The maker of some of the best-selling beers in the United States posted adjusted earnings of $3.74 per share on $2.63 billion in revenue, above analyst estimates of $3.56 per share and $2.54 billion. Beer revenue rose five percent to roughly $2.47 billion, and shipments increased 5.5 percent.
But the company said depletions declined slightly, pointing to softer consumer demand behind the inventory rebuilding. Chief Executive Nicholas Fink noted on an earnings call that Constellation had spent much of the first half rebuilding distributor inventory levels, and that September depletions were "trending in the right direction" despite month-to-month variability.
Overall, the broader beer market remains under pressure. According to Nielsen data, U.S. beer sales fell 1.8 percent year over year in the two weeks ended September 19. Roth Capital analyst Bill Kirk wrote that progress for Constellation had accelerated to start 2026 but was "derailed by higher fuel costs," though he maintained a buy rating and $209 price target, compared with the roughly $116 share price as of Wednesday.
Fink said the company saw strength in club stores, where cash-strapped shoppers seek deals on fuel and groceries. Constellation is tailoring product and pack sizes across channels and focusing on occasions such as sports and music events to drive sales, rather than treating beer as a default purchase.
The company's pricing strategy reflects consumer caution. Chief Financial Officer Garth Hankinson said Constellation has been selective with price increases, keeping them at the low end of its usual range given the macroeconomic backdrop. "It is much more cost-effective to retain your consumers than it is to try to regain your consumers," Hankinson said.
Constellation's reliance on Hispanic shoppers makes price sensitivity particularly important. About 40 percent of spending on the company's beer comes from Hispanic consumers, compared with about 15 percent for the overall beer category, according to company data.