Filing Flows › Constellation Brands (STZ) › Q2 FY26
Constellation Brands (STZ) Q2 FY26 earnings results (second quarter fiscal 2026)
10-Q filed Oct 7, 2025
Constellation Brands (STZ) reported revenue of $2.7B for the second quarter fiscal 2026 (Q2 FY26), -15% from a year earlier and -0.9% from the quarter before. Operating margin was 32.9%, net earnings $466M (17.6% of revenue).
Constellation Brands, Q2 FY26: revenue $2.7B (-16% year over year), operating margin 32.9%, net earnings $466M, operating cash flow $852M. The chart follows the revenue to costs, profit and cash.
| Q2 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.7B | -0.9% | -15% |
| Gross profit | $1.3B | +3% | -13% |
| Operating profit | $874M | +22% | — |
| Net earnings | $466M | -10% | — |
| Operating cash flow | $852M | +34% | -28% |
| Free cash flow | $635M | +43% | -26% |
What changed
Revenue was $2.7B in Q2 FY26, down 15% year over year and down 1% from the previous quarter.
Gross margin was 49.4%, up 1.2 points from a year earlier. Operating profit was $0.87B, a 32.9% margin (up 72.1 points year over year). Operating expenses fell 84% while revenue fell 15%. Net earnings were $0.47B. The effective tax rate was 37.9%.
Operating cash flow was $0.85B (down 28% year over year), 175% 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 $0.24B. Capital expenditures of $0.22B left free cash flow of $0.63B.
Questions
What was Constellation Brands' revenue in the second quarter fiscal 2026?
Constellation Brands (STZ) reported revenue of $2.7B for the second quarter fiscal 2026 (Q2 FY26), -15% from a year earlier and -0.9% from the quarter before.
Was Constellation Brands profitable in the second quarter fiscal 2026?
Operating profit was $874M (32.9% of revenue) and net earnings $466M.