Molson Coors Beverage Company (TAP)

Molson Coors reported second-quarter 2026 net sales of $3,096.5 million on 6 August, down 3.3 percent from a year earlier 2. Financial volume, the beer shipped to distributors, fell 5.4 percent, while higher prices and a richer mix added 1.8 percent 2.

Net income attributable to the company was $231.7 million, against $428.7 million a year earlier 2. The company attributed the drop to a $98.0 million swing in the value of its commodity hedges, lower volume, and about $40 million of extra cost from the Midwest Premium, a surcharge on U.S. aluminum 2.

On 1 April 2026 it bought Atomic Brands, maker of Monaco Cocktails, for $275 million, a step toward canned cocktails and away from beer alone 1. The company reaffirmed its 2026 outlook on 6 August, so the open question is whether beer volume steadies 2.

Coors Brewing Company was incorporated in June 1913, and in February 2005 Adolph Coors Company merged with Molson Inc. to form Molson Coors 3.

In 2008 it and SABMiller formed the MillerCoors joint venture for the U.S., in which it kept a 42 percent share, and in 2016 it bought the rest 3.

In January 2020 it changed its name from Molson Coors Brewing Company to Molson Coors Beverage Company as it expanded beyond the beer aisle 3.

Net sales were $11,702.1 million in 2023, $11,627.0 million in 2024 and $11,140.8 million in 2025, while financial volume fell from 83.772 million hectoliters to 72.810 million 3.

The company says the 2025 decline came from the U.S. In the Americas, volume fell 9.2 percent, on industry softness, lower share and the exit of contract brewing, which alone cost about 3 percent 3.

In the third quarter of 2025 the company wrote down $3,645.7 million of Americas goodwill, the price paid in past deals above the value of what was bought, after it updated its long-range plan 3. That charge turned a profit of $1,122.4 million in 2024 into a loss of $2,139.6 million in 2025 3.

It also took a full $75.3 million charge on the Blue Run Spirits brand and a $198.6 million partial charge on Staropramen, its Czech beer, in the same quarter 3.

Gavin Hattersley told the board on 12 April 2025 that he would retire, and on 19 September 2025 the board named Rahul Goyal chief executive from 1 October 3. Goyal has worked for the company for 24 years 13.

On 20 October 2025 the company announced a plan to cut about 400 salaried Americas jobs, roughly 9 percent of that workforce, with charges of $35 million to $50 million 6.

Beer in the Americas

The Americas segment sells Coors Light, Miller Lite, Coors Banquet and Molson Canadian, plus value beers such as Miller High Life and Keystone Light, in the U.S., Canada and Latin America 3. Its closest rivals are Anheuser-Busch InBev and Constellation Brands 3.

Americas net sales were $2,402.4 million in the second quarter of 2026, down 4.1 percent, and brand volume fell 5.3 percent 2. Income before income taxes fell 27.5 percent to $390.1 million 2.

Chief executive Rahul Goyal named Coors Banquet and Peroni, a partner brand, as the beers performing well 23.

Europe, Middle East, Africa and Asia Pacific

This segment brews and sells Carling, Staropramen and Ožujsko, among others, and the U.K. made up over 55 percent of its 2025 net sales 3. Its main rivals are Heineken, Asahi, Carlsberg and ABI 3.

About 20 percent of 2025 segment sales were factored brands, other firms' drinks delivered to pubs and restaurants 3. Second-quarter net sales were $700.8 million, down 0.4 percent 2.

Beyond beer

Monaco Cocktails, launched in 2012, is a top-five U.S. ready-to-drink cocktail brand with 5 percent of single-can sales, sold in over 70,000 stores 11. Molson Coors paid $275 million, of which about $65 million went to the brand name 1.

It holds a majority stake of 51 percent in ZOA Energy, and a license to sell Fever-Tree mixers in the U.S. 3. In the first quarter of 2025 it also put $88.1 million into Fevertree Drinks plc, a minority interest 1.

Vizzy Hard Seltzer is its own; Simply Spiked and Topo Chico Hard Seltzer are sold under authorizations from Red Tree Beverages 3.

Plants and people

In the Americas it runs nine primary breweries, and in EMEA&APAC ten 3. Five Americas breweries (Golden, Trenton, Elkton, Albany and Fort Worth) made about 79 percent of that segment's 2025 production 3.

It employed about 16,200 people on 31 December 2025, of whom about 9,900 worked in the Americas 3. Rahul Goyal is chief executive, and Tracey Joubert is chief financial officer 2.

Philip Whitehead, who runs EMEA&APAC, stepped away on 24 June 2026 for a medical condition, and Simon Kerry is interim head 9. On 6 May 2026 the pay vote drew 153,627,533 votes for and 7,383,703 against 10.

Problems and pressures

The Midwest Premium cost about $40 million in the second quarter, and the company expects about $130 million more cost this year than last 1.

Total debt was $7,709.6 million and net debt $5,581.5 million at 30 June 2026 2. After that date it repaid $2.0 billion of 3.0% notes 2. On 20 May 2026 it agreed to sell $500.0 million of 4.900% notes due 2031 and $1.0 billion of 5.500% notes due 2036 8.

The umbrella, in words

Its main brands are Coors Light, Miller Lite, Coors Banquet and Molson Canadian, with above-premium beers such as Madrí Excepcional, Staropramen and Blue Moon Belgian White 3. Heineken, Corona Extra and Stella Artois are partner brands sold under license or distribution deals 3.

Exhibit 21 lists its significant subsidiaries, among them Molson Coors Beverage Company USA LLC, Molson Canada 2005, Pivovary Staropramen in the Czech Republic and Zagrebačka pivovara in Croatia 5.

It owns 51 percent of ZOA Energy and a minority stake in Fevertree Drinks plc 31. It agreed joint ventures with Ball for cans (Rocky Mountain Metal Container) and with Owens-Brockway for bottles (Rocky Mountain Bottle Company), both on land it leases to them near Golden and Wheat Ridge, Colorado 3.

Two families control the Class A vote: Pentland Securities, 4280661 Canada Inc. (a Pentland subsidiary) and the Coors Trust hold 1,857,476, 667,058 and 2,520,000 Class A shares, voted together under a February 2005 agreement 4.

The proxy calls the company a controlled company, and each family names board nominees through its own subcommittee 4.

For 2026 the company expects net sales flat, plus or minus 1 percent, in constant currency, and underlying income before taxes down 15 to 18 percent 2. It expects underlying earnings per share down 11 to 15 percent 2.

It also expects capital spending of $650 million, plus or minus 5 percent, and underlying free cash flow of $1.1 billion, plus or minus 10 percent 2. It expects lower overhead costs in the second half 2.

On 16 July 2026 the board declared a dividend of $0.48 per share, payable on 18 September 2026 2. On 18 February 2026 it raised its Class B share buyback program by $2.0 billion, to $4.0 billion, and extended it to 31 December 2031 7.

The Americas restructuring charges are expected at about $35 million in total, mostly in 2026 3. Goyal wrote after the full-year results that more resources would move to local markets, so teams can change spending in days, not quarters 12.

Molson Coors plans to scale Monaco with more marketing and a move into major chain retailers, ESM Magazine reported on 26 March 2026 11.