Constellation Brands
STZ · NYSEBeverages · Fiscal year ends Feb 28
Constellation Brands reported revenue of $9.1B in the fiscal year ended Feb 2026, down 10.5% from the year before. Operating income was $2.7B, an operating margin of 29.8%, and net income was $1.7B. Operating cash flow of $2.7B less capital expenditure of $875M left free cash flow of $1.8B. Net debt was $10.2B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Feb 2022 | Feb 2023 | Feb 2024 | Feb 2025 | Feb 2026 |
|---|---|---|---|---|---|
| Revenue | $8.8B | $9.5B | $10B | $10.2B | $9.1B |
| Cost of revenue | $4.1B | $4.7B | $4.9B | $4.9B | $4.4B |
| Gross profit | $4.7B | $4.8B | $5B | $5.3B | $4.7B |
| Selling, general & admin | $1.7B | $1.9B | $1.8B | $2B | $1.8B |
| Operating income | $2.3B | $2.8B | $3.2B | $355M | $2.7B |
| Interest expense | – | −$416M | $444M | $418M | $362M |
| Pre-tax income | $310M | $384M | $2.2B | −$83M | $2.4B |
| Income tax | $309M | $422M | $457M | −$52M | $621M |
| Net income | −$40M | −$71M | $1.7B | −$81M | $1.7B |
Balance sheet
| Fiscal year | Feb 2022 | Feb 2023 | Feb 2024 | Feb 2025 | Feb 2026 |
|---|---|---|---|---|---|
| Cash & equivalents | $199M | $134M | $152M | $68M | $102M |
| Receivables | $899M | $902M | $833M | $737M | $658M |
| Inventory | $1.6B | $1.9B | $2.1B | $1.4B | $1.4B |
| Current assets | $3.3B | $3.5B | $3.7B | $3.7B | $2.9B |
| Net PP&E | $6.1B | $6.9B | $8.1B | $7.4B | – |
| Goodwill | $7.9B | $7.9B | $8B | $5.1B | $5.2B |
| Total assets | $25.9B | $24.7B | $25.7B | $21.7B | $21.9B |
| Payables | $899M | $942M | $1.1B | $940M | $960M |
| Deferred revenue | $32M | $34M | $35M | $92M | $18M |
| Current liabilities | $2.7B | $3B | $3.1B | $4B | $2.7B |
| Short-term debt | $605M | $10M | $957M | $1.4B | $604M |
| Long-term debt | $9.5B | $11.3B | $10.7B | $9.3B | $9.7B |
| Total liabilities | $13.8B | $15.9B | $15.6B | $14.5B | $13.5B |
| Shareholders' equity | $11.7B | $8.4B | $9.7B | $6.9B | $8.1B |
Cash flow
| Fiscal year | Feb 2022 | Feb 2023 | Feb 2024 | Feb 2025 | Feb 2026 |
|---|---|---|---|---|---|
| Operating cash flow | $2.7B | $2.8B | $2.8B | $3.2B | $2.7B |
| Capital expenditure | $1B | $1B | $1.3B | $1.2B | $875M |
| Free cash flow | $1.7B | $1.7B | $1.5B | $1.9B | $1.8B |
| Depreciation & amortisation | $342M | $387M | $429M | $447M | $420M |
| Stock-based compensation | $45M | $69M | $64M | $72M | $68M |
| Acquisitions | $54M | $37M | $8M | $159M | $0 |
| Share buybacks | $1.4B | $1.7B | $250M | $1.1B | $924M |
| Dividends paid | $573M | $588M | $654M | $732M | $716M |
Key ratios
| Fiscal year | Feb 2022 | Feb 2023 | Feb 2024 | Feb 2025 | Feb 2026 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 7.2% | 5.4% | 2.5% | −10.5% |
| Operating income growth (YoY) | – | 21.9% | 11.5% | −88.8% | 666.8% |
| Gross margin | 53.4% | 50.5% | 50.4% | 52.1% | 51.6% |
| Operating margin | 26.4% | 30.1% | 31.8% | 3.5% | 29.8% |
| Net margin | −0.5% | −0.8% | 17.3% | −0.8% | 18.5% |
| Return on equityBlank when equity is negative | −0.3% | −0.8% | 17.7% | −1.2% | 20.9% |
| ROCEEBIT ÷ (assets − current liabilities) | 10.1% | 13.1% | 14.1% | 2.0% | 14.2% |
| Free cash flow margin | 19.0% | 18.2% | 15.2% | 19.0% | 19.6% |
| Cash conversion (CFO ÷ net income) | −67.0x | −38.8x | 1.61x | −38.7x | 1.58x |
| Receivable days | 37 | 35 | 31 | 26 | 26 |
| Inventory days | 140 | 148 | 153 | 107 | 118 |
| Payable days | 80 | 73 | 82 | 70 | 79 |
| Interest cover | – | −6.84x | 7.15x | 0.85x | 7.53x |
| Debt ÷ equity | 0.86x | 1.34x | 1.19x | 1.55x | 1.27x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $9.9B | $11.2B | $11.5B | $10.6B | $10.2B |
| Current ratio | 1.23x | 1.18x | 1.19x | 0.92x | 1.08x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.