Molson Coors’s Q2 Earnings Call: Our Top 5 Analyst Questions

August 12, 2025 at 22:58 PM EDT

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Molson Coors delivered second quarter results that surpassed Wall Street’s expectations for both revenue and non-GAAP earnings per share, prompting a positive reaction from the market. Management attributed the quarter’s performance to sustained momentum in its core power brands—Coors Light, Miller Lite, and Coors Banquet—as well as early gains from premiumization initiatives and the integration of the Fever-Tree acquisition. CEO Gavin Hattersley explained that, despite a challenging U.S. beer market and unfavorable weather during key holidays, the company’s brands retained most of their recent shelf space expansion. Hattersley noted, “Banquet in particular, has been a strong performer,” highlighting the brand’s continued distribution growth.

Is now the time to buy TAP? Find out in our full research report (it’s free).

Molson Coors (TAP) Q2 CY2025 Highlights:

Revenue: $3.20 billion vs analyst estimates of $3.12 billion (1.6% year-on-year decline, 2.7% beat)
Adjusted EPS: $2.05 vs analyst estimates of $1.81 (13.1% beat)
Adjusted EBITDA: $763.9 million vs analyst estimates of $688.5 million (23.9% margin, 10.9% beat)
Operating Margin: 18.2%, in line with the same quarter last year
Sales Volumes fell 7% year on year (-4.1% in the same quarter last year)
Market Capitalization: $10.1 billion

While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions From Molson Coors’s Q2 Earnings Call

Peter K. Grom (UBS) asked for clarity on the drivers of the updated guidance, specifically regarding profit headwinds from aluminum costs and industry volume trends. CEO Gavin Hattersley cited industry softness, the unexpected spike in Midwest Premium, and underperformance in share gains as the main factors.
Christopher Michael Carey (Wells Fargo) questioned whether the softness in the beer category was cyclical or a sign of changing consumption habits. Hattersley maintained it is cyclical and tied to consumer confidence, while noting that alternative products like GLP-1s are not yet having a material impact.
Bonnie Lee Herzog (Goldman Sachs) inquired about pricing strategies and the promotional environment. Hattersley explained that pricing is expected to remain in the 1% to 2% range, with promotional activity highest during summer and easing in other periods.
Robert Edward Ottenstein (Evercore ISI) asked about the implications of industry volume declines on shelf space and brewery utilization. Hattersley emphasized the company’s ability to retain shelf space gains and optimize brewery operations with reduced contract brewing complexity.
Gerald John Pascarelli (Needham) raised questions around capital allocation and the potential for larger M&A to accelerate portfolio diversification. Hattersley reiterated Molson Coors’ preference for a “string of pearls” M&A approach, highlighting the Fever-Tree acquisition as a recent example.

Catalysts in Upcoming Quarters

In the quarters ahead, the StockStory team will be watching (1) the effectiveness of premiumization efforts—especially the expansion of Peroni, Madri, and Fever-Tree in new markets; (2) the company’s ability to manage elevated input costs, particularly Midwest Premium aluminum pricing; and (3) signs of stabilization or improvement in U.S. beer industry volumes. Execution on non-alcoholic and high-ABV innovations will also be key indicators of strategic progress.

Molson Coors currently trades at $51.29, up from $48.63 just before the earnings. In the wake of this quarter, is it a buy or sell? See for yourself in our full research report (it’s free).

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Molson Coors’s Q2 Earnings Call: Our Top 5 Analyst Questions

Molson Coors (TAP) Q2 CY2025 Highlights:

Our Top 5 Analyst Questions From Molson Coors’s Q2 Earnings Call

Catalysts in Upcoming Quarters

High-Quality Stocks for All Market Conditions

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