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Molson Coors

Molson Coors (TAP) Q2 2026 Earnings

Reported Aug 6, 2026 at 6:34 AM ET · SEC Source

Q2 26 EPS Adjusted

$1.58

BEAT +4.39%

Est. $1.51

Q2 26 Revenue

$3.10B

BEAT +0.21%

Est. $3.09B

vs S&P Since Q2 26

+2.2%

BEATING MARKET

TAP +2.8% vs S&P +0.6%

Market Reaction

Did TAP Beat Earnings? Q2 2026 Results

Molson Coors Beverage edged past Wall Street expectations in Q2 2026, but the headline beat masked a quarter defined by volume pressure and rising costs. The company posted adjusted diluted EPS of $1.58, ahead of the $1.51 consensus by 4.39%, while c… Read more Molson Coors Beverage edged past Wall Street expectations in Q2 2026, but the headline beat masked a quarter defined by volume pressure and rising costs. The company posted adjusted diluted EPS of $1.58, ahead of the $1.51 consensus by 4.39%, while consolidated net sales of $3.10 billion topped estimates by 0.21%, though that figure still represented a 3.3% decline from a year ago. The steepest drag came from a 5.4% drop in financial volume across both operating segments, compounded by a 12.1% rise in COGS per hectoliter, with roughly $40 million tied to elevated Midwest Premium pricing alone. The Americas segment bore the brunt, with net sales falling 4.1% to $2.40 billion, while EMEA&APAC held relatively steady at $700.80 million, aided by currency tailwinds. Underlying EBITDA contracted to $624.60 million from $763.90 million a year prior. With some analysts viewing the stock as potentially undervalued following the results, management reaffirmed full-year guidance calling for constant currency net sales flat within one percent and underlying free cash flow of approximately $1.10 billion.

Key Takeaways

  • • Financial volume declined 5.4% due to lower shipments in both Americas and EMEA&APAC
  • • Price and sales mix favorably impacted net sales by 1.8% driven by increased net pricing and premiumization
  • • COGS per hectoliter increased 12.1% driven by $98M unrealized mark-to-market commodity derivative positions, ~$40M Midwest Premium pricing impact, and cost inflation
  • • MG&A increased 3.7% due to cycling lower prior-year incentive compensation and ERP system implementation costs
  • • Coors Banquet and Peroni continue to perform well
  • • Monaco Cocktails delivered strong performance in its first quarter as part of Molson Coors
  • • EMEA&APAC volume pressured by soft U.K. market demand and heightened competitive landscape
  • • Q2 underlying EBITDA declined to $624.6M from $763.9M year-over-year
  • • Six-month underlying free cash flow improved to $513.8M from $293.5M year-over-year driven by higher operating cash flow and lower capex

TAP Forward Guidance & Outlook

Molson Coors reaffirmed full-year 2026 guidance: net sales flat plus or minus 1% vs. 2025 on a constant currency basis; underlying income before income taxes decline of 15% to 18% in constant currency; underlying EPS decline of 11% to 15%; capital expenditures of $650 million plus or minus 5%; underlying free cash flow of $1.1 billion plus or minus 10%; underlying depreciation and amortization of $720 million plus or minus 5%; consolidated net interest expense of $260 million plus or minus 5%; underlying effective tax rate of 22% to 24%. U.S. financial volumes are expected to slightly outpace brand volumes in H2. Commodity and logistics costs expected to remain elevated, with Midwest Premium impact expected to exceed approximately $130 million for the full year. MG&A expenses are expected to decline in H2 vs. prior year.

24/7 Wall St

TAP YoY Financials

Q2 2026 vs Q2 2025, source: SEC Filings

24/7 Wall St

TAP Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q2 26
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TAP Revenue by Geography

With YoY comparisons, source: SEC Filings

Q1 25 Q2 26

“We made progress on key aspects of the Horizon 2030 strategy in the second quarter as we navigated heightened global macroeconomic headwinds that affected both consumer behavior and key input costs in our business. Coors Banquet and Peroni continue to perform well, and we're focused on improving our overall share performance in this competitive environment through ongoing, disciplined execution. As we lean into emerging consumer tastes in flavor and beyond beer, we're encouraged by Fever-Tree's continued momentum after more than a year of partnership, and Monaco Cocktails delivered strong performance in its first quarter as part of Molson Coors. Our approach for the balance of the year includes prudent investments designed to drive scale and efficiency across our global portfolio while executing against our cost savings plan to mitigate the impacts of persistent macroeconomic volatility.”

— Rahul Goyal, Q2 2026 Earnings Press Release

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