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

GOLDEN, Colorado. & MONTRÉAL–(BUSINESS WIRE)– Molson Coors Beverage Company (“MCBC,” “Molson Coors” or “the Company”) (NYSE: TAP, TAP.A; TSX: TPX.A, TPX.B) today reported results for the 2025 fourth quarter and full year.

2025 FOURTH QUARTER FINANCIAL HIGHLIGHTS¹
Net sales decreased 2.7% reported and 4.0% in constant currency.
U.S. GAAP income before income taxes decreased 23.1% to $266.3 million.
Underlying (Non-GAAP) income before income taxes was $296.8 million, a decrease of 13.8% in constant currency.
U.S. GAAP net income attributable to MCBC of $238.3 million, $1.22 income per share on a diluted basis. Underlying (Non-GAAP) diluted income per share of $1.21 decreased 6.9%.

2025 FULL YEAR FINANCIAL HIGHLIGHTS¹
Net sales decreased 4.2% reported and 4.8% in constant currency.
U.S. GAAP loss before income taxes of $2,518.0 million decreased $4,021.0 million from income before income taxes in the prior year largely driven by a $3,645.7 million non-cash partial goodwill impairment charge as well as $273.9 million non-cash intangible asset impairment charges recorded in the third quarter of 2025.

Underlying (Non-GAAP) income before income taxes was $1,385.4 million, a decrease of 14.7% in constant currency.
U.S. GAAP net loss attributable to MCBC of $2,139.6 million, $10.75 loss per share on a diluted basis. Underlying (Non-GAAP) diluted income per share of $5.42 decreased 9.1%.

Net cash provided by operating activities of $1,784.4 million and Underlying (Non-GAAP) Free Cash Flow of $1,141.4 million.

¹
See Appendix for definitions and reconciliations of non-GAAP financial measures including constant currency.
CEO AND CFO PERSPECTIVES

Rahul Goyal, President and Chief Executive Officer Statement:

“Despite a number of macroeconomic issues impacting our industry and our category, we navigated a tough year to protect and deliver on our revised bottom-line expectations while narrowly missing our top-line guidance. We have a solid platform with our brands, infrastructure and people, and a strong balance sheet to weather this macro volatility. We made the necessary difficult decisions in our business to course correct and set ourselves up for the future. Our iconic brands resonate with consumers, and we are excited about our plans to unite people around our portfolio.”

Tracey Joubert, Chief Financial Officer Statement:

“We are proud of our resilience and the financial discipline we delivered amidst a tough 2025 macro environment, with challenging industry dynamics and rising commodity input costs pressuring our bottom-line results. While we expect our top-line trends to improve in 2026, we expect commodity inflation in particular to be a meaningful headwind in 2026, which we do not believe is reflective of longer-term performance. Our balance sheet remains strong, with our net debt to underlying EBITDA ratio below our target of 2.5 times. Our solid cash generation has allowed us to return cash to shareholders via a growing dividend and share repurchase program, while investing in our brands and capabilities to position us well for future growth.”

Full Financial Statements are HERE