The earnings call reflected a challenging environment with reduced guidance due to macroeconomic factors impacting the U.S. beer market, increased costs, and volume deleverage. However, there were positive aspects such as strong brand performance in core segments, growth in non-alcoholic and premium categories, and a robust share repurchase program.

Company Guidance

During the second quarter earnings call for Molson Coors Beverage Company, guidance for fiscal year 2025 was adjusted due to several factors impacting performance. The company's net sales revenue is now expected to decline by 3% to 4% on a constant currency basis, compared to a previously forecasted low single-digit decline. This revised outlook assumes a 4% to 6% decline in U.S. industry volume for the second half of the year. Underlying pretax income is projected to fall by 12% to 15%, a sharper decline than the initially anticipated low single-digit drop. The revision is attributed to unexpected macroeconomic challenges, including a 180% spike in Midwest Premium aluminum costs, geopolitical uncertainties, and persistent low consumer sentiment, particularly affecting lower-income and Hispanic consumers. Despite these headwinds, Molson Coors reaffirmed its underlying free cash flow guidance at $1.3 billion, plus or minus 10%, citing favorable working capital and cash tax benefits as offsets. Additionally, the company has been actively executing its share repurchase program, utilizing 55% of its $2 billion plan in under two years, and has maintained strong cash generation and balance sheet health to support brand investments and shareholder returns.

Core Power Brands Retain Market Share

Coors Light, Miller Lite, and Coors Banquet maintained unprecedented shelf space gains from spring 2024, commanding a 15.2% volume share of the U.S. industry for the first half of the year, up from 13.4% three years ago.

Non-Alcoholic and Premium Segment Growth

Fever-Tree became the highest NSR per hectoliter brand aside from full-strength spirits, with the potential for significant growth in the U.S. leveraging Molson Coors' distribution network. Peroni showed positive results with double-digit volume growth in the last 13 weeks through July 27.

Share Repurchase Program

Molson Coors executed its share repurchase program well ahead of expectations. They have utilized almost 55% of a $2 billion plan in under two years, surpassing the expected 35% utilization.

Strong Balance Sheet and Cash Generation

The company reaffirmed its underlying free cash flow guidance of $1.3 billion, plus or minus 10%, with higher cash tax benefits and favorable working capital offsetting other financial declines.

Molson Coors (TAP) Earnings, Revenues Date & History

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TAP Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 29, 2025	2025 (Q3)	1.73 / -	1.8	―	―	―
Aug 05, 2025	2025 (Q2)	1.82 / 2.05	1.92	6.77% (+0.13)
May 08, 2025	2025 (Q1)	0.78 / 0.50	0.95	-47.37% (-0.45)
Feb 13, 2025	2024 (Q4)	1.13 / 1.30	1.19	9.24% (+0.11)
Nov 07, 2024	2024 (Q3)	1.67 / 1.80	1.92	-6.25% (-0.12)
Aug 06, 2024	2024 (Q2)	1.70 / 1.92	1.78	7.87% (+0.14)
Apr 30, 2024	2024 (Q1)	0.74 / 0.95	0.54	75.93% (+0.41)
Feb 13, 2024	2023 (Q4)	1.12 / 1.19	1.3	-8.46% (-0.11)
Nov 02, 2023	2023 (Q3)	1.56 / 1.92	1.32	45.45% (+0.60)
Aug 01, 2023	2023 (Q2)	1.64 / 1.78	1.19	49.58% (+0.59)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

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Missed

TAP Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Aug 05, 2025	$48.61	$49.22	+1.25%
May 08, 2025	$56.32	$53.77	-4.53%
Feb 13, 2025	$52.56	$57.57	+9.53%
Nov 07, 2024	$55.18	$55.39	+0.38%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.