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Constellation Brands (STZ) investor relations material

Constellation Brands Q2 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2026 earnings summary7 Oct, 2025

Executive summary

  • Q2 FY26 net sales declined 15% year-over-year, mainly due to divestitures in Wine and Spirits and lower Beer shipments, but favorable pricing and cost optimization partially offset the impact.

  • Reported EPS was $2.65 and comparable EPS was $3.63 for Q2 FY26; net income attributable to shareholders increased 139% year-over-year, reflecting the absence of prior year impairments.

  • Operating income rose 171% year-over-year, mainly due to the prior year's goodwill impairment in Wine and Spirits and cost optimization in Beer.

  • Beer business led U.S. tracked channels in dollar share gains, with Modelo Especial remaining the #1 U.S. beer brand by dollar sales.

  • Continued investment in marketing, capacity, and share repurchases, with $604M repurchased fiscal YTD and a $1.02 per share dividend declared.

Financial highlights

  • Q2 FY26 net sales were $2.48B, down 15% year-over-year; organic net sales declined 8%.

  • Q2 reported operating income was $874M (up 171% due to prior-year impairments); comparable operating income was $886M, down 13%.

  • Q2 reported EPS was $2.65; comparable EPS was $3.63, down 16% year-over-year.

  • Q2 net income attributable to shareholders was $466M, compared to a loss of $1.2B in the prior year.

  • Gross margin for the quarter improved to 52.8% from 51.8% year-over-year, aided by divestitures of lower-margin brands and pricing actions.

Outlook and guidance

  • Fiscal 2026 reported EPS outlook updated to $9.86–$10.16; comparable EPS affirmed at $11.30–$11.60.

  • FY26 operating cash flow guidance of $2.5B–$2.6B and free cash flow of $1.3B–$1.4B.

  • Beer net sales expected to decline 2%–4% and operating income to decline 7%–9% for FY26.

  • Wine and Spirits organic net sales expected to decline 17%–20%, with operating income down 97%–100% for FY26.

  • Management expects the reported effective tax rate for fiscal 2026 to be 17–19%, reflecting impacts from new tax legislation.

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Frequently asked questions

The largest beer importer in the US

By revenue, Constellation Brands is the largest beer importer in the US. The company produces, distributes, and markets over 100 beer, wine, and spirits brands. Their broad portfolio of premium brands consists of Arbor Mist, Black Box, Corona Extra, and SVEDKA Vodka, to name a few.

As of March 31, 2022, Constellation brands had over 10,000 employees worldwide across more than 40 facilities.

Founded in 1945

The company was founded in 1945 in New York as Canandaigua Industries Company by Marvin Sands, selling bulk wine to bottlers in the eastern parts of the US. The first year was undoubtedly a success for Sands and his company, selling approximately 200,000 gallons of wine.

Constellation Brands’ growth is a combination of internal and external expansion and acquisitions across all the various segments of the beverage alcohol industry.

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