Molson Coors Beverage Company stock research
FY2023 Q3
Molson Coors Beverage (TAP) Gross Margin — Quarter Ended Sep 30, 2023
Gross profit rose while cost of revenue remained unchanged, driving gross margin higher compared to both the previous quarter and the same quarter one year earlier. Revenue was stable sequentially but increased year-over-year, with the margin improvement reflecting the full benefit of the revenue growth flowing through to gross profit.
Gross margin takeaway
Quarter ended Sep 30, 2023 · FY2023 Q3
Gross profit rose while cost of revenue remained unchanged, driving gross margin higher compared to both the previous quarter and the same quarter one year earlier. Revenue was stable sequentially but increased year-over-year, with the margin improvement reflecting the full benefit of the revenue growth flowing through to gross profit.
- The strongest observable margin driver is the leverage from revenue growth combined with stable cost of revenue. Gross profit increased in line with the revenue increase, with no corresponding rise in cost of revenue.
- Compared to the previous quarter, revenue was level while gross profit was higher, resulting in an improved gross margin. Versus the same quarter one year earlier, both revenue and gross profit were higher, with gross margin also higher as cost of revenue did not change.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
34.5%
Gross profit
$1.3B
Revenue
$3.9B
Cost of revenue
$2.0B
Quarter-over-quarter change
+3.0 pts
Year-over-year change
+6.5 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Mar 31, 2023 | $2.8B | $770.7M | $1.6B | 27.8% |
| Jun 30, 2023 | $3.9B | $1.2B | $2.0B | 31.5% |
| Sep 30, 2023 | $3.9B | $1.3B | $2.0B | 34.5% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Jun 30, 2023
+3.0 pts
Year-over-year change
Sep 30, 2022
+6.5 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The strongest observable margin driver is the leverage from revenue growth combined with stable cost of revenue. Gross profit increased in line with the revenue increase, with no corresponding rise in cost of revenue.
Compared to the previous quarter, revenue was level while gross profit was higher, resulting in an improved gross margin. Versus the same quarter one year earlier, both revenue and gross profit were higher, with gross margin also higher as cost of revenue did not change.
Monitor whether cost of revenue remains stable in future quarters, as any increase could pressure gross margin if revenue growth does not keep pace.