Q1 26 EPS
$0.62
BEAT +71.08%
Est. $0.36
Q1 26 Revenue
$2.35B
BEAT +1.08%
Est. $2.33B
vs S&P Since Q1 26
-14.7%
TRAILING MARKET
TAP -11.5% vs S&P +3.1%
Market Reaction
Did TAP Beat Earnings? Q1 2026 Results
Molson Coors Beverage Co. Posted a solid if measured first quarter for fiscal 2026, with revenue of $2.35 billion edging past the consensus estimate of $2.33 billion and rising 2.0% year over year, while non-GAAP diluted EPS of $0.62 climbed 24.0% fr… Read more Molson Coors Beverage Co. Posted a solid if measured first quarter for fiscal 2026, with revenue of $2.35 billion edging past the consensus estimate of $2.33 billion and rising 2.0% year over year, while non-GAAP diluted EPS of $0.62 climbed 24.0% from the prior-year period. The key driver behind the earnings improvement was a combination of $70.50 million in favorable unrealized mark-to-market commodity derivative gains and a 6.6% reduction in MG&A expenses, as the company cycled roughly $30.00 million in prior-year Fevertree integration costs and realized savings from its Americas Restructuring Plan. Those tailwinds helped lift GAAP net income attributable to the company 25.0% to $151.30 million, even as COGS per hectoliter rose 3.0% and aluminum surcharges added approximately $30.00 million in cost pressure. Looking ahead, management reaffirmed full-year 2026 guidance calling for constant currency net sales to be flat, plus or minus 1%, and underlying free cash flow of approximately $1.10 billion, though underlying EPS is expected to decline 11% to 15% for the year.
Key Takeaways
- • Favorable price and sales mix of 3.0% driven by premiumization in both Americas and EMEA&APAC segments
- • Increased net pricing in the Americas segment
- • MG&A decreased 6.6% due to cycling of Fevertree integration fees and Americas Restructuring Plan savings
- • Favorable unrealized mark-to-market commodity derivative positions of $70.5 million
- • Favorable foreign currency impacts of $45.2 million on net sales
- • Share repurchases reducing weighted-average diluted shares outstanding
TAP Forward Guidance & Outlook
Molson Coors reaffirmed full-year 2026 guidance: constant currency net sales flat plus or minus 1% vs. 2025; underlying income before income taxes decline of 15% to 18% in constant currency; underlying EPS decline of 11% to 15%; capital expenditures of approximately $650 million (plus or minus 5%); underlying free cash flow of approximately $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%); and underlying effective tax rate of 22% to 24%. In Q2, U.S. financial volumes are expected to be 6% to 9% below 2025. Midwest Premium costs are expected to be inflationary each quarter with the largest increase in Q2. MG&A expenses are expected to increase in Q2-Q4 due to higher incentive compensation, with the most significant increase in Q2.
TAP YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
TAP Revenue by Segment
With YoY comparisons, source: SEC Filings
TAP Revenue by Geography
With YoY comparisons, source: SEC Filings
“We delivered a solid start to the year while executing our strategy in a dynamic external environment with limited near-term visibility. Under Horizon 2030, we said we'd take decisive action to strengthen our business, and we did just that in the first quarter, announcing the acquisition of Monaco Cocktails, closing a key portfolio gap through a disciplined approach and expanding our share-repurchase program to reinforce confidence in our long-term value. As we head into summer, we recognize the external environment remains fluid and plan to approach the season's most important occasions with scale and impact across our global portfolio, while continuing to focus on returning Molson Coors to sustained growth.”
— Rahul Goyal, Q1 2026 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% |