STZConstellation Brands
- Employees
- 9,400
- Headquarters
- Rochester, NY
- CEO
- Nicholas I. Fink
- Next results
- around Jan 6, 2027
7 paragraphs in Risk Factors of the 10-K filed Apr 22, 2026 with nothing like them in the 10-K filed Apr 23, 2025. Quoted exactly. Paragraphs that were only edited are under 10-K change.
Compared with the Risk Factors in the latest 10-K of the other 31 Consumer staples companies: a paragraph with at least half its words the same at another company is called similar, and the companies are listed under it. A paragraph most of them have is marked boilerplate. No line means no other company has one like it. This counts text; it does not say how serious a risk is.
Nicholas Fink became our President and Chief Executive Officer on April 13, 2026. Our future performance will depend, in part, on the successful transition of Mr. Fink as our new President and Chief Executive Officer. Leadership transitions and the onboarding process can be inherently difficult to manage, will take time, and could result in changes in our business strategy, operations, processes, and workforce. If we do not successfully manage this transition, it may cause disruption to our business and be viewed negatively by various stakeholders, including our consumers, Customers, stockholders, employees, and/or suppliers. Our future performance will also continue to depend on the services and contributions of our other senior management and key employees to execute on our strategy and business plans and to identify and pursue new opportunities and product innovations. The loss of services of senior management or other key employees and the onboarding and transition of new senior leaders and key employees could significantly delay or prevent the achievement of our strategic objectives. Each of these risks could adversely affect our business, liquidity, financial condition, and/or results of operations.
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Our continued success also depends on our ability to attract and retain a high-quality workforce that reflects the consumers and communities we serve in a competitive environment for talent and to implement our human capital
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•significant additional changes in U.S. trade policy and actions which include threatened, new, and increased tariffs imposed by the U.S. government on other countries, such as tariffs on aluminum and aluminum derivative product imports and other product imports from certain countries, including Mexico, Italy and the rest of the European Union, and New Zealand, and the ongoing review of the U.S.-Mexico-Canada Agreement;
•retaliatory or other tariffs and actions imposed on certain U.S. goods, including restrictions on beverage alcohol sales from U.S. producers imposed by some Canadian provinces; and
•subsequent modifications and delays to or invalidation of various tariffs and associated refund procedures, litigation, and developments, including impacts from the U.S. Supreme Court decision invalidating the use of IEEPA to authorize certain tariffs.
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Indebtedness, credit ratings, interest rate fluctuations, and credit market disruptions or volatility
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generate sufficient cash flow from operations to meet all our debt service requirements, return value to stockholders such as through payment of dividends or repurchases of shares of our common stock, achieve or maintain our target comparable net leverage ratio, and fund our general corporate and capital requirements. Interest rate fluctuations and credit market disruption or volatility may also impact our consumers, Customers, and/or suppliers which could, in turn, adversely effect our business, liquidity, financial condition, and/or results of operations.
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New in the latest 10-Q
20 paragraphs in the 10-Q filed Oct 7, 2026 with nothing like them in the 10-Q filed Jul 1, 2026 (at least half the words must differ; new numbers alone do not count). Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.
Financial statements and notes
The inventories balance at August 31, 2026, excludes $ 34.3 million of primarily bulk inventory associated with assets held for sale. For additional information, refer to Note 5.
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As of August 31, 2025, we evaluated an equity method investment, made through our corporate venture capital function within the Corporate Operations and Other segment, and determined there was an other-than-temporary impairment due to business underperformance. This loss from impairment was included in income (loss) from unconsolidated investments within our consolidated results for the six months and three months ended August 31, 2025. The estimated fair value was based largely on the cash flows expected to be generated by the investment using unobservable data points.
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In October 2026, we acquired the SpikedAde business, a spirit-based RTD beverage brand, including inventory and trademarks, for an initial purchase price of $ 75 million. The agreement also provides for contingent consideration of up to $ 278 million payable over five years based on the future performance of the SpikedAde business. The results of operations of SpikedAde will be reported in the Beer segment and will be included in our consolidated results of operations from the date of acquisition.
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In September 2026, the Company, M&T, as administrative agent and a lender, and certain other lenders entered into the 2026 Term Credit Agreement. The 2026 Term Credit Agreement provides for a nine-month delayed draw $ 300.0 million term loan facility, available in up to two draws. The balance is due and payable two years after the initial funding date, if any, occurs. The proceeds, if drawn, from the 2026 Term Credit Agreement are intended to be used for general corporate purposes, including the repayment of debt.
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As a result of certain foreign tax reform enacted in September 2026, we expect to release a portion of our valuation allowance related to deferred tax assets. We are estimating an income tax benefit of approximately $ 100 million to $ 150 million to be recognized during the three months ending November 30, 2026.
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Reduce distribution gaps, invest in and optimize marketing and brand activation, leverage price-pack architecture and revenue growth management initiatives, and expand brand relevance across occasions
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Expand distribution, make disciplined marketing investments, and build awareness by leveraging our brand-building, commercial execution, and distribution capabilities to scale our brands and capture growth opportunities
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Invest behind organic growth opportunities for our existing portfolio, supplemented by targeted investments and acquisitions, including by selectively expanding into new consumer demand spaces aimed at sustainable consumer trends
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In October 2026, we acquired the SpikedAde business, a spirit-based RTD beverage brand for an initial purchase price of $75 million. The agreement also provides for contingent consideration of up to $278 million payable over five years based on the future performance of the SpikedAde business. The SpikedAde results of operations will be reported in the Beer segment and will be included in our consolidated results of operations from the date of acquisition. This transaction supports our strategy to selectively expand into new demand spaces aimed at sustainable consumer trends. For additional information, refer to Note 6.
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These Wine and Spirits segment divestitures support our strategic focus on consumer-led premiumization trends and meeting the evolving needs of our consumers.
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As of August 31, 2025, we evaluated an equity method investment, made through our corporate venture capital function, and determined there was an other-than-temporary impairment due to business underperformance.
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Settlements of undesignated commodity derivative contracts $ (14.8) $ 4.2 $ (24.2) $ 6.7
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We recognized a net gain (loss) largely in connection with the 2025 Wine Divestitures (Second Quarter 2026, Six Months 2027, Six Months 2026).
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We recognized (i) unrealized net losses from the changes in fair value of our securities measured at fair value (Second Quarter 2026, Six Months 2026), (ii) other losses related to an investment made through our corporate venture capital
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function (Second Quarter 2026, Six Months 2026), and (iii) an impairment of an equity method investment (Second Quarter 2026, Six Months 2026).
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benefited from the continued successful execution of efficiency and cost optimization initiatives, including the 2025 Restructuring Initiative.
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Total debt outstanding as of August 31, 2026, amounted to $10,315.7 million, a decrease of $252.8 million, or 2%, from February 28, 2026. This decrease consisted of:
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In September 2026, we entered into the 2026 Term Credit Agreement, which provides for a nine-month delayed draw $300.0 million term loan facility, available in up to two draws. The balance is due and payable two years after the initial funding date, if any, occurs. There are no borrowings outstanding under the 2026 Term Credit Agreement.
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Market risk
10% Adverse Change August 31, August 31, August 31, August 31, August 31, August 31,
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1% Rate Increase August 31, August 31, August 31, August 31, August 31, August 31,
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Work on STZ in a spreadsheet:
Excel workbook (a sheet per section, ten years by column, charts, links to the filings) ·
CSV.
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