MOLSON COORS BEVERAGE CO
For the period ended Sep 30, 2025. Filed Nov 4, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 4, 2025
TAP-A$43.00-2.8%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-05.
0000024545-25-000021
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-04.
0000024545-25-000039
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 142 previous paragraphs and 158 current paragraphs.
71 unchanged; 50 reworded; 37 added; 19 removed; 2 previous and 0 current paragraphs rearranged.
Tables are not compared: 13 previous and 13 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (37)
Current report
Chief Executive Officer Succession
Current report
On April 12, 2025, Gavin D.K. Hattersley, President and Chief Executive Officer ("CEO") of the Company and a member of the Board informed the Company and the Board that he intends to retire from the Company and as a member of the Board, in each case, by December 31, 2025.
Current report
On September 19, 2025, the Board appointed Rahul Goyal as the Company’s President and CEO and member of the Board effective, in each case, as of October 1, 2025, following the retirement of Gavin D.K. Hattersley from those same positions immediately prior to such appointments. Gavin D.K. Hattersley will remain employed by the Company in an advisory role to assist in the transition until December 31, 2025, or an earlier date as determined by Gavin D.K. Hattersley or the Company.
Current report
Americas Restructuring Plan
Current report
On October 20, 2025, the Company announced an Americas restructuring plan designed to create a leaner, more agile Americas segment while advancing its ability to reinvest in the business and position the Company for future growth. The restructuring plan involves the planned elimination of approximately 400 salaried positions across the Americas segment by the end of December 2025. In connection with the Americas restructuring plan, the Company currently expects to incur certain restructuring charges, in the range of $35 million to $50 million, which are expected to be future cash expenditures to be made over the next 12 months. Substantially all of the charges are expected to be related to severance payments and post-employment benefits to be incurred in the fourth quarter of 2025.
Current report
Items Affecting the Consolidated Results of Operations
Current report
Purchases of Annuity Contracts
Current report
On September 26, 2024, we purchased annuity contracts for two of our Canadian pension plans. As a result, on September 30, 2024, we remeasured both pension plans and recorded a total settlement loss of $34.0 million to other pension and postretirement benefit (costs), net in the unaudited condensed consolidated statements of operations during the third quarter of 2024. See Part I. — Item 1. Financial Statements, Note 1, "Basis of Presentation and Summary of Significant Accounting Policies" for further information.
Current report
Cobra Beer Partnership, Ltd. Buyout
Current report
During March 2024, our partner in CBPL exercised a put option under our partnership agreement which required us to acquire the remaining 49.9% ownership interest. We adjusted our NCI by $34.5 million to our best estimate of the redemption value that existed at the time of the put option exercise by increasing our net income attributable to noncontrolling interests and decreasing our net income attributable to MCBC. In addition, we received the final determination of the redemption value in October 2024 and as the transaction was considered mandatorily redeemable, we recorded an adjustment of $45.8 million to interest expense in the EMEA&APAC segment during the three months ended September 30, 2024.
Current report
Goodwill Impairment
Current report
During the third quarter of 2025, we recorded a partial goodwill impairment charge of $3,645.7 million to goodwill impairment in the unaudited condensed consolidated statements of operations related to our Americas reporting unit. See Part I.—Item 1. Financial Statements, Note 5, "Goodwill and Intangible Assets" for further information.
Current report
Intangible Asset Impairment
Current report
During the third quarter of 2025, we recorded a full impairment charge of $75.3 million related to our Blue Run Spirits definite-lived intangible asset within other operating income (expense), net in the unaudited condensed consolidated statements of operations. See Part I.—Item 1. Financial Statements, Note 5, "Goodwill and Intangible Assets" for further information.
Current report
Wind Down or Sale of Certain U.S. Craft Businesses
Current report
During the third quarter of 2024, we decided to wind down or sell certain of our U.S. craft businesses and related facilities and recorded employee-related and asset abandonment charges, including accelerated depreciation in excess of normal depreciation. We recognized a loss of $41.1 million related to the disposal of the sold businesses. See Part I. — Item 1. Financial Statements, Note 12, "Other Operating Income (Expense), net" for further information.
Current report
Items Affecting the EMEA&APAC Segment Results of Operations
Current report
Intangible Asset Impairment
Current report
During the third quarter of 2025, we recorded a partial impairment charge of $198.6 million related to our Staropramen family of brands indefinite-lived intangible asset within other operating income (expense), net in the unaudited condensed consolidated statements of operations. See Part I.—Item 1. Financial Statements, Note 5, "Goodwill and Intangible Assets" for further information.
Current report
•Other operating income (expense), net - Unfavorable impact of $14.7 million (Unfavorable impact for EMEA&APAC of $14.7 million).
Current report
•MG&A - Unfavorable impact of $5.3 million (Unfavorable impact for EMEA&APAC of $13.4 million, partially offset by the favorable impact of Americas of $8.1 million).
Current report
•Other operating income (expense), net - Unfavorable impact of $15.2 million (Unfavorable impact for EMEA&APAC of $15.2 million).
Current report
Net sales decreased 2.3% for the three months ended September 30, 2025, compared to prior year, driven by lower financial volume, partially offset by favorable price and sales mix and favorable foreign currency impacts.
Current report
Net sales decreased 4.6% for the nine months ended September 30, 2025, compared to prior year, driven by lower financial volume, partially offset by favorable price and sales mix and favorable foreign currency impacts.
Current report
Goodwill impairment
Current report
During the third quarter of 2025, we identified a triggering event that indicated it was more likely than not that the carrying value of the Americas reporting unit exceeded its fair value resulting in a $3,645.7 million partial goodwill impairment charge. See Part I.—Item 1. Financial Statements, Note 5, "Goodwill and Intangible Assets" for additional information regarding the recorded impairment.
Current report
Other operating expense, net increased $209.4 million and $240.9 million for the three and nine months ended September 30, 2025, respectively, compared to prior year, primarily due to intangible asset impairments of $273.9 million, partially offset by the cycling of a prior year loss on the decision to wind down or sell certain of our U.S. craft businesses.
Current report
Total non-operating expense, net improved 46.2% for the three months ended September 30, 2025, compared to prior year, primarily due to the cycling of a prior year $45.8 million adjustment recorded to interest expense to increase our mandatorily redeemable NCI liability to the final redemption value related to the CBPL buyout and the cycling of a prior year settlement loss of $34.0 million recorded as a result of Canadian pension plan annuity purchases, partially offset by an unfavorable $11.9 million unrealized fair value adjustment of the investment in Fevertree Drinks plc, lower interest income and lower pension and OPEB non-service benefit.
Current report
Total non-operating expense, net improved 40.9% for the nine months ended September 30, 2025, compared to prior year, primarily due to the cycling of a prior year $45.8 million adjustment recorded to interest expense to increase our mandatorily redeemable NCI liability to the final redemption value related to the CBPL buyout, a favorable $39.3 million unrealized fair value adjustment of the investment in Fevertree Drinks plc in the current year and the cycling of a prior year settlement loss of $34.0 million recorded as a result of Canadian pension plan annuity purchases, partially offset by lower interest income, higher interest expense as a result of the issuance of EUR 800 million 3.8% senior notes in the second quarter of 2024 and lower pension and OPEB non-service benefit.
Current report
The lower effective tax rate for the three and nine months ended September 30, 2025, compared to the prior year, was primarily due to the impact of the $3,645.7 million partial goodwill impairment, which a portion of the goodwill was not deductible for tax purposes. The decrease was also due to the cycling of a $16.4 million valuation allowance which was recorded on deferred tax assets in the third quarter of 2024 as a result of the divestment of certain of our U.S. craft businesses and generated a capital loss for U.S. tax purposes, as well as the cycling of a $45.8 million increase in the mandatorily redeemable NCI liability of CBPL to the final redemption value, which was recorded to interest expense in the third quarter of 2024 and was non-deductible for tax purposes.
Current report
Net sales decreased 3.6% for the three months ended September 30, 2025, compared to prior year, driven by lower financial volume, partially offset by favorable price and sales mix.
Current report
Loss before income taxes of $3,345.4 million declined $3,699.2 million for the three months ended September 30, 2025, compared to income before income taxes in the prior year, primarily due to a $3,645.7 million partial goodwill impairment charge, a $75.3 million full impairment charge to our definite-lived intangible asset related to the Blue Run Spirits asset group, lower financial volume and cost inflation related to materials and manufacturing expenses, partially offset by the cycling of the prior year decision to wind down or sell certain of our U.S. craft businesses and related restructuring costs, favorable mix, increased net pricing and cost savings initiatives.
Current report
Loss before income taxes of $2,597.9 million declined $3,759.4 million for the nine months ended September 30, 2025, compared to income before income taxes in the prior year, primarily due to a $3,645.7 million partial goodwill impairment charge, lower financial volume, cost inflation related to materials and manufacturing expenses as well as a $75.3 million full impairment charge to our definite-lived intangible asset related to the Blue Run Spirits asset group, partially offset by favorable mix, increased net pricing, cycling of the prior year decision to wind down or sell certain of our U.S. craft businesses and related restructuring costs, cost savings initiatives, favorable unrealized fair value adjustment of the investment in Fevertree Drinks plc and timing of marketing investment.
Current report
Net sales increased 2.4% for the three months ended September 30, 2025, compared to prior year, driven by favorable foreign currency impacts as well as price and sales mix, partially offset by lower financial volume.
Current report
Price and sales mix favorably impacted net sales by 2.5% for the three months ended September 30, 2025, compared to prior year, primarily due to premiumization, geographic mix and higher factored brand volume. Net sales per hectoliter increased 7.6% on a reported basis.
Current report
Loss before income taxes of $110.4 million declined $162.0 million for the three months ended September 30, 2025, compared to income in the prior year, primarily due to the partial impairment charge of $198.6 million to the indefinite-lived intangible asset related to the Staropramen family of brands, lower financial volume and unfavorable foreign currency impacts partially offset by the cycling of a prior year $45.8 million adjustment recorded to interest expense to increase our mandatorily redeemable NCI liability to the final redemption value related to the CBPL buyout and lower MG&A expense driven by lower incentive compensation and cost savings.
Current report
Total non-operating expense, net improved 29.3% for the three months ended September 30, 2025, compared to prior year, primarily due to cycling of a prior year settlement loss of $34.0 million recorded as a result of Canadian pension plan annuity purchases, partially offset by lower interest income and lower pension and OPEB non-service benefit.
Removed paragraphs (19)
Previous report
N/M = Not meaningful
Previous report
•MG&A - Favorable impact of $1.4 million (Favorable impact for Americas of $7.1 million, partially offset by the unfavorable impact of EMEA&APAC of $5.7 million).
Previous report
Net Sales
Previous report
Net sales decreased 1.6% for the three months ended June 30, 2025, compared to prior year, driven by lower financial volumes, partially offset by favorable price and sales mix and favorable foreign currency impacts.
Previous report
Discussions of currency impacts on net sales for the three and six months ended June 30, 2025 are included in the "Foreign currency impacts on results" section above.
Previous report
See Part I.—Item 1. Financial Statements, Note 12, "Other Operating Income (Expense), net" for detail of our other operating income (expense), net.
Previous report
Total non-operating expense, net improved 27.7% for the three months ended June 30, 2025, compared to prior year, primarily due to the favorable unrealized fair value adjustment of the investment in Fevertree Drinks plc, partially offset by lower pension and OPEB non-service benefit, higher interest expense as a result of the issuance of EUR 800 million 3.8% senior notes in the second quarter of 2024 and lower interest income.
Previous report
Total non-operating expense, net improved 33.7% for the six months ended June 30, 2025, compared to prior year, primarily due to the favorable unrealized fair value adjustment of the investment in Fevertree Drinks plc, partially offset by higher interest expense as a result of the issuance of EUR 800 million 3.8% senior notes in the second quarter of 2024, lower pension and OPEB non-service benefit and lower interest income.
Previous report
The effective tax rate for the three and six months ended June 30, 2025, was relatively flat compared to prior year.
Previous report
Net sales
Previous report
Net sales decreased 2.8% for the three months ended June 30, 2025, compared to prior year, driven by lower financial volumes and unfavorable foreign currency impacts, partially offset by favorable price and sales mix.
Previous report
Net sales decreased 7.1% for the six months ended June 30, 2025, compared to prior year, driven by lower financial volumes and unfavorable foreign currency impacts, partially offset by favorable price and sales mix.
Previous report
Discussions of currency impacts on net sales for the three and six months ended June 30, 2025 are included in the "Foreign currency impacts on results" section above.
Previous report
Income before income taxes improved 10.5% for the three months ended June 30, 2025, compared to prior year, primarily due to favorable mix, increased net pricing, lower MG&A expense, favorable unrealized fair value adjustment of the investment in Fevertree Drinks plc and cost savings initiatives, partially offset by lower financial volumes and cost inflation related to materials and manufacturing expenses. Lower MG&A spend was primarily due to timing of marketing investment and lower incentive compensation.
Previous report
Net sales
Previous report
Net sales decreased 0.6% for the six months ended June 30, 2025, compared to prior year, driven by lower financial volumes, partially offset by favorable price and sales mix as well as favorable foreign currency impacts.
Previous report
Price and sales mix favorably impacted net sales for the six months ended June 30, 2025, compared to prior year, by 5.3%, primarily due to geographic mix, premiumization and higher factored brand volumes, as well as increased net pricing. Net sales per hectoliter increased 8.8% on a reported basis.
Previous report
Discussions of currency impacts on net sales for the three and six months ended June 30, 2025, are included in the "Foreign currency impacts on results" section above.
Previous report
Total non-operating expense, net increased 32.2% for the six months ended June 30, 2025, compared to prior year, primarily due to higher interest expense as a result of the issuance of EUR 800 million 3.8% senior notes in the second quarter of 2024, lower pension and OPEB non-service benefit and lower interest income.
Reworded paragraphs (50)
Previous wording
Our industry is experiencing and, we expect will continue to experience, increased consumer and economic uncertainty due to volatility in the global macroeconomic environment including global trade policies and other geopolitical events with potential resulting impacts on economic growth, consumer confidence, inflation and currencies. In addition, the associated impacts of the macroeconomic environment on the beer industry in the U.S. have resulted in heightened competitive activity and associated reduction in market share of our products in certain segments. The magnitude of the resulting impacts on our business are dependent on the evolution of the global macroeconomic environment and the competitive landscape, including whether share losses are sustained. The economic and competitive pressures, including the impact of tariffs, on our Company and our consumers' consumption behavior and preferences have and may continue to negatively impact our results of operations during this volatile period. For example, recent tariff announcements in the U.S. have indirectly caused the price of the premium on aluminum in the U.S., known as the Midwest Premium, to spike which has had a negative impact and is expected to continue to have a negative impact on our results of operations. While our hedging program can help mitigate some of the volatility, the opaque pricing and limited liquidity of the Midwest Premium can make hedging this exposure costly. Therefore, the Midwest Premium is one of the commodities for which we currently have the least amount of hedged coverage. In addition to impacting the prices of raw materials, a constant or periodic change in the Midwest Premium may decrease our profit margins or impact our end consumers as we may pass on the increased costs to our consumers. We plan to continue to evaluate and implement strategies which are designed to help mitigate the impact on our business, consolidated results of operations and financial condition while continuing to support our long-term strategic growth and capital allocation priorities.
Current wording
Our industry is experiencing and, we expect will continue to experience, increased consumer and economic uncertainty due to volatility in the global macroeconomic environment including global trade policies and other geopolitical events with potential resulting impacts on economic growth, consumer confidence, inflation and currencies. In addition, the associated impacts of the macroeconomic environment on the beer industry in the U.S. have resulted in heightened competitive activity and associated reduction in market share of our products in certain segments. The magnitude of the resulting impacts on our business are dependent on the evolution of the global macroeconomic environment and the competitive landscape, including whether share losses are sustained. The economic and competitive pressures, including the impact of tariffs, on our Company and our consumers' consumption behavior and preferences have and may continue to negatively impact our results of operations during this volatile period. For example, tariff announcements in the U.S. in the second quarter of 2025 have indirectly caused the price of the premium on aluminum in the U.S., known as the Midwest Premium, to spike which has had a negative impact and is expected to continue to have a negative impact on our results of operations. While our hedging program can help mitigate some of the volatility, the opaque pricing and limited liquidity of the Midwest Premium can make hedging this exposure costly. Therefore, the Midwest Premium is one of the commodities for which we currently have the least amount of hedged coverage. In addition to impacting the prices of raw materials, a constant or periodic change in the Midwest Premium may decrease our profit margins or impact our end consumers as we may pass on the increased costs to our consumers. We plan to continue to evaluate and implement strategies which are designed to help mitigate the impact on our business, consolidated results of operations and financial condition while continuing to support our long-term strategic growth and capital allocation priorities.
Previous wording
The following table highlights summarized components of our unaudited condensed consolidated statements of operations for the three and six months ended June 30, 2025 and June 30, 2024. See Part I.—Item 1. Financial Statements for additional details of our U.S. GAAP results.
Current wording
The following table highlights summarized components of our unaudited condensed consolidated statements of operations for the three and nine months ended September 30, 2025 and September 30, 2024. See Part I.—Item 1. Financial Statements for additional details of our U.S. GAAP results.
Previous wording
•Net sales- Favorable impact of $32.8 million (Favorable impact for EMEA&APAC of $36.3 million, partially offset by the unfavorable impact for Americas of $3.5 million).
Current wording
•Net sales- Favorable impact of $30.5 million (Favorable impact for EMEA&APAC of $33.5 million, partially offset by the unfavorable impact for Americas of $3.0 million).
Previous wording
•Cost of goods sold - Unfavorable impact of $7.2 million (Unfavorable impact for EMEA&APAC and Unallocated of $19.5 million and $0.2 million, respectively, partially offset by the favorable impact for Americas of $12.5 million).
Current wording
•Cost of goods sold - Unfavorable impact of $19.4 million (Unfavorable impact for EMEA&APAC of $21.2 million, partially offset by the favorable impact for Americas and Unallocated of $1.7 million and $0.1 million, respectively).
Previous wording
•MG&A - Unfavorable impact of $7.3 million (Unfavorable impact for EMEA&APAC of $8.3 million, partially offset by the favorable impact for Americas of $1.0 million).
Current wording
•MG&A - Unfavorable impact of $6.7 million (Unfavorable impact for EMEA&APAC of $7.7 million, partially offset by the favorable impact for Americas of $1.0 million).
Previous wording
•Income (loss) before income taxes - Favorable impact of $3.9 million (Favorable impact for EMEA&APAC and Americas of $5.4 million and $0.5 million, respectively, partially offset by the unfavorable impact for Unallocated of $2.0 million).
Current wording
•Income (loss) before income taxes - Unfavorable impact of $9.0 million (Unfavorable impact for EMEA&APAC and Americas of $8.7 million and $0.5 million, respectively, partially offset by the favorable impact for Unallocated of $0.2 million).
Previous wording
The impacts of foreign currency movements on our consolidated USD results described above for the three months ended June 30, 2025, were primarily due to the weakening of the USD compared to the GBP and EUR, partially offset by the strengthening of the USD compared to the CAD.
Current wording
The impacts of foreign currency movements on our consolidated USD results described above for the three months ended September 30, 2025, were primarily due to the weakening of the USD compared to the GBP, CZK and EUR, partially offset by the strengthening of the USD compared to the CAD.
Previous wording
For the six months ended June 30, 2025, foreign currency movements had the following impacts on our USD consolidated results:
Current wording
For the nine months ended September 30, 2025, foreign currency movements had the following impacts on our USD consolidated results:
Previous wording
•Net sales - Favorable impact of $11.7 million (Favorable impact for EMEA&APAC of $31.1 million, partially offset by the unfavorable impact for Americas of $19.4 million).
Current wording
•Net sales - Favorable impact of $42.2 million (Favorable impact for EMEA&APAC of $64.6 million, partially offset by the unfavorable impact for Americas of $22.4 million).
Previous wording
•Cost of goods sold - Unfavorable impact of $21.3 million (Unfavorable impact for EMEA&APAC of $23.7 million, partially offset by the favorable impact for Americas of $2.4 million).
Current wording
•Cost of goods sold - Unfavorable impact of $26.6 million (Unfavorable impact for EMEA&APAC and Unallocated of $40.7 million and $0.1 million, respectively, partially offset by the favorable impact for Americas of $14.2 million).
Previous wording
•Income (loss) before income taxes - Favorable impact of $4.1 million (Favorable impact for EMEA&APAC and Americas of $7.4 million and $0.3 million, respectively, partially offset by the unfavorable impact for Unallocated of $3.6 million).
Current wording
•Income (loss) before income taxes - Unfavorable impact of $4.9 million (Unfavorable impact for Unallocated, EMEA&APAC and Americas of $3.4 million, $1.3 million and $0.2 million, respectively).
Previous wording
The impacts of foreign currency movements on our consolidated USD results described above for the six months ended June 30, 2025, were primarily due to the weakening of the USD compared to the GBP and EUR, partially offset by the strengthening of the USD compared to the CAD.
Current wording
The impacts of foreign currency movements on our consolidated USD results described above for the nine months ended September 30, 2025, were primarily due to the weakening of the USD compared to the GBP, CZK and EUR, partially offset by the strengthening of the USD compared to the CAD.
Previous wording
Financial volumes decreased 7.0% for the three months ended June 30, 2025, compared to prior year, primarily due to lower shipments in both the Americas and EMEA&APAC segments as described in further detail in the "Segment Results of Operations" section below.
Current wording
Financial volume decreased 6.0% for the three months ended September 30, 2025, compared to prior year, primarily due to lower shipments in both the Americas and EMEA&APAC segments described in further detail in the "Segment Results of Operations" section below.
Previous wording
Price and sales mix favorably impacted net sales by 4.1% for the six months ended June 30, 2025, primarily due to favorable sales mix and increased net pricing in both segments. Americas favorable sales mix was primarily driven by lower contract brewing volume. Net sales per hectoliter increased 4.8% on a reported basis.
Current wording
Price and sales mix favorably impacted net sales by 2.7% for the three months ended September 30, 2025, primarily due to favorable sales mix and increased net pricing. Net sales per hectoliter increased 4.0% on a reported basis.
Previous wording
Financial volumes decreased 10.2% for the six months ended June 30, 2025, compared to prior year, primarily due to lower shipments in both the Americas and EMEA&APAC segments as described in further detail in the "Segment Results of Operations" section below.
Current wording
Financial volume decreased 8.8% for the nine months ended September 30, 2025, compared to prior year, primarily due to lower shipments in both the Americas and EMEA&APAC segments as described in further detail in the “Segment Results of Operations” section below.
Previous wording
Price and sales mix favorably impacted net sales by 4.4% for the three months ended June 30, 2025, primarily due to favorable sales mix and increased net pricing in both segments. Americas favorable sales mix was primarily driven by lower contract brewing volume. Net sales per hectoliter increased 5.8% on a reported basis.
Current wording
Price and sales mix favorably impacted net sales by 3.7% for the nine months ended September 30, 2025, primarily due to favorable sales mix and increased net pricing in both segments. Americas favorable sales mix was primarily driven by lower contract brewing volume and positive brand mix. Net sales per hectoliter increased 4.6% on a reported basis.
Previous wording
We utilize cost of goods sold per hectoliter, as well as the year over year changes in this metric, as a key metric for analyzing our results. This metric is calculated as cost of goods sold per our unaudited condensed consolidated statements of operations divided by financial volume for the respective period. We believe this metric is important and useful for investors and management because it provides an indication of the trends of sales mix and other cost impacts on our cost of goods sold.
Current wording
We utilize cost of goods sold per hectoliter, as well as the year over year changes in this metric, as a key metric for analyzing our results. This metric is calculated as cost of goods sold per our unaudited condensed consolidated statements of operations divided by financial volume for the respective period. We believe this metric is important and useful for investors and management because it provides an indication of the trends of mix and other cost impacts on our cost of goods sold.
Previous wording
Cost of goods sold decreased 0.2% for the three months ended June 30, 2025, compared to prior year, primarily due to lower financial volumes, partially offset by higher cost of goods sold per hectoliter and unfavorable foreign currency impacts of $21.3 million. Cost of goods sold per hectoliter increased 7.3% for the three months ended June 30, 2025, compared to prior year, primarily due to unfavorable mix driven by lower contract brewing volumes in the Americas segment and premiumization, volume deleverage, cost inflation related to materials and manufacturing expenses as well as unfavorable changes in our unrealized mark-to-market commodity derivative positions, partially offset by cost savings initiatives.
Current wording
Cost of goods sold decreased 2.2% for the three months ended September 30, 2025, compared to prior year, primarily due to lower financial volume, partially offset by higher cost of goods sold per hectoliter and the unfavorable foreign currency impact of $19.4 million. Cost of goods sold per hectoliter increased 4.1% for the three months ended September 30, 2025, compared to prior year, primarily due to cost inflation related to materials and manufacturing expenses, unfavorable mix driven by lower contract brewing volume in the Americas segment and premiumization as well as volume deleverage, partially offset by cost savings initiatives and favorable changes in our unrealized mark-to-market commodity derivative positions.
Previous wording
Cost of goods sold decreased 5.2% for the six months ended June 30, 2025, compared to prior year, primarily due to lower financial volumes, partially offset by higher cost of goods sold per hectoliter and unfavorable foreign currency impacts of $7.2 million. Cost of goods sold per hectoliter increased 5.6% for the six months ended June 30, 2025, compared to prior year, primarily due to volume deleverage, unfavorable mix driven by lower contract brewing volumes in the Americas segment and premiumization as well as cost inflation related to materials and manufacturing expense, partially offset by cost savings initiatives.
Current wording
Cost of goods sold decreased 4.1% for the nine months ended September 30, 2025, compared to prior year, primarily due to lower financial volume, partially offset by higher cost of goods sold per hectoliter and the unfavorable foreign currency impact of $26.6 million. Cost of goods sold per hectoliter increased 5.1% for the nine months ended September 30, 2025, compared to prior year, primarily due to volume deleverage, unfavorable mix driven by lower contract brewing volume in the Americas segment and premiumization as well as cost inflation related to materials and manufacturing expenses, partially offset by cost savings initiatives.
Previous wording
Discussions of currency impacts on cost of goods sold for the three and six months ended June 30, 2025 are included in the "Foreign currency impacts on results" section above.
Current wording
Discussions of currency impacts on cost of goods sold for the three and nine months ended September 30, 2025, are included in the "Foreign currency impacts on results" section above.
Previous wording
MG&A expenses decreased 4.9% for the three months ended June 30, 2025, compared to prior year, primarily due to timing of marketing investment and lower general and administrative expenses as a result of lower incentive compensation expense, partially offset by unfavorable foreign currency impacts of $7.3 million.
Current wording
MG&A expenses increased 0.3% for the three months ended September 30, 2025, compared to prior year, primarily due to the timing of marketing investment and the unfavorable foreign currency impact of $6.7 million, partially offset by lower general and administrative expenses as a result of lower incentive compensation expense.
Previous wording
MG&A expenses decreased 2.7% for the six months ended June 30, 2025, compared to prior year, primarily due to timing of marketing investment and lower general and administrative expenses. Lower general and administrative expenses were primarily driven by lower incentive compensation expense, partially offset by approximately $30 million of integration and transition fees from the Fevertree USA, Inc. acquisition which will be recoverable through net sales over the next 3 years.
Current wording
MG&A expenses decreased 1.7% for the nine months ended September 30, 2025, compared to prior year, primarily due to lower marketing investment resulting from the cycling of higher spend levels in the prior year and lower general and administrative expenses. Lower general and administrative expenses were primarily driven by lower incentive compensation expense, partially offset by approximately $30 million of integration and transition fees from the Fevertree USA, Inc. acquisition which will be recoverable through net sales over the next 3 years which started in the second quarter of 2025.
Previous wording
Discussions of currency impacts on MG&A expenses for the three and six months ended June 30, 2025 are included in the "Foreign currency impacts on results" section above.
Current wording
Discussions of currency impacts on MG&A expenses for the three and nine months ended September 30, 2025, are included in the "Foreign currency impacts on results" section above.
Previous wording
On July 4, 2025, the OBBBA was enacted into law in the U.S. The OBBBA permanently extends certain expiring provisions from the Tax Cuts and Jobs Act of 2017, including accelerated tax recovery for certain capital investments and research and development expenditures and the business interest expense limitation. Additionally, the OBBBA includes changes to the taxation of foreign income for U.S.-domiciled businesses. While we are currently evaluating the impact of the OBBBA to the Company, we do anticipate a decrease in our current year cash tax liability as a result of the OBBBA.
Current wording
On July 4, 2025, the OBBBA was enacted into law in the U.S. The OBBBA includes various provisions which permanently extend certain expiring provisions from the Tax Cuts and Jobs Act of 2017, many of which have different effective dates. Changes in the OBBBA include the accelerated tax recovery for certain capital investments and research and development expenditures, and changes to the business interest expense limitation. Additionally, the OBBBA includes changes to the taxation of foreign income for U.S.-domiciled businesses. While the OBBBA did not materially affect our effective tax rate for the three or nine months ended September 30, 2025, it did reduce our cash tax payments by approximately $60 million through the third quarter of 2025 and is expected to lower our total cash tax payments by approximately $80 million for the full year. We are continuing to assess the potential impact of OBBBA changes that become effective after 2025 on our condensed consolidated financial statements.
Previous wording
(1)Includes gross inter-segment sales and volumes which are eliminated in the consolidated totals.
Current wording
(1)Includes gross inter-segment sales and volume which are eliminated in the consolidated totals.
Previous wording
(2)Excludes royalty volume of 0.693 million hectoliters and 1.366 million hectoliters for the three and six months ended June 30, 2025, respectively, and excludes royalty volume of 0.578 million hectoliters and 1.169 million hectoliters for the three and six months ended June 30, 2024, respectively.
Current wording
(2)Excludes royalty volume of 0.701 million hectoliters and 2.067 million hectoliters for the three and nine months ended September 30, 2025, respectively, and excludes royalty volume of 0.626 million hectoliters and 1.795 million hectoliters for the three and nine months ended September 30, 2024, respectively.
Previous wording
Financial volumes decreased 6.6% for the three months ended June 30, 2025, compared to prior year, primarily due to lower U.S. volume impacted by the macroeconomic environment resulting in industry softness as well as lower share performance and an approximate 3% impact from lower contract brewing volume related to the exit of contract brewing arrangements in both the U.S. and Canada at the end of 2024, partially offset by favorable timing of U.S. shipments.
Current wording
Financial volume decreased 6.5% for the three months ended September 30, 2025, compared to prior year, primarily due to lower U.S. volume impacted by the macroeconomic environment resulting in industry softness as well as lower share performance and an approximate 3% impact from lower contract brewing volume resulting from the exit of a contract brewing arrangement in the U.S. as well as a contract brewing arrangement in Canada at the end of 2024, partially offset by favorable U.S. shipment timing.
Previous wording
Price and sales mix favorably impacted net sales by 4.0% for the three months ended June 30, 2025, compared to prior year, primarily due to favorable sales mix as a result of lower contract brewing volumes and positive brand mix as well as increased net pricing. Net sales per hectoliter increased 4.2% on a reported basis.
Current wording
Price and sales mix favorably impacted net sales by 3.0% for the three months ended September 30, 2025, compared to prior year, primarily due to favorable sales mix as a result of lower contract brewing volume and positive brand mix as well as increased net pricing. Net sales per hectoliter increased 3.1% on a reported basis.
Previous wording
Net sales decreased 5.9% for the six months ended June 30, 2025, compared to prior year, driven by lower financial volume, partially offset by favorable price and sales mix and favorable foreign currency impacts.
Current wording
Net sales decreased 5.9% for the nine months ended September 30, 2025, compared to prior year, driven by lower financial volume and unfavorable foreign currency impacts, partially offset by favorable price and sales mix.
Previous wording
Financial volumes decreased 10.7% for the six months ended June 30, 2025, compared to prior year, primarily due to lower U.S. volume impacted by the macroeconomic environment resulting in industry softness as well as lower share performance and an approximate 4% impact from lower contract brewing volume related to the exit of contract brewing arrangements in both the U.S. and Canada at the end of 2024.
Current wording
Financial volume decreased 9.4% for the nine months ended September 30, 2025, compared to prior year, primarily due to lower U.S. volume impacted by the macroeconomic environment resulting in industry softness as well as lower share performance and an approximate 3.5% impact from lower contract brewing volume resulting from the exit of a contract brewing arrangement in the U.S. as well as a contract brewing arrangement in Canada at the end of 2024.
Previous wording
Price and sales mix favorably impacted net sales by 4.0% for the six months ended June 30, 2025, compared to prior year, primarily due to favorable sales mix as a result of lower contract brewing volumes and positive brand mix as well as increased net pricing. Net sales per hectoliter increased 4.1% on a reported basis.
Current wording
Price and sales mix favorably impacted net sales by 3.8% for the nine months ended September 30, 2025, compared to prior year, primarily due to favorable sales mix as a result of lower contract brewing volume and positive brand mix as well as increased net pricing. Net sales per hectoliter increased 3.8% on a reported basis.
Previous wording
Discussions of currency impacts on income (loss) before income taxes for the three and six months ended June 30, 2025, are included in the "Foreign currency impacts on results" section above.
Current wording
Discussions of currency impacts on income (loss) before income taxes for the three and nine months ended September 30, 2025, are included in the "Foreign currency impacts on results" section above.
Previous wording
(1)Includes gross inter-segment sales and volumes which are eliminated in the consolidated totals.
Current wording
(1)Includes gross inter-segment sales and volume which are eliminated in the consolidated totals.
Previous wording
(2)Excludes royalty volume of 0.336 million hectoliters and 0.556 million hectoliters for the three and six months ended June 30, 2025, respectively, and excludes royalty volume of 0.325 million hectoliters and 0.543 million hectoliters for the three and six months ended June 30, 2024, respectively.
Current wording
(2)Excludes royalty volume of 0.347 million hectoliters and 0.903 million hectoliters for the three and nine months ended September 30, 2025, respectively, and excludes royalty volume of 0.356 million hectoliters and 0.899 million hectoliters for the three and nine months ended September 30, 2024, respectively.
Previous wording
Financial volumes decreased 7.8% for the three months ended June 30, 2025, compared to prior year, primarily due to lower volumes across all regions driven by soft market demand and a heightened competitive landscape.
Current wording
Financial volume decreased 4.9% for the three months ended September 30, 2025, compared to prior year, primarily due to lower volume across all regions driven by soft market demand and a heightened competitive landscape.
Previous wording
Net sales increased 3.0% for the three months ended June 30, 2025, compared to prior year, driven by favorable price and sales mix and favorable foreign currency impacts, partially offset by lower financial volumes.
Current wording
Net sales increased 0.5% for the nine months ended September 30, 2025, compared to prior year, driven by favorable price and sales mix and favorable foreign currency impacts, partially offset by lower financial volume.
Previous wording
Financial volumes decreased 8.6% for the six months ended June 30, 2025, compared to prior year, primarily due to lower volumes across all regions driven by soft market demand and heightened competitive landscape.
Current wording
Financial volume decreased 7.2% for the nine months ended September 30, 2025, compared to prior year, primarily due to lower volume across all regions driven by soft market demand and a heightened competitive landscape.
Previous wording
Price and sales mix favorably impacted net sales by 5.5% for the three months ended June 30, 2025, compared to prior year, primarily due to geographic mix, premiumization and higher factored brand volumes, as well as increased net pricing. Net sales per hectoliter increased 11.8% on a reported basis.
Current wording
Price and sales mix favorably impacted net sales by 4.2% for the nine months ended September 30, 2025, compared to prior year, primarily due to geographic mix, premiumization and higher factored brand volume, as well as increased net pricing. Net sales per hectoliter increased 8.3% on a reported basis.
Previous wording
Income before income taxes declined 35.0% for the six months ended June 30, 2025, compared to prior year, primarily due to lower financial volumes and higher U.K. waste management fees as a result of the change in the extended producer responsibility regulations, partially offset by lower MG&A expense driven by lower incentive compensation and cost savings, increased net pricing and favorable mix, as well as favorable foreign currency impacts of $7.4 million.
Current wording
Loss before income taxes of $64.8 million declined $186.6 million for the nine months ended September 30, 2025, compared to income in the prior year, primarily due to the partial impairment charge of $198.6 million to the indefinite-lived intangible asset related to the Staropramen family of brands, lower financial volume and higher U.K. waste management fees as a result of the change in the extended producer responsibility regulations, partially offset by the cycling of a prior year $45.8 million adjustment recorded to interest expense to increase our mandatorily redeemable NCI liability to the final redemption value related to the CBPL buyout, increased net pricing and lower MG&A expense driven by lower incentive compensation and cost savings.
Previous wording
Discussions of currency impacts on income (loss) before income taxes for the three and six months ended June 30, 2025, are included in the "Foreign currency impacts on results" section above.
Current wording
Discussions of currency impacts on income (loss) before income taxes for the three and nine months ended September 30, 2025, are included in the "Foreign currency impacts on results" section above.
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Previous report — wording carried elsewhere
Income before income taxes declined 7.5% for the six months ended June 30, 2025, compared to prior year, primarily due to lower financial volumes, cost inflation related to materials and manufacturing expenses and approximately $30 million of integration and transition fees from the Fevertree USA, Inc. acquisition which will be recoverable through net sales over the next 3 years, partially offset by favorable mix, increased net pricing, favorable unrealized fair value adjustment of the investment in Fevertree Drinks plc, cost savings initiatives, timing of marketing investment and lower incentive compensation.
Previous report — wording carried elsewhere
Income before income taxes declined 20.2% for the three months ended June 30, 2025, compared to prior year, primarily due to lower financial volumes and higher U.K. waste management fees as a result of the change in extended producer responsibility regulations, partially offset by lower MG&A expense driven by lower incentive compensation and cost savings, increased net pricing and favorable mix, as well as favorable foreign currency impacts of $5.4 million.