Molson Coors Beverage Company (TAP) financials
NYSE · Consumer Defensive · Beverages - Alcoholic · 16,200 employees · CEO Rahul Goyal
- Price
- $40.85
- Market cap
- $7.59B
- Enterprise value
- $13.2B Data as of 2026-11-14
- Last report
- Q3 '26 filed 2026-11-05
- Next report
- 2027-02-17 EPS est. $0.80
Revenue (TTM)$11B-1.6% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)11.8%+32.1 pp vs a year agoOperating income $1.3B
Net income (TTM)$893M+142.7% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$1.17B+6.9% vs a year agoCapex $652M
Diluted EPS (TTM)$4.70+144.0% vs a year agoSum of the last 4 quarters
Net cash-$5.59B-4.7% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $7.59B Updated 27m ago
- Revenue
- $11B Trailing 12 months
- Revenue growth
- -1% FY2026 consensus
- Profit margin
- 8.1% Net income / revenue, TTM
- P/E
- 8.7× Forward 9.1× (FY2026)
- P/S
- 0.7× Price / sales, TTM
- EV / EBITDA
- 6.6× TTM
- Free cash flow
- $1.17B Trailing 12 months
- Net income
- $893M Trailing 12 months
- Revenue estimate
- $11B FY2026 consensus
- Earnings
- 2027-02-17 Revenue est. $2.6B · Updated 27m ago
- Dividend
- $0.48 Per payment · 2026-08-28
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-11-05): revenue in line, EPS beat by 1.4%Revenue $2.93B vs $2.94B expected (-0.3%); EPS $1.46 vs $1.44 (+1.4%).
- Revenue growth steady: -1.6% year on yearQ3 '26 revenue $2.93B, against an average of -1.5% over the four quarters before.
- Operating margin 11.8% (TTM), +32.1 pp on a year agoOperating income grew 157.2% while revenue grew -1.6%.
- 19.8% of pre-tax profit is eaten by non-operating lossesPre-tax income $1.09B vs operating income $1.3B (TTM). Losses on equity stakes and other one-off items cut net income and EPS - operating income is the cleaner measure of the business.
- Capex 5.9% of revenue (a year ago 5.7%)$652M invested in the last 4 quarters (+1.1% on a year earlier). Free cash flow $1.17B = 131.0% of net income.
- Returned $934M to shareholders = 79.9% of free cash flowBuybacks $570M (a year earlier $539M), dividends $364M, stock-based pay $34M (TTM).
- Diluted share count down 5.6% in a year187M diluted shares in Q3 '26, 198M a year earlier.
- Net debt $5.59BCash + short-term investments $602M, debt incl. leases $6.2B; a year ago net debt $5.34B.
Last quarter: Q3 '26
Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q3 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $2.93B | $2.97B | -1.6% |
| Gross margin | 35.2% | 39.5% | -4.3 pp |
| Operating income | $391M | -$3.43B | +111.4% |
| Operating margin | 13.3% | -115.4% | +128.7 pp |
| Net income | $272M | -$2.93B | +109.3% |
| Diluted EPS | $1.45 | -$14.79 | +109.8% |
| Operating cash flow | $460M | $616M | -25.3% |
| Capex | $134M | $133M | +0.5% |
| Free cash flow | $326M | $483M | -32.5% |
| R&D | $0 | $0 | – |
| Stock-based compensation | $9.2M | $8.3M | +10.8% |
Reported vs consensus
2026-11-05| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $2.93B | $2.94B | -0.3% |
| EPS (as estimated) | $1.46 | $1.44 | +1.4% |
From the report of 2026-11-05 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by region
share of the listed regions| Segment | Q3 '26 | y/y | Share of listed | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Americas Segment | $2.23B | -1.2% | 76.1% | $8.6B | -2.5% | |
| Europe | $701M | -2.7% | 23.9% | $2.46B | +1.7% |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $1.82B
- Capex
- -$652M
- Buybacks
- -$570M
- Dividends
- -$364M
- Acquisitions
- -$262M
- Net debt issued
- -$244M
- Stock-based compensation
- $34M
- Free cash flow
- $1.17B
- Returned to shareholders / FCF
- 79.9%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 8.7× | 11.5× 3 of 5 years | 10.0× – 13.9× |
| EV / EBITDA | 6.6× | 10.6× 4 of 5 years | 6.8× – 19.7× |
| EV / Sales | 1.2× | 1.5× | 1.3× – 1.6× |
| Price / FCF | 6.5× | 10.1× | 8.5× – 13.3× |
| Price / Book | 0.7× | 0.9× | 0.7× – 1.0× |
| FCF yield | 15.3% | 10.1% | 7.5% – 11.7% |
| Return on invested capital | 5.2% | 1.2% | -10.2% – 5.8% |
| Return on equity | 8.8% | 0.2% | -20.9% – 8.6% |
Analysts
Consensus target $40.80 (-0.1%)
range $36.00 – $45.00 · rating Hold
Strong buy0
Buy11
Hold18
Sell8
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $11B | -1.4% | $4.49 | +141.4% | 9.1× | 12 |
| FY2027 | $10.9B | -0.4% | $4.39 | -2.2% | 9.3× | 12 |
| FY2028 | $10.9B | 0.0% | $4.77 | +8.6% | 8.6× | 8 |
| FY2029 | $10.9B | 0.0% | $5.69 | +19.3% | 7.2× | 5 |
| FY2030 | $11.1B | +1.2% | $5.99 | +5.3% | 6.8× | 5 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 297 figures Molson Coors Beverage Company tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| $134M | $133M | +0.5% | – | – | – | |
| Accounts Payable and Accrued Liabilities, Current | $2.88B2025-12-31 | $3.01B | -4.5% | $2.88B | $3.01B | -4.5% |
| Accounts Payable and Other Accrued Liabilities, Current | $2.99B | $2.94B | +1.9% | $2.88B | $3.01B | -4.5% |
| Accounts Payable, Current | $1.82B2025-12-31 | $1.88B | -2.8% | $1.82B | $1.88B | -2.8% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $808M | $843M | -4.1% | $703M | $693M | +1.4% |
| Accounts Receivable, Allowance for Credit Loss, Current | $6.6M | $10.2M | -35.3% | $10M | $8.9M | +12.4% |
| Accrued Exchange Fee Rebate, Current | $164M2025-12-31 | $157M | +4.4% | $164M | $157M | +4.4% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$1.2B | -$1.15B | -4.7% | -$1.07B | -$1.36B | +21.3% |
| Additional Paid in Capital | $7.26B | $7.24B | +0.3% | $7.25B | $7.22B | +0.3% |
| Adjustments to Additional Paid in Capital, Increase in Carrying Amount of Redeemable Preferred Stock | – | – | – | $400K | – | – |
| Advertising Expense | – | – | – | $1.1B | $1.1B | 0.0% |
| Amortization of Debt Issuance Costs and Discounts | $3.5M | $1.2M | +191.7% | $5.1M | $5.3M | -3.8% |
| Amortization of Intangible Assets | $52.4M | $52.1M | +0.6% | $206M | $206M | -0.1% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 3.5M | 4.1M | -14.6% | 3.9M | 1.2M | +225.0% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $9.2M | $8.3M | +10.8% | $35M | $43.1M | -18.8% |
| Assets | $22.6B | $22.9B | -1.2% | $22.7B | $26.1B | -12.8% |
| Assets for Plan Benefits, Defined Benefit Plan | $485M2025-12-31 | $402M | +20.6% | $485M | $402M | +20.6% |
| Assets, Current | $2.84B | $3.23B | -11.9% | $2.94B | $2.85B | +3.1% |
| Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | – | – | – | $77.9M2024-12-31 | – | – |
| Capital Expenditures Incurred but Not yet Paid | $19M | $13.2M | +43.9% | $242M | $298M | -18.6% |
| Cash and Cash Equivalents, at Carrying Value | $602M | $950M | -36.6% | $897M | $969M | -7.5% |
| Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $0 | $3M | -100.0% | $1M | $4M | -75.0% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $602M | $950M | -36.6% | $897M | $969M | -7.5% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | -$1.53B | $336M | -553.6% | -$72.8M | $100M | -172.5% |
| Commercial Paper | $297M | – | – | $02018-12-31 | $379M | -100.0% |
| Common Stock, Dividends, Per Share, Declared | $0.48 | $0.47 | +2.1% | $1.88 | $1.76 | +6.8% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | -$6.4M | -$9.3M | +31.2% | -$39.6M | $34.7M | -214.1% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $254M | -$3.01B | +108.4% | -$1.85B | $880M | -310.1% |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $248M | -$3.02B | +108.2% | -$1.89B | $915M | -306.5% |
| Cost of Goods and Services Sold | $1.9B | $1.8B | +5.3% | $6.87B | $7.09B | -3.2% |
| Current Federal Tax Expense (Benefit) | – | – | – | $46M | $152M | -69.8% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $45.4M | $54.5M | -16.7% |
| Current Income Tax Expense (Benefit) | – | – | – | $105M | $228M | -53.9% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $13.7M | $21.2M | -35.4% |
| Debt Instrument, Unamortized Discount (Premium), Net | $48.7M | $35.8M | +36.0% | $34.7M | $38.2M | -9.2% |
| Debt, Current | $330M | $2.41B | -86.3% | $2.43B | $32.2M | +7,459.3% |
| Debt, Long-term and Short-term, Combined Amount | $6.27B2025-12-31 | $6.12B | +2.5% | $6.27B | $6.12B | +2.5% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | -$323M | $110M | -394.6% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | -$32.7M | -$5.5M | -494.5% |
| Deferred Income Tax Expense (Benefit) | – | – | – | -$443M | $118M | -476.9% |
| Deferred Income Tax Liabilities, Net | $2.4B | $2.24B | +6.9% | $2.28B | $2.73B | -16.4% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | -$87M | $13.3M | -754.1% |
| Deferred Tax Assets, Gross | $458M2025-12-31 | $541M | -15.4% | $458M | $541M | -15.4% |
| Deferred Tax Assets, Tax Credit Carryforwards | $51.8M2025-12-31 | $37.8M | +37.0% | $51.8M | $37.8M | +37.0% |
| Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Other | $157M2025-12-31 | $216M | -27.5% | $157M | $216M | -27.5% |
| Deferred Tax Assets, Valuation Allowance | $105M2025-12-31 | $79.9M | +31.9% | $105M | $79.9M | +31.9% |
| Deferred Tax Liabilities, Deferred Expense, Reserves and Accruals | $26.2M2025-12-31 | $13.4M | +95.5% | $26.2M | $13.4M | +95.5% |
| Deferred Tax Liabilities, Derivatives | $12.6M2025-12-31 | $42.3M | -70.2% | $12.6M | $42.3M | -70.2% |
| Deferred Tax Liabilities, Gross | $2.67B2025-12-31 | $3.19B | -16.3% | $2.67B | $3.19B | -16.3% |
| Deferred Tax Liabilities, Intangible Assets | $2.23B2025-12-31 | $2.74B | -18.5% | $2.23B | $2.74B | -18.5% |
| Deferred Tax Liabilities, Net | $2.21B2025-12-31 | $2.65B | -16.5% | $2.21B | $2.65B | -16.5% |
| Deferred Tax Liabilities, Property, Plant and Equipment | $347M2025-12-31 | $349M | -0.5% | $347M | $349M | -0.5% |
| Deferred Tax Liability Not Recognized, Amount of Unrecognized Deferred Tax Liability, Undistributed Earnings of Foreign Subsidiaries | $54M2025-12-31 | $48.2M | +12.0% | $54M | $48.2M | +12.0% |
| Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax | $485M2025-12-31 | $506M | -4.2% | $485M | $506M | -4.2% |
| Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, Prior Service Cost (Credit), before Tax | $200K2025-12-31 | -$2M | +110.0% | $200K | -$2M | +110.0% |
| Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax | -$485M2025-12-31 | -$508M | +4.6% | -$485M | -$508M | +4.6% |
| Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position | $15.5M2025-12-31 | -$56.1M | +127.6% | $15.5M | -$56.1M | +127.6% |
| Defined Benefit Plan, Benefit Obligation | $2.82B2025-12-31 | $2.78B | +1.3% | $2.82B | $2.78B | +1.3% |
| Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | – | – | – | -$2.7M | $201M | -101.3% |
| Defined Benefit Plan, Benefit Obligation, Benefits Paid | – | – | – | $224M | $253M | -11.5% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics and estimates are standardised from the company's filings. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30
Data as of 2026-11-14