TAP · 10-Q · 2026Q2 · Full report

Operating Income and Margins

MOLSON COORS BEVERAGE CO (TAP, TAP-A) · 2026-08-06 · Importance 58 · Surprise 56 · No source text

Consolidated operating income declined 43.1% year over year to $331.9 million in the second quarter and declined 23.3% to $590.2 million for the first six months of 2026. Income before taxes decreased 49.0% to $283.1 million in the quarter and 32.8% to $477.8 million year to date, while MCBC-attributable net income fell 46.0% to $231.7 million and 30.3% to $383.0 million, respectively. Americas income before taxes fell 27.5% to $390.1 million in the quarter and 20.1% to $597.5 million year to date, driven by lower volume, inflation, Midwest Premium costs and the Fevertree investment fair-value decline. EMEA&APAC income before taxes fell 41.5% to $37.9 million in the quarter and became a $13.8 million loss year to date, due to lower volume, unfavorable mix, inflation, geographic mix and higher restructuring charges.

Key facts

Operating income for the six months ended June 30, 2026: $590.2 million, decreased 23.3% versus prior year. source
Net income attributable to MCBC for the six months ended June 30, 2026: $383.0 million, decreased 30.3% versus prior year. source
Americas segment income before income taxes for the three months ended June 30, 2026: $390.1 million, decreased 27.5% versus prior year. source
Americas segment income before income taxes for the six months ended June 30, 2026: $597.5 million, decreased 20.1% versus prior year; financial volume 25.753 million hectoliters, decreased 4.8%. source
Operating income for the three months ended June 30, 2026: $331.9 million, decreased 43.1% versus prior year. source
Net income attributable to MCBC for the three months ended June 30, 2026: $231.7 million, decreased 46.0% versus prior year. source
EMEA&APAC segment income before income taxes for the three months ended June 30, 2026: $37.9 million, decreased 41.5% versus prior year. source
EMEA&APAC segment loss before income taxes for the six months ended June 30, 2026: $(13.8) million, compared to income before income taxes of $45.6 million in prior year (change of $59.4 million). source

Impact estimates

metric	direction	stage	expected	basis
operating_income	negative	realized	-7.0%	Operating income for the three months ended June 30, 2026: $331.9 million, decreased 43.1% versus prior year.
net_income	negative	realized	-5.5%	Net income attributable to MCBC for the three months ended June 30, 2026: $231.7 million, decreased 46.0% versus prior year.
operating_income	negative	realized	-5.0%	Operating income for the six months ended June 30, 2026: $590.2 million, decreased 23.3% versus prior year.
net_income	negative	realized	-4.6%	Net income attributable to MCBC for the six months ended June 30, 2026: $383.0 million, decreased 30.3% versus prior year.
operating_income	negative	realized	-4.1%	Americas segment income before income taxes for the three months ended June 30, 2026: $390.1 million, decreased 27.5% versus prior year.
operating_income	negative	realized	-0.8%	EMEA&APAC segment income before income taxes for the three months ended June 30, 2026: $37.9 million, decreased 41.5% versus prior year.