2026 second quarter
Filed Aug 6, 2026Molson Coors Beverage Company reported 2026 second-quarter net sales of $3,096.5 million, down 3.3%, while U.S. GAAP diluted earnings per share was $1.23 and underlying diluted earnings per share was $1.58.
Net sales, financial volume, U.S. GAAP income before income taxes, U.S. GAAP net income and underlying diluted earnings per share all declined versus the second quarter of 2025. Favorable price and sales mix and cost-savings initiatives only partially offset lower volume, commodity costs, Midwest Premium pricing impacts and higher MG&A.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Net sales, three months ended June 30GAAP | $3,096.5 million | – | (3.3) % |
| U.S. GAAP income before income taxes, three months ended June 30GAAP | $283.1 million | – | (49.0) % |
| Underlying income before income taxes, three months ended June 30non-GAAP | $383.2 million | – | (27.9) % |
| U.S. GAAP net income attributable to MCBC, three months ended June 30GAAP | $231.7 million | – | (46.0) % |
| U.S. GAAP earnings per diluted share, three months ended June 30GAAP | $1.23 | – | (42.3) % |
| Underlying net income attributable to MCBC, three months ended June 30non-GAAP | $296.6 million | – | (28.1) % |
| Underlying earnings per diluted share, three months ended June 30non-GAAP | $1.58 | – | (22.9) % |
| Financial volume, three months ended June 30other | 19.734 million hectoliters | – | (5.4) % |
| Brand volume, three months ended June 30other | 19.628 million hectoliters | – | (4.8) % |
| U.S. GAAP effective tax rate, three months ended June 30GAAP | 22 % | – | – |
| Underlying effective tax rate, three months ended June 30non-GAAP | 22 % | – | – |
| Net sales, six months ended June 30GAAP | $5,447.6 million | – | (1.0) % |
| U.S. GAAP income before income taxes, six months ended June 30GAAP | $477.8 million | – | (32.8) % |
| Underlying income before income taxes, six months ended June 30non-GAAP | $531.1 million | – | (19.8) % |
| U.S. GAAP net income attributable to MCBC, six months ended June 30GAAP | $383.0 million | – | (30.3) % |
| U.S. GAAP earnings per diluted share, six months ended June 30GAAP | $2.03 | – | (25.1) % |
| Underlying net income attributable to MCBC, six months ended June 30non-GAAP | $414.1 million | – | (19.4) % |
| Underlying earnings per diluted share, six months ended June 30non-GAAP | $2.20 | – | (13.4) % |
| Financial volume, six months ended June 30other | 34.698 million hectoliters | – | (4.4) % |
| Brand volume, six months ended June 30other | 34.696 million hectoliters | – | (4.0) % |
| Americas income before income taxes, three months ended June 30GAAP | $390.1 million | – | (27.5) % |
| Americas underlying income before income taxes, three months ended June 30non-GAAP | $396.1 million | – | (23.0) % |
| Americas income before income taxes, six months ended June 30GAAP | $597.5 million | – | (20.1) % |
| Americas underlying income before income taxes, six months ended June 30non-GAAP | $626.9 million | – | (12.6) % |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| AmericasNet sales decreased due to lower financial volume, partially offset by favorable price and sales mix. Financial and brand volume decreased 6.4% and 5.3%, respectively, primarily due to lower financial volume in the U.S. in core and value brands and unfavorable shipment timing. | $2,402.4 million | – | (4.1) % |
full-year 2026 outlook
- NoteThe Company is reaffirming its full-year guidance.
Capital returns
- Returned capital to shareholders through both dividends and share buybacks.
- Deployed capital toward value-added M&A in support of the Horizon 2030 strategy.
What drove it
- Financial volume decreased 5.4%, due to lower shipments in both the Americas and EMEA&APAC segments.
- Price and sales mix favorably impacted consolidated net sales by 1.8%, primarily due to increased net pricing in the Americas segment and favorable sales mix from premiumization in both the Americas and EMEA&APAC segments.
- Net sales per hectoliter increased 2.3% reported and 2.0% on a constant currency basis.
- Coors Banquet and Peroni continued to perform well.
- Fever-Tree had continued momentum, and Monaco Cocktails delivered strong performance in its first quarter as part of Molson Coors.
- Cost savings initiatives partially offset cost inflation, lower financial volume and higher MG&A.
Concerns
- COGS increased 6.0% on a reported basis and COGS per hectoliter increased 12.1% on a reported basis.
- Unfavorable changes in unrealized mark-to-market commodity derivative positions were $98.0 million.
- Cost inflation related to materials, logistics and manufacturing expenses included approximately $40 million of unfavorable impact attributable to Midwest Premium pricing.
- MG&A increased 3.7% on a reported basis, reflecting higher general and administrative expenses, cycling lower prior-year incentive compensation expense and current-year ERP implementation costs.
- Other non-operating income was lower due to unfavorable changes in the fair value of the investment in Fevertree Drinks plc of approximately $18 million.
- Management cited heightened global macroeconomic headwinds affecting consumer behavior and key input costs.
What to watch
- Execution against the cost savings plan to mitigate persistent macroeconomic volatility.
- Americas financial-volume performance, including U.S. core and value brands and shipment timing.
- The impact of commodity costs, Midwest Premium pricing and volume deleverage on COGS per hectoliter.
- The contribution from premiumization, increased net pricing, Fever-Tree and Monaco Cocktails.
- Progress on the global modernization ERP system implementation project.
Balance sheet and cash flow
- Enhanced financial flexibility through a series of debt refinancing transactions.
Analysis
Molson Coors delivered a weaker second quarter, with net sales of $3,096.5 million declining 3.3% and financial volume falling 5.4%. The volume decline reflected lower shipments in both Americas and EMEA&APAC. In the Americas, net sales fell 4.1%, with financial volume down 6.4% and brand volume down 5.3%, primarily due to lower U.S. core and value brand volume and unfavorable shipment timing.
Price and mix remained a partial offset. Consolidated price and sales mix added 1.8% to net sales, while net sales per hectoliter increased 2.3% reported and 2.0% in constant currency. Management attributed the pricing and mix benefit to increased net pricing in the Americas and premiumization in both Americas and EMEA&APAC. Coors Banquet, Peroni, Fever-Tree and Monaco Cocktails were identified as areas of positive brand momentum.
Profitability declined more sharply than sales. U.S. GAAP income before income taxes fell 49.0% to $283.1 million, and underlying income before income taxes fell 27.9% to $383.2 million. The cost pressure included a $98.0 million unfavorable change in unrealized mark-to-market commodity derivative positions, cost inflation, approximately $40 million related to Midwest Premium pricing, unfavorable premiumization mix and volume deleverage. Higher MG&A also weighed on results, while cost savings and increased net pricing partially offset these factors.
U.S. GAAP net income attributable to MCBC was $231.7 million and U.S. GAAP diluted earnings per share was $1.23. Underlying diluted earnings per share was $1.58, down 22.9%, with lower weighted-average diluted shares outstanding from share repurchases providing a partial offset. The U.S. GAAP and underlying effective tax rates were both 22 %, compared with 24 % and 23 %, respectively, in the prior-year quarter, primarily due to a higher discrete tax benefit.
For the six months ended June 30, net sales declined 1.0% to $5,447.6 million, while U.S. GAAP net income attributable to MCBC declined 30.3% to $383.0 million. The Company reaffirmed full-year guidance, but the provided filing text does not include its numerical outlook ranges or targets. Management also reported value-added M&A, debt refinancing, dividends and share buybacks, without providing the associated transaction, cash-flow, debt, dividend or repurchase amounts in the supplied text.
Management, verbatim
We made progress on key aspects of the Horizon 2030 strategy in the second quarter as we navigated heightened global macroeconomic headwinds that affected both consumer behavior and key input costs in our business.
Rahul Goyal, President and Chief Executive Officer
Our second quarter financial results largely matched our expectations as we managed through both expected and unanticipated headwinds that weighed on our top and bottom lines.
Tracey Joubert, Chief Financial Officer
We are reaffirming our full-year guidance.
Tracey Joubert, Chief Financial Officer
Not in the filing
stated, not guessed- Numerical full-year 2026 guidance figures, including revenue, gross margin, operating expenses, tax rate and other outlook metrics.
- Prior-release outlook and therefore numerical comparison of actual results with prior guidance.
- Gross profit, gross margin and operating income.
- EMEA&APAC segment revenue and income before income taxes.
- Cash, cash equivalents, total debt and net debt.
- Operating cash flow and free cash flow.
- Dividend amount, share-repurchase amount, shares repurchased and remaining repurchase authorization.
- M&A consideration and debt refinancing amounts.
- Weighted-average diluted shares outstanding.
- Quarter-over-quarter comparisons for reported metrics.
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.