Revenue growth remains inconsistent, fluctuating from a 11.3% decline in 2025Q1 to a modest 2.0% increase in 2026Q1, while gross margins continue to oscillate between 33.1% and 40.9%.
| 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 | 11.19B | 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 % | -1.3% | -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 | 6.96B | 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 | 4.23B | 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 % | 37.83% | 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 | 6.5B | 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 | 2.55B | 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 | -2.27B | -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 % | -20.28% | -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 | -1.54B | -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 % | -13.78% | -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 % | -164.34% | -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) | 727.3M | 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 | -2.27B | -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 | -227.5M | -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 | 227.5M | 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 | -210.7M | -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 | -2.48B | -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 % | -22.16% | -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 | -326.4M | -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 % | 13.16% | 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 | -2.11B | -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 % | -18.85% | -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 % | -303.68% | -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) | -2.15B | -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 | 114.1M | 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) | -11.14 | -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 % | -314.08% | -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 | 189.4M | 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 | 188.9M | 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% |
Volume and pricing volatility
As reported in recent financial statements, Molson Coors experienced a revenue growth rate of 2.0% in 2026Q1, following a period of inconsistent performance where quarterly revenue fluctuations ranged from a decline of 11.3% in 2025Q1 to a modest recovery in the most recent quarter.
The revenue trajectory appears highly sensitive to seasonal demand and competitive pricing pressures within the North American market. Investors should monitor whether the recent return to positive growth signals a sustainable recovery in volume or merely a temporary benefit from favorable year-over-year comparisons.
Based on reported figures, the company's gross margin has fluctuated between 33.1% and 40.9% over the last ten quarters, reflecting the inherent difficulty in managing input cost volatility for aluminum and agricultural commodities while maintaining competitive pricing in the premium light beer category.
The variance in gross margins suggests that Molson Coors may lack the pricing power required to fully offset inflationary pressures during periods of soft consumer demand. The inability to maintain a consistent margin profile warrants further investigation into the effectiveness of current hedging strategies and cost-pass-through mechanisms.
According to income statement data, the company reported a massive operating loss of $3.4 billion in 2025Q3, which appears to be an anomalous non-cash impairment event rather than a reflection of the underlying operational health of the core beverage business during that specific period.
This significant write-down obscures the true earnings power of the firm and complicates year-over-year comparisons for investors. Analysts should focus on adjusted EBITDA figures to better understand the cash-generating capability of the business, as the reported net income is clearly impacted by non-recurring accounting adjustments.
As indicated by the quarterly income statements, SG&A expenses have remained relatively stable, hovering between $559.8 million and $728.5 million, which suggests that management is exercising a degree of expense discipline despite the broader revenue challenges faced by the company over the last two years.
The management of overhead costs appears to be a primary lever for protecting operating income during periods of top-line contraction. Continued scrutiny of these discretionary expenditures is necessary to determine if the company can maintain its current operational efficiency without sacrificing long-term brand equity and market share.
While market share gains in the premium light segment are often cited as a positive, the persistent revenue volatility suggests that Molson Coors may be struggling with a long-term structural decline in legacy beer consumption that cannot be easily offset by its current portfolio of brands.
Short-sellers may focus on the potential for margin compression if the company is forced to increase marketing spend to defend its recent market share gains. The reliance on a mature, declining category may indicate that the company's transition to a broader beverage player is not yet yielding the expected returns.
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.