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Beverages - Alcoholic · Consumer Defensive · Fiscal year ends Dec 31
Molson Coors Beverage reported revenue of $13B in the fiscal year ended Dec 2025, down 5.1% from the year before. Operating income was −$2.3B, an operating margin of −17.9%, and net income was −$2.1B. Operating cash flow of $1.8B less capital expenditure of $717M left free cash flow of $1.1B. Net debt was $5.4B.
Ranks among the 5 beverages - alcoholic companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 12,450 | 12,808 | 13,885 | 13,734 | 13,040 |
| Cost of revenue | 6,226 | 7,046 | 7,333 | 7,094 | 6,866 |
| Gross profit | 4,053 | 3,655 | 4,369 | 4,533 | 4,275 |
| Selling, general & admin | 2,555 | 2,619 | 2,780 | 2,718 | 2,644 |
| Operating income | 1,454 | 158 | 1,438 | 1,753 | −2,337 |
| Interest expense | 260 | 251 | 234 | 283 | 248 |
| Pre-tax income | 1,239 | −62.5 | 1,253 | 1,503 | −2,518 |
| Income tax | 231 | 124 | 296 | 345 | −338 |
| Net income | 1,006 | −175 | 949 | 1,122 | −2,140 |
| Diluted EPS | – | −0.81 | 4.37 | 5.35 | −10.75 |
| Diluted shares | 218 | 217 | 217 | 210 | 199 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 637 | 600 | 869 | 969 | 897 |
| Receivables | 679 | 740 | 758 | 693 | 703 |
| Inventory | 805 | 793 | 802 | 728 | 716 |
| Current assets | 2,779 | 2,638 | 2,849 | 2,848 | 2,936 |
| Net PP&E | 4,192 | 4,223 | 4,445 | 4,460 | 4,769 |
| Goodwill | 6,153 | 5,292 | 5,325 | 5,582 | 1,945 |
| Total assets | 27,619 | 25,868 | 26,375 | 26,064 | 22,738 |
| Payables | 2,098 | 2,068 | 1,981 | 1,875 | 1,823 |
| Deferred revenue | 0.0 | 0.0 | 0.0 | – | – |
| Current liabilities | 3,622 | 3,375 | 4,093 | 3,045 | 5,311 |
| Short-term debt | 508 | 376 | 890 | 12.3 | 2,395 |
| Long-term debt | 6,647 | 6,165 | 5,312 | 6,114 | 3,865 |
| Total liabilities | 13,955 | 12,953 | 12,940 | 12,612 | 12,196 |
| Shareholders' equity | 13,417 | 12,690 | 13,196 | 13,092 | 10,230 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 1,574 | 1,502 | 2,079 | 1,910 | 1,784 |
| Capital expenditure | 523 | 661 | 672 | 674 | 717 |
| Free cash flow | 1,051 | 841 | 1,408 | 1,236 | 1,068 |
| Depreciation & amortisation | 786 | 685 | 683 | 759 | 711 |
| Stock-based compensation | 32.1 | 33.6 | 44.9 | 43.1 | 35.0 |
| Acquisitions | 0.0 | 0.0 | 63.7 | 8.6 | 22.3 |
| Share buybacks | 0.0 | 51.5 | 206 | 643 | 648 |
| Dividends paid | 148 | 329 | 355 | 369 | 376 |
| Dividend per share | 0.68 | 1.52 | 1.64 | 1.76 | 1.88 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 2.9% | 8.4% | −1.1% | −5.1% |
| Operating income growth (YoY) | – | −89.2% | 813.1% | 21.9% | −233.3% |
| EPS growth (YoY) | – | – | – | 22.4% | −300.9% |
| Gross margin | 32.6% | 28.5% | 31.5% | 33.0% | 32.8% |
| Operating margin | 11.7% | 1.2% | 10.4% | 12.8% | −17.9% |
| Net margin | 8.1% | −1.4% | 6.8% | 8.2% | −16.4% |
| Return on equityBlank when equity is negative | 7.5% | −1.4% | 7.2% | 8.6% | −20.9% |
| ROCEEBIT ÷ (assets − current liabilities) | 6.1% | 0.7% | 6.5% | 7.6% | −13.4% |
| Free cash flow margin | 8.4% | 6.6% | 10.1% | 9.0% | 8.2% |
| Cash conversion (CFO ÷ net income) | 1.56x | −8.57x | 2.19x | 1.70x | −0.83x |
| Receivable days | 20 | 21 | 20 | 18 | 20 |
| Inventory days | 47 | 41 | 40 | 37 | 38 |
| Payable days | 123 | 107 | 99 | 96 | 97 |
| Interest cover | 5.59x | 0.63x | 6.15x | 6.20x | −9.43x |
| Debt ÷ equity | 0.53x | 0.52x | 0.47x | 0.47x | 0.61x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 6,518 | 5,941 | 5,334 | 5,157 | 5,364 |
| Current ratio | 0.77x | 0.78x | 0.70x | 0.94x | 0.55x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.