Constellation Brands (STZ) FY2021 results: revenue $8.6 billion, up 3.3% on the year
Constellation Brands, Inc. (STZ) reported revenue of $8.6 billion for fiscal 2021, the year ended 28 February 2021, up 3.3% on the year before. Net income was $2.0 billion, and diluted earnings per share $10.23. The figures are the company's own, from the 10-K it filed with the SEC on 20 April 2021.
Revenue
$8.6 billion
+3.3% on the year
FY2014FY2021
Operating margin
32.4%
25.8% a year earlier
FY2014FY2021
Net income
$2.0 billion
FY2014FY2021
Diluted EPS
$10.23
FY2014FY2021
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Revenue
8,615
8,344
8,116
+3.3%
Cost of revenue
4,149
4,192
4,036
-1.0%
Gross profit
4,466
4,152
4,080
+7.6%
Gross margin
51.8%
49.8%
50.3%
Selling, general and administrative
1,675
1,622
1,668
+3.3%
Operating income
2,791
2,154
2,412
+29.5%
Operating margin
32.4%
25.8%
29.7%
Interest expense
n/a
n/a
379
Pre-tax income
2,543
-945
4,145
Income tax
511
-967
686
Effective tax rate
20.1%
n/a
16.5%
Net income
1,998
-11.8
3,436
Net margin
23.2%
-0.1%
42.3%
Diluted EPS
$10.23
-$0.07
$17.57
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Operating cash flow
2,806
2,551
2,246
+10.0%
Capital expenditure
865
726
886
+19.0%
Free cash flow
1,942
1,825
1,360
+6.4%
Free cash flow margin
22.5%
21.9%
16.8%
Cash from investing
-87.9
-531
-4,832
Cash from financing
-2,347
-2,031
2,593
Depreciation and amortisation
299
332
339
-10.0%
Share-based compensation
63.0
60.4
64.1
+4.3%
Buybacks
0.0
50.0
504
Dividends paid
575
569
558
+1.0%
Diluted shares, weighted
195m
168m
196m
+16.0%
Balance sheet
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Shareholders' equity
13,599
12,132
12,551
+12.1%
Non-controlling interest
330
342
286
-3.6%
Short-term borrowings
0.0
n/a
n/a
Debt
10,442
12,185
13,616
-14.3%
Operating lease liabilities
471
484
0.0
-2.6%
Other liabilities
2,262
2,181
2,778
+3.7%
Total liabilities and equity
27,105
27,323
29,232
-0.8%
Fixed assets
5,822
5,333
5,267
+9.2%
Goodwill
7,794
7,757
8,089
+0.5%
Intangible assets
2,732
2,719
3,198
+0.5%
Investments
1,818
1,117
3,235
+62.8%
Cash and equivalents
461
81.4
93.6
+465.8%
Receivables
785
865
847
-9.2%
Inventory
1,291
1,374
2,130
-6.0%
Other assets
6,402
8,077
6,372
-20.7%
Total assets
27,105
27,323
29,232
-0.8%
10-K for the year ended 28 February 2021, filed 20 April 2021: the filing.