AB InBev vs Molson Coors: Revenue, Profit and Business Model
AB InBev reported $59.3B of revenue in FY2025 and $6.8B of net income. Molson Coors reported $13B of revenue in FY2025 and a net loss of $2.1B.
Latest financial snapshot
AB InBev
- Latest revenue
- $59.3B (FY2025)
- Net income
- $6.8B
- Net margin
- 11.5%
- Revenue growth
- +3.0% a year, FY2016–FY2025
Molson Coors
- Latest revenue
- $13B (FY2025)
- Net income
- -$2.1B
- Net margin
- -16.4%
- Revenue growth
- +7.9% a year, FY2016–FY2025
Financial summary
AB InBev
Revenue has held near $59 billion since 2023: $59.38 billion in FY2023, $59.77 billion in FY2024 and $59.32 billion in FY2025, when a 2.0% organic increase was offset by currency translation. Profit attributable to equity holders rose to $6.84 billion in FY2025 and free cash flow was $11.3 billion. The balance sheet still reflects the 2016 SAB combination, valued at a gross purchase consideration of $114 billion: net debt was 2.87x normalized EBITDA at 31 December 2025, against a stated optimal level of around 2x. The company halved its 2018 dividend to reduce debt and proposed a EUR 1.00 final dividend for FY2025.
Molson Coors
Molson Coors' revenue roughly doubled after it took full ownership of MillerCoors in 2016 for about $12 billion. Sales then hovered near $13 billion for most of the following decade. Volume gains in 2023, when U.S. drinkers shifted away from Bud Light, lifted sales to a record $13.88B. That share proved partly temporary: 2025 sales fell 5.1% to $13.04B, financial volume dropped 8.6%, and a $3.65B non-cash goodwill impairment produced a GAAP net loss of $2.14B. In Q2 2026, net sales fell 3.3% to $3.10B while GAAP net income was $231.7M; the company kept its 2026 outlook for constant-currency net sales broadly flat, plus or minus 1%.
Revenue and profit by year
AB InBev
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $59.3B | $6.8B | 11.5% | -0.7% | Source |
| FY2024 | $59.8B | $5.9B | 9.8% | +0.7% | Source |
| FY2023 | $59.4B | $5.3B | 9.0% | +2.8% | Source |
| FY2022 | $57.8B | $6B | 10.3% | +6.4% | Source |
| FY2021 | $54.3B | $4.7B | 8.6% | +15.8% | Source |
| FY2020 | $46.9B | $1.4B | 3.0% | -10.4% | Source |
| FY2019 | $52.3B | $9.2B | 17.5% | -4.2% | Source |
| FY2018 | $54.6B | $4.4B | 8.0% | -3.2% | Source |
| FY2017 | $56.4B | $8B | 14.2% | +24.0% | Source |
| FY2016 | $45.5B | $1.2B | 2.7% | — | Source |
Molson Coors
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $13B | -$2.1B | -16.4% | -5.1% | Source |
| FY2024 | $13.7B | $1.1B | 8.2% | -1.1% | Source |
| FY2023 | $13.9B | $948.9M | 6.8% | +8.4% | Source |
| FY2022 | $12.8B | -$175.3M | -1.4% | +2.9% | Source |
| FY2021 | $12.4B | $1B | 8.1% | +6.2% | Source |
| FY2020 | $11.7B | -$949M | -8.1% | -9.9% | Source |
| FY2019 | $13B | $241.7M | 1.9% | -2.5% | Source |
| FY2018 | $13.3B | $1.1B | 8.4% | -1.0% | Source |
| FY2017 | $13.5B | $1.6B | 11.6% | +104.2% | Source |
| FY2016 | $6.6B | $1.6B | 24.2% | — | Source |
Where the revenue comes from
AB InBev
- Mainstream Beer
About 50% of FY2025 revenue
Core lagers such as Bud Light, Skol, Brahma, Aguila and Jupiler; revenue was roughly flat in FY2025.
- Above-Core (Premium) Beer
35% of FY2025 revenue
Corona, Stella Artois, Michelob Ultra, Leffe, Hoegaarden and other premium brands; Corona revenue grew 8.3% outside Mexico in FY2025.
- Beyond Beer
3% of FY2025 revenue
Ready-to-drink cocktails, seltzers and flavored drinks such as Cutwater, Nutrl, Brutal Fruit, Flying Fish and BeatBox; revenue grew 23% in FY2025.
- BEES and Digital Channels
72% of revenue captured digitally
A sales channel rather than a separate segment: BEES captured $52.5B of GMV in FY2025, including $3.5B from third-party products on BEES Marketplace.
Molson Coors
- Beer sales
Core revenue from owned and licensed beer brands sold through distributors and retailers.
- Flavored alcohol and beyond beer
Revenue from hard seltzers, flavored malt beverages, cocktails, and adjacent drinks.
- International brands
Revenue from European, Canadian, and global brands sold across EMEA, APAC, and partner markets.
- Licensing and partnerships
Brand and distribution partnerships extend the portfolio into additional beverage occasions.
Business model and strategy
AB InBev
How it makes money
AB InBev brews and sells beer and other malt beverages in five reporting regions: North America, Middle Americas, South America, EMEA and Asia Pacific. Mainstream beer brought in about 50% of FY2025 revenue, above-core (premium) beer 35% and Beyond Beer 3%. Most products reach retailers and bars through company-owned or independent wholesalers; outside the U.S.
Growth strategy
AB InBev's strategy has three pillars: lead and grow the beer category, digitize and monetize its ecosystem, and optimize the business.
Competitive advantage
AB InBev's advantages are portfolio breadth, brewing footprint and retailer access. It holds 20 beer brands with more than $1 billion of revenue each and 8 of the 10 most valuable beer brands on the Kantar BrandZ list, with Corona and Budweiser at #1 and #2. BEES connects the company directly with more than 6 million customers in 29 markets, and FY2025 normalized EBITDA margin was 35.8%.
Molson Coors
How it makes money
Molson Coors brews, packages and markets beer and flavored alcohol beverages, then sells them to independent distributors and, where law allows, directly to retailers. In the U.S. three-tier system, the company sells to wholesalers who deliver to bars, restaurants and stores, so brand marketing and distributor execution drive demand.
Growth strategy
Molson Coors renamed itself from Brewing Company to Beverage Company in 2019-2020 to signal a wider portfolio. Its growth plan combines premiumization (Blue Moon, Peroni in the U.S., Madri Excepcional in the UK), flavor and spirits-adjacent drinks (Simply Spiked, Topo Chico Hard, Monaco Cocktails via the April 2026 Atomic Brands acquisition), non-alcoholic and mixer adjacencies (a minority stake in Fever-Tree and U.S…
Competitive advantage
Molson Coors' advantage rests on scale brewing, two national U.S. light beer brands (Coors Light and Miller Lite), long-standing distributor relationships, strong positions in Canada and the UK (Carling), and partnerships that let it sell licensed brands through the same route to market. Dual-class shares give the Molson and Coors families stable voting control.
Questions about AB InBev vs Molson Coors
Which company has higher revenue — Anheuser-Busch InBev SA/NV or Molson Coors Beverage Company?
Anheuser-Busch InBev SA/NV reported $59.3B (FY2025), while Molson Coors Beverage Company reported $13.0B (FY2025). By last reported revenue, Anheuser-Busch InBev SA/NV is the larger business, with Molson Coors Beverage Company reporting a smaller revenue base.
What is the market cap of Anheuser-Busch InBev SA/NV vs Molson Coors Beverage Company?
Anheuser-Busch InBev SA/NV's market capitalisation stands at $146.1B, while Molson Coors Beverage Company's is $6.7B. Anheuser-Busch InBev SA/NV carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Molson Coors Beverage Company.
Which is more financially efficient — Anheuser-Busch InBev SA/NV or Molson Coors Beverage Company?
Anheuser-Busch InBev SA/NV generates $433k / employee in revenue per employee, while Molson Coors Beverage Company generates $805k / employee. Molson Coors Beverage Company shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Anheuser-Busch InBev SA/NV and Molson Coors Beverage Company make money?
Anheuser-Busch InBev SA/NV and Molson Coors Beverage Company generate revenue in fundamentally different ways. Anheuser-Busch InBev SA/NV: AB InBev brews and sells beer and other malt beverages in five reporting regions: North America, Middle Americas, South America, EMEA and Asia Pacific. Molson Coors Beverage Company: Molson Coors brews, packages and markets beer and flavored alcohol beverages, then sells them to independent distributors and, where law allows, directly to retailers.
Which company is valued higher relative to revenue — Anheuser-Busch InBev SA/NV or Molson Coors Beverage Company?
On a price-to-sales (P/S) basis, Anheuser-Busch InBev SA/NV trades at 2.5x P/S and Molson Coors Beverage Company at 0.5x P/S. Anheuser-Busch InBev SA/NV commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Molson Coors Beverage Company. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Anheuser-Busch InBev SA/NV bigger than Molson Coors Beverage Company?
By last reported revenue, Anheuser-Busch InBev SA/NV ($59.3B (FY2025)) is the larger company compared to Molson Coors Beverage Company ($13.0B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the AB InBev vs Molson Coors overview