NYSE$STZ
Constellation Brands Inc · Q3 2025 earnings
Q3 2025 earnings · · Investor relations
Briefing
Constellation Brands' Q3 2025 performance was marked by volume growth in the beer business, strategic divestitures, and updated fiscal 2025 outlook.
Constellation Brands reported a slight decrease in net sales and operating income, but net income increased by 21%. The Beer Business achieved its 59th consecutive quarter of depletion volume growth, while the Wine and Spirits Business completed the divestiture of SVEDKA. The company updated its fiscal 2025 outlook with reduced growth expectations for net sales and operating income, lowered reported EPS guidance, and increased operating cash flow and free cash flow targets.
- Reported EPS was $3.39 and comparable EPS was $3.25.
- Beer Business achieved 59th consecutive quarter of depletion volume growth, outperforming the total beverage industry.
- Wine and Spirits Business completed the divestiture of SVEDKA to focus on higher-growth, higher-margin brands.
- Year-to-date operating cash flow increased by 9% to $2.6 billion, and free cash flow increased by 13% to $1.6 billion.
Headline financials
Revenue & EPS history
Constellation Brands · Revenue · Quarterly
$2.46B
Revenue by segment
Constellation Brands · $2.43B total across 2 segments · Q1 2027
- Beer$2.28B—93.9%
- Wine and Spirits$149M—6.1%
Forward guidance
Constellation Brands updated its fiscal 2025 outlook with reduced growth expectations for net sales and operating income of enterprise and businesses, lowered reported EPS and lower-end of comparable EPS guidance, and increased operating cash flow and free cash flow targets.
Tailwinds
- Enterprise: organic net sales growth of 2 - 5%
- Beer: net sales growth of 4 - 7%
- Enterprise: operating income growth (decline): comparable of 6 - 9%
- Beer: operating income growth of 9 - 12%
- Operating cash flow: $2.9 - $3.1 billion
Headwinds
- Enterprise: operating income growth (decline): reported of (65%) - (62%)
- Wine and Spirits: organic net sales decline of 5 - 8%
- Wine and Spirits: operating income decline of 17 - 19%
- Interest expense, net: $410 million
- Tax rate: reported approximately 8%
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q3 2025
+0.4%
Avg return
Earnings day
+0.5%
Avg return
5 days after
+1.0%
Avg return
30 days after
55%
36 / 65 earnings
Positive
+10.8%
Q3 2014
Best reaction
-16.8%
Q3 2025
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2027 | — | — | — | |
| Q4 2026 | -0.1% | +9.5% | -1.6% | |
| Q3 2026 | +2.5% | +5.7% | +11.1% | |
| Q2 2026 | +1.1% | +1.9% | -7.8% | |
| Q1 2026 | +1.3% | +1.2% | +1.3% | |
| Q4 2025 | +0.7% | +0.3% | +3.6% | |
| Q3 2025 | -16.8% | -14.9% | -22.7% | |
| Q2 2025 | -0.8% | -4.3% | -9.8% | |
| Q1 2025 | -2.3% | +1.1% | -4.3% | |
| Q4 2024 | +2.0% | -1.7% | -0.4% | |
| Q3 2024 | +2.5% | +5.0% | +3.8% | |
| Q2 2024 | -2.8% | -5.3% | -2.7% | |
| Q1 2024 | -0.3% | +0.3% | +10.4% | |
| Q4 2023 | +2.9% | +2.9% | +2.4% | |
| Q3 2023 | -8.3% | -5.3% | +1.4% | |
| Q2 2023 | -2.1% | -6.8% | +3.1% | |
| Q1 2023 | -5.1% | -4.1% | +0.3% | |
| Q4 2022 | +5.3% | +7.5% | +7.4% | |
| Q3 2022 | -3.9% | -3.0% | -6.8% | |
| Q2 2022 | -0.7% | +3.1% | +3.0% | |
| Q1 2022 | +2.0% | +0.9% | -2.1% | |
| Q4 2021 | -5.1% | -4.2% | +2.0% | |
| Q3 2021 | +5.5% | +4.6% | +5.1% | |
| Q2 2021 | -1.6% | -2.1% | -11.9% | |
| Q1 2021 | +6.7% | +6.7% | +3.8% | |
| Q4 2020 | -3.4% | +9.3% | +18.0% | |
| Q3 2020 | -0.1% | -1.1% | +4.9% | |
| Q2 2020 | -6.3% | -8.4% | -7.6% | |
| Q1 2020 | +4.2% | +6.2% | +8.3% | |
| Q4 2019 | +7.6% | +6.2% | +17.6% | |
| Q3 2019 | -7.2% | -6.7% | +1.7% | |
| Q2 2019 | +5.9% | +7.4% | -4.5% | |
| Q1 2019 | -7.1% | -7.5% | -7.9% | |
| Q4 2018 | +3.5% | +2.1% | +6.2% | |
| Q3 2018 | -4.0% | -2.8% | -4.4% | |
| Q2 2018 | +4.4% | +3.4% | +7.3% | |
| Q1 2018 | +5.5% | +4.4% | +5.9% | |
| Q4 2017 | +5.6% | +5.5% | +10.6% | |
| Q3 2017 | -5.4% | -5.5% | -5.6% | |
| Q2 2017 | +3.1% | +3.2% | -3.8% | |
| Q1 2017 | +2.6% | +4.1% | +3.3% | |
| Q4 2016 | +4.0% | — | — | |
| Q3 2016 | +2.7% | — | — | |
| Q2 2016 | +4.1% | — | — | |
| Q1 2016 | +0.9% | — | — | |
| Q4 2015 | +2.1% | — | — | |
| Q3 2015 | +4.2% | — | — | |
| Q2 2015 | +1.9% | — | — | |
| Q1 2015 | +3.1% | — | — | |
| Q4 2014 | -1.7% | — | — | |
| Q3 2014 | +10.8% | — | — | |
| Q2 2014 | +6.4% | — | — | |
| Q1 2014 | -5.1% | — | — | |
| Q4 2013 | +1.6% | — | — | |
| Q3 2013 | -1.1% | — | — | |
| Q2 2013 | +1.2% | — | — | |
| Q1 2013 | -0.4% | — | — | |
| Q4 2012 | -0.3% | — | — | |
| Q3 2012 | +5.3% | — | — | |
| Q2 2012 | -2.7% | — | — | |
| Q1 2012 | -3.4% | — | — | |
| Q4 2011 | +0.8% | — | — | |
| Q3 2010 | -1.3% | — | — | |
| Q2 2010 | -0.2% | — | — | |
| Q1 2010 | +1.8% | — | — | |
| Q4 2009 | +0.4% | — | — |
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