Molson Coors

Molson Coors Beverage Company is one of the largest beer companies in the world, based in Golden, Colorado, and Montréal, Québec. Its core brands include Coors Light, Miller Lite, Coors Banquet, Molson Canadian, Carling and Ožujsko, and its above premium brands include Madrí Excepcional, Staropramen and Blue Moon. Its value brands include Miller High Life and Keystone Light. Since 2025, it has had the exclusive rights to make and sell Fever-Tree mixers in the United States, and it holds a minority stake in Fevertree Drinks plc.

On April 1, 2026, it bought Atomic Brands, the maker of Monaco Cocktails, for $275 million. It has two segments: Americas (the United States, Canada and Latin America) and EMEA&APAC (mostly Europe). Net sales were $2.93 billion in Q3 2026.

The market prices Molson Coors for a long decline in beer volumes and for higher costs. In Q3 2026, brand volume fell 4.9%, net sales fell 1.6% and underlying EPS fell 12.6% to $1.46. Fewer young adults drink beer, and customers move to spirits, ready-to-drink cocktails and non-alcoholic drinks. Costs for aluminum, including the Midwest Premium of about $130 million more this year, and for logistics stay high.

In November 2026, Molson Coors cut its 2026 guidance again: it now expects underlying EPS to fall 16% to 19% and underlying free cash flow of about $1.0 billion. For the gap to close, three things must be true. US brand volumes must stop falling faster than the beer market, so that Coors Light and Miller Lite keep their share. Cost savings and price must restore margins in 2027.

The new businesses beyond beer, such as Monaco and Fever-Tree, must grow enough to offset part of the beer decline. Molson Coors keeps underlying free cash flow near $1.0 billion, which pays for dividends and buybacks while it waits. The 2027 outlook with the Q4 2026 report, expected in early February 2027, is the main test. If these checks pass, the gap can close over the next four to six quarters.

The main reason it may not close is a faster structural decline in beer drinking.

1. Nov 5, 2026Failed

   Q3 2026 earnings: volumes and costsA smaller fall in US brand volume and results on track for the 2026 guidance pass; a cut to the guidance or a faster volume decline fails.Outcome: Brand volume fell 4.9%, with 5.3% in the Americas, and Molson Coors cut its 2026 guidance to a fall of 16% to 19% in underlying EPS.
2. Feb 5, 2027 · est.Pending

   2026 results and the 2027 outlookA 2027 outlook with stable or higher underlying earnings passes; guidance for another year of lower earnings fails.

Every passed and failed checkpoint across all picks

• November 5, 2026Molson Coors reported Q3 2026 results. Net sales fell 1.6% to $2.93 billion, and brand volume fell 4.9%, with a 5.3% fall in the Americas. Underlying EPS fell 12.6% to $1.46, and GAAP EPS was $1.45. Molson Coors cut its 2026 guidance to a fall of 1% to 2% in net sales at constant currency, a fall of 16% to 19% in underlying EPS and underlying free cash flow of about $1.0 billion. It said that weak beer demand will continue in Q4 2026 and that logistics costs are higher than it expected.
• October 6, 2026Molson Coors said that it will report Q3 2026 results at about 6:30 a.m. Eastern Time on November 5, 2026.
• August 6, 2026Molson Coors reported Q2 2026 results. Net sales fell 3.3% to $3.10 billion and brand volume fell 4.8%. Underlying EPS fell 22.9% to $1.58, and GAAP EPS was $1.23. Molson Coors kept its 2026 guidance: flat net sales at constant currency, underlying EPS down 11% to 15% and underlying free cash flow of about $1.1 billion. After the quarter, it repaid its $2.0 billion of 3.0% senior notes.

Last earnings

November 5, 2026 (8-K on sec.gov)

Next earnings

Expected about February 5, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Sep 30, 2026Filed November 5, 2026 · tap-20260930
• 8-KEarnings releaseFiled November 5, 2026 · Press release and exhibits
• 10-QQuarterly report for the period ended Jun 30, 2026Filed August 6, 2026 · tap-20260630
• 8-KEarnings releaseFiled August 6, 2026 · Press release and exhibits
• 8-KChange of directors or officersFiled June 24, 2026 · Read it on sec.gov
• 8-KNew material agreement and New debt or financial obligationFiled May 27, 2026 · Read it on sec.gov
• 8-KOther company newsFiled May 22, 2026 · Read it on sec.gov
• 8-KShareholder vote resultsFiled May 8, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Mar 31, 2026Filed April 30, 2026 · tap-20260331
• 8-KEarnings releaseFiled April 30, 2026 · Press release and exhibits

Every filing on SEC EDGAR (CIK 24545)

• Beer volumes in the United States, Canada and Europe are falling as customers drink less or move to other drinks. Brand volume fell 4.9% in Q3 2026, and a faster decline would lower sales and margins.
• Costs for aluminum cans, including the US Midwest Premium, and for other materials and logistics can stay high. Molson Coors may not raise prices enough to cover them.
• Anheuser-Busch, Constellation Brands and craft and spirits makers compete for the same customers and shelf space. Share losses in core brands would lower profit.
• New businesses beyond beer, such as Monaco and Fever-Tree, are small. They may not grow enough to offset the decline in beer.

At September 30, 2026, Molson Coors had total debt of $6.00 billion and cash and cash equivalents of $602 million, so net debt was $5.39 billion. Net debt was 2.53 times underlying EBITDA, compared with 2.28 times a year earlier. Read more

Yield at the current rate

4.8% (current annual rate, at today’s price)

Dividend yield

4.8% (last 12 months, at today’s price of $39.69)

Paid per share

$1.91 in the last 12 months (4 payments)

Current annual rate

$1.92 ($0.48 × 4 a year)

Latest ex-dividend date

August 28, 2026, $0.48 per share

Dividends per share by year

From 2020 to 2025, the dividend grew by about 27.0% a year. From 2015 to 2025, the dividend grew by about 1.4% a year.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.