Q3 25 EPS
$1.67
MISS 1.47%
Est. $1.70
Q3 25 Revenue
$2.97B
MISS 1.15%
Est. $3.01B
vs S&P Since Q3 25
-16.4%
TRAILING MARKET
TAP -6.6% vs S&P +9.7%
Market Reaction
Did TAP Beat Earnings? Q3 2025 Results
Molson Coors delivered a disappointing third quarter, missing on both the top and bottom lines as volume declines and a staggering goodwill impairment charge cast a shadow over the brewer's results. On an underlying basis, the company posted diluted … Read more Molson Coors delivered a disappointing third quarter, missing on both the top and bottom lines as volume declines and a staggering goodwill impairment charge cast a shadow over the brewer's results. On an underlying basis, the company posted diluted EPS of $1.67, falling short of the $1.70 consensus estimate by 1.47%, while net sales of $2.97 billion trailed the $3.01 billion forecast by 1.15% and slipped 2.3% from a year ago. The more dramatic headline, however, was a $3.65 billion non-cash goodwill impairment charge on its Americas unit, which drove a GAAP net loss of $2.93 billion, or $14.79 per diluted share. Volume was the core operational wound, with financial volumes falling 6.0% and consolidated brand volume down 4.5%, pressured by macroeconomic softness and competitive headwinds across both Americas and EMEA&APAC. Incoming CEO Rahul Goyal moved quickly, announcing plans to eliminate roughly 400 salaried positions in the Americas. The company reaffirmed full-year 2025 guidance but now expects results at the low end of all ranges, including an underlying diluted EPS decline of 7% to 10%.
Key Takeaways
- • Lower financial volume driven by challenging industry conditions and increased competition
- • Favorable price and sales mix of 2.7% partially offsetting volume declines
- • Cost inflation related to materials and manufacturing expenses
- • Exit of contract brewing arrangements in U.S. and Canada at end of 2024 creating approximately 3% impact on Americas financial volume
- • Lower incentive compensation expense offsetting some cost pressures
- • U.S. brand volume decreased 4.9% due to macroeconomic-driven industry softness and lower share performance
- • Cost savings initiatives partially offsetting cost inflation
TAP YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
TAP Revenue by Segment
With YoY comparisons, source: SEC Filings
TAP Revenue by Geography
With YoY comparisons, source: SEC Filings
“Our third quarter performance was largely aligned with our expectations for the second half of the year for the industry and our share performance in the U.S. We continue to believe that the incremental softness in the industry this year is cyclical. And we believe we are well positioned with a healthy balance sheet, strong free cash flow, and great brands that serve a wide range of consumer occasions and preferences to help us navigate these near-term macroeconomic headwinds while investing in our business to support long-term growth.”
— Rahul Goyal, Q3 2025 Earnings Press Release
TAP Earnings Trends
TAP vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
TAP EPS Trend
Earnings per share: estimate vs actual
TAP Revenue Trend
Quarterly revenue: estimate vs actual
TAP Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $0.36 | $0.62 | +71.08% | $2.35B | +1.08% |
| Q4 25 BEAT FY | $1.15 | $1.21 | +4.94% | $2.66B | -1.73% |
| FY Full Year | $5.37 | $5.42 | +0.98% | $11.14B | -0.35% |
| Q3 25 MISS | $1.70 | $1.67 | -1.47% | $2.97B | -1.15% |
| Q2 25 BEAT | $1.81 | $2.05 | +13.10% | $3.20B | +3.93% |
| Q1 25 MISS | $0.80 | $0.50 | -37.23% | $2.30B | -3.76% |