Constellation Brands, Inc. (STZ) Earnings
Constellation Brands, Inc. is expected to report next earnings on July 7, 2026 (in NaN days), with a consensus EPS estimate of $3.23. STZ has beaten EPS estimates in 9 of its last 12 reported quarters (average surprise +9.2% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jan 7, 2026 | $2.63 | $3.06 | +16.3% | $2.2B | +3.2% |
| Oct 6, 2025 | $3.38 | $3.63 | +7.4% | $2.5B | +1.0% |
| Jul 1, 2025 | $3.31 | $3.22 | -2.7% | $2.5B | -1.5% |
| Apr 9, 2025 | $2.27 | $2.63 | +15.9% | $2.2B | +1.8% |
| Jan 10, 2025 | $3.31 | $3.25 | -1.8% | $2.5B | -2.6% |
| Oct 3, 2024 | $4.08 | $4.32 | +5.9% | $2.9B | -0.9% |
| Jul 3, 2024 | $3.46 | $3.57 | +3.2% | $2.7B | -0.3% |
| Apr 11, 2024 | $2.08 | $2.26 | +8.7% | $2.1B | +2.1% |
| Jan 5, 2024 | $3.00 | $3.19 | +6.3% | $2.5B | -2.9% |
| Oct 5, 2023 | $3.36 | $3.70 | +10.1% | $2.8B | +0.5% |
| Jun 30, 2023 | $2.83 | $2.91 | +2.8% | $2.5B | -10.5% |
| Jan 5, 2023 | $2.89 | $2.83 | -2.1% | $2.4B | +2.4% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q4 FY2026 · April 9, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Nick Fink acknowledged Bill Newlands' leadership over the years and expressed confidence in the company's strong position, emphasizing being insights-driven, consumer-obsessed, leveraging beer strengths, disciplined capital allocation. - Bill Newlands noted the beer business had solid momentum despite a challenging environment, teams stayed aligned to take share, and wine and spirits portfolio reshaping was showing progress. - Discussed various aspects such as margin drivers, marketing spend plans, capital expenditure management, and brand performances including Victoria as a bright spot.
Guidance
- Beer top line guidance for the upcoming fiscal year is in the range of negative one to positive one. There's limited visibility due to consumer caution, but March started strongly. - Beer operating margins are guided to be between 37% and 38% for fiscal 27, affected by fixed costs from the Veracruz brewery coming online, SG&A expense increase, offset by price delivery, cost savings, and aluminum tariff relief. No guidance beyond fiscal 27 is provided yet. - Wine and spirits margins are influenced by category pressures, channel headwinds, timing of cost leverage, and distributor inventory rebalancing, but target margins are still seen as achievable over the medium term.
Segment performance
Beer: Ended the year with solid momentum. Modelo Especial maintained its position as the number one beer brand by dollars in the US and saw improving momentum as the year progressed. The beer portfolio led the high-end segment. Wine and spirits: Efforts to reshape the portfolio were gaining traction with contributions from brands like Kim Crawford and Me Campo. Specific absolute revenue figures and contribution percentages aren't explicitly extractable for precise reporting.
Risks & headwinds
- Limited visibility in the operating environment poses challenges for forward-looking statements. - Consumer caution and volatility in consumer reaction and market conditions impact the business, as seen in beer top line guidance and margin drivers. - Wine and spirits face headwinds like a downgraded category outlook, tasting room softness, and international weakness (e.g., Canada's ban on US wine and spirits), affecting margins and performance.
Analyst Q&A
Q: Unpack the beer top line guidance for the upcoming fiscal year and the context of potential deceleration.
A: There's limited visibility, consumers are cautious, the business exited last year strongly, March had a solid start but volatility is high. -
Q: Discuss beer operating margins guidance, including drivers, phasing, and the possibility of returning to the 40% margin range.
A: Headwinds come from Veracruz brewery expansion costs and SG&A increase; offset by price delivery, cost savings, and aluminum tariff relief; no guidance beyond fiscal 27 is given. -
Q: Inquire about beer margin key input costs, hedging, upside/downside drivers, and wine and spirits margin guidance.
A: Input costs are hedged, beer margin upside can come from volume, wine and spirits margins are affected by category, channel, and inventory factors. -
Q: Ask about beer marketing spend cadence, especially around the FIFA World Cup.
A: There's aggressive investment in the first half, including for the World Cup, and behind various brands. -
Q: Talk about capital expenditures process and medium-term volume expectations.
A: Disciplined capital allocation continues, CapEx spend is managed modularly, and headwinds are seen as cyclical. -
Q: Clarify wine and spirits margin phasing and reconcile Victoria brand comments.
A: Inventory distributor reductions are phased throughout the year, Victoria has a younger demographic and growth potential. -
Q: Inquire about wine and spirits target margins and beer mix impact.
A: Wine and spirits target margins are in the low 20s, beer mix is affected by packaging types with mixed factors