Constellation Brands, Inc. Revenue in 2025

Constellation Brands, Inc. reported $10.2B in revenue for fiscal year 2025. This represents a growth of 2.5% compared to the 2024 figure of $10.0B.

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. That growth is almost entirely beer. Modelo Especial's ascent to the number-one beer position in America generates the kind of brand momentum that self-reinforces through shelf space, distribution priority, and consumer psychology. 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 debt level is manageable given the beer segment's cash generation but leaves limited room for additional major acquisitions without debt exceeding the 3.0x target threshold. 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 Canopy investment saga consumed management attention and capital during years when the beer business needed focus. The portfolio rationalization underway in FY2025 represents Newlands unwinding the distraction.