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Constellation Brands Updates Fiscal 2026 Outlook

Updates reported EPS guidance to $10.77 - $11.07 and comparable EPS guidance to $11.30 - $11.60 ⁽¹⁾

Updates Enterprise organic net sales to decline (6)% - (4)%, reported operating income to grow 666% - 686%听and comparable operating income to decline (11)% - (9)%

Updates Beer net sales to decline (4)% - (2)% and Beer operating income to decline (9)% - (7)%

ROCHESTER, N.Y., Sept. 02, 2025 (GLOBE NEWSWIRE) -- Constellation Brands, Inc. (NYSE: STZ), a leading beverage alcohol company, announced today updates to management's current financial outlook for fiscal 2026.

鈥淲e continue to navigate a challenging macroeconomic environment that has dampened consumer demand and led to more volatile consumer purchasing behavior since our first quarter of fiscal 2026,鈥� said Constellation Brands President and Chief Executive Officer Bill听Newlands. 鈥淥ver the last several months, high-end beer buy rates decelerated sequentially, as both trip frequency and spend per trip declined. Notably, high-end beer buy rate declines for Hispanic consumers were more pronounced than general market declines, which has an outsized impact on our Beer Business compared to the broader beer category. Despite the challenging operating environment, through July of fiscal 2026 we grew volume share in 49 of 50 states⁽³⁾, and in Circana channels our Beer Business remained the top dollar share gainer in the total U.S. beer category with a 0.4 point increase⁽⁴⁾. We remain resolutely focused on continuing to execute against our strategic objectives, including driving distribution gains, disciplined innovation, and investing behind our brands.鈥�

鈥淥ur cost savings and efficiency initiatives continue to deliver incremental benefits for our business, supporting continued investment levels behind our brands,鈥� said Executive Vice President and Chief Financial Officer Garth Hankinson. 鈥淲e remain committed to our disciplined and balanced capital allocation priorities, including maintaining our investment grade rating; advancing our brewery investments in our Beer Business; and delivering cash returns to shareholders through our dividend and share repurchase programs. Through the first half of this fiscal year we have executed $604 million⁽¹⁾ in share repurchases under our three-year $4 billion share repurchase authorization.鈥�

鈥淟ooking at our second quarter, we expect inventory rebalancing at the distributor level to reflect softer consumer trends, and to occur earlier than is typical for our Beer Business. As a result, we expect the change in shipments to trail the change in depletions in the second quarter by 6.0 to 7.0 points, and for shipment volume to generally align with depletion volume for the second half of the fiscal year.鈥�

Additional supporting materials have been posted on the company鈥檚 investor relations website at 听under the 听section. In addition, Bill Newlands and Garth Hankinson will participate in a fireside chat at the 2025 Barclays Global Consumer Staples Conference today, Tuesday, September 2, in Boston, MA. The presentation is scheduled to begin at 3:45 p.m. ET and is expected to cover the company鈥檚 financial metrics, operating performance, strategic business initiatives, and outlook for the future. A live, listen-only webcast of the presentation will be available on the company鈥檚 investor relations website at 听under the 听section. When the presentation begins, financial information discussed in the presentation, and reconciliations of reported GAAP financial measures with comparable and other non-GAAP financial measures, will also be available on the company鈥檚 investor relations website under the 听section. For anyone unable to participate in the webcast, a replay will be available on the company鈥檚 investor relations website through the close of business on March 2, 2026.

ABOUT CONSTELLATION BRANDS
Constellation Brands (NYSE: STZ) is a leading international producer and marketer of beer, wine, and spirits with operations in the U.S., Mexico, New Zealand, and Italy. Our mission is to build brands that people love because we believe elevating human connections is Worth Reaching For. It鈥檚 worth our dedication, hard work, and calculated risks to anticipate market trends and deliver more for our consumers, shareholders, employees, and industry. This dedication is what has driven us to become one of the fastest-growing, large CPG companies in the U.S. at retail, and it drives our pursuit to deliver what鈥檚 next.

Every day, people reach for our high-end, imported beer portfolio anchored by the iconic Corona Extra and Modelo Especial, a flavorful lineup of Modelo Cheladas, and favorites like Pacifico, and Victoria; our exceptional wine brands including The Prisoner Wine Company, Robert Mondavi Winery, Kim Crawford, Schrader Cellars, and Lingua Franca; and our craft spirits brands such as Casa Noble Tequila and High West Whiskey.

As an agriculture-based company, we strive to operate in a way that is sustainable and responsible. Our ESG strategy is embedded into our business and we focus on serving as good stewards of the environment, investing in our communities, and promoting responsible beverage alcohol consumption. We believe these aspirations in support of our longer-term business strategy allow us to contribute to a future that is truly Worth Reaching For.

To learn more, visit 听and follow us on 听and .

SUPPLEMENTAL INFORMATION

Reported basis (鈥渞eported鈥�) are derived from amounts as reported under generally accepted accounting principles in the U.S. Comparable basis (鈥渃omparable鈥�) are amounts which exclude items that affect comparability (鈥渃omparable adjustments鈥�), as they are not reflective of core operations of the segments. The company鈥檚 measure of segment profitability excludes comparable adjustments, which is consistent with the measure used by management to evaluate results. The company discusses various non-GAAP measures in this news release (鈥渞elease鈥�). Financial statements, as well as supplemental schedules and tables reconciling non-GAAP measures, together with definitions of these measures and the reasons management uses these measures, are included in this release.

FORWARD-LOOKING STATEMENTS

The statements made regarding our outlook and all statements other than statements of historical fact set forth in this release, including statements regarding the macroeconomic environment and headwinds, consumer demand and purchasing behavior, our business strategy and objectives, growth plans and focus areas, capital allocation priorities, targets, and commitments, competitive position, Beer Business capital expansion, future operations, financial position, expected EPS, net sales, expenses, operating income, shipment and depletion volumes, operating deleveraging, tariffs, equity in earnings, interest expense, net, tax rates, tax law changes, shifts in taxable income base, noncontrolling interests, shares outstanding, operating cash flow, capital expenditures, free cash flow, future payments of dividends, amount, manner, and timing of share repurchases under the share repurchase authorization, impacts of high-end beer buy rate declines, cost saving and efficiency initiatives, and inventory rebalancing at the distributor level, and prospects, plans, and objectives of management, as well as information concerning expected actions of third parties, are forward-looking statements (collectively, 鈥淧rojections鈥�) that involve risks and uncertainties, many of which are beyond our control, and which could cause actual results to differ materially from those set forth in, or implied by, the Projections.

When used in this release, the words 鈥渁nticipate,鈥� 鈥渂elieve,鈥� 鈥渆xpect,鈥� 鈥渋ntend,鈥� 鈥渙utlook,鈥� 鈥渨ill,鈥� and similar expressions are intended to identify Projections, although not all Projections contain such identifying words. All Projections speak only as of the date of this release. We undertake no obligation to update or revise any Projections, whether as a result of new information, future events, or otherwise. The Projections are based on management鈥檚 current estimates, expectations, plans, and timetables, and, unless otherwise noted, do not take into account the impact of any future acquisition, investment, merger, or other business combination, divestiture (including any associated amount of incremental contingent consideration payment paid or received), cost savings, restructuring, operating, or efficiency initiatives, tariff changes, or financing or share repurchases that may be completed after the issuance of this release. Although we believe that the estimates, expectations, plans, and timetables reflected in the Projections are reasonable, we can give no assurance that such estimates, expectations, plans, and timetables will prove to be correct. In addition to the risks and uncertainties of ordinary business operations and conditions in the general economy and markets in which we compete, the Projections contained in this release are also subject to the risk, uncertainty, and possible variance from our current expectations regarding:

RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES

We report our financial results in accordance with GAAP. However, non-GAAP financial measures, as defined in the reconciliation tables below, are provided because management uses this information in evaluating the results of our core operations and/or internal goal setting. In addition, we believe this information provides our investors valuable insight on underlying business trends and results in order to evaluate year-over-year financial performance. Non-GAAP financial measures should be considered in addition to, not as a substitute for, or superior to, our reported results prepared in accordance with GAAP.

Assets held for sale impairment and related expenses
Largely in connection with the 2025 Wine Divestitures we recognized contract liabilities and inventory obsolescence expenses, partially offset by changes in net assets held for sale.

2025 Restructuring Initiative
We recognized costs in connection with an enterprise-wide cost savings and restructuring initiative designed to help optimize the performance of our business (鈥�2025 Restructuring Initiative鈥�).

Transition services agreements activity
We recognized costs in connection with transition services agreements related to the previous sale of a portion of our wine and spirits business.

Undesignated commodity derivative contracts
Net gain (loss) on undesignated commodity derivative contracts represents a net gain (loss) from the changes in fair value of undesignated commodity derivative contracts. The net gain (loss) is reported outside of segment operating results until such time that the underlying exposure is recognized in the segment operating results. At settlement, the net gain (loss) from the changes in fair value of the undesignated commodity derivative contracts is reported in the appropriate operating segment, allowing the results of our operating segments to reflect the economic effects of the commodity derivative contracts without the resulting unrealized mark to fair value volatility.

Strategic business reconfiguration costs
We recognized costs in connection with certain activities which are intended to streamline, increase efficiencies, and reduce our cost structure.

Transaction, integration, and other acquisition-related costs
We recognized costs in connection with our acquisitions, divestitures, and investments.

Flow through of inventory step-up
In connection with acquisitions, the allocation of purchase price in excess of book value for certain inventories on hand at the date of acquisition is referred to as inventory step-up. Inventory step-up represents an assumed manufacturing profit attributable to the acquired business prior to acquisition.

Gain (loss) on sale of business
We recognized a net gain from the SVEDKA Divestiture.

Goodwill impairment and intangible assets impairment
We recognized goodwill and intangible assets impairments in connection with continued negative trends within our Wine and Spirits business primarily attributable to our U.S. wholesale market, driven by declines in both the overall wine market and in our mainstream and premium wine brands.

Other (gains) losses
We primarily recognized a net loss on foreign currency as a result of the resolution of various tax examinations and assessments, partially offset by decreases in estimated fair values of contingent liabilities associated with prior period acquisitions.

Free Cash Flow Guidance

Free cash flow, as defined in the reconciliation below, is considered a liquidity measure and is considered to provide useful information to investors about the amount of cash generated, which can then be used, after required debt service and dividend payments, for other general corporate purposes. A limitation of free cash flow is that it does not represent the total increase or decrease in the cash balance for the period.

A downloadable PDF copy of this news release can be found here.听