STZ · 10-Q · 2026Q3 · Full report

Cash Flow and Capital Expenditures

CONSTELLATION BRANDS, INC. · 2026-10-07 · Importance 42 · Surprise 14 · In source text

Operating cash flow was $1,478.6 million for the six months ended August 31, 2026, down $10.7 million from the prior-year period despite net income increasing $244.3 million; higher income-tax payments and a $91.9 million adverse change in operating assets and liabilities contributed to the comparison. Investing cash flow was a $350.4 million use, versus $464.8 million provided a year earlier, primarily because proceeds from business sales were $837.2 million lower following the 2025 Wine Divestitures. Capital expenditures were $56.0 million lower year over year. Financing cash use was $1,131.5 million, $821.6 million less than the prior-year use, including $261.0 million of net debt payments and $353.8 million of dividends paid.

Key facts

• Constellation Brands' operating cash flow was $1,478.6 million in Six Months 2027, compared with $1,489.3 million in Six Months 2026. source
• Net cash used in investing activities was $350.4 million in Six Months 2027, versus net cash provided of $464.8 million in Six Months 2026, a decrease of $815.2 million, primarily because proceeds from business sales were $837.2 million lower, partly offset by $56.0 million of reduced capital expenditures. source

Impact estimates