Company Reports

Molson Coors owns well-known beer brands such as Miller, Coors, and Blue Moon in North America, and Carling in the UK. However, sizable exposure to the shrinking midrange and economy beer segments has led to sluggish volumes in past years. According to Euromonitor, the North American domestic midrange beer market shrank by 35% in volume and 13% in value from 2015 to 2025. In the midrange North American beer market, Molson and wide-moat AB InBev run a duopoly, controlling around 97% market share, according to Euromonitor.

Molson Coors’ second-quarter 2026 results included a year-over-year 3.6% decline in revenue and a 27.8% decline in income before taxes, both in constant currency. Earnings per share decreased 22.9%. Shares rose 1% intraday on Aug. 6.

Molson Coors owns well-known beer brands such as Miller, Coors, and Blue Moon in North America, and Carling in the UK. However, sizable exposure to the shrinking midrange and economy beer segments has led to sluggish volumes in past years. According to Euromonitor, the North American domestic midrange beer market shrank by 35% in volume and 13% in value from 2015 to 2025. In the midrange North American beer market, Molson and wide-moat AB InBev run a duopoly, controlling around 97% market share, according to Euromonitor.

Molson Coors owns well-known beer brands such as Miller, Coors, and Blue Moon in North America, and Carling in the UK. However, sizable exposure to the shrinking midrange and economy beer segments has led to sluggish volumes in past years. According to Euromonitor, the North American domestic midrange beer market shrank by 35% in volume and 13% in value from 2015 to 2025. In the midrange North American beer market, Molson and wide-moat AB InBev run a duopoly, controlling around 97% market share, according to Euromonitor.

Molson Coors’ first-quarter 2026 results included 0.1% net revenue increase in constant currency, with a 2.9% financial volume decline. Underlying earnings per share increased 24% to $0.62. Shares were flat as of the market open on April 30.

Molson Coors owns well-known beer brands such as Miller, Coors, and Blue Moon in North America, and Carling in the UK. However, sizable exposure to the shrinking midrange and economy beer segments has led to sluggish volumes in past years. According to Euromonitor, the North American domestic mid-range beer market shrank by 35% in volume and 13% in value from 2015 to 2025. In the mid-range North American beer market, Molson and wide-moat AB InBev run a duopoly, controlling around 97% market share, according to Euromonitor.

Molson Coors’ fourth-quarter 2025 results included a 4.0% net revenue decline at constant exchange rates, with a 7.7% financial volume decline, below consensus. Underlying earnings per share declined 6.9%. After-hours shares fell around 6%.

Molson Coors owns well-known beer brands such as Miller, Coors, and Blue Moon in North America, and Carling in the UK. However, sizable exposure to the shrinking midrange and economy beer segments has led to sluggish volumes in past years. According to Euromonitor, the North American domestic mid-range beer market shrank by 35% in volume and 13% in value from 2015 to 2025. In the mid-range North American beer market, Molson and wide-moat AB InBev run a duopoly, controlling around 97% market share, according to Euromonitor.

We’re transferring coverage of Molson Coors, which ranks as the second-largest beer maker in the US, Canada, and the United Kingdom by both value and volume. The brewer houses well-known brands including Miller, Coors, Blue Moon, and Carling. North America contributes nearly 80% of its revenue.

Molson Coors' sales in constant currency fell 3% in the third quarter on a 5% volume contraction, and adjusted EPS declined 7%. Management now expects full-year results to be at the low end of its 2025 outlook, which includes declines of 3%-4% in sales and 7%-10% in adjusted EPS.

On Sept. 22, Molson Coors' board named longtime company executive Rahul Goyal as CEO, effective Oct. 1. Goyal will succeed Gavin Hattersley, who announced his retirement in April but will stay until the end of the year to assist with the transition.

Molson Coors owns well-known brands such as Miller, Coors, and Blue Moon in North America and Carling in the UK. However, sizable exposure to the secularly challenged midrange and economy beer segments has led to sluggish volumes in past years. This is preventing the firm from maintaining brand-driven intangible assets that would underpin a durable competitive edge. Furthermore, the firm has had limited success thus far in parlaying its legacy brands into higher-end beer, which is more conducive to brand prowess. As such, we don’t believe it has carved out an economic moat.

Molson Coors had a 3% drop in sales in constant currency and a 2% decrease in adjusted operating profit for the second quarter. The company has lowered its expectations for the year, predicting a 3%-4% decline in sales and a 7%-10% drop in adjusted EPS, compared with earlier forecasts of low growth.

Molson Coors owns well-known brands such as Miller, Coors, and Blue Moon in North America and Carling in the UK. However, sizable exposure to the secularly challenged midrange and economy beer segments has resulted in weak volumes in past years. This is preventing the firm from maintaining brand-driven intangible assets that would underpin a durable competitive edge. Furthermore, the firm has had limited success thus far in parlaying its legacy brands into higher-end beer, which is more conducive to brand prowess. As such, we don’t believe it has carved out an economic moat.

Molson Coors’ sales fell 11% on 14% lower volumes in the first quarter and adjusted EPS dropped 47%. The firm cut 2025 guidance, now calling for a low-single-digit sales drop (versus growth at a similar percentage prior) and low-single-digit growth in adjusted EPS (high-single-digits).

Gavin Hattersley, CEO of no-moat brewer Molson Coors, has announced plans to retire from his executive and board positions in December 2025. The board is launching a search to screen internal and external candidates for his replacement.

Molson Coors owns well-known brands such as Miller, Coors, and Blue Moon in North America and Carling in the UK. However, sizable exposure to the secularly challenged midrange and economy beer segments has resulted in weak volumes in past years. This is preventing the firm from maintaining brand-driven intangible assets that would underpin a durable competitive edge. Furthermore, the firm has had limited success thus far in parlaying its legacy brands into higher-end beer, which is more conducive to brand prowess. As such, we don’t believe it has carved out an economic moat.

Molson Coors owns well-known brands such as Miller, Coors, and Blue Moon in North America and Carling in the UK. However, sizable exposure to the secularly challenged midrange and economy beer segments has resulted in falling volume and less relevance. This is preventing the firm from maintaining brand-driven intangible assets that would underpin a durable competitive edge. Furthermore, the firm has had limited success thus far in parlaying its legacy brands into higher-end beer, which is more conducive to brand prowess. As such, we don’t believe it has carved out an economic moat.

We plan to maintain our $65 fair value estimate for no-moat Molson Coors after digesting its 2024 results and 2025 outlook. Revenue fell 0.6% on weak volumes, but adjusted EPS rose 10% thanks to tight expense control and accelerated share buybacks. For 2025, we plan to keep our 1% sales growth forecast, which aligns with the low-single-digit growth forecast in management’s outlook, as we expect price increases to more than offset soft volumes. Our adjusted EPS of $5.85 will likely go up by a mid-single-digit percentage as we incorporate deeper cost reduction and a lower share base compared with our prior estimates. Shares rose 5% after the report but remain attractive at a 14% discount to our intrinsic valuation.

We plan to cut our $65 fair value estimate for no-moat Molson Coors by a low-single-digit percentage after absorbing weak third-quarter results. Sales slumped 8% on a 16% US volume contraction, while adjusted net profit fell 10% on expense deleverage. As the brewer’s flat sales in the first nine months track behind our 1% projection for the full year, and US performance is not likely to pick up in the fourth quarter, we plan to cut our 2024 forecasts for sales growth to negative 1% and for adjusted earnings per share to low-single-digit growth (from 4%). Our 10-year projections for 1% annual sales growth and 13% operating margin remain in place. The shares would still appear undervalued after our intended fair value estimate cut.