Heineken vs Molson Coors: Revenue, Profit and Business Model
Heineken reported ~$32.5B of revenue in FY2025 and ~$2.1B of net income. Molson Coors reported $13B of revenue in FY2025 and a net loss of $2.1B.
Latest financial snapshot
Heineken
- Latest revenue
- ~$32.5B (FY2025)
- Net income
- ~$2.1B
- Net margin
- 6.6%
- Revenue growth
- +7.0% a year, FY2021–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
Heineken
Reported net revenue rose from ~$24.7 billion (€21.9 billion) in 2021 to ~$34.4 billion (€30.4 billion) in 2023, then fell to ~$33.7 billion (€29.8 billion) in 2024 and ~$32.5 billion (€28.75 billion) in 2025, largely because of weak emerging-market currencies and soft beer volumes. Net profit has been volatile: ~$2.6 billion (€2.30 billion) in 2023, ~$1.11 billion (€978 million) in 2024 after an impairment on the China Resources Beer stake, and ~$2.13 billion (€1.885 billion) in 2025. In the first half of 2026 net revenue was ~$16.8 billion (€14.84 billion) (organic growth 2.7%), operating profit (beia) reached ~$2.45 billion (€2.17 billion) at a 14.6% margin, net profit was ~$1.27 billion (€1.125 billion), and net debt was 2.6 times EBITDA (beia). Management reiterated 2026 guidance of 2% to 6% organic operating profit growth and is running a ~$1.69 billion (€1.5 billion) share buyback.
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
Heineken
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$32.5B | ~$2.1B | 6.6% | -3.6% | Source |
| FY2024 | ~$33.7B | ~$1.1B | 3.3% | -1.8% | Source |
| FY2023 | ~$34.3B | ~$2.6B | 7.6% | +5.7% | Source |
| FY2022 | ~$32.5B | ~$3B | 9.3% | +30.9% | Source |
| FY2021 | ~$24.8B | ~$3.8B | 15.1% | — | 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
Heineken
- Premium Beer
Not disclosed
Heineken, Birra Moretti, Tiger, Edelweiss, Amstel premium positioning, and other premiumized beer brands sold at higher revenue per hectoliter.
- Mainstream and Local Beer
Not disclosed
Regional and mainstream brands that protect local share, brewing scale, and distribution density across mature and emerging markets.
- Cider and Flavored Beverages
Not disclosed
Strongbow, Savanna, Old Mout, Desperados, and adjacent flavored beverage products that broaden consumption occasions.
- Zero-Alcohol and Beyond Beer
Not disclosed
Heineken 0.0 and other low/no-alcohol beverages positioned for health-conscious and occasion-expansion growth.
- Licensing, JVs, and AssociatesVariable
Brand licensing, joint ventures, and associate income in markets where Heineken uses partners or minority structures.
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
Heineken
How it makes money
Heineken brews, packages and sells beer, cider and low/no-alcohol drinks through operating companies in each market, supplying supermarkets and retailers (off-trade) as well as bars, restaurants and hotels (on-trade). In some markets it owns distributors or wholesale businesses and runs eB2B ordering platforms for outlets;
Growth strategy
Heineken's growth plan centres on premium brands, 'beyond beer' drinks such as Desperados and ciders, and low/no-alcohol products led by Heineken 0.0. In the first half of 2026 premium volume grew 6%, beyond beer 8% and LoNo 12%, against total volume growth of 1.6%.
Competitive advantage
Heineken's edge is breadth plus brand. It sells in more than 190 countries, owns breweries and distribution in many of them, and in parts of Europe supplies draught equipment and pub estates that tie outlets to its range. The Heineken brand itself is positioned as an international premium lager in most markets, which lets it price above local mainstream beer. Family control through Heineken Holding N.V.
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 Heineken vs Molson Coors
Which company has higher revenue — Heineken N.V. or Molson Coors Beverage Company?
Heineken N.V. reported ~$32.5B (FY2025), while Molson Coors Beverage Company reported $13.0B (FY2025). By last reported revenue, Heineken N.V. is the larger business, with Molson Coors Beverage Company reporting a smaller revenue base.
What is the market cap of Heineken N.V. vs Molson Coors Beverage Company?
Heineken N.V.'s market capitalisation stands at $44.0B, while Molson Coors Beverage Company's is $6.7B. Heineken N.V. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Molson Coors Beverage Company.
Which is more financially efficient — Heineken N.V. or Molson Coors Beverage Company?
Heineken N.V. generates $373k / 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 Heineken N.V. and Molson Coors Beverage Company make money?
Heineken N.V. and Molson Coors Beverage Company generate revenue in fundamentally different ways. Heineken N.V.: Heineken brews, packages and sells beer, cider and low/no-alcohol drinks through operating companies in each market, supplying supermarkets and retailers (off-trade) as well as bars, restaurants and hotels (on-trade). 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 — Heineken N.V. or Molson Coors Beverage Company?
On a price-to-sales (P/S) basis, Heineken N.V. trades at 1.4x P/S and Molson Coors Beverage Company at 0.5x P/S. Heineken N.V. 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 Heineken N.V. bigger than Molson Coors Beverage Company?
By last reported revenue, Heineken N.V. (~$32.5B (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 Heineken vs Molson Coors overview