Constellation Brands (STZ) FY2024 results: revenue $10.0 billion, up 5.4% on the year

Constellation Brands, Inc. (STZ) reported revenue of $10.0 billion for fiscal 2024, the year ended 29 February 2024, up 5.4% on the year before. Net income was $1.7 billion, and diluted earnings per share $9.39. The figures are the company's own, from the 10-K it filed with the SEC on 23 April 2024.

Revenue

$10.0 billion

+5.4% on the year

FY2017FY2024

Operating margin

31.8%

30.1% a year earlier

FY2017FY2024

Net income

$1.7 billion

FY2017FY2024

Diluted EPS

$9.39

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	9,962	9,453	8,821	+5.4%
Cost of revenue	4,944	4,684	4,113	+5.6%
Gross profit	5,018	4,769	4,707	+5.2%
Gross margin	50.4%	50.5%	53.4%
Selling, general and administrative	1,833	1,926	1,711	-4.8%
Operating income	3,170	2,843	2,332	+11.5%
Operating margin	31.8%	30.1%	26.4%
Interest expense	444	-416	n/a
Pre-tax income	2,222	384	310	+479.2%
Income tax	457	422	309	+8.2%
Effective tax rate	20.6%	110.0%	99.7%
Net income	1,727	-71.0	-40.4
Net margin	17.3%	-0.8%	-0.5%
Diluted EPS	$9.39	-$0.11	-$0.22

$ million except per share.

Free 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	FY2024	FY2023	FY2022	On the year
Operating cash flow	2,780	2,757	2,705	+0.8%
Capital expenditure	1,269	1,035	1,027	+22.6%
Free cash flow	1,511	1,722	1,679	-12.2%
Free cash flow margin	15.2%	18.2%	19.0%
Cash from investing	-1,286	-999	-1,036
Cash from financing	-1,475	-1,820	-1,930
Depreciation and amortisation	429	387	342	+10.9%
Share-based compensation	63.6	68.5	44.9	-7.2%
Buybacks	250	1,700	1,390	-85.3%
Dividends paid	654	588	573	+11.2%
Diluted shares, weighted	184m	n/a	n/a

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	9,743	8,414	11,732	+15.8%
Non-controlling interest	322	320	316	+0.4%
Debt	11,879	12,461	10,416	-4.7%
Operating lease liabilities	589	417	457	+41.0%
Finance lease liabilities	10.3	16.7	13.6	-38.3%
Other liabilities	3,149	3,033	2,921	+3.8%
Total liabilities and equity	25,692	24,662	25,856	+4.2%
Fixed assets	8,055	6,865	6,060	+17.3%
Goodwill	7,980	7,925	7,862	+0.7%
Intangible assets	2,732	2,728	2,755	+0.1%
Investments	73.0	93.2	191	-21.7%
Cash and equivalents	152	134	199	+14.2%
Receivables	833	902	899	-7.6%
Inventory	2,078	1,899	1,573	+9.5%
Other assets	3,788	4,117	6,316	-8.0%
Total assets	25,692	24,662	25,856	+4.2%

10-K for the year ended 29 February 2024, filed 23 April 2024: the filing.