Constellation Brands reported fiscal Q4 2026 results on 8 April 2026 – the final quarter of a year defined by softening consumer demand, a CEO transition, and a divestiture that fundamentally changed the shape of the company. The headline numbers are mixed. Beer depletions returned to growth at +0.6% in Q4 after declining for most of the year. Wine and Spirits depletions grew 8.3%. Free cash flow for the full year was $1.8 billion. But the quarter that brings Constellation Brands back to depletion growth is also the quarter that most clearly reveals the structural question the company must answer in FY27 and beyond.
That question is not whether Modelo Especial is growing. It is. It is whether the growth is coming from the consumer base the brand was built on – or from somewhere else entirely.
“Despite ongoing pressure on consumer spending, our Beer Business continued to outperform the category and returned to growth during the fourth quarter, reflecting improved momentum in our portfolio. We captured 0.6 points of dollar share in the total beer category, and outperformed the category in year-over-year dollar sales growth by over 3 points across Circana U.S. tracked channels.”
Bill Newlands, outgoing President and CEO, Constellation Brands – Q4 FY26 CEO and CFO Commentary, 8 April 2026
The return to depletion growth – and what drove it
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