Molson Coors Beverage Company reported a 1.6% decline in net sales for the second quarter of 2025, with U.S. GAAP income before income taxes down 0.9% to $554.9 million. 

Underlying income before income taxes fell 0.8% in constant currency, while underlying diluted EPS rose 6.8% to $2.05.

Citing softer U.S. market share performance, macroeconomic pressures, and higher aluminium tariff impacts, the company revised its full-year guidance. 

Net sales are now expected to decline 3–4% in constant currency, with underlying income before income taxes projected to drop 12–15%. Free cash flow guidance remains unchanged at $1.3 billion, plus or minus 10%.

Gavin Hattersley, President and Chief Executive Officer, said: “We continue to view the incremental softness in the industry performance this year as cyclical, and we continue to believe in Molson Coors’ ability to achieve its long-term growth objectives. 

“That said, our second quarter financial results were impacted by the macroeconomic environment and its broad effects on the beer industry and consumer, our softer U.S. share performance, as well as the resulting impact of volume deleverage. 

“Additionally, in the quarter we experienced expected headwinds primarily from the discontinuation of our contract brewing arrangements in the Americas at the end of 2024. This was all partially offset by strong price and mix growth across both business units, favourable timing of US shipments and lower MG&A largely due to reduced incentive compensation and the timing of marketing spend. 

“As a result of the anticipated ongoing macroeconomic impacts on the industry, our lower-than-expected U.S. share performance, and higher-than-expected indirect tariff impacts on the pricing of aluminium, in particular the Midwest Premium pricing, we have adjusted our 2025 full year top and bottom-line guidance. 

“However, we are reaffirming our annual underlying free cash flow guidance of $1.3 billion plus or minus 10% due to expected higher cash tax benefits and favourable working capital. While navigating these macroeconomic pressures, we have continued to execute our Acceleration Plan and prudently invest behind our business and our brands to support long-term profitable growth. 

“Collectively, we have held most of the share gains over the last three years for our core U.S. power brands – Coors Light, Miller Lite, and Coors Banquet. We remain committed to our premiumisation plans: in EMEA&APAC behind the strength of Madri, in Canada with continued growth in Miller Lite and our flavour portfolio, and in the U.S. with Peroni and our partnership with Fever-Tree as well as continued focus against Blue Moon.” 

Tracey Joubert, Chief Financial Officer, added: “We are pleased with the strength of our balance sheet and cash generation, which is particularly important during a challenging macroeconomic environment. 

“It has allowed us to continue to execute our strategic growth initiatives as well as return $500 million to shareholders for the first half of the year through a competitive dividend and accelerated pace of share repurchases. We are committed to protecting and growing our underlying free cash flow while making prudent capital allocation decisions that support the long-term health of our business and brands and returning even more cash to shareholders.”