Molson Coors cut its 2026 forecast on Thursday, Nov. 5, after a third quarter of soft beer demand and higher costs. The brewer now expects full-year net sales to fall 1% to 2% in constant currency, compared with its earlier call for flat, plus or minus 1%, according to its third-quarter release.
Molson Coors’ new 2026 forecast
| Metric (2026 vs. 2025) | New guidance | Previous |
|---|---|---|
| Net sales (constant currency) | Down 1%–2% | Flat, ±1% |
| Underlying income before taxes | Down 21%–24% | Down 15%–18% |
| Underlying EPS | Down 16%–19% | Down 11%–15% |
| Underlying free cash flow | $1.0 billion, ±10% | $1.1 billion, ±10% |
Source: Molson Coors Q3 2026 release, Nov. 5, 2026.
The company blamed the global economy’s effect on beer demand and consumer behavior, plus persistent promotions in the U.K. It expects softer industry volumes from the second and third quarters to carry into the fourth.
Inside the Molson Coors third quarter
- Net sales fell 1.6% to $2.93 billion (down 1.2% in constant currency).
- Underlying earnings per share were $1.46, down 12.6%. U.S. GAAP net income was $271.5 million, or $1.45 per diluted share.
- U.S. brand volume fell 5.6%, Quartz reported.
- Cost of goods sold per hectoliter rose 8.6%, including about $30 million from Midwest Premium aluminum pricing, per Just Drinks. For the full year, the release expects Midwest Premium to cost about $130 million more than last year.
“We believe our strategy is on the right track, but these outcomes are not yet scaled enough to offset the headwinds that we experienced in the third quarter,” CEO Rahul Goyal said.
Big beer is still treading water
It’s the same story across the industry: fewer cans moving and pricier inputs. For context, see our report on the Boston Beer outlook and how Tilray and BrewDog are faring.
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