Constellation Brands, Inc. reported mixed third-quarter fiscal 2026 results as it navigated a challenging operating environment, while continuing to gain market share and return capital to shareholders.

Net sales declined 10% year over year to $2.22 billion, reflecting lower volumes, though comparable results showed stable operating income and stronger profitability metrics. Reported EPS was $2.88, while comparable EPS reached $3.06. The Beer business continued to outperform the U.S. industry, gaining dollar and volume share across tracked channels, led by brands such as Modelo Especial, Corona, Pacifico, and Victoria. Wine and Spirits also outpaced the higher-end wine segment.

Year to date, Constellation generated $2.1 billion in operating cash flow and $1.45 billion in free cash flow, repurchasing $824 million of shares and declaring a quarterly dividend of $1.02 per share. The company updated its fiscal 2026 reported EPS outlook to $9.72–$10.02 and reaffirmed its comparable EPS, cash flow, and leverage targets, underscoring continued focus on disciplined capital allocation and long-term growth.