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Constellation Brands logo

Constellation Brands Income Statement

Revenue, expenses, and profitability over time

Constellation Brands generated $9.1B in trailing twelve-month revenue, down 0.1% year-over-year. Net income was $1.7B with a 18.46% net margin. Gross margin stands at 51.55% and operating margin at 29.78%. Based on the Q1 2026 filing.

Total Revenue (TTM)$9.1BGross Profit (TTM)$4.7BOperating Income (TTM)$2.7BNet Income (TTM)$1.7B
Latest FilingQ1 2026
Report Date2026-04-22
Market Cap$24.7B
P/E Ratio14.65
ROE22.54%

Operating Expenses

MetricQ3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26
Advertising$232.8M$232.8M$216.9M$216.9M$216.9M$216.9M
Compensation and benefits$19.7M$11.5M$10.4M$21.7M$15.9M$19.7M
Depreciation and amortization$119.3M$106.2M$105.5M$103.1M$99.3M$112.1M
Goodwill impairment$0$490.7M—$0$0—
Excise And Sales Taxes$180.6M$148.5M$162.5M$172.9M$151.6M$129.5M
Other operating expenses-$11.1M-$24.5M$50.5M-$116.1M-$2.5M$122M
Selling, general and administrative$491.3M$505.3M$500.7M$436M$491.2M$420.5M

Other Income & Expense

MetricQ3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26
Income from equity method investments$23.9M—-$3.5M$3M$23.5M—
Gain (loss) on disposal of assets—$266M-$8M-$8M-$8M-$8M
Interest expense$107.7M$100.1M$100.6M$89M$86.6M$85.4M
Interest income-$15M-$92.1M-$3.5M-$3.5M$23.5M—
Interest Income (Expense), Nonoperating-$104.4M-$100.2M-$98.9M-$87.6M-$83.2M-$82.9M
Other income (expense), net—4.7%————

Operating Income

MetricQ3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26
Gross profit$1.3B$1.1B$1.3B$1.3B$1.2B$951.7M
Operating income$793M—$713.8M$874M$692M$441.6M

Income Before Tax

MetricQ3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26
Income before income taxes$673.6M-$342.6M$611.4M$782.9M$632.3M$351.2M

Tax

MetricQ3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26
Income tax expense$44.5M—$87.6M$296.8M$110.1M$126.5M

Net Income

MetricQ3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26
Net income attributable to noncontrolling interests$13.2M$4.7M$7.7M$20.1M$19.4M$22.9M
Net income$615.9M-$375.3M$516.1M$466M$502.8M$201.8M
Income from continuing operations$629.1M-$370.6M$523.8M$486.1M$522.2M$224.7M
Preferred stock dividends$183.4M$181M$180.6M$179.4M$177.9M$177.8M

Other

MetricQ3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26
Share-based compensation expense related to employee stock plans$19.8M$11.1M$10.3M$21.7M$16.3M$20M
Adjustment to Reconcile Net Income to Cash Provided by (Used in) Operating Activity$56.1M$965.3M$113.4M$366M$94.7M$338.1M
Advertising costs$232.8M$232.8M$216.9M$216.9M$216.9M$216.9M
Pre-tax stock-based compensation cost$18.1M$18.1M$17.3M$17.3M$17.3M$17.3M
Asset impairment and related expenses$0$478M$52.1M$0$0$57.7M
Capital investments accrued but not yet paid—$31.8M$120.3M—$89.5M—
Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Period Increase (Decrease), Including Exchange Rate Effect and Discontinued Operation—-$5.6M$5.8M—$80.4M—
Cash Flow Hedge Gain Loss To Be Reclassified Within Twelve Months—$9M$66.3M$100K$31M$39.9M
Comprehensive Income (Loss), Net of Tax, Attributable to Parent$318.2M-$313.3M$866.8M$685.7M$594.3M$625.8M
Less: comprehensive income attributable to noncontrolling interest$1.1M$8.9M$21.3M$29.3M$23.6M$40M
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest$319.3M-$304.4M$888.1M$715M$617.9M$665.8M
Federal$4.2M$4.2M$40.4M$40.4M$40.4M$40.4M
Foreign$29M$29M-$16.8M-$16.8M-$16.8M-$16.8M
Current State And Local Tax Expense Benefit$6.5M$6.5M$4M$4M$4M$4M
Unrealized net gain (loss) on securities measured at fair value—-$45.4M———$0
Federal-$109.1M-$109.1M$23.7M$23.7M$23.7M$23.7M
Deferred Foreign Income Tax Expense Benefit$74.8M$74.8M$99.1M$99.1M$99.1M$99.1M
Deferred taxes-$5.7M-$26.1M$34M$243.6M$34.1M$198.8M
State-$18.3M-$18.3M$4.8M$4.8M$4.8M$4.8M
Depreciation$119M$105.9M$105.2M$102.7M$99M$111.8M
Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net-$5.1M—-$12.7M$15.1M$11.2M$15.5M
Gain in connection with sale—$266M-$8M-$8M-$8M-$8M
Effect of currency exchange rate changes on cash, cash equivalents, and restricted cash$25K$25K———$2.1M
Effective tax rates$0.1$0.9$0.1$0.4$0.2$0
Income taxes at U.S. statutory rate of 21%$0.1$0.1$0.1$0.1$0.1$0.1
Net income tax benefit from a tax entity classification change—0.0%————
Net income tax benefit from a tax entity classification change$0$0————
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent—-29.1%————
Effective Income Tax Rate Reconciliation, Cross-Border, Other, Amount——$13.5M$13.5M$13.5M$13.5M
Other—————2.3%
Effective Income Tax Rate Reconciliation Disposition Of Assets—26.8%————
Business disposition—-7.2%————
Earnings taxed at other than U.S. statutory rate—291.1%————
Global Intangible Low-taxed Income, net of credits——$47M$47M$47M$47M
Global Intangible Low-taxed Income, net of credits—————7.9%
Wine and Spirits-related impairments including the non-deductible portion of the wine and spirits goodwill impairment—-306.0%————
Wine and Spirits-related impairments including the non-deductible portion of the wine and spirits goodwill impairment$63.3M$63.3M————
Interest limitation—————-14.9%
Interest limitation——-$88.4M-$88.4M-$88.4M-$88.4M
Excess tax benefits associated with employee equity plans (in percent)—6.4%————
Excess tax benefits associated with employee equity plans-$1.3M-$1.3M————
State income taxes – net of federal income tax benefit$0.1$0.1————
Changes in unrecognized tax benefits—————-10.3%
Effective Income Tax Rate Reconciliation, Tax Credit, Percent—-17.0%———0.1%
Earnings taxed at other than U.S. statutory rate-$60.3M-$60.3M————
Share-Based Payment Arrangement, Expense, Tax Benefit$2.7M$2.7M$2.6M$2.6M$2.6M$2.6M
Equity method investment, impairment$300K$6.3M—$1.5M$0—
Gain (loss) on sale of business—$195M———$0
Goodwill Additions$400K$100K————
Goodwill And Intangible Asset Impairment$699.4M$699.4M$0$0$0$0
Goodwill and intangible assets impairment—-$497.6M———$0
Foreign Currency Translation and Other Adjustments-$30.2M$0$30M$22.5M$11.3M$43.3M
Goodwill impairment losses$0$490.7M—$0$0—
Goodwill, Written off Related to Sale of Business Unit$18.3M$18.3M————
Asset impairment and related expenses—-$364.2M———-$42.1M
Income Loss From Continuing Operations Before Income Taxes Domestic-$658.3M-$658.3M-$21M-$21M-$21M-$21M
Income Loss From Continuing Operations Before Income Taxes Foreign$637.6M$637.6M$615.4M$615.4M$615.4M$615.4M
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions$23.9M—$625K$625K$625K$625K
Net income tax benefit (expense) from the resolution of various tax examinations and assessments related to prior periods—-$1.9M———$93.4M
Net income tax provision (benefit) from legislative changes—0.0%————
Federal taxes——$19.5M$19.5M$19.5M$19.5M
Foreign——$19.8M$19.8M$19.8M$19.8M
State taxes——$4.1M$4.1M$4.1M$4.1M
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount$6M$6M————
Net income tax provision (benefit) in connection with sale of the remaining assets at the canceled Mexicali Brewery-$5.6M-$5.6M————
Business disposition$1.5M$1.5M————
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount-$4.4M-$4.4M$124.8M$124.8M$124.8M$124.8M
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount-$975K-$975K————
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount-$7.8M-$7.8M————
Changes in unrecognized tax benefits——-$61.4M-$61.4M-$61.4M-$61.4M
Income Taxes Paid, Net$49.3M$49.3M$43.4M$43.4M$43.4M$43.4M
Increase (Decrease) in Accounts and Notes Receivable—-$98M$73.9M-$146.1M—-$51.7M
Accounts payable——$36.7M$16.3M-$60.9M—
Increase (decrease) in contract liabilities and current deferred income-$21.5M—$6.3M-$56.7M-$16.2M—
Increase (Decrease) in Inventories$68.9M$98M$20.8M$27.5M-$49.2M$49.2M
Increase Decrease In Other 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
Insurance Recoveries$14.1M$14.1M$14.1M$14.1M$14.1M$14.1M
Interest income$3.3M$0$1.7M$2.4M$3.8M$2.5M
Interest Paid, Excluding Capitalized Interest, Operating Activity$104M$104M$86.6M$86.6M$86.6M$86.6M
Net interest and investment income (loss)-$15M-$92.1M-$3.5M-$3.5M$23.5M—
Long-term material purchase obligations$1.7B$1.7B$1.3B$1.3B$1.3B$1.3B
Minority Interest Decrease From Distributions To Noncontrolling Interest Holders$15M$10M$7.5M$10M$20M$25M
Minority Interest Decrease From Redemptions$25.4M—————
Cash Provided by (Used in) Financing Activity, Including Discontinued Operation-$434.8M-$723M-$437.6M-$1.5B-$301.6M-$401.3M
Cash Provided by (Used in) Investing Activity, Including Discontinued Operation-$240.6M—-$196.1M$660.9M——
Cash Provided by (Used in) Operating Activity, Including Discontinued Operation$685.2M$594.7M$637.2M$852.1M$616.9M$562.8M
Net gain (loss) in connection with exchangeable shares-$38.6M—$0$0$0$0
Net Income Loss Attributable To Noncontrolling Interest$13.2M$4.7M$7.7M$20.1M$19.4M$22.9M
Net income tax expense recognized for adjustments to valuation allowances—-$73.3M———-$110M
Number of business divisions——2.00———
Number of reportable segments——3.00———
Number of reporting units0.500.50————
Oci Equity Method Investment After Tax-$2.7M-$2.7M-$50K-$50K-$50K-$50K
Unrealized gains (losses) on hedge instruments-$64.2M-$64.2M$69.4M$69.4M$69.4M$69.4M
Foreign currency translation gains (losses)-$204.7M-$204.7M$214.5M$214.5M$214.5M$214.5M
Other comprehensive income (loss)-$309.8M$0$364.3M$228.9M$95.7M$441.1M
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax-$550K-$550K$1.3M$1.3M$1.3M$1.3M
Other Noncash Expense$27.5M$27.2M$31M$31.6M$32.1M$32.7M
All other operating activities-$11.1M-$21.3M$50.5M-$116.1M-$2.5M-$104.5M
Payment for Contingent Consideration Liability, Financing Activities——$1.4M$100K——
Payment for (Proceeds from) Other Investing Activity$1.7M$0$0$0$0$0
Payments for Repurchase of Common Stock$218.9M$455.7M$306.1M$297.9M$220.1M$100M
Payments of Ordinary Dividends, Common Stock$182.7M$180.5M$182.2M$178.9M$177.7M$176.9M
Payment, Tax Withholding, Share-Based Payment Arrangement——$9.4M$100K——
Payments to Acquire Businesses, Net of Cash Acquired$400K———$0$0
Payments to Acquire Investments$12.1M$3.9M$7M——$11M
Payments to Acquire Property, Plant, and Equipment$228.4M$282.6M$192.8M$217.3M$246M$218.9M
Payments to Noncontrolling Interests—————$0
Proceeds from principal business dispositions$0$409.2M$3.7M$847.4M——
Debt issued (Note 13)$0$0$499.1M—$498.6M—
Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options$17.8M$7.6M$5.3M——$4.6M
Proceeds from (Repayments of) Short-Term Debt$382M—-$429.2M-$125M—-$102.8M
Dispositions of property, plant, and equipment$2M$700K$0$30.8M$11.8M$16.4M
Repayments of Long-Term Debt$401.7M$1M$1M$901.1M$501.2M$1.1M
Revenue From Contract With Customer Excluding Assessed Tax$2.5B$2.2B$2.5B$2.5B$2.2B$1.9B
Property, plant, and equipment additions$228.4M$282.6M$192.8M$217.3M$246M$218.9M
Stock-based compensation$19.7M$11.5M$10.4M$21.7M$15.9M$19.7M
Exercised (in shares)$252.17$251.32——$214.90$235.72
Shares Issued, Value, Share-Based Payment Arrangement, after Forfeiture$19.4M$3.1M-$6.9M$4.8M-$2.2M—
Supply chain finance program, payments$40.7M$40.7M$63.7M$63.7M$63.7M$63.7M
Invoices confirmed during the period$47.6M$47.6M$66.5M$66.5M$66.5M$66.5M
Transfer from trading securities to investment securities$2.3M$2.3M———$0
Treasury stock, value, acquired$218.9M$455.7M$306.1M$297.9M$220.1M$100M
Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions$31.2M$31.2M$25.6M$25.6M$25.6M$25.6M
Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions$7M$7M$12.7M$12.7M$12.7M$12.7M
Additions for tax positions of prior years$13M$13M$11.7M$11.7M$11.7M$11.7M
Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations$2.1M$2.1M$3.5M$3.5M$3.5M$3.5M

Revenue

MetricQ3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26
Debt and Equity Securities, Unrealized Gain (Loss)$0-$45.4M-$1.3M-$5M$0-$1.3M
Total revenue$2.5B$2.2B$2.5B$2.5B$2.2B$1.9B

Cost of Revenue

MetricQ3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26
Total cost of revenue$1.2B$1B$1.2B$1.2B$1B$968.5M