MOLSON COORS BEVERAGE CO
For the period ended Sep 30, 2026. Filed Nov 5, 2026.
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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, 2026 · Filed Nov 5, 2026
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 2026-06-30; filed 2026-08-06.
0000024545-26-000071
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-05.
0000024545-26-000079
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 143 previous paragraphs and 151 current paragraphs.
69 unchanged; 54 reworded; 28 added; 19 removed; 1 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 (28)
Current report
CDC Distribution Agreements
Current report
During the third quarter of 2026, certain brand owners sought to terminate their distribution agreements with CDC, our wholly owned distributor in Colorado. In response to this, CDC is pursuing legal actions to enforce its rights under the distribution agreements and applicable law. As of the date of this report, we do not anticipate that this development will have a material impact on our results of operations for the year ended December 31, 2026. The outcome of these legal actions remains uncertain. However, these brands represent an immaterial amount of our Americas' net sales and income (loss) before income taxes for the year ended December 31, 2025 as well as for the nine months ended September 30, 2026.
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.
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
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.
Current report
•Net sales- Unfavorable impact of $10.9 million (Unfavorable impact for Americas and EMEA&APAC of $5.6 million and $5.3 million, respectively).
Current report
•Cost of goods sold - Favorable impact of $6.5 million (Favorable impact for Americas and EMEA&APAC of $3.5 million and $3.0 million, respectively).
Current report
•MG&A - Favorable impact of $2.3 million (Favorable impact for Americas and EMEA&APAC of $1.3 million and $1.0 million, respectively).
Current report
Net sales decreased 1.6% for the three months ended September 30, 2026, compared to prior year, driven by lower financial volume and unfavorable foreign currency impacts, partially offset by favorable price and sales mix.
Current report
Net sales decreased 1.2% for the nine months ended September 30, 2026, compared to prior year, driven by lower financial volume, partially offset by favorable price and sales mix as well as favorable foreign currency impacts.
Current report
A discussion of currency impacts on net sales for the three and nine months ended September 30, 2026 is included in the "Foreign currency impacts on results" section above.
Current report
MG&A expenses decreased 7.7% for the three months ended September 30, 2026, compared to prior year, primarily due to lower marketing expense as a result of targeted cost reductions as well as cost savings initiatives including lower employee-related costs due to restructuring activities, partially offset by costs incurred related to our global modernization ERP system implementation project.
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.
Current report
Other operating expense, net decreased $265.9 million and $242.3 million for the three and nine months ended September 30, 2026, respectively, compared to prior year, primarily due to the cycling of intangible asset impairments of $273.9 million from the prior year, partially offset by higher restructuring charges.
Current report
Net sales decreased 1.2% for the three months ended September 30, 2026, compared to prior year, driven by lower financial volume and unfavorable foreign currency impacts, partially offset by favorable price and sales mix.
Current report
Net sales decreased 1.7% for the nine months ended September 30, 2026, compared to prior year, driven by lower financial volume, partially offset by favorable price and sales mix.
Current report
A discussion of currency impacts on net sales for the three and nine months ended September 30, 2026 is included in the "Foreign currency impacts on results" section above.
Current report
Income before income taxes of $320.2 million increased $3,665.6 million for the three months ended September 30, 2026, compared to a loss before income taxes in the prior year, primarily due to the cycling of the $3,645.7 million prior year partial goodwill impairment charge, the cycling of the $75.3 million prior full impairment charge to our definite-lived intangible asset related to the Blue Run Spirits asset group, increased net pricing, lower MG&A and favorable changes in the fair value of our investment in Fevertree Drinks plc of $17.7 million, partially offset by cost inflation related to materials, logistics and manufacturing expenses, including approximately $30 million of an unfavorable impact attributable to Midwest Premium pricing and lower financial volume. Lower MG&A was primarily driven by lower marketing expense due to targeted cost reductions and cost savings initiatives, including lower employee-related costs from our Americas Restructuring Plan, partially offset by higher incentive compensation and costs incurred related to our global modernization ERP system implementation project.
Current report
Net sales decreased 2.7% for the three months ended September 30, 2026, compared to prior year, driven by lower financial volume and unfavorable foreign currency impacts, partially offset by favorable price and sales mix.
Current report
A discussion of currency impacts on net sales for the three and nine months ended September 30, 2026, is included in the "Foreign currency impacts on results" section above.
Current report
Income before income taxes of $81.8 million increased $192.2 million for the three months ended September 30, 2026, compared to a loss before income taxes in the prior year, primarily due to the cycling of the $198.6 million prior year partial impairment charge of the indefinite-lived intangible asset related to the Staropramen family of brands and lower MG&A, partially offset by cost inflation related to materials, logistics and manufacturing expenses and lower financial volume. Lower MG&A was primarily driven by lower marketing expense as a result of targeted cost reductions, lower incentive compensation and cost savings initiatives.
Current report
Income before income taxes of $68.0 million increased $132.8 million for the nine months ended September 30, 2026, compared to a loss before income taxes in the prior year, primarily due to the cycling of the $198.6 million prior year partial impairment charge of the indefinite-lived intangible asset related to the Staropramen family of brands and lower MG&A, partially offset by cost inflation related to materials, logistics and manufacturing expenses, lower financial volume and unfavorable foreign currency impacts. Lower MG&A was primarily driven by lower marketing expense as a result of targeted cost reductions and cost savings initiatives.
Current report
Senior Note Borrowings
Removed paragraphs (19)
Previous report
•Net sales- Favorable impact of $10.4 million (Favorable impact for EMEA&APAC of $11.1 million, partially offset by the unfavorable impact for Americas of $0.7 million).
Previous report
•Cost of goods sold - Unfavorable impact of $6.8 million (Unfavorable impact for EMEA&APAC of $7.8 million, partially offset by the favorable impact for Americas and Unallocated of $0.5 million and $0.5 million, respectively).
Previous report
•MG&A - Unfavorable impact of $2.9 million (Unfavorable impact for EMEA&APAC of $3.1 million, partially offset by the favorable impact for Americas of $0.2 million).
Previous report
Net sales decreased 3.3% for the three months ended June 30, 2026, compared to prior year, driven by lower financial volume, partially offset by favorable price and sales mix and favorable foreign currency impacts.
Previous report
Net sales decreased 1.0% for the six months ended June 30, 2026, compared to prior year, driven by lower financial volume, partially offset by favorable price and sales mix and favorable foreign currency impacts.
Previous report
A discussion of currency impacts on net sales for the three and six months ended June 30, 2026 is included in the "Foreign currency impacts on results" section above.
Previous report
MG&A expenses increased 3.7% for the three months ended June 30, 2026, compared to prior year, primarily due to higher general and administrative expenses as a result of cycling lower incentive compensation expense in the prior year and costs incurred related to our global modernization enterprise resource planning (“ERP”) system implementation project in the current year.
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
Net sales decreased 4.1% for the three months ended June 30, 2026, compared to prior year, driven by lower financial volume, partially offset by favorable price and sales mix.
Previous report
Net sales decreased 1.9% for the six months ended June 30, 2026, compared to prior year, driven by lower financial volume, partially offset by favorable price and sales mix and favorable foreign currency impacts.
Previous report
A discussion of currency impacts on net sales for the three and six months ended June 30, 2026 is included in the "Foreign currency impacts on results" section above.
Previous report
Income before income taxes decreased 27.5% for the three months ended June 30, 2026, compared to the prior year, primarily due to lower financial volume, cost inflation related to materials, logistics and manufacturing expenses, including approximately $40 million of an unfavorable impact attributable to Midwest Premium pricing, higher MG&A expenses, unfavorable changes in the fair value of our investment in Fevertree Drinks plc of approximately $18 million and higher other operating expenses, partially offset by increased net pricing and cost savings initiatives. Higher MG&A was primarily driven by the cycling of lower incentive compensation expense in the prior year and costs incurred related to our global modernization ERP system implementation project in the current year.
Previous report
N/M = Not meaningful
Previous report
A discussion of currency impacts on net sales for the three and six months ended June 30, 2026, is included in the "Foreign currency impacts on results" section above.
Previous report
Income before income taxes of $37.9 million decreased 41.5% for the three months ended June 30, 2026, compared to the prior year, primarily due to unfavorable mix driven by channel mix, lower financial volume and cost inflation related to materials, logistics and manufacturing expenses, partially offset by lower restructuring related charges.
Previous report
Loss before income taxes of $13.8 million increased $59.4 million for the six months ended June 30, 2026, compared to income in the prior year, primarily due to lower financial volume, higher restructuring related charges, cost inflation related to materials, logistics and manufacturing expenses, unfavorable geographic mix and unfavorable foreign currency impacts.
Previous report
N/M = Not meaningful
Previous report
Borrowings
Previous report
Subsequent to June 30, 2026, we repaid our $2.0 billion 3.0% senior notes upon maturity on July 15, 2026, using cash proceeds from the May 2026 issuance of both the $500 million senior notes due July 2031 and the $1.0 billion senior notes due July 2036 as well as cash on hand.
Reworded paragraphs (54)
Previous wording
For more than two centuries, we have brewed beverages that unite people to celebrate all life’s moments. From our core power brands, Coors Light, Miller Lite, Coors Banquet, Molson Canadian, Carling and Ožujsko, to our above premium brands, including Madrí Excepcional, Staropramen, Blue Moon Belgian White and Leinenkugel’s Summer Shandy, to our value brands, like Miller High Life and Keystone Light, we produce many beloved and iconic beers. While our history is rooted in beer, we offer a modern portfolio that expands beyond the beer aisle as well, including flavored beverages like Vizzy Hard Seltzer and Monaco, spirits and non-alcoholic beverages. We also have partner brands, such as Simply Spiked, ZOA Energy, Fever-Tree, among others, through license, distribution, partnership and joint venture agreements. As a business, our ambition is to be the first choice for our people, our consumers and our customers, and our success depends on our ability to make our products available to meet a wide range of consumer segments and occasions.
Current wording
For more than two centuries, we have brewed beverages that unite people to celebrate all life’s moments. From our core power brands, Coors Light, Miller Lite, Coors Banquet, Molson Canadian, Carling and Ožujsko, to our above premium brands, including Madrí Excepcional, Staropramen, Blue Moon Belgian White and Leinenkugel’s Summer Shandy, to our value brands, like Miller High Life and Keystone Light, we produce many beloved and iconic beers. While our history is rooted in beer, we offer a modern portfolio that expands beyond the beer aisle as well, including flavored beverages like Vizzy Hard Seltzer and Monaco, spirits and non-alcoholic beverages. We also have partner brands, such as Simply Spiked, ZOA Energyand Fever-Tree, among others, through license, distribution, partnership and joint venture agreements. As a business, our ambition is to be the first choice for our people, our consumers and our customers, and our success depends on our ability to make our products available to meet a wide range of consumer segments and occasions.
Previous wording
Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A") in this Quarterly Report on Form 10-Q is provided as a supplement to, and should be read in conjunction with, our audited consolidated financial statements, the accompanying notes and the MD&A included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 ("Annual Report"), as well as our unaudited condensed consolidated financial statements and the accompanying notes included in this report. The results of operations for the three and six months ended June 30, 2026, are not necessarily indicative of the results that may be achieved for the full year or any other future period.
Current wording
Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A") in this Quarterly Report on Form 10-Q is provided as a supplement to, and should be read in conjunction with, our audited consolidated financial statements, the accompanying notes and the MD&A included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 ("Annual Report"), as well as our unaudited condensed consolidated financial statements and the accompanying notes included in this report. The results of operations for the three and nine months ended September 30, 2026, are not necessarily indicative of the results that may be achieved for the full year or any other future period.
Previous wording
Our industry is experiencing and continues to navigate a dynamic macroeconomic environment driven by tariffs and shifting global trade policies as well as other geopolitical events including the recent conflict in Iran with potential resulting impacts on economic growth, consumer confidence, supply chain pressures, commodity cost volatility and other inflation, and foreign currency exchange rates.
Current wording
Our industry is experiencing and continues to navigate a dynamic macroeconomic environment driven by tariffs and shifting global trade policies as well as other geopolitical events including the recent conflict in Iran which have impacted and may continue to impact economic growth, consumer confidence, supply chain pressures, commodity cost volatility and other inflation, and foreign currency exchange rates.
Previous wording
For example, the surcharge added to the base price of aluminum in the U.S., known as the Midwest Premium, rose substantially in the second quarter of 2025, and base aluminum and fuel prices have also been volatile and remain at elevated levels. In addition to impacting the prices of raw materials, a constant or periodic change in these commodities has and may continue to decrease our profit margins or we may pass on the increased costs to our customers, which could in turn result in the loss of sales if the end consumer is not willing to pay the increased price.
Current wording
For example, the surcharge added to the base price of aluminum in the U.S., known as the Midwest Premium, has risen substantially since the second quarter of 2025, and base aluminum and fuel prices have also been volatile and remain at elevated levels. Further, we have experienced a tightening of the freight market in the U.S. and expect this to continue in the near term. In addition to impacting the prices of raw materials, a constant or periodic change in these commodities has decreased and may continue to decrease our profit margins or we may pass on the increased costs to our customers, which could in turn result in the loss of sales if the end consumer is not willing to pay the increased price.
Previous wording
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
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, including but not limited to hedging commodities as well as cost savings programs and initiatives.
Previous wording
On April 1, 2026, we acquired Atomic Brands, Inc., the maker of Monaco Cocktails ("Monaco") for a purchase price and cash paid of $275 million (subject to adjustment for net working capital). Monaco is a pioneering brand in the ready-to-drink ("RTD") cocktail segment known for combining bold flavors and quality with convenient ready-to-drink packaging. The acquisition is aligned with our strategy to expand beyond the beer aisle, especially into RTD cocktails. The acquisition was accounted for as a business combination, with approximately $65 million of consideration allocated to a definite-lived brand intangible asset to be amortized over a 15-year period and the remainder primarily allocated to goodwill of approximately $200 million for the amount in excess of net identifiable assets acquired as well as other working capital balances.
Current wording
On April 1, 2026, we acquired Atomic Brands, Inc., the maker of Monaco Cocktails ("Monaco") for a purchase price and cash paid of approximately $275 million. Monaco is a pioneering brand in the ready-to-drink ("RTD") cocktail segment known for combining bold flavors and quality with convenient ready-to-drink packaging. The acquisition is aligned with our strategy to expand beyond the beer aisle, especially into RTD cocktails. The acquisition was accounted for as a business combination, with approximately $65 million of consideration allocated to a definite-lived brand intangible asset to be amortized over a 15-year period and the remainder primarily allocated to goodwill of approximately $200 million for the amount in excess of net identifiable assets acquired as well as other working capital balances.
Previous wording
We continued to incur elevated costs attributable to Midwest Premium pricing. Midwest Premium pricing had an approximately $40 million and $70 million unfavorable impact on our cost of goods sold during the three and six months ended June 30, 2026, respectively. We expect this unfavorable impact to continue the remainder of 2026 and as a result, we anticipate Midwest Premium pricing to have an approximate $130 million unfavorable impact on our cost of goods sold for the year ending December 31, 2026 when compared to prior year.
Current wording
We continued to incur elevated costs attributable to Midwest Premium pricing. Midwest Premium pricing had approximately a $30 million and $100 million unfavorable impact on our cost of goods sold during the three and nine months ended September 30, 2026, respectively. We expect this unfavorable impact to continue the remainder of 2026 and as a result, we anticipate Midwest Premium pricing to have an approximate $130 million unfavorable impact on our cost of goods sold for the year ending December 31, 2026 when compared to prior year.
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, 2026 and June 30, 2025. 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, 2026 and September 30, 2025. See Part I.—Item 1. Financial Statements for additional details of our U.S. GAAP results.
Previous wording
•Income (loss) before income taxes - Unfavorable impact of $0.4 million (Unfavorable impact for Americas of $2.1 million, partially offset by the favorable impact for Unallocated and EMEA&APAC of $1.0 million and $0.7 million, respectively).
Current wording
•Income (loss) before income taxes - Unfavorable impact of $2.7 million (Unfavorable impact for EMEA&APAC and Americas of $2.2 million and $1.0 million, respectively, partially offset by the favorable impact for Unallocated of $0.5 million).
Previous wording
The impacts of foreign currency movements on our consolidated USD results described above for the three months ended June 30, 2026 were primarily due to the weakening of the USD compared to the GBP and other operating currencies in Europe and 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, 2026 were primarily due to the strengthening of the USD compared to the CAD and other operating currencies in Europe.
Previous wording
For the six months ended June 30, 2026, foreign currency movements had the following impacts on our USD consolidated results:
Current wording
For the nine months ended September 30, 2026, foreign currency movements had the following impacts on our USD consolidated results:
Previous wording
•Net sales- Favorable impact of $55.6 million (Favorable impact for EMEA&APAC and Americas of $45.1 million and $10.5 million, respectively).
Current wording
•Net sales- Favorable impact of $44.7 million (Favorable impact for EMEA&APAC and Americas of $39.8 million and $4.9 million, respectively).
Previous wording
•Cost of goods sold - Unfavorable impact of $38.7 million (Unfavorable impact for EMEA&APAC and Americas of $33.4 million and $6.9 million, respectively, partially offset by the favorable impact for Unallocated of $1.6 million).
Current wording
•Cost of goods sold - Unfavorable impact of $32.2 million (Unfavorable impact for EMEA&APAC and Americas of $30.4 million and $3.4 million, respectively, partially offset by the favorable impact for Unallocated of $1.6 million).
Previous wording
•MG&A - Unfavorable impact of $19.0 million (Unfavorable impact for EMEA&APAC and Americas of $15.4 million and $3.6 million, respectively).
Current wording
•MG&A - Unfavorable impact of $16.7 million (Unfavorable impact for EMEA&APAC and Americas of $14.4 million and $2.3 million, respectively).
Previous wording
•Income (loss) before income taxes - Unfavorable impact of $5.0 million (Unfavorable impact for EMEA&APAC and Americas of $4.7 million and $3.7 million, respectively, partially offset by the favorable impact for Unallocated of $3.4 million).
Current wording
•Income (loss) before income taxes - Unfavorable impact of $7.7 million (Unfavorable impact for EMEA&APAC and Americas of $6.9 million and $4.7 million, respectively, partially offset by the favorable impact for Unallocated of $3.9 million).
Previous wording
The impacts of foreign currency movements on our consolidated USD results described above for the six months ended June 30, 2026, were primarily due to the weakening of the USD compared to the CAD, GBP and other operating currencies in Europe.
Current wording
The impacts of foreign currency movements on our consolidated USD results described above for the nine months ended September 30, 2026, were primarily due to the weakening of the USD compared to the CAD, GBP and other operating currencies in Europe.
Previous wording
Financial volume decreased 5.4% for the three months ended June 30, 2026, compared to prior year, primarily due to lower shipments in both the Americas and EMEA&APAC segments.
Current wording
Financial volume decreased 3.0% for the three months ended September 30, 2026, compared to prior year, primarily due to lower shipments in both the Americas and EMEA&APAC segments.
Previous wording
Price and sales mix favorably impacted net sales by 1.8% for the three months ended June 30, 2026, compared to prior year, primarily due to increased net pricing in the Americas segment and favorable sales mix as a result of premiumization in both the Americas and EMEA&APAC segments.
Current wording
Price and sales mix favorably impacted net sales by 1.8% for the three months ended September 30, 2026, compared to prior year, primarily due to increased net pricing in the Americas segment and favorable sales mix as a result of premiumization in the EMEA&APAC segment.
Previous wording
Financial volume decreased 4.4% for the six months ended June 30, 2026, compared to prior year, primarily due to lower shipments in both the Americas and EMEA&APAC segments.
Current wording
Financial volume decreased 3.9% for the nine months ended September 30, 2026, compared to prior year, primarily due to lower shipments in both the Americas and EMEA&APAC segments.
Previous wording
Price and sales mix favorably impacted net sales by 2.3% for the six months ended June 30, 2026, compared to prior year, primarily due to increased net pricing in the Americas segment and favorable sales mix as a result of premiumization in both the Americas and EMEA&APAC segments.
Current wording
Price and sales mix favorably impacted net sales by 2.1% for the nine months ended September 30, 2026, compared to prior year, primarily due to increased net pricing in the Americas segment and favorable sales mix as a result of premiumization in the EMEA&APAC segment.
Previous wording
Cost of goods sold increased 6.0% for the three months ended June 30, 2026 compared to prior year, primarily due to higher cost of goods sold per hectoliter and unfavorable foreign currency impacts, partially offset by lower financial volume. Cost of goods sold per hectoliter increased 12.1% for the three months ended June 30, 2026, compared to prior year, primarily due to the unfavorable changes in our unrealized mark-to-market commodity derivative positions of $98.0 million, cost inflation related to materials, logistics and manufacturing expenses including approximately $40 million of an unfavorable impact attributable to Midwest Premium pricing, unfavorable mix driven by premiumization and volume deleverage, partially offset by cost savings initiatives.
Current wording
Cost of goods sold increased 5.3% for the three months ended September 30, 2026, compared to prior year, primarily due to higher cost of goods sold per hectoliter, partially offset by lower financial volume. Cost of goods sold per hectoliter increased 8.6% for the three months ended September 30, 2026, compared to prior year, primarily due to cost inflation related to materials, logistics and manufacturing expenses, including approximately $30 million of an unfavorable impact attributable to Midwest Premium pricing, volume deleverage, unfavorable changes in our unrealized mark-to-market commodity derivative positions of $14.7 million and unfavorable mix driven by premiumization, partially offset by cost savings initiatives.
Previous wording
Cost of goods sold increased 3.4% for the six months ended June 30, 2026 compared to prior year, primarily due to higher cost of goods sold per hectoliter and unfavorable foreign currency impacts of $38.7 million, partially offset by lower financial volumes. Cost of goods sold per hectoliter increased 8.1% for the six months ended June 30, 2026, compared to prior year, primarily due to cost inflation related to materials, logistics and manufacturing expenses including approximately $70 million of an unfavorable impact attributable to Midwest Premium pricing, unfavorable mix driven by premiumization, volume deleverage and unfavorable changes in our unrealized mark-to-market commodity derivative positions of $27.5 million, partially offset by cost savings initiatives.
Current wording
Cost of goods sold increased 4.1% for the nine months ended September 30, 2026, compared to prior year, primarily due to higher cost of goods sold per hectoliter and unfavorable foreign currency impacts, partially offset by lower financial volume. Cost of goods sold per hectoliter increased 8.3% for the nine months ended September 30, 2026, compared to prior year, primarily due to cost inflation related to materials, logistics and manufacturing expenses including approximately $100 million of an unfavorable impact attributable to Midwest Premium pricing, unfavorable mix driven by premiumization, volume deleverage, unfavorable changes in our unrealized mark-to-market commodity derivative positions of $42.2 million and unfavorable foreign currency impacts, partially offset by cost savings initiatives.
Previous wording
A discussion of currency impacts on cost of goods sold for the three and six months ended June 30, 2026, is included in the "Foreign currency impacts on results" section above.
Current wording
A discussion of currency impacts on cost of goods sold for the three and nine months ended September 30, 2026, is included in the "Foreign currency impacts on results" section above.
Previous wording
MG&A expenses decreased 1.3% for the six months ended June 30, 2026, compared to prior year, primarily due to lower marketing expense and the cycling of approximately $30 million of integration and transition fees from the Fevertree USA, Inc. acquisition in the prior year, partially offset by cycling lower incentive compensation expense in the prior year, unfavorable foreign currency impacts of $19.0 million and costs incurred related to our global modernization ERP system implementation project.
Current wording
MG&A expenses decreased 3.5% for the nine months ended September 30, 2026, compared to prior year, primarily due to lower marketing expense as a result of targeted cost reductions, the cycling of approximately $30 million of integration and transition fees from the Fevertree USA, Inc. acquisition in the prior year, as well as cost savings initiatives including lower employee-related costs due to restructuring activities, partially offset by higher incentive compensation and costs incurred related to our global modernization ERP system implementation project.
Previous wording
A discussion of currency impacts on MG&A expenses for the three and six months ended June 30, 2026, is included in the "Foreign currency impacts on results" section above.
Current wording
A discussion of currency impacts on MG&A expenses for the three and nine months ended September 30, 2026, is included in the "Foreign currency impacts on results" section above.
Previous wording
Total non-operating expense, net increased 70.0% for the three months ended June 30, 2026, compared to prior year, primarily due to the fair value change of our investment in Fevertree Drinks plc of $18.0 million.
Current wording
Total non-operating expense, net decreased 24.8% for the three months ended September 30, 2026, compared to prior year, primarily due to the favorable fair value change of our investment in Fevertree Drinks plc of $17.7 million.
Previous wording
Total non-operating expense, net increased 91.5% for the six months ended June 30, 2026, compared to prior year, primarily due to the fair value change of our investment in Fevertree Drinks plc of $54.1 million.
Current wording
Total non-operating expense, net increased 30.6% for the nine months ended September 30, 2026, compared to prior year, primarily due to the unfavorable fair value change of our investment in Fevertree Drinks plc of $36.4 million.
Previous wording
The lower effective tax rate for the three and six months ended June 30, 2026, compared to the prior year, was primarily due to the recognition of a higher discrete tax benefit.
Current wording
The higher effective tax rate for the three and nine months ended September 30, 2026, compared to the prior year, was primarily due to the $3,645.7 million partial goodwill impairment recorded in the third quarter of 2025, a portion of which was not deductible for tax purposes.
Previous wording
(2)Excludes royalty volume of 0.719 million hectoliters and 1.441 million hectoliters for the three and six months ended June 30, 2026, respectively, and excludes royalty volume of 0.693 million hectoliters and 1.366 million hectoliters for the three and six months ended June 30, 2025, respectively.
Current wording
(2)Excludes royalty volume of 0.762 million hectoliters and 2.203 million hectoliters for the three and nine months ended September 30, 2026, respectively, and excludes royalty volume of 0.701 million hectoliters and 2.067 million hectoliters for the three and nine months ended September 30, 2025, respectively.
Previous wording
Financial volume decreased 6.4% for the three months ended June 30, 2026, compared to prior year, primarily due to lower financial volume in the U.S. in our core and value brands as well as the unfavorable timing of shipments.
Current wording
Financial volume decreased 2.9% for the three months ended September 30, 2026, compared to prior year, primarily due to lower financial volume in the U.S. driven by our core and value brands and industry softness, partially offset by the favorable timing of shipments.
Previous wording
Price and sales mix favorably impacted net sales by 2.3% for the three months ended June 30, 2026, compared to prior year, primarily due to increased net pricing and favorable sales mix as a result of positive brand mix.
Current wording
Price and sales mix favorably impacted net sales by 1.9% for the three months ended September 30, 2026, compared to prior year, primarily due to increased net pricing and favorable sales mix as a result of positive brand mix.
Previous wording
Financial volume decreased 4.8% for the six months ended June 30, 2026, compared to prior year, primarily due to lower financial volumes in the U.S. in our core and value brands.
Current wording
Financial volume decreased 4.2% for the nine months ended September 30, 2026, compared to prior year, primarily due to lower financial volumes in the U.S. driven by our core and value brands and industry softness, partially offset by the favorable timing of shipments.
Previous wording
Price and sales mix favorably impacted net sales by 2.7% for the six months ended June 30, 2026, compared to prior year, primarily due to increased net pricing and favorable sales mix as a result of positive brand mix.
Current wording
Price and sales mix favorably impacted net sales by 2.5% for the nine months ended September 30, 2026, compared to prior year, primarily due to increased net pricing and favorable sales mix as a result of positive brand mix.
Previous wording
Income before income taxes decreased 20.1% for the six months ended June 30, 2026, compared to the prior year, primarily due to cost inflation related to materials, logistics and manufacturing expenses, including approximately $70 million of an unfavorable impact attributable to Midwest Premium pricing, lower financial volume and unfavorable changes in the fair value of our investment in Fevertree Drinks plc of $54.1 million, partially offset by increased net pricing, lower MG&A and cost savings initiatives. Lower MG&A was primarily due to the cycling of approximately $30 million of integration and transition fees from the Fevertree USA, Inc. acquisition in the prior year, cost savings initiatives including lower employee-related costs of our Americas Restructuring Plan and lower marketing expense, partially offset by higher incentive compensation expense and costs incurred related to our global modernization ERP system implementation project.
Current wording
Income before income taxes of $917.7 million increased $3,515.6 million for the nine months ended September 30, 2026, compared to a loss before income taxes in the prior year, primarily due to the cycling of the $3,645.7 million prior year partial goodwill impairment charge, increased net pricing, the cycling of the $75.3 million prior year full impairment charge to our definite-lived intangible asset related to the Blue Run Spirits asset group, lower MG&A and cost savings initiatives, partially offset by cost inflation related to materials, logistics and manufacturing expenses, including approximately $100 million of an unfavorable impact attributable to Midwest Premium pricing, lower financial volume and unfavorable changes in the fair value of our investment in Fevertree Drinks plc of $36.4 million. Lower MG&A was primarily driven by lower marketing expense due to targeted cost reductions, cost savings initiatives including lower employee-related costs from our Americas Restructuring Plan and the cycling of approximately $30 million of integration and transition fees from the Fevertree USA, Inc. acquisition in the prior year, partially offset by higher incentive compensation and costs incurred related to our global modernization ERP system implementation project.
Previous wording
A discussion of currency impacts on income (loss) before income taxes for the three and six months ended June 30, 2026 is included in the "Foreign currency impacts on results" section above.
Current wording
A discussion of currency impacts on income (loss) before income taxes for the three and nine months ended September 30, 2026 is included in the "Foreign currency impacts on results" section above.
Previous wording
(2)Excludes royalty volume of 0.353 million hectoliters and 0.576 million hectoliters for the three and six months ended June 30, 2026, respectively, and excludes royalty volume of 0.336 million hectoliters and 0.556 million hectoliters for the three and six months ended June 30, 2025, respectively.
Current wording
(2)Excludes royalty volume of 0.376 million hectoliters and 0.952 million hectoliters for the three and nine months ended September 30, 2026, respectively, and excludes royalty volume of 0.347 million hectoliters and 0.903 million hectoliters for the three and nine months ended September 30, 2025, respectively.
Previous wording
Financial volume decreased 2.8% for the three months ended June 30, 2026, compared to prior year, primarily due to lower volume in the U.K. driven by soft market demand and a heightened competitive landscape.
Current wording
Financial volume decreased 3.0% for the three months ended September 30, 2026, compared to prior year, primarily due to lower volume in the U.K. driven by soft market demand and a heightened competitive landscape.
Previous wording
Price and sales mix favorably impacted net sales by 0.8% for the three months ended June 30, 2026, compared to prior year, primarily due to premiumization, partly offset by increased promotional activity.
Current wording
Price and sales mix favorably impacted net sales by 1.0% for the three months ended September 30, 2026, compared to prior year, primarily due to premiumization, partially offset by increased promotional activity and unfavorable channel mix.
Previous wording
Net sales decreased 0.4% for the three months ended June 30, 2026, compared to prior year, driven by lower financial volume, partially offset by favorable foreign currency impacts and favorable price and sales mix.
Current wording
Net sales increased 0.3% for the nine months ended September 30, 2026, compared to prior year, driven by favorable foreign currency impacts and favorable price and sales mix, partially offset by lower financial volume.
Previous wording
Financial volume decreased 3.1% for the six months ended June 30, 2026, compared to prior year, primarily due to lower volume in the U.K. and in Central and Eastern Europe driven by soft market demand and heightened competitive landscape mainly in our core and value brands.
Current wording
Financial volume decreased 3.1% for the nine months ended September 30, 2026, compared to prior year, primarily due to lower volume in the U.K. and in Central and Eastern Europe, driven by soft market demand and a heightened competitive landscape, mainly in our core and value brands.
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Previous report — wording carried elsewhere
Net sales increased 2.3% for the six months ended June 30, 2026, compared to prior year, driven by favorable foreign currency impacts and favorable price and sales mix, partially offset by lower financial volumes.