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STZ

Constellation Brands, Inc.

STZ

Constellation Brands, Inc. • NYSE
$136.38 ▲ 1.10% (+1.49)
Market Cap $23.89 B
52w High $245.31
52w Low $126.45
Dividend Yield 4.07%
P/E 19.85
Volume 1.80M
Outstanding Shares 175.18M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2026 $2.481B ▼ $436M ▼ $466M ▼ 18.783% ▼ $2.65 ▼ $972.9M ▲
Q1-2026 $2.515B ▲ $478.4M ▲ $516.1M ▲ 20.523% ▲ $2.9 ▲ $817.5M ▲
Q4-2025 $2.164B ▼ $229.4M ▼ $-375.3M ▼ -17.343% ▼ $-2.09 ▼ $-136.2M ▼
Q3-2025 $2.463B ▼ $475M ▲ $615.9M ▲ 25.001% ▲ $3.4 ▲ $897.3M ▲
Q2-2025 $2.919B $409.9M $-1.199B -41.08% $-6.59 $-1.121B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2026 $72M ▼ $21.419B ▼ $13.633B ▼ $7.5B ▲
Q1-2026 $73.9M ▲ $22.263B ▲ $14.731B ▲ $7.266B ▲
Q4-2025 $68.1M ▼ $21.652B ▼ $14.518B ▼ $6.882B ▼
Q3-2025 $73.7M ▲ $22.806B ▼ $14.735B ▼ $7.818B ▼
Q2-2025 $64.6M $23.079B $14.923B $7.871B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2026 $466M ▼ $852.1M ▲ $660.9M ▲ $-1.516B ▼ $-1.9M ▼ $634.8M ▲
Q1-2026 $523.8M ▲ $637.2M ▲ $-196.1M ▼ $-437.6M ▲ $5.8M ▲ $444.4M ▲
Q4-2025 $-370.6M ▼ $594.7M ▼ $123.4M ▲ $-723M ▼ $-5.6M ▼ $312.1M ▼
Q3-2025 $629.1M ▲ $685.2M ▼ $-240.6M ▲ $-434.8M ▲ $9.1M ▲ $456.8M ▼
Q2-2025 $-1.182B $1.182B $-480.2M $-711M $-9.2M $854M

Revenue by Products

Product Q2-2025Q3-2025Q4-2025Q1-2026
Beer
Beer
 $2.53Bn ▲$2.03Bn ▼$1.70Bn ▼$2.23Bn ▲
ConstellationWinesAndSpirits
ConstellationWinesAndSpirits
 $390.00M ▲$430.00M ▲$460.00M ▲$280.00M ▼

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the past several years, showing that demand for Constellation’s brands remains solid. Profit from core operations has also trended upward, suggesting the underlying business is healthy and benefiting from its strong beer portfolio and premium focus. The main complication is at the bottom line. Net income and earnings per share have been quite volatile, swinging between strong profits and occasional losses. That pattern usually points to sizeable one‑off items, such as investment write‑downs, restructuring, or gains and losses on noncore holdings, rather than problems with day‑to‑day operations. In plain terms: the business itself looks consistent, but reported earnings are noisy, which can make it harder to judge performance from a single year. Overall, the income statement paints a picture of a company with growing sales and improving underlying profitability, but with accounting and strategic items that can cloud the headline results from time to time.

Balance Sheet

Balance Sheet The balance sheet shows a large, established company that leans meaningfully on debt but still has a sizable equity cushion. Total assets have drifted down a bit over the period, which fits with Constellation’s strategy of selling lower‑margin brands and sharpening its focus on premium labels. Debt levels are high in relation to equity, so the company is clearly using borrowing as a key financing tool. That can boost returns when things go well but leaves less room for error if business conditions worsen or interest costs stay elevated. Equity has trended lower from earlier peaks, which likely reflects a mix of share buybacks, dividends, and the impact of any write‑downs or portfolio reshaping. Cash on hand is quite modest compared with the overall size of the business, implying reliance on strong ongoing cash generation and access to credit rather than large cash reserves. In summary, the balance sheet looks adequate for a mature consumer company but not overly conservative; it depends on continued healthy cash flows to keep leverage comfortable.

Cash Flow

Cash Flow Cash generation is a clear strength. Operating cash flow has been steady and solid across the period, showing that consumers continue to buy the company’s products and that profits largely translate into real cash. Free cash flow has been consistently positive, even after fairly heavy investment in breweries and other facilities. Management appears willing to spend to expand capacity and support growth, while still leaving room for dividends, buybacks, or debt reduction. The pattern suggests a business with dependable cash coming in, funding its own capital spending without needing to stretch the balance sheet further. The main risk is that this model assumes demand for its key brands remains resilient; if that were to change meaningfully, the company’s leverage would matter more. But as of the past several years, cash flow discipline and stability stand out as a core financial strength.

Competitive Edge

Competitive Edge Constellation’s competitive position is centered on a powerful portfolio of imported and premium beer brands, especially its Mexican labels like Corona and Modelo. These brands hold leading positions in a part of the beer market that has been growing faster than the overall category, helped by strong consumer appeal and demographic trends. The company also benefits from an entrenched distribution network in the United States, with long‑term relationships with major distributors. This helps secure shelf space, tap handles, and visibility, creating a real barrier for smaller rivals trying to break in. Beyond beer, Constellation maintains a presence in wine and spirits, giving it exposure to multiple drinking occasions and helping balance shifts in any one segment. The deliberate move toward higher‑end, higher‑margin brands and away from lower‑priced labels strengthens its positioning and supports profitability. Key vulnerabilities are concentration in a handful of flagship beer brands and heavy dependence on production in Mexico. Changes in consumer tastes, trade policy, or regulation that affect imported beer or Mexican supply would be important to monitor. Still, the overall moat—brand strength, scale, and distribution—is substantial by industry standards.

Innovation and R&D

Innovation and R&D Innovation at Constellation is less about lab research and more about understanding consumers and moving quickly to meet changing tastes. The company leans heavily on data analytics and, increasingly, artificial intelligence to track trends, shape new products, and fine‑tune marketing. This has already helped it identify and scale ideas like flavored and ready‑to‑drink offerings tied to its core beer brands. Digital transformation is another major theme. Constellation is building out direct‑to‑consumer and e‑commerce channels, both through its own brand websites and through partnerships with delivery platforms. This not only creates new sales avenues but also gives the company valuable first‑hand data on how people shop and drink, which can feed back into product development and targeted campaigns. Marketing is becoming more content‑driven and mobile‑first, with partnerships that aim to reach younger and more digitally engaged consumers. On the growth side, the company’s venture arm invests in emerging brands and adjacent categories. Some bets, such as its large cannabis exposure, have been bumpy, underscoring that this part of the strategy carries higher uncertainty. Overall, Constellation appears willing to experiment around its core, with the goal of staying ahead of shifting consumer preferences rather than reacting after the fact.

Summary

Pulled together, Constellation Brands looks like a mature, brand‑driven beverage company with a strong core business, solid cash generation, and a meaningful but manageable level of financial risk. Revenue and operating profits have grown steadily, supported by leading positions in high‑growth imported and premium beer segments. Reported earnings are more volatile, likely reflecting one‑time items and strategic investments rather than fundamental weakness in day‑to‑day operations. The balance sheet carries substantial debt and relatively little cash, so the company leans on its reliable cash flows and access to funding. So far, that trade‑off has worked, but it does reduce flexibility if conditions deteriorate. Strategically, Constellation’s main advantages are its powerful beer brands, broad distribution, and focus on premiumization, supplemented by a growing digital and data capability. Its innovation efforts aim to keep the portfolio aligned with evolving tastes, though some venture‑style moves introduce additional uncertainty. Key things to watch include: the durability of demand for its flagship beer brands, the company’s ability to keep leverage in check while investing for growth, the progress of its premium wine and spirits repositioning, and the payoff from its digital and innovation initiatives. The overall profile is one of a strong franchise in a defensive sector, with clear strengths but also some reliance on continued execution and consumer momentum to support its current level of financial risk.

NEWS

October 15, 2025 · 4:30 PM UTC

Constellation Brands Prices Offering of Senior Notes

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October 6, 2025 · 4:05 PM UTC

Constellation Brands Reports Second Quarter Fiscal 2026 Financial Results

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October 2, 2025 · 8:00 AM UTC

Constellation Brands Announces Retirement of Jim Bourdeau, EVP and Chief Legal Officer; Jeff LaBarge Named as Successor

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October 1, 2025 · 7:30 AM UTC

Constellation Brands Declares Quarterly Dividend

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September 9, 2025 · 4:30 PM UTC

Constellation Brands Revises Date to Report Second Quarter Fiscal 2026 Financial Results to October 6, 2025

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