CONSTELLATION BRANDS, INC. — Form 10-K filed 2026-04-22

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Constellation Brands reported FY2026 results with net sales down 10% due to wine/spirits divestitures and beer volume declines. Operating income and net income increased due to prior-year impairments. The 2025 Restructuring Initiative is expected to deliver over $200 million in annualized savings, with cumulative pre-tax costs near $130 million. The company completed the 2025 Wine Divestitures, receiving $845.9 million in cash. Capital expenditures totaled $875 million, with ~$800 million planned for FY2027. Total debt decreased 8% to $10.57 billion. Risks include interest rates, tariffs, and AI. The company repurchased shares under a $4 billion authorization.