Constellation Brands vs Molson Coors: Revenue, Profit and Business Model
Constellation Brands reported $9.1B of revenue in FY2026 and $1.7B of net income. Molson Coors reported $13B of revenue in FY2025 and a net loss of $2.1B.
Latest financial snapshot
Constellation Brands
- Latest revenue
- $9.1B (FY2026)
- Net income
- $1.7B
- Net margin
- 18.5%
- Revenue growth
- +2.5% a year, FY2017–FY2026
Molson Coors
- Latest revenue
- $13B (FY2025)
- Net income
- -$2.1B
- Net margin
- -16.4%
- Revenue growth
- +7.9% a year, FY2016–FY2025
Financial summary
Constellation Brands
Net sales peaked at $10.21 billion in FY2025 and dipped to $9.139 billion in FY2026 as Constellation sold mainstream wine brands and beer shipments fell 3.8%. Net income swung from an $81.4 million loss in FY2025 (driven by about $2.8 billion of wine and spirits goodwill and intangible impairments) to $1.687 billion in FY2026. In Q1 FY2027 net sales were $2.43 billion, beer operating income rose 2% to $891.4 million, and free cash flow increased 9% to $485 million. Management reaffirmed FY2027 guidance of $11.20 to $11.90 comparable EPS and $1.6 to $1.7 billion of free cash flow. The earlier Canopy Growth cannabis investment of roughly $4 billion produced multibillion-dollar write-downs.
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
Constellation Brands
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | $9.1B | $1.7B | 18.5% | -10.5% | Source |
| FY2025 | $10.2B | -$81.4M | -0.8% | +2.5% | Source |
| FY2024 | $10B | $1.7B | 17.3% | +5.4% | Source |
| FY2023 | $9.5B | -$71M | -0.8% | +7.2% | Source |
| FY2022 | $8.8B | -$40.4M | -0.5% | +2.4% | Source |
| FY2021 | $8.6B | $2B | 23.2% | +3.3% | Source |
| FY2020 | $8.3B | -$11.8M | -0.1% | +2.8% | Source |
| FY2019 | $8.1B | $3.4B | 42.3% | +7.1% | Source |
| FY2018 | $7.6B | $2.3B | 30.4% | +3.5% | Source |
| FY2017 | $7.3B | $1.5B | 20.9% | — | 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
Constellation Brands
- Beer Business~91%
Generated $8.32 billion in FY2026 net sales (year ended February 28, 2026), down 3% from $8.54 billion in FY2025, as shipments fell 3.8% to 415.4 million case equivalents. Modelo Especial, Corona Extra, Pacifico, and Modelo Chelada brands are sold under exclusive perpetual U.S. import rights. In Q1 FY2027 beer net sales rose 2% to $2.28 billion on 1.8% shipment growth.
- Wine and Spirits Business~9%
Generated $823.8 million in FY2026 net sales, down 51% from $1.67 billion in FY2025, mainly because of the SVEDKA and mainstream wine divestitures. Portfolio includes Robert Mondavi Winery, Kim Crawford, The Prisoner, Ruffino, Casa Noble Tequila, and High West Whiskey, focused on premium and luxury wines priced $15 and above.
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
Constellation Brands
How it makes money
Constellation makes money by brewing Mexican beer in its own breweries in Mexico (Nava in Coahuila and Obregón in Sonora) and selling it to independent U.S. wholesale distributors under the three-tier system. It holds perpetual, exclusive licenses to Modelo, Corona, Pacifico and Victoria in the U.S. only; Anheuser-Busch InBev owns the brands everywhere else. Beer delivered $8.315 billion of FY2026 net sales.
Growth strategy
Under CEO Nick Fink, Constellation's plan centers on consumer focus, its core beer brands and operating efficiency. In beer it is pushing Pacifico and Victoria nationally, extending Modelo into cheladas and flavors, and adding non-alcoholic options such as Corona Sunbrew. In wine and spirits it now keeps only premium brands priced around $15 and above.
Competitive advantage
Constellation's absolute competitive advantage is its perpetual, exclusive US license for the Grupo Modelo brands. It is an unassailable legal moat. No other company can legally import or sell a Corona or a Modelo in the United States. they have perfectly positioned these brands;
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 Constellation Brands vs Molson Coors
Which company has higher revenue — Constellation Brands, Inc. or Molson Coors Beverage Company?
Constellation Brands, Inc. reported $9.1B (FY2026), while Molson Coors Beverage Company reported $13.0B (FY2025). By last reported revenue, Molson Coors Beverage Company is the larger business, with Constellation Brands, Inc. reporting a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of Constellation Brands, Inc. vs Molson Coors Beverage Company?
Constellation Brands, Inc.'s market capitalisation stands at $19.3B, while Molson Coors Beverage Company's is $6.7B. Constellation Brands, Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Molson Coors Beverage Company.
Which is more financially efficient — Constellation Brands, Inc. or Molson Coors Beverage Company?
Constellation Brands, Inc. generates $972k / employee in revenue per employee, while Molson Coors Beverage Company generates $805k / employee. Constellation Brands, Inc. 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 Constellation Brands, Inc. and Molson Coors Beverage Company make money?
Constellation Brands, Inc. and Molson Coors Beverage Company generate revenue in fundamentally different ways. Constellation Brands, Inc.: Constellation makes money by brewing Mexican beer in its own breweries in Mexico (Nava in Coahuila and Obregón in Sonora) and selling it to independent U. 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 — Constellation Brands, Inc. or Molson Coors Beverage Company?
On a price-to-sales (P/S) basis, Constellation Brands, Inc. trades at 2.1x P/S and Molson Coors Beverage Company at 0.5x P/S. Constellation Brands, Inc. 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 Constellation Brands, Inc. bigger than Molson Coors Beverage Company?
By last reported revenue, Molson Coors Beverage Company ($13.0B (FY2025)) is the larger company compared to Constellation Brands, Inc. ($9.1B (FY2026)). 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 Constellation Brands vs Molson Coors overview