The earnings call highlighted the resilience and outperformance of the beer segment amidst macroeconomic challenges, with strategic initiatives and capital returns to shareholders. However, it also revealed significant challenges in the Wine and Spirits segment and the need for adjustments in the beer business outlook due to soft consumer demand.

Company Guidance

During the Constellation Brands Q3 2025 earnings call, key guidance metrics were shared, indicating revised expectations for the fiscal year. The company adjusted its beer business net sales growth to a range of 4% to 7%, with operating income growth projected to be between 9% and 12%, maintaining an operating margin around 39%. Despite headwinds in consumer demand due to macroeconomic conditions, the company anticipates comparable EPS of $13.40 to $13.80, reflecting double-digit growth from the midpoint. The wine and spirits segment is expected to face declines, with net sales down 5% to 8% and operating income down 17% to 19%. Overall enterprise net sales growth is projected at 2% to 5%, with operating income growth of 6% to 9%. The company also reported that it returned nearly $220 million to shareholders through share repurchases and over $180 million in dividends in Q3, bringing total year-to-date cash returns to more than $1.2 billion.

Beer Business Outperformance

Despite macroeconomic headwinds, the beer business outperformed the total beverage industry in dollar sales growth, continuing its trend of outpacing the total CPG sector.

Strong Performance of Key Beer Brands

Modelo Especial grew depletions by over 3%, Pacifico saw a nearly 20% growth, and the Modelo Chelada brands increased by approximately 4% in depletions.

Capital Returns and Financial Efficiency

Returned nearly $220 million to shareholders through share repurchases and over $180 million in dividends in Q3, maintaining a net leverage ratio of 2.9x.

Wine and Spirits Strategic Divestment

Successfully divested SVEDKA as part of aligning the portfolio with higher-end brands, closing the transaction to focus on growth in craft spirits.

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Constellation Brands (STZ) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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STZ Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 04, 2018	2019 (Q2)	- / 2.87	2.47	16.19% (+0.40)	―	―
Jan 09, 2019	2019 (Q3)	- / 2.37	2	18.50% (+0.37)	―	―
Apr 04, 2019	2019 (Q4)	- / 1.84	1.9	-3.16% (-0.06)	―	―
Jun 28, 2019	2020 (Q1)	- / 2.21	2.2	0.45% (<+0.01)	―	―
Oct 03, 2019	2020 (Q2)	- / 2.72	2.87	-5.23% (-0.15)	―	―
Jan 08, 2020	2020 (Q3)	- / 2.14	2.37	-9.70% (-0.23)	―	―
Apr 03, 2020	2020 (Q4)	- / 2.06	1.84	11.96% (+0.22)	―	―
Jul 01, 2020	2021 (Q1)	- / 2.30	2.21	4.07% (+0.09)	―	―
Oct 01, 2020	2021 (Q2)	- / 2.76	2.72	1.47% (+0.04)	―	―
Jan 07, 2021	2021 (Q3)	- / 3.09	2.14	44.39% (+0.95)	―	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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STZ Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jan 10, 2025	$219.28	$181.81	-17.09%
Oct 03, 2024	$254.59	$242.62	-4.70%
Jul 03, 2024	$256.76	$248.27	-3.31%
Apr 11, 2024	$261.65	$265.03	+1.29%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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