Constellation Brands Q1 FY27: Organic Growth Returned. But the Story Is in Which Brands Are Growing – and Which Are Not.

Constellation Brands published Q1 FY27 results today. The headline – reported net sales down 3% – is almost entirely an artefact of last year’s wine divestitures removing mainstream brands from the portfolio comparison. Organic net sales grew 3%. But the more interesting story is not in those top-line numbers. It is in which specific brands inside Constellation’s portfolio are growing, which are declining, and what the combination of this quarter’s results with everything tracked across the industry in 2026 actually tells you about where Constellation is heading and why.