Overview

• Constellation cut its fiscal 2026 comparable EPS outlook to $11.30–$11.60 from $12.60–$12.90.
• The company now expects organic net sales to decline 4% to 6%, compared with a prior range of 1% growth to a 2% decline.
• Net beer sales are forecast to fall 2% to 4% on lower volumes and added tariff costs.
• Management highlighted weaker buying from Hispanic consumers, who account for about half of its U.S. beer sales, previously linking the pullback to immigration policy concerns and potential job losses.
• Free cash flow guidance was lowered to $1.3–$1.4 billion from $1.5–$1.6 billion, and the stock fell about 8% before the market open.