Constellation Brands (STZ) 10-K Summary — Year Ended Feb 28, 2023

Constellation Brands filed its annual report for the latest fiscal year, detailing financial results with revenue growth but a net loss. The filing also outlines strategic initiatives, risk factors, and capital allocation plans.

Key takeaway

Year ended Feb 28, 2023 · FY2025 10-K

Financial snapshot

Selected annual figures reported with the filing, shown separately from the narrative summary.

Annual revenue

$9.5B

Revenue reported for the fiscal year.

Operating income

$2.8B

Income from operations reported for the year.

Net income

-$71M

Net income reported for the year.

Operating cash flow

$2.8B

Cash generated by operating activities.

Annual revenue trend

Reported annual revenue and its change from the preceding fiscal year.

Period ended	Revenue	Year-over-year change
Feb 28, 2022	$8.8B	n/a
Feb 28, 2023	$9.5B	+7.2%

Business overview

The company is a beverage alcohol producer, focusing on beer, wine, and spirits. Its operations include brewery expansion, optimization, and refinement of its wine and spirits portfolio, as discussed in the liquidity and capital resources section.

Financial performance

Revenue increased compared to the prior year, with operating income and operating cash flow both at a notable level. However, the company reported a net loss for the period.

Material risks

Material risks include inflationary pressures, reduced consumer discretionary income, global supply chain disruptions, climate-related severe weather events, and potential changes in laws or regulations. These factors could impact costs, supply, and demand.

Liquidity and capital

Capital allocation themes include share repurchases, dividend payments, and proceeds from the planned sale of the Daleville Facility. The company also continues to invest in brewery expansion and optimization.

What to watch

Monitor the completion of the sale of the remaining assets at the Mexicali Brewery and the use of proceeds from the Daleville Facility sale.