Molson Coors is one of the world's largest brewers, selling beer and adjacent beverages primarily in North America and Europe. The company's economic engine is its core premium beer brands — Coors Light, Miller Lite, and Coors Banquet in the U.S., Molson Canadian in Canada, and Carling in the UK — which represent the largest share of volume and revenue. Molson Coors operates two segments: Americas (the majority of revenue), covering the U.S., Canada, and Latin America; and EMEA&APAC, where the UK accounts for over half of segment sales. The company sells through a three-tier distribution system in the U.S. (Molson Coors to distributor to retailer) and varied models elsewhere. Revenue is driven by volume, pricing, and mix — the company targets 1-2% annual price increases in North America and is pushing to shift sales toward above-premium brands, which were roughly 27% of net brand revenue in 2024, with a goal to reach ~33%. Beer is a fixed-cost-heavy business, so volume trends have an outsized impact on margins. Beyond beer, Molson Coors has been expanding into adjacent categories, distributing Fever-Tree mixers and ZOA Energy through its U.S. network. The company generates roughly $1.3B in annual free cash flow, which it deploys toward dividends, share repurchases, and bolt-on M&A. Under a new CEO, Molson Coors is pursuing a return-to-growth strategy focused on reinvesting in core brands, closing its above-premium gap in the U.S., and building out its beyond-beer portfolio.