Constellation Brands fourth quarter 2026 results beat estimates, but weak beer demand and soft fiscal 2027 guidance overshadow the quarter.

Constellation Brands reported fourth quarter net sales of $1.92 billion and comparable EPS of $1.90, exceeding analyst expectations. The results were driven by a modest increase in beer shipments, though underlying consumer demand trends and the forward-looking guidance were notably weak.

Key Highlights

• The key Beer segment reported depletion growth of only 0.6% in the fourth quarter, a significant slowdown and miss against expectations, indicating weakening consumer demand for core brands.
• Beer segment net sales increased by 1%, supported by shipment growth of 1.1% and favorable pricing.
• The restructured Wine & Spirits segment saw depletions for its remaining portfolio grow over 8% in the fourth quarter.
• Management issued a soft fiscal 2027 outlook, guiding for Beer net sales growth between -1% and 1% and comparable EPS of $11.20 to $11.90.