Short answer
Molson Coors Beverage Company (TAP) filed its fiscal 2025 10-K annual report with the SEC on Feb 18, 2026. It reported revenue of $13.0B (−5.1% year over year) and net income of −$2.1B.
- Top risk flagged: Keystone litigation final payment $60.6 million impacting operating cash flow in 2025
FY2025 key financial metrics · XBRL
- Revenue
- $13.0B
- −5.1% YoY
- Net income
- −$2.1B
- −290.6% YoY
- Operating margin
- -17.9%
- −30.7 pp YoY
- Gross margin
- 32.8%
- −0.2 pp YoY
- EPS (diluted)
- −$10.75
- −300.9% YoY
- ROE
- -20.9%
- −29.5 pp YoY
- Operating cash flow
- $1.8B
- −6.6% YoY
Source: XBRL data from the Molson Coors Beverage Company (TAP) FY2025 10-K on SEC EDGAR. USD.
Molson Coors Beverage Company FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Global brewer with diversified portfolio of beer, flavored beverages, spirits, non-alcoholic drinks, and partner brands across Americas and EMEA&APAC
- New strategic emphasis: Accelerated transformation to total beverage company under new CEO (Oct 2025) focusing on premium mixers, non-alcoholic beverages, energy drinks, and restructuring Americas region
- Competitive positioning: Pursuit of sustainable growth while championing beer across all segments amid evolving consumer preference shift towards above premium and spirits-based RTDs
- Quantitative metric: Global workforce ~16,200 employees as of Dec 31, 2025; Americas ~9,900, EMEA&APAC ~6,300; approx. 25-27% union representation
- Noteworthy fact: U.S. excise taxes at $15/hl, Canada $56/hl, EMEA&APAC $45/hl in 2025, reflecting significant regional tax differentials impacting pricing and margins
Management Discussion & Analysis
- Tariff-related cost increase $35M unfavorable impact in 2025 due to U.S. Midwest Premium aluminum price spike
- CEO transition October 1, 2025: Rahul Goyal appointed CEO replacing Gavin D.K. Hattersley
- Pension annuity purchase caused $34M settlement loss recorded Q3 2024
- Macroeconomic volatility and heightened U.S. competition pressured market share and results
- Ongoing strategies planned to mitigate cost inflation, margin pressure, and support growth
Risk Factors
- Keystone litigation final payment $60.6 million impacting operating cash flow in 2025
- U.S. passage of OBBBA law reducing income taxes paid by approximately $80 million in 2025
- Investment in Fevertree Drinks plc $88.1 million and acquisition of Fevertree USA increasing investing cash outflows
- Cash and cash equivalents decreased to $896.5 million in 2025 due to share repurchases, dividends, and acquisitions
- Prior year $1,138.4 million financing cash outflow included acquisition of noncontrolling interest in CBPL
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