Molson Coors Brewing (TAP) financial statements
Molson Coors Brewing reported revenue of $13.0B in fiscal 2025, up 11.5% a year over 9 years.
Net income was -$2.1B and the operating margin -17.9%, against 68.0% in 2016.
Free cash flow was $1.1B, and the company returned $376M in dividends and $648M in net buybacks.
The diluted share count fell 7% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Molson Coors Brewing's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.9B | $11.0B | $10.8B | $13.0B | $11.7B | $12.4B | $12.8B | $13.9B | $13.7B | $13.0B |
| Cost of revenue | $3.0B | $6.2B | $6.6B | $6.4B | $5.9B | $6.2B | $7.0B | $7.3B | $7.1B | $6.9B |
| Gross profit | $1.9B | $4.8B | $4.2B | $4.2B | $3.8B | $4.1B | $3.7B | $4.4B | $4.5B | $4.3B |
| Selling, general and admin | $1.6B | $3.1B | $2.8B | $2.7B | $2.4B | $2.6B | $2.6B | $2.8B | $2.7B | $2.6B |
| Operating income | $3.3B | $1.7B | $1.6B | $764M | -$409M | $1.5B | $158M | $1.4B | $1.8B | -$2.3B |
| Interest expense | $272M | $349M | $306M | $281M | $275M | $260M | $251M | $234M | $283M | $248M |
| Pre-tax income | $3.1B | $1.4B | $1.4B | $480M | -$644M | $1.2B | -$62M | $1.3B | $1.5B | -$2.5B |
| Income tax | $1.5B | -$205M | $225M | $234M | $302M | $230M | $124M | $296M | $345M | -$338M |
| Net income | $1.6B | $1.6B | $1.1B | $242M | -$949M | $1.0B | -$175M | $949M | $1.1B | -$2.1B |
| EPS (diluted) | $9.34 | $6.53 | — | — | — | — | -$0.81 | $4.37 | $5.35 | -$10.75 |
| Diluted shares | 213M | 216M | 217M | 217M | 217M | 218M | 217M | 217M | 210M | 199M |
| Gross margin | 38.6% | 43.3% | 38.9% | 32.3% | 32.1% | 32.6% | 28.5% | 31.5% | 33.0% | 32.8% |
| Operating margin | 68.0% | 15.2% | 15.2% | 5.9% | -3.5% | 11.7% | 1.2% | 10.4% | 12.8% | -17.9% |
| Net margin | 32.6% | 14.2% | 10.4% | 1.9% | -8.1% | 8.1% | -1.4% | 6.8% | 8.2% | -16.4% |
Balance sheet
Fiscal years, from Molson Coors Brewing's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $561M | $419M | $1.1B | $523M | $770M | $637M | $600M | $869M | $969M | $896M |
| Receivables | $654M | $728M | $736M | $706M | $550M | $679M | $740M | $758M | $693M | $703M |
| Inventory | $593M | $592M | $592M | $616M | $664M | $805M | $793M | $802M | $728M | $716M |
| Total current assets | $2.2B | $2.2B | $2.8B | $2.2B | $2.4B | $2.8B | $2.6B | $2.8B | $2.8B | $2.9B |
| Property, plant and equipment | $4.5B | $4.7B | $4.6B | $4.5B | $4.3B | $4.2B | $4.2B | $4.4B | $4.5B | $4.8B |
| Goodwill | $8.3B | $8.4B | $8.3B | $7.6B | $6.2B | $6.2B | $5.3B | $5.3B | $5.6B | $1.9B |
| Total assets | $29.3B | $30.2B | $30.1B | $28.9B | $27.3B | $27.6B | $25.9B | $26.4B | $26.1B | $22.7B |
| Total current liabilities | $3.2B | $3.4B | $4.3B | $3.7B | $3.9B | $3.6B | $3.4B | $4.1B | $3.0B | $5.3B |
| Long-term debt | $11.4B | $10.6B | $8.9B | $8.1B | $7.2B | $6.6B | $6.2B | $5.3B | $6.1B | $3.9B |
| Total liabilities | $17.7B | $17.1B | $16.4B | $15.2B | $14.7B | $14.0B | $13.0B | $12.9B | $12.6B | $12.2B |
| Shareholders' equity | $11.4B | $13.0B | $13.5B | $13.4B | $12.4B | $13.4B | $12.7B | $13.2B | $13.1B | $10.2B |
| Net debt | $11.5B | $10.9B | $9.4B | $8.5B | $7.5B | $6.5B | $6.0B | $5.4B | $5.2B | $5.4B |
Cash flow
Fiscal years, from Molson Coors Brewing's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.1B | $1.9B | $2.3B | $1.9B | $1.7B | $1.6B | $1.5B | $2.1B | $1.9B | $1.8B |
| Capital spending | $342M | $600M | $652M | $594M | $575M | $523M | $661M | $672M | $674M | $717M |
| Free cash flow | $785M | $1.3B | $1.7B | $1.3B | $1.1B | $1.1B | $841M | $1.4B | $1.2B | $1.1B |
| Stock-based compensation | $30M | $58M | $43M | $8M | $24M | $32M | $34M | $45M | $43M | $35M |
| Dividends paid | $353M | $353M | $354M | $424M | $125M | $148M | $329M | $355M | $369M | $376M |
| Share buybacks (net) | — | — | — | — | $0 | $0 | -$52M | -$206M | -$643M | -$648M |
| Net borrowing | $9.2B | -$1.5B | -$320M | -$1.6B | -$917M | -$1.0B | -$502M | -$398M | -$20M | -$13M |
| Free cash flow margin | 16.1% | 11.5% | 15.6% | 10.0% | 9.6% | 8.4% | 6.6% | 10.1% | 9.0% | 8.2% |
| Dividends per share | $1.65 | $1.63 | $1.64 | $1.96 | $0.58 | $0.68 | $1.52 | $1.63 | $1.76 | $1.89 |
Questions
What was Molson Coors Brewing's revenue in 2025?
$13.0B in fiscal 2025, from its 10-K filing.
How much free cash flow does Molson Coors Brewing generate?
$1.1B in fiscal 2025 (operating cash flow minus capital spending).
From Molson Coors Brewing's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.