What is an income statement waterfall?

An income statement waterfall is a bar chart that walks from total revenue down to net income, with each step showing how much a cost or tax line removes (or adds). Subtotals — gross profit, operating income, pre-tax income — are anchored to zero so the cascade reconciles exactly to the bottom line.

How much of Molson Coors Beverage (TAP) revenue becomes net income?

For TTM through Q1 2026, Molson Coors Beverage turned $11.2B of revenue into -$2.11B of net income — a net margin of -18.9%. The waterfall shows where the rest goes: cost of revenue, operating expenses, non-operating items, and taxes.

What are Molson Coors Beverage (TAP) gross, operating, and net margins?

For TTM through Q1 2026, Molson Coors Beverage reported a gross margin of 37.8%, an operating margin of -20.3%, and a net margin of -18.9%. Each subtotal in the waterfall corresponds to one of these margins.

Why does Molson Coors Beverage (TAP) have such a high (or low) gross margin?

Gross margin (gross profit ÷ revenue) reflects how much of each revenue dollar remains after direct production costs. Capital-light software and platform businesses often show gross margins above 60–80% because their cost of revenue is mainly hosting and support. Hardware, retail, and commodity businesses show lower gross margins because raw materials and manufacturing costs are significant. The waterfall makes this visible at a glance — the size of the "Cost of Revenue" bar relative to Revenue is the gross margin complement.

What is the difference between gross, operating, and net margin?

Gross margin = (Revenue − Cost of Revenue) ÷ Revenue. It measures production efficiency. Operating margin = Operating Income ÷ Revenue. It adds operating expenses (R&D, S&M, G&A) and measures the profitability of core operations. Net margin = Net Income ÷ Revenue. It also includes interest, other income/expense, and taxes, and represents the shareholder take after everything.

Molson Coors Beverage (TAP) Income Statement Waterfall

Revenue

$11.2B

Gross Margin

+37.8%

Operating Margin

-20.3%

Net Margin

-18.9%

Income statement waterfall for Molson Coors Beverage (TAP) — TTM through Q1 2026

Net income: -$2.11B

Margin breakdown for Molson Coors Beverage (TAP) — TTM through Q1 2026

Line item	Amount	Running total
Revenue	$11.2B	$11.2B
Cost of Revenue	-$6.96B	$4.23B
Gross Profit	$4.23B	$4.23B
Operating Expenses	-$6.5B	-$2.27B
Operating Income	-$2.27B	-$2.27B
Other Income / Expense	-$211M	-$2.48B
Pre-tax Income	-$2.48B	-$2.48B
Tax Benefit	$326M	-$2.15B
Other Items	$43.9M	-$2.11B
Net Loss	-$2.11B	-$2.11B

Revenue$11.2B
Cost of Revenue-$6.96B
Gross Profit$4.23B
Operating Expenses-$6.5B
Operating Income-$2.27B
Other Income / Expense-$211M
Pre-tax Income-$2.48B
Tax Benefit$326M
Other Items$43.9M
Net Loss-$2.11B

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