Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Constellation Brands Inc., consolidated income statement

US$ in thousands

12 months ended:	Feb 28, 2022	Feb 28, 2021	Feb 29, 2020	Feb 28, 2019	Feb 28, 2018	Feb 28, 2017
Sales	9,529,100)	9,355,700)	9,113,000)	8,884,300)	8,326,800)	8,061,600)
Excise taxes	(708,400)	(740,800)	(769,500)	(768,300)	(741,800)	(730,100)
Net sales	8,820,700)	8,614,900)	8,343,500)	8,116,000)	7,585,000)	7,331,500)
Cost of product sold	(4,113,400)	(4,148,900)	(4,191,600)	(4,035,700)	(3,767,800)	(3,802,100)
Gross profit	4,707,300)	4,466,000)	4,151,900)	4,080,300)	3,817,200)	3,529,400)
Selling, general, and administrative expenses	(1,711,400)	(1,665,100)	(1,621,800)	(1,668,100)	(1,532,700)	(1,392,400)
Impairment of brewery construction in progress	(665,900)	—)	—)	—)	—)	—)
Impairment of assets held for sale	—)	(24,000)	(449,700)	—)	—)	—)
Gain on sale of business	1,700)	14,200)	74,100)	—)	—)	262,400)
Operating income	2,331,700)	2,791,100)	2,154,500)	2,412,200)	2,284,500)	2,399,400)
Income (loss) from unconsolidated investments	(1,635,500)	150,300)	(2,668,600)	2,101,600)	487,200)	27,300)
Interest expense	(356,400)	(385,700)	(428,700)	(367,100)	(332,000)	(333,300)
Loss on extinguishment of debt	(29,400)	(12,800)	(2,400)	(1,700)	(97,000)	—)
Income (loss) before income taxes	310,400)	2,542,900)	(945,200)	4,145,000)	2,342,700)	2,093,400)
(Provision for) benefit from income taxes	(309,400)	(511,100)	966,600)	(685,900)	(11,900)	(554,200)
Net income	1,000)	2,031,800)	21,400)	3,459,100)	2,330,800)	1,539,200)
Net income attributable to noncontrolling interests	(41,400)	(33,800)	(33,200)	(23,200)	(11,900)	(4,100)
Net income (loss) attributable to CBI	(40,400)	1,998,000)	(11,800)	3,435,900)	2,318,900)	1,535,100)

Based on: 10-K (reporting date: 2022-02-28), 10-K (reporting date: 2021-02-28), 10-K (reporting date: 2020-02-29), 10-K (reporting date: 2019-02-28), 10-K (reporting date: 2018-02-28), 10-K (reporting date: 2017-02-28).

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Income statement item	Description	The company
Net sales	Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.	Constellation Brands Inc. net sales increased from 2020 to 2021 and from 2021 to 2022.
Operating income	The net result for the period of deducting operating expenses from operating revenues.	Constellation Brands Inc. operating income increased from 2020 to 2021 but then slightly decreased from 2021 to 2022 not reaching 2020 level.
Income (loss) before income taxes	Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.	Constellation Brands Inc. income (loss) before income taxes increased from 2020 to 2021 but then slightly decreased from 2021 to 2022 not reaching 2020 level.
Net income (loss) attributable to CBI	The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.	Constellation Brands Inc. net income (loss) attributable to CBI increased from 2020 to 2021 but then decreased significantly from 2021 to 2022.

Constellation Brands Inc. (NYSE:STZ)

Income Statement