Constellation Brands, Inc.
CorpDigest
Constellation Brands, Inc.
Financial Performance
Last reviewed: July 2025 · By Swet Parvadiya
Revenue
$10.2B
Market Cap
$24.3B
Employees
10,600
One brand, $3.5 billion in annual revenue, carrying a 39.7% operating margin that rivals technology companies. Constellation paid approximately $4.75 billion for the U.S. Rights. The same management team that executed the Modelo deal then invested $4 billion in Canopy Growth, the Canadian cannabis company, starting in 2018. The FY2025 annual report reflects $2.80 billion in goodwill and intangible asset impairments related primarily to wine and spirits acquisitions, contributing to a reported net loss of $81 million despite strong beer performance. The beer segment's 39.7% operating margin and $1.83 billion in shareholder returns in FY2025 tell the real story beneath the reported loss. Constellation's FY2025 reported net loss of $81 million on $10.21 billion in net sales is the most misleading headline number in the company's recent history. The beer business generated a 39.7% operating margin and the company returned $1.83 billion to shareholders — $1.12 billion in repurchases and $732 million in dividends. The loss was produced by $3.12 billion in comparable adjustments: $2.80 billion in wine and spirits impairments, $478 million in assets held for sale impairments, $90 million in restructuring charges. The revenue trajectory tells the real story: $9.36 billion in FY2023, $9.96 billion in FY2024, $10.21 billion in FY2025. The company achieved approximately $220 million in enterprise-wide cost savings in FY2025 and maintained a net debt-to-EBITDA ratio of 2.9x — just below the 3.0x target. The $24.26 billion market cap at roughly 12x FY2025 EBITDA (adjusted for the impairments) reflects the market's recognition that the beer business is exceptional while pricing in skepticism about the wine and spirits portfolio and residual Canopy Growth exposure. The 2004 Robert Mondavi Corporation acquisition for $1.36 billion added premium California wine brands and significantly upgraded the portfolio's positioning.
Revenue Trend Analysis
YoY Change
+2.5%
2-Year CAGR
+4.4%
Peak Year
2025
Trend
Consistent Growth
Constellation Brands, Inc. has reported revenue across 3 fiscal years, compounding at +4.4% annually over 2 years. The most recent year saw a 2.5% increase versus the prior year. Revenue peaked in 2025 at $10.2B. Out of 2 reported periods, 2 showed growth and 0 showed a decline.
| Fiscal Year | Revenue | YoY Change |
|---|---|---|
| FY2025 | $10.2B | +2.5% |
| FY2024 | $10.0B | +6.4% |
| FY2023 | $9.4B | — |
Source: SEC EDGAR filings, annual earnings releases, and verified financial disclosures.
Click any row to see year details.
Constellation Brands' $81 million FY2024 net loss on $10.2 billion revenue reflects approximately $1.2 billion in wine and spirits impairment charges (goodwill and intangible asset writedowns recognising declining mainstream wine business value) plus continued Canopy Growth equity method losses ($500+ million in fair value adjustments) that overwhelmed underlying operating profitability. Excluding impairments and Canopy losses, underlying operating profit exceeded $3 billion supported by continued beer business strength. The reported loss creates valuation complexity — investors must distinguish between underlying beer business growth (segment grew 7%+ with 45%+ margins) and accounting effects from non-core operations. Recent earnings recovery in FY2025 reflects continued beer business strength though continued wine business pressures may generate additional restructuring activity. Future profitability depends on beer segment continued performance, wine business resolution including potential additional impairments or divestitures, and various other operational factors.
Constellation Brands' beer segment generates approximately $3 billion in annual EBITDA on $8.7 billion revenue (35%+ EBITDA margins) creating substantial cash flow supporting continued strategic investment, capital returns, and various other priorities. The exceptional beer economics reflect premium category positioning, Mexican production efficiency, perpetual import rights creating supply security, and various other structural advantages. Cash flow supports Mexican brewing capacity expansion ($3+ billion in ongoing expansion projects), substantial dividend payments ($720 million annually at $4.00 annual rate), share buybacks ($1+ billion in recent activity), and various other capital deployment. Free cash flow generation enables continued strategic flexibility despite wine business challenges and Canopy Growth investment write-downs. The beer business cash flow concentration creates both strategic strength (exceptional profitability) and risk (single-category dependence). Future cash generation depends on continued beer category leadership and various competitive dynamics.
Constellation Brands has executed substantial capital returns including current $4.00 annual dividend ($720 million annual payout) increased for 9 consecutive years plus aggressive share buybacks averaging $1-2 billion annually during favorable conditions, with cumulative shareholder returns exceeding $5 billion in recent five-year period. The capital allocation prioritises shareholder returns reflecting beer business cash generation strength, with continued operational reinvestment in Mexican brewing capacity expansion, selective M&A (mostly in beer category), and various other priorities. Recent capital allocation has emphasised buybacks during stock price weakness ($240+ stock peak 2024, $180s during corrections), supporting continued share count reduction. Strategic capital structure maintains modest debt levels supporting investment-grade ratings plus continued strategic flexibility. Future capital allocation likely continues current pattern with continued beer-driven cash generation supporting both dividend growth and substantial buybacks.
Constellation Brands faces moderate Mexican peso currency exposure through beer business operations including Mexican brewery operations (peso-denominated costs), Mexican workforce compensation, packaging and raw materials sourcing, and various operational expenses creating translation effects on consolidated US dollar-reported results. The currency exposure has been manageable historically with US dollar-denominated revenue covering peso-denominated costs supporting natural hedge benefits when peso weakens (reducing cost in dollar terms) while peso strength creates cost pressure requiring pricing or efficiency offsets. Strategic responses include selective hedging activities, operational flexibility supporting cost management, and various other currency risk mitigation. Recent peso volatility (Mexican peso strengthened significantly versus dollar 2023-2024 from 20 pesos to 17 pesos before weakening back to 18-20 range) created temporary cost pressure offset by various operational responses. Future currency exposure continues representing operational consideration though strategic structure provides reasonable insulation versus pure import economic models.
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CorpDigest. "Constellation Brands, Inc. Revenue & Financials." CorpDigest, https://corpdigest.com/company/constellation-brands/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>Constellation Brands, Inc. reported $10B in revenue (FY2025).</strong><br>Source: <a href="https://corpdigest.com/company/constellation-brands/financials" target="_blank" rel="noopener">CorpDigest — Constellation Brands, Inc. financials</a></div>