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Constellation Brands cash flow, quarter by quarter

Latest: Q2 FY27 · from the cash-flow statements filed with the SEC

Free cash flow$640M in Q2 FY27 · $1.8B over twelve months

Operating cash flow$817M
Capital spending−$177M
Free cash flow+$640M
Cash / net income1.4×
Cash conversion cycle54 days

Analysis

In Q2 FY27, Constellation Brands generated $817M of operating cash flow and spent $177M on capital projects, leaving free cash flow of $640M. That is $5.1M more than in Q2 FY26 ($635M).

Over the twelve months to Aug 31, 2026, operating cash flow was $2.7B; the largest uses were capital spending ($819M), buybacks ($775M), dividends ($708M); besides operations, cash came from asset & business sales ($45.6M), shares issued ($2.0M); the cash balance rose by $26.5M.

Operating cash flow was $817M against net income of $566M — 1.4× profit, cash ran ahead of reported earnings. The largest differences: accrued liabilities −$191M, deferred taxes +$105M, depreciation & amortization +$97.1M.

Its cash conversion cycle was 54 days (receivables 23 + inventory 105 − payables 74).

Free cash flow

Constellation Brands: free cash flow by quarterConstellation Brands: free cash flow by quarter$457MQ3 FY25$312MQ4 FY25$444MQ1 FY26$635MQ2 FY26$371MQ3 FY26$344MQ4 FY26$485MQ1 FY27$640MQ2 FY27
Operating cash flow less capital spending.
Constellation Brands: operating cash flow against capital spendingConstellation Brands: operating cash flow against capital spendingOperating cash flowCapital spending$685M$228MQ3 FY25$595M$283MQ4 FY25$637M$193MQ1 FY26$852M$217MQ2 FY26$617M$246MQ3 FY26$563M$219MQ4 FY26$662M$177MQ1 FY27$817M$177MQ2 FY27
Latest (Q2 FY27): Operating cash flow $817M, Capital spending $177M.

Capital allocation, year by year

Constellation Brands: where the cash came from (up) and went (down), by fiscal yearConstellation Brands: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY22: Operating cash flow $2.7BFY22: Net borrowing −$52.6MFY22: Shares issued $178MFY22: Asset sales $8.7MFY22: Capital spending −$1.0BFY22: Acquisitions −$53.5MFY22: Buybacks −$1.4BFY22: Dividends −$573M$2.9BFY22FY23: Operating cash flow $2.8BFY23: Net borrowing $2.0BFY23: Shares issued $42.4MFY23: Asset sales $103MFY23: Capital spending −$1.0BFY23: Acquisitions −$37.1MFY23: Buybacks −$1.7BFY23: Dividends −$588M$4.9BFY23FY24: Operating cash flow $2.8BFY24: Net borrowing −$599MFY24: Shares issued $104MFY24: Asset sales $27.3MFY24: Capital spending −$1.3BFY24: Acquisitions −$7.5MFY24: Buybacks −$250MFY24: Dividends −$654M$2.9BFY24FY25: Operating cash flow $3.2BFY25: Net borrowing −$392MFY25: Shares issued $73.8MFY25: Asset sales $445MFY25: Capital spending −$1.2BFY25: Acquisitions −$159MFY25: Buybacks −$1.1BFY25: Dividends −$732M$3.7BFY25FY26: Operating cash flow $2.7BFY26: Net borrowing −$946MFY26: Shares issued $7.7MFY26: Asset sales $910MFY26: Capital spending −$875MFY26: Buybacks −$924MFY26: Dividends −$716M$3.6BFY26
Over these 5 years operating cash flow totalled $14.1B; the largest uses were capital spending ($5.4B) and buybacks ($5.4B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$98.5M
Debt$10.3B
Net debt$10.2B
Due within a year$604M

Constellation Brands funds itself: free cash flow was $1.8B over the last twelve months, and $98.5M of cash and investments stands against $10.3B of debt ($604M due within a year, 0.2× covered by cash).

Constellation Brands: debt maturities by year (FY26)Constellation Brands: debt maturities by year (FY26)$604MYear 1$1.8BYear 2$901MYear 3$801MYear 4$1.1BYear 5$5.2BAfter year 5
Principal due in each year as disclosed in the annual report, against $98.5M of cash and investments now.

Where the cash came from and went

Constellation Brands: sources (+) and uses (−) of cash, Q2 FY27Constellation Brands: sources (+) and uses (−) of cash, Q2 FY27Operating cash flow$817MBuybacks−$231MNet borrowing (+) / repaid (−)−$221MCapital spending−$177MDividends−$175MPartners−$25.0MOther investing$19.7MOther financing−$9.0MShares issued$3.4MCash drawn (+) / kept (−)−$1.9MExchange rates−$200K
Constellation Brands: sources (+) and uses (−) of cash, TTM to Q2 FY27Constellation Brands: sources (+) and uses (−) of cash, 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 profit to cash

Constellation Brands: net income to operating cash flow, Q2 FY27Constellation Brands: net income to operating cash flow, Q2 FY27Net income$566MDepreciation & amortization$97.1MStock-based pay$19.9MDeferred taxes$105MInventory$37.7MPayables$24.8MAccrued liabilities−$191MPrepaid and other assets−$21.9MOperating cash flow$817M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 FY27231057454
Q1 FY27251198163
Q4 FY26301319071
Q3 FY26261238862
Q2 FY26261127959
Q1 FY26271057161
Q4 FY25311538698
Q3 FY252916383109

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 FY27$817M−$177M—−$231M−$175M−$221M$3.4M−$1.9M$640M
Q1 FY27$662M−$177M−$15.3M−$224M−$179M−$37.0M$3.9M$5.8M$485M
Q4 FY26$563M−$219M—−$100M−$177M−$104M$4.6M$50.0M$344M
Q3 FY26$617M−$246M—−$220M−$178M$120M−$9.9M−$80.4M$371M
Q2 FY26$852M−$217M—−$298M−$179M−$1.0B$7.7M$1.9M$635M
Q1 FY26$637M−$193M—−$306M−$182M$68.9M$5.3M−$5.8M$444M
Q4 FY25$595M−$283M—−$456M−$180M−$84.4M$7.6M$5.6M$312M
Q3 FY25$685M−$228M−$400K−$219M−$183M−$19.7M$17.8M−$9.1M$457M

Constellation Brands: income statement and cash flow

Constellation Brands, Q2 FY27: revenue $2.8B (+6% year over year), operating margin 28.6%. The chart follows the revenue to costs, profit and cash.

Constellation Brands: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.