TAP US S&P 500Russell 1000 Earnings call
Molson Coors Beverage Company (TAP) · Q2 2026 results and valuation
Share price: $39.69 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter · published 6 Aug 2026 and 30 Apr 2026
Net income up 53.1% on the previous quarter. Management sounded restrained, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
+53.1%
Net income vs Q1 2026
Outlook given
Net income 231.7M vs 151.3M
Revenue +53.3%
Against the same quarter last year (Q2 2025) it is −46.0%, so the move on last quarter looks seasonal or timing-related rather than a trend.
2 · How management spoke
Restrained
Less upbeat than 72% of company calls
Answers to analysts: restrained, in line with the script.
Similar to last call.
3 · What stood out
Key theme
Heightened promotional activity and the World Cup contributed to the volume performance across EMEA and APAC markets in the second quarter.
Valuation
Is Molson Coors Beverage Company undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 0.6% growth a year (3-year revenue growth), the model's fair value is $25.14 a share — the stock trades 58% above it. Today's price assumes 3.4% growth a year.
Current price
$39.69
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+3.4% for 10 yrs
Fair value / share
$25.14
Buy below
$18.85
Price vs fair value
Overvalued 58%
Price vs buy-below price
Overvalued 111%
Read between the lines
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Guidance
TAP expects COGS to be negatively impacted by rising commodity costs through the second half of 2026.
Source quote
“We expect COGS to continue to be negatively impacted by rising commodity costs through the second half of 2026.”
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Guidance
Molson Coors Beverage is reaffirming its fiscal 2026 guidance.
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Figure
Underlying pretax income fell 27.8% and underlying earnings per share decreased 22.9% compared to the previous quarter.
Source quote
“Underlying pretax income was down 27.8% and underlying earnings per share decreased 22.9%.”
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Fading
The company intends to continue returning cash to shareholders through both dividends and share buybacks as one of its capital allocation priorities.
Source quote
“And that is one of the capital allocation priorities. But also, we do intend to continue to return cash to shareholders. Now returning cash to shareholders is both dividends and share buybacks.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“At the same time, we believe we have meaningful strength, a strong global brand portfolio, a healthy balance sheet, strong cash generation, disciplined capital allocation and a cost savings program...”
“The objective is not simply to spend less, but to carefully manage expenses by redirecting investments towards the opportunities that we expect will improve performance and generate the most effective...”
“Both Fever-Tree and Monaco are well on track to each contribute 1% to 2% to NSR, solid proof points of Horizon 2030's focus on both premiumization and portfolio transformation.”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 3.60B | 2.35B | +53.3% | 3.74B | −3.6% |
| Gross profit | 1.06B | 897.2M | +18.5% | 1.28B | −17.1% |
| Operating income | 331.9M | 287.2M | +15.6% | 583.6M | −43.1% |
| Net income | 231.7M | 151.3M | +53.1% | 428.7M | −46.0% |
| EPS | 1.23 | 0.80 | +53.6% | 2.13 | −42.3% |
| P/E | 12-mo loss | — | — | 9.5 | — |
Topics
Most discussed now
- If you remember, Molson Coors Beverage's initial guidance assumes that the impact of Midwest Premium would be at least $125 million.
- Share data references are sourced from Circana in the U.S.
- Beer industry began the year on relative solid footing, the unanticipated energy and inflation shock associated with the conflict in...
- EMEA and APAC brand volume declined 3.4%, primarily driven by ongoing soft market demand and a heightened competitive landscape.
- Its share performance is not yet where Molson Coors Beverage wanted to be and cost inflation remains significant.
Faded since Q1 2026
- Fading As for MD&Molson Coors Beverage continues to expect a significant increase versus 2025 over the balance of the year due to several...
- Fading Molson Coors Beverage also expects to make additional capability and technology investments to help drive its strategy and modernize its…
- Dropped Molson Coors Beverage feels good about making sure it can execute
- Dropped Typically, Molson Coors Beverage does expect the leverage to be a little bit higher.
Latest announcements
Official filings, newest first.
- Results of operations · SEC 8-K
- Director or officer change · SEC 8-K
- Material agreement; New financial obligation · SEC 8-K
- Other events · SEC 8-K
- Shareholder vote results · SEC 8-K
- Results of operations · SEC 8-K
- Results of operations; Regulation FD disclosure; Other events · SEC 8-K
- Director or officer change · SEC 8-K