Constellation Brands reported fiscal first-quarter net sales of $2.43 billion, down from $2.52 billion a year earlier but above analyst expectations of $2.39 billion. The US importer of Modelo and Corona saw profit rise to $653.8 million from $516.1 million year-over-year. The results come as the broader alcohol industry faces challenges, with a Gallup survey finding adult alcohol consumption hit an all-time low of 54% last year. However, rising aluminium prices pose margin pressures for beer manufacturers. The World Cup offers a bright spot: on-premise beer sales increased 5.5% nationally during the first 21 US-hosted matches, with sales in host markets climbing 15.4% year-over-year, according to Beer Institute data.

Constellation Brands reported first-quarter earnings per share of $3.43, beating analyst estimates of $3.25. Revenue reached $2.43 billion, topping expectations of $2.41 billion despite a 3% year-on-year decline. The beer business drove performance, with net sales growing 2% to $2.28 billion and operating income rising 2% to $891.4 million. Beer shipments increased 1.8%. The wine and spirits segment saw organic sales growth of 8%, though reported sales fell 47% due to 2025 divestitures. Shares rose 2.2% in after-hours trading. The company affirmed its fiscal 2027 adjusted earnings per share guidance of $11.20 to $11.90, with a midpoint of $11.55 below the analyst consensus of $11.74. Constellation returned over $400 million to shareholders through share repurchases and dividends.

Constellation Brands reported fiscal 2026 results showing beer now accounts for roughly 91% of net sales and most operating income, with annual revenue of $9.1 billion and net income of $1.7 billion. The company continues to invest in Mexican brewing capacity whilst redeeming debt, repurchasing shares and raising dividends. The beer-focused business model supports strong cash generation, offsetting weaker wine and spirits performance. Management is funding capacity projects including Veracruz to underpin future growth. Key risks include modest growth expectations, input costs and potential pressure on Hispanic consumers that could affect beer demand. Analyst estimates vary significantly, with some projecting revenues could reach $9.5 billion by 2029, whilst others forecast figures as low as $8.7 billion. The stock rose 5.4% following the results announcement.