Q2 FY27 · Ended Aug 31, 2026 · View SEC filing
Beer earns more than the whole company
Wine, spirits and corporate costs together subtract from profit, so Constellation's earnings are, in effect, its beer earnings.
For investorsWhat Beer's profit depends on once distributor restocking ends
For foundersThe license-and-brew model: what a smaller brand builder can borrow
Distributors rebuilt their inventory while beer depletions slipped, so this quarter's beer sales ran ahead of consumer demand.
Higher marketing and incentive pay lifted spending to 20.4% of net sales, pulling the operating margin down to 30.6%.
Operating income fell 7.9%, yet net income rose 21.4%, because the tax charge fell by half.
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Business Lens describes Constellation Brands from its own filings with the SEC. It is not a view on its shares, a target, or advice to buy, sell or hold anything; figures are as filed and may be restated by the company later. The filing is linked above.
