Molson Coors sees FY26 underlying EPS decline 11%-15% vs. FY25

The company said, “We continue to expect to achieve the following targets for full year 2026 despite the inherent uncertainties that exist with inflationary commodity cost pressures and uncertainty in the global macroeconomic environment. Net sales: flat, plus or minus 1% versus 2025 on a constant currency basis. Underlying income before income taxes: decline in the range of 15% to 18% versus 2025 on a constant currency basis. Underlying earnings per share: decline in the range of 11% to 15% versus 2025. Capital expenditures: $650M incurred, plus or minus 5%. Underlying free cash flow: $1.1B, plus or minus 10%. Underlying depreciation and amortization: $720M, plus or minus 5%. Consolidated net interest expense: $260M, plus or minus 5%. Underlying effective tax rate: in the range of 22% to 24% for 2026. The Company’s outlook includes the following considerations: In the second quarter, U.S. financial volumes are expected to be between 6% and 9% lower than 2025, trailing anticipated brand volume trends. Financial volumes are expected to outpace brand volumes in the second half of the year. In COGS, the cost of Midwest Premium is expected to be inflationary in each quarter of the year, with the largest increase currently expected in the second quarter. MG&A expenses are expected to increase compared to 2025 during the second through fourth quarters, driven by higher incentive compensation expenses with the most significant increase expected in the second quarter.”