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Molson Coors Beverage Company Reports 2025 Fourth Quarter and Full Year Results

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  • Molson Coors reported 2025 Q4 net sales of $2,662.4 million (down 2.7% reported, 4.0% constant currency) & full-year net sales of $11,140.8 million (down 4.2% reported, 4.8% constant currency).
  • 2025 Q4 U.S. GAAP income before taxes was $266.3 million (down 23.1%), while full-year U.S. GAAP loss before taxes was $2,518.0 million due to a $3,645.7 million goodwill impairment & $273.9 million intangible asset impairment charges.
  • Underlying (Non-GAAP) 2025 Q4 income before taxes was $296.8 million (down 13.8% constant currency), & full-year underlying income was $1,385.4 million (down 14.7% constant currency).
  • Full-year U.S. GAAP net loss attributable to MCBC was $2,139.6 million ($10.75 loss per share), while underlying diluted earnings per share were $5.42 (down 9.1%).
  • Americas segment reported 2025 Q4 net sales of $2,066.2 million (down 5.0%) & a U.S. GAAP loss before taxes of $2,343.6 million for the full year.
  • EMEA&APAC segment reported 2025 Q4 net sales of $603.5 million (up 6.1% reported, up 0.1% constant currency) & underlying income before taxes of $54.8 million (up 114.5% constant currency).
  • Financial volume declined 7.7% in Q4 & 8.6% for the full year, driven by lower shipments in Americas & EMEA&APAC segments.
  • Cost of goods sold per hectoliter increased due to premiumization, volume deleverage, & inflation including ~$20 million Midwest Premium pricing impact in Q4 & ~$35 million for the full year.
  • Marketing, general & administrative expenses decreased 6.0% in Q4 & 2.7% for the full year, primarily due to lower incentive compensation & cost savings.
  • Net cash provided by operating activities was $1,784.4 million for 2025, while underlying free cash flow was $1,141.4 million.
  • Net debt as of December 31, 2025, was $5,403.0 million with a net debt to underlying EBITDA ratio of 2.33x.
  • The company paid $376.3 million in dividends & $647.9 million for share repurchases during 2025.
  • On February 9, 2026, the Board approved an increase to the Class B stock repurchase program by $2.0 billion for an aggregate authorization of up to $4.0 billion.
  • 2026 outlook projects flat net sales (plus or minus 1% constant currency) & underlying income before taxes decline of 15% to 18%.
  • On February 18, 2026, the Board declared a quarterly dividend of $0.48 per share & announced a three-year cost savings program targeting up to $450 million.