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Constellation Brands 8-K Report, Financial Results (Apr 8, 2026)

Reports
Earnings & Results·Regulation FD·Other Events+1
Filing Date
Filed April 8, 2026
Period End
April 8, 2026
Security
STZ
In the 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 · Oct ’16Oct ’16
  2. Leadership change8-K · Apr ’19Apr ’19
  3. Leadership change8-K · Apr ’21Apr ’21
  4. Material agreement8-K · May ’25May ’25

01—Abstract

Summary

Summary of the 8-K filed April 8, 2026. Cited figures are marked; the original filing is the authoritative source.

Constellation Brands, Inc. reported results for its fiscal year and fourth fiscal quarter ended February 28, 2026, and issued an updated fiscal 2027 outlook while withdrawing its fiscal 2028 outlook.

For fiscal 2026, net sales were $9.14 billiona, down 10% on a reported basis, with reported operating income of $2.72 billion and reported diluted EPS of $9.61. On a comparable (non-GAAP) basis, EPS was $11.82, down 14%, and comparable operating income was $2.94 billion, down 9%. Beer net sales were $8.32 billion, down 3%, with beer operating margin of 38.0%, while Wine & Spirits net sales fell 51% to $823.8 million, largely reflecting the 2025 Wine Divestitures and the SVEDKA Divestiture.

Fourth-quarter beer net sales rose 1% and depletions grew 0.6%. Cash generation and capital returns were highlighted: fiscal 2026 operating cash flow was $2.67 billionb and free cash flow was $1.79 billion, and the company repurchased $924.1 million of shares during the year plus an additional $75 million in March. The board declared a quarterly dividend of $1.03 per Class A share (an increase of 1%), payable May 14, 2026, to holders of record on April 29, 2026.

For fiscal 2027, management guides to reported EPS of $11.10 to $11.80c and comparable EPS of $11.20 to $11.90, with enterprise organic net sales growth (decline) of (1)% to 1%, an operating margin of 32% to 33%, operating cash flow of $2.4 to $2.5 billion, and free cash flow of $1.6 to $1.7 billion. Management cited a dynamic operating environment and limited near-term visibility as reasons for the update.

02—Key points

Key Highlights

  1. Fiscal 2026 reported net sales of $9.14 billion, down 10%; comparable EPS of $11.82, down 14%, versus reported EPS of $9.61.
  2. Beer net sales of $8.32 billion declined 3% for the year, with shipments down 3.8% and depletions down 2.1%; Q4 beer shipments rose 1.1% and depletions rose 0.6%.
  3. Wine & Spirits net sales fell 51% to $823.8 million, driven by the 2025 Wine Divestitures and SVEDKA Divestiture; operating margin was 1.3% for the year.
  4. Fiscal 2026 operating cash flow of $2.67 billion and free cash flow of $1.79 billion; the company repurchased $924.1 million of shares during the year and an additional $75 million in March.
  5. Quarterly dividend declared at $1.03 per Class A share, an increase of 1%, payable May 14, 2026.
  6. Fiscal 2027 outlook: reported EPS of $11.10 to $11.80, comparable EPS of $11.20 to $11.90, operating margin of 32% to 33%, and free cash flow of $1.6 to $1.7 billion.
  7. The fiscal 2028 outlook issued in April 2025 has been withdrawn.

03—Questions

Frequently Asked Questions

  1. How did Constellation Brands perform in fiscal 2026?

    Net sales were $9.14 billion, down 10% on a reported basis, and organic net sales declined 4%. Reported diluted EPS was $9.61 and comparable EPS was $11.82, down 14%. Beer performance was more resilient than Wine & Spirits, which was affected by divestitures.

  2. What is the company's fiscal 2027 guidance?

    Reported EPS is expected between $11.10 and $11.80, and comparable EPS between $11.20 and $11.90. Enterprise organic net sales growth (decline) is expected to be (1)% to 1%, operating margin 32% to 33%, operating cash flow $2.4 to $2.5 billion, and free cash flow $1.6 to $1.7 billion.

  3. Why was the fiscal 2028 outlook withdrawn?

    Management stated that it expects the operating environment to remain dynamic given the evolving socioeconomic backdrop and limited near-term visibility, so it updated the fiscal 2027 outlook and withdrew the fiscal 2028 outlook provided in April 2025.

  4. How much did the company return to shareholders?

    The company returned more than $1.6 billion to shareholders through dividends and share repurchases during fiscal 2026, including $924 million of share repurchases during the year and an additional $75 million in March. The board also declared a $1.03 quarterly dividend per Class A share, payable May 14, 2026.

04—Continue

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