Constellation Brands (STZ) Q3 FY2026 earnings: revenue $2.2 billion, down 9.8% on the year

Constellation Brands, Inc. (STZ) reported revenue of $2.2 billion for Q3 FY2026, the quarter ended 30 November 2025, down 9.8% on the same quarter a year earlier. Net income was $503 million, down 18.4% on the year, and diluted earnings per share $2.88. The figures are the company's own, from the 10-Q it filed with the SEC on 8 January 2026.

Revenue

$2.2 billion

-9.8% on the year · -10.4% on the quarter

Q4 FY2024Q3 FY2026

Operating margin

31.1%

32.2% a year earlier

Q4 FY2024Q3 FY2026

Net income

$503 million

-18.4% on the year · +7.9% on the quarter

Q4 FY2024Q3 FY2026

Diluted EPS

$2.88

-15.0% on the year · +8.7% on the quarter

Q4 FY2024Q3 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 3 kept.

Reported EPS range updated: Management updated the fiscal 2026 reported EPS range to $9.72 to $10.02, against a fiscal 2025 actual of $(0.45).
Reported and comparable EPS figures: Reported diluted EPS was $2.88 against $3.39 a year earlier. Comparable EPS was $3.06 against $3.25.
Beer net sales down 1%: Beer net sales were $2,009.7 million. Management attributed the decline to a 2.2% drop in shipment volumes, partly offset by favorable pricing.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Revenue	2,223	2,481	2,464	-10.4%	-9.8%
Cost of revenue	1,040	1,171	1,180	-11.2%	-11.9%
Gross profit	1,183	1,310	1,284	-9.7%	-7.9%
Gross margin	53.2%	52.8%	52.1%
Selling, general and administrative	491	436	491	+12.7%	-0.0%
Operating income	692	874	793	-20.8%	-12.7%
Operating margin	31.1%	35.2%	32.2%
Interest expense	86.6	89.0	108	-2.7%	-19.6%
Pre-tax income	632	783	674	-19.2%	-6.1%
Income tax	110	297	44.5	-62.9%	+147.4%
Effective tax rate	17.4%	37.9%	6.6%
Net income	503	466	616	+7.9%	-18.4%
Net margin	22.6%	18.8%	25.0%
Diluted EPS	$2.88	$2.65	$3.39	+8.7%	-15.0%

$ 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	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Operating cash flow	617	852	685	-27.6%	-10.0%
Capital expenditure	246	217	228	+13.2%	+7.7%
Free cash flow	371	635	457	-41.6%	-18.8%
Free cash flow margin	16.7%	25.6%	18.5%
Cash from investing	-235	661	-241
Cash from financing	-302	-1,516	-435
Depreciation and amortisation	99.3	103	119	-3.7%	-16.8%
Share-based compensation	15.9	21.7	19.7	-26.7%	-19.3%
Buybacks	220	298	219	-26.1%	+0.5%
Dividends paid	178	179	183	-0.7%	-2.7%
Diluted shares, weighted	175m	176m	182m	-0.8%	-3.9%
Shares outstanding at period end	173m	175m	181m	-0.9%	-4.0%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Shareholders' equity	7,711	7,500	7,818	+2.8%	-1.4%
Non-controlling interest	290	286	254	+1.3%	+14.0%
Debt	10,664	10,545	11,579	+1.1%	-7.9%
Operating lease liabilities	n/a	n/a	540
Other liabilities	3,019	3,088	2,615	-2.2%	+15.5%
Total liabilities and equity	21,683	21,419	22,806	+1.2%	-4.9%
Fixed assets	8,212	8,002	7,785	+2.6%	+5.5%
Goodwill	5,191	5,179	5,612	+0.2%	-7.5%
Intangible assets	2,533	2,533	2,718	-0.0%	-6.8%
Investments	61.7	62.5	101	-1.3%	-38.9%
Cash and equivalents	152	72.0	73.7	+111.7%	+106.8%
Receivables	708	668	836	+6.1%	-15.3%
Inventory	1,379	1,440	2,130	-4.2%	-35.2%
Other assets	3,447	3,463	3,550	-0.5%	-2.9%
Total assets	21,683	21,419	22,806	+1.2%	-4.9%

Questions

What was Constellation Brands' revenue in Q3 FY2026?

Constellation Brands (STZ) reported revenue of $2.2 billion for Q3 FY2026, the quarter ended 30 November 2025, down 9.8% on the same quarter a year earlier.

How much did Constellation Brands earn in Q3 FY2026?

Net income for Q3 FY2026 was $503 million, down 18.4% on the year, and diluted earnings per share $2.88.

When did Constellation Brands report Q3 FY2026 results?

Constellation Brands filed its 10-Q for the quarter ended 30 November 2025 with the SEC on 8 January 2026.

Quarterly results, the last 20 quarters

	Q3 FY2022	Q4 FY2022	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025	Q1 FY2026	Q2 FY2026	Q3 FY2026	Q4 FY2026	Q1 FY2027	Q2 FY2027
Revenue	2,321	2,102	2,363	2,655	2,436	1,998	2,515	2,837	2,471	2,139	2,662	2,919	2,464	2,164	2,515	2,481	2,223	1,920	2,433	2,633
Cost of revenue	1,095	970	1,108	1,329	1,210	1,037	1,257	1,387	1,200	1,100	1,258	1,407	1,180	1,050	1,248	1,171	1,040	968	1,112	1,240
Gross profit	1,226	1,133	1,255	1,326	1,227	961	1,258	1,450	1,271	1,039	1,404	1,512	1,284	1,115	1,267	1,310	1,183	952	1,321	1,393
Gross margin	53%	54%	53%	50%	50%	48%	50%	51%	51%	49%	53%	52%	52%	52%	50%	53%	53%	50%	54%	53%
SG&A	386	457	439	513	480	494	493	471	474	410	462	491	491	505	501	436	491	420	457	538
Operating income	840	678	816	813	747	467	765	979	797	629	942	-1,229	793	-150	714	874	692	442	845	805
Operating margin	36%	32%	35%	31%	31%	23%	30%	35%	32%	29%	35%	-42%	32%	-7%	28%	35%	31%	23%	35%	31%
Interest expense	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	105	106	108	-737	101	89.0	86.6	n/a	87.7	85.3
Pre-tax income	580	498	525	-1,008	611	256	230	848	651	493	921	-1,335	674	-343	611	783	632	351	760	729
Tax rate	17%	19%	24%	n/a	21%	13%	40%	17%	20%	18%	3%	n/a	7%	n/a	14%	38%	17%	36%	12%	20%
Net income	471	395	390	-1,151	468	223	136	690	509	392	877	-1,199	616	-375	516	466	503	202	654	566
Net margin	20%	19%	16%	-43%	19%	11%	5%	24%	21%	18%	33%	-41%	25%	-17%	21%	19%	23%	11%	27%	21%
Diluted EPS	$2.48	$2.07	$2.06	-$6.30	$2.52	$1.21	$0.74	$3.74	$2.76	$2.14	$4.78	-$6.59	$3.39	-$2.09	$2.90	$2.65	$2.88	$1.16	$3.79	$3.32
Operating cash flow	918	261	758	896	626	476	665	957	725	433	690	1,182	685	595	637	852	617	563	662	817
Capital expenditure	245	428	197	238	249	352	277	305	330	357	375	328	228	283	193	217	246	219	177	177
Free cash flow	673	-167	562	658	378	125	388	652	395	76.0	315	854	457	312	444	635	371	344	485	640
Buybacks	85.5	0.0	1,008	393	0.0	300	35.0	0.0	215	0.0	200	249	219	456	306	298	220	100	224	231
Dividends paid	141	142	149	146	146	147	164	164	164	163	185	183	183	180	182	179	178	177	179	175
Shares outstanding	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	181m	178m	176m	175m	173m	172m	171m	169m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 November 2025, filed 8 January 2026: the filing.