Constellation Brands (STZ) Q4 FY2026 earnings: revenue $1.9 billion, down 11.3% on the year

Constellation Brands, Inc. (STZ) reported revenue of $1.9 billion for Q4 FY2026, the quarter ended 28 February 2026, down 11.3% on the same quarter a year earlier. Net income was $202 million, and diluted earnings per share $1.16. The figures are the company's own, from the 10-K it filed with the SEC on 22 April 2026.

Revenue

$1.9 billion

-11.3% on the year · -13.6% on the quarter

Q1 FY2025Q4 FY2026

Operating margin

23.0%

-6.9% a year earlier

Q1 FY2025Q4 FY2026

Net income

$202 million

-59.9% on the quarter

Q1 FY2025Q4 FY2026

Diluted EPS

$1.16

-59.7% on the quarter

Q1 FY2025Q4 FY2026

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

What management said

Guidance figures: 1 raised.

Full-year EPS on both bases: Reported diluted EPS was $9.61 and comparable EPS was $11.82, down 14% on the comparable basis from $13.78.
Beer shipments and net sales declined: Full-year beer shipments were 415.4 million case equivalents, down 3.8%. Beer net sales were $8,315.2 million, down 3%, with pricing net of mix partly offsetting volume.
Beer margin fell 170 basis points: Beer operating margin was 38.0%. Management attributed the decline to lower shipment volume, higher COGS from aluminum tariffs and fixed cost absorption, partly offset by pricing net of mix.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2026	Q3 FY2026	Q4 FY2025	On the quarter	On the year
Revenue	1,920	2,223	2,164	-13.6%	-11.3%
Cost of revenue	968	1,040	1,050	-6.8%	-7.7%
Gross profit	952	1,183	1,115	-19.6%	-14.6%
Gross margin	49.6%	53.2%	51.5%
Selling, general and administrative	420	491	505	-14.4%	-16.8%
Operating income	442	692	-150	-36.2%
Operating margin	23.0%	31.1%	-6.9%
Interest expense	n/a	86.6	-737
Pre-tax income	351	632	-343	-44.5%
Income tax	126	110	28.0	+14.9%	+351.8%
Effective tax rate	36.0%	17.4%	n/a
Net income	202	503	-375	-59.9%
Net margin	10.5%	22.6%	-17.3%
Diluted EPS	$1.16	$2.88	-$2.09	-59.7%

$ 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	Q4 FY2026	Q3 FY2026	Q4 FY2025	On the quarter	On the year
Operating cash flow	563	617	595	-8.8%	-5.4%
Capital expenditure	219	246	283	-11.0%	-22.5%
Free cash flow	344	371	312	-7.3%	+10.2%
Free cash flow margin	17.9%	16.7%	14.4%
Cash from investing	-214	-235	123
Cash from financing	-401	-302	-723
Depreciation and amortisation	112	99.3	106	+12.9%	+5.6%
Share-based compensation	19.7	15.9	11.5	+23.9%	+71.3%
Buybacks	100	220	456	-54.6%	-78.1%
Dividends paid	177	178	180	-0.5%	-2.0%
Diluted shares, weighted	n/a	175m	n/a
Shares outstanding at period end	172m	173m	178m	-0.7%	-3.3%

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	Q4 FY2026	Q3 FY2026	Q4 FY2025	On the quarter	On the year
Shareholders' equity	8,082	7,711	6,882	+4.8%	+17.4%
Non-controlling interest	304	290	253	+5.2%	+20.5%
Debt	10,568	10,664	11,498	-0.9%	-8.1%
Operating lease liabilities	532	n/a	539		-1.3%
Finance lease liabilities	7.1	n/a	4.6		+54.3%
Other liabilities	2,406	3,019	2,476	-20.3%	-2.8%
Total liabilities and equity	21,900	21,683	21,652	+1.0%	+1.1%
Fixed assets	n/a	8,212	7,410
Goodwill	5,234	5,191	5,127	+0.8%	+2.1%
Intangible assets	2,533	2,533	2,532	+0.0%	+0.0%
Investments	69.1	61.7	60.3	+12.0%	+14.6%
Cash and equivalents	102	152	68.1	-32.8%	+50.4%
Receivables	658	708	736	-7.1%	-10.6%
Inventory	1,434	1,379	1,437	+4.0%	-0.2%
Other assets	11,870	3,447	4,281	+244.4%	+177.3%
Total assets	21,900	21,683	21,652	+1.0%	+1.1%

Questions

What was Constellation Brands' revenue in Q4 FY2026?

Constellation Brands (STZ) reported revenue of $1.9 billion for Q4 FY2026, the quarter ended 28 February 2026, down 11.3% on the same quarter a year earlier.

How much did Constellation Brands earn in Q4 FY2026?

Net income for Q4 FY2026 was $202 million, and diluted earnings per share $1.16.

When did Constellation Brands report Q4 FY2026 results?

Constellation Brands filed its 10-K for the quarter ended 28 February 2026 with the SEC on 22 April 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-K for the period ended 28 February 2026, filed 22 April 2026: the filing.