MOLSON COORS BEVERAGE CO FY 2025 10-K, explained in plain English

Key financials — as reported

Total revenue	$13.0B
Gross margin	32.8%
Operating income	−$2.3B
Net income	−$2.1B
Diluted EPS	−$10.75
Cash & equivalents	$896.5M
Total assets	$22.7B
Long-term debt	$6.3B

Key takeaway

Molson Coors reported a net loss of $2.14 billion for 2025, driven almost entirely by a $3.65 billion non-cash goodwill impairment charge.

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Beneath the surface

The $3.6457 billion goodwill impairment is the primary driver of the reported net loss and operating loss, masking underlying operating cash generation; excluding this one-time non-cash charge, results would look materially different.

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