Published
{
"ticker": "STZ",
"cik": "0000016918",
"company": "Constellation Brands, Inc.",
"business_type": "consumer",
"schema_template": "standard (consumer products): net sales, cost of product sold, gross profit, operating income, net income attributable to the company, diluted EPS; cash, total debt, total assets, equity; operating cash flow, capital expenditures, free cash flow, dividends and buybacks; plus Beer and Wine and Spirits segment net sales and comparable operating income",
"reporting_currency": "USD",
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"units": "actual US dollars (not millions); per-share amounts in US dollars; share counts in actual shares",
"units_notes_seen": {
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"FY2026 10-K consolidated statements of comprehensive income (loss)": "(in millions, except per share data)",
"FY2026 10-K consolidated statements of cash flows": "(in millions)",
"FY2026 10-K Note 23, business segment information": "(in millions)",
"Q2 FY2027 10-Q consolidated balance sheets": "(in millions, except share and per share data)",
"Q2 FY2027 10-Q consolidated statements of comprehensive income (loss)": "(in millions, except per share data)",
"Q2 FY2027 10-Q consolidated statements of cash flows": "(in millions)",
"Q2 FY2027 10-Q Note 13, business segment information": "(in millions)"
},
"adjustments": {
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"adr_ratio": null,
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},
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},
"trailing_twelve_months": {
"label": "Twelve months ended August 31, 2026 (derived)",
"period_start": "2025-09-01",
"period_end": "2026-08-31",
"period_type": "trailing twelve months",
"source_accession": "0000016918-26-000040",
"derived_from_accessions": [
"0000016918-26-000011",
"0000016918-26-000040"
],
"derivation": "FY2026 (10-K, accession 0000016918-26-000011) plus the first half of FY2027 less the first half of FY2026 (10-Q, accession 0000016918-26-000040)",
"income_statement": {
"net_sales": 9208700000,
"cost_of_sales": 4360200000,
"gross_profit": 4848500000,
"operating_income": 2783900000,
"net_income": 2001100000,
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},
"cash_flow": {
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}
},
"notes": [
"Annual figures (FY2026, FY2025, FY2024) are from the FY2026 Form 10-K (accession 0000016918-26-000011). Quarterly and six-month figures, and the August 31, 2026 balance sheet, are from the Q2 FY2027 Form 10-Q (accession 0000016918-26-000040).",
"Constellation Brands' fiscal year ends on the last day of February: FY2026 ran from March 1, 2025 to February 28, 2026, and Q2 FY2027 is the three months from June 1 to August 31, 2026.",
"The 10-K presents balance sheets at two dates (February 28, 2026 and 2025), so FY2024 carries income statement and cash flow figures only. The 10-Q compares the August 31, 2026 balance sheet with February 28, 2026, so the year-ago quarter (Q2 FY2026) carries no balance sheet.",
"Net sales is sales less excise taxes, as the income statement presents it; it is the top line used throughout. Costs and expenses (excise taxes, cost of product sold, SG&A, impairments, interest expense, capital expenditures, dividends paid, share repurchases, debt repayments) are stored as positive amounts. income_tax_expense_benefit is positive for a tax provision and negative for a tax benefit. gain_loss_on_sale_of_business and income_loss_from_unconsolidated_investments are positive for a gain or income and negative for a loss.",
"net_income is consolidated net income including noncontrolling interests; net_income_attributable_to_cbi is the company's share, on which earnings per share are based. Weighted average share counts are printed in millions in both filings and are stored here as actual share counts.",
"For FY2025, a year with a net loss attributable to the company of $81.4 million, the 10-K prints the same weighted average share count (181.476 million) for basic and diluted earnings per share.",
"total_debt is computed here as short-term borrowings plus current maturities of long-term debt plus long-term debt less current maturities. At August 31, 2026 that gives $10,315.7 million, the same total debt outstanding the 10-Q states in its discussion of liquidity.",
"free_cash_flow is computed here as net cash provided by operating activities less purchases of property, plant, and equipment.",
"The 10-Q presents the cash flow statement for the six months only, so no three-month cash flow figures are recorded for either second quarter; the six-month cash flows are in year_to_date and its prior_year_comparative.",
"Segment figures are the Beer, Wine and Spirits, and Corporate Operations and Other segments as reported in the segment notes. Segment profit is comparable operating income, the measure the company's chief operating decision maker uses; it excludes items the company calls Comparable Adjustments. Total comparable operating income plus comparable_adjustments (stored as printed, negative when it reduces income) equals reported operating income in every period here.",
"The 10-K describes the June 2, 2025 sale of a portion of the wine and spirits business, primarily its then-owned mainstream wine brands (the '2025 Wine Divestitures'). Wine and Spirits segment net sales were $1,668.9 million in FY2025 and $823.8 million in FY2026, and the first half of FY2026 includes $851.1 million of proceeds from the sale of a business. FY2025 operating income includes a $2,797.7 million goodwill and intangible assets impairment.",
"trailing_twelve_months covers September 1, 2025 to August 31, 2026 and is computed, not filed: FY2026 from the 10-K plus the first half of FY2027 less the first half of FY2026 from the 10-Q. Per-share figures are not computed for it.",
"The February 28, 2026 balance sheet column printed in the 10-Q agrees line for line with the balance sheet in the 10-K."
],
"uncertainties": [
"No three-month cash flow figures are available for Q2 FY2027 or Q2 FY2026 from these filings, because the 10-Q presents cash flows for the six months only.",
"The first quarter of FY2027 (March 1 to May 31, 2026) is not presented as its own column in the Q2 FY2027 10-Q, so it is not recorded as a quarter here.",
"Trailing-twelve-month figures are arithmetic combinations of filed periods, not figures the company reports."
],
"headline": {
"period": "Q2 FY2027",
"period_end_words": "August 31, 2026",
"metrics": [
{
"label": "Net sales",
"format": "usd",
"value": 2633000000,
"text": "$2.63 billion",
"exact": "$2,633,000,000",
"compact": "$2.63B",
"abs": "$2.63 billion",
"prior_value": 2481000000,
"prior": "$2.48 billion",
"priorabs": "$2.48 billion",
"yoy": "up 6.1%",
"source": {
"array": "quarterly",
"field": "income_statement.net_sales",
"index": 0,
"period_label": "Q2 FY2027",
"period_end": "2026-08-31",
"period_start": "2026-06-01",
"span_days": 91,
"source_accession": "0000016918-26-000040",
"prior_index": 1,
"prior_period_label": "Q2 FY2026",
"prior_period_end": "2025-08-31",
"prior_period_start": "2025-06-01",
"prior_span_days": 91,
"prior_source_accession": "0000016918-26-000040",
"gap_days": 365
}
},
{
"label": "Net income",
"format": "usd",
"value": 565800000,
"text": "$565.8 million",
"exact": "$565,800,000",
"compact": "$565.80M",
"abs": "$565.8 million",
"prior_value": 466000000,
"prior": "$466 million",
"priorabs": "$466 million",
"yoy": "up 21.4%",
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"period_label": "Q2 FY2027",
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"period_start": "2026-06-01",
"span_days": 91,
"source_accession": "0000016918-26-000040",
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"prior_period_start": "2025-06-01",
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"prior_source_accession": "0000016918-26-000040",
"gap_days": 365
}
},
{
"label": "Diluted EPS",
"format": "eps",
"value": 3.32,
"text": "$3.32",
"exact": "$3.32",
"compact": "$3.32",
"abs": "$3.32",
"prior_value": 2.65,
"prior": "$2.65",
"priorabs": "$2.65",
"yoy": "up 25.3%",
"source": {
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"period_label": "Q2 FY2027",
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}
},
{
"label": "Operating income",
"format": "usd",
"value": 805000000,
"text": "$805 million",
"exact": "$805,000,000",
"compact": "$805.00M",
"abs": "$805 million",
"prior_value": 874000000,
"prior": "$874 million",
"priorabs": "$874 million",
"yoy": "down 7.9%",
"source": {
"array": "quarterly",
"field": "income_statement.operating_income",
"index": 0,
"period_label": "Q2 FY2027",
"period_end": "2026-08-31",
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"span_days": 91,
"source_accession": "0000016918-26-000040",
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"prior_period_start": "2025-06-01",
"prior_span_days": 91,
"prior_source_accession": "0000016918-26-000040",
"gap_days": 365
}
},
{
"label": "Beer net sales",
"format": "usd",
"value": 2473600000,
"text": "$2.47 billion",
"exact": "$2,473,600,000",
"compact": "$2.47B",
"abs": "$2.47 billion",
"prior_value": 2345000000,
"prior": "$2.35 billion",
"priorabs": "$2.35 billion",
"yoy": "up 5.5%",
"source": {
"array": "quarterly",
"field": "segments.beer.net_sales",
"index": 0,
"period_label": "Q2 FY2027",
"period_end": "2026-08-31",
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"span_days": 91,
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],
"summary": "Constellation Brands reported net sales of $2.63 billion for Q2 FY2027, the quarter ended August 31, 2026, up 6.1% from a year earlier, and net income attributable to Constellation of $565.8 million, up 21.4%, or $3.32 per diluted share against $2.65. The earnings gain came from a much smaller income tax charge rather than from operations: operating income was $805 million, down 7.9%, after an impairment on the Nelson's Green Brier whiskey business, heavier marketing and higher incentive compensation. Beer, the bulk of the business, grew net sales to $2.47 billion, up 5.5%, on distributor restocking: shipments rose as distributors sought to rebuild inventory days-on-hand, while depletions to retailers slipped.",
"qa": [
{
"q": "How much revenue did Constellation Brands make in Q2 FY2027?",
"a": "Constellation Brands reported net sales of $2.63 billion for Q2 FY2027, the quarter ended August 31, 2026. That is up 6.1% from $2.48 billion in the same quarter a year earlier."
},
{
"q": "What were Constellation Brands' earnings per share in Q2 FY2027?",
"a": "Constellation Brands earned $3.32 per diluted share in Q2 FY2027, against $2.65 a year earlier. Net income attributable to Constellation was $565.8 million, up 21.4% from $466 million."
},
{
"q": "Why did Constellation Brands' profit rise when its operating income fell?",
"a": "Constellation Brands' operating income was $805 million in Q2 FY2027, down 7.9% from $874 million, weighed down by an impairment on the Nelson's Green Brier whiskey business, heavier marketing and higher incentive compensation. Net income attributable to Constellation still rose to $565.8 million because the income tax charge was much smaller than a year earlier, mainly from changes to valuation allowances."
},
{
"q": "How are Constellation Brands' beer sales doing?",
"a": "Constellation Brands' Beer segment reported net sales of $2.47 billion in Q2 FY2027, up 5.5% from $2.35 billion a year earlier. The rise came from distributor restocking: shipments grew as distributors sought to rebuild inventory days-on-hand, while depletions, the distributors' sales to retailers, slipped."
}
]
},
"company_details": {
"Name": "Constellation Brands, Inc.",
"Ticker": "STZ",
"CIK": "0000016918",
"Exchange": "NYSE",
"State": "New York",
"Incorporation": "Delaware",
"SIC": "2080",
"Office": "Manufacturing",
"Industry": "Beverages"
},
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"predicted_type": "10-Q"
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"tag": "FY27Q2",
"period_end": "2026-08-31",
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"filed": "2026-04-22",
"accession": "0000016918-26-000011",
"url": "https://www.sec.gov/Archives/edgar/data/16918/000001691826000011/stz-20260228.htm",
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