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Constellation Brands logo

Constellation Brands Cash Flow Statement

Operating, investing, and financing cash movements

Constellation Brands generated $2.7B in operating cash flow over the trailing twelve months. After $875.0M in capital expenditures, free cash flow was $1.8B. Free cash flow decreased 0.1% year-over-year. Based on the Q1 2026 filing.

Net Cash From Operating (TTM)$2.7BNet Cash From Investing (TTM)-$1.5BNet Cash From Financing (TTM)-$2.7BCapital Expenditures (TTM)$875.0MDepreciation And Amortization Cf (TTM)$418.7MNet Change In Cash (TTM)-$18.7M
Latest FilingQ1 2026
Report Date2026-04-22
Market Cap$25.5B
P/E Ratio15.10
ROE22.54%

Financing

MetricQ3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26
Payment for contingent consideration liability (financing)——$1.4M$100K——
Payment for Contingent Consideration (Financing)——$1.4M$100K——
Proceeds from issuance of debt$0$0$499.1M—$498.6M—
Repayments of debt$401.7M$1M$1M$901.1M$501.2M$1.1M
Distributions to noncontrolling interests$15M$10M$7.5M$10M$20M$25M
Dividends paid$182.7M$180.5M$182.2M$178.9M$177.7M$176.9M
Payments to Noncontrolling Interests—————$0
Proceeds from exercises of stock options and other stock issuances$17.8M$7.6M$5.3M——$4.6M
Proceeds from (Repayments of) Short-Term Debt$382M—-$429.2M-$125M—-$102.8M
Payment of Deferred Purchase Consideration——$1.4M$100K——
Net cash from financing activities-$434.8M-$723M-$437.6M-$1.5B-$301.6M-$401.3M
Other financing activities——$1.4M$100K——
Proceeds from issuance of common stock$17.8M$7.6M$5.3M——$4.6M
Repurchases of common stock$218.9M$455.7M$306.1M$297.9M$220.1M$100M
Net change in short-term borrowings$382M—-$429.2M-$125M—-$102.8M
Taxes paid for net share settlement——$9.4M$100K——
Net Change in Short-term Borrowings and Indebtedness to Subsidiaries$382M—-$429.2M-$125M—-$102.8M

Investing

MetricQ3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26
Acquisitions, net of cash acquired$400K———$0$0
Capital expenditures$228.4M$282.6M$192.8M$217.3M$246M$218.9M
Payment for (Proceeds from) Other Investing Activity$1.7M$0$0$0$0$0
Proceeds from disposals of property, plant and equipment$2M$700K$0$30.8M$11.8M$16.4M
Net cash from investing activities-$240.6M—-$196.1M$660.9M——
Proceeds from sale of businesses$0$409.2M$3.7M$847.4M——
Proceeds from sale of property, plant and equipment$2M$700K$0$30.8M$11.8M$16.4M
Purchases of investments$12.1M$3.9M$7M——$11M

Supplemental

MetricQ3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26
Capital expenditures incurred but not yet paid—$31.8M$120.3M—$89.5M—
Income taxes paid$49.3M$49.3M$43.4M$43.4M$43.4M$43.4M
Transfer to investments$2.3M$2.3M———$0
Interest paid$104M$104M$86.6M$86.6M$86.6M$86.6M
Capital expenditures incurred but not yet paid—$31.8M$120.3M—$89.5M—
Capital Expenditures Incurred but Not Yet Paid—$31.8M$120.3M—$89.5M—
Income Taxes Paid, Net$49.3M$49.3M$43.4M$43.4M$43.4M$43.4M

Operating

MetricQ3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26
Goodwill impairment loss$0$490.7M—$0$0—
Change in accounts payable——$36.7M$16.3M-$60.9M—
Change in accrued liabilities-$62M—-$92.3M—-$75.5M-$15.5M
Change in deferred revenue-$21.5M-$23.7M$6.3M-$56.7M-$16.2M-$4.9M
Change in inventories$68.9M$98M$20.8M$27.5M-$49.2M$49.2M
Change in other assets—$42.2M$25.8M$31M-$49.8M-$10.4M
Other working capital changes-$11.1M-$21.3M$50.5M-$116.1M-$2.5M-$104.5M
Change in receivables—-$98M$73.9M-$146.1M—-$51.7M
Other Non-cash Expense$27.5M$27.2M$31M$31.6M$32.1M$32.7M
Deferred income taxes-$5.7M-$26.1M$34M$243.6M$34.1M$198.8M
Depreciation and amortization$119M$105.9M$105.2M$102.7M$99M$111.8M
Impairment of Goodwill and Content$0$490.7M$0$0$0$0
Distributions from equity method investments$23.9M—$625K$625K$625K$625K
Gain (loss) on sale of assets—$266M-$8M-$8M-$8M-$8M
Impairment charges$0$547.7M$0$0$0$0
Gain (loss) on disposal of group—$266M-$8M-$8M-$8M-$8M
Other operating reconciliation adjustments$56.1M$965.3M$113.4M$366M$94.7M$338.1M
Gain (Loss) on Disposal Group—$266M-$8M-$8M-$8M-$8M
Gain (Loss) on Disposal of Group (Not Discontinued Operation)—$266M-$8M-$8M-$8M-$8M
Net cash from operating activities$685.2M$594.7M$637.2M$852.1M$616.9M$562.8M
Asset impairment and related expenses$0$478M$52.1M$0$0$57.7M
Unrealized gain (loss) on debt and equity securities, net-$12M-$12M-$1.3M-$1.3M-$1.3M-$1.3M
Depreciation$119M$105.9M$105.2M$102.7M$99M$111.8M
Income Loss From Equity Method Investments Net Of Dividends Or Distributions$23.9M—$625K$625K$625K$625K
Increase (Decrease) in Accounts and Notes Receivable—-$98M$73.9M-$146.1M—-$51.7M
Accrued liabilities-$62M—-$92.3M—-$75.5M-$15.5M
Increase (Decrease) in Prepaid Expense and Other Assets—$42.2M$25.8M$31M-$49.8M-$10.4M
Net gain (loss) in connection with exchangeable shares-$38.6M—$0$0$0—
Other Non-Cash Adjustments$27.5M$27.2M$31M$31.6M$32.1M$32.7M
Impairment of Goodwill and Other Intangibles$699.4M$699.4M$0$0$0$0
Pre-tax Gain on Disposal of Business—$266M-$8M-$8M-$8M-$8M
Other Non-cash Expense$27.5M$27.2M$31M$31.6M$32.1M$32.7M
Stock-based compensation$19.7M$11.5M$10.4M$21.7M$15.9M$19.7M
Adjustments to Reconcile Net Income to Operating Cash Flow$56.1M$965.3M$113.4M$366M$94.7M$338.1M
Gain (Loss) on Disposal Group Not Discontinued Operation—$266M-$8M-$8M-$8M-$8M

Free Cash Flow

MetricQ3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26
Free cash flow$456.8M$312.1M$444.4M$634.8M$370.9M$343.9M

Other

MetricQ3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26
Effect of exchange rate changes on cash$25K$25K———$2.1M
Contingent consideration (receivable) payable - financing activities——$1.4M$100K——
Net increase (decrease) in cash—-$5.6M$5.8M—$80.4M—
Payments Of Debt Extinguishment, Debt Issuance And Other Financing Costs$100K$0$5.2M$200K$3.5M$100K