Overview

• Adjusted earnings guidance was cut to $11.30–$11.60 per share from $12.60–$12.90.
• Enterprise organic net sales are now forecast to decline 4%–6% and beer revenue 2%–4% on lower volumes and tariff impacts.
• Beer operating income is expected to fall 7%–9%, and free cash flow was reduced to a range of $1.3–$1.4 billion.
• Executives reported decelerating high‑end beer buy rates, with weaker trip frequency and spending most acute among Hispanic consumers who represent roughly half of the beer business.
• The company flagged earlier‑than‑usual distributor inventory rebalancing, and shares fell about 7%–8% as it also noted $604 million in buybacks year‑to‑date under a three‑year $4 billion authorization.