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    Molson Coors Beverage Co (TAP)

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    Business Description

    Molson Coors Beverage Company, with a history spanning over two centuries, is primarily engaged in brewing beverages that unite people for celebrations. The company produces a diverse range of products, including core power beer brands such as Coors Light, Miller Lite, Coors Banquet, Molson Canadian, Carling, and Ožujsko . Additionally, they offer above premium brands like Madri, Staropramen, Blue Moon Belgian White, and Leinenkugel’s Summer Shandy, as well as economy and value brands like Miller High Life and Keystone . Beyond beer, their portfolio includes flavored beverages like Vizzy Hard Seltzer, spirits such as Five Trail whiskey, and non-alcoholic beverages .

    1. Core Power Beer Brands - Produces popular beer brands including Coors Light, Miller Lite, Coors Banquet, Molson Canadian, Carling, and Ožujsko.
    2. Above Premium Brands - Offers premium beer options such as Madri, Staropramen, Blue Moon Belgian White, and Leinenkugel’s Summer Shandy.
    3. Economy and Value Brands - Provides budget-friendly beer options like Miller High Life and Keystone.
    4. Flavored Beverages - Includes products like Vizzy Hard Seltzer, catering to consumers seeking flavored alcoholic drinks.
    5. Spirits - Features products such as Five Trail whiskey, expanding the company's offerings beyond beer.
    6. Non-Alcoholic Beverages - Offers a range of non-alcoholic drink options to cater to diverse consumer preferences.

    Key Metrics

    View all financials →
    Revenue by Segment - in Millions of USDFY 2013Q1 2014Q2 2014Q3 2014Q4 2014FY 2014Q1 2015Q2 2015Q3 2015Q4 2015FY 2015Q1 2016Q2 2016Q3 2016Q4 2016FY 2016Q1 2017Q2 2017Q3 2017Q4 2017FY 2017Q1 2018Q2 2018Q3 2018Q4 2018FY 2018Q1 2019Q2 2019Q3 2019Q4 2019FY 2019Q1 2020Q2 2020Q3 2020Q4 2020FY 2020Q1 2021Q2 2021Q3 2021Q4 2021FY 2021Q1 2022Q2 2022Q3 2022Q4 2022FY 2022Q1 2023Q2 2023Q3 2023Q4 2023FY 2023Q1 2024Q2 2024Q3 2024Q4 2024FY 2024Q1 2025
    Americas2,231.19,425.22,145.42,575.92,345.02,173.99,240.21,881.8
    EMEA&APAC566.62,296.1454.7683.3704.4568.72,411.1427.3
    North America--------
    Europe--------
    Inter-segment Eliminations--19.2-3.7---(24.3)(5.0)
    United States--------
    International--------
    Canada--------
    Corporate--------
    - Parent Guarantor--------
    - Subsidiary Guarantors--------
    - Subsidiary Non Guarantors--------
    Total Revenue2,790.811,702.12,596.43,252.33,042.72,735.611,627.02,304.1
    Revenue by Geography - in Millions of USDFY 2013Q1 2014Q2 2014Q3 2014Q4 2014FY 2014Q1 2015Q2 2015Q3 2015Q4 2015FY 2015Q1 2016Q2 2016Q3 2016Q4 2016FY 2016Q1 2017Q2 2017Q3 2017Q4 2017FY 2017Q1 2018Q2 2018Q3 2018Q4 2018FY 2018Q1 2019Q2 2019Q3 2019Q4 2019FY 2019Q1 2020Q2 2020Q3 2020Q4 2020FY 2020Q1 2021Q2 2021Q3 2021Q4 2021FY 2021Q1 2022Q2 2022Q3 2022Q4 2022FY 2022Q1 2023Q2 2023Q3 2023Q4 2023FY 2023Q1 2024Q2 2024Q3 2024Q4 2024FY 2024Q1 2025
    Americas2,231.19,425.22,145.42,575.92,345.02,173.99,240.21,881.8
    EMEA&APAC566.62,296.1454.7683.3704.4568.72,411.1427.3
    - United States-8,059.6----7,823.0-
    - Canada-1,224.0----1,278.3-
    - United Kingdom-1,313.7----1,372.7-
    - Other countries-1,104.8----1,153.0-
    North America--------
    Europe--------
    International--------
    Corporate--------
    Inter-segment Eliminations--19.2-3.7---(24.3)(5.0)
    Total Revenue2,790.811,702.12,596.43,252.33,042.72,735.611,627.02,304.1
    KPIs - Metric (Unit, Scale)FY 2013Q1 2014Q2 2014Q3 2014Q4 2014FY 2014Q1 2015Q2 2015Q3 2015Q4 2015FY 2015Q1 2016Q2 2016Q3 2016Q4 2016FY 2016Q1 2017Q2 2017Q3 2017Q4 2017FY 2017Q1 2018Q2 2018Q3 2018Q4 2018FY 2018Q1 2019Q2 2019Q3 2019Q4 2019FY 2019Q1 2020Q2 2020Q3 2020Q4 2020FY 2020Q1 2021Q2 2021Q3 2021Q4 2021FY 2021Q1 2022Q2 2022Q3 2022Q4 2022FY 2022Q1 2023Q2 2023Q3 2023Q4 2023FY 2023Q1 2024Q2 2024Q3 2024Q4 2024FY 2024Q1 2025
    Financial Volume in the Americas (millions of hectoliters)-62.49113.91016.39614.695---
    Financial Volume Percentage Change in the Americas (percentage)-+3.6%+7.5%-5.6%-15.6%---
    Financial Volume in EMEA&APAC (millions of hectoliters)-21.2864.0646.0375.938---
    Financial Volume Percentage Change in EMEA&APAC (percentage)--3.0%-0.2%+0.3%-3.0%---
    Consolidated Financial Volume (millions of hectoliters)-83.77217.97422.43020.629---
    Consolidated Financial Volume Percentage Change (percentage)-1.85.7(4.1)(12.3)---
    Royalty Volume in the Americas (millions of hectoliters)-2.6830.5910.5780.626---
    Royalty Volume in EMEA&APAC (millions of hectoliters)-0.9350.2180.3250.356---

    Leadership

    NamePositionExternal RolesShort Bio

    Gavin D.K. Hattersley

    ExecutiveBoard

    President and Chief Executive Officer

    None

    CEO since 2019, previously CFO of MillerCoors and Molson Coors. Extensive experience in financial leadership and operational management.

    		View Report →

    Michelle E. St. Jacques

    Executive

    Chief Commercial Officer

    None

    CCO since 2023, previously Chief Marketing Officer. Key contributor to Molson Coors' strong financial performance and brand strategy.

    Natalie Maciolek

    Executive

    Chief Legal & Government Affairs Officer and Secretary

    None

    Appointed in 2023. Oversees legal and government affairs. Previously received a significant sign-on equity grant as part of her hire.

    Tracey I. Joubert

    Executive

    Chief Financial Officer

    Director at JELD-WEN Holding, Inc.; Trustee at Boys and Girls Clubs of Milwaukee

    CFO since 2016, previously CFO of MillerCoors. Extensive expertise in financial planning, analysis, and operational success.

    Andrew T. Molson

    Board

    Board Vice Chair

    Partner and Chairman at AVENIR GLOBAL; Chairman at RES PUBLICA; Director at Theratechnologies Inc., Dundee Corporation, CH Group Limited Partnership, Groupe Deschênes Inc.; President of Molson Foundation

    Director since 2005, Vice Chair since 2021. Extensive knowledge of Molson Coors' history and culture, with significant external leadership roles.

    Charles M. Herington

    Board

    Independent Director

    COO, Vice Chairman, and President of Global Operations at Zumba Fitness LLC; Board Member at Gildan Activewear Inc.; Chairman of Quirch Foods, LLC; Director at HyCite Enterprises, LLC, Accupac, LLC

    Director since 2005. Extensive experience in global operations and brand management.

    H. Sanford Riley

    Board

    Independent Director

    President and CEO of Richardson Financial Group Limited; Director at RF Capital Group Inc., CPI Card Group; Chairman of University of Winnipeg Foundation

    Director since 2005. Expertise in financial management and corporate governance. Member of the Order of Canada and Order of Manitoba.

    Jill Timm

    Board

    Independent Director

    CFO at Kohl’s Corporation; Member of University of Wisconsin-Milwaukee Business Advisory Council; Board Member at Milwaukee Public Museum

    Appointed in 2023. CFO of Kohl’s with extensive experience in financial strategy and corporate initiatives.

    Leroy J. Williams, Jr.

    Board

    Independent Director

    Founder and CEO of CyberTekIQ, LLC; Director at UMB Financial Corporation, J.E. Dunn Construction Group; Board Advisor at Taiga Biotechnologies Inc.; Director at The Daniels Fund

    Director since 2022. Extensive expertise in IT consulting and corporate governance.

    Mary Lynn Ferguson-McHugh

    Board

    Independent Director

    Director at Smurfit Kappa Group plc, FJ Management Inc., Gojo Industries, Inc.

    Director since 2015. Former CEO of Family Care and New Business at Procter & Gamble. Expertise in brand building, marketing, and innovation.

    Roger G. Eaton

    Board

    Independent Director

    Director at Arnott’s Biscuits Holdings Pty Limited, George and Matilda Eyecare; Chairman at Ipic Pty Ltd.

    Director since 2012. Former CEO of KFC with expertise in global operations and financial management.

    Questions to Ask Management

    1. Given that you have adjusted your net sales revenue guidance to down approximately 1% from low single-digit growth previously , how confident are you in your ability to achieve positive top-line growth in the coming year , especially considering the softer-than-anticipated U.S. industry performance during the peak summer selling season and the potential pressures on consumer spending?

    2. With the closure of your two underutilized U.S. regional craft breweries, Chippewa Falls and Tenth Street in Wisconsin, and shifting production to Milwaukee , can you elaborate on how this decision impacts your craft beer strategy and what steps you are taking to address the challenges in the U.S. above-premium segment ?

    3. You've increased your ownership stake in ZOA to 51% , despite its current small presence in scanner data and limited performance ; what gives you confidence that this investment will drive significant growth, and how do you plan to scale the brand in a highly competitive energy drink market ?

    4. You mentioned plans to onshore production of Peroni to improve supply consistency and introduce new pack sizes ; given the competitive and promotional environment in the import beer segment , what is your strategy to achieve significant growth for Peroni in the U.S. and how will you differentiate it from established European imports ?

    5. Considering that you are expecting annual net price increases of 1% to 2% in North America , and mix to be a meaningful growth driver as you aim to reach about one-third of global net brand revenue from above premium , how do you plan to balance pricing and premiumization efforts with potential impacts on volume, particularly in light of shifting consumer preferences and economic uncertainties ?

    Share Repurchase Program

    Program DetailsProgram 1
    Approval DateSeptember 29, 2023
    End Date/DurationFive years
    Total additional amount$2.0 billion
    Remaining authorization amount$1,416,863,668
    DetailsThe program allows flexibility to repurchase shares based on market conditions, liquidity needs, and other factors. It replaces and supersedes any previous repurchase programs. The Board may suspend, modify, or terminate the program at any time without prior notice.

    Debt Maturity Schedule

    YearAmount Due (in millions)Debt TypeInterest Rate (%)% of Total Debt
    2024$37.7Short-term borrowings and current portion of long-term debtN/A0.6% = (37.7 / 6,240.7) * 100
    2026$2,369.7CAD 500M 3.44% senior notes, $2.0B 3.0% senior notes3.44%, 3.00%38.0% = (2,369.7 / 6,240.7) * 100
    2032$890.8EUR 800M 3.8% senior notes3.80%14.3% = (890.8 / 6,240.7) * 100
    2042$1,100.0$1.1B 5.0% senior notes5.00%17.6% = (1,100.0 / 6,240.7) * 100
    2046$1,800.0$1.8B 4.2% senior notes4.20%28.8% = (1,800.0 / 6,240.7) * 100

    Competitors

    Competitors mentioned in the company's latest 10K filing.

    CompanyDescription

    Anheuser-Busch Inbev SA

    In the U.S. and Canada, the company competes most directly with this competitor's brands, which are part of the highly competitive beer industry.

    Asahi

    In the European countries where the company operates, this competitor is one of the primary competitors.

    Carlsberg

    This competitor is a primary competitor in the European countries where the company operates.

    Heineken

    This competitor is a primary competitor in the European countries where the company operates.

    Auditor

    NameStart DateEnd DateReason for Change
    PricewaterhouseCoopers LLP1974 PresentCurrent auditor

    Recent Mergers & Acquisitions

    Notable M&A activity and strategic investments in the past 3 years.

    CompanyYearDetails

    Fever-Tree USA, Inc.

    2025

    Molson Coors acquired the shares of Fever-Tree USA, Inc., obtaining exclusive U.S. rights to produce, market, and sell Fever-Tree products effective February 1, 2025, and also invested approximately $90 million in Fever-Tree Drinks Plc, with the acquisition structured as a business combination including anticipated integration costs.

    ZOA Energy, LLC

    2024

    Molson Coors increased its stake in ZOA Energy, LLC to 51% via a $53 million cash payment, recording it as a business combination; this move enhances control over marketing, retail, and direct-to-consumer sales, aligning with its expansion into the better-for-you energy drink category.

    Cobra Beer Partnership, Ltd. (CBPL)

    2024

    In 2024, after a put option was exercised in March, Molson Coors acquired the remaining 49.9% of CBPL, culminating in a final cash redemption of $89 million in October, with reclassification and adjustments impacting the NCI liability and interest expense.

    Blue Run Spirits, Inc.

    2023

    On August 7, 2023, Molson Coors acquired a 75% equity interest in Blue Run Spirits, Inc. for $78 million (including $65 million cash), as part of its strategy to expand into the high-end whiskey market with the transaction structured as a business combination and integrated under Coors Spirits Company.

    Latest news

    Recent press releases and 8-K filings for TAP.

    Molson Coors Q1 2025 Earnings, Guidance & CEO Transition
    •TAP
    Earnings
    Guidance Update
    Dividends
    Share Buyback
    CEO Change
    • Q1 Performance: Reported net sales revenue of $2,304 million (down 10.4%-11.3% on a constant currency basis) with underlying income before taxes of $131 million and U.S. GAAP income before taxes of $156.3 million (down 41.1%) .
    • Guidance Update: Full-year outlook now expects a low single-digit decline in net sales and underlying pretax income with underlying EPS growth in the low single digits; reaffirmed free cash flow guidance of $1.3 billion ±10% and revised capital expenditures of $650 million .
    • Brand & Volume Strength: Core power brands such as Coors Light, Miller Lite, and Coors Banquet retained market share with U.S. core power brand volume share improving by 1.9 points .
    • Capital Allocation: Delivered a quarterly dividend of $0.47 per share (up 6.8% YoY) and executed share repurchases—7.2% of Class B shares under a $2 billion program along with approximately 1.0 million shares for about $60 million .
    • Operational Challenges: Q1 results were impacted by macro uncertainties, including a 14.3% decline in financial volume and negative free cash flow of $265 million .
    • Leadership Update: CEO Gavin Hattersley announced his planned retirement effective December 31, 2025, marking a key transition .
    3 days ago
    TranscriptPresentation8-K
    Molson Coors CEO Announces Retirement and Search for Successor
    •TAP
    CEO Change
    Management Change
    • CEO Gavin Hattersley will retire by December 31, 2025, ending his long tenure and marking a leadership transition for the company.
    • The Board has initiated a search process led by its Governance Committee, which will involve a nationally recognized search firm to find the next CEO.
    • Hattersley's career highlights include substantial growth in revenue and a strengthened balance sheet, underscoring his positive impact on the company.
    Apr 14, 2025, 12:00 AM
    8-K