Molson Coors Beverage Co. (TAP)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$12.9B

Revenue growth

-2.6%

Net income, last twelve months

-$2.3B

Earnings per share

-$11.54

Gross margin

31.7%

Operating margin

-19.5%

Net margin

-17.8%

Free cash flow

$1.3B

Return on equity

-22.8%

Market value

$7.4B

Dividend yield

4.8%

Cash

$2.1B

Debt

$7.7B

Debt to equity

0.76

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the 2026 second quarter results, filed 6 August 2026.

• Net sales fell 3.3%. Net sales were $3,096.5 million, down 3.3% reported and 3.6% in constant currency; financial volume fell 5.4%, partly offset by price and mix.
• Underlying pre-tax income down 27.8%. Underlying income before income taxes was $383.2 million, down 27.8% in constant currency. U.S. GAAP pre-tax income was $283.1 million, down 49.0%.
• Underlying EPS down 22.9%. Underlying diluted EPS was $1.58, down 22.9%, with lower underlying pre-tax income partly offset by lower underlying income-tax-adjusted results from fewer shares.
• Mark-to-market swing hit GAAP profit. GAAP pre-tax income fell mainly on unfavorable mark-to-market changes on commodity derivatives, which the underlying measure excludes.
• GAAP diluted EPS down 42.3%. GAAP diluted EPS was $1.23, down 42.3%, mainly on lower GAAP pre-tax income.
• Americas net sales down 4.1%. Americas net sales were $2,402.4 million, down 4.1%, with lower financial volume partly offset by price and sales mix.
• Americas underlying pre-tax down 22.6%. Americas underlying pre-tax income was $396.1 million, down 22.6% in constant currency; reported segment pre-tax income was $390.1 million.
• EMEA&APAC net sales slightly lower. EMEA&APAC net sales were $700.8 million, down 0.4% reported and 2.0% in constant currency, with currency adding 1.6%.
• EMEA&APAC underlying pre-tax down 44.3%. Underlying pre-tax income was $41.0 million, down 44.3% in constant currency, on channel mix, lower volume and cost inflation.
• U.K. volume fell on soft demand. EMEA&APAC financial volume fell 2.8% and brand volume 3.4%; management attributed this to soft U.K. market demand and a heightened competitive landscape.
• Financial volume fell 5.4%. Financial volume fell 5.4% from lower shipments in both segments, and brand volume fell 4.8%.
• Americas U.S. core and value volume fell. Americas financial volume fell 6.4% and brand volume 5.3%, mainly on lower U.S. core and value brands and the timing of shipments.
• Price and mix added 1.8%. Price and sales mix added 1.8% to consolidated net sales, led by Americas net pricing and premiumization; net sales per hectoliter rose 2.3%.
• Americas price and mix added 2.3%. Americas price and sales mix added 2.3%, from net pricing and positive brand mix; Americas net sales per hectoliter rose 2.5%.

Company events

The newest 8-K filings of 286 held.

Every filing

The newest filings with the SEC of 656 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Trades by members of the House

From each member's periodic transaction report.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

718 funds held it at 30 Jun 2026: 321 added and 197 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Anheuser-Busch InBev SA/NV (BUD): revenue $59.3B, market value $163.6B
• Boston Beer Co. Inc. (SAM): revenue $1.9B, market value $2.0B

What the company does

Molson Coors Beverage Company is principally a holding company whose subsidiaries brew, import, market and sell beer, along with flavored beverages, spirits and non-alcoholic drinks. It reports two segments, the Americas and EMEA&APAC. The company says it is among the top five global brewers in the world. As of 31 December 2025 it employed approximately 16,200 people. It changed its name from Molson Coors Brewing Company in January 2020 in connection with its expansion beyond the beer aisle.

How the business is organised

A separate operating team manages each segment, and each one makes, markets, distributes and sells beer and other beverages. The Americas segment covers the U.S., Canada and various countries in Latin America. It operates nine primary breweries, three craft breweries and two container operations.

The EMEA&APAC segment covers Bulgaria, Croatia, Czech Republic, Hungary, Montenegro, the Republic of Ireland, Romania, Serbia, the U.K., other European countries and certain countries in the Middle East, Africa and Asia Pacific. It operates ten primary breweries, three craft breweries and one cidery. The U.K. represented over 55% of the segment's net sales in 2025. Approximately 20% of the segment's net sales came from factored brands, which are beer, wine, spirits and other products made by other companies that the company distributes to bars and restaurants in the U.K.

A third reporting line, Unallocated, holds items such as interest, foreign exchange on intercompany balances and unrealized changes in the fair value of certain commodity swaps.

What it sells

The company groups its brands into three price segments: Above Premium, Premium and Value.

- Above Premium: Blue Moon, Madrí Excepcional, Staropramen, Coors Original, Vizzy Hard Seltzer and Leinenkugel's brands. - Premium: Coors Light, Miller Lite, Coors Banquet, Molson Canadian brands, Carling and Ožujsko. - Value: Miller High Life, Keystone, Icehouse and Steel Reserve.

It also sells partner brands under license, distribution, partnership and joint venture agreements. These include Simply Spiked, ZOA Energy, Fever-Tree, Topo Chico Hard Seltzer, Heineken and Corona Extra. It brews, packages and ships products for The Yuengling Company in the U.S. Beyond beer, it offers flavored beverages, spirits, premium mixers and energy drinks. The company says it is working to become a total beverage company.

How products reach customers

No single customer accounted for more than 10% of consolidated net sales. Distribution varies by region because of local regulation.

- U.S.: Beer moves through a three-tier system of manufacturers, distributors and retailers. A national network of independent distributors and one company-owned distributor, Coors Distributing Company, buy the products. That distributor handled approximately 5% of Americas segment net sales. - Canada: Provincial governments regulate the industry and control distribution and retail sale. BRI distributes beer in Ontario and BDL in the western provinces. - Latin America: The company uses export models with independent distributors and license agreements with local brewers. - Europe: Beer moves through two-tier or three-tier systems, mostly handled by third-party logistics providers. In the U.K., most beer is sold directly to retailers, with DHL Supply Chain Limited providing distribution. Heineken sells and distributes several of the company's brands in the Republic of Ireland. - Africa, Middle East and Asia Pacific: Markets include Australia, South Africa and South Korea. Sales run through local licenses, exports or contract manufacturing.

On-premise sales (bars, pubs and restaurants) were approximately 16% of volume in the U.S. and Canada and approximately 60% in the U.K. Approximately 40% of financial volume occurs from May through August, and weather affects consumption.

What goes into the beer

The main brewing inputs are hops, barley and water. In the Americas, the company malts barley for a majority of its production at its Golden, Colorado facility, buying barley mainly from independent farmers in the western U.S. and the Canadian Prairies. In EMEA&APAC, malted barley comes from third-party suppliers, mainly in Europe, under agreements with terms through 2030.

Packaging materials include aluminum, glass bottles, reusable kegs and casks and recyclable plastic containers. Rocky Mountain Metal Container, a joint venture with Ball Corporation, supplies a portion of the Americas segment's cans and ends. Rocky Mountain Bottle Company, a joint venture with Owens-Brockway Glass Container, Inc., supplies a portion of its glass bottles. The company manages commodity price risk with fixed-price contracts, purchase orders, commodity swaps and options.

Competition and regulation

In the U.S. and Canada, the company competes most directly with Anheuser-Busch InBev SA/NV and Constellation Brands, Inc. In the European countries where it operates, its primary competitors are Heineken, Asahi, Carlsberg and Anheuser-Busch InBev SA/NV. Its products also compete with wine, spirits and RTDs.

Regulation covers production, marketing, distribution and pricing. In the U.S. the company holds permits from agencies including the Alcohol and Tobacco Tax and Trade Bureau. Excise taxes are shown as a reduction of sales.

Its people

Of the approximately 16,200 employees, approximately 9,900 work in the Americas segment and approximately 6,300 in EMEA&APAC. Major employee centers are in the U.S., Canada, the U.K. and Romania. Approximately 700 employees work in the Global Business Services Centers in Milwaukee, Wisconsin and Bucharest, Romania. Trade unions or councils represent approximately 27% of the Americas workforce and approximately 25% of the EMEA&APAC workforce. Rahul Goyal became President and Chief Executive Officer effective 1 October 2025.

*From Molson Coors's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/24545/000002454526000006/tap-20251231.htm)*

From the company's 10-K.