Constellation Brands, Inc. earnings overview

STZ FY2027 Q1 · Calendar Q2 2026

Constellation Brands, Inc.

Constellation Brands delivered a Q1 FY27 beat driven by beer shipment strength and cost discipline, but the market focused on management's refusal to raise guidance despite favorable Q2/Q3 comparisons. The company faces a tension between strong brand fundamentals and near-term margin pressure from elevated marketing spend (over 10% of net sales in Q2/Q3) and SG&A headwinds tied to the Veracruz brewery ramp. With the stock trading at $130.38 versus a consensus target of $165.20, the market is pricing in meaningful uncertainty around consumer health, particularly within the Hispanic demographic that anchors STZ's core customer base.