $718.5M in Q2 2026 from $693.1M a year earlier, a 3.7% increase despite a 3.3% revenue decline, indicating cost control is slipping.
The increase in SG&A is concerning because it suggests that marketing and administrative costs are not being adjusted to match the lower revenue base, which could be a deliberate investment in brand support or a sign of inefficiency. In contrast, Q4 2024 saw SG&A drop to $436.4M, showing that the company can cut costs when needed, but the recent trend points to a lack of discipline. If revenue continues to decline, this SG&A growth will further pressure operating margins, making cost management a critical factor for profitability.
Volume Decline Could Undermine Margin Recovery
The persistent revenue contraction, now at -4.2% year-over-year, suggests that the company's core beer volumes are in structural decline, which could offset any cost savings and keep margins under pressure.
Short-sellers would argue that the recent EPS beat was driven by one-time items or aggressive cost cuts, not sustainable operational improvement, and that the maintained guidance reflects management's lack of confidence in a top-line recovery. The gross margin compression to 34.3% in Q2 2026, down from 40.0% a year ago, indicates that the company is losing pricing power, which is a red flag in an inflationary environment. If volume declines persist, the fixed cost base will become a larger burden, potentially leading to further margin erosion and a re-rating of the stock to a lower multiple.