$STZ

CONSTELLATION BRANDS, INC.

CIK:0000016918|SEC Filings

Consolidated Statements of Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Millions	3 Months Ended
	May 31, 2026	May 31, 2025
Sales	$ 2,590.4	$ 2,677.5
Excise taxes	(157.7)	(162.5)
Net sales	2,432.7	2,515.0
Cost of product sold	(1,112.1)	(1,248.4)
Gross profit	1,320.6	1,266.6
Selling, general, and administrative expenses	(457.0)	(500.7)
Asset impairment and related expenses	(18.3)	(52.1)
Operating income (loss)	845.3	713.8
Income (loss) from unconsolidated investments	0.5	(3.5)
Interest expense, net	(85.8)	(98.9)
Income (loss) before income taxes	760.0	611.4
(Provision for) benefit from income taxes	(88.1)	(87.6)
Net income (loss)	671.9	523.8
Net (income) loss attributable to noncontrolling interests	(18.1)	(7.7)
Net income (loss) attributable to CBI	653.8	516.1
Comprehensive income (loss)	583.1	888.1
Comprehensive (income) loss attributable to noncontrolling interests	(14.7)	(21.3)
Comprehensive income (loss) attributable to CBI	568.4	866.8
Class A Stock
Net income (loss) attributable to CBI	$ 653.8	$ 516.1
CLASS A STOCK
Net income (loss) per common share attributable to CBI - basic (in dollars per share)	$ 3.80	$ 2.90
Net income (loss) per common share attributable to CBI - diluted (in dollars per share)	$ 3.79	$ 2.90
Weighted average common shares outstanding - basic (in shares)	172,186	177,801
Weighted average common shares outstanding - diluted (in shares)	172,407	177,991
Cash dividends declared per common share (in dollars per share)	$ 1.03	$ 1.02

Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	May 31, 2026	May 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ 671.9	$ 523.8
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Deferred tax provision (benefit)	(78.4)	34.0
Depreciation	97.6	105.2
Stock-based compensation	15.0	10.4
Noncash lease expense	33.5	31.0
Asset impairment and related expenses	18.3	52.1
Change in operating assets and liabilities, net of effects from purchase and sale of business:
Accounts receivable	(66.4)	(73.9)
Inventories	(34.4)	(20.8)
Prepaid expenses and other current assets	(23.8)	(25.8)
Accounts payable	48.0	36.7
Other accrued expenses and liabilities	(7.2)	(92.3)
Other	(12.3)	56.8
Total adjustments	(10.1)	113.4
Net cash provided by (used in) operating activities	661.8	637.2
Cash Provided by (Used in) Investing Activity, Continuing Operation [Abstract]
Purchase of property, plant, and equipment	(177.2)	(192.8)
Purchase of business, net of cash acquired	(15.3)	0.0
Other investing activities	(0.7)	(3.3)
Net cash provided by (used in) investing activities	(193.2)	(196.1)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of long-term debt	499.7	499.1
Principal payments of long-term debt	(601.1)	(1.0)
Net proceeds from (repayments of) short-term borrowings	64.4	(429.2)
Dividends paid	(178.7)	(182.2)
Purchases of treasury stock	(223.8)	(306.1)
Proceeds from shares issued under equity compensation plans	3.9	5.3
Payments of minimum tax withholdings on stock-based payment awards	(10.2)	(9.4)
Payments of debt issuance, debt extinguishment, and other financing costs	(2.9)	(5.2)
Distributions to noncontrolling interests	(25.0)	(7.5)
Payment of contingent consideration	(0.3)	(1.4)
Net cash provided by (used in) financing activities	(474.0)	(437.6)
Effect of exchange rate changes on cash and cash equivalents	(0.4)	2.3
Net increase (decrease) in cash and cash equivalents	(5.8)	5.8
Cash and cash equivalents, beginning of period	102.4	68.1
Cash and cash equivalents, end of period	96.6	73.9
Supplemental disclosures of noncash investing and financing activities
Additions to property, plant, and equipment	$ 103.1	$ 120.3

Consolidated Balance Sheets - USD ($) $ in Millions	May 31, 2026	Feb. 28, 2026
Current assets:
Cash and cash equivalents	$ 96.6	$ 102.4
Accounts receivable	726.7	658.2
Inventories	1,452.6	1,433.9
Prepaid expenses and other	765.1	711.8
Total current assets	3,041.0	2,906.3
Property, plant, and equipment, net of accumulated depreciation of $3,140.8 and $3,095.1, respectively	8,510.2	8,520.9
Goodwill	5,248.9	5,233.9
Intangible assets	2,536.8	2,533.0
Deferred income taxes	1,459.2	1,370.3
Other assets	1,312.6	1,336.1
Total assets	22,108.7	21,900.5
Current liabilities:
Short-term borrowings	336.3	272.0
Current maturities of long-term debt	1,102.6	603.6
Accounts payable	1,000.1	960.2
Other accrued expenses and liabilities	890.0	854.0
Total current liabilities	3,329.0	2,689.8
Long-term debt, less current maturities	9,094.9	9,692.9
Deferred income taxes and other liabilities	1,135.0	1,130.9
Total liabilities	13,558.9	13,513.6
Commitments and contingencies
CBI stockholders’ equity:
Additional paid-in capital	2,168.7	2,185.7
Retained earnings	14,050.3	13,574.4
Accumulated other comprehensive income (loss)	337.8	423.2
Total CBI stockholders’ equity	8,255.6	8,082.4
Noncontrolling interests	294.2	304.5
Total stockholders’ equity	8,549.8	8,386.9
Total liabilities and stockholders’ equity	22,108.7	21,900.5
Class A Stock
CBI stockholders’ equity:
Common stock, value	2.1	2.1
Class A Stock in treasury	$ (8,303.3)	$ (8,103.0)