Molson Coors Beverage (TAP) Q3 FY2026 earnings: revenue $3.4 billion, down 2.3% on the year

Molson Coors Beverage Co. (TAP) reported revenue of $3.4 billion for Q3 FY2026, the quarter ended 30 September 2026, down 2.3% on the same quarter a year earlier. Net income was $272 million, and diluted earnings per share $1.45. The figures are the company's own, from the 10-Q it filed with the SEC on 5 November 2026.

Revenue

$3.4 billion

-2.3% on the year · -5.5% on the quarter

Q4 FY2024Q3 FY2026

Operating margin

11.5%

-98.5% a year earlier

Q4 FY2024Q3 FY2026

Net income

$272 million

+17.2% on the quarter

Q4 FY2024Q3 FY2026

Diluted EPS

$1.45

+17.9% on the quarter

Q4 FY2024Q3 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 4 lowered, 5 kept.

Net sales fell on lower volume: Net sales fell 1.6% reported and 1.2% in constant currency to $2,926.5 million, with financial volume down 3.0% and price and sales mix adding 1.8%.
Underlying pre-tax income declined 17.4%: Underlying income before income taxes was $349.0 million, down 17.4% in constant currency, which management attributed to cost inflation and lower financial volume.
Americas underlying pre-tax income fell: Americas underlying pre-tax income was $313.7 million, down 18.8% in constant currency, on cost inflation, about $30 million of Midwest Premium cost, and lower financial volume.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Revenue	3,405	3,604	3,484	-5.5%	-2.3%
Cost of revenue	1,896	2,033	1,800	-6.7%	+5.3%
Gross profit	1,030	1,063	1,174	-3.1%	-12.2%
Gross margin	30.3%	29.5%	33.7%
Selling, general and administrative	634	718	687	-11.8%	-7.7%
Operating income	391	332	-3,431	+17.7%
Operating margin	11.5%	9.2%	-98.5%
Interest expense	67.7	68.8	62.7	-1.6%	+8.0%
Pre-tax income	342	283	-3,496	+20.9%
Income tax	77.0	61.5	-559	+25.2%
Effective tax rate	22.5%	21.7%	n/a
Net income	272	232	-2,928	+17.2%
Net margin	8.0%	6.4%	-84.0%
Diluted EPS	$1.45	$1.23	-$14.79	+17.9%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Operating cash flow	460	818	616	-43.8%	-25.3%
Capital expenditure	134	104	133	+29.3%	+0.5%
Free cash flow	326	714	483	-54.3%	-32.5%
Free cash flow margin	9.6%	19.8%	13.9%
Cash from investing	-132	-369	-135
Cash from financing	-1,849	1,309	-140
Depreciation and amortisation	183	192	180	-4.5%	+2.0%
Share-based compensation	9.2	8.8	8.3	+4.5%	+10.8%
Buybacks	43.9	42.5	26.0	+3.3%	+68.8%
Dividends paid	89.4	90.1	93.0	-0.8%	-3.9%
Dividend per share	$0.48	n/a	$0.47		+2.1%
Diluted shares, weighted	187m	188m	198m	-0.5%	-5.6%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Shareholders' equity	10,249	10,120	10,325	+1.3%	-0.7%
Non-controlling interest	182	187	198	-2.7%	-8.1%
Redeemable equity	94.4	102	146	-7.5%	-35.1%
Debt	5,996	7,682	6,292	-21.9%	-4.7%
Operating lease liabilities	150	153	163	-1.8%	-8.2%
Finance lease liabilities	51.6	51.5	61.3	+0.2%	-15.8%
Other liabilities	5,878	6,064	5,688	-3.1%	+3.3%
Total liabilities and equity	22,601	24,359	22,873	-7.2%	-1.2%
Goodwill	2,145	2,145	1,944	+0.0%	+10.4%
Intangible assets	11,775	11,840	12,015	-0.5%	-2.0%
Cash and equivalents	602	2,128	950	-71.7%	-36.6%
Receivables	808	1,004	842	-19.5%	-4.1%
Inventory	847	849	821	-0.2%	+3.3%
Other assets	6,423	6,393	6,302	+0.5%	+1.9%
Total assets	22,601	24,359	22,873	-7.2%	-1.2%

Questions

What was Molson Coors Beverage's revenue in Q3 FY2026?

Molson Coors Beverage (TAP) reported revenue of $3.4 billion for Q3 FY2026, the quarter ended 30 September 2026, down 2.3% on the same quarter a year earlier.

How much did Molson Coors Beverage earn in Q3 FY2026?

Net income for Q3 FY2026 was $272 million, and diluted earnings per share $1.45.

When did Molson Coors Beverage report Q3 FY2026 results?

Molson Coors Beverage filed its 10-Q for the quarter ended 30 September 2026 with the SEC on 5 November 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	3,194	2,643	3,501	3,517	3,145	2,775	3,871	3,906	3,333	3,049	3,838	3,603	3,244	2,690	3,740	3,484	3,126	2,718	3,604	3,405
Cost of revenue	1,762	1,287	2,102	1,952	1,706	1,576	2,048	1,952	1,758	1,633	1,922	1,840	1,698	1,453	1,919	1,800	1,694	1,454	2,033	1,896
Gross profit	857	928	820	984	924	771	1,219	1,346	1,033	964	1,330	1,202	1,038	851	1,282	1,174	968	897	1,063	1,030
Gross margin	27%	35%	23%	28%	29%	28%	31%	34%	31%	32%	35%	33%	32%	32%	34%	34%	31%	33%	30%	30%
SG&A	665	676	708	660	576	615	735	747	683	655	728	685	650	653	693	687	611	610	718	634
Operating income	165	224	114	330	-512	158	488	592	199	314	600	451	388	186	584	-3,431	324	258	332	391
Operating margin	5%	8%	3%	9%	-16%	6%	13%	15%	6%	10%	16%	13%	12%	7%	16%	-98%	10%	10%	9%	11%
Interest expense	60.3	62.2	65.0	57.8	57.9	59.7	58.7	55.6	54.3	55.4	57.8	106	63.1	61.3	61.6	62.7	62.3	60.2	68.8	67.7
Pre-tax income	110	174	54.9	273	-564	102	441	544	166	265	560	331	346	156	555	-3,496	266	195	283	342
Tax rate	25%	21%	13%	20%	n/a	28%	22%	21%	36%	21%	24%	31%	15%	21%	24%	n/a	21%	23%	22%	23%
Net income	80.0	152	47.3	216	-590	72.5	342	431	103	208	427	200	288	121	429	-2,928	238	151	232	272
Net margin	3%	6%	1%	6%	-19%	3%	9%	11%	3%	7%	11%	6%	9%	4%	11%	-84%	8%	6%	6%	8%
Diluted EPS	$0.36	$0.70	$0.22	$0.99	-$2.72	$0.33	$1.57	$1.98	$0.48	$0.97	$2.03	$0.96	$1.39	$0.59	$2.13	-$14.79	$1.22	$0.80	$1.23	$1.45
Operating cash flow	306	-119	786	451	384	3.4	891	710	474	25.4	869	521	494	-90.7	718	616	541	2.5	818	460
Capital expenditure	159	244	145	142	131	181	154	159	177	215	178	171	111	237	163	133	183	232	104	134
Free cash flow	147	-363	641	309	254	-178	737	551	297	-189	692	350	383	-328	555	483	358	-229	714	326
Buybacks	0.0	14.1	12.1	12.6	12.7	14.6	12.1	34.2	145	114	262	62.1	206	59.6	247	26.0	315	168	42.5	43.9
Dividends paid	73.9	82.4	82.5	82.2	82.2	89.5	88.7	88.5	88.0	96.8	91.6	91.0	89.8	99.2	93.5	93.0	90.6	93.6	90.1	89.4
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 September 2026, filed 5 November 2026: the filing.