---
schema_version: "secwatch.filing_event.v1"
accession: "0000016918-23-000199"
form_type: "8-K"
ticker: "STZ"
cik: "0000016918"
company_name: "CONSTELLATION BRANDS, INC."
filed_at: "2023-11-02T23:59:59+00:00"
generated_at: "2026-06-09T00:35:51.588262+00:00"
event_type: "other_material"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Constellation Brands sets medium-term targets: Beer ~7-9% growth, low double-digit EPS; adds $2B buyback

## Summary
- Beer medium-term net sales growth ~7-9%, op margins ~39-40%; Wine & Spirits ~1-3% sales growth, ~25-26% margins.
- Targets annual low double-digit diluted EPS growth (ex-Canopy EIE) over medium term.
- Expects cumulative $15-17B operating cash flow and $10-12B free cash flow from FY2024 to FY2028.
- Announces additional $2B share repurchase authorization; reduced capex ~$1B via brewery efficiency.
- Modelo Especial #1 dollar sales beer brand; Pacifico doubled in size since FY2019.

## SEC filing metadata
- accession: 0000016918-23-000199
- form_type: 8-K
- ticker: STZ
- cik: 0000016918
- company_name: CONSTELLATION BRANDS, INC.
- filed_at: 2023-11-02T23:59:59+00:00
- event_type: other_material
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 7.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/16918/000001691823000199/0000016918-23-000199-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/16918/000001691823000199/stz-20231102.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000016918-23-000199
- JSON: https://secwatch.observer/filing/0000016918-23-000199.json
- Plain text: https://secwatch.observer/filing/0000016918-23-000199.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.