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Constellation Brands (STZ) earnings and revenue breakdown

Latest: Q2 FY27 · 10-Q filed Oct 7, 2026 · Constellation Brands (STZ) Q2 FY27 earnings results →

Q2 FY27 Revenue up 6% year over year to $2.8B · 20¢ of every $1 of revenue kept as net profit · operating margin 28.6%

Constellation Brands made $2.8B in Q2 FY27 (+6% Y/Y). Operating margin 28.6%, net earnings $566M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 7, 2026.

Revenue$2.8B
Year over year+6%
Operating margin28.6%
Net earnings$566M
Operating cash flow$817M

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Constellation Brands Q2 FY27 revenue breakdown: Sankey diagram of revenue, costs, profit and cash flow
Constellation Brands Q2 FY27 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $2.8B in Q2 FY27, up 6% year over year and up 9% from the previous quarter.

Gross margin was 49.5%, up 0.1 points from Q2 FY26. Operating profit was $0.81B, a 28.6% margin (down 4.4 points year over year). Operating profit fell $0.07B even though revenue rose $0.16B versus Q2 FY26, so costs grew faster than sales. Operating expenses grew 35% against revenue growth of 6%. Net earnings were $0.57B, up 21% year over year. The effective tax rate was 20.2%.

Operating cash flow was $0.82B (down 4% year over year), 140% of net income including minority interests. Non-cash charges added back $0.10B of depreciation and amortization and $0.02B of share-based compensation. Working capital and other items added $0.12B. Capital expenditures of $0.18B left free cash flow of $0.64B.

Quarterly history

Constellation Brands revenue by quarterConstellation Brands revenue by quarter$2.3BQ4 FY25$2.7BQ1 FY26$2.7BQ2 FY26$2.4BQ3 FY26$2.0BQ4 FY26$2.6BQ1 FY27$2.8BQ2 FY27
Constellation Brands net earnings by quarterConstellation Brands net earnings by quarter−$371MQ4 FY25$516MQ1 FY26$466MQ2 FY26$503MQ3 FY26$202MQ4 FY26$654MQ1 FY27$566MQ2 FY27
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q2 FY2710-QOct 7, 2026$2.8B+6%28.6%$566M$817M
Q1 FY2710-QJul 1, 2026$2.6B-3%32.6%$654M$662M
Q4 FY2610-KApr 22, 2026$2.0B-11%21.5%$202M$563M
Q3 FY2610-QJan 8, 2026$2.4B-10%29.1%$503M$617M
Q2 FY2610-QOct 7, 2025$2.7B-16%32.9%$466M$852M
Q1 FY2610-QJul 2, 2025$2.7B-6%26.7%$516M$637M
Q4 FY2510-KApr 23, 2025$2.3B+0.5%-6.5%−$371M$595M

Charts

Constellation Brands: revenue growth, year over year and quarter over quarterConstellation Brands: revenue growth, year over year and quarter over quarterY/YQ/Q+0%Q4 FY25-6%+16%Q1 FY26-16%-1%Q2 FY26-10%-11%Q3 FY26-11%-14%Q4 FY26-3%+26%Q1 FY27+6%+9%Q2 FY27
Latest (Q2 FY27): Y/Y +6%, Q/Q +9%.
Constellation Brands: where the cash came from (+) and went (−), TTM to Q2 FY27Constellation Brands: where the cash came from (+) and went (−), TTM to Q2 FY27Operating cash flow$2.7BCapital spending−$819MBuybacks−$775MDividends−$708MNet borrowing (+) / repaid (−)−$242MPartners−$95.0MAsset & business sales$45.6MCash drawn (+) / kept (−)−$26.5MAcquisitions−$15.3MTaxes on employees’ shares−$10.1MOther investing−$10.0MOther financing−$5.9M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Constellation Brands: profit against cash, quarter by quarterConstellation Brands: profit against cash, quarter by quarterNet incomeOperating cash flow$616M$685MQ3 FY25−$375M$595MQ4 FY25$516M$637MQ1 FY26$466M$852MQ2 FY26$503M$617MQ3 FY26$202M$563MQ4 FY26$654M$662MQ1 FY27$566M$817MQ2 FY27
Latest (Q2 FY27): Net income $566M, Operating cash flow $817M.
Constellation Brands: long-term debt falling due (FY26)Constellation Brands: long-term debt falling due (FY26)$604M2027$1.8B2028$901M2029$801M2030$1.1B2031$5.2BLater
Cash $102M, short-term investments —, long-term debt $10.3B at 2026-02-28.
Constellation Brands in its industry: growth against margin (22 companies, SIC 2080)Constellation Brands in its industry: growth against margin (22 companies, SIC 2080)revenue growth, year over year →↑ operating marginmedian +7%median 1%PEPKOKDPPRMBBF-BWESTCOCOBRCCSUJACWGLJSDAWVVIAMSSBUDASRXHMOJOCIRXIPSTMDWKYHCEDVASTZ (+6%, 29%)
Beverages; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

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💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Constellation Brands

We are an international producer and marketer of beer, wine, and spirits with operations in the U.S., Mexico, New Zealand, and Italy with powerful, consumer-connected, high-quality brands like Modelo Especial, Corona Extra, Pacifico, Victoria, Kim Crawford, Ruffino, The Prisoner Wine Company, Robert Mondavi Winery, Mi CAMPO, and High West. In the U.S., we are one of the top dollar share gainers among beverage alcohol suppliers. We are also the second-largest beer company and have the #1 beer brand, Modelo Especial, in dollar sales in the U.S. We continued to strengthen our leadership position in the U.S. beer market as the #1 dollar share gainer in the overall U.S. beer market, and the #2 dollar share gainer in the high-end.

In its own words, from its 10-K, filed Apr 22, 2026.

Constellation Brands against its Beverages peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +6% against the peers' median +6%. Operating margin: 28.6% against the peers' median 18.2%.

CompanyQuarterRevenueY/YOp. margin
STZ Constellation BrandsQ2 FY27$2.8B+6%28.6%
PEP PepsiCoQ3 2026$25.3B+6%16.9%
KO Coca ColaQ3 2026$13.4B+7%33.4%
KDP Keurig Dr PepperQ3 2026$7.3B+71%18.2%
PRMB Primo BrandsQ3 2026$1.8B+3%13.7%
BF-B Brown FormanQ1 FY27$1.2B-0.8%21.3%
WEST Westrock CoffeeQ3 2026$300M-15%1.1%
COCO Vita Coco CompanyQ3 2026$244M+34%18.6%
BRCC BRCQ3 2026$108M+7%-6.9%

Source: Constellation Brands 10-Q on SEC EDGAR · CIK 16918 · Beverages

13F: who owns STZ and who is buying

Largest holders of STZ (13F)Largest holders of STZ (13F)Vanguard Group$2.5BBlackRock$1.6BCapital World Investors$1.6BVanguard Capital Management LLC$1.3BVanguard Portfolio Management LLC$1.1BState Street$944MFMR LLC$640MGrantham, Mayo, Van Otterloo & Co…$556MWellington Management Group LLP$531MGeode Capital Management, LLC$529M
Funds' net buying of STZ by quarter (13F)Funds' net buying of STZ by quarter (13F)−$399M2024-09−$121M2024-12$454M2025-03$300M2025-06−$727M2025-09$419M2025-12−$159M2026-03−$225M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on STZ

History

Every quarter: Q2 FY27 results · Q1 FY27 results · Q4 FY26 results · Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results

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