Aug 2026 (Q2 FY27) — Oct 7, 2026
Constellation Brands Q2 FY27 — Beat expectations, #1 dollar share gainer in beverage alcohol, FY27 guide reiterated with high-end bias
Read the full callConstellation Brands (STZ) earnings
- Aug 2026
- Aug 2026 (Q2 FY27)
- Feb 2026
Constellation Brands earnings: last reported Wed, 7 Oct 2026, for the quarter ended Aug 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 2,633 | +6.1% YoY | Quarterly, as filed | Quarter to Aug 2026 | Revenue from operations as filed. |
| Operating margin | 30.6 | −4.7 pts YoY | Operating profit / revenue | Quarter to Aug 2026 | For the quarter; a change is in percentage points. |
| Net profit | 566 | +21.4% YoY | Quarterly, as filed | Quarter to Aug 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
24 targets tracked, none judged yet · 24 open · verdicts reflect calls analysed to May 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Beer segment marketing expense as % of net sales (full year) | approximately 9.5% | Feb 2026 | we've increased our marketing spend expectations for the full year to drive incremental marketing investment, particularly around the World Cup and College Football and the NFL | Revised Down |
| Veracruz brewery initial phase completion | late fiscal '26 or early fiscal '27 | Aug 2024 | We've brought those folks online. And until those -- until Veracruz commissions, they will sit in SG&A rather than COGS. | On Track |
24 of CONSTELLATION BRANDS, INC.'s 24 targets are still open. See which are on track and which have gone quiet. The 2 above are the free sample; 22 more targets are in the full ledger.
Claimed
- Comparable EPS guidance of $11.20-$11.90 reiterated; management expects the high end if September trends continue
- #1 dollar share gainer in beverage alcohol; beer share gains 3x the next best competitor and 400 bps of outperformance vs category during the World Cup
- Pacifico now a top 10 US beer brand, growing ~20% YTD; Victoria growing mid-teens in H1
- Year-to-date buybacks of $530 million with $2.5 billion remaining on authorization through FY28
- Q2 would have beaten expectations even without the inventory-rebuild shipments
Qualified
- Beer price/mix roughly flat in Q2, reflecting mix headwinds, distributor incentives/coupons and a 25 bps drag from the high-end light beer repositioning
- H2 beer operating margin guided to 34.5%-35.5% with SG&A ~7% of sales and marketing ~10% of net sales (above 11% in Q3)
- Veracruz delayed to start of FY28; ~$75M annualized depreciation (~90 bps margin headwind) will hit FY28
- Shipped ~8M cases ahead of depletes in H1 per analyst math; days on hand still below long-term average
- Corona still not satisfactory; inflation in labor, health care and other costs described as 'off the charts'
Price
$131.07 −0.21% · −$0.28
Performance −6.7% 1Y
1Y: $140.41 on 17 Oct 2025 → $131.07. High $166.68 (4 Feb 2026), low $112.77 (29 Sept 2026).
- Previous close
- $131.35
- 52-week range
- $112.77 – $166.68
- One year
- −7.19%
Overview
- Symbol
- STZ
- Sector
- Consumer Staples
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
24 targets tracked, none judged yet · 24 open · verdicts reflect calls analysed to May 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Beer segment marketing expense as % of net sales (full year) | approximately 9.5% | Feb 2026 | we've increased our marketing spend expectations for the full year to drive incremental marketing investment, particularly around the World Cup and College Football and the NFL | Revised Down |
| Veracruz brewery initial phase completion | late fiscal '26 or early fiscal '27 | Aug 2024 | We've brought those folks online. And until those -- until Veracruz commissions, they will sit in SG&A rather than COGS. | On Track |
Claimed
- Comparable EPS guidance of $11.20-$11.90 reiterated; management expects the high end if September trends continue
- #1 dollar share gainer in beverage alcohol; beer share gains 3x the next best competitor and 400 bps of outperformance vs category during the World Cup
- Pacifico now a top 10 US beer brand, growing ~20% YTD; Victoria growing mid-teens in H1
- Year-to-date buybacks of $530 million with $2.5 billion remaining on authorization through FY28
- Q2 would have beaten expectations even without the inventory-rebuild shipments
Qualified
- Beer price/mix roughly flat in Q2, reflecting mix headwinds, distributor incentives/coupons and a 25 bps drag from the high-end light beer repositioning
- H2 beer operating margin guided to 34.5%-35.5% with SG&A ~7% of sales and marketing ~10% of net sales (above 11% in Q3)
- Veracruz delayed to start of FY28; ~$75M annualized depreciation (~90 bps margin headwind) will hit FY28
- Shipped ~8M cases ahead of depletes in H1 per analyst math; days on hand still below long-term average
- Corona still not satisfactory; inflation in labor, health care and other costs described as 'off the charts'
The full ledger
Open CONSTELLATION BRANDS, INC.’s full ledger
A free account opens 5 company ledgers a month. All 24 tracked commitments, with each call’s wording and source.
Call summaries
May 2026 (Q1 FY27) — Jul 1, 2026
Constellation Brands Q1 FY27 – Resilient Performance Amidst Volatile Consumer Backdrop
Read the full callFeb 2026 (Q4 FY26) — Apr 9, 2026
Constellation Brands Q4 FY26 — Strong Beer Momentum and Leadership Transition
Read the full callEvery analysed call
Constellation Brands earnings calls (STZ)
Financials
What the filings say
Net profit, year on year: +21% (quarter to aug 2026 against aug 2025).
| Line item | Nov 2024 | Feb 2025 | May 2025 | Aug 2025 | Nov 2025 | Feb 2026 | May 2026 | Aug 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 2,464 | 2,164 | 2,515 | 2,481 | 2,223 | 1,920 | 2,433 | 2,633 |
| Operating profit | 793 | -150 | 714 | 874 | 692 | 442 | 845 | 805 |
| Operating margin | 32.2% | −6.9% | 28.4% | 35.2% | 31.1% | 23.0% | 34.8% | 30.6% |
| Interest | 108 | -737 | 101 | 89 | 87 | 85 | 88 | 85 |
| Profit before tax | 674 | -343 | 611 | 783 | 632 | 351 | 760 | 729 |
| Tax rate | 6.6% | −8.2% | 14.3% | 37.9% | 17.4% | 36.0% | 11.6% | 20.2% |
| Net profit | 616 | -375 | 516 | 466 | 503 | 202 | 654 | 566 |
| Line item | Feb 2019 | Feb 2020 | Feb 2021 | Feb 2022 | Feb 2023 | Feb 2024 | Feb 2025 | Feb 2026 |
|---|---|---|---|---|---|---|---|---|
| Reserves | 14,276 | 13,695 | 15,118 | 14,505 | 12,344 | 13,417 | 12,603 | 13,574 |
| Total liabilities | 16,394 | 14,849 | 13,176 | 13,808 | 15,928 | 15,627 | 14,518 | 13,514 |
| Fixed assets | 5,267 | 5,333 | 5,822 | 6,060 | 6,865 | 8,055 | 7,410 | 8,521 |
| Total assets | 29,232 | 27,323 | 27,105 | 25,856 | 24,662 | 25,692 | 21,652 | 21,901 |
| Line item | Feb 2019 | Feb 2020 | Feb 2021 | Feb 2022 | Feb 2023 | Feb 2024 | Feb 2025 | Feb 2026 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 2,246 | 2,551 | 2,807 | 2,705 | 2,757 | 2,780 | 3,152 | 2,669 |
| Cash from investing | -4,832 | -531 | -88 | -1,036 | -999 | -1,286 | -975 | 17 |
| Cash from financing | 2,593 | -2,031 | -2,347 | -1,929 | -1,820 | -1,475 | -2,262 | -2,656 |
| Net cash flow | 3 | -12 | 379 | -261 | -66 | 19 | -84 | 34 |
| Capital expenditure | -886 | -726 | -865 | -1,027 | -1,035 | -1,269 | -1,214 | -875 |
| Free cash flow | 1,360 | 1,825 | 1,942 | 1,679 | 1,722 | 1,511 | 1,938 | 1,794 |
STZ revenue by segment
Constellation Wines and Spirits shrank from 18% to 11% of revenue over the last two years.
| Segment | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | Q3 FY2026 | Q4 FY2026 | Q1 FY2027 | Q2 FY2027 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Constellation Wines and Spirits | 18% | 21% | 11% | 5% | 10% | 10% | 6% | 6% | +17.2% |
| Corporate and Other | — | — | 0% | 0% | 0% | 0% | 0% | 0% | — |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
Insider filings
40 filings between Feb 17, 2026 and Jul 10, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$1.02M
3 sales by 3 insiders
Compensation
not trading decisions- 27
- Option exercise — converted options into shares
- 10
- Tax withheld — shares kept back by the company to cover tax
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Bourdeau James O. | — | $631.3K | May 12, 2026 |
| Hernandez Ernesto M | — | $307.8K | Apr 27, 2026 |
| Glaetzer Samuel J | — | $85.3K | Feb 17, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Jul 10, 2026 | MCCARTHY DANIEL J Director | Option exercise | 1,114 | $0 |
| Jul 10, 2026 | GILES WILLIAM T Director | Option exercise | 1,114 | $0 |
| Jul 10, 2026 | SANDS RICHARD Director | Option exercise | 1,114 | $0 |
| Jul 10, 2026 | SANDS ROBERT Director | Option exercise | 1,114 | $0 |
| Jul 10, 2026 | Baldwin Christopher J Director | Option exercise | 1,114 | $0 |
| Jul 10, 2026 | Daniels Jennifer Director | Option exercise | 1,114 | $0 |
| Jul 10, 2026 | Fink Nicholas I. President & CEO | Option exercise | 1,114 | $0 |
| Jul 10, 2026 | Hernandez Ernesto M Director | Option exercise | 1,114 | $0 |
| Jul 10, 2026 | Flatley Edith Morgan Director | Option exercise | 187 | $0 |
| Jul 10, 2026 | Hernandez Ernesto M Director | Tax withheld | 15 | $2.0K |
| Jul 10, 2026 | Zaramella Luca Director | Option exercise | 1,114 | $0 |
| Jul 10, 2026 | Clark Christy Director | Option exercise | 1,114 | $0 |
| Jul 10, 2026 | Madero Garza Jose Manuel Director | Option exercise | 1,114 | $0 |
| Jul 10, 2026 | Madero Garza Jose Manuel Director | Tax withheld | 311 | $41.7K |
| May 12, 2026 | Bourdeau James O. EVP and Senior Advisor | Sale | 4,407 | $631.3K |
| May 1, 2026 | Bourdeau James O. EVP and Senior Advisor | Option exercise | 1,899 | $0 |
| May 1, 2026 | Bourdeau James O. EVP and Senior Advisor | Option exercise | 4,074 | $0 |
| May 1, 2026 | Bourdeau James O. EVP and Senior Advisor | Tax withheld | 2,108 | $322.1K |
| May 1, 2026 | Sabia James A. Jr. EVP & Pres. Beer | Option exercise | 1,375 | $0 |
| May 1, 2026 | Sabia James A. Jr. EVP & Pres. Beer | Option exercise | 4,113 | $0 |
| May 1, 2026 | Sabia James A. Jr. EVP & Pres. Beer | Tax withheld | 1,508 | $230.5K |
| May 1, 2026 | Monteiro Mallika EVP, MD, Beer Brands | Option exercise | 990 | $0 |
| May 1, 2026 | Monteiro Mallika EVP, MD, Beer Brands | Option exercise | 1,947 | $0 |
| May 1, 2026 | Monteiro Mallika EVP, MD, Beer Brands | Tax withheld | 730 | $111.6K |
| May 1, 2026 | Hankinson Garth EVP & CFO | Option exercise | 2,281 | $0 |
| May 1, 2026 | Hankinson Garth EVP & CFO | Option exercise | 5,249 | $0 |
| May 1, 2026 | Hankinson Garth EVP & CFO | Tax withheld | 3,043 | $465.0K |
| May 1, 2026 | McGrew Michael EVP, Chief Com, CSR, Incl Off | Option exercise | 757 | $0 |
| May 1, 2026 | McGrew Michael EVP, Chief Com, CSR, Incl Off | Option exercise | 1,370 | $0 |
| May 1, 2026 | McGrew Michael EVP, Chief Com, CSR, Incl Off | Tax withheld | 527 | $80.5K |
| May 1, 2026 | Glaetzer Samuel J EVP & Pres. Wine and Spirits | Option exercise | 192 | $0 |
| May 1, 2026 | Glaetzer Samuel J EVP & Pres. Wine and Spirits | Option exercise | 2,620 | $0 |
| May 1, 2026 | Glaetzer Samuel J EVP & Pres. Wine and Spirits | Tax withheld | 921 | $140.7K |
| May 1, 2026 | Erickson Paula Kristine EVP & Chief HR Officer | Option exercise | 1,800 | $0 |
| May 1, 2026 | Erickson Paula Kristine EVP & Chief HR Officer | Tax withheld | 506 | $77.3K |
| May 1, 2026 | LaBarge Jeffrey H. EVP, CLO, & Secretary | Option exercise | 127 | $0 |
| May 1, 2026 | LaBarge Jeffrey H. EVP, CLO, & Secretary | Option exercise | 1,431 | $0 |
| May 1, 2026 | LaBarge Jeffrey H. EVP, CLO, & Secretary | Tax withheld | 507 | $77.5K |
| Apr 27, 2026 | Hernandez Ernesto M Director | Sale | 2,000 | $307.8K |
| Feb 17, 2026 | Glaetzer Samuel J EVP & Pres. Wine and Spirits | Sale | 555 | $85.3K |
| Jul 21, 2025 | Bourdeau James O. EVP & Chief Legal Officer | Sale | 821 | $138.7K |
| Jul 10, 2025 | Madero Garza Jose Manuel Director | Tax withheld | 143 | $24.6K |
| Jul 10, 2025 | Fink Nicholas I. Director | Option exercise | 503 | $0 |
| Jul 10, 2025 | Daniels Jennifer Director | Option exercise | 503 | $0 |
| Jul 10, 2025 | Clark Christy Director | Option exercise | 503 | $0 |
| Jul 10, 2025 | MCCARTHY DANIEL J Director | Option exercise | 503 | $0 |
| Jul 10, 2025 | GILES WILLIAM T Director | Option exercise | 503 | $0 |
| Jul 10, 2025 | Zaramella Luca Director | Option exercise | 503 | $0 |
| Jul 10, 2025 | Baldwin Christopher J Director | Option exercise | 503 | $0 |
| Jul 10, 2025 | Madero Garza Jose Manuel Director | Option exercise | 503 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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