Molson Coors Beverage [TAP 5.14%] reported its earnings, and the numbers, like a late autumn rain, settled with a certain grayness. The stock, predictably, eased downward through the afternoon. One imagines the board room, not filled with shouting, but with the quiet clinking of glasses, half-empty.
The analysts, those hopeful souls, anticipated $1.15 per share. Molson delivered $1.21. A small victory, perhaps, like finding a forgotten coin in an old coat pocket. But then, the sales figures. They aimed for over $2.7 billion, a grand ambition. They received…less. A whisper of a shortfall, barely noticeable, yet undeniably present.
A Season of Small Losses
Sales declined by 2.7%, a gentle erosion. Earnings, too, fell – 6.9%. For the year as a whole, a 4.2% dip in sales, bringing the total to $11.1 billion. And a loss, a genuine loss, of $10.75 per share. They spoke of a “non-cash partial goodwill impairment charge.” A polite way of saying that some hopes did not quite materialize.
Rahul Goyal, the CEO, lamented a “tough year.” A phrase one hears often enough in this business, as if the years themselves were inherently difficult. He spoke of brands, infrastructure, a strong balance sheet. All admirable qualities, of course, but they offer little comfort when the numbers refuse to sing.
The Weight of Expectation
The “weathering,” as they call it, may take some time. Tracey Joubert, the CFO, warned of rising costs. A familiar refrain. The commodities, it seems, have their own demands. And 2026 sales are projected to be…flat. About $11 billion. A plateau, perhaps. Or a slow descent.
Earnings, they predict, will decline by 11% to 15%. A painful adjustment. Yet, they anticipate $1.1 billion in free cash flow. On a $9.6 billion market capitalization, that yields a price-to-free cash flow ratio of 8.7. A reasonable valuation, one might say. But it requires so little growth. A delicate balance, easily upset.
They speak of potential. Of course. Everyone does. It hangs in the air, a faint, elusive scent. But potential, like a distant shore, often remains just beyond reach. The market, indifferent as always, will continue its dance. And Molson Coors, like so many others, will simply carry on, hoping for a brighter season, knowing, perhaps, that the rain will likely return.
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2026-02-19 22:14