CONSTELLATION BRANDS, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data CONSTELLATION BRANDS, INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2018	FY2018	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	8,062	8,327	8,884	9,113	9,356	9,529	10,177	10,711	10,957	9,756
Cost of revenue	3,802	3,768	4,036	4,192	4,149	4,113	4,684	4,944	4,894	4,428
Gross profit	3,519	3,813	4,080	4,152	4,466	4,707	4,769	5,018	5,315	4,712
Selling, general and administrative	1,392	1,533	1,668	1,622	1,675	1,710	1,928	1,833	1,950	1,848
Operating income	2,389	2,280	2,412	2,155	2,791	2,332	2,843	3,170	355	2,721
Interest expense	335	334	379				-416	444	418	362
Interest income	1.8	2.3	12
Pre-tax income	2,083	2,338	4,145	-945	2,543	310	384	2,222	-82.8	2,378
Income tax	550	22.7	686	-967	511	309	422	457	-51.7	621
Net income to minority interests	4.1	11.9	23.2	33.2	33.8	41.4	32.5	37.8	50.3	70.1
Net income	1,529	2,303	3,436	-11.8	1,998	-40.4	-71	1,727	-81.4	1,687
EBITDA	2,637	2,580	2,751	2,487	3,090	2,674	3,230	3,599	802	3,141

Balance sheet

	FY2016	FY2018	FY2018	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	177	90.3	93.6	81.4	461	199	134	152	68.1	102
Receivables	737	776	847	865	785	899	902	833	737	658
Inventory	1,955	2,084	2,130	1,374	1,291	1,573	1,899	2,078	1,437	1,434
Other current assets	124	133	122	89.3	79.6	91.2	115	125	102	112
Total current assets	3,230	3,474	3,684	3,484	3,045	3,330	3,496	3,730	3,716	2,906
Property, plant and equipment	3,933	4,790	5,267	5,333	5,822	6,060	6,865	8,055	7,410	8,521
Lease right-of-use assets			0	481		479	443	615	546	582
Goodwill	7,921	8,083	8,089	7,757	7,794	7,862	7,925	7,980	5,127	5,234
Intangible assets	3,378	3,305	3,198	2,719	2,732	2,755	2,728	2,732	2,532	2,533
Long-term investments		672	3,235	1,117	1,818	191	93.2	73	60.3	69.1
Other non-current assets	141	93.4	110	611	614	617	791	1,140	1,062	1,336
Total assets	18,602	20,539	29,232	27,323	27,105	25,856	24,662	25,692	21,652	21,901
Accounts payable	560	592	617	558	460	899	942	1,107	940	960
Accrued liabilities	620	678	690	780	780	871	852	836	887	854
Deferred revenue			15		16.3	32	34	34.6	91.5	17.8
Short-term debt	911	22.3	1,065	735	29.2	605	9.5	957	1,402	604
Total current liabilities	2,698	2,040	3,164	2,312	1,269	2,699	2,968	3,142	4,035	2,690
Long-term debt	7,721	9,418	11,760	11,211	10,413	9,488	11,287	10,681	9,289	9,693
Lease liabilities			0	484	471	457	417	589	539	532
Other non-current liabilities	166	136	107	86.3	96.2	150	137	128	94.7	76.3
Total liabilities	11,718	12,547	16,394	14,849	13,176	13,808	15,928	15,627	14,518	13,514
Total debt	8,632	9,440	12,825	11,946	10,442	10,094	11,296	11,638	10,691	10,297
Paid-in capital	2,756	2,825	1,411	1,515	1,604	1,809	1,903	2,047	2,145	2,186
Retained earnings	7,310	9,157	14,276	13,695	15,118	14,505	12,344	13,417	12,603	13,574
Treasury stock	-2,778	-3,807	-2,784	-2,814	-2,790	-4,172	-5,864
Other comprehensive income	-400	-203	-354	-266	-336	-413	28.5	377	-663	423
Shareholders' equity	6,891	7,975	12,551	12,132	13,599	11,732	8,414	9,743	6,882	8,082
Total equity	6,829	7,992	12,837	12,474	13,929	12,048	8,734	10,065	7,135	8,387
Total liabilities and equity	18,602	20,539	29,232	27,323	27,105	25,856	24,662	25,692	21,652	21,901

Cash flow statement

	FY2016	FY2018	FY2018	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Net income	1,529	2,303	3,436	-11.8	1,998	-40.4	-71	1,727	-81.4	1,687
Depreciation and amortization	248	300	339	332	299	342	387	429	447	420
Stock-based compensation	56.1	60.9	64.1	60.4	63	44.9	68.5	63.6	72.2	67.7
Deferred income tax	125	114	427	-1,154	336	84.8	208	148	-210	511
Change in receivables	-49.4	-34.1	-71.9	-22	59.6	-114	-3.9	73.2
Change in inventory	-151	-124	-61.9	-29.5	194	-261	-356	-182	-152	-48.3
Change in payables	116	12.8	21.4	16.8	-95.7	214	115	24.7	102	-3.7
Cash from operations	1,696	1,931	2,246	2,551	2,807	2,705	2,757	2,780	3,152	2,669
Capital expenditures	-907	-1,058	-886	-727	-865	-1,027	-1,035	-1,269	-1,214	-875
Acquisitions	-1,111	-150	-45.6	-36.2	-19.9	-53.5	-37.1	-7.5	-159	0
Purchases of investments	-17.1	-211	-4,082	-48.2	-222	-36.6	-30.8	-34.6	-35	-18
Sales and maturities of investments	0	0	110	1.5	0	74.4	0	0.3
Cash from investing	-1,462	-1,423	-4,832	-531	-87.9	-1,036	-999	-1,286	-975	16.5
Debt issued	1,966	7,933	3,658	1,291	1,195	996	3,345	1,144	0	998
Debt repaid	-972	-7,129	-62.8	-2,195	-2,721	-1,365	-2,160	-810	-957	-1,404
Share buybacks	-1,123	-1,039	-504	-50	0	-1,391	-1,700	-250	-1,124	-924
Dividends paid	-315	-400	-558	-569	-575	-573	-588	-654	-732	-716
Cash from financing	-135	-601	2,593	-2,031	-2,347	-1,930	-1,820	-1,475	-2,262	-2,656
Net change in cash	94.3	-87.1	3.3	-12.2	379	-261	-65.9	18.9	-84.3	34.3
Free cash flow	789	874	1,360	1,825	1,942	1,679	1,722	1,511	1,938	1,794
Interest paid	300	322	325	449	419	369	386	419	416	346
Income taxes paid	220	239	186	85.3	190	325	130	334	197	174

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to May 31, 2026; growth uses fiscal years. Valuation uses the share price of $113.63 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	50.0%	Gross profit / revenue.
Operating margin	29.9%	Operating income / revenue.
EBITDA margin	34.2%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	26.5%	Pre-tax income / revenue.
Net margin	19.1%	Net income / revenue.
FCF margin	19.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	28.2%	Cash from operations / revenue.
Effective tax rate	24.6%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	22.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	8.3%	Net income / average total assets.
Return on invested capital (ROIC)	11.7%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	18.9%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.8%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	9.0%	Capital expenditures / revenue.
D&A / revenue	4.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-11.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-1.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	0.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-11.3%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-0.4%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	1.1%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	666.8%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-1.4%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-0.5%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	291.7%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-0.9%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	0.3%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income CAGR, 5y	-3.3%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-15.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-1.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-1.0%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-7.4%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	1.4%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-1.6%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	17.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-1.3%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-9.9%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	1.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-3.9%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-4.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.91x	Current assets / current liabilities.
Quick ratio	0.25x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.03x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.24x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	46.1%	Total debt / total assets.
Liabilities / assets	61.3%	Total liabilities / total assets.
Net debt	$10.10B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	3.09x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	8.18x	Operating income / interest expense.
Working capital	-$288.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	35.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	$469.9M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.43x	Revenue / average total assets.
Fixed asset turnover	1.12x	Revenue / average property, plant and equipment.
Inventory turnover	2.95x	Cost of revenue / average inventory.
Days inventory	124 days	365 x average inventory / cost of revenue.
Receivables turnover	13.1x	Revenue / average receivables.
Days sales outstanding	28 days	365 x average receivables / revenue.
Days payables	85 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	66 days	Days inventory + days sales outstanding - days payables.
FCF conversion	100.5%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	31.9%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
Payout ratio	39.0%	Dividends paid / net income, when net income is positive.
Dividends / FCF	38.8%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	45.9%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$19.41B	Share price x shares outstanding.
Enterprise value	$29.51B	Market cap + total debt - cash - short-term investments.
P/E	10.6x	Market cap / net income. Only when net income is positive.
P/S	2.03x	Market cap / revenue.
P/B	2.35x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	41.3x	Market cap / tangible book value, when positive.
P/FCF	10.6x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	7.20x	Market cap / cash from operations, when positive.
EV/Sales	3.09x	Enterprise value / revenue.
EV/EBIT	10.3x	Enterprise value / operating income, when both are positive.
EV/EBITDA	9.04x	Enterprise value / EBITDA, when both are positive.
EV/FCF	16.1x	Enterprise value / free cash flow, when both are positive.
FCF yield	9.5%	Free cash flow / market cap.
Earnings yield	9.4%	Net income / market cap (the inverse of P/E).
Dividend yield	3.7%	Dividends paid over the period / market cap.
Shareholder yield	8.0%	(Dividends paid + share buybacks) / market cap.

What was CONSTELLATION BRANDS, INC.'s revenue in fiscal 2026?

CONSTELLATION BRANDS, INC. reported revenue of $9.76B for fiscal 2026, 11% lower than the year before.

Was CONSTELLATION BRANDS, INC. profitable in fiscal 2026?

Yes. Net income was $1.69B, a net margin of 17.3%.

How much free cash flow did CONSTELLATION BRANDS, INC. generate in fiscal 2026?

Cash from operations of $2.67B minus capital expenditures of $875.0M left free cash flow of $1.79B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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