Company file · STZ

Constellation Brands

Constellation Brands' revenue fell 11.0% in FY2025, to $9.8B, and net income turned positive at $1.7B, from a net loss of $81M in FY2024

Revenue fell 11.0% to $9.8B in FY2025, from $11.0B in FY2024. Net income was $1.7B, against a net loss of $81M a year earlier. Beer was the largest segment, at 85% of revenue.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Apr 22, 2026) · Latest quarter: 10-Q for the quarter ended Aug 31, 2026 (filed Oct 7, 2026) · Data pulled Nov 11, 2026

Key facts

Constellation Brands (NYSE: STZ) closed fiscal 2025 on Feb 28, 2026 with revenue of $9.8B, down 11.0% from a year before; net income came to $1.7B, compared with −$81M. Its newest quarterly report covers the three months to Aug 31, 2026: revenue of $2.8B, up 6.1% on the same stretch of the prior year, and net income of $566M. Sources: 10-K for fiscal 2025 (filed Apr 22, 2026) and 10-Q for the quarter ended Aug 31, 2026 (filed Oct 7, 2026).

Revenue$9.8BFY2025 · −11.0% vs FY2024

Net income$1.7BFY2025 · vs −$81M in FY2024

Operating cash flow$2.7BFY2025 · −15.3% vs FY2024

Cash & equivalents$98Mat Aug 31, 2026 · −3.8% vs FY2025 end

Total debt$10.3Bat Aug 31, 2026 · −2.4% vs FY2025 end

Revenue and net income, three fiscal yearsBy fiscal year, $bn

RevenueNet income

Source: 10-K FY2025, filed Apr 22, 2026

Quarterly revenue: fiscal 2026 vs a year earlierFiscal Q1–Q2, $bn (each quarter from that quarter's 10-Q)

FY2025FY2026

Source: 10-Q filed Jul 1, 2026 · 10-Q filed Oct 7, 2026

How it makes money

By segment in FY2025: Beer (85%) and Constellation Wines and Spirits (8%), as shares of total revenue; the rest of revenue isn't part of this breakdown. Total revenue was $9.8B.

By segment, FY2025

Beer$8.3B85%−2.6%

Constellation Wines and Spirits$824M8%−50.6%

Share is of FY2025 revenue; the items listed don't cover all of it. The last column is the change from FY2024.

Learn more: Revenue vs. net income · Gross, operating and net margin

What changed last quarter

How the quarter compared with a year earlier

Comparing Q2 FY2026 (Jun to Aug 2026) compared with Q2 FY2025 (Jun to Aug 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q2 FY2026Q2 FY2025

Company

Revenue

$2.8B Q2 FY2026

$2.7B Q2 FY2025

6.1% increase

Net income

$566M Q2 FY2026

$466M Q2 FY2025

21.4% increase

Source: Constellation Brands 10-Q for the quarter ended Aug 31, 2026, filed Oct 7, 2026

Cash & equivalents $98M at Aug 31, 2026, vs $102M at FY2025 end.
Total debt $10.3B at Aug 31, 2026, vs $10.6B at FY2025 end.
Operating cash flow, first 6 months of fiscal 2026: $1.5B vs $1.5B a year earlier.

The bull case and the bear case

The bull case

Net income was $1.7B in FY2025, against a net loss of $81M in FY2024. 10-K, FY2025
Total debt fell 8.1% in FY2025 to $10.6B. 10-K, FY2025
Revenue in the quarter ended Aug 31, 2026 was $2.8B, up 6.1% on a year earlier. 10-Q, quarter ended Aug 31, 2026
Net income in the quarter ended Aug 31, 2026 was $566M, up 21.4% on a year earlier. 10-Q, quarter ended Aug 31, 2026

The bear case

Revenue fell 11.0% in FY2025 to $9.8B, from $11.0B a year earlier. 10-K, FY2025
Operating cash flow fell 15.3% in FY2025 to $2.7B. 10-K, FY2025
Constellation Wines and Spirits revenue fell 50.6% in FY2025 to $824M. 10-K, FY2025

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

Constellation Brands is in the distillers & vintners industry, part of the consumer staples sector. The SEC files it under Beverages.

Constellation Brands reports 2 segments: Beer and Constellation Wines and Spirits.

Its fiscal year ends in February; the latest, FY2025, ended Feb 28, 2026.

Source: 10-K, Item 1 Business

Risks common in this industry

These are general risks for companies in the distillers & vintners industry. They are not a summary of Constellation Brands’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.

CostsCommodity, packaging and freight costs can rise faster than prices.
Consumer habitsShoppers can trade down to store brands or change what they buy.
Retail customersA few large retailers account for much of its sales.
Regulation and safetyFood and product safety rules and recalls can bring cost and reputational harm.
CompetitionRivals and private-label products compete for shelf space and prices.

Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$	FY2023	FY2024	FY2025
Revenue	$10.7B	$11.0B	$9.8B
Net income	$1.7B	−$81M	$1.7B
Operating cash flow	$2.8B	$3.2B	$2.7B
Cash & equivalents (year end)	$152M	$68M	$102M
Total debt (year end)	$11.9B	$11.5B	$10.6B

Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
Total debt: Short-term borrowings and the current part of long-term debt plus long-term debt, at carrying value.

Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator

Explainers for this page

Plain-English guides to terms this file uses, with real numbers from filings.

About these numbers

Constellation Brands names its fiscal year by the calendar year in which it starts, so FY2025 is the year that ended Feb 28, 2026.
The segment chart covers only part of revenue: the company reports other lines that aren't part of this breakdown.

What we left out

Diluted shares: the company's filing data doesn't carry them for all the years shown, so they aren't shown.

Recent filings

Form	Filed	Period
10-Q	Oct 7, 2026	Aug 31, 2026
10-Q	Jul 1, 2026	May 31, 2026
DEF 14A	Jun 8, 2026	Feb 28, 2026
10-K	Apr 22, 2026	Feb 28, 2026

Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters

Common questions about Constellation Brands

How does Constellation Brands make money?

Fiscal 2025 revenue: $9.8B. By segment in FY2025: Beer (85%) and Constellation Wines and Spirits (8%), as shares of total revenue; the rest of revenue isn't part of this breakdown. Total revenue was $9.8B. Source: 10-K for fiscal 2025, filed Apr 22, 2026.

What was Constellation Brands's revenue in fiscal 2025?

$9.8B, down 11.0% from fiscal 2024 ($11.0B). The year ended Feb 28, 2026; for fiscal 2023 the figure was $10.7B. Source: 10-K for fiscal 2025, filed Apr 22, 2026.

Is Constellation Brands profitable?

Net income was $1.7B in fiscal 2025 (compared with −$81M; fiscal 2024 was −$81M). That counts as a GAAP profit. The latest quarter, ended Aug 31, 2026: net income was $566M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Apr 22, 2026.

What did Constellation Brands report in its latest quarterly filing?

For the three months to Aug 31, 2026: revenue $2.8B (up 6.1% from $2.7B) and net income $566M (up 21.4% from $466M). Source: 10-Q for the quarter ended Aug 31, 2026, filed Oct 7, 2026.

How much cash and debt does Constellation Brands have?

As of Aug 31, 2026: $98M of cash and cash equivalents, $10.3B of total debt. Total debt here is short-term borrowings and the current part of long-term debt plus long-term debt, at carrying value. Source: 10-Q filed Oct 7, 2026.

What are the main risks Constellation Brands faces?

Constellation Brands's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Apr 22, 2026. Risks that are common among companies in the distillers & vintners industry include Costs; consumer habits; retail customers; regulation and safety; competition. The first: Commodity, packaging and freight costs can rise faster than prices. Source: 10-K, Item 1A Risk Factors.

Where do these Constellation Brands numbers come from?

The 10-K filed Apr 22, 2026 (fiscal 2025) and the 10-Q filed Oct 7, 2026 (quarter ended Aug 31, 2026), as published in the SEC's XBRL data. Click any number to open the filing it came from. Methodology explains how fiscal years and missing numbers are handled.

Tracked funds that report owning Constellation Brands

Citadel Advisors: 2,816,205 shares, reported value $391.7M at Jun 30, 2026 (−24.1% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
Point72 Asset Management: 2,463,367 shares, reported value $342.6M at Jun 30, 2026 (+30.2% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Millennium Management: 976,912 shares, reported value $135.9M at Jun 30, 2026 (+301.2% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Two Sigma Investments: 29,399 shares, reported value $4.1M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 14, 2026.
Bridgewater Associates: 20,906 shares, reported value $2.9M at Jun 30, 2026 (+81.4% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Renaissance Technologies: 4,000 shares, reported value $0.6M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 13, 2026.

From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.

Disclosures

Editor holdings in STZ: The editor holds no position in Constellation Brands (STZ). As of Nov 11, 2026.
Trading rule: The editor does not buy or sell STZ from 3 days before to 3 days after this page is published or substantively updated.
Compensation: Nobody paid for this page. No affiliate links on this page.
Sources: The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated: Nov 10, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold STZ, and it doesn't consider your situation.

Compare with peers

Company	Fiscal year	Revenue	Revenue growth	Net income
Constellation BrandsSTZ	FY2025	$9.8B	−11.0%	$1.7B
Brown–FormanBF.B	FY2026	$5.1B	+0.5%	$715M
WalmartWMT	FY2026	$713.2B	+4.7%	$21.9B
CostcoCOST	FY2026	$303.2B	+10.1%	$9.2B

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

More company files

New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.