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STZ FY2026 Q4 IN LINE

Constellation Brands, Inc. 실적 발표

Apr 09, 2026 · 04:00 ET Bill NewlandsBlair VenemaGarth Hankinson
Buzzberg 분석

Beer fiscal year 2027 sales guidance reflects limited visibility.

Constellation Brands reported FY26 Q4 results with solid beer momentum but cautious forward guidance. Beer top-line growth is guided at -1% to +1% for FY27, and beer operating margins are expected to step down to 37-38% due to expansion costs at the new Veracruz brewery and higher SG&A. Management emphasized limited visibility, a volatile consumer environment, and the need for agility, while expressing confidence in long-term brand strength. Beer depletions improved sequentially in Q4 and March is off to a solid start, but overall FY27 revenue growth is guided at -1% to +1%.

Buzzberg 분석 Beer fiscal year 2027 sales guidance reflects limited visibility. Constellation Brands reported FY26 Q4 results with solid beer momentum but cautious forward guidance. Beer top-line growth is guided at -1% to +1% for FY27, and beer operating margins are expected to step down to 37-38% due to expansion costs at the new Veracruz brewery and higher SG&A. Management emphasized limited visibility, a volatile consumer environment, and the need for agility, while expressing confidence in long-term brand strength. Beer depletions improved sequentially in Q4 and March is off to a solid start, but overall FY27 revenue growth is guided at -1% to +1%. 전체 분석 보기분석 접기

Constellation Brands reported FY26 Q4 results with solid beer momentum but cautious forward guidance. Beer top-line growth is guided at -1% to +1% for FY27, and beer operating margins are expected to step down to 37-38% due to expansion costs at the new Veracruz brewery and higher SG&A. Management emphasized limited visibility, a volatile consumer environment, and the need for agility, while expressing confidence in long-term brand strength. Beer depletions improved sequentially in Q4 and March is off to a solid start, but overall FY27 revenue growth is guided at -1% to +1%.

  • Beer operating margin guidance lowered to 37-38% from prior 39-40% due to fixed-cost absorption from the new Veracruz brewery and higher marketing spend.
  • Modelo Especial remains the #1 beer by dollars in the US; Pacifico and Victoria are highlighted as emerging growth drivers with younger demographics.
  • Wine & Spirits margins are under pressure from category declines, channel headwinds, and distributor inventory rebalancing; structural target of low-20% margins remains but is pushed out.
Revenue $1.9202B -14% QoQ
EPS $1.90 -38% QoQ
Gross margin 49.56% reported
Op margin 26% reported

이번 분기에 달라진 점

01
Guidance

Beer fiscal year 2027 sales guidance reflects limited visibility.

Guidance tone

02
Margins

Beer margins guided lower due to Veracruz startup and higher SG&A.

Reported gross margin was 49.56%, reinforcing the quarter's better-than-guided profitability.

03
Margins

Wine and spirits margins pressured by category and channel headwinds.

Reported gross margin was 49.56%, reinforcing the quarter's better-than-guided profitability.

04
Margins

Wine and spirits low-20s margin target remains achievable medium term.

Reported gross margin was 49.56%, reinforcing the quarter's better-than-guided profitability.

수요 및 자본지출

수요

수주 및 전환

Pacifico and Victoria are emerging as key growth drivers.. Management emphasized limited visibility and a dynamic consumer environment, despite positive momentum and strong brand positions.

자본지출

투자 및 생산능력

Management discussed managing capital expenditures with a modular approach to capacity, particularly for the new Veracruz brewery, and noted that FY26 capex was significantly lower than initial expectations, with future spend to be managed or delayed based on business needs.

톤 · Cautious

Management emphasized limited visibility and a dynamic consumer environment, despite positive momentum and strong brand positions.

향후 가이던스

In LineGuidance tone
지표기간범위중간값상태
Op marginBEERFY202737%–38%37.5%LOWERED
RevenueBEERFY2027-1%–1%0%GUIDED