Molson Coors Beverage Company reported a massive USD 3.65 billion partial goodwill impairment in the Americas and additional USD 274 million in intangible asset write-downs, driving a third-quarter net loss of USD 2.93 billion (USD 14.79 per diluted share). The impairment followed a triggering event that indicated the carrying value of the Americas business exceeded its fair value, primarily due to weaker performance, lower shipment volumes, inflationary pressures, and a softer U.S. beer market outlook. Excluding these non-cash charges, underlying income before taxes dropped 11.9 % to USD 426 million, while net sales slipped 2.3 % (–3.3 % in constant currency) to USD 2.97 billion. Financial volume fell 6 %, reflecting weaker U.S. and EMEA & APAC shipments and the exit of several contract brewing deals.
CEO Rahul Goyal, who took over in October, described the performance as “largely aligned with expectations” and announced a decisive restructuring to create “a leaner, more agile organization.” About 400 salaried positions across the Americas will be eliminated by year-end 2025, with expected restructuring costs of USD 35–50 million. CFO Tracey Joubert confirmed that full-year guidance remains intact but at the low end of the forecast ranges, citing industry softness, inflationary pressures and tough competition.
Underlying diluted EPS dropped 7.2 % to USD 1.67, and brand volume declined 4.5 %. Net sales per hectoliter rose 4 %, supported by favorable pricing and premium mix. Despite the impairment, Molson Coors maintained strong liquidity, with net debt of USD 5.34 billion and a net-debt-to-EBITDA ratio of 2.28×. Free cash flow for the first nine months reached USD 782 million.
Analysts at Simply Wall St note that while the company remains unprofitable on a GAAP basis, its losses have shrunk by 17.4 % annually over the past five years. Earnings are forecast to grow 65.6 % per year through 2028, though revenue growth is expected at just 0.6 %. The share price of USD 43.67 implies a modest 0.8× price-to-sales ratio—well below peers and an estimated fair value of USD 158. Investors view premiumization, margin improvement and ongoing share buybacks as key to unlocking upside, even amid structural headwinds in North America’s beer market.
The company reaffirmed plans to invest about USD 650 million in 2025 and to sustain dividends and buybacks, leveraging free cash flow while pursuing higher-margin categories such as Blue Moon Belgian White, Leinenkugel’s Summer Shandy and Madrí Excepcional.
