Brown-Forman vs Constellation Brands: Revenue, Profit and Business Model
Brown-Forman reported $3.9B of revenue in FY2026 and $715M of net income. Constellation Brands reported $9.1B of revenue in FY2026 and $1.7B of net income.
Latest financial snapshot
Brown-Forman
- Latest revenue
- $3.9B (FY2026)
- Net income
- $715M
- Net margin
- 18.2%
- Revenue growth
- -2.4% a year, FY2023–FY2026
Constellation Brands
- Latest revenue
- $9.1B (FY2026)
- Net income
- $1.7B
- Net margin
- 18.5%
- Revenue growth
- +2.5% a year, FY2017–FY2026
Financial summary
Brown-Forman
Fiscal 2026 (year ended April 30, 2026) net sales fell 1% to $3.93 billion, flat on an organic basis, as the end of the Korbel agency and the lapse of a Sonoma-Cutrer transition services agreement offset the launch of Jack Daniel's Tennessee Blackberry. Gross margin widened 160 basis points to 60.5%, but operating income fell 10% to $1.0 billion and the operating margin slipped to 25.5% on higher non-cash impairment charges and SG&A costs that included the contemplated business-combination talks. Diluted EPS was $1.53. Cash generation was the standout: operating cash flow rose $402 million to about $1.0 billion and free cash flow rose $462 million to $893 million, funding $427 million of dividends and $400 million of buybacks. In the first quarter of fiscal 2027, net sales slipped 1% to $911 million and diluted EPS rose 6% to $0.38. Brown-Forman has paid a regular quarterly dividend for 82 consecutive years and raised it for 42.
Constellation Brands
Net sales peaked at $10.21 billion in FY2025 and dipped to $9.139 billion in FY2026 as Constellation sold mainstream wine brands and beer shipments fell 3.8%. Net income swung from an $81.4 million loss in FY2025 (driven by about $2.8 billion of wine and spirits goodwill and intangible impairments) to $1.687 billion in FY2026. In Q1 FY2027 net sales were $2.43 billion, beer operating income rose 2% to $891.4 million, and free cash flow increased 9% to $485 million. Management reaffirmed FY2027 guidance of $11.20 to $11.90 comparable EPS and $1.6 to $1.7 billion of free cash flow. The earlier Canopy Growth cannabis investment of roughly $4 billion produced multibillion-dollar write-downs.
Revenue and profit by year
Brown-Forman
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | $3.9B | $715M | 18.2% | -1.2% | Source |
| FY2025 | $4B | $869M | 21.9% | -4.9% | Source |
| FY2024 | $4.2B | $1B | 24.5% | -1.2% | Source |
| FY2023 | $4.2B | $783M | 18.5% | — | Source |
Constellation Brands
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | $9.1B | $1.7B | 18.5% | -10.5% | Source |
| FY2025 | $10.2B | -$81.4M | -0.8% | +2.5% | Source |
| FY2024 | $10B | $1.7B | 17.3% | +5.4% | Source |
| FY2023 | $9.5B | -$71M | -0.8% | +7.2% | Source |
| FY2022 | $8.8B | -$40.4M | -0.5% | +2.4% | Source |
| FY2021 | $8.6B | $2B | 23.2% | +3.3% | Source |
| FY2020 | $8.3B | -$11.8M | -0.1% | +2.8% | Source |
| FY2019 | $8.1B | $3.4B | 42.3% | +7.1% | Source |
| FY2018 | $7.6B | $2.3B | 30.4% | +3.5% | Source |
| FY2017 | $7.3B | $1.5B | 20.9% | — | Source |
Where the revenue comes from
Brown-Forman
- Whiskey~70%
The Jack Daniel's family, Woodford Reserve, Old Forester and The GlenDronach, Benriach and Glenglassaugh Scotch malts. Whiskey net sales rose 3% in fiscal 2026 (+1% organic) on the Tennessee Blackberry launch and Woodford Reserve growth in the U.S., offsetting declines in Jack Daniel's Tennessee Whiskey.
- Ready-to-Drink
growth category
New Mix canned cocktails and Jack Daniel's RTD/RTP products, including Jack & Coke made with The Coca-Cola Company. RTD net sales rose 11% in fiscal 2026 and 20% in the first quarter of fiscal 2027, led by New Mix.
- Tequila~10%
Herradura and el Jimador. Tequila net sales fell 4% in fiscal 2026 and 12% in the first quarter of fiscal 2027 on lower U.S. volumes and lower net pricing.
- Rest of Portfolio
single digits
Gin Mare, Diplomático, Fords Gin, Chambord, Slane and agency brands in Japan and Mexico. Reported net sales fell 31% in fiscal 2026 after the Korbel agency ended, but rose 18% organically on strong double-digit Gin Mare and Diplomático growth.
- Non-branded and bulksmall
Mostly used-barrel sales to other producers; these fell 68% in fiscal 2026 and 61% in the first quarter of fiscal 2027.
Constellation Brands
- Beer Business~91%
Generated $8.32 billion in FY2026 net sales (year ended February 28, 2026), down 3% from $8.54 billion in FY2025, as shipments fell 3.8% to 415.4 million case equivalents. Modelo Especial, Corona Extra, Pacifico, and Modelo Chelada brands are sold under exclusive perpetual U.S. import rights. In Q1 FY2027 beer net sales rose 2% to $2.28 billion on 1.8% shipment growth.
- Wine and Spirits Business~9%
Generated $823.8 million in FY2026 net sales, down 51% from $1.67 billion in FY2025, mainly because of the SVEDKA and mainstream wine divestitures. Portfolio includes Robert Mondavi Winery, Kim Crawford, The Prisoner, Ruffino, Casa Noble Tequila, and High West Whiskey, focused on premium and luxury wines priced $15 and above.
Business model and strategy
Brown-Forman
How it makes money
Brown-Forman makes money by distilling, aging, bottling and marketing branded spirits, then selling them to distributors, state control boards and, in markets where it owns distribution, directly to retailers and bars. Whiskey, led by the Jack Daniel's family, generates roughly 70% of net sales;
Growth strategy
Management lists three priorities: expand the geographic footprint, build brands that resonate with consumers, and improve operational efficiency.
Competitive advantage
Brown-Forman's core advantage is Jack Daniel's, a Tennessee whiskey brand dating to 1866 with global recognition that a new entrant could not build quickly. All Jack Daniel's Tennessee whiskey comes from one distillery in Lynchburg, Tennessee, which gives the brand a consistent origin story.
Constellation Brands
How it makes money
Constellation makes money by brewing Mexican beer in its own breweries in Mexico (Nava in Coahuila and Obregón in Sonora) and selling it to independent U.S. wholesale distributors under the three-tier system. It holds perpetual, exclusive licenses to Modelo, Corona, Pacifico and Victoria in the U.S. only; Anheuser-Busch InBev owns the brands everywhere else. Beer delivered $8.315 billion of FY2026 net sales.
Growth strategy
Under CEO Nick Fink, Constellation's plan centers on consumer focus, its core beer brands and operating efficiency. In beer it is pushing Pacifico and Victoria nationally, extending Modelo into cheladas and flavors, and adding non-alcoholic options such as Corona Sunbrew. In wine and spirits it now keeps only premium brands priced around $15 and above.
Competitive advantage
Constellation's absolute competitive advantage is its perpetual, exclusive US license for the Grupo Modelo brands. It is an unassailable legal moat. No other company can legally import or sell a Corona or a Modelo in the United States. they have perfectly positioned these brands;
Questions about Brown-Forman vs Constellation Brands
Which company has higher revenue — Brown-Forman Corporation or Constellation Brands, Inc.?
Brown-Forman Corporation reported $3.9B (FY2026), while Constellation Brands, Inc. reported $9.1B (FY2026). By last reported revenue, Constellation Brands, Inc. is the larger business, with Brown-Forman Corporation reporting a smaller revenue base.
What is the market cap of Brown-Forman Corporation vs Constellation Brands, Inc.?
Brown-Forman Corporation's market capitalisation stands at $12.1B, while Constellation Brands, Inc.'s is $19.3B. Constellation Brands, Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Brown-Forman Corporation.
Which is more financially efficient — Brown-Forman Corporation or Constellation Brands, Inc.?
Brown-Forman Corporation generates $802k / employee in revenue per employee, while Constellation Brands, Inc. generates $972k / employee. Constellation Brands, Inc. shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Brown-Forman Corporation and Constellation Brands, Inc. make money?
Brown-Forman Corporation and Constellation Brands, Inc. generate revenue in fundamentally different ways. Brown-Forman Corporation: Brown-Forman makes money by distilling, aging, bottling and marketing branded spirits, then selling them to distributors, state control boards and, in markets where it owns distribution, directly to retailers and bars. Constellation Brands, Inc.: Constellation makes money by brewing Mexican beer in its own breweries in Mexico (Nava in Coahuila and Obregón in Sonora) and selling it to independent U.
Which company is valued higher relative to revenue — Brown-Forman Corporation or Constellation Brands, Inc.?
On a price-to-sales (P/S) basis, Brown-Forman Corporation trades at 3.1x P/S and Constellation Brands, Inc. at 2.1x P/S. Brown-Forman Corporation commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Constellation Brands, Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Brown-Forman Corporation bigger than Constellation Brands, Inc.?
By last reported revenue, Constellation Brands, Inc. ($9.1B (FY2026)) is the larger company compared to Brown-Forman Corporation ($3.9B (FY2026)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Brown-Forman vs Constellation Brands overview