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Edge12 Dec 2025
Running on Clouds: The Story of On
The story of how a Swiss runner's pursuit of a new running sensation became On, aiming to be the most premium global sportswear brand worldwide.
Constellation Brands
Constellation Brands (STZ) investor relations material
Constellation Brands Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary8 Jan, 2026
Executive summary
Q3 FY26 net sales declined 10% year-over-year to $2.22B, mainly due to divestitures and lower shipment volumes, but only 2% on an organic basis.
Operating income was $692M, down 13% year-over-year; comparable operating income was flat at $739M.
Reported EPS was $2.88, down 15% year-over-year; comparable EPS was $3.06, down 6%.
The Beer Business gained dollar and volume share in U.S. tracked channels, with strong performance from Pacifico and Victoria.
Distribution growth and premiumization remain key opportunities, despite macro pressures, especially among Hispanic consumers.
Financial highlights
Net income attributable to shareholders was $503M, down 18% year-over-year; nine-month net income rose 405% due to absence of prior goodwill impairment.
Q3 beer margins were strong due to cost savings, pricing actions, and a favorable depreciation benefit; gross margin for beer segment at 52.9%.
Operating cash flow for FY26 is targeted at $2.5B–$2.6B; free cash flow at $1.3B–$1.4B.
Dividend of $1.02 per share declared; $824M in share repurchases fiscal YTD.
Q3 capital expenditures were $246M, YTD $656M, mainly for beer brewing capacity expansion.
Outlook and guidance
FY26 comparable EPS guidance affirmed at $11.30–$11.60; reported EPS guidance updated to $9.72–$10.02.
Beer net sales expected to decline 2%–4%; operating income to decline 7%–9%.
Wine & Spirits organic net sales expected to decline 17%–20%; operating income to decline 97%–100%.
Management expects continued pressure from subdued consumer demand, inflation, and tariffs, but remains committed to margin expansion and cash flow growth.
More detailed guidance for FY 2027 and beyond will be provided in April, reflecting worsened macroeconomic conditions.
W&S path to positive operating income?
Justify beer capacity expansion amid sales decline
Beer portfolio strategy for divergent brand trends?
Update on FY27/28 beer margin guidance
CapEx flexibility with lower volume growth
Outlook for Hispanic consumer spending recovery
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Next Constellation Brands earnings date
Q4 20268 Apr, 2026
Constellation Brands
Next Constellation Brands earnings date
Q4 20268 Apr, 2026
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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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