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Dec 31, 2025
Molson Coors Q4 2025 Earnings Report
Molson Coors reported a decrease in net sales and income before income taxes for the fourth quarter and full year 2025, primarily due to lower financial volume and cost inflation, partially offset by favorable pricing and sales mix.
Key Takeaways
Molson Coors Beverage Company experienced a challenging fourth quarter and full year in 2025, with net sales decreasing by 2.7% and 4.2% respectively. U.S. GAAP income before income taxes saw a significant decline of 23.1% for the quarter and a loss for the full year, largely impacted by a substantial goodwill impairment charge. Despite these challenges, the company maintained strong cash generation and returned capital to shareholders.
Net sales decreased 2.7% reported and 4.0% in constant currency for Q4 2025.
U.S. GAAP income before income taxes decreased 23.1% to $266.3 million for Q4 2025.
Underlying (Non-GAAP) diluted income per share decreased 6.9% to $1.21 for Q4 2025.
Full year 2025 U.S. GAAP loss before income taxes was $2,518.0 million, primarily due to a $3,645.7 million goodwill impairment charge.
Revenue by Segment
Forward Guidance
Molson Coors expects flat to slightly negative net sales in 2026 on a constant currency basis, with a decline in underlying income before income taxes and earnings per share. The company anticipates continued inflationary commodity cost pressures and a softer beer industry.
Positive Outlook
- Net sales expected to be flat, plus or minus 1% versus 2025 on a constant currency basis.
- Underlying free cash flow projected at $1.1 billion, plus or minus 10%.
- Underlying depreciation and amortization expected to be $720 million, plus or minus 5%.
- Consolidated net interest expense projected at $260 million, plus or minus 5%.
- Underlying effective tax rate expected in the range of 22% to 24% for 2026.
Challenges Ahead
- Underlying income (loss) before income taxes expected to decline in the range of 15% to 18% versus 2025 on a constant currency basis.
- Underlying earnings per share expected to decline in the range of 11% to 15% versus 2025.
- Inherent uncertainties exist with inflationary commodity cost pressures.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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