Earnings Releases·Nov 5, 2026, 6:33 AM ET

Molson Coors Beverage Company — Third Quarter 2026 Earnings Summary

**Financial Performance:** U.S. GAAP net income improved to $271.5 million ($1.45/share) from a $2.9 billion loss in the prior year, driven by a $3.6 billion non-cash goodwill impairment in the prior period; however, underlying (Non-GAAP) income before taxes and diluted EPS declined 17.4% and 12.6% respectively in constant currency, while net sales fell 1.6% reported due to volume declines and elevated material/logistics costs.
**Guidance Revisions:** The company lowered full-year 2026 outlooks, adjusting net sales guidance to a 1–2% decline (previously flat), underlying income before taxes to a 21–24% decline (previously 15–18%), and underlying EPS to a 16–19% decline (previously 11–15%), citing persistent industry softness and higher costs.
**Capital Returns & Balance Sheet:** Underlying free cash flow for the nine months ended September 30, 2026, was $852.0 million, with $254.9 million utilized for share repurchases and $273.1 million for dividends; net debt increased to $5,393.6 million, raising the net debt to underlying EBITDA ratio to 2.53x from 2.28x.
**Strategic Outlook:** Management continues executing the Horizon 2030 strategy involving portfolio transformation and restructuring, including brewery closures and supply chain optimization, while noting that commodity and logistics costs are expected to remain elevated with the Midwest Premium impact exceeding the prior year by approximately $130 million for the full year.