STZ earnings analysis — 8-K, guidance, statement tables星座品牌酒业 (STZ) 财报解读 — 8-K、guidance、statement tables
Earnings Follow-Up Analysis
Core Results vs. Consensus
Per the June 30, 2026 official earnings release and SEC Form 8-K, quarterly net revenue totaled $2.433B, slightly above the consensus estimate of $2.4B. GAAP diluted EPS came in at $3.79, a significant beat over the consensus estimate of $3.22.
Revenue Quality and Profitability
Gross margin reached 54.3%, with operating income of $845M (34.7% margin, +69.3% YoY) and net income of $654M (26.9% net margin). By segment: the Beer segment saw 2% YoY net sales growth, ranking #1 in dollar share gains in U.S. Circana-tracked channels, with double-digit growth from Pacifico and Victoria. The Wine and Spirits segment reported a 47% YoY revenue decline due to 2025 divestitures, but organic net sales rose 8% and outperformed the total category. Both GAAP EPS ($3.79) and non-GAAP comparable EPS ($3.43) were disclosed, with full reconciliation details in the official release.
Cash Flow and Capital Allocation
Operating cash flow hit $662M (+4% YoY) and free cash flow was $485M (+9% YoY). Ending cash balances were $97M, with total debt of $336M and net debt of $240M. Year-to-date share repurchases totaled $324M, and the board declared a $1.03 per share quarterly dividend. Fiscal 2027 capex guidance is set at ~$800M.
Forward Guidance
The company raised its FY27 GAAP EPS guidance to $11.50–$12.20, while reaffirming its non-GAAP comparable EPS guidance at $11.20–$11.90. It also maintained its prior operating and free cash flow guidance ranges.
Earnings Call and Unresolved Items
No official earnings call transcript is currently available. Unresolved investor questions include full segment-level operating cash flow data, 10-Q filing specifics for the quarter, reported EBIT figures (only EBITDA was disclosed), and details from the post-earnings Q&A session.
财报跟进分析
业绩与预期对比
根据公司2026年6月30日发布的财年2027第一季度财报及SEC 8-K文件，本季度实际营收为24.33亿美元，略高于市场预期的24亿美元；GAAP摊薄每股收益为3.79美元，大幅超出市场预期的3.22美元，实现显著超预期。
营收质量与盈利能力
本季度综合毛利率为54.3%，营业利润8.45亿美元，营业利润率34.7%，同比增长69.3%；净利润6.54亿美元，净利润率26.9%。分板块来看，啤酒板块营收同比增长2%，在美国Circana追踪渠道中位列美元份额增长第一，Pacifico、Victoria等品牌实现双位数增长；葡萄酒与烈酒板块因2025年资产剥离导致总营收下滑47%，但有机营收同比增长8%，跑赢行业大盘。财报同时披露了GAAP每股收益3.79美元与非GAAP可比每股收益3.43美元，并提供了两者的调节说明。
现金流与资本配置
本季度经营现金流6.62亿美元，同比增长4%；自由现金流4.85亿美元，同比增长9%。期末现金余额9700万美元，总债务3.36亿美元，净债务2.4亿美元。年初至今公司已回购3.24亿美元股票，董事会同时宣布季度股息每股1.03美元。FY27资本支出指引约8亿美元。
业绩展望
公司上调了GAAP每股收益指引至11.50-12.20美元，重申非GAAP可比每股收益指引为11.20-11.90美元，同时确认经营现金流、自由现金流指引区间不变。
待澄清事项
目前尚未披露各板块完整的经营现金流数据、业绩电话会议问答细节，以及本季度10-Q文件的具体内容，同时EBIT具体数值也未公开，仅披露了EBITDA数据。
This analysis was generated by InvestLog AI based on SEC filings, Form 4 insider transactions, Form 144 planned-sale notices, 13F institutional holdings, analyst ratings, and market data. It is for informational purposes only and does not constitute investment advice.这篇研究由 InvestLog AI 基于 SEC 披露、Form 4 内部人交易、Form 144 计划减持、13F 机构持仓、分析师评级和市场数据生成。内容仅供参考，不构成投资建议。