Name: Constellation Brands Inc. (NYSE:STZ) | Income Statement (Quarterly)
Creator: Stock Analysis on Net

Income Statement
Quarterly Data

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.

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Constellation Brands Inc., consolidated income statement (quarterly data)

US$ in thousands

3 months ended:	Nov 30, 2022	Aug 31, 2022	May 31, 2022	Feb 28, 2022	Nov 30, 2021	Aug 31, 2021	May 31, 2021	Feb 28, 2021	Nov 30, 2020	Aug 31, 2020	May 31, 2020	Feb 29, 2020	Nov 30, 2019	Aug 31, 2019	May 31, 2019	Feb 28, 2019	Nov 30, 2018	Aug 31, 2018	May 31, 2018	Feb 28, 2018	Nov 30, 2017	Aug 31, 2017	May 31, 2017	Feb 28, 2017	Nov 30, 2016	Aug 31, 2016	May 31, 2016
Sales	2,624,600)	2,864,300)	2,540,700)	2,268,800)	2,507,000)	2,565,000)	2,188,300)	2,120,600)	2,643,700)	2,459,700)	2,131,700)	2,075,600)	2,181,500)	2,573,400)	2,282,500)	1,968,000)	2,160,600)	2,525,700)	2,230,000)	1,935,400)	1,978,900)	2,297,200)	2,115,300)	1,793,100)	1,992,700)	2,222,800)	2,053,000)
Excise taxes	(188,100)	(209,200)	(177,500)	(166,300)	(186,400)	(193,900)	(161,800)	(167,600)	(205,600)	(199,300)	(168,300)	(172,700)	(182,100)	(229,400)	(185,300)	(170,800)	(188,000)	(226,600)	(182,900)	(169,500)	(179,800)	(212,700)	(179,800)	(165,100)	(182,200)	(201,600)	(181,200)
Net sales	2,436,500)	2,655,100)	2,363,200)	2,102,500)	2,320,600)	2,371,100)	2,026,500)	1,953,000)	2,438,100)	2,260,400)	1,963,400)	1,902,900)	1,999,400)	2,344,000)	2,097,200)	1,797,200)	1,972,600)	2,299,100)	2,047,100)	1,765,900)	1,799,100)	2,084,500)	1,935,500)	1,628,000)	1,810,500)	2,021,200)	1,871,800)
Cost of product sold	(1,209,600)	(1,329,200)	(1,108,200)	(969,900)	(1,094,900)	(1,141,400)	(907,200)	(959,300)	(1,169,900)	(1,044,600)	(975,100)	(953,100)	(1,011,900)	(1,158,100)	(1,068,500)	(903,700)	(1,002,600)	(1,130,900)	(998,500)	(916,800)	(891,600)	(1,019,200)	(940,200)	(840,300)	(919,100)	(1,052,200)	(990,500)
Gross profit	1,226,900)	1,325,900)	1,255,000)	1,132,600)	1,225,700)	1,229,700)	1,119,300)	993,700)	1,268,200)	1,215,800)	988,300)	949,800)	987,500)	1,185,900)	1,028,700)	893,500)	970,000)	1,168,200)	1,048,600)	849,100)	907,500)	1,065,300)	995,300)	787,700)	891,400)	969,000)	881,300)
Selling, general, and administrative expenses	(480,200)	(512,800)	(438,600)	(456,800)	(385,800)	(490,500)	(378,300)	(448,900)	(463,800)	(399,100)	(353,300)	(370,100)	(406,300)	(439,400)	(406,000)	(428,200)	(413,500)	(403,200)	(423,200)	(333,400)	(420,700)	(351,400)	(427,200)	(348,300)	(357,400)	(358,100)	(328,600)
Impairment of brewery construction in progress	—)	—)	—)	—)	—)	—)	(665,900)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Impairment of assets held for sale	—)	—)	—)	—)	—)	—)	—)	—)	(21,000)	22,000)	(25,000)	(32,700)	(390,000)	(27,000)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Gain (loss) on sale of business	—)	—)	—)	1,700)	—)	—)	—)	14,500)	(300)	—)	—)	(1,900)	76,000)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	262,400)	—)	—)	—)
Operating income	746,700)	813,100)	816,400)	677,500)	839,900)	739,200)	75,100)	559,300)	783,100)	838,700)	610,000)	545,100)	267,200)	719,500)	622,700)	465,300)	556,500)	765,000)	625,400)	515,700)	486,800)	713,900)	568,100)	701,800)	534,000)	610,900)	552,700)
Income (loss) from unconsolidated investments	(37,200)	(1,719,100)	(187,900)	(93,700)	(171,800)	(470,800)	(899,200)	19,800)	782,400)	(80,700)	(571,200)	43,200)	(456,500)	(1,324,700)	(930,600)	1,183,400)	(134,600)	688,400)	364,400)	237,500)	249,100)	200)	400)	(900)	27,500)	—)	700)
Interest expense	(98,700)	(94,300)	(88,500)	(85,900)	(88,000)	(95,800)	(86,700)	(89,800)	(95,700)	(100,200)	(100,000)	(99,400)	(103,100)	(111,600)	(114,600)	(118,500)	(72,800)	(88,000)	(87,800)	(86,900)	(81,400)	(81,300)	(82,400)	(77,000)	(77,600)	(94,100)	(84,600)
Loss on extinguishment of debt	—)	(8,000)	(15,300)	—)	—)	(29,400)	—)	(4,000)	(1,200)	(600)	(7,000)	—)	—)	(2,400)	—)	—)	(1,700)	—)	—)	(77,900)	(10,300)	(2,100)	(6,700)	—)	—)	—)	—)
Income (loss) before income taxes	610,800)	(1,008,300)	524,700)	497,900)	580,100)	143,200)	(910,800)	485,300)	1,468,600)	657,200)	(68,200)	488,900)	(292,400)	(719,200)	(422,500)	1,530,200)	347,400)	1,365,400)	902,000)	588,400)	644,200)	630,700)	479,400)	623,900)	483,900)	516,800)	468,800)
(Provision for) benefit from income taxes	(131,100)	(132,400)	(125,400)	(92,300)	(99,300)	(131,300)	13,500)	(94,700)	(176,600)	(135,400)	(104,400)	(79,900)	658,900)	202,200)	185,400)	(280,800)	(35,300)	(214,100)	(155,700)	340,400)	(149,500)	(128,700)	(74,100)	(162,000)	(78,900)	(163,600)	(149,700)
Net income (loss)	479,700)	(1,140,700)	399,300)	405,600)	480,800)	11,900)	(897,300)	390,600)	1,292,000)	521,800)	(172,600)	409,000)	366,500)	(517,000)	(237,100)	1,249,400)	312,100)	1,151,300)	746,300)	928,800)	494,700)	502,000)	405,300)	461,900)	405,000)	353,200)	319,100)
Net (income) loss attributable to noncontrolling interests	(12,000)	(10,500)	(9,800)	(10,200)	(10,000)	(10,400)	(10,800)	(7,700)	(11,100)	(9,700)	(5,300)	(10,600)	(6,100)	(8,200)	(8,300)	(9,900)	(9,000)	(1,800)	(2,500)	(3,300)	(3,600)	(2,500)	(2,500)	(9,900)	900)	5,700)	(800)
Net income (loss) attributable to CBI	467,700)	(1,151,200)	389,500)	395,400)	470,800)	1,500)	(908,100)	382,900)	1,280,900)	512,100)	(177,900)	398,400)	360,400)	(525,200)	(245,400)	1,239,500)	303,100)	1,149,500)	743,800)	925,500)	491,100)	499,500)	402,800)	452,000)	405,900)	358,900)	318,300)

Net sales exhibit a general upward trajectory over the analyzed period, characterized by consistent seasonal fluctuations. Revenue typically peaks in the August quarters and reaches troughs toward the February quarters, reflecting cyclical demand patterns within the beverage sector.

Revenue and Gross Profitability: Net sales grew from approximately $1.87 billion in May 2016 to $2.44 billion by November 2022. Gross profit followed a similar growth pattern, increasing from $881.3 million to $1.23 billion. This suggests a consistent ability to maintain gross margins despite fluctuations in the cost of products sold.
Operating Expense Trends: Selling, general, and administrative expenses have experienced a gradual increase, rising from $328.6 million in May 2016 to $480.2 million in November 2022. While these expenses have grown, they have generally scaled in proportion to the increase in net sales.
Impact of Non-Recurring Impairments: Operating income has been subject to significant volatility due to non-recurring charges. A substantial impairment of brewery construction in progress amounting to $665.9 million in May 2021 caused a sharp decline in operating results for that period. Additionally, periodic impairments of assets held for sale, such as the $390 million charge in November 2019, further disrupted operating income stability.
Volatility of Unconsolidated Investments: The results from unconsolidated investments represent a primary source of instability in the net income figures. These values have fluctuated wildly, ranging from a gain of $1.18 billion in February 2019 to a loss of $1.72 billion in August 2022. This volatility often overrides the stability of the core operating income when calculating the final bottom line.
Net Income Analysis: Net income attributable to the company shows extreme variance across the timeline. While the company maintained profitability in many quarters, the intersection of investment losses and asset impairments led to significant quarterly losses, most notably the $1.15 billion loss in August 2022 and the $908.1 million loss in May 2021.
Financial Obligations: Interest expenses have remained relatively stable, generally fluctuating between $80 million and $120 million per quarter. Occasional losses on the extinguishment of debt, such as the $29.4 million charge in August 2021, have had a negligible impact compared to the larger investment and impairment losses.

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Constellation Brands Inc. (NYSE:STZ)

Income StatementQuarterly Data

Income Statement
Quarterly Data