Molson Coors Beverage Company (TAP) Cash Flow Statement
Where TAP’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 operating cash flow, capex and free cash flow
TAP 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 cash flow by activity
TAP 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 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 | −$788.7M | −$625.1M | −$509.9M | −$413.6M | −$433.3M | −$669.1M | −$538.2M | −$12.29B |
| Acquisitions & other investing | −$105.5M | $674.1M | $618.5M | $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 | −$1.09B | $9.24B |
| 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 | −$57.2M | −$6.99B |
| 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 | −$181.6M |
| 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 | −$668.5M |
| 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 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 income statement, TAP balance sheet, TAP dividend history. See the TAP stock overview for the latest quote and news.
TAP 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.