Selected Financial Data
since 2005
Income Statement
Constellation Brands Inc., selected items from income statement, long-term trends
US$ in thousands
| 12 months ended: | Net sales | Operating income (loss) | Net income (loss) attributable to CBI |
|---|---|---|---|
| Feb 28, 2022 | 8,820,700) | 2,331,700) | (40,400) |
| Feb 28, 2021 | 8,614,900) | 2,791,100) | 1,998,000) |
| Feb 29, 2020 | 8,343,500) | 2,154,500) | (11,800) |
| Feb 28, 2019 | 8,116,000) | 2,412,200) | 3,435,900) |
| Feb 28, 2018 | 7,585,000) | 2,284,500) | 2,318,900) |
| Feb 28, 2017 | 7,331,500) | 2,399,400) | 1,535,100) |
| Feb 29, 2016 | 6,548,400) | 1,765,100) | 1,054,900) |
| Feb 28, 2015 | 6,028,000) | 1,500,200) | 839,300) |
| Feb 28, 2014 | 4,867,700) | 2,437,700) | 1,943,100) |
| Feb 28, 2013 | 2,796,100) | 522,900) | 387,800) |
| Feb 29, 2012 | 2,654,300) | 486,500) | 445,000) |
| Feb 28, 2011 | 3,332,000) | 502,500) | 559,500) |
| Feb 28, 2010 | 3,364,800) | 311,500) | 99,300) |
| Feb 28, 2009 | 3,654,600) | 23,000) | (301,400) |
| Feb 29, 2008 | 3,773,000) | (356,700) | (613,300) |
| Feb 28, 2007 | 5,216,400) | 699,000) | 331,900) |
| Feb 28, 2006 | 4,603,448) | 666,115) | 325,262) |
| Feb 28, 2005 | 4,087,638) | 567,896) | 276,464) |
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), 10-K (reporting date: 2016-02-29), 10-K (reporting date: 2015-02-28), 10-K (reporting date: 2014-02-28), 10-K (reporting date: 2013-02-28), 10-K (reporting date: 2012-02-29), 10-K (reporting date: 2011-02-28), 10-K (reporting date: 2010-02-28), 10-K (reporting date: 2009-02-28), 10-K (reporting date: 2008-02-29), 10-K (reporting date: 2007-02-28), 10-K (reporting date: 2006-02-28), 10-K (reporting date: 2005-02-28).
The financial trajectory from 2005 to 2022 is characterized by three distinct phases: an initial growth period, a period of significant contraction and volatility, and a subsequent era of aggressive scale expansion accompanied by divergent bottom-line results.
- Revenue Trajectory
- Net sales grew steadily from 4.09 billion in 2005 to a peak of 5.22 billion in 2007. This was followed by a period of sustained decline, with revenues falling to a low of 2.65 billion by 2012. A sharp recovery began in 2014, where sales surged to 4.87 billion, initiating a consistent upward trend that reached 8.82 billion by 2022. This represents a substantial increase in the organization's market scale compared to the 2005 baseline.
- Operating Income Trends
- Operating profitability mirrored the revenue trend but with higher volatility. A critical downturn occurred in 2008, resulting in an operating loss of 356.7 million. Following a gradual recovery period between 2009 and 2013, operating income experienced a dramatic step-change in 2014, rising to 2.44 billion. From 2014 through 2022, operating income remained consistently high, generally fluctuating between 1.5 billion and 2.8 billion, indicating a significantly improved operational efficiency and margin structure than in the 2005-2013 period.
- Net Income Volatility
- The net income attributable to the company exhibits the highest degree of instability. Severe losses were recorded in 2008 (-613.3 million) and 2009 (-301.4 million). After a period of strong growth that peaked at 3.44 billion in 2019, the bottom line became unpredictable. Despite maintained operating profitability, net losses were recorded in 2020 (-11.8 million) and 2022 (-40.4 million). This divergence between positive operating income and negative net income suggests the influence of significant non-operating items, tax adjustments, or one-time impairment charges during those specific fiscal years.
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Balance Sheet: Assets
Constellation Brands Inc., selected items from assets, long-term trends
US$ in thousands
| Current assets | Total assets | |
|---|---|---|
| Feb 28, 2022 | 3,329,700) | 25,855,800) |
| Feb 28, 2021 | 3,044,500) | 27,104,800) |
| Feb 29, 2020 | 3,484,100) | 27,323,200) |
| Feb 28, 2019 | 3,684,000) | 29,231,500) |
| Feb 28, 2018 | 3,474,000) | 20,538,700) |
| Feb 28, 2017 | 3,230,000) | 18,602,400) |
| Feb 29, 2016 | 2,977,600) | 16,965,000) |
| Feb 28, 2015 | 2,910,800) | 15,144,500) |
| Feb 28, 2014 | 2,747,200) | 14,302,100) |
| Feb 28, 2013 | 2,471,200) | 7,638,100) |
| Feb 29, 2012 | 2,034,300) | 7,109,900) |
| Feb 28, 2011 | 2,083,000) | 7,167,600) |
| Feb 28, 2010 | 2,589,100) | 8,094,300) |
| Feb 28, 2009 | 2,534,500) | 8,036,500) |
| Feb 29, 2008 | 3,199,000) | 10,052,800) |
| Feb 28, 2007 | 3,023,300) | 9,438,200) |
| Feb 28, 2006 | 2,700,855) | 7,400,554) |
| Feb 28, 2005 | 2,734,035) | 7,804,172) |
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), 10-K (reporting date: 2016-02-29), 10-K (reporting date: 2015-02-28), 10-K (reporting date: 2014-02-28), 10-K (reporting date: 2013-02-28), 10-K (reporting date: 2012-02-29), 10-K (reporting date: 2011-02-28), 10-K (reporting date: 2010-02-28), 10-K (reporting date: 2009-02-28), 10-K (reporting date: 2008-02-29), 10-K (reporting date: 2007-02-28), 10-K (reporting date: 2006-02-28), 10-K (reporting date: 2005-02-28).
The asset trajectory of Constellation Brands reveals a period of significant expansion followed by a moderate contraction, characterized by a fundamental shift in the composition of the balance sheet. Total assets grew from US$ 7.8 billion in 2005 to a peak of US$ 29.2 billion in 2019, before declining to US$ 25.9 billion by February 2022.
- Total Asset Growth and Volatility
- Between 2005 and 2012, total assets remained relatively stable, fluctuating between US$ 7.1 billion and US$ 10.1 billion. A period of rapid acceleration began in 2014, where total assets surged from US$ 7.6 billion in 2013 to US$ 14.3 billion in 2014. This aggressive growth trend continued through 2019, nearly quadrupling the asset base from its 2012 low. From 2020 to 2022, a gradual downward trend is observed, with assets decreasing to US$ 25.9 billion.
- Current Asset Trends
- Current assets exhibited a more constrained growth pattern compared to total assets. Initial levels fluctuated between US$ 2.0 billion and US$ 3.2 billion from 2005 to 2012. A steady increase occurred between 2013 and 2019, peaking at US$ 3.7 billion. Unlike the total asset base, current assets did not experience a singular massive jump, but rather a gradual climb, ending the period at US$ 3.3 billion in 2022.
- Structural Asset Composition
- A significant divergence is observed between the growth of current assets and total assets. In the early period (2005–2012), current assets constituted a substantial portion of the total asset base, frequently representing 30% to 40% of total assets. Following the expansion phase post-2013, this ratio declined sharply. By 2019, current assets represented only approximately 12.6% of total assets. This trend indicates a strategic shift toward non-current assets, suggesting increased investment in long-term infrastructure, acquisitions, or intangible assets rather than liquid holdings.
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Balance Sheet: Liabilities and Stockholders’ Equity
Constellation Brands Inc., selected items from liabilities and stockholders’ equity, long-term trends
US$ in thousands
| Current liabilities | Total liabilities | Total borrowings | Total CBI stockholders’ equity | |
|---|---|---|---|---|
| Feb 28, 2022 | 2,698,800) | 13,808,000) | 10,416,500) | 11,731,900) |
| Feb 28, 2021 | 1,269,100) | 13,175,700) | 10,442,300) | 13,598,900) |
| Feb 29, 2020 | 2,311,800) | 14,848,900) | 12,184,600) | 12,131,800) |
| Feb 28, 2019 | 3,163,800) | 16,394,300) | 13,616,500) | 12,551,000) |
| Feb 28, 2018 | 1,944,700) | 12,476,000) | 10,186,700) | 8,046,100) |
| Feb 28, 2017 | 2,697,600) | 11,717,600) | 9,238,100) | 6,891,200) |
| Feb 29, 2016 | 2,272,300) | 10,273,200) | 8,081,200) | 6,559,600) |
| Feb 28, 2015 | 1,130,700) | 9,263,200) | 7,348,000) | 5,770,700) |
| Feb 28, 2014 | 2,025,700) | 9,320,800) | 7,020,500) | 4,981,300) |
| Feb 28, 2013 | 677,900) | —) | 3,305,400) | 2,860,300) |
| Feb 29, 2012 | 1,199,600) | —) | 3,129,500) | 2,676,000) |
| Feb 28, 2011 | 662,900) | —) | 3,236,300) | 2,551,900) |
| Feb 28, 2010 | 1,372,600) | —) | 3,835,500) | 2,576,300) |
| Feb 28, 2009 | 1,326,400) | —) | 4,433,600) | 1,908,300) |
| Feb 29, 2008 | 1,718,300) | —) | 5,257,500) | 2,765,900) |
| Feb 28, 2007 | 1,591,100) | —) | 4,185,500) | 3,417,500) |
| Feb 28, 2006 | 1,298,060) | —) | 2,809,727) | 2,975,171) |
| Feb 28, 2005 | 1,138,087) | —) | 3,289,276) | 2,779,913) |
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), 10-K (reporting date: 2016-02-29), 10-K (reporting date: 2015-02-28), 10-K (reporting date: 2014-02-28), 10-K (reporting date: 2013-02-28), 10-K (reporting date: 2012-02-29), 10-K (reporting date: 2011-02-28), 10-K (reporting date: 2010-02-28), 10-K (reporting date: 2009-02-28), 10-K (reporting date: 2008-02-29), 10-K (reporting date: 2007-02-28), 10-K (reporting date: 2006-02-28), 10-K (reporting date: 2005-02-28).
The balance sheet exhibits a period of substantial expansion beginning in 2014, characterized by simultaneous increases in both total liabilities and stockholders' equity. While the early period from 2005 to 2013 showed moderate fluctuations, the subsequent decade reflects a strategic scaling of the capital structure.
- Debt Obligations and Total Liabilities
- Total borrowings experienced a significant shift in scale starting in 2014, rising from 7.02 billion to a peak of 13.62 billion in 2019. This growth indicates a period of aggressive leveraging. Total liabilities followed a similar trajectory, increasing from 9.32 billion in 2014 to 16.39 billion in 2019. A contraction is observed after 2019, with total liabilities decreasing to 13.81 billion by February 2022, and borrowings stabilizing at approximately 10.42 billion.
- Stockholders' Equity Trends
- Equity remained relatively stable between 2005 and 2013, fluctuating between 1.91 billion and 3.42 billion. A sharp upward trend commenced in 2014, with equity growing from 4.98 billion to a peak of 13.60 billion in 2021. Despite a slight decline to 11.73 billion in 2022, the long-term trend reflects a substantial increase in the company's book value and internal capital accumulation.
- Current Liabilities and Short-term Obligations
- Current liabilities demonstrated high volatility throughout the period. After peaking at 1.72 billion in 2008 and dropping to a low of 662.9 million in 2011, obligations rose sharply again, reaching a maximum of 3.16 billion in 2019. The fluctuations in current liabilities, particularly the sharp increase in 2014 and again in 2016, suggest periodic changes in short-term financing strategies or operational working capital requirements.
- Capital Structure Evolution
- The relationship between debt and equity shifted markedly over time. In the period preceding 2014, borrowings frequently exceeded equity, particularly during the 2008-2009 window. Following the expansion phase, the company maintained a more balanced capital structure; by 2022, total borrowings (10.42 billion) were lower than total stockholders' equity (11.73 billion), suggesting a relative improvement in solvency and a reduction in financial leverage compared to the 2019 peak.
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Cash Flow Statement
Constellation Brands Inc., selected items from cash flow statement, long-term trends
US$ in thousands
| 12 months ended: | Net cash provided by operating activities | Net cash (used in) provided by investing activities | Net cash provided by (used in) financing activities |
|---|---|---|---|
| Feb 28, 2022 | 2,705,400) | (1,035,800) | (1,929,500) |
| Feb 28, 2021 | 2,806,500) | (87,900) | (2,346,600) |
| Feb 29, 2020 | 2,551,100) | (531,000) | (2,031,400) |
| Feb 28, 2019 | 2,246,300) | (4,831,800) | 2,593,300) |
| Feb 28, 2018 | 1,931,400) | (1,423,100) | (601,200) |
| Feb 28, 2017 | 1,696,000) | (1,461,800) | (134,800) |
| Feb 29, 2016 | 1,413,700) | (2,207,400) | 776,000) |
| Feb 28, 2015 | 1,081,000) | (1,015,900) | (16,400) |
| Feb 28, 2014 | 826,200) | (4,863,800) | 3,777,000) |
| Feb 28, 2013 | 556,300) | (206,800) | (98,700) |
| Feb 29, 2012 | 784,100) | (135,100) | (575,100) |
| Feb 28, 2011 | 619,300) | 188,100) | (845,700) |
| Feb 28, 2010 | 402,500) | 256,600) | (623,000) |
| Feb 28, 2009 | 506,900) | 128,600) | (647,400) |
| Feb 29, 2008 | 519,800) | (1,112,900) | 584,900) |
| Feb 28, 2007 | 313,200) | (1,197,100) | 925,200) |
| Feb 28, 2006 | 435,971) | (15,558) | (426,237) |
| Feb 28, 2005 | 320,700) | (1,222,860) | 884,180) |
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), 10-K (reporting date: 2016-02-29), 10-K (reporting date: 2015-02-28), 10-K (reporting date: 2014-02-28), 10-K (reporting date: 2013-02-28), 10-K (reporting date: 2012-02-29), 10-K (reporting date: 2011-02-28), 10-K (reporting date: 2010-02-28), 10-K (reporting date: 2009-02-28), 10-K (reporting date: 2008-02-29), 10-K (reporting date: 2007-02-28), 10-K (reporting date: 2006-02-28), 10-K (reporting date: 2005-02-28).
The long-term cash flow profile exhibits a trajectory of significant operational growth characterized by a steady increase in cash generation from core business activities, punctuated by periodic, large-scale capital investments funded through external financing.
- Operating Cash Flow Trends
- Net cash provided by operating activities demonstrates a consistent and substantial upward trend over the analyzed period. From 320.7 million in 2005, operating cash flows grew to 2.7 billion by 2022. A period of accelerated growth is observed beginning in 2014, with cash flow exceeding 1 billion annually from 2015 onward. This indicates a strengthened ability to generate liquidity from primary operations, peaking in 2021 at 2.8 billion before a slight contraction in 2022.
- Investing Activities and Capital Deployment
- Investing activities are characterized by high volatility and intermittent periods of heavy capital expenditure. Significant cash outflows occurred in 2014 and 2019, both reaching approximately 4.8 billion, suggesting major acquisitions or strategic asset expansions during those years. These periods of aggressive investment are contrasted by years of minimal spending or modest cash inflows, such as in 2009 through 2011, indicating a cyclical approach to growth and asset procurement.
- Financing Activities and Capital Structure
- Financing activities show a direct correlation with the investing cycles. Large cash inflows from financing were observed in 2014 (3.7 billion) and 2019 (2.5 billion), coinciding with the peaks in investing outflows, which points to the utilization of debt or equity issuance to fund expansion. Conversely, the period from 2020 to 2022 is marked by consistent and heavy cash outflows in financing, totaling over 6.2 billion across those three years, suggesting a strategic shift toward debt reduction or increased shareholder distributions.
- Integrated Cash Flow Dynamics
- The relationship between the three cash flow components reveals a transition in the financial strategy. In the earlier years and during expansion phases, the organization relied on external financing to bridge the gap between operating cash flows and massive investing requirements. However, the substantial increase in operating cash flow in the latter part of the period has provided a more robust internal funding mechanism, allowing for significant financing outflows (deleveraging) while maintaining necessary investing activities.
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Per Share Data
Constellation Brands Inc., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Feb 28, 2022 | -0.22 | -0.22 | 3.04 |
| Feb 28, 2021 | 10.44 | 10.23 | 3.00 |
| Feb 29, 2020 | -0.07 | -0.07 | 3.00 |
| Feb 28, 2019 | 18.24 | 17.57 | 2.96 |
| Feb 28, 2018 | 12.04 | 11.55 | 2.08 |
| Feb 28, 2017 | 7.79 | 7.52 | 1.60 |
| Feb 29, 2016 | 5.42 | 5.18 | 1.24 |
| Feb 28, 2015 | 4.40 | 4.17 | 0.00 |
| Feb 28, 2014 | 10.45 | 9.83 | 0.00 |
| Feb 28, 2013 | 2.15 | 2.04 | 0.00 |
| Feb 29, 2012 | 2.20 | 2.13 | 0.00 |
| Feb 28, 2011 | 2.68 | 2.62 | 0.00 |
| Feb 28, 2010 | 0.46 | 0.45 | 0.00 |
| Feb 28, 2009 | -1.40 | -1.40 | 0.00 |
| Feb 29, 2008 | -2.83 | -2.83 | 0.00 |
| Feb 28, 2007 | 1.44 | 1.38 | 0.00 |
| Feb 28, 2006 | 1.44 | 1.36 | 0.00 |
| Feb 28, 2005 | 1.25 | 1.19 | 0.00 |
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), 10-K (reporting date: 2016-02-29), 10-K (reporting date: 2015-02-28), 10-K (reporting date: 2014-02-28), 10-K (reporting date: 2013-02-28), 10-K (reporting date: 2012-02-29), 10-K (reporting date: 2011-02-28), 10-K (reporting date: 2010-02-28), 10-K (reporting date: 2009-02-28), 10-K (reporting date: 2008-02-29), 10-K (reporting date: 2007-02-28), 10-K (reporting date: 2006-02-28), 10-K (reporting date: 2005-02-28).
1, 2, 3 Data adjusted for splits and stock dividends.
The financial performance over the observed period is characterized by significant volatility in earnings per share, contrasted by a late-stage introduction of a progressive dividend policy. Earnings experienced three distinct periods of contraction, while the latter decade showed a general trend of aggressive growth followed by recent instability.
- Earnings Per Share Performance
- Basic and diluted earnings per share followed nearly identical trajectories throughout the period. A period of stability between 2005 and 2007 was followed by a sharp decline into negative territory in 2008 and 2009, with basic earnings reaching a low of -2.83 US$. A recovery phase began in 2010, leading into a period of substantial growth that peaked in 2019 at 18.24 US$. However, this growth was interrupted by significant volatility in the final years, with earnings dropping to -0.07 US$ in 2020, rebounding to 10.44 US$ in 2021, and falling again to -0.22 US$ in 2022.
- Dividend Distribution Trends
- Dividend payments were absent for the first decade of the analyzed period. The initiation of dividends occurred in 2016 at 1.24 US$ per share. Following the inception, there was a consistent annual increase in the dividend payout, rising to 2.96 US$ by 2019. From 2020 through 2022, the dividend payout stabilized, maintaining a narrow range between 3.00 US$ and 3.04 US$.
- Earnings and Dividend Correlation
- A divergence is observed between earnings volatility and dividend policy. While earnings per share fluctuated drastically between 2020 and 2022, including two periods of negative returns, the dividend per share remained stable and slightly increased. This suggests a corporate strategy focused on maintaining consistent shareholder returns despite short-term earnings instability.
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