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Constellation BrandsSTZ

Legal name
Constellation Brands, Inc.
Sector
Consumer
Industry
Beverages
Exchange
NYSE

Stock Price $STZ

Latest filings

You are here#23 of 25 in Consumer Staples by market cap

Filing record · 2016–202610-K1110-Q338-K237

STZ filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 237 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Jul ’17Jul ’17
  2. Material agreement8-K · Dec ’19Dec ’19
  3. Leadership change8-K · Jan ’22Jan ’22
  4. Leadership change8-K · Oct ’25Oct ’25

01—Key figures

Source: 10-KFY2026
Source: 10-KFY2026
Source: 10-KFY2026

Revenue Trend

Year-over-year comparison from 10-K annual reports

  18. $9.14B
YoY changeLargest recent move+7.2%in FY23Latest −10.5%

2 older moves run past ±25% (largest +70.6%); point at, tap or drag across the bars to read one.

Latest bar from 10-KFY2026Click a bar to open its SEC filing

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All STZ Financial Metrics51 metrics

Income Statement11

Balance Sheet25

Cash Flow15

02—Overview

Constellation Brands Financial Overview 2022–2026

Updated Nov 4, 2026

Constellation Brands booked a $2.74 billiona goodwill impairment in FY2025, wiping the Wine and Spirits goodwill to zero and pushing operating income down to $354.9 million from $3.17 billion. The accounting wreckage hides the real story: Beer carries the company. Beer operating income hit $3.39 billion in FY2025, up from $3.09 billion, and the wine drag is now being shrunk through divestitures rather than defended.

Over the full span, net sales rose from $8.82 billion in FY2022 to $9.14 billionb in FY2026, but the path was uneven. Sales peaked at $10.21 billion in FY2025, then fell 10% in FY2026 as the wine sales removed $845.9 million of cash proceeds' worth of brands from the top line. Beer net sales slipped 3% to $8.32 billion, with shipments down 3.8% and $58.3 million of tariffs trimming gross profit. Wine and Spirits net sales dropped 51% to $823.8 million.

Cash generation held up. Operating cash flow was $2.67 billionc in FY2026, against capital expenditures of $875.0 million, which funded $715.7 million in dividends and $924.1 million in buybacks. Total debt fell $929.2 million to $10.57 billion, and net income attributable to CBI recovered to $1.69 billion, or $9.61 per diluted share. The market priced the shift cautiously: the stock closed at $175.50 at the end of FY2025 and $157.86 at the end of FY2026, a drop of about 10%.

Recent Developments (Q1 and Q2 2027)

Beer volume drove the recovery. In Q2 FY2027, Beer shipments rose 5.5%, lifting Beer net sales 5% to $2.47 billiond. Beer operating margin fell 160 bps to 39.0%. Consolidated operating income dropped 8% to $805.0 million on a $49.8 million Nelson's Green Brier impairment and higher marketing. Q1 operating income had risen to $845.3 million. Reported FY2027 EPS guidance moved up to $11.85–$12.55. The company also bought SpikedAde for $75 million upfront, plus up to $278 million contingent.

Bull case: shipments are growing, Wine and Spirits swung to $6.1 millione operating profit, and $530 million of buybacks are done year to date. Bear case: the Q2 net income gain came from a 20.2% tax rate versus 37.9%, Beer depletions fell 0.6%, and the Meza class action remains pending. At $118.39 as of Oct 6, 2026, the stock trades near 9.7x the midpoint of reported EPS guidance.

What to watch: Beer depletions versus shipments; the $100–$150 million tax benefit expected in Q3

03—Filings

Recent SEC Filings

  1. 8-KConstellation Brands 8-K Report, Financial Results (Oct 6, 2026)Constellation Brands, Inc. filed this Form 8-K on October 6, 2026 to furnish its earnings release for the second fiscal quarter ended August 31, 2026, along with a release announcing the completed acquisition of SpikedAde and a declared quarterly dividend. Second-quarter reported net sales were $2,633 million, up 6% from $2,481 million, with reported operating income of $805 million (down from $874 million) and reported EPS of $3.32 (versus $2.65). Comparable EPS was $3.74, compared with $3.63 a year earlier, and comparable operating income was $897 million. Beer net sales rose 5% to $2,473.6 million, while Wine and Spirits net sales rose 17% to $159.4 million, with depletions up 10.2%. The company updated its fiscal 2027 reported EPS outlook to $11.85 to $12.55 and reaffirmed its comparable EPS outlook of $11.20 to $11.90, operating cash flow target of $2.4 to $2.5 billion, and free cash flow target of $1.6 to $1.7 billion. Year-to-date operating cash flow was $1,478.6 million and free cash flow was $1,124.5 million. The company repurchased $530 million of shares year-to-date through September 2026, and its CEO noted returns of more than $800 million to shareholders through share repurchases and dividends in the first half. The SpikedAde acquisition included a $75 million payment at close and contingent consideration of up to $278 million payable over five years. The company stated the acquisition does not affect its fiscal 2027 outlook. The board also declared a quarterly dividend of $1.03 per Class A share and $0.93 per Class 1 Convertible share, payable November 13, 2026.
  2. 8-KConstellation Brands 8-K Report, Material Agreement (Sep 18, 2026)On September 18, 2026, Constellation Brands, Inc. entered into a Term Loan Credit Agreement with Manufacturers and Traders Trust Company, as administrative agent, and certain other lenders. The agreement provides a delayed draw term loan available in up to two draws totaling $300 million. If drawn, the Company intends to use the proceeds for general corporate purposes, including repayment of indebtedness. Commitments terminate on the earliest of full draw or termination, the second funding date, or June 18, 2027, and any term loans mature two years after the initial borrowing. The Term Loans bear interest at Term SOFR or Base Rate plus margins tied to the Company's S&P or Moody's credit rating: 0.700% to 1.100% per annum for Term SOFR loans and 0.000% to 0.100% per annum for Base Rate loans. Unused commitments carry a ticking fee of 0.075% per annum, beginning 30 days after the Effective Date. The covenants are described as consistent with the Company's Eleventh Amended and Restated Revolving Credit Agreement dated April 28, 2025, and include a minimum Consolidated Interest Coverage Ratio of 2.50:1.00 and a maximum Consolidated Net Leverage Ratio of 4.00:1.00, stepping up to 4.50:1.00 for four fiscal quarters following a Material Acquisition, with net leverage calculated net of up to $750 million of unrestricted cash. The filing also discloses that certain lenders and their affiliates have provided and may continue to provide banking and other services to the Company, and that some lenders and agent affiliates lend to Sands family investment vehicles, which are in some cases affiliates of the Company. Those facilities are secured by pledges of Class A common stock and other credit support from certain Sands family members. The full agreement is filed as Exhibit 4.1, with certain schedules and exhibits omitted under Item 601(a)(5) of Regulation S-K.
  3. 8-KConstellation Brands 8-K Report, Regulation FD Disclosure (Sep 8, 2026)Constellation Brands, Inc. (NYSE: STZ) filed a Current Report on Form 8-K on September 8, 2026, under Item 7.01 (Regulation FD Disclosure) to announce that it has given notice of full redemption, prior to maturity, of all of its outstanding 4.350% Senior Notes due 2027. The redemption is set to take effect on September 18, 2026. As of September 8, 2026, $600.0 million in aggregate principal amount of the notes was outstanding. The redemption price will be paid in cash and calculated under the formula set forth in the supplemental indenture governing the notes. The company stated that it intends to fund the redemption using commercial paper borrowings and/or cash on hand. The filing notes that the news release is furnished under Regulation FD and is not deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934. The filing is primarily a debt-management notice rather than a report on operating results. It does not state a redemption premium amount, a total redemption price, or any effect on the company's financial results. Investors seeking the specific redemption price or terms should refer to the notice distributed to holders by the trustee under the indenture.
  4. 8-KConstellation Brands 8-K Report, Executive Changes (Jul 24, 2026)On July 22, 2026, Constellation Brands, Inc. held its virtual Annual Meeting of Stockholders, where shareholders elected all 12 board nominees to one-year terms and approved an amendment and restatement of the Constellation Brands, Inc. Long-Term Stock Incentive Plan. The amended plan extends its term through July 22, 2036, establishes a reserve of 6,000,000 shares of Class A Common Stock for future grants, and makes several other changes, including a new exception to the $750,000 annual non-employee director compensation limit for a non-executive Board chair, lead independent director, or special committee members, and removal of language previously needed for the Section 162(m) performance-based compensation exception. Stockholders also ratified KPMG LLP as the independent registered public accounting firm for the fiscal year ending February 28, 2027, and approved, on an advisory basis, the compensation of the named executive officers as disclosed in the proxy statement. Following the meeting, the Board appointed E. Morgan Flatley to the Human Resources Committee. The filing reports vote tallies for each proposal. Director Richard Sands and Robert Sands received the most votes against among nominees, at approximately 16.3 million each, while the plan amendment received 141,885,558 votes for and 2,943,598 against. The full plan text is filed as Appendix 2 to the June 8, 2026 definitive proxy statement, and a form of director restricted stock unit agreement is filed as Exhibit 10.1.
  5. 8-KConstellation Brands 8-K Report, Financial Results (Jun 30, 2026)Constellation Brands, Inc. reported first quarter fiscal 2027 results for the period ended May 31, 2026, in a news release furnished as Exhibit 99.1. Reported net sales were $2,433 million, down 3% from $2,515 million a year earlier, while organic net sales were $2,433 million versus a prior-year organic base of $2,373 million, which the release describes as up 3%. Reported operating income rose 18% to $845 million and reported EPS rose 31% to $3.79. On a comparable (non-GAAP) basis, operating income increased 6% to $834 million and EPS increased 7% to $3.43. The Beer segment's net sales grew 2% to $2,283.5 million with segment operating margin of 39.0%, while the Wine and Spirits segment's reported net sales fell 47% to $149.2 million due to the 2025 Wine Divestitures, though organic net sales rose 8%. For fiscal 2027, the company updated its reported EPS outlook to $11.50 to $12.20 and affirmed its comparable EPS outlook of $11.20 to $11.90, along with operating cash flow guidance of $2.4 to $2.5 billion and free cash flow guidance of $1.6 to $1.7 billion. Operating cash flow for the quarter was $661.8 million and free cash flow was $484.6 million. The company repurchased $324 million of shares year-to-date through June 2026 and its board declared a quarterly dividend of $1.03 per Class A share, payable August 13, 2026, to holders of record as of July 30, 2026. The filing also includes the company's balance sheet, showing cash of $96.6 million and long-term debt of $9,094.9 million plus current maturities of $1,102.6 million as of May 31, 2026. The release notes that the company's comparable net leverage ratio target is approximately 3.0x, and it describes ongoing construction of a third brewery in Veracruz.
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04—See also

Related Companies

Annual revenue over each company’s last eight fiscal years, each strip on its own scale from zero.