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Constellation Brands

STZ Q4 2025 Earnings

Reported Apr 9, 2025 at 4:55 PM ET · SEC Source

Q4 25 EPS

$2.63

BEAT +15.86%

Est. $2.27

Q4 25 Revenue

$2.16B

BEAT +1.22%

Est. $2.14B

vs S&P Since Q4 25

-48.7%

TRAILING MARKET

STZ -11.3% vs S&P +37.4%

Full Year 2025 Results

FY 25 EPS

$13.78

BEAT +2.38%

Est. $13.46

FY 25 Revenue

$10.21B

BEAT +0.26%

Est. $10.18B

Market Reaction

Did STZ Beat Earnings? Q4 2025 Results

Constellation Brands closed fiscal year 2025 on a strategically turbulent but operationally resilient note, delivering Q4 comparable EPS of $2.63 against a consensus estimate of $2.27, a beat of 15.86%, while revenue of $2.16 billion edged past the $… Read more Constellation Brands closed fiscal year 2025 on a strategically turbulent but operationally resilient note, delivering Q4 comparable EPS of $2.63 against a consensus estimate of $2.27, a beat of 15.86%, while revenue of $2.16 billion edged past the $2.14 billion estimate by 1.22%. The headline numbers masked a far more complex story underneath: a GAAP net loss of $375.30 million for the quarter, driven by $3.30 billion in non-cash impairments tied to the Wine and Spirits segment, a business the company is now dramatically reshaping through the $900.00 million divestiture of mainstream brands including Woodbridge and Meiomi to The Wine Group. The Beer Business, which logged its 15th consecutive year of volume growth and full-year net sales of $8.54 billion, remained the core engine. Looking ahead, management guided fiscal 2026 comparable EPS to $12.60 to $12.90, absorbing tariff headwinds and restructuring costs, while projecting cumulative free cash flow exceeding $5.00 billion through fiscal 2028.

Key Takeaways

  • • Beer Business 15th consecutive year of volume growth with shipment volume growth of over 3% for full year
  • • Modelo Especial depletion growth of nearly 5% and Pacifico growth of nearly 20% for full year
  • • Beer operating margin expanded 180 basis points to 39.7% driven by favorable pricing and cost savings
  • • Approximately $220 million of cost savings delivered in FY25 through supply chain efficiencies
  • • Strong operating cash flow of $3.2 billion, an increase of 13%, and free cash flow of $1.9 billion, an increase of 28%
  • • Beer Business was #1 dollar sales share gainer across all of beverage alcohol in Circana channels, adding 1.1 dollar share points
24/7 Wall St

STZ YoY Financials

Q4 2025 vs Q4 2024, source: SEC Filings

24/7 Wall St

STZ Revenue by Segment

With YoY comparisons, source: SEC Filings

Q4 25 Q4 26

“Despite a softer consumer demand backdrop in fiscal 2025, we delivered another year of Enterprise net sales growth and substantial comparable operating margin improvement, as well as double-digit comparable EPS growth. These results allowed us to once again be recognized as the #1 growth leader among large CPG companies in calendar year 2024 in Circana's annual U.S. CPG Growth Leaders ranking. Looking ahead, in a tough socioeconomic environment we are taking decisive actions designed to continue to support our industry-leading Beer Business, reset our cost base, and redefine our portfolio. We remain focused on: driving distribution gains, disciplined innovation, and increased marketing investments in our Beer Business; enhancing efficiency across our enterprise; and repositioning our Wine and Spirits Business to be entirely in higher growth, higher-end segments.”

— Bill Newlands, Q4 2025 Earnings Press Release

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