filings.toolsItem 1. FINANCIAL STATEMENTS (UNAUDITED)
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Item 1. FINANCIAL STATEMENTS (UNAUDITED)
MOLSON COORS BEVERAGE COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(IN MILLIONS, EXCEPT PER SHARE DATA)
(UNAUDITED)
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| June 30, 2026 | June 30, 2025 | June 30, 2026 | June 30, 2025 | ||||||||||||||||||||
| Sales | $ | 3,604.4 | $ | 3,740.0 | $ | 6,322.3 | $ | 6,430.2 | |||||||||||||||
| Excise taxes | (507.9) | (539.2) | (874.7) | (925.3) | |||||||||||||||||||
| Net sales | 3,096.5 | 3,200.8 | 5,447.6 | 5,504.9 | |||||||||||||||||||
| Cost of goods sold | (2,033.2) | (1,918.9) | (3,487.1) | (3,372.1) | |||||||||||||||||||
| Gross profit | 1,063.3 | 1,281.9 | 1,960.5 | 2,132.8 | |||||||||||||||||||
| Marketing, general and administrative expenses | (718.5) | (693.1) | (1,328.5) | (1,346.3) | |||||||||||||||||||
| Other operating income (expense), net | (16.6) | (9.2) | (48.7) | (25.1) | |||||||||||||||||||
| Equity income (loss) | 3.7 | 4.0 | 6.9 | 8.5 | |||||||||||||||||||
| Operating income (loss) | 331.9 | 583.6 | 590.2 | 769.9 | |||||||||||||||||||
| Interest income (expense), net | (60.5) | (58.5) | (118.1) | (115.1) | |||||||||||||||||||
| Other pension and postretirement benefit (cost), net | 5.0 | 3.5 | 9.9 | 7.3 | |||||||||||||||||||
| Other non-operating income (expense), net | 6.7 | 26.3 | (4.2) | 49.1 | |||||||||||||||||||
| Total non-operating income (expense), net | (48.8) | (28.7) | (112.4) | (58.7) | |||||||||||||||||||
| Income (loss) before income taxes | 283.1 | 554.9 | 477.8 | 711.2 | |||||||||||||||||||
| Income tax benefit (expense) | (61.5) | (130.6) | (106.1) | (163.8) | |||||||||||||||||||
| Net income (loss) | 221.6 | 424.3 | 371.7 | 547.4 | |||||||||||||||||||
| Net (income) loss attributable to noncontrolling interests | 10.1 | 4.4 | 11.3 | 2.3 | |||||||||||||||||||
| Net income (loss) attributable to Molson Coors Beverage Company | $ | 231.7 | $ | 428.7 | $ | 383.0 | $ | 549.7 | |||||||||||||||
| Net income (loss) attributable to Molson Coors Beverage Company per share | |||||||||||||||||||||||
| Basic | $ | 1.24 | $ | 2.14 | $ | 2.04 | $ | 2.73 | |||||||||||||||
| Diluted | $ | 1.23 | $ | 2.13 | $ | 2.03 | $ | 2.71 | |||||||||||||||
| Weighted-average shares outstanding | |||||||||||||||||||||||
| Basic | 187.5 | 200.5 | 188.2 | 201.7 | |||||||||||||||||||
| Dilutive effect of share-based awards | 0.2 | 0.7 | 0.4 | 0.9 | |||||||||||||||||||
| Diluted | 187.7 | 201.2 | 188.6 | 202.6 |
See notes to the unaudited condensed consolidated financial statements.
MOLSON COORS BEVERAGE COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(IN MILLIONS)
(UNAUDITED)
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| June 30, 2026 | June 30, 2025 | June 30, 2026 | June 30, 2025 | ||||||||||||||||||||
| Net income (loss) including noncontrolling interests | $ | 221.6 | $ | 424.3 | $ | 371.7 | $ | 547.4 | |||||||||||||||
| Other comprehensive income (loss), net of tax | |||||||||||||||||||||||
| Foreign currency translation adjustments | (54.2) | 268.6 | (124.6) | 324.2 | |||||||||||||||||||
| Unrealized gain (loss) recognized on derivative instruments | 17.5 | (8.2) | 21.6 | (24.3) | |||||||||||||||||||
| Derivative instrument activity reclassified from other comprehensive income (loss) | (1.2) | 0.1 | (1.4) | (0.4) | |||||||||||||||||||
| Pension and other postretirement activity reclassified from other comprehensive income (loss) | (5.3) | (1.4) | (5.0) | (3.1) | |||||||||||||||||||
| Ownership share of unconsolidated subsidiaries' other comprehensive income (loss) | — | 0.1 | (0.5) | 0.1 | |||||||||||||||||||
| Total other comprehensive income (loss), net of tax | (43.2) | 259.2 | (109.9) | 296.5 | |||||||||||||||||||
| Comprehensive income (loss) | 178.4 | 683.5 | 261.8 | 843.9 | |||||||||||||||||||
| Comprehensive (income) loss attributable to noncontrolling interests | 10.3 | 3.7 | 11.7 | 1.3 | |||||||||||||||||||
| Comprehensive income (loss) attributable to Molson Coors Beverage Company | $ | 188.7 | $ | 687.2 | $ | 273.5 | $ | 845.2 |
See notes to the unaudited condensed consolidated financial statements.
MOLSON COORS BEVERAGE COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(IN MILLIONS, EXCEPT PAR VALUE)
(UNAUDITED)
| As of | |||||||||||
| June 30, 2026 | December 31, 2025 | ||||||||||
| Assets | |||||||||||
| Current assets | |||||||||||
| Cash and cash equivalents | $ | 2,128.1 | $ | 896.5 | |||||||
| Trade receivables, net | 1,004.1 | 703.0 | |||||||||
| Other receivables, net | 173.7 | 187.3 | |||||||||
| Inventories, net | 849.1 | 715.9 | |||||||||
| Other current assets, net | 428.5 | 432.8 | |||||||||
| Total current assets | 4,583.5 | 2,935.5 | |||||||||
| Property, plant and equipment, net | 4,677.7 | 4,768.7 | |||||||||
| Goodwill | 2,144.8 | 1,944.7 | |||||||||
| Other intangibles, net | 11,839.6 | 11,991.1 | |||||||||
| Other assets | 1,113.4 | 1,098.4 | |||||||||
| Total assets | $ | 24,359.0 | $ | 22,738.4 | |||||||
| Liabilities and equity | |||||||||||
| Current liabilities | |||||||||||
| Accounts payable and other current liabilities | $ | 3,175.0 | $ | 2,876.7 | |||||||
| Current portion of long-term debt and short-term borrowings | 2,037.1 | 2,434.1 | |||||||||
| Total current liabilities | 5,212.1 | 5,310.8 | |||||||||
| Long-term debt | 5,672.5 | 3,865.4 | |||||||||
| Pension and postretirement benefits | 411.2 | 427.1 | |||||||||
| Deferred tax liabilities | 2,358.5 | 2,284.7 | |||||||||
| Other liabilities | 296.0 | 307.7 | |||||||||
| Total liabilities | 13,950.3 | 12,195.7 | |||||||||
| Commitments and contingencies (Note 10) | |||||||||||
| Redeemable noncontrolling interests | 102.0 | 115.6 | |||||||||
| Molson Coors Beverage Company stockholders' equity | |||||||||||
| Capital stock | |||||||||||
| Preferred stock, $0.01 par value (authorized: 25.0 shares; none issued) | — | — | |||||||||
| Class A common stock, $0.01 par value (authorized: 500.0 shares; issued and outstanding: 2.6 shares and 2.6 shares, respectively) | — | — | |||||||||
| Class B common stock, $0.01 par value (authorized: 500.0 shares; issued: 216.6 shares and 216.1 shares, respectively) | 2.2 | 2.2 | |||||||||
| Class A exchangeable shares, no par value (issued and outstanding: 2.7 shares and 2.7 shares, respectively) | 100.8 | 100.8 | |||||||||
| Class B exchangeable shares, no par value (issued and outstanding: 7.1 shares and 7.1 shares, respectively) | 266.9 | 266.9 | |||||||||
| Paid-in capital | 7,252.8 | 7,247.2 | |||||||||
| Retained earnings | 5,925.4 | 5,723.7 | |||||||||
| Accumulated other comprehensive income (loss) | (1,181.1) | (1,071.6) | |||||||||
| Class B common stock held in treasury at cost (42.1 shares and 37.7 shares, respectively) | (2,247.5) | (2,038.9) | |||||||||
| Total Molson Coors Beverage Company stockholders' equity | 10,119.5 | 10,230.3 | |||||||||
| Noncontrolling interests | 187.2 | 196.8 | |||||||||
| Total equity | 10,306.7 | 10,427.1 | |||||||||
| Total liabilities and equity | $ | 24,359.0 | $ | 22,738.4 |
See notes to the unaudited condensed consolidated financial statements.
MOLSON COORS BEVERAGE COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN MILLIONS)
(UNAUDITED)
| Six Months Ended | |||||||||||
| June 30, 2026 | June 30, 2025 | ||||||||||
| Cash flows from operating activities | |||||||||||
| Net income (loss) including noncontrolling interests | $ | 371.7 | $ | 547.4 | |||||||
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | |||||||||||
| Depreciation and amortization | 377.7 | 350.4 | |||||||||
| Amortization of cloud computing arrangements | 7.6 | 7.0 | |||||||||
| Amortization of debt issuance costs and discounts | 3.8 | 2.6 | |||||||||
| Share-based compensation | 17.0 | 18.9 | |||||||||
| (Gain) loss on sale or impairment of property, plant, equipment and other assets, net | 2.3 | (6.1) | |||||||||
| Unrealized (gain) loss on foreign currency fluctuations, fair value investments and derivative instruments, net | 6.2 | (77.4) | |||||||||
| Equity (income) loss | (6.9) | (8.5) | |||||||||
| Income tax (benefit) expense | 106.1 | 163.8 | |||||||||
| Income tax (paid) received | (41.7) | (58.0) | |||||||||
| Interest expense, excluding amortization of debt issuance costs and discounts | 125.2 | 120.3 | |||||||||
| Interest paid | (141.5) | (137.2) | |||||||||
| Other non-cash items, net | 1.5 | (2.1) | |||||||||
| Change in current assets and liabilities (net of impact of business combinations) and other | (8.6) | (293.5) | |||||||||
| Net cash provided by (used in) operating activities | 820.4 | 627.6 | |||||||||
| Cash flows from investing activities | |||||||||||
| Additions to property, plant and equipment | (335.2) | (400.6) | |||||||||
| Proceeds from sales of property, plant, equipment and other assets | 7.4 | 4.4 | |||||||||
| Acquisition of business, net of cash acquired | (271.0) | (20.8) | |||||||||
| Other | (0.6) | (82.7) | |||||||||
| Net cash provided by (used in) investing activities | (599.4) | (499.7) | |||||||||
| Cash flows from financing activities | |||||||||||
| Dividends paid | (183.7) | (192.7) | |||||||||
| Payments for purchases of treasury stock | (211.0) | (306.8) | |||||||||
| Payments on debt and borrowings | (382.7) | (5.8) | |||||||||
| Proceeds on debt and borrowings | 1,848.6 | — | |||||||||
| Other | (44.3) | (0.9) | |||||||||
| Net cash provided by (used in) financing activities | 1,026.9 | (506.2) | |||||||||
| Effect of foreign exchange rate changes on cash and cash equivalents | (16.3) | 22.8 | |||||||||
| Net increase (decrease) in cash and cash equivalents | 1,231.6 | (355.5) | |||||||||
| Balance at beginning of year | 896.5 | 969.3 | |||||||||
| Balance at end of period | $ | 2,128.1 | $ | 613.8 |
See notes to the unaudited condensed consolidated financial statements.
MOLSON COORS BEVERAGE COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
AND NONCONTROLLING INTERESTS
(IN MILLIONS)
(UNAUDITED)
| Molson Coors Beverage Company Stockholders' Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accumulated | Common stock | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Common stock | Exchangeable | other | held in | Non | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| issued | shares issued | Paid-in- | Retained | comprehensive | treasury | controlling | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total | Class A | Class B | Class A | Class B | capital | earnings | income (loss) | Class B | interests**(1)** | ||||||||||||||||||||||||||||||||||||||||||||||||||
| As of March 31, 2026 | $ | 10,251.2 | $ | — | $ | 2.2 | $ | 100.8 | $ | 266.9 | $ | 7,244.4 | $ | 5,784.3 | $ | (1,138.1) | $ | (2,204.7) | $ | 195.4 | |||||||||||||||||||||||||||||||||||||||
| Shares issued under equity compensation plan | (0.2) | — | — | — | — | (0.2) | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
| Amortization of share-based compensation | 8.8 | — | — | — | — | 8.8 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) including noncontrolling interests | 235.5 | — | — | — | — | — | 231.7 | — | — | 3.8 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Other comprehensive income (loss), net of tax | (43.0) | — | — | — | — | — | — | (43.0) | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
| Share repurchase program | (42.8) | — | — | — | — | — | — | — | (42.8) | — | |||||||||||||||||||||||||||||||||||||||||||||||||
| Redeemable noncontrolling interest redemption value adjustment | (0.2) | — | — | — | — | (0.2) | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
| Distributions and dividends to noncontrolling interests | (12.0) | — | — | — | — | — | — | — | — | (12.0) | |||||||||||||||||||||||||||||||||||||||||||||||||
| Dividends declared | (90.6) | — | — | — | — | — | (90.6) | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
| As of June 30, 2026 | $ | 10,306.7 | $ | — | $ | 2.2 | $ | 100.8 | $ | 266.9 | $ | 7,252.8 | $ | 5,925.4 | $ | (1,181.1) | $ | (2,247.5) | $ | 187.2 |
| Molson Coors Beverage Company Stockholders' Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accumulated | Common stock | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Common stock | Exchangeable | other | held in | Non | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| issued | shares issued | Paid-in- | Retained | comprehensive | treasury | controlling | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total | Class A | Class B | Class A | Class B | capital | earnings | income (loss) | Class B | interests**(1)** | ||||||||||||||||||||||||||||||||||||||||||||||||||
| As of March 31, 2025 | $ | 13,286.0 | $ | — | $ | 2.2 | $ | 100.8 | $ | 267.5 | $ | 7,222.9 | $ | 8,263.0 | $ | (1,325.4) | $ | (1,440.7) | $ | 195.7 | |||||||||||||||||||||||||||||||||||||||
| Exchange of shares | — | — | — | — | (0.6) | 0.6 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
| Shares issued under equity compensation plan | 0.1 | — | — | — | — | 0.1 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
| Amortization of share-based compensation | 7.0 | — | — | — | — | 7.0 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) including noncontrolling interests | 430.3 | — | — | — | — | — | 428.7 | — | — | 1.6 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Other comprehensive income (loss), net of tax | 258.8 | — | — | — | — | — | — | 258.5 | — | 0.3 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Share repurchase program | (249.7) | — | — | — | — | — | — | — | (249.7) | — | |||||||||||||||||||||||||||||||||||||||||||||||||
| Distributions and dividends to noncontrolling interests | (2.0) | — | — | — | — | — | — | — | — | (2.0) | |||||||||||||||||||||||||||||||||||||||||||||||||
| Dividends declared | (94.2) | — | — | — | — | — | (94.2) | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
| As of June 30, 2025 | $ | 13,636.3 | $ | — | $ | 2.2 | $ | 100.8 | $ | 266.9 | $ | 7,230.6 | $ | 8,597.5 | $ | (1,066.9) | $ | (1,690.4) | $ | 195.6 |
| Molson Coors Beverage Company Stockholders' Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accumulated | Common stock | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Common stock | Exchangeable | other | held in | Non | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| issued | shares issued | Paid-in- | Retained | comprehensive | treasury | controlling | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total | Class A | Class B | Class A | Class B | capital | earnings | income (loss) | Class B | interests**(1)** | ||||||||||||||||||||||||||||||||||||||||||||||||||
| As of December 31, 2025 | $ | 10,427.1 | $ | — | $ | 2.2 | $ | 100.8 | $ | 266.9 | $ | 7,247.2 | $ | 5,723.7 | $ | (1,071.6) | $ | (2,038.9) | $ | 196.8 | |||||||||||||||||||||||||||||||||||||||
| Shares issued under equity compensation plan | (10.8) | — | — | — | — | (10.8) | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
| Amortization of share-based compensation | 17.0 | — | — | — | — | 17.0 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) including noncontrolling interests | 387.6 | — | — | — | — | — | 383.0 | — | — | 4.6 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Other comprehensive income (loss), net of tax | (109.7) | — | — | — | — | — | — | (109.5) | — | (0.2) | |||||||||||||||||||||||||||||||||||||||||||||||||
| Share repurchase program | (208.6) | — | — | — | — | — | — | — | (208.6) | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Redeemable noncontrolling interest redemption value adjustment | (0.6) | — | — | — | — | (0.6) | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
| Distributions and dividends to noncontrolling interests | (14.0) | — | — | — | — | — | — | — | — | (14.0) | |||||||||||||||||||||||||||||||||||||||||||||||||
| Dividends declared | (181.3) | — | — | — | — | — | (181.3) | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
| As of June 30, 2026 | $ | 10,306.7 | $ | — | $ | 2.2 | $ | 100.8 | $ | 266.9 | $ | 7,252.8 | $ | 5,925.4 | $ | (1,181.1) | $ | (2,247.5) | $ | 187.2 |
| Molson Coors Beverage Company Stockholders' Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accumulated | Common stock | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Common stock | Exchangeable | other | held in | Non | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| issued | shares issued | Paid-in- | Retained | comprehensive | treasury | controlling | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total | Class A | Class B | Class A | Class B | capital | earnings | income (loss) | Class B | interests**(1)** | ||||||||||||||||||||||||||||||||||||||||||||||||||
| As of December 31, 2024 | $ | 13,284.2 | $ | — | $ | 2.1 | $ | 100.8 | $ | 271.1 | $ | 7,223.6 | $ | 8,238.0 | $ | (1,362.4) | $ | (1,380.8) | $ | 191.8 | |||||||||||||||||||||||||||||||||||||||
| Exchange of shares | — | — | — | — | (4.2) | 4.2 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
| Shares issued under equity compensation plan | (15.9) | — | 0.1 | — | — | (16.0) | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
| Amortization of stock-based compensation | 18.9 | — | — | — | — | 18.9 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
| Purchase of noncontrolling interest | (0.2) | — | — | — | — | (0.1) | — | — | — | (0.1) | |||||||||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) including noncontrolling interests | 557.1 | — | — | — | — | — | 549.7 | — | — | 7.4 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Other comprehensive income (loss), net of tax | 296.0 | — | — | — | — | — | — | 295.5 | — | 0.5 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Share repurchase program | (309.6) | — | — | — | — | — | — | — | (309.6) | — | |||||||||||||||||||||||||||||||||||||||||||||||||
| Distributions and dividends to noncontrolling interests | (4.0) | — | — | — | — | — | — | — | — | (4.0) | |||||||||||||||||||||||||||||||||||||||||||||||||
| Dividends declared | (190.2) | — | — | — | — | — | (190.2) | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
| As of June 30, 2025 | $ | 13,636.3 | $ | — | $ | 2.2 | $ | 100.8 | $ | 266.9 | $ | 7,230.6 | $ | 8,597.5 | $ | (1,066.9) | $ | (1,690.4) | $ | 195.6 |
(1)All activity included in the noncontrolling interests column of the unaudited condensed consolidated statements of stockholders' equity and noncontrolling interests excludes activity from our redeemable noncontrolling interests.
See notes to the unaudited condensed consolidated financial statements.
MOLSON COORS BEVERAGE COMPANY AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
1. Basis of Presentation and Summary of Significant Accounting Policies
Unless otherwise noted in this report, any description of "we," "us" or "our" includes Molson Coors Beverage Company ("MCBC" or the "Company"), principally a holding company, and its operating and non-operating subsidiaries included within its reporting segments. Our reporting segments include the Americas and EMEA&APAC. Our Americas segment operates in the U.S., Canada and various countries in Latin America, and our EMEA&APAC segment operates in Bulgaria, Croatia, Czech Republic, Hungary, Montenegro, Romania, Serbia, the U.K., various other European countries and certain countries within the Middle East, Africa and Asia Pacific.
Unless otherwise indicated, information in this report is presented in USD and comparisons are to comparable prior year periods. Our primary operating currencies, other than the USD, include the CAD, the GBP and our Central European operating currencies such as the EUR, CZK, RON and RSD.
The accompanying unaudited condensed consolidated financial statements reflect all adjustments which are necessary for a fair statement of the financial position, results of operations and cash flows for the periods presented in accordance with U.S. GAAP. Such unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations.
These unaudited condensed consolidated financial statements should be read in conjunction with our Annual Report and have been prepared on a consistent basis with the accounting policies described in Part II.—Item 8. Financial Statements, Note 1, "Basis of Presentation and Summary of Significant Accounting Policies" included in our Annual 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.
Anti-Dilutive Securities
Anti-dilutive securities from share-based awards excluded from the computation of diluted EPS were 4.0 million and 2.3 million for the three months ended June 30, 2026 and June 30, 2025, respectively, and 3.9 million and 2.1 million for the six months ended June 30, 2026 and June 30, 2025, respectively.
Dividends
On May 7, 2026, our Company's Board of Directors ("Board") declared a dividend of $0.48 per share, paid on June 12, 2026, to shareholders of Class A and Class B common stock of record on May 29, 2026. Shareholders of exchangeable shares received the CAD equivalent of dividends declared on Class A and Class B common stock, equal to CAD 0.65 per share. During the six months ended June 30, 2026, dividends declared and paid to eligible shareholders were $0.96 per share, with the CAD equivalent equal to CAD 1.30 per share.
During the three months ended June 30, 2025, a dividend of $0.47 per share was declared and paid to eligible shareholders, with the CAD equivalent equal to CAD 0.65 per share. During the six months ended June 30, 2025, dividends declared and paid to eligible shareholders were $0.94 per share, with the CAD equivalent equal to CAD 1.32 per share.
On July 16, 2026, our Board declared a dividend of $0.48 per share, to be paid on September 18, 2026, to shareholders of Class A and Class B common stock of record on August 28, 2026. Shareholders of exchangeable shares will receive the CAD equivalent of dividends declared on Class A and Class B common stock, equal to CAD 0.67 per share.
Share Repurchase Program
The following table presents the shares repurchased and aggregate cost, including brokerage commissions and excise taxes incurred, under our current share repurchase program for the three and six months ended June 30, 2026 and June 30, 2025.
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| June 30, 2026 | June 30, 2025 | June 30, 2026 | June 30, 2025 | ||||||||||||||||||||
| Shares repurchased | 1,016,224 | 4,472,379 | 4,386,909 | 5,509,009 | |||||||||||||||||||
| Aggregate cost (in millions) | $ | 42.8 | $ | 249.7 | $ | 208.6 | $ | 309.6 |
Non-Cash Activity
Our non-cash investing activities include movements in our guarantee of indebtedness of certain equity method investments. See Note 3, "Investments" for further discussion. We also had non-cash investing activities related to capital expenditures incurred but not yet paid of $133.9 million and $152.3 million for the six months ended June 30, 2026 and June 30, 2025, respectively.
Our non-cash financing activities include certain issuances of share-based awards.
Other than the activity mentioned above and the supplemental non-cash activity related to the recognition of leases discussed in Note 6, "Leases", there was no other significant non-cash investing or financing activities for the six months ended June 30, 2026 and June 30, 2025, respectively.
Allowance for Doubtful Accounts
The allowance for doubtful accounts for trade receivables was $8.1 million and $10.0 million as of June 30, 2026 and December 31, 2025, respectively.
Supplier Financing
We are the buyer under a supplier finance program with Citibank N.A. with $186.9 million and $157.7 million confirmed as valid and outstanding as of June 30, 2026 and December 31, 2025, respectively. We recognize these unpaid balances in accounts payable and other current liabilities on our unaudited condensed consolidated balance sheets.
Redeemable Noncontrolling Interests
Certain noncontrolling interests have redemption features that are outside of our control, such as those subject to put options exercisable at a future date. We account for these as redeemable noncontrolling interests and present the balances outside of stockholders' equity on our unaudited condensed consolidated balance sheets. During the three and six months ended June 30, 2026 and June 30, 2025, there was no material activity related to redeemable noncontrolling interests.
Fevertree Transactions
During the first quarter of 2025, we obtained exclusive rights via a license agreement to produce, market and sell Fever-Tree products in the U.S. In connection with this agreement, we acquired the shares of the Fevertree USA, Inc. entity, with the immaterial acquisition accounted for as a business combination and consideration allocated primarily to working capital balances. The acquisition is aligned with our strategy to expand beyond the beer aisle.
Atomic Brands, Inc. Acquisition
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. Pro forma results of operations have not been presented as the impact is not material to our results of operations or financial position.
2. New Accounting Pronouncements
New Accounting Pronouncements Not Yet Adopted
In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, aimed at modernizing the guidance for internal-use software to reflect the different methods of software development. This guidance removes reference to “development stages” and introduces a “probable-to-complete” recognition threshold to determine when to begin capitalizing software costs. This guidance will be effective for us starting with our quarterly report ending March 31, 2028, with prospective, retrospective, or modified transition methods allowed and early adoption permitted. We are currently evaluating the impact of this ASU, including our timing and method of adoption. We expect the guidance to potentially impact the timing of when we begin to capitalize software costs.
In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, aimed at enhancing transparency in income statement disclosures by requiring entities to disclose additional disaggregated information about significant expenses included in our results of operations. This guidance is effective for us starting with our annual report for the year ending December 31, 2027 and the subsequent interim periods, with prospective or retrospective application allowed and early adoption permitted. We are assessing the impact of this ASU, including the timing and method of adoption, however, we expect the guidance to impact disclosures only and not have a material effect on our financial position or results of operations.
Other than the items noted above, there have been no new accounting pronouncements not yet effective or adopted in the current year that we believe have a material effect on our unaudited condensed consolidated financial statements.
3. Investments
Consolidated VIE Investments
Our consolidated VIEs as of June 30, 2026, were Rocky Mountain Metal Container ("RMMC") and Rocky Mountain Bottle Company ("RMBC"). The following summarizes the assets and liabilities of our consolidated VIEs (including noncontrolling interests and excluding goodwill):
| As of | |||||||||||||||||||||||
| June 30, 2026 | December 31, 2025 | ||||||||||||||||||||||
| Total Assets | Total Liabilities | Total Assets | Total Liabilities | ||||||||||||||||||||
| (In millions) | |||||||||||||||||||||||
| RMMC/RMBC | $ | 223.4 | $ | 19.4 | $ | 232.0 | $ | 18.6 | |||||||||||||||
As of June 30, 2026, for RMMC/RMBC, $59.8 million and $95.8 million were recorded in inventories, net and property, plant and equipment, net, respectively, on our unaudited condensed consolidated balance sheets. As of December 31, 2025, for RMMC/RMBC, $53.9 million and $103.8 million were recorded in inventories, net and property, plant and equipment, net, respectively, on our consolidated balance sheets.
We have not provided any financial support to any of our VIEs during the six months ended June 30, 2026, that we were not previously contractually obligated to provide.
Equity Method Investments
Our equity method investments include our ownership interests in Brewers Retail Inc. ("BRI") and Brewers Distributor Ltd. ("BDL"), as well as other immaterial investments. The total balance of our equity method investments was $145.3 million and $135.7 million as of June 30, 2026 and December 31, 2025, respectively. Our equity method investments are all within the Americas segment and are presented within other assets on our unaudited condensed consolidated balance sheets. Amounts due to and due from our equity method investments are recorded as affiliate accounts payable and affiliate accounts receivable which are presented within accounts payable and other current liabilities and trade receivables, net, respectively, on our unaudited condensed consolidated balance sheets.
ASC 321 Investment
During the first quarter of 2025, Molson Coors Beverage Company made an investment of $88.1 million in Fevertree Drinks plc, a listed entity on the London Stock Exchange (LSE:FEVR). We hold a minority interest in the entity and account for the investment under ASC 321 which requires investments to be measured at fair value with subsequent changes in fair value recognized in net income. As of June 30, 2026 and December 31, 2025, the investment was recorded at a fair value of $116.9 million and $119.8 million, respectively, calculated based on a quoted market price on the London Stock Exchange (Level 1 inputs) and recorded to other assets on our unaudited condensed consolidated balance sheets. Changes in fair value are recorded within other non-operating income (expense), net in our unaudited condensed consolidated statements of operations. As a result of changes in fair value, we recorded an unrealized gain of $7.5 million and $25.5 million during the three months ended June 30, 2026 and June 30, 2025, respectively, and an unrealized loss of $2.9 million and an unrealized gain of $51.2 million during the six months ended June 30, 2026 and June 30, 2025, respectively.
4. Inventories
| As of | |||||||||||
| June 30, 2026 | December 31, 2025 | ||||||||||
| (In millions) | |||||||||||
| Finished goods | $ | 347.4 | $ | 267.0 | |||||||
| Work in process | 100.9 | 82.8 | |||||||||
| Raw materials | 227.9 | 234.6 | |||||||||
| Packaging materials | 172.9 | 131.5 | |||||||||
| Inventories, net | $ | 849.1 | $ | 715.9 |
5. Goodwill and Intangible Assets
Goodwill
The changes in the carrying value of goodwill are presented in the table below by segment:
| Americas | EMEA&APAC | Consolidated**(1)** | |||||||||||||||
| (In millions) | |||||||||||||||||
| Balance as of December 31, 2025 | $ | 1,944.7 | $ | — | $ | 1,944.7 | |||||||||||
| Acquisition(2) | 202.8 | — | 202.8 | ||||||||||||||
| Foreign currency translation, net | (2.7) | — | (2.7) | ||||||||||||||
| Balance as of June 30, 2026 | $ | 2,144.8 | $ | — | $ | 2,144.8 |
(1)The accumulated impairment loss for the Americas segment was $5,159.0 million as of June 30, 2026 and December 31, 2025. The EMEA&APAC goodwill balance was fully impaired during the year ended December 31, 2020 with an accumulated impairment loss of $1,484.3 million.
(2)Goodwill acquired in the Americas segment was related to the Atomic Brands, Inc. acquisition as discussed above in Note 1, "Basis of Presentation and Summary of Significant Accounting Policies". The goodwill acquired is not deductible for tax purposes.
Due to a partial impairment charge recognized in the third quarter of 2025, the Americas reporting unit continues to be at a heightened risk of future impairment in the event of significant unfavorable changes in assumptions. We are focused on building a portfolio of strong and scalable brands in both beer and beyond beer, which entails prioritizing our investments to strengthen our core and value beer portfolios and to transform our above premium beer and beyond beer portfolios. While progress has been made, continued focus is required to deliver on our objectives. Therefore, the growth targets included in management's forecasted future cash flows are inherently at risk given that the strategies are still in process. Additionally, the fair value determinations are sensitive to changes in the beer industry environment, broader macroeconomic conditions, market multiples and discount rates that could negatively impact future analyses, including the impacts of cost inflation and tariffs, increases to interest rates and other external industry factors impacting our business.
We determined that there was no triggering event that occurred during the six months ended June 30, 2026 that would indicate the carrying value of the Americas reporting unit was greater than its fair value.
Intangible Assets, Other than Goodwill
The following table presents details of our intangible assets, other than goodwill, as of June 30, 2026:
| Useful life | Gross | Accumulated amortization | Net | ||||||||||||||||||||
| (Years) | (In millions) | ||||||||||||||||||||||
| Intangible assets subject to amortization | |||||||||||||||||||||||
| Brands | 10 - 50 | $ | 5,147.5 | $ | (2,037.1) | $ | 3,110.4 | ||||||||||||||||
| License agreements and distribution rights | 10 - 20 | 202.1 | (132.3) | 69.8 | |||||||||||||||||||
| Other | 5 - 40 | 84.9 | (31.5) | 53.4 | |||||||||||||||||||
| Intangible assets not subject to amortization | |||||||||||||||||||||||
| Brands | Indefinite | 7,585.8 | — | 7,585.8 | |||||||||||||||||||
| Distribution networks | Indefinite | 712.6 | — | 712.6 | |||||||||||||||||||
| Other | Indefinite | 307.6 | — | 307.6 | |||||||||||||||||||
| Total | $ | 14,040.5 | $ | (2,200.9) | $ | 11,839.6 |
The following table presents details of our intangible assets, other than goodwill, as of December 31, 2025:
| Useful life | Gross | Accumulated amortization | Net | ||||||||||||||||||||
| (Years) | (In millions) | ||||||||||||||||||||||
| Intangible assets subject to amortization | |||||||||||||||||||||||
| Brands | 10 - 50 | $ | 5,186.3 | $ | (1,957.7) | $ | 3,228.6 | ||||||||||||||||
| License agreements and distribution rights | 10 - 20 | 204.3 | (131.1) | 73.2 | |||||||||||||||||||
| Other | 5 - 40 | 85.1 | (30.5) | 54.6 | |||||||||||||||||||
| Intangible assets not subject to amortization | |||||||||||||||||||||||
| Brands | Indefinite | 7,590.0 | — | 7,590.0 | |||||||||||||||||||
| Distribution networks | Indefinite | 737.1 | — | 737.1 | |||||||||||||||||||
| Other | Indefinite | 307.6 | — | 307.6 | |||||||||||||||||||
| Total | $ | 14,110.4 | $ | (2,119.3) | $ | 11,991.1 |
The decrease in the gross carrying amount of intangible assets from December 31, 2025 to June 30, 2026, was primarily driven by the impact of foreign exchange rates, as a significant amount of intangible assets, other than goodwill, are denominated in foreign currencies, partially offset by the acquisition of the Monaco brand.
Based on foreign currency exchange rates as of June 30, 2026, the estimated future amortization expense of intangible assets was as follows:
| Fiscal year | Amount | |||||||
| (In millions) | ||||||||
| 2026 - remaining | $ | 87.4 | ||||||
| 2027 | 132.8 | |||||||
| 2028 | 131.3 | |||||||
| 2029 | 131.2 | |||||||
| 2030 | 131.2 |
Amortization expense of intangible assets was $61.6 million and $51.8 million for the three months ended June 30, 2026 and June 30, 2025, respectively, and $113.5 million and $102.9 million for the six months ended June 30, 2026 and June 30, 2025, respectively. This expense was presented within MG&A expenses in our unaudited condensed consolidated statements of operations.
The fair value of the Coors brands in the Americas (inclusive of our Coors brand in the U.S. and Coors distribution agreement in Canada), the Miller brands in the U.S. and the Carling brands in the U.K. all exceeded their respective carrying values by over 15% as of the October 1, 2025 annual testing date.
No triggering events were identified during the six months ended June 30, 2026, that would indicate the carrying values of our indefinite-lived or definite-lived intangible assets were greater than their fair values.
Fair Value Assumptions
Fair value determinations require considerable judgment and are sensitive to changes in facts and circumstances impacting the underlying assumptions. The key underlying assumptions used to derive the estimated fair values of our reporting units and indefinite-lived intangible assets were consistent with those discussed in Part II.—Item 8. Financial Statements, Note 6, "Goodwill and Intangible Assets" in our Annual Report and represent Level 3 measurements.
6. Leases
Supplemental balance sheet information related to leases as of June 30, 2026 and December 31, 2025, was as follows:
| As of | ||||||||||||||
| June 30, 2026 | December 31, 2025 | |||||||||||||
| Balance Sheet Classification | (In millions) | |||||||||||||
| Operating Leases | ||||||||||||||
| Operating lease right-of-use assets | Other assets | $ | 188.0 | $ | 194.0 | |||||||||
| Current operating lease liabilities | Accounts payable and other current liabilities | $ | 51.4 | $ | 52.8 | |||||||||
| Non-current operating lease liabilities | Other liabilities | 152.7 | 160.1 | |||||||||||
| Total operating lease liabilities | $ | 204.1 | $ | 212.9 | ||||||||||
| Finance Leases | ||||||||||||||
| Finance lease right-of-use assets | Property, plant and equipment, net | $ | 53.1 | $ | 60.6 | |||||||||
| Current finance lease liabilities | Current portion of long-term debt and short-term borrowings | $ | 8.9 | $ | 10.7 | |||||||||
| Non-current finance lease liabilities | Long-term debt | 51.5 | 54.0 | |||||||||||
| Total finance lease liabilities | $ | 60.4 | $ | 64.7 |
Supplemental cash flow information related to leases for the six months ended June 30, 2026 and June 30, 2025, was as follows:
| Six Months Ended | |||||||||||
| June 30, 2026 | June 30, 2025 | ||||||||||
| (In millions) | |||||||||||
| Cash paid for amounts included in the measurements of lease liabilities | |||||||||||
| Operating cash flows from operating leases | $ | 36.8 | $ | 29.4 | |||||||
| Operating cash flows from finance leases | 1.8 | 2.1 | |||||||||
| Financing cash flows from finance leases | 5.8 | 5.0 | |||||||||
| Supplemental non-cash information on right-of-use assets obtained in exchange for new lease liabilities | |||||||||||
| Operating leases | 26.7 | 13.4 | |||||||||
| Finance leases | 2.2 | 7.4 |
7. Debt
Debt Obligations
| As of | |||||||||||
| June 30, 2026 | December 31, 2025 | ||||||||||
| (In millions) | |||||||||||
| Long-term debt | |||||||||||
| CAD 500 million 3.44% senior notes due July 2026(1) | $ | — | $ | 364.3 | |||||||
| $2.0 billion 3.0% senior notes due July 2026(2) | 2,000.0 | 2,000.0 | |||||||||
| $500 million 4.9% senior notes due July 2031(3) | 500.0 | — | |||||||||
| EUR 800 million 3.8% senior notes due June 2032 | 913.8 | 939.7 | |||||||||
| CAD 500 million 4.3% senior notes due July 2033(4) | 352.2 | — | |||||||||
| $1.0 billion 5.5% senior notes due July 2036(3) | 1,000.0 | — | |||||||||
| $1.1 billion 5.0% senior notes due May 2042 | 1,100.0 | 1,100.0 | |||||||||
| $1.8 billion 4.2% senior notes due July 2046 | 1,800.0 | 1,800.0 | |||||||||
| Finance leases | 60.4 | 64.7 | |||||||||
| Other | 5.4 | 26.1 | |||||||||
| Less: unamortized debt discounts and debt issuance costs | (50.0) | (34.7) | |||||||||
| Total long-term debt (including current portion) | 7,681.8 | 6,260.1 | |||||||||
| Less: current portion of long-term debt | (2,009.3) | (2,394.7) | |||||||||
| Total long-term debt | $ | 5,672.5 | $ | 3,865.4 | |||||||
| Short-term borrowings(5) | 27.8 | 39.4 | |||||||||
| Current portion of long-term debt | 2,009.3 | 2,394.7 | |||||||||
| Current portion of long-term debt and short-term borrowings | $ | 2,037.1 | $ | 2,434.1 |
(1)On June 18, 2026, we repaid these senior notes set to mature on July 15, 2026 using the cash proceeds from our CAD 500 million senior notes due July 2033 issued on May 27, 2026.
(2)On July 15, 2026, these senior notes were repaid upon maturity using the cash proceeds from both the $500 million senior notes due July 2031 and the $1.0 billion senior notes due July 2036 issued on May 27, 2026, as well as cash on hand.
(3)On May 27, 2026, MCBC issued $500 million 4.9% senior notes that mature on July 8, 2031 ("2031 USD senior notes"). Semi-annual interest payments for these notes are due January 8 and July 8 with the first interest payment due January 8, 2027. The issuance of these notes resulted in proceeds of $497.3 million, net of underwriting fees and discounts. Total debt discounts and debt issuance costs capitalized in connection with these notes, including underwriting fees, were approximately $3.9 million, and are being amortized over their term.
On May 27, 2026, MCBC issued $1.0 billion 5.5% senior notes that mature on July 8, 2036 ("2036 USD senior notes"). Semi-annual interest payments for these notes are due January 8 and July 8 with the first interest payment due January 8, 2027. The issuance of these notes resulted in proceeds of $991.9 million, net of underwriting fees and discounts. Total debt discounts and debt issuance costs capitalized in connection with these notes, including underwriting fees, were approximately $10.6 million, and are being amortized over their term.
In 2018, we entered into forward starting interest rate swaps with a notional amount of $1.0 billion and a termination date of July 2026. The swaps had an effective date mirroring the terms of the forecasted debt issuances. Under the agreements, we were required to early terminate these swaps at the time that we expected to issue the related forecasted debt. In conjunction with issuing our 2036 USD senior notes, we settled our forward starting interest rate swaps for a realized gain of $107.5 million which was recorded to AOCI and will be amortized as a benefit to interest expense over the term of the 2036 USD senior notes. See Note 8, "Derivative Instruments and Hedging Activities" for further details.
(4)On May 27, 2026, Molson Coors International LP, a wholly-owned indirect subsidiary of MCBC, issued CAD 500 million 4.3% senior notes that mature on July 8, 2033 ("2033 CAD senior notes"). Semi-annual interest payments for these notes are due January 8 and July 8 with the first interest payment due January 8, 2027. The issuance of these notes resulted in proceeds of $359.4 million, net of underwriting fees and discounts. Total debt discounts and debt issuance costs capitalized in connection with these notes, including underwriting fees, were approximately $3.2 million, and are being amortized over their term.
(5)Our short-term borrowings include bank overdrafts, borrowings on our overdraft facilities and other items.
As of June 30, 2026, we had $22.8 million in bank overdrafts and $40.8 million in bank cash related to our cross-border, cross-currency cash pool for a net positive position of $18.0 million. As of December 31, 2025, we had $32.3 million in bank overdrafts and $62.0 million in bank cash related to our cross-border, cross-currency cash pool for a net positive position of $29.7 million.
In addition, we have CAD, GBP and USD overdraft facilities under which we had no outstanding borrowings as of June 30, 2026 and December 31, 2025. See further detail within Part II.—Item 8. Financial Statements, Note 13, "Commitments and Contingencies" in our Annual Report for discussion related to letters of credit.
Debt Fair Value Measurements
We utilize market approaches to estimate the fair value of certain outstanding borrowings by discounting anticipated future cash flows derived from the contractual terms of the obligations using observable market interest and foreign exchange rates. As of June 30, 2026 and December 31, 2025, the fair value of our outstanding long-term debt (including the current portion of long-term debt) was approximately $7.3 billion and $5.9 billion, respectively. All senior notes are valued based on other significant observable inputs and classified as Level 2 in the fair value hierarchy. The carrying values of all other outstanding long-term borrowings and our short-term borrowings approximate their fair values and are also classified as Level 2 in the fair value hierarchy.
Revolving Credit Facility and Commercial Paper
We maintain an amended and restated $2.0 billion multi-currency revolving credit facility with a maturity date of June 26, 2030, that allows us to issue a maximum aggregate amount of $2.0 billion in commercial paper or make other borrowings at any time at variable interest rates. We use this facility from time to time for working capital or general purposes or to fund the repayment of debt upon maturity. We had no borrowings drawn on this revolving credit facility and no commercial paper borrowings outstanding as of June 30, 2026 and December 31, 2025.
Subsequent to June 30, 2026, we had commercial paper borrowings that resulted in commercial paper outstanding of approximately $0.2 billion as of August 6, 2026. As such, we had approximately $1.8 billion available to draw on our amended and restated $2.0 billion multi-currency revolving credit facility.
Debt Covenants
Under the terms of each of our debt facilities, we must comply with certain restrictions. These include customary events of default and specified representations, warranties and covenants, as well as covenants that restrict our ability to incur certain additional priority indebtedness (certain thresholds of secured consolidated net tangible assets), certain leverage threshold percentages, create or permit liens on assets, and restrictions on mergers, acquisitions and certain types of sale lease-back transactions.
Under the amended and restated $2.0 billion multi-currency revolving credit facility, we are required to maintain a maximum leverage ratio, calculated as net debt to EBITDA (as defined in the amended and restated multi-currency revolving credit facility agreement) of 4.00x, measured as of the last day of each fiscal quarter through maturity of the credit facility. As of June 30, 2026, we were in compliance with all of these restrictions and covenants, have met such financial ratios and have met all debt payment obligations. All our outstanding senior notes as of June 30, 2026, rank pari-passu.
8. Derivative Instruments and Hedging Activities
Our risk management and derivative accounting policies are presented within Part II.—Item 8. Financial Statements, Note 1, "Basis of Presentation and Summary of Significant Accounting Policies" and Note 10, "Derivative Instruments and Hedging Activities" in our Annual Report and did not significantly change during the six months ended June 30, 2026. As noted in Part II.—Item 8. Financial Statements, Note 10, "Derivative Instruments and Hedging Activities" in our Annual Report, due to the nature of our counterparty agreements and the fact that we are not subject to master netting arrangements, we are not able to net positions with the same counterparty and, therefore, present our derivative positions on a gross basis in our unaudited condensed consolidated balance sheets. Our significant types of derivatives and hedge positions have not changed materially since December 31, 2025.
Forward Starting Interest Rate Swaps Settlement
In 2018, we entered into forward starting interest rate swaps with a notional amount of $1.0 billion and a termination date of July 2026. The swaps had an effective date mirroring the terms of forecasted debt issuances. Under the agreements, we were required to early terminate these swaps at the time that we expected to issue the related forecasted debt. Over the life of the forward starting interest rate swaps, we accounted for the forward starting interest rate swaps as cash flow hedges with fair value gains and losses on the derivatives being recorded to AOCI. In conjunction with issuing our 2036 USD senior notes, we settled our forward starting interest rate swaps for a realized gain of $107.5 million which was recorded to AOCI and will be amortized as a benefit to interest expense over the term of the 2036 USD senior notes. See Note 7, "Debt" for additional information on the issuance of our 2036 USD senior notes.
Derivative Fair Value Measurements
We utilize market approaches to estimate the fair value of our derivative instruments by discounting anticipated future cash flows derived from the derivative's contractual terms and observable market interest, foreign exchange and commodity rates. The fair values of our derivatives also include credit risk adjustments to account for our counterparties' credit risk, as well as our own non-performance risk, as appropriate.
The table below summarizes our derivative assets (liabilities) that were measured at fair value as of June 30, 2026 and December 31, 2025. The fair value for all derivative contracts as of June 30, 2026 and December 31, 2025 were measured using significant other observable inputs, which are Level 2 inputs.
| As of | |||||||||||
| June 30, 2026 | December 31, 2025 | ||||||||||
| (In millions) | |||||||||||
| Forward starting interest rate swaps | $ | — | $ | 83.7 | |||||||
| Foreign currency forwards | 4.3 | 0.4 | |||||||||
| Commodity swaps and options | 57.0 | 52.1 | |||||||||
| Total | $ | 61.3 | $ | 136.2 |
Between June 30, 2026 and December 31, 2025, we had no significant transfers between Level 1 and Level 2. New derivative contracts transacted during the six months ended June 30, 2026, were all included in Level 2.
Results of Period Derivative Activity
The tables below include the results of our derivative activity on our unaudited condensed consolidated balance sheets as of June 30, 2026 and December 31, 2025 and our unaudited condensed consolidated statements of operations for the three and six months ended June 30, 2026 and June 30, 2025.
Fair Value of Derivative Instruments on the Unaudited Condensed Consolidated Balance Sheets (In millions):
| As of June 30, 2026 | |||||||||||||||||||||||||||||
| Asset derivatives | Liability derivatives | ||||||||||||||||||||||||||||
| Notional amount | Balance sheet location | Fair value | Balance sheet location | Fair value | |||||||||||||||||||||||||
| Derivatives designated as hedging instruments | |||||||||||||||||||||||||||||
| Foreign currency forwards | $ | 139.5 | Other current assets | $ | 3.0 | Accounts payable and other current liabilities | $ | — | |||||||||||||||||||||
| Other non-current assets | 1.3 | Other liabilities | — | ||||||||||||||||||||||||||
| Total derivatives designated as hedging instruments | $ | 4.3 | $ | — | |||||||||||||||||||||||||
| Derivatives not designated as hedging instruments | |||||||||||||||||||||||||||||
| Commodity swaps(1) | $ | 774.8 | Other current assets | $ | 67.3 | Accounts payable and other current liabilities | $ | (10.8) | |||||||||||||||||||||
| Other non-current assets | 3.5 | Other liabilities | (6.3) | ||||||||||||||||||||||||||
| Commodity options(1) | $ | 138.1 | Other current assets | 3.3 | Accounts payable and other current liabilities | — | |||||||||||||||||||||||
| Total derivatives not designated as hedging instruments | $ | 74.1 | $ | (17.1) |
| As of December 31, 2025 | |||||||||||||||||||||||||||||
| Asset derivatives | Liability derivatives | ||||||||||||||||||||||||||||
| Notional amount | Balance sheet location | Fair value | Balance sheet location | Fair value | |||||||||||||||||||||||||
| Derivatives designated as hedging instruments | |||||||||||||||||||||||||||||
| Forward starting interest rate swaps | $ | 1,000.0 | Other current assets | $ | 83.7 | Accounts payable and other current liabilities | $ | — | |||||||||||||||||||||
| Foreign currency forwards | $ | 104.9 | Other current assets | 0.9 | Accounts payable and other current liabilities | (0.3) | |||||||||||||||||||||||
| Other non-current assets | — | Other liabilities | (0.2) | ||||||||||||||||||||||||||
| Total derivatives designated as hedging instruments | $ | 84.6 | $ | (0.5) | |||||||||||||||||||||||||
| Derivatives not designated as hedging instruments | |||||||||||||||||||||||||||||
| Commodity swaps(1) | $ | 442.1 | Other current assets | $ | 55.9 | Accounts payable and other current liabilities | $ | (6.0) | |||||||||||||||||||||
| Other non-current assets | 3.2 | Other liabilities | (1.0) | ||||||||||||||||||||||||||
| Commodity options(1) | $ | 21.0 | Other current assets | 0.1 | Accounts payable and other current liabilities | (0.1) | |||||||||||||||||||||||
| Total derivatives not designated as hedging instruments | $ | 59.2 | $ | (7.1) |
(1)Notional includes certain offsetting buy and sell positions, shown in terms of absolute value. Buy and sell positions are shown gross in the asset and/or liability position, as appropriate.
The Pretax Effect of Cash Flow Hedge Accounting on Other Comprehensive Income (Loss), Accumulated Other Comprehensive Income (Loss) and Income (Loss) (In millions):
| Derivatives in cash flow hedge relationships | Amount of gain (loss) recognized in OCI on derivatives | Location of gain (loss) reclassified from AOCI into income | Amount of gain (loss) recognized from AOCI into income on derivatives | |||||||||||||||||
| Three Months Ended June 30, 2026 | ||||||||||||||||||||
| Forward starting interest rate swaps | $ | 20.6 | Interest income (expense), net | $ | 1.0 | |||||||||||||||
| Foreign currency forwards | 2.4 | Cost of goods sold | 0.6 | |||||||||||||||||
| Other non-operating income (expense), net | (0.1) | |||||||||||||||||||
| Total | $ | 23.0 | $ | 1.5 | ||||||||||||||||
| Three Months Ended June 30, 2025 | ||||||||||||||||||||
| Forward starting interest rate swaps | $ | (3.2) | Interest income (expense), net | $ | (0.8) | |||||||||||||||
| Foreign currency forwards | (7.7) | Cost of goods sold | 0.9 | |||||||||||||||||
| Other non-operating income (expense), net | (0.1) | |||||||||||||||||||
| Total | $ | (10.9) | $ | — |
| Derivatives in cash flow hedge relationships | Amount of gain (loss) recognized in OCI on derivatives | Location of gain (loss) reclassified from AOCI into income | Amount of gain (loss) recognized from AOCI into income on derivative | |||||||||||||||||
| Six Months Ended June 30, 2026 | ||||||||||||||||||||
| Forward starting interest rate swaps | $ | 23.8 | Interest income (expense), net | $ | 1.0 | |||||||||||||||
| Foreign currency forwards | 4.7 | Cost of goods sold | 1.0 | |||||||||||||||||
| Other non-operating income (expense), net | (0.2) | |||||||||||||||||||
| Total | $ | 28.5 | $ | 1.8 | ||||||||||||||||
| Six Months Ended June 30, 2025 | ||||||||||||||||||||
| Forward starting interest rate swaps | $ | (24.3) | Interest income (expense), net | $ | (1.7) | |||||||||||||||
| Foreign currency forwards | (8.1) | Cost of goods sold | 2.7 | |||||||||||||||||
| Other non-operating income (expense), net | (0.4) | |||||||||||||||||||
| Total | $ | (32.4) | $ | 0.6 |
The Pretax Effect of Net Investment Hedge Accounting on Other Comprehensive Income (Loss), Accumulated Other Comprehensive Income (Loss) and Income (Loss) (In millions):
| Net investment hedge relationships | Amount of gain (loss) recognized in AOCI**(1)** | |||||||
| Three Months Ended June 30, 2026 | ||||||||
| EUR 800 million 3.8% senior notes due June 2032 | $ | 10.4 | ||||||
| Three Months Ended June 30, 2025 | ||||||||
| EUR 800 million 3.8% senior notes due June 2032 | $ | (77.3) | ||||||
| Net investment hedge relationships | Amount of gain (loss) recognized in AOCI (1) | |||||||||||||||||||
| Six Months Ended June 30, 2026 | ||||||||||||||||||||
| EUR 800 million 3.8% senior notes due June 2032 | $ | 25.8 | ||||||||||||||||||
| Six Months Ended June 30, 2025 | ||||||||||||||||||||
| EUR 800 million 3.8% senior notes due June 2032 | $ | (114.1) | ||||||||||||||||||
(1)The cumulative translation adjustments related to our net investment hedges remain in AOCI until the respective underlying net investment is sold or liquidated. During the three and six months ended June 30, 2026 and June 30, 2025, we did not reclassify any amounts related to our net investment hedges from AOCI into earnings whether due to ineffectiveness, a sale or liquidation.
As of June 30, 2026, we expect pretax net gains of approximately $14 million recorded in AOCI that will be reclassified into earnings within the next 12 months. Our foreign currency forwards, which are designated in cash flow hedge relationships, are typically hedged over a maximum length of approximately 3 years. In conjunction with issuing our 2036 USD senior notes, we settled our forward starting interest rate swaps for a realized gain of $107.5 million which was recorded to AOCI and will be amortized over the term of the 2036 USD senior notes.
The Effect of Derivatives Not Designated as Hedging Instruments on our Unaudited Condensed Consolidated Statements of Operations (In millions):
| Derivatives not in hedging relationships | Location of gain (loss) recognized in income on derivatives | Amount of gain (loss) recognized in income on derivatives | ||||||||||||
| Three Months Ended June 30, 2026 | ||||||||||||||
| Commodity swaps | Cost of goods sold | $ | (21.6) | |||||||||||
| Commodity options | Cost of goods sold | (10.7) | ||||||||||||
| Total | $ | (32.3) | ||||||||||||
| Three Months Ended June 30, 2025 | ||||||||||||||
| Commodity swaps | Cost of goods sold | $ | 11.4 | |||||||||||
| Derivatives not in hedging relationships | Location of gain (loss) recognized in income on derivatives | Amount of gain (loss) recognized in income on derivatives | ||||||||||||
| Six Months Ended June 30, 2026 | ||||||||||||||
| Commodity swaps | Cost of goods sold | $ | 87.6 | |||||||||||
| Commodity options | Cost of goods sold | (2.2) | ||||||||||||
| Total | $ | 85.4 | ||||||||||||
| Six Months Ended June 30, 2025 | ||||||||||||||
| Commodity swaps | Cost of goods sold | $ | 32.8 | |||||||||||
9. Income Tax
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| June 30, 2026 | June 30, 2025 | June 30, 2026 | June 30, 2025 | ||||||||||||||||||||
| Effective tax rate | 22 | % | 24 | % | 22 | % | 23 | % |
The lower effective tax rate for the three and six months ended June 30, 2026, compared to prior year, was primarily due to the recognition of a higher discrete tax benefit.
Our effective tax rate can be volatile and may change with, among other things, the amount and source of pretax income or loss, our ability to utilize foreign tax credits, excess tax benefits or deficiencies from share-based compensation, changes in tax laws and the movement of liabilities established pursuant to accounting guidance for uncertain tax positions as statutes of limitations expire, positions are effectively settled, or when additional information becomes available. There are proposed or pending tax law changes in various jurisdictions and other changes to regulatory environments in countries in which we do business that, if enacted, could have an impact on our effective tax rate.
10. Commitments and Contingencies
Litigation, Other Disputes and Environmental
Related to litigation, other disputes and environmental issues, we had an aggregate accrued contingent liability of $14.0 million and $41.6 million as of June 30, 2026 and December 31, 2025, respectively. While we cannot predict the eventual aggregate cost for litigation, other disputes and environmental matters in which we are currently involved, based on review with legal counsel, we believe adequate reserves have been provided for losses that are probable and estimable. For all matters, unless otherwise noted below, we believe that any reasonably possible losses in excess of the amounts accrued are immaterial to our unaudited condensed consolidated financial statements. However, litigation is subject to inherent uncertainties and an adverse result in these, or other matters, may arise from time to time that may harm our business. Our litigation, other disputes and environmental issues are discussed in further detail within Part II.—Item 8. Financial Statements, Note 13, "Commitments and Contingencies" in our Annual Report.
Regulatory Contingencies
An Early Implementation Agreement ("EIA") was entered into on May 23, 2024, between the Province of Ontario and Molson Canada 2005, a wholly owned indirect subsidiary of our Company, Labatt Brewing Company Limited, Sleeman Breweries Ltd. and BRI, operating under the name The Beer Store ("TBS") concerning the intended features of the future marketplace for beer distribution and retail systems in the Province of Ontario. The EIA was effective July 18, 2024, with provisions continuing until December 31, 2030, except certain provisions which ended December 31, 2025. TBS shall remain the primary distributor of beer to all retailers from the commencement date of the EIA to the end of the agreement, December 31, 2030. We continue to evaluate the impact of the new marketplace for beer distribution and retail systems in the Province of Ontario on our results of operations.
Guarantees and Indemnities
We guarantee indebtedness and other obligations to banks and other third parties for some of our equity method investments and consolidated subsidiaries. Separately, our Cervejarias Kaiser Brasil S.A. ("Kaiser") indemnities are discussed in further detail within Part II.—Item 8. Financial Statements, Note 13, "Commitments and Contingencies" in our Annual Report and did not significantly change during the six months ended June 30, 2026.
11. Accumulated Other Comprehensive Income (Loss)
| MCBC stockholders' equity | |||||||||||||||||||||||||||||
| Foreign currency translation adjustments | Gain (loss) on derivative instruments | Pension and postretirement benefit adjustments | Equity method investments | Accumulated other comprehensive income (loss) | |||||||||||||||||||||||||
| (In millions) | |||||||||||||||||||||||||||||
| As of December 31, 2025 | $ | (797.6) | $ | 68.2 | $ | (326.8) | $ | (15.4) | $ | (1,071.6) | |||||||||||||||||||
| Foreign currency translation adjustments | (141.0) | — | — | — | (141.0) | ||||||||||||||||||||||||
| Gain (loss) recognized on net investment hedges | 25.8 | — | — | — | 25.8 | ||||||||||||||||||||||||
| Unrealized gain (loss) recognized on derivative instruments | — | 28.5 | — | — | 28.5 | ||||||||||||||||||||||||
| Derivative instrument activity reclassified from other comprehensive income (loss) | — | (1.8) | — | — | (1.8) | ||||||||||||||||||||||||
| Pension and other postretirement activity reclassified from other comprehensive income (loss) | — | — | (6.6) | — | (6.6) | ||||||||||||||||||||||||
| Ownership share of unconsolidated subsidiaries' other comprehensive income (loss) | — | — | — | (0.7) | (0.7) | ||||||||||||||||||||||||
| Tax benefit (expense) | (9.0) | (6.5) | 1.6 | 0.2 | (13.7) | ||||||||||||||||||||||||
| As of June 30, 2026 | $ | (921.8) | $ | 88.4 | $ | (331.8) | $ | (15.9) | $ | (1,181.1) |
12. Other Operating Income (Expense), net
We have recorded incurred charges or realized benefits that we believe are significant to our current operating results warranting separate classification in other operating income (expense), net within our unaudited condensed consolidated statements of operations.
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| June 30, 2026 | June 30, 2025 | June 30, 2026 | June 30, 2025 | ||||||||||||||||||||
| (In millions) | |||||||||||||||||||||||
| Restructuring(1) | |||||||||||||||||||||||
| Employee-related charges | $ | (1.2) | $ | (7.5) | $ | (20.9) | $ | (8.3) | |||||||||||||||
| Asset abandonment and other restructuring costs | (6.1) | (1.1) | (17.5) | (19.7) | |||||||||||||||||||
| Gains (losses) on disposals and other(2) | (9.3) | (0.6) | (10.3) | 2.9 | |||||||||||||||||||
| Other operating income (expense), net | $ | (16.6) | $ | (9.2) | $ | (48.7) | $ | (25.1) |
(1)On October 20, 2025, we announced the Americas Restructuring Plan designed to create a leaner, more agile Americas segment while advancing our ability to reinvest in the business and position us for future growth. The plan resulted in $0.7 million and $5.1 million of employee-related charges recorded during the three and six months ended June 30, 2026, respectively. The cumulative restructuring charges recorded through June 30, 2026 related to the Americas Restructuring Plan were $33.8 million. These actions are substantially complete and any remaining future charges are expected to be immaterial.
During the first quarter of 2026, we committed to various cost savings actions designed to optimize our supply chain within the Americas segment, which resulted in restructuring charges including accelerated depreciation in excess of normal depreciation charges of $3.5 million and $10.1 million during the three and six months ended June 30, 2026, respectively. We anticipate additional charges related to these committed actions to be approximately $10 million to $15 million, with the majority of these charges to be recorded during the remainder of 2026 as well as in 2027.
Also during the first quarter of 2026, we committed to various restructuring actions in the EMEA&APAC segment, including the closure of a small brewery in the U.K. by the end of 2026, alongside other operational changes designed to unlock efficiencies as well as modernize and simplify the EMEA&APAC segment to fund growth. During the three and six months ended June 30, 2026, we recorded employee-related charges of $0.3 million and $15.3 million, respectively, as well as accelerated depreciation in excess of normal depreciation charges of $2.5 million and $5.0 million during the three and six months ended June 30, 2026, respectively, related to these actions. We anticipate additional charges related to these committed actions to be approximately $3 million to $8 million, with the majority of these charges to be recorded during the remainder of 2026.
During the third quarter of 2024, we made the decision to wind down or sell certain of our U.S. craft businesses and related facilities and recorded employee-related and asset abandonment charges. During the first quarter of 2025, we incurred accelerated depreciation in excess of normal depreciation of $17.9 million related to this action. Restructuring actions related to these actions are complete.
(2)During the second quarter of 2026, we made the decision to exit a brand in our Americas segment and, as a result, recorded $8.1 million of accelerated amortization of the brand intangible.
The below table presents a rollforward of the Americas Restructuring Plan accrued restructuring balance related to employee-related charges. The accrued restructuring balances for the remaining restructuring projects are immaterial.
| (in millions) | |||||
| As of December 31, 2025 | $ | 28.3 | |||
| Charges incurred and changes in estimates | 5.1 | ||||
| Payments made | (20.6) | ||||
| Foreign currency and other adjustments | (0.1) | ||||
| As of June 30, 2026 | $ | 12.7 |
13. Segment Reporting
Our reporting segments are based on the key geographic regions in which we operate and include our Americas and EMEA&APAC segments. Our Americas segment operates in the U.S., Canada and various countries in Latin America and our EMEA&APAC segment operates in Bulgaria, Croatia, Czech Republic, Hungary, Montenegro, Romania, Serbia, the U.K., various other European countries and certain countries within the Middle East, Africa and Asia Pacific regions.
We also have certain activity that is not allocated to our segments, which has been reflected as Unallocated below. Specifically, Unallocated primarily includes certain financing-related activities such as interest expense and interest income as well as foreign exchange gains and losses on intercompany balances. Unallocated activity also includes the unrealized changes in fair value on our commodity instruments not designated in hedging relationships recorded within cost of goods sold, which are later reclassified when realized to the segment in which the underlying exposure resides. Additionally, only the service cost component of net periodic pension and OPEB cost is reported within each operating segment meanwhile all other components remain in Unallocated.
Summarized Financial Information
No single customer accounted for more than 10% of our consolidated net sales for the three months ended June 30, 2026 or June 30, 2025.
Net sales from transactions with a single customer in our Americas segment represented approximately $0.6 billion of our consolidated net sales for each of the six months ended June 30, 2026 and June 30, 2025.
Consolidated net sales represent sales to third-party external customers less excise taxes. Inter-segment transactions impacting net sales and cost of goods sold eliminate upon consolidation and are primarily related to the Americas segment royalties received from and sales to the EMEA&APAC segment.
The following tables present net sales and other activity by segment to arrive at income (loss) before income taxes as well as a reconciliation of amounts shown as income (loss) before income taxes to net income (loss) attributable to MCBC:
| For the three months ended June 30, 2026 | |||||||||||||||||||||||||||||
| Americas | EMEA&APAC | Unallocated | Inter-segment net sales eliminations | Consolidated | |||||||||||||||||||||||||
| (In millions) | |||||||||||||||||||||||||||||
| Net sales | $ | 2,402.4 | $ | 700.8 | $ | — | $ | (6.7) | $ | 3,096.5 | |||||||||||||||||||
| Cost of goods sold | (1,461.3) | (487.6) | (91.0) | 6.7 | (2,033.2) | ||||||||||||||||||||||||
| Marketing and sales expenses | (301.4) | (72.1) | — | — | (373.5) | ||||||||||||||||||||||||
| General and administrative expenses | (244.8) | (100.2) | — | — | (345.0) | ||||||||||||||||||||||||
| Other operating income (expense), net | (13.5) | (3.1) | — | — | (16.6) | ||||||||||||||||||||||||
| Equity income (loss) | 3.7 | — | — | — | 3.7 | ||||||||||||||||||||||||
| Interest expense | (0.5) | (0.6) | (67.7) | — | (68.8) | ||||||||||||||||||||||||
| Interest income | — | 0.1 | 8.2 | — | 8.3 | ||||||||||||||||||||||||
| Other segment items(1) | 5.5 | 0.6 | 5.6 | — | 11.7 | ||||||||||||||||||||||||
| Income (loss) before income taxes | $ | 390.1 | $ | 37.9 | $ | (144.9) | $ | — | $ | 283.1 | |||||||||||||||||||
| Income tax benefit (expense) | (61.5) | ||||||||||||||||||||||||||||
| Net income (loss) | 221.6 | ||||||||||||||||||||||||||||
| Net (income) loss attributable to noncontrolling interests | 10.1 | ||||||||||||||||||||||||||||
| Net income (loss) attributable to MCBC | $ | 231.7 |
| For the three months ended June 30, 2025 | |||||||||||||||||||||||||||||
| Americas | EMEA&APAC | Unallocated | Inter-segment net sales eliminations | Consolidated | |||||||||||||||||||||||||
| (In millions) | |||||||||||||||||||||||||||||
| Net sales | $ | 2,504.8 | $ | 703.9 | $ | — | $ | (7.9) | $ | 3,200.8 | |||||||||||||||||||
| Cost of goods sold | (1,468.4) | (465.4) | 7.0 | 7.9 | (1,918.9) | ||||||||||||||||||||||||
| Marketing and sales expenses | (308.7) | (75.2) | — | — | (383.9) | ||||||||||||||||||||||||
| General and administrative expenses | (217.7) | (91.5) | — | — | (309.2) | ||||||||||||||||||||||||
| Other operating income (expense), net | (1.6) | (7.6) | — | — | (9.2) | ||||||||||||||||||||||||
| Equity income (loss) | 4.0 | — | — | — | 4.0 | ||||||||||||||||||||||||
| Interest expense | (0.6) | (1.1) | (59.9) | — | (61.6) | ||||||||||||||||||||||||
| Interest income | — | 0.1 | 3.0 | — | 3.1 | ||||||||||||||||||||||||
| Other segment items(1) | 26.4 | 1.6 | 1.8 | — | 29.8 | ||||||||||||||||||||||||
| Income (loss) before income taxes | $ | 538.2 | $ | 64.8 | $ | (48.1) | $ | — | $ | 554.9 | |||||||||||||||||||
| Income tax benefit (expense) | (130.6) | ||||||||||||||||||||||||||||
| Net income (loss) | 424.3 | ||||||||||||||||||||||||||||
| Net (income) loss attributable to noncontrolling interests | 4.4 | ||||||||||||||||||||||||||||
| Net income (loss) attributable to MCBC | $ | 428.7 |
| For the six months ended June 30, 2026 | |||||||||||||||||||||||||||||
| Americas | EMEA&APAC | Unallocated | Inter-segment net sales eliminations | Consolidated | |||||||||||||||||||||||||
| (In millions) | |||||||||||||||||||||||||||||
| Net sales | $ | 4,302.9 | $ | 1,156.9 | $ | — | $ | (12.2) | $ | 5,447.6 | |||||||||||||||||||
| Cost of goods sold | (2,668.5) | (829.0) | (1.8) | 12.2 | (3,487.1) | ||||||||||||||||||||||||
| Marketing and sales expenses | (530.4) | (122.0) | — | — | (652.4) | ||||||||||||||||||||||||
| General and administrative expenses | (479.5) | (196.6) | — | — | (676.1) | ||||||||||||||||||||||||
| Other operating income (expense), net | (26.6) | (22.1) | — | — | (48.7) | ||||||||||||||||||||||||
| Equity income (loss) | 6.9 | — | — | — | 6.9 | ||||||||||||||||||||||||
| Interest expense | (1.0) | (1.3) | (126.7) | — | (129.0) | ||||||||||||||||||||||||
| Interest income | — | 0.2 | 10.7 | — | 10.9 | ||||||||||||||||||||||||
| Other segment items(1) | (6.3) | 0.1 | 11.9 | — | 5.7 | ||||||||||||||||||||||||
| Income (loss) before income taxes | $ | 597.5 | $ | (13.8) | $ | (105.9) | $ | — | $ | 477.8 | |||||||||||||||||||
| Income tax benefit (expense) | (106.1) | ||||||||||||||||||||||||||||
| Net income (loss) | 371.7 | ||||||||||||||||||||||||||||
| Net (income) loss attributable to noncontrolling interests | 11.3 | ||||||||||||||||||||||||||||
| Net income (loss) attributable to MCBC | $ | 383.0 |
| For the six months ended June 30, 2025 | |||||||||||||||||||||||||||||
| Americas | EMEA&APAC | Unallocated | Inter-segment net sales eliminations | Consolidated | |||||||||||||||||||||||||
| (In millions) | |||||||||||||||||||||||||||||
| Net sales | $ | 4,386.6 | $ | 1,131.2 | $ | — | $ | (12.9) | $ | 5,504.9 | |||||||||||||||||||
| Cost of goods sold | (2,638.3) | (772.4) | 25.7 | 12.9 | (3,372.1) | ||||||||||||||||||||||||
| Marketing and sales expenses | (546.4) | (123.6) | — | — | (670.0) | ||||||||||||||||||||||||
| General and administrative expenses | (494.3) | (182.0) | — | — | (676.3) | ||||||||||||||||||||||||
| Other operating income (expense), net | (17.5) | (7.6) | — | — | (25.1) | ||||||||||||||||||||||||
| Equity income (loss) | 8.5 | — | — | — | 8.5 | ||||||||||||||||||||||||
| Interest expense | (1.3) | (2.1) | (119.5) | — | (122.9) | ||||||||||||||||||||||||
| Interest income | — | 0.2 | 7.6 | — | 7.8 | ||||||||||||||||||||||||
| Other segment items(1) | 50.2 | 1.9 | 4.3 | — | 56.4 | ||||||||||||||||||||||||
| Income (loss) before income taxes | $ | 747.5 | $ | 45.6 | $ | (81.9) | $ | — | $ | 711.2 | |||||||||||||||||||
| Income tax benefit (expense) | (163.8) | ||||||||||||||||||||||||||||
| Net income (loss) | 547.4 | ||||||||||||||||||||||||||||
| Net (income) loss attributable to noncontrolling interests | 2.3 | ||||||||||||||||||||||||||||
| Net income (loss) attributable to MCBC | $ | 549.7 |
(1)Other segment items include other pension and postretirement benefit (cost), net and other non-operating income (expense), net.
The following table presents total assets by segment as of June 30, 2026 and December 31, 2025:
| As of | |||||||||||
| June 30, 2026 | December 31, 2025 | ||||||||||
| (In millions) | |||||||||||
| Americas | $ | 20,834.2 | $ | 19,237.9 | |||||||
| EMEA&APAC | 3,524.8 | 3,500.5 | |||||||||
| Consolidated | $ | 24,359.0 | $ | 22,738.4 |
The following table presents total property, plant and equipment depreciation and intangible asset amortization as well as total capital expenditures by segment for the three and six months ended June 30, 2026 and June 30, 2025:
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| June 30, 2026 | June 30, 2025 | June 30, 2026 | June 30, 2025 | ||||||||||||||||||||
| Depreciation and amortization | (In millions) | ||||||||||||||||||||||
| Americas | $ | 140.6 | $ | 125.0 | $ | 275.1 | $ | 263.9 | |||||||||||||||
| EMEA&APAC | 51.4 | 45.1 | 102.6 | 86.5 | |||||||||||||||||||
| Consolidated | $ | 192.0 | $ | 170.1 | $ | 377.7 | $ | 350.4 | |||||||||||||||
| Capital expenditures | |||||||||||||||||||||||
| Americas | $ | 76.9 | $ | 115.8 | $ | 261.8 | $ | 291.1 | |||||||||||||||
| EMEA&APAC | 26.6 | 47.5 | 73.4 | 109.5 | |||||||||||||||||||
| Consolidated | $ | 103.5 | $ | 163.3 | $ | 335.2 | $ | 400.6 |
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