Molson Coors Beverage Company (TAP-A) Cash Flow Statement
Where TAP-A’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $1.78B −6.6% vs 2024
- Capital expenditures
- $716.6M 6.4% of revenue
- Free cash flow
- $1.07B 9.6% margin
- Returned to shareholders
- $1.02B 96% of free cash flow
- Change in cash
- −$72.8M cash at year-end $896.5M
Drawn to scale: where the cash came from and how it was used. Hover for values.
TAP-A operating cash flow, capex and free cash flow
TAP-A cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $1.13B2016 | $1.78B2025 | +5.2%/yr | |
| Capital expenditures | $341.8M2016 | $716.6M2025 | +8.6%/yr | |
| Free cash flow | $785.1M2016 | $1.07B2025 | +3.5%/yr | |
| Free cash flow margin | 16.1%2016 | 9.6%2025 | −6.5 pts | |
| Operating cash flow / net income | 0.572016 | 1.652024 | +1.08 | |
| Stock-based compensation | $29.9M2016 | $35.0M2025 | +1.8%/yr | |
| Dividends paid | $352.9M2016 | $376.3M2025 | +0.7%/yr | |
| Share buybacks (net) | $02016 | $647.9M2025 | — | |
| Capex / revenue | 7.0%2016 | 6.4%2025 | −0.6 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
TAP-A cash flow by activity
TAP-A net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
TAP-A cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$2.18B | $1.16B | $948.9M | −$186.5M | $1.01B | −$945.7M | $246.2M | $1.13B | $1.44B | $1.98B |
| Depreciation & amortization | $725.7M | $759.4M | $682.8M | $684.8M | $786.1M | $922.0M | $859.0M | $857.5M | $812.8M | $388.4M |
| Stock-based compensation | $35.0M | $43.1M | $44.9M | $33.6M | $32.1M | $24.2M | $8.5M | $42.6M | $58.3M | $29.9M |
| Change in working capital | −$146.7M | −$178.1M | $80.4M | −$183.2M | −$36.1M | $76.1M | −$12.5M | −$88.0M | $16.8M | $187.2M |
| Other non-cash items | $3.35B | $128.2M | $322.0M | $1.15B | −$217.1M | $1.62B | $796.1M | $384.6M | −$458.0M | −$1.46B |
| Cash from operating activities | $1.78B | $1.91B | $2.08B | $1.50B | $1.57B | $1.70B | $1.90B | $2.33B | $1.87B | $1.13B |
| Investing activities | ||||||||||
| Capital expenditures | −$716.6M | −$674.1M | −$671.5M | −$661.4M | −$522.6M | −$574.8M | −$593.8M | −$651.7M | −$599.6M | −$341.8M |
| Investments (net) | — | −$648.0M | −$841.7M | −$625.1M | −$509.9M | −$413.6M | −$433.3M | −$669.1M | −$538.2M | −$12.29B |
| Acquisitions & other investing | −$105.5M | $674.1M | $671.5M | $661.4M | $522.6M | $574.8M | $593.8M | $651.7M | $599.6M | $341.8M |
| Cash from investing activities | −$822.1M | −$648.0M | −$841.7M | −$625.1M | −$509.9M | −$413.6M | −$433.3M | −$669.1M | −$538.2M | −$12.29B |
| Financing activities | ||||||||||
| Dividends paid | −$376.3M | −$369.2M | −$354.7M | −$329.3M | −$147.8M | −$125.3M | −$424.4M | −$354.2M | −$353.4M | −$352.9M |
| Share repurchases & issuance (net) | −$647.9M | −$643.4M | −$205.8M | −$51.5M | $4.6M | $4.1M | $1.6M | $16.0M | $4.0M | $9.43B |
| Net borrowing (repayment) | −$12.8M | −$20.1M | −$397.8M | −$505.8M | −$1.01B | −$917.4M | −$1.59B | −$694.6M | −$1.10B | $9.17B |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$19.8M | −$105.7M | −$23.1M | −$2.9M | −$23.8M | −$31.8M | $3.7M | $23.9M | −$50.2M | −$6.93B |
| Cash from financing activities | −$1.06B | −$1.14B | −$981.4M | −$889.5M | −$1.17B | −$1.07B | −$2.01B | −$1.01B | −$1.50B | $11.32B |
| Summary | ||||||||||
| Net change in cash | −$72.8M | $100.4M | $268.9M | −$37.4M | −$132.7M | $246.7M | −$534.5M | $639.3M | −$142.3M | $130.0M |
| Cash at end of period | $896.5M | $969.3M | $868.9M | $600.0M | $637.4M | $770.1M | $523.4M | $1.06B | $418.6M | $560.9M |
| Free cash flow | $1.07B | $1.24B | $1.41B | $840.6M | $1.05B | $1.12B | $1.30B | $1.68B | $1.27B | $785.1M |
| Free cash flow margin | 9.6% | 10.6% | 12.0% | 7.9% | 10.2% | 11.6% | 12.3% | 15.6% | 11.5% | 16.1% |
| Capex / revenue | 6.4% | 5.8% | 5.7% | 6.2% | 5.1% | 6.0% | 5.6% | 6.1% | 5.4% | 7.0% |
| Operating cash flow / net income | — | 1.65 | 2.19 | — | 1.56 | — | 7.71 | 2.05 | 1.30 | 0.57 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $221.6M | $150.1M | $238.3M | −$2.94B | $424.3M | $123.1M | $293.7M | $227.1M | $427.0M | $207.8M | $105.5M | $431.6M |
| Depreciation & amortization | $192.0M | $185.7M | $184.9M | $183.4M | $170.1M | $180.3M | $247.3M | $175.4M | $167.7M | $169.0M | $174.2M | $168.7M |
| Stock-based compensation | $8.8M | $8.2M | $7.8M | $8.3M | $7.0M | $11.9M | $8.5M | $10.4M | $11.4M | $12.8M | $10.8M | $13.8M |
| Change in working capital | $281.9M | −$281.9M | $376.2M | $286.5M | $68.3M | −$354.8M | $41.3M | $165.5M | $230.2M | −$395.7M | −$7.6M | $132.9M |
| Other non-cash items | $113.6M | −$59.6M | −$266.5M | $3.07B | $48.6M | −$51.2M | −$96.3M | −$57.2M | $32.9M | $31.5M | $191.6M | −$36.9M |
| Cash from operating activities | $817.9M | $2.5M | $540.7M | $616.1M | $718.3M | −$90.7M | $494.5M | $521.2M | $869.2M | $25.4M | $474.5M | $710.1M |
| Investing activities | ||||||||||||
| Capital expenditures | −$103.5M | −$231.7M | −$182.9M | −$133.1M | −$163.3M | −$237.3M | −$111.1M | −$170.8M | −$177.5M | −$214.7M | −$177.4M | −$159.0M |
| Investments (net) | — | — | — | −$135.4M | −$158.4M | −$341.3M | −$117.7M | −$148.9M | −$168.9M | −$212.5M | −$173.2M | −$327.9M |
| Acquisitions & other investing | −$265.8M | $1.6M | −$4.1M | $133.1M | $163.3M | $237.3M | $111.1M | $170.8M | $177.5M | $214.7M | $177.4M | $159.0M |
| Cash from investing activities | −$369.3M | −$230.1M | −$187.0M | −$135.4M | −$158.4M | −$341.3M | −$117.7M | −$148.9M | −$168.9M | −$212.5M | −$173.2M | −$327.9M |
| Financing activities | ||||||||||||
| Dividends paid | −$90.1M | −$93.6M | −$90.6M | −$93.0M | −$93.5M | −$99.2M | −$89.8M | −$91.0M | −$91.6M | −$96.8M | −$88.0M | −$88.5M |
| Share repurchases & issuance (net) | −$42.5M | −$168.5M | −$315.1M | −$26.0M | −$247.2M | −$59.6M | −$206.0M | −$62.1M | −$261.7M | −$113.6M | −$144.9M | −$34.2M |
| Net borrowing (repayment) | $1.49B | −$26.7M | −$3.2M | −$3.8M | −$2.7M | −$3.1M | −$4.8M | −$875.6M | — | — | — | −$396.8M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$50.9M | $6.6M | −$1.3M | −$17.6M | −$31.6M | $30.7M | −$93.0M | −$1.7M | $855.1M | −$5.8M | −$19.9M | −$7.2M |
| Cash from financing activities | $1.31B | −$282.2M | −$410.2M | −$140.4M | −$375.0M | −$131.2M | −$393.6M | −$1.03B | $501.8M | −$216.2M | −$252.8M | −$526.7M |
| Summary | ||||||||||||
| Net change in cash | $1.75B | −$513.9M | −$53.7M | $336.4M | $201.1M | −$556.6M | −$52.4M | −$625.6M | $1.19B | −$410.5M | $67.2M | −$159.2M |
| Cash at end of period | $2.13B | $382.6M | $896.5M | $950.2M | $613.8M | $412.7M | $969.3M | $1.02B | $1.65B | $458.4M | $868.9M | $801.7M |
| Free cash flow | $714.4M | −$229.2M | $357.8M | $483.0M | $555.0M | −$328.0M | $383.4M | $350.4M | $691.7M | −$189.3M | $297.1M | $551.1M |
| Free cash flow margin | 23.1% | −9.7% | 13.4% | 16.2% | 17.3% | −14.2% | 14.0% | 11.5% | 21.3% | −7.3% | 10.6% | 16.7% |
| Capex / revenue | 3.3% | 9.9% | 6.9% | 4.5% | 5.1% | 10.3% | 4.1% | 5.6% | 5.5% | 8.3% | 6.4% | 4.8% |
| Operating cash flow / net income | 3.69 | 0.02 | 2.27 | — | 1.69 | −0.74 | 1.68 | 2.30 | 2.04 | 0.12 | 4.50 | 1.65 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
TAP-A cash generation
In fiscal 2025 (ended December 31, 2025), Molson Coors Beverage generated $1.8 billion of cash from operations (down 6.6%) and spent $716.6 million on capital expenditures, leaving free cash flow of $1.1 billion, 9.6% of revenue. It returned $1.0 billion to shareholders through dividends ($376.3 million) and net share buybacks ($647.9 million). Cash and equivalents fell by $72.8 million over the year.
Related: TAP-A income statement, TAP-A balance sheet, TAP-A dividend history. See the TAP-A stock overview for the latest quote and news.
TAP-A cash flow FAQ
What is Molson Coors Beverage's free cash flow?
Molson Coors Beverage's free cash flow was $1.1 billion in fiscal 2025: $1.8 billion of operating cash flow minus $716.6 million of capital expenditures It was $1.2 billion a year earlier..
How much cash does Molson Coors Beverage generate from operations?
Molson Coors Beverage generated $1.8 billion of cash from operating activities in fiscal 2025.
How much does Molson Coors Beverage spend on capital expenditures?
Molson Coors Beverage spent $716.6 million on capital expenditures in fiscal 2025, 6.4% of revenue, compared with $674.1 million the year before.
How much stock does Molson Coors Beverage buy back?
Molson Coors Beverage spent $647.9 million on net share repurchases in fiscal 2025.
How much does Molson Coors Beverage pay in dividends?
Molson Coors Beverage paid $376.3 million in dividends in fiscal 2025, 35.2% of free cash flow.