𝐂𝐨𝐧𝐬𝐭𝐞𝐥𝐥𝐚𝐭𝐢𝐨𝐧 𝐁𝐫𝐚𝐧𝐝𝐬: 𝐑𝐞𝐯𝐞𝐧𝐮𝐞 𝐚𝐧𝐝 𝐄𝐏𝐒 𝐁𝐞𝐚𝐭 𝐚𝐬 𝐁𝐞𝐞𝐫 𝐚𝐧𝐝 𝐖𝐢𝐧𝐞 & 𝐒𝐩𝐢𝐫𝐢𝐭𝐬 𝐆𝐫𝐨𝐰, 𝐅𝐘

$STZ (+0%)

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📊 𝐑𝐞𝐬𝐮𝐥𝐭𝐬

• Adj. EPS: $3.74 (Est. $3.55) ✅

• Revenue: $2.63B (Est. $2.54B) ✅, +6% YoY.

• Beer Revenue: $2.47B, +5% YoY.

• Beer Operating Income: $964.2M, +1% YoY.

• Wine & Spirits Revenue: $159.4M, +17% YoY.

• Wine & Spirits Depletions: +10.2% YoY.

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🎯 𝐆𝐮𝐢𝐝𝐚𝐧𝐜𝐞

• FY2027 Adj. EPS: $11.20–$11.90 (Est. $11.71), reaffirmed.

• FY2027 Organic Revenue Growth: -1% to +1%.

• FY2027 Adj. Operating Margin: 32%–33%.

• FY2027 Operating Cash Flow: $2.4B–$2.5B.

• FY2027 Free Cash Flow: $1.6B–$1.7B.

• FY2027 CapEx: ~$800M.

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📌 𝐊𝐞𝐲 𝐓𝐚𝐤𝐞𝐚𝐰𝐚𝐲𝐬

• Revenue beat consensus by ~3.7%, while Adj. EPS topped expectations by ~5.4%.

• Beer sales grew 5% as shipments increased 5.5%, although depletions declined 0.6% and Beer operating margin contracted 160 bps to 39.0%.

• Wine & Spirits showed a sharp improvement, with revenue up 17%, depletions up 10.2% and operating income swinging to $6.1M from a $19.8M loss.

• Constellation was the #1 dollar share gainer in U.S. beverage alcohol during Q2, while its Beer Business led the category in both dollar and volume share gains.

• The company reaffirmed its FY2027 comparable EPS and cash flow outlook while returning more than $800M to shareholders through buybacks and dividends in the first half.

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💬 𝐌𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭 𝐂𝐨𝐦𝐦𝐞𝐧𝐭𝐚𝐫𝐲

“During the second quarter, our portfolio of iconic brands continued to resonate with consumers.”