Molson Coors Beverage Company stock research
FY2025 Q3
Molson Coors Beverage (TAP) Gross Margin — Quarter Ended Sep 30, 2025
Revenue and gross profit both decreased compared to the prior quarter, while cost of revenue also declined. Gross margin weakened slightly versus the prior quarter but improved relative to the same quarter one year earlier.
Gross margin takeaway
Quarter ended Sep 30, 2025 · FY2025 Q3
Revenue and gross profit both decreased compared to the prior quarter, while cost of revenue also declined. Gross margin weakened slightly versus the prior quarter but improved relative to the same quarter one year earlier.
- The strongest observable margin driver is the relationship between revenue and cost of revenue: revenue declined more sharply than cost of revenue from the prior quarter, compressing gross margin. Compared to the same quarter last year, cost of revenue grew at a slower pace than revenue, allowing gross margin to improve.
- Gross margin weakened sequentially, as revenue fell more than cost of revenue. On a year-over-year basis, gross margin improved, with revenue and gross profit both higher while cost of revenue rose less proportionally.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
33.7%
Gross profit
$1.2B
Revenue
$3.5B
Cost of revenue
$1.8B
Quarter-over-quarter change
-0.6 pts
Year-over-year change
+0.3 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 |
|---|---|---|---|---|
| Dec 31, 2024 | $3.2B | $1.0B | $1.7B | 32.0% |
| Mar 31, 2025 | $2.7B | $850.9M | $1.5B | 31.6% |
| Jun 30, 2025 | $3.7B | $1.3B | $1.9B | 34.3% |
| Sep 30, 2025 | $3.5B | $1.2B | $1.8B | 33.7% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Jun 30, 2025
-0.6 pts
Year-over-year change
Sep 30, 2024
+0.3 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The strongest observable margin driver is the relationship between revenue and cost of revenue: revenue declined more sharply than cost of revenue from the prior quarter, compressing gross margin. Compared to the same quarter last year, cost of revenue grew at a slower pace than revenue, allowing gross margin to improve.
Gross margin weakened sequentially, as revenue fell more than cost of revenue. On a year-over-year basis, gross margin improved, with revenue and gross profit both higher while cost of revenue rose less proportionally.
Monitor the trajectory of revenue relative to cost of revenue in upcoming quarters to assess whether gross margin can sustain its year-over-year improvement.