$42.40−2.07 (−4.65%)
At close: Oct 26, 2026, 4:00 PM ET· NYSE · USD
Molson Coors Brewing (TAP-A) Income Statement
Is this a real, growing, cash-generative business, or a story propped up by accounting?
Sources Company filings FilingsHow we compute thisNot investment advice
Business engineChoppy: revenue fell 5.1% in FY25, net margin −16.7%.
The four lines that matter · FY21–FY25
Revenue ($B)▼5.1%
13.0
FY21→FY25CAGR +1.2%/yr
Net income ($B)—
−2.2
one-off year: see footnoteCAGR —
Free cash flow ($B)▼13.6%
1.1
FY21→FY25CAGR +0.4%/yr
Diluted EPS—
−10.75
buyback-liftedCAGR —
What the receipts whisper · what a headline number hides
Share count
−8.5%
217.6mn → 199.1mn diluted shares since FY21. Part of EPS growth is the shrinking denominator. Watch net income too.
Capex
$716.6M
steady at 5.5% of revenue (+6.3% YoY).
Returns vs FCF
96%
$1.0B returned vs $1.1B of FCF in FY25. Buybacks + dividends covered by cash flow.
What the income statement says · FY21–FY25
Where every revenue dollar goes · FY25 ($B)
-17¢ of every revenue dollar becomes profit. The biggest cost lever is COGS.
Margin trend · direction beats level Gross Operating Net
Over this window: gross 32.6% → 32.8%. Net margin -16.7% is below the sector median.
The receipt · income statement · FY21–FY25 USD millions except per-share & ratios · hover a line for its definition
USD millions except per-share & ratios
| Line item | TTM † | FY25 | FY24 | FY23 | FY22 | FY21 | YoY | CAGR 21→25 |
|---|---|---|---|---|---|---|---|---|
| Revenue & profitability | ||||||||
Revenue | 12,932.4 | 13,040.3 | 13,734.3 | 13,884.6 | 12,807.5 | 12,449.9 | ▼5.1% | +1.2% |
Cost of revenue | 8,830.1 | 8,765.7 | 9,200.9 | 9,515.8 | 9,152.3 | 8,396.5 | ▼4.7% | +1.1% |
Gross profit | 4,102.3 | 4,274.6 | 4,533.4 | 4,368.8 | 3,655.2 | 4,053.4 | ▼5.7% | +1.3% |
Selling, general & admin | 2,626.1 | 2,643.9 | 2,717.5 | 2,779.9 | 2,618.8 | 2,554.5 | ▼2.7% | +0.9% |
Total operating expenses | 6,618.9 | 6,611.5 | 2,780.2 | 2,930.6 | 3,502.4 | 2,599.0 | ▲137.8% | +26.3% |
Operating incomefeeds ROC rank | −2,516.6 | −2,336.9 | 1,753.2 | 1,438.2 | 157.5 | 1,454.4 | — | — |
Other income, net | −234.8 | −181.1 | −250.2 | −185.7 | −220.0 | −215.4 | — | — |
Pretax income | −2,751.4 | −2,518.0 | 1,503.0 | 1,252.5 | −62.5 | 1,239.0 | — | — |
Income tax | −395.5 | −337.8 | 345.3 | 296.1 | 124.0 | 230.5 | — | — |
Net incomePiotroski ROA ✕feeds Buffett Quality owner earnings | −2,355.9 | −2,180.2 | 1,157.7 | 956.4 | −186.5 | 1,008.5 | — | — |
| Per share | ||||||||
Diluted EPSbuyback-sensitive | −11.44 | −10.75 | 5.35 | 4.37 | −0.81 | 4.62 | — | — |
Diluted shares (mn) | 187.70 | 199.10 | 209.90 | 217.30 | 216.90 | 217.60 | ▼5.1% | −2.2% |
| Margins | ||||||||
Gross margin45th pct in Consumer Defensive | 31.7% | 32.8% | 33.0% | 31.5% | 28.5% | 32.6% | ▼0.2pp | +0.2pp |
Operating margin | −19.5% | −17.9% | 12.8% | 10.4% | 1.2% | 11.7% | ▼30.7pp | −29.6pp |
Net margin6th pct in Consumer Defensive | −18.2% | −16.7% | 8.4% | 6.9% | −1.5% | 8.1% | ▼25.1pp | −24.8pp |
† TTM = trailing four quarters through 2026-06-30.FY22 effective tax rate was −198% vs a 19% norm for this window, likely a one-time item; see the filing.
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These lines feed the tenet checklists: see which gates passTenets →Margins & returns continue as sector-ranked ratiosStatistics →
Annual report filed 2026-02-18 · view filings on SEC EDGAR ↗ · reported currency USD · as-filed figures may be later restated.
Statements normalized in our fundamentals DB · Not investment advice.
Statements normalized in our fundamentals DB · Not investment advice.
Common questions
What was Molson Coors Brewing's revenue last fiscal year?
Molson Coors Brewing reported revenue of $13.0B in fiscal 2025, down 5.1% from fiscal 2024.
What was Molson Coors Brewing's net income?
Molson Coors Brewing reported net income of −$2.2B in fiscal 2025, a net margin of −16.7%.
Annual and quarterly statements as filed, normalized into one comparable shape · Not investment advice.