Molson Coors Beverage Company reported Q1 2026 results on 30 April 2026 – Rahul Goyal’s first full quarter as CEO, appointed in October 2025. Net sales grew 2.0% to $2,351.1 million. Underlying diluted EPS of $0.62 grew 24.0%. Underlying income before income taxes grew 16.2% in constant currency to $147.9 million. Against a Q1 2025 that declined 10.4% in constant currency, the comparison base is favourable – but the performance is genuinely better than expected. Adjusted EBITDA of $386.0 million improved 9.3% year on year.
The Q1 result needs to be read alongside the full year guidance it accompanies. Molson Coors is guiding underlying income before taxes to decline 15-18% for full year 2026 and underlying EPS to decline 11-15%. A first quarter that grew EPS 24% is followed by a full year that will decline 11-15%. The gap is explained by phasing – and understanding the phasing is the key to reading these results correctly.
“We delivered a solid start to the year while executing our strategy in a dynamic external environment with limited near-term visibility. Under Horizon 2030, we said we’d take decisive action to strengthen our business, and we did just that in the first quarter, announcing the acquisition of Monaco Cocktails, closing a key portfolio gap through a disciplined approach and expanding our share-repurchase program to reinforce confidence in our long-term value. As we head into summer, we recognize the external environment remains fluid and plan to approach the season’s most important occasions with scale and impact across our global portfolio, while continuing to focus on returning Molson Coors to sustained growth.”
Rahul Goyal, President and CEO, Molson Coors Beverage Company – Q1 2026 Earnings Release, 30 April 2026
How revenue grew while volume fell
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