Q3 26 EPS
$3.06
BEAT +16.21%
Est. $2.63
Q3 26 Revenue
$2.22B
BEAT +3.04%
Est. $2.16B
vs S&P Since Q3 26
+3.1%
BEATING MARKET
STZ +7.6% vs S&P +4.5%
Market Reaction
Did STZ Beat Earnings? Q3 2026 Results
Constellation Brands delivered a stronger-than-expected Q3 FY2026, posting comparable EPS of $3.06 against a consensus estimate of $2.63, a beat of 16.21%, even as the company navigated a year-over-year revenue decline of 9.8% to $2.22 billion, which… Read more Constellation Brands delivered a stronger-than-expected Q3 FY2026, posting comparable EPS of $3.06 against a consensus estimate of $2.63, a beat of 16.21%, even as the company navigated a year-over-year revenue decline of 9.8% to $2.22 billion, which itself edged past the $2.16 billion estimate by 3.04%. The headline revenue drop was heavily distorted by divestitures, including the SVEDKA sale and recent wine asset disposals, which caused the Wine and Spirits segment to crater 51% to $213.10 million; on an organic basis, the enterprise decline was a far more modest 2%. The Beer Business, still the company's core engine, held relatively steady at $2.01 billion in net sales, with margin expanding 10 basis points to 38.0% despite aluminum tariff headwinds, while Pacifico and Victoria posted depletion growth exceeding 15% and 13%, respectively, helping offset softness in Modelo Especial and Corona Extra. Looking ahead, Constellation affirmed comparable EPS guidance of $11.30 to $11.60 for the full fiscal year, with free cash flow targeted at $1.30 billion to $1.40 billion.
Key Takeaways
- • Beer Business gained dollar and volume share in U.S. tracked channels despite challenging operating environment
- • Favorable pricing partially offset beer shipment volume declines of 2.2%
- • Pacifico and Victoria delivered strong growth of over 15% and 13% respectively in depletions
- • SVEDKA Divestiture and 2025 Wine Divestitures drove significant Wine and Spirits revenue decline
- • Lower depreciation contributed positively to Beer operating margins
- • Aluminum tariffs and unfavorable fixed cost absorption pressured Beer COGS
- • Interest expense declined from $104.4 million to $83.2 million year-over-year
STZ YoY Financials
Q3 2026 vs Q3 2025, source: SEC Filings
STZ Revenue by Segment
With YoY comparisons, source: SEC Filings
“The operating environment during the third quarter of fiscal 2026 remained challenged, which was in line with our expectations and relatively consistent with the prior quarter. Our Beer Business delivered dollar and volume share gains in tracked channels and gained incremental distribution points, while our Wine and Spirit Business continued to outperform the U.S. wine industry. By focusing on factors within our control, we are confident that we are positioning the company for long-term success.”
— Bill Newlands, Q3 2026 Earnings Press Release
STZ Earnings Trends
STZ vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
STZ EPS Trend
Earnings per share: estimate vs actual
STZ Revenue Trend
Quarterly revenue: estimate vs actual
STZ Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q4 26 FY | — | $1.90 | — | $1.92B | -0.77% |
| FY Full Year | $11.63 | $11.82 | +1.63% | $9.14B | +0.49% |
| Q3 26 BEAT | $2.63 | $3.06 | +16.21% | $2.22B | +3.04% |
| Q2 26 BEAT | $3.41 | $3.63 | +6.51% | $2.48B | +0.95% |
| Q1 26 MISS | $3.29 | $3.22 | -2.27% | $2.52B | -1.60% |
| Q4 25 BEAT FY | $2.27 | $2.63 | +15.86% | $2.16B | +1.22% |
| FY Full Year | $13.46 | $13.78 | +2.38% | $10.21B | +0.26% |