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MOLSON COORS BEVERAGE (TAP)

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.

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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.

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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.

  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 ?

Research analysts who have asked questions during MOLSON COORS BEVERAGE earnings calls.

Bonnie Herzog

Goldman Sachs

4 questions for TAP

Also covers: CASY, CCEP, CHD +19 more

Christopher Carey

Wells Fargo & Company

4 questions for TAP

Also covers: CAG, CHD, CL +21 more

Eric Serotta

Morgan Stanley

4 questions for TAP

Also covers: CCEP, CELH, COCO +5 more

Filippo Falorni

Citigroup Inc.

4 questions for TAP

Also covers: CELH, CHD, CL +12 more

Lauren Lieberman

Barclays

4 questions for TAP

Also covers: CCEP, CHD, CL +18 more

Michael Lavery

Piper Sandler & Co.

4 questions for TAP

Also covers: BGS, BYND, CELH +21 more

Peter Grom

UBS Group

4 questions for TAP

Also covers: BRBR, CELH, CHD +24 more

Robert Ottenstein

Evercore ISI

4 questions for TAP

Also covers: ABEV, BUD, CCEP +13 more

Bryan Spillane

Bank of America

3 questions for TAP

Also covers: BRBR, CCEP, CL +7 more

Kevin Grundy

BNP Paribas

3 questions for TAP

Also covers: CELH, CHD, CL +7 more

Robert Moskow

TD Cowen

3 questions for TAP

Also covers: BGS, BRBR, BYND +26 more

Drew Levine

JPMorgan Chase & Co.

2 questions for TAP

Also covers: NAPA, PEP, PRMB +1 more

Gerald Pascarelli

Needham & Company

2 questions for TAP

Also covers: AGFY, CELH, CRLBF +7 more

Kaumil Gajrawala

Jefferies

2 questions for TAP

Also covers: BARK, BRBR, BTMD +22 more

Andrea Faria Teixeira

JPMorgan Chase & Co.

1 question for TAP

Also covers: ELF, REYN

Andrea Teixeira

JPMorgan Chase & Co.

1 question for TAP

Also covers: CELH, CENT, CHD +20 more

Bill Kirk

Roth Capital Partners, LLC

1 question for TAP

Also covers: ACB, CGC, GO +5 more

Carlos Laboy

HSBC

1 question for TAP

Also covers: ABEV, CCEP, FMX +1 more

Nadine Sarwat

Bernstein

1 question for TAP

Also covers: CCEP, SAM, STZ

Peter Galbo

Bank of America

1 question for TAP

Also covers: CAG, CL, CPB +23 more

William Kirk

ROTH MKM

1 question for TAP

Also covers: ACB, ACI, CGC +10 more

Xin Ma

TD Securities

1 question for TAP

Also covers: TLRY, UL
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.
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 mentioned in the company's latest 10K filing.

CompanyDescription

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.

NameStart DateEnd DateReason for Change
PricewaterhouseCoopers LLP1974 PresentCurrent auditor

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.

Recent press releases and 8-K filings for TAP.

Molson Coors Beverage outlines FY2025 demand outlook and growth strategy
·$TAP
Guidance Update
  • Industry softness is viewed as cyclical, driven by macro factors and consumer uncertainty, prompting diversification into premium beer and beyond-beer segments like Blue Moon non-alc, Peyronie Zero Zero and RTDs such as Naked Life.
  • FY2025 guidance assumes U.S. industry volumes down 4%–6% in H2 and ~50 bps share loss, with long-term NSR growth from 1%–2% pricing and portfolio premiumization.
  • Targets mid-single-digit constant currency underlying pretax income growth in FY2025, leveraging premiumization, brewery efficiencies, contract-brewing reductions and on-shoring higher-margin Peroni production.
  • Reaffirmed $1.3 bn free cash flow for FY2025, supported by working capital improvements and timing-related tax benefits, with ongoing focus on receivables and payables optimization.
Sep 3, 2025, 3:44 PM
Molson Coors updates Q2 2025 results and guidance
·$TAP
Guidance Update
Demand Weakening
Share Buyback
  • Molson Coors faced a softer US beer industry in Q2, with volumes down ~5% due to macroeconomic pressures and a shift to singles, weighing on consumption and share performance.
  • The company lowered its 2025 outlook, now expecting net sales to decline 3%–4%, underlying pretax income to fall 12%–15%, and EPS to decrease 7%–10%, while reaffirming $1.3 billion ±10% in free cash flow.
  • Aluminum input costs surged as the Midwest premium price jumped over 180% since January, driving an incremental $40 million–$55 million in annual costs and challenging hedging strategies.
  • Core power brands—Coors Light, Miller Lite and Coors Banquet—maintained a 15.2% volume share of the US industry in H1 2025, with Coors Banquet achieving top-five volume growth and significant distribution gains.
  • The company repurchased 9.4% of its B shares under a $2 billion buyback plan (55% of authorization used) and has raised its quarterly dividend each year since 2021.
Aug 6, 2025, 1:15 AM
Molson Coors Highlights Premiumization and Strategic Investments at Global Consumer Conference
·$TAP
New Projects/Investments
Share Buyback
M&A
  • Premium Brand Strategy: Executives outlined efforts to drive growth through key brands like Pironi and Fever Tree, leveraging onshore production and targeted marketing even amid a challenging macro environment.
  • Capital Allocation & M&A: The company emphasized its strong free cash flow and healthy balance sheet, enabling a $2 billion share buyback program and a “string of pearls” approach to M&A for strategic portfolio reshaping.
  • Market & Consumer Insights: Discussions included cyclical industry challenges such as weather-induced demand fluctuations and evolving distribution dynamics, reaffirming consumer loyalty to core brands.
Jun 4, 2025, 2:21 AM
Molson Coors Q1 2025 Earnings, Guidance & CEO Transition
·$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 $265 million .
  • Leadership Update: CEO Gavin Hattersley announced his planned retirement effective December 31, 2025, marking a key transition .
May 8, 2025, 12:31 PM
Molson Coors CEO Announces Retirement and Search for Successor
·$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