Molson Coors Q2 2026: net sales down 3.3%, guidance reaffirmed
Molson Coors sold 5.4% less beer this quarter, and the profit drop was steeper than the sales drop: net sales fell 3.3% to $3.10 billion while GAAP EPS fell 42.3% to $1.23. The offset is that underlying EPS of $1.58 topped the $1.5229 consensus and management reaffirmed full-year guidance, so the story is cost and volume pressure rather than a broken thesis.
1 · Expected vs. Actual
Free preview belowGAAP EPS fell 42.3% to $1.23 as net income attributable to MCBC dropped to $231.7 million from $428.7 million. Underlying EPS was $1.58, down 22.9% year over year but still above the $1.5229 consensus estimate. The gap between the two measures is largely $98.0 million of unrealized mark-to-market commodity derivative losses; the roughly $40 million Midwest Premium hit sits in both GAAP and underlying results.
Net sales were $3.10 billion, down 3.3% from $3.20 billion a year ago and 3.6% lower in constant currency. Volume did the damage: financial volume fell 5.4%, while price and sales mix added 1.8% and currency added 0.3%. Be careful with the top line — the income statement's $3.60 billion sales figure includes $507.9 million of excise taxes, and the Americas ($2.40 billion) plus EMEA&APAC ($700.8 million) less $6.7 million of unallocated and eliminations reconciles to the $3.10 billion net sales number to compare against.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-17
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