Molson Coors (TAP) reported net income of US$ 271.5 million in the third quarter of 2026, compared with a net loss of US$ 2,927.6 million in the same period of 2025. Diluted earnings per share (EPS) were US$ 1.45. The turnaround was mainly due to the fact that the 2025 result included a partial goodwill impairment of US$ 3,645.7 million in the Americas unit and intangible asset impairments of US$ 273.9 million.
Net revenue totaled US$ 2.9 billion (US$ 2,926.5 million), down 1.6% (1.2% in constant currency). Financial volume fell 3.0% and brand volume declined 4.9%. Price and sales mix contributed positively, at 1.8%.
Adjusted (non-GAAP, excluding items the company considers non-recurring) income before income taxes was US$ 349.0 million, down 17.4% in constant currency. Adjusted net income was US$ 272.2 million, and adjusted EPS came in at US$ 1.46, down 12.6%. The company cited inflation in materials, logistics and production costs, including approximately US$ 30 million from the Midwest premium, in addition to lower volume.
In the nine months, adjusted free cash flow was US$ 852.0 million, up US$ 69.9 million. Total debt was US$ 5,995.8 million and net debt was US$ 5,393.6 million, equivalent to 2.53 times adjusted EBITDA (earnings before interest, taxes, depreciation and amortization), compared with 2.28 times a year earlier. The company paid US$ 273.1 million in dividends and US$ 254.9 million in share buybacks during the period.
Molson Coors lowered its 2026 guidance: revenue down 1% to 2% in constant currency (previously flat, plus or minus 1 percentage point); adjusted income before taxes down 21% to 24% (previously 15% to 18%); adjusted EPS down 16% to 19% (previously 11% to 15%); and adjusted free cash flow of US$ 1.0 billion, plus or minus 10% (previously US$ 1.1 billion).
