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Arphra AIPlain-English read on Molson Coors Beverage Company’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $10.28B | $10.7B | $11.7B | $11.63B | $11.14B | $11.14B | $11.17B | $11.24B | $11.24B |
| Cost of revenue | $6.23B | $7.05B | $7.33B | $7.09B | $6.95B | $6.87B | $7.09B | $7.04B | $6.79B |
| Gross profit | $4.05B | $3.66B | $4.37B | $4.53B | $4.19B | $4.31B | $4.17B | $4.35B | $4.34B |
| Gross margin | +39.43% | +34.16% | +37.33% | +38.99% | +37.58% | +38.74% | +37.29% | +38.73% | +38.62% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $2.55B | $2.62B | $2.78B | $2.52B | $2.59B | $2.61B | $2.55B | $2.58B | $2.62B |
| Total operating expenses | $2.6B | $3.5B | $2.93B | $2.78B | $6.53B | $3.99B | $4.06B | $4.11B | $3.92B |
| Operating income | $1.45B | $157.5M | $1.44B | $1.75B | -$2.34B | $238.05M | $231.68M | $235.92M | $240.24M |
| Operating margin | +14.15% | +1.47% | +12.29% | +15.08% | -21.01% | +2.14% | +2.07% | +2.10% | +2.14% |
| EBITDA | $2.29B | $872.9M | $2.17B | $2.55B | -$1.61B | $985.02M | $983.99M | $965.22M | $981.9M |
| EBIT | $1.5B | $188.1M | $1.49B | $1.79B | -$2.33B | $262.66M | $263.64M | $262.33M | $268.65M |
| Below the line | |||||||||
| Interest expense | $261.6M | $236.3M | $228.8M | $279.3M | $225.6M | $240.89M | $238M | $245.48M | $237.12M |
| Interest income | $2M | $4.3M | $25.4M | $35.4M | $0 | $19.26M | $19.25M | $19.56M | $19.79M |
| Other income / expense | -$215.4M | -$220M | -$185.7M | -$250.2M | -$177.1M | — | — | — | — |
| Pre-tax income | $1.24B | -$62.5M | $1.25B | $1.5B | -$2.52B | $37.1M | $37.7M | $37.97M | $39.02M |
| Income tax expense | $230.5M | $124M | $296.1M | $345.3M | -$337.8M | $8.72M | $8.72M | $8.76M | $8.81M |
| Earnings | |||||||||
| Net income | $1.01B | -$175.3M | $948.9M | $1.12B | -$2.14B | -$53.16M | -$52.86M | -$55.41M | -$55.06M |
| Net income · continuing ops | $1.01B | -$186.5M | $956.4M | $1.16B | -$2.18B | -$52.49M | -$54.78M | -$54.93M | -$53.59M |
| Net margin | +9.78% | -1.64% | +8.11% | +9.65% | -19.21% | -0.48% | -0.47% | -0.49% | -0.49% |
| EPS · basic | $4.63 | $-0.86 | $4.39 | $5.38 | $-10.83 | $4.74 | $4.94 | $5.35 | $5.92 |
| EPS · diluted | $4.62 | $-0.86 | $4.37 | $5.35 | $-10.85 | $4.74 | $4.98 | $5.40 | $5.93 |
| EPS · low estimate | — | — | — | — | — | $4.56 | $4.68 | $5.07 | $5.81 |
| EPS · high estimate | — | — | — | — | — | $5.10 | $5.67 | $5.61 | $6.03 |
| Shares · basic | 217.1M | 216.9M | 216M | 208.8M | 195.1M | 194.25M | 194.26M | 195.82M | 196.02M |
| Shares · diluted | 217.6M | 216.9M | 217.3M | 209.9M | 195.7M | 197.02M | 196.17M | 195.12M | 194.44M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 15 | 14 | 13 | 12 |
| Analysts (EPS) | — | — | — | — | — | 12 | 11 | 5 | 1 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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