Constellation Brands, Inc. (STZ) Cash Flow Statement
Where STZ’s cash came from and went, FY2026
February 28, 2026 · U.S. dollars- Cash from operations
- $2.67B −15.3% vs FY2025
- Capital expenditures
- $875.0M 9.6% of revenue
- Free cash flow
- $1.79B 19.6% margin
- Returned to shareholders
- $1.64B 91% of free cash flow
- Change in cash
- $34.3M cash at year-end $102.4M
Drawn to scale: where the cash came from and how it was used. Hover for values.
STZ operating cash flow, capex and free cash flow
STZ cash flow trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $1.70BFY2017 | $2.67BFY2026 | +5.2%/yr | |
| Capital expenditures | $907.4MFY2017 | $875.0MFY2026 | −0.4%/yr | |
| Free cash flow | $788.6MFY2017 | $1.79BFY2026 | +9.6%/yr | |
| Free cash flow margin | 10.8%FY2017 | 19.6%FY2026 | +8.9 pts | |
| Operating cash flow / net income | 1.11FY2017 | 1.58FY2026 | +0.48 | |
| Stock-based compensation | $56.1MFY2017 | $7.7MFY2026 | −19.8%/yr | |
| Dividends paid | $315.1MFY2017 | $715.7MFY2026 | +9.5%/yr | |
| Share buybacks (net) | $1.12BFY2017 | $924.1MFY2026 | −2.1%/yr | |
| Capex / revenue | 12.4%FY2017 | 9.6%FY2026 | −2.8 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
STZ cash flow by activity
STZ net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
STZ cash flow statement
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $1.69B | −$31.1M | $1.77B | −$38.5M | $1.0M | $2.03B | $21.4M | $3.46B | $2.32B | $1.53B |
| Depreciation & amortization | $420.0M | $445.7M | $427.9M | $383.8M | $337.3M | $293.8M | $326.5M | $333.1M | $293.8M | $237.5M |
| Stock-based compensation | $7.7M | $72.2M | $63.6M | $68.5M | $44.9M | $63.0M | $60.4M | $64.1M | $60.9M | $56.1M |
| Change in working capital | −$357.8M | −$134.2M | −$287.8M | −$274.5M | −$185.6M | $148.3M | −$85.1M | −$237.5M | −$323.4M | −$23.5M |
| Other non-cash items | $912.4M | $2.80B | $811.1M | $2.62B | $2.51B | $269.6M | $2.23B | −$1.37B | −$415.2M | −$106.8M |
| Cash from operating activities | $2.67B | $3.15B | $2.78B | $2.76B | $2.71B | $2.81B | $2.55B | $2.25B | $1.93B | $1.70B |
| Investing activities | ||||||||||
| Capital expenditures | −$875.0M | −$1.21B | −$1.27B | −$1.04B | −$1.03B | −$864.6M | −$726.5M | −$886.3M | −$1.06B | −$907.4M |
| Investments (net) | — | −$974.8M | −$1.29B | −$999.4M | −$1.04B | −$222.4M | −$46.7M | $4.08B | $191.3M | −$1.46B |
| Acquisitions & other investing | $891.5M | $1.21B | $1.27B | $1.04B | $1.03B | $999.1M | $242.2M | −$8.03B | −$556.8M | $907.4M |
| Cash from investing activities | $16.5M | −$974.8M | −$1.29B | −$999.4M | −$1.04B | −$87.9M | −$531.0M | −$4.83B | −$1.42B | −$1.46B |
| Financing activities | ||||||||||
| Dividends paid | −$715.7M | −$731.8M | −$653.8M | −$587.7M | −$573.0M | −$575.0M | −$569.2M | −$557.7M | −$400.1M | −$315.1M |
| Share repurchases & issuance (net) | −$924.1M | −$1.12B | −$249.7M | −$3.20B | −$1.39B | $23.9M | −$50.0M | −$504.3M | −$1.04B | −$1.12B |
| Net borrowing (repayment) | −$941.5M | −$391.7M | −$589.2M | $2.03B | −$46.7M | −$1.77B | −$1.46B | $3.66B | $7.13B | $971.8M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$74.7M | −$14.5M | $18.1M | −$59.5M | $80.7M | −$30.0M | $44.4M | −$2.3M | −$6.29B | $331.2M |
| Cash from financing activities | −$2.66B | −$2.26B | −$1.47B | −$1.82B | −$1.93B | −$2.35B | −$2.03B | $2.59B | −$601.2M | −$134.8M |
| Summary | ||||||||||
| Net change in cash | $34.3M | −$84.3M | $18.9M | −$65.9M | −$261.2M | $379.2M | −$12.2M | $3.3M | −$87.1M | $94.3M |
| Cash at end of period | $102.4M | $68.1M | $152.4M | $133.5M | $199.4M | $460.6M | $81.4M | $93.6M | $90.3M | $177.4M |
| Free cash flow | $1.79B | $1.94B | $1.51B | $1.72B | $1.68B | $1.94B | $1.82B | $1.36B | $873.8M | $788.6M |
| Free cash flow margin | 19.6% | 19.0% | 15.2% | 18.2% | 19.0% | 22.5% | 21.9% | 16.8% | 11.5% | 10.8% |
| Capex / revenue | 9.6% | 11.9% | 12.7% | 11.0% | 11.6% | 10.0% | 8.7% | 10.9% | 13.9% | 12.4% |
| Operating cash flow / net income | 1.58 | — | 1.57 | — | 2,705.40 | 1.38 | 119.21 | 0.65 | 0.83 | 1.11 |
| Aug '26 | May '26 | Feb '26 | Nov '25 | Aug '25 | May '25 | Feb '25 | Nov '24 | Aug '24 | May '24 | Feb '24 | Nov '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $582.3M | $671.9M | $201.8M | $502.8M | $486.1M | $523.8M | −$370.6M | $629.1M | −$1.18B | $892.8M | $404.4M | $520.9M |
| Depreciation & amortization | $96.8M | $97.6M | $112.1M | $99.0M | $102.7M | $105.2M | $105.9M | $119.0M | $109.2M | $111.6M | $106.1M | $108.1M |
| Stock-based compensation | $19.9M | $15.0M | $28.5M | −$29.0M | $21.7M | $10.4M | $11.5M | $19.7M | $23.7M | $17.3M | $14.1M | $17.0M |
| Change in working capital | −$70.7M | −$96.1M | −$107.8M | −$97.1M | $82.5M | −$169.8M | −$25.1M | −$94.3M | $176.7M | −$191.5M | −$216.8M | −$1.7M |
| Other non-cash items | $188.5M | −$26.6M | $328.2M | $141.2M | $159.1M | $167.6M | $873.0M | $11.7M | $2.05B | −$139.7M | $125.4M | $80.5M |
| Cash from operating activities | $816.8M | $661.8M | $562.8M | $616.9M | $852.1M | $637.2M | $594.7M | $685.2M | $1.18B | $690.5M | $433.2M | $724.8M |
| Investing activities | ||||||||||||
| Capital expenditures | −$176.9M | −$177.2M | −$218.9M | −$246.0M | −$217.3M | −$192.8M | −$282.6M | −$228.4M | −$327.8M | −$375.3M | −$357.2M | −$329.9M |
| Investments (net) | — | — | — | — | $660.9M | −$196.1M | $123.4M | −$240.6M | −$480.2M | −$377.4M | −$356.0M | −$329.0M |
| Acquisitions & other investing | $19.7M | −$16.0M | $5.3M | $11.3M | $217.3M | $192.8M | $282.6M | $228.4M | $327.8M | $375.3M | $357.2M | $329.9M |
| Cash from investing activities | −$157.2M | −$193.2M | −$213.6M | −$234.7M | $660.9M | −$196.1M | $123.4M | −$240.6M | −$480.2M | −$377.4M | −$356.0M | −$329.0M |
| Financing activities | ||||||||||||
| Dividends paid | −$175.1M | −$178.7M | −$176.9M | −$177.7M | −$178.9M | −$182.2M | −$180.5M | −$182.7M | −$183.3M | −$185.3M | −$162.7M | −$163.5M |
| Share repurchases & issuance (net) | −$230.9M | −$223.8M | −$100.0M | −$220.1M | −$297.9M | −$306.1M | −$455.7M | −$218.9M | −$249.2M | −$200.0M | $249.7M | −$214.7M |
| Net borrowing (repayment) | — | −$37.0M | −$103.9M | $119.6M | −$1.03B | $68.9M | −$84.4M | −$19.7M | −$287.2M | — | — | −$10.9M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$251.5M | −$34.5M | −$20.5M | −$23.4M | −$12.6M | −$18.2M | −$2.4M | −$13.5M | $8.7M | −$7.7M | −$89.2M | −$10.9M |
| Cash from financing activities | −$657.5M | −$474.0M | −$401.3M | −$301.6M | −$1.52B | −$437.6M | −$723.0M | −$434.8M | −$711.0M | −$393.0M | −$2.2M | −$400.0M |
| Summary | ||||||||||||
| Net change in cash | $1.9M | −$5.8M | −$50.0M | $80.4M | −$1.9M | $5.8M | −$5.6M | $9.1M | −$9.2M | −$78.6M | $73.7M | −$4.6M |
| Cash at end of period | $98.5M | $96.6M | $102.4M | $152.4M | $72.0M | $73.9M | $68.1M | $73.7M | $64.6M | $73.8M | $152.4M | $78.7M |
| Free cash flow | $639.9M | $484.6M | $343.9M | $370.9M | $634.8M | $444.4M | $312.1M | $456.8M | $854.0M | $315.2M | $76.0M | $394.9M |
| Free cash flow margin | 24.3% | 19.9% | 17.9% | 16.7% | 25.6% | 17.7% | 14.4% | 18.5% | 29.3% | 11.8% | 3.6% | 16.0% |
| Capex / revenue | 6.7% | 7.3% | 11.4% | 11.1% | 8.8% | 7.7% | 13.1% | 9.3% | 11.2% | 14.1% | 16.7% | 13.4% |
| Operating cash flow / net income | 1.40 | 0.98 | 2.79 | 1.23 | 1.75 | 1.22 | — | 1.09 | — | 0.77 | 1.07 | 1.39 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
STZ cash generation
In fiscal 2026 (ended February 28, 2026), Constellation Brands generated $2.7 billion of cash from operations (down 15.3%) and spent $875.0 million on capital expenditures, leaving free cash flow of $1.8 billion, 19.6% of revenue. It returned $1.6 billion to shareholders through dividends ($715.7 million) and net share buybacks ($924.1 million). Cash and equivalents rose by $34.3 million over the year.
Related: STZ income statement, STZ balance sheet, STZ dividend history. See the STZ stock overview for the latest quote and news.
STZ cash flow FAQ
What is Constellation Brands's free cash flow?
Constellation Brands's free cash flow was $1.8 billion in fiscal 2026: $2.7 billion of operating cash flow minus $875.0 million of capital expenditures It was $1.9 billion a year earlier..
How much cash does Constellation Brands generate from operations?
Constellation Brands generated $2.7 billion of cash from operating activities in fiscal 2026, 1.58 times its net income of $1.7 billion.
How much does Constellation Brands spend on capital expenditures?
Constellation Brands spent $875.0 million on capital expenditures in fiscal 2026, 9.6% of revenue, compared with $1.2 billion the year before.
How much stock does Constellation Brands buy back?
Constellation Brands spent $924.1 million on net share repurchases in fiscal 2026.
How much does Constellation Brands pay in dividends?
Constellation Brands paid $715.7 million in dividends in fiscal 2026, 39.9% of free cash flow.