The Big 3 Brewer Perspectives on Soft Q1

Dear Client: There's no bones about it: The first quarter of 2025 was a disaster for the U.S. beer business, down over 5%.  Now that ABI, Molson Coors, and Constellation have reported, we can compare their narratives on what happened. The surprise:  It wasn't tariffs, and it wasn't ICE raids.  All three major brewers pointed to broader economic conditions as a significant factor behind declining beer sales, along with weather and holiday timing, though each CEO emphasized different aspects. Molson