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Edge14 Nov 2025
Ball: The King of Cans
From a 19th-century glass-jar legacy to a global plant network, Ball is now a pure-play aluminum can partner to the world's biggest beverage brands.
Molson Coors Beverage Company (TAP) investor relations material
Molson Coors Beverage Company Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary4 Nov, 2025
Executive summary
Q3 2025 saw net sales decline 2.3%–3.3% year-over-year, with financial and brand volumes down due to industry softness, competitive pressures, and macroeconomic headwinds.
A $3,645.7 million partial goodwill impairment and $273.9 million in intangible asset impairments were recorded, resulting in a $2,927.6 million GAAP net loss for Q3 2025.
CEO transition to Rahul Goyal effective October 1, 2025, and an Americas restructuring plan announced to eliminate ~400 salaried positions, incurring $35–$50 million in charges.
Strategic focus remains on strengthening core, above-premium, and Beyond Beer brands, with capital redeployment and restructuring to drive future growth.
Capital allocation prioritizes reinvestment, maintaining leverage below 2.5x, and returning cash to shareholders through dividends and share repurchases.
Financial highlights
Q3 2025 net sales revenue was $2,973.5 million, down 2.3%–3.3% year-over-year; gross profit was $1,173.5 million, down 2.4%.
Underlying income before income taxes for Q3 was $426.0 million, down 11.9%; underlying diluted EPS was $1.67, down 7.2%.
Financial volume declined 6.0%; brand volume declined 4.5%.
Net loss attributable to shareholders was $2,927.6 million, driven by impairment charges.
Share repurchases totaled $332.8–$334.9 million for the first nine months of 2025.
Outlook and guidance
Full-year 2025 guidance reaffirmed at the low end: net sales revenue expected to decline 3%–4% (constant currency); underlying income before income taxes to decline 12%–15%; underlying EPS to decline 7%–10%; free cash flow of $1.3 billion ±10%.
Capital expenditures projected at $650 million ±5%.
Americas restructuring plan to result in $35–$50 million in charges, mostly in Q4 2025.
U.S. beer industry volume expected to decline 4%–6% in H2 2025; annual net price increase of 1%–2% in North America.
OBBBA tax law changes expected to reduce 2025 cash tax payments by ~$80 million.
What do the asset impairments signal for future?
Beyond cost savings, what are Americas restructuring benefits?
How will MCBC reverse US market share decline?
Rahul, what is your key strategic priority?
What does goodwill impairment imply for outlook?
What is the M&A priority for portfolio gaps?
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Next Molson Coors Beverage Company earnings date
Q4 202513 Feb, 2026
Next Molson Coors Beverage Company earnings date
Q4 202513 Feb, 2026
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Frequently asked questions
Molson Coors Beverage Company manufactures, markets, and sells beer and other malt beverage products under various brands in the Americas, Europe, Middle East, Africa, and Asia Pacific. The company's two segments are Molson Coors Canada and MillerCoors. The Molson Coors Canada segment refers to the activities of its Canadian business unit. It offers a portfolio of leading brands, including Molson Canadian and Coors Light Canadian beers. The MillerCoors segment refers to the company's U.S. business unit. It offers a portfolio of leading brands comprising Miller Genuine Draft, Miller High Life, Miller Lite, Leinenkugel's Summer Shandy, Blue Moon Belgian White Wheat Beer, Peroni Nastro Azzurro Beer, Redd's Apple Ale and Hop Valley Brewing Company products.
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