STZ Constellation Brands, Inc. Common Stock

NYSE · Beverages · View on SEC EDGAR ↗
$135.36
Price · Aug 25, 2026
Fundamentals as of Jul 1, 2026

About Constellation Brands, Inc. Common Stock Company overview from Wikipedia

Constellation Brands, Inc. is an American producer and marketer of beer, wine, and spirits. A Fortune 500 company, Constellation is the largest beer import company in the US, measured by sales, and has the third-largest market share of all major beer suppliers. It also has sizable investments in medical and recreational cannabis through its association with Canopy Growth. Based in Rochester, New York, Constellation has about 40 facilities and approximately 9,000 employees.

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Constellation Brands, Inc. is an American producer and marketer of beer, wine, and spirits. A Fortune 500 company, Constellation is the largest beer import company in the US, measured by sales, and has the third-largest market share (7.4 percent) of all major beer suppliers. It also has sizable investments in medical and recreational cannabis through its association with Canopy Growth. Based in Rochester, New York, Constellation has about 40 facilities and approximately 9,000 employees.

The company has more than 27 brands in its portfolio. Wine brands include Robert Mondavi, Kim Crawford, Ruffino, and The Prisoner Wine Company. Constellation's beer portfolio includes imported brands such as rights in the United States to Corona, Modelo Especial, Negra Modelo, and Pacífico. Spirits brands include Casa Noble Tequila, High West Whiskey, and Nelson's Green Brier Tennessee Whiskey.

Breweries

Constellation Brands has two breweries in Mexico that produce Corona and Modelo beer for the US market. Those locations are in Nava, Coahuila, and Ciudad Obregón, Sonora.

A third Brewery in Mexicali Baja California was never finished due to environmental issues. Instead, Constellation is building its third brewery in Veracruz, Mexico.

History

Early days

The company was established in 1945 by Marvin Sands in the Finger Lakes region of New York as Canandaigua Industries, selling bulk wine to bottlers in the eastern United States. In its first year, the company sold approximately 200,000 gallons of wine and had gross sales of $150,000. The company was incorporated as Canandaigua Wine Company, Inc. in 1972 and went public in 1973. Marvin's son Richard Sands became president in 1993 and CEO in 1996. In 1999, Marvin Sands died following a brief illness.

In 1987, the company purchased the Manischewitz winery in Canandaigua, New York, and continues to license the Manischewitz name from R.A.B. Foods.

Expansion

In 2000, the company changed its name to Constellation Brands, Inc. to reflect the scope of the company and its range of brands. In 2007, Rob Sands was named president and CEO. During the 2000s, there were multiple acquisitions, with some divestments later in the decade. Acquisitions included Ravenswood Winery for $148 million in 2001; BRL Hardy (Australia) and Nobilo (New Zealand) in 2003; Robert Mondavi Corp. for $1 billion in 2004; Vincor International, Canada's largest wine company, for $1.44 billion in 2006; Spirits Marque One (owner of Svedka Vodka) in 2007; and Beam Wines Estates, the wine operations of Fortune Brands (which included several major brands such as Clos du Bois) for $885 million in 2008. The company later moved to a more premium wine portfolio, divesting Almaden Vineyards, Inglenook Winery, and the Paul Masson winery in Madera, California, in 2008, and its value spirits portfolio to the Sazerac Company in 2009. They sold 30 low-cost wine labels in January 2021 to E. & J. Gallo for $810 million including Clos du Bois.

In 2013, Constellation acquired Grupo Modelo's US beer business from Anheuser-Busch InBev, who were required to divest the business as a part of an anti-trust settlement permitting Anheuser-Busch InBev to acquire Grupo Modelo. Constellation had formerly imported Corona and other Modelo brands to the United States. The transaction included full ownership of Crown Imports LLC, which provided Constellation with complete, independent control of all aspects of the US commercial business; a brewery in Mexico; an exclusive perpetual brand license in the US to import, market and sell Corona and the Modelo brands and the freedom to develop brand extensions and innovations for the US market. It now manufactures these products in Mexico for the US market, with Grupo Modelo serving all other countries. In 2014, Constellation finalized a joint venture with Owens-Illinois and completed the acquisition of Anheuser-Busch InBev's glass production plant, located adjacent to the company's brewery in Nava, Mexico.

In December 2015, Constellation announced the $1 billion acquisition of Ballast Point Brewing of San Diego. In October 2016, Constellation announced the $160 million acquisition of High West Distillery of Park City, Utah. In August 2017, Constellation announced the acquisition of Funky Buddha Brewery of Oakland Park, Florida.

In April 2018, Accolade Wines (acquired under the name BRL Hardy) was sold to private equity firm The Carlyle Group. Constellation had already in 2011 reduced its holdings in Accolade to 20%. In February 2019, Constellation announced it had acquired a minority stake in Black Button Distilling, a craft spirits distillery in Rochester, NY. In April 2019, Constellation announced a deal to sell wine brands, including Clos du Bois and Mark West, to E. & J. Gallo Winery for $1.7 billion. In July 2019, Constellation announced it had acquired a minority stake in Montanya Distillers, a craft-rum distillery in Crested Butte, Colorado and a majority stake in Nelson's Green Brier Distillery, a revival of the original Green Brier Tennessee Whiskey and Belle Meade Bourbon labels in Nashville, TN. In December 2019, the sale of Ballast Point Brewing to Kings & Convicts Brewery of Illinois was announced. Terms were not disclosed. In July 2020, Constellation Brands acquired Empathy Wines, co-founded by entrepreneur Gary Vaynerchuk. On September 15, 2020, it was announced Constellation Brands acquired craft spirits producer Copper & Kings American Brandy. In February 2022, Constellation was reported to have approached Monster Beverage to enter into a merger with a combined valuation above $90 billion.

In 2023, Constellation Brands sold Funky Buddha back to its founders.

On June 24, 2024, Constellation Brands re-located its headquarters to a 170,000 square foot campus on the site of the historic Aqueduct Building in Downtown Rochester, the first Fortune 500 company to operate in the city in two decades.

Cannabis

In 2017, the company began investing in medical marijuana. In March 2019, Bill Newlands became CEO. In October 2017, Constellation agreed to pay about C$245 million ($191 million) for a 9.9% stake in Canopy Growth Corporation, a Canadian seller of medicinal-marijuana products. At the time of the agreement, Constellation became the first Fortune 500 company and the first major alcoholic beverage maker to take a minority stake in a marijuana business. In August 2018, the company announced that it would invest an additional US$4 billion in Canopy Growth Corporation in advance of the legalization of recreational cannabis in Canada in October that year. The investment will increase its share in the Canadian Company to 38%. Canopy Growth president Bruce Linton said the additional funds would be used for international expansion and that future marketing plans included products such as cannabis-infused beverages and sleep aids. Since 2023, Constellation started stepping back from the cannabis-infused drinks market. The company reduced its stake in Canopy Growth Corporation and signalled that it could withdraw completely.

Controversies

In 1991, the company reached a consent agreement with the Federal Trade Commission to change the packaging and marketing of Cisco wine after the FTC alleged that Cisco's marketing was deceptively similar to wine coolers despite Cisco having a much higher alcohol content.

In 2010, a French court in Carcassonne, France, convicted 12 wine traders and producers, including Constellation, for selling fake pinot noir wine to US buyers in a scheme that lasted from January 2006 to March 2008. Constellation later faced and settled a class action lawsuit because it "should have known" that the wine was fake.

In 2018 Constellation Brands was involved in a water rights dispute over a proposed manufacturing facility in the city of Mexicali, Baja California, Mexico. The water was from the Colorado River, which not only supplies the water for Mexicali and the agricultural valley but is also piped to the mountain and coastal cities of Tijuana, Tecate, Rosarito and some areas of Ensenada.

In 2021, AB InBev sued Constellation Brands after the company launched two new Modelo-branded beers on the US market, arguing that the first beer illegally used the term "tequila" to describe the barrels where the beer was aged, and that the second beer was inappropriately using the term "bourbon" to describe the barrels where the beer was aged because bourbon has nothing to do with Mexico.

Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗

Wikidata ↗

STZ Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

Price
$135.36
Market Cap
P/E (TTM)
EPS (TTM)
Revenue (TTM)
$9.14B
Div Yield
ROE
22.5%
Debt/Equity
1.3
52W Range
$126 – $169

STZ Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

10-Year Performance Revenue, net income, margins and EPS trends

Revenue & Net Income $9.14B
9-point trend, +20.6%
2018-02-28 2026-02-28
EPS
Free Cash Flow $1.79B
9-point trend, +105.3%
2018-02-28 2026-02-28
Margins 18.5%
9-point trend, +12.5%
2018-02-28 2026-02-28

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric
5Y trend
STZ
Peer Median

Profitability Gross, operating and net margins; ROE, ROA, ROIC

Metric
5Y trend
STZ
Peer Median
Gross Margin
5-point trend, -3.4%
51.5%
52.1%
Operating Margin
5-point trend, +12.7%
29.8%
Net Profit Margin
5-point trend, +4113.0%
18.5%
-3.3%
ROA
5-point trend, +5266.7%
7.8%
-1.1%
ROE
5-point trend, +7143.8%
22.5%
-1.8%
ROIC
5-point trend, +35833.3%
10.8%

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric
5Y trend
STZ
Peer Median
Debt / Equity
5-point trend, +47.3%
1.3
26.5
Current Ratio
5-point trend, -12.4%
1.1
3.1
Quick Ratio
5-point trend, -30.5%
0.3

Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR

Metric
5Y trend
STZ
Peer Median
Revenue YoY
5-point trend, +3.6%
-10.5%
Revenue CAGR 3Y
5-point trend, +3.6%
-1.1%
Revenue CAGR 5Y
5-point trend, +3.6%
1.2%

Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Metric
5Y trend
STZ
Peer Median

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric
5Y trend
STZ
Peer Median
Payout Ratio
5-point trend, +103.0%
42.4%

Dividends Yield, payout ratio, dividend history, 5Y CAGR

Dividend Yield
Payout Ratio
42.4%
5Y Div CAGR
Ex-dateAmount
July 30, 2026$1.0300
April 29, 2026$1.0300
Jan. 29, 2026$1.0200
Oct. 30, 2025$1.0200
July 30, 2025$1.0200
April 29, 2025$1.0200
Feb. 7, 2025$1.0100
Nov. 5, 2024$1.0100
Aug. 14, 2024$1.0100
May 2, 2024$1.0100
Feb. 7, 2024$0.8900
Nov. 2, 2023$0.8900
Aug. 9, 2023$0.8900
May 3, 2023$0.8900
Feb. 7, 2023$0.8000
Nov. 3, 2022$0.8000
Aug. 9, 2022$0.8000
May 4, 2022$0.8000
Feb. 8, 2022$0.7600
Nov. 4, 2021$0.7600

STZ Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

BUY 29 analysts
  • Strong Buy 3 10.3%
  • Buy 15 51.7%
  • Hold 9 31.0%
  • Sell 2 6.9%
  • Strong Sell 0 0.0%

12-Month Price Target

23 analysts · 2026-08-19
Median target $173.00 +27.8%
Mean target $170.83 +26.2%

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

Beat Rate
50.0%
Avg Surprise
0.11%
Next Report
Oct 05, 2026
Period EPS Actual EPS Est Surprise
June 30, 2026 $3.43 $3.23 0.20%
March 31, 2026 $1.90 $1.74 0.16%
Dec. 31, 2025 $3.06 $2.66 0.40%
Sept. 30, 2025 $3.63 $3.42 0.21%
June 30, 2025 $3.22 $3.34 -0.12%
Dec. 31, 2000 $0.23 $0.23 0.00%
Sept. 30, 2000 $0.17 $0.17 0.00%
June 30, 2000 $0.12 $0.11 0.01%

Peer comparison (GICS sub-industry) Key metrics vs sector peers

Ticker Market Cap P/E Rev YoY Net Margin ROE Gross Margin
STZ -10.5% 18.5% 22.5% 51.5%
MGPI $517M -4.9 -23.8% -20.1% -13.9% 37.2%
WVVI $15M 12.7 -6.5% -2.5% -1.4% 60.5%
AMSS
IPST $15M -0.1 20.4% -1360.9% -288.9% 54.9%

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

Income Statement 11
Annual Income Statement data for STZ
Metric Trend 202620252024202320222021202020192018201720162015
Revenue 12-point trend, +37.0% $9.14B $10.21B $9.96B $9.45B $8.82B $8.61B $8.34B $8.12B $7.58B $7.32B $7.22B $6.67B
Cost of Revenue 12-point trend, +28.4% $4.43B $4.89B $4.94B $4.68B $4.11B $4.15B $4.19B $4.04B $3.77B $3.80B $3.61B $3.45B
Gross Profit 12-point trend, +82.7% $4.71B $5.31B $5.02B $4.77B $4.71B $4.47B $4.15B $4.08B $3.81B $3.52B $2.94B $2.58B
SG&A Expense 12-point trend, +71.4% $1.85B $1.95B $1.83B $1.93B $1.71B $1.67B $1.62B $1.67B $1.53B $1.39B $1.18B $1.08B
Operating Income 12-point trend, +81.4% $2.72B $355M $3.17B $2.84B $2.33B $2.79B $2.15B $2.41B $2.28B $2.39B $1.77B $1.50B
Interest Expense 5-point trend, +11.8% · · · · · · · $379M $334M $335M $315M $339M
Interest Income 5-point trend, +757.1% · · · · · · · $12M $2M $2M $800.0K $1M
Pretax Income 12-point trend, +101.6% $2.38B $-83M $2.22B $384M $310M $2.54B $-945M $4.14B $2.34B $2.08B $1.50B $1.18B
Income Tax 12-point trend, +80.8% $621M $-52M $457M $422M $309M $511M $-967M $686M $23M $550M $441M $343M
Net Income 12-point trend, +101.0% $1.69B $-81M $1.73B $-71M $-40M $2.00B $-12M $3.44B $2.30B $1.53B $1.05B $839M
EBITDA 12-point trend, +84.5% $3.14B $802M $3.60B $3.23B $2.67B $3.09B $2.49B $2.75B $2.58B $2.65B $1.99B $1.70B
Balance Sheet 29
Annual Balance Sheet data for STZ
Metric Trend 202620252024202320222021202020192018201720162015
Cash & Equivalents 12-point trend, -7.0% $102M $68M $152M $134M $199M $461M $81M $94M $90M $177M $83M $110M
Receivables 12-point trend, +9.9% $658M $736M $833M $902M $899M $785M $865M $847M $776M $737M $732M $599M
Inventory 12-point trend, -21.5% $1.43B $1.44B $2.08B $1.90B $1.57B $1.29B $1.37B $2.13B $2.08B $1.96B $1.85B $1.83B
Prepaid Expense 12-point trend, +90.0% $712M $561M $666M $562M $658M $508M $536M $613M $524M $360M $310M $375M
Other Current Assets 12-point trend, -24.8% $112M $102M $125M $115M $91M $80M $89M $122M $133M $124M $103M $149M
Current Assets 12-point trend, -0.2% $2.91B $3.72B $3.73B $3.50B $3.33B $3.04B $3.48B $3.68B $3.47B $3.23B $2.98B $2.91B
PP&E (Net) 11-point trend, +176.3% · $7.41B $8.06B $6.87B $6.06B $5.82B $5.33B $5.27B $4.79B $3.93B $3.33B $2.68B
PP&E (Gross) 7-point trend, +102.5% · · · · · $7.56B $6.79B $6.97B $6.27B $5.21B $4.51B $3.73B
Accum. Depreciation 7-point trend, +65.1% · · · · · $1.73B $1.46B $1.71B $1.48B $1.28B $1.18B $1.05B
Goodwill 12-point trend, -15.7% $5.23B $5.13B $7.98B $7.93B $7.86B $7.79B $7.76B $8.09B $8.08B $7.92B $7.14B $6.21B
Intangibles 12-point trend, -20.4% $2.53B $2.53B $2.73B $2.73B $2.76B $2.73B $2.72B $3.20B $3.30B $3.38B $3.40B $3.18B
Other Non-current Assets 12-point trend, +1099.4% $1.34B $1.06B $1.14B $791M $617M $614M $611M $110M $93M $141M $112M $111M
Total Assets 12-point trend, +45.1% $21.90B $21.65B $25.69B $24.66B $25.86B $27.10B $27.32B $29.23B $20.54B $18.60B $16.96B $15.09B
Accounts Payable 12-point trend, +236.0% $960M $940M $1.11B $942M $899M $460M $558M $617M $592M $560M $429M $286M
Accrued Liabilities 11-point trend, +56.9% $854M $887M $836M $852M $871M $780M $780M $690M $678M $620M $544M ·
Short-term Debt 10-point trend, -55.2% $272M $807M $241M $1.17B $323M $0 $239M $792M $747M $606M · ·
Current Liabilities 12-point trend, +137.9% $2.69B $4.04B $3.14B $2.97B $2.70B $1.27B $2.31B $3.16B $2.04B $2.70B $2.27B $1.13B
Capital Leases 8-point trend, +532200000.00 $532M $539M $589M $417M $457M $471M $484M $0 · · · ·
Deferred Tax 12-point trend, -75.1% $204M $93M $592M $570M $516M $570M $384M $1.03B $694M $1.13B $1.02B $819M
Other Non-current Liabilities 12-point trend, -56.7% $76M $95M $128M $137M $150M $96M $86M $107M $136M $166M $162M $176M
Total Liabilities 12-point trend, +46.7% $13.51B $14.52B $15.63B $15.93B $13.81B $13.18B $14.85B $16.39B $12.55B $11.72B $10.27B $9.21B
Long-term Debt 12-point trend, +42.1% $10.30B $10.69B $11.64B $11.30B $10.09B $10.44B $11.95B $12.82B $9.44B $8.63B $7.67B $7.24B
Total Debt 12-point trend, +44.9% $10.57B $11.50B $11.88B $12.46B $10.42B $10.44B $12.18B $13.62B $10.19B $8.63B $7.67B $7.30B
Paid-in Capital 12-point trend, -3.7% $2.19B $2.14B $2.05B $1.90B $1.81B $1.60B $1.51B $1.41B $2.83B $2.76B $2.59B $2.27B
Retained Earnings 12-point trend, +157.2% $13.57B $12.60B $13.42B $12.34B $14.51B $15.12B $13.70B $14.28B $9.16B $7.31B $6.09B $5.28B
Treasury Stock 9-point trend, +255.7% · · · $5.86B $4.17B $2.79B $2.81B $2.78B $3.81B $2.78B $1.67B $1.65B
AOCI 12-point trend, +423.3% $423M $-663M $377M $28M $-413M $-336M $-266M $-354M $-203M $-400M $-452M $-131M
Stockholders' Equity 12-point trend, +40.1% $8.08B $6.88B $9.74B $8.41B $11.73B $13.60B $12.13B $12.55B $7.98B $6.89B $6.56B $5.77B
Liabilities + Equity 12-point trend, +45.1% $21.90B $21.65B $25.69B $24.66B $25.86B $27.10B $27.32B $29.23B $20.54B $18.60B $16.96B $15.09B
Cash Flow 18
Annual Cash Flow data for STZ
Metric Trend 202620252024202320222021202020192018201720162015
D&A 12-point trend, +107.9% $420M $447M $429M $387M $342M $299M $332M $339M $300M $248M $221M $202M
Stock-based Comp 12-point trend, +23.1% $68M $72M $64M $68M $45M $63M $60M $64M $61M $56M $54M $55M
Deferred Tax 12-point trend, +543.8% $510M $-210M $148M $208M $85M $336M $-1.15B $427M $114M $125M $251M $79M
Amort. of Intangibles 12-point trend, -96.8% $1M $1M $1M $3M $5M $5M $6M $6M $6M $10M $41M $40M
Other Non-cash 12-point trend, +83.2% $-16M $2.92B $412M $2.16B $2.27B $110M $3.32B $-2.02B $-863M $-272M $-167M $-95M
Operating Cash Flow 12-point trend, +146.9% $2.67B $3.15B $2.78B $2.76B $2.71B $2.81B $2.55B $2.25B $1.93B $1.70B $1.41B $1.08B
CapEx 12-point trend, +21.6% $875M $1.21B $1.27B $1.04B $1.03B $865M $726M $886M $1.06B $907M $891M $719M
Investing Cash Flow 10-point trend, +101.6% $16M $-975M $-1.29B $-999M $-1.04B $-88M $-531M $-4.83B $-1.42B · · $-1.02B
Debt Issued 12-point trend, +10.2% $998M $0 $1.14B $3.34B $996M $1.19B $1.29B $3.66B $7.93B $1.97B $610M $905M
Net Debt Issued 12-point trend, -235.9% $-407M $-957M $335M $1.19B $-370M $-1.53B $-904M $3.59B $805M $994M $401M $299M
Stock Repurchased 12-point trend, +924100000.00 $924M $1.12B $250M $1.70B $1.39B $0 $50M $504M $1.04B $1.12B $34M $0
Net Stock Activity 12-point trend, -924100000.00 $-924M $-1.12B $-250M $-1.70B $-1.39B $0 $-50M $-504M $-1.04B $-1.12B $-34M $0
Dividends Paid 12-point trend, +715700000.00 $716M $732M $654M $588M $573M $575M $569M $558M $400M $315M $242M $0
Financing Cash Flow 10-point trend, -16095.1% $-2.66B $-2.26B $-1.47B $-1.82B $-1.93B $-2.35B $-2.03B $2.59B $-601M · · $-16M
Net Change in Cash 12-point trend, -25.8% $34M $-84M $19M $-66M $-261M $379M $-12M $3M $-87M $94M $-27M $46M
Taxes Paid 12-point trend, +2.4% $174M $197M $334M $130M $325M $190M $85M $186M $239M $220M $80M $170M
Free Cash Flow 12-point trend, +396.1% $1.79B $1.94B $1.51B $1.72B $1.68B $1.94B $1.82B $1.36B $874M $789M $522M $362M
Levered FCF 5-point trend, +761.0% · · · · · · · $1.04B $541M $542M $300M $121M
Profitability 8
Annual Profitability data for STZ
Metric Trend 202620252024202320222021202020192018201720162015
Gross Margin 12-point trend, +33.4% 51.5% 52.1% 50.4% 50.4% 53.4% 51.8% 49.8% 50.3% 45.8% 43.8% 40.7% 38.6%
Operating Margin 12-point trend, +32.5% 29.8% 3.5% 31.8% 30.1% 26.4% 32.4% 25.8% 29.7% 27.4% 29.8% 24.4% 22.5%
Net Margin 12-point trend, +46.7% 18.5% -0.80% 17.3% -0.75% -0.46% 23.2% -0.14% 42.3% 27.9% 19.0% 14.6% 12.6%
Pretax Margin 12-point trend, +47.2% 26.0% -0.81% 22.3% 4.1% 3.5% 29.5% -11.3% 51.1% 28.1% 26.0% 20.8% 17.7%
EBITDA Margin 12-point trend, +34.7% 34.4% 7.9% 36.1% 34.2% 30.3% 35.9% 29.8% 33.9% 31.0% 32.8% 27.5% 25.5%
ROA 12-point trend, +39.1% 7.8% -0.34% 6.9% -0.28% -0.15% 7.3% -0.04% 13.8% 11.4% 8.3% 6.4% 5.6%
ROE 12-point trend, +44.4% 22.5% -0.98% 19.0% -0.70% -0.32% 15.5% -0.10% 33.5% 31.1% 22.8% 17.1% 15.6%
ROIC 12-point trend, +32.4% 10.8% 0.73% 11.7% -1.4% 0.03% 9.3% -0.20% 7.7% 12.5% 11.4% 8.8% 8.1%
Liquidity & Solvency 5
Annual Liquidity & Solvency data for STZ
Metric Trend 202620252024202320222021202020192018201720162015
Current Ratio 12-point trend, -58.0% 1.1 0.9 1.2 1.2 1.2 2.4 1.5 1.2 1.8 1.2 1.3 2.6
Quick Ratio 12-point trend, -54.9% 0.3 0.2 0.3 0.3 0.4 1.0 0.4 0.3 0.4 0.3 0.4 0.6
Debt / Equity 12-point trend, +3.4% 1.3 1.7 1.2 1.5 0.9 0.8 1.0 1.1 1.3 1.3 1.2 1.3
LT Debt / Equity 12-point trend, -3.0% 1.2 1.3 1.1 1.3 0.8 0.8 0.9 0.9 1.2 1.1 1.0 1.2
Interest Coverage 5-point trend, +43.8% · · · · · · · 6.4 6.8 7.2 5.6 4.4
Efficiency 3
Annual Efficiency data for STZ
Metric Trend 202620252024202320222021202020192018201720162015
Asset Turnover 12-point trend, -5.3% 0.4 0.4 0.4 0.4 0.3 0.3 0.3 0.3 0.4 0.4 0.4 0.4
Inventory Turnover 12-point trend, +59.6% 3.1 2.8 2.5 2.7 2.9 3.1 2.4 1.9 1.9 2.0 2.0 1.9
Receivables Turnover 12-point trend, +20.3% 13.1 13.0 11.5 10.5 10.5 10.4 9.7 10.0 11.0 11.0 10.9 10.9
Growth Rates 6
Annual Growth Rates data for STZ
Metric Trend 202620252024202320222021202020192018201720162015
Revenue YoY 5-point trend, -538.5% -10.5% 2.5% 5.4% 7.2% 2.4% · · · · · · ·
Revenue CAGR 3Y 3-point trend, -122.6% -1.1% 5.0% 5.0% · · · · · · · · ·
Revenue CAGR 5Y 1.2% · · · · · · · · · · ·
Net Income CAGR 3Y · · -4.7% · · · · · · · · ·
Net Income CAGR 5Y -3.3% · · · · · · · · · · ·
Dividend CAGR 5Y 4.5% · · · · · · · · · · ·
Valuation (TTM) 4
Annual Valuation (TTM) data for STZ
Metric Trend 202620252024202320222021202020192018201720162015
Revenue TTM 12-point trend, +37.0% $9.14B $10.21B $9.96B $9.45B $8.82B $8.61B $8.34B $8.12B $7.58B $7.32B $7.22B $6.67B
Net Income TTM 12-point trend, +101.0% $1.69B $-81M $1.73B $-71M $-40M $2.00B $-12M $3.44B $2.30B $1.53B $1.05B $839M
Payout Ratio 11-point trend, +85.3% 42.4% -899.0% 37.9% -827.8% -1418.3% 28.8% -4823.7% 16.2% 17.2% 20.5% 22.9% ·
Annual Payout 12-point trend, +715700000.00 $716M $732M $654M $588M $573M $575M $569M $558M $400M $315M $242M $0

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

Income Statement
2026-02-282025-02-282024-02-292023-02-282022-02-28
Revenue $9.14B$10.21B$9.96B$9.45B$8.82B
Gross Margin % 51.5%52.1%50.4%50.4%53.4%
Operating Margin % 29.8%3.5%31.8%30.1%26.4%
Net Income $1.69B$-81M$1.73B$-71M$-40M
Balance Sheet
2026-02-282025-02-282024-02-292023-02-282022-02-28
Debt / Equity 1.31.71.21.50.9
Current Ratio 1.10.91.21.21.2
Quick Ratio 0.30.20.30.30.4
Cash Flow
2026-02-282025-02-282024-02-292023-02-282022-02-28
Free Cash Flow $1.79B$1.94B$1.51B$1.72B$1.68B

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Institutional owners (13F) 1,167 filers · $16.8B total · As of June 30, 2026

Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.

Institutional activity — Q2 2026 vs prior quarter
New positions Exited positions Increased Decreased Net shares change
112 (-47 vs prior Q) 110 (+6 vs prior Q) 306 (-71 vs prior Q) 451 (+84 vs prior Q) +1.7M

Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.

Institution Value Shares % of tracked 13F Type
VANGUARD GROUP INC $2,269,362,397 16,449,423 13.51% Shares
Capital World Investors $1,559,029,633 11,208,782 9.28% Shares
VANGUARD CAPITAL MANAGEMENT LLC $1,298,744,947 9,337,443 7.73% Shares
VANGUARD PORTFOLIO MANAGEMENT LLC $1,089,841,086 7,835,510 6.49% Shares
STATE STREET CORP $944,276,307 6,788,959 5.62% Shares
Grantham, Mayo, Van Otterloo & Co. LLC $556,141,327 3,998,425 3.31% Shares
WELLINGTON MANAGEMENT GROUP LLP $503,455,032 3,619,635 3.00% Shares
GEODE CAPITAL MANAGEMENT, LLC $465,794,161 3,363,648 2.77% Shares
AMERIPRISE FINANCIAL INC $456,855,920 3,286,109 2.72% Shares
Point72 Asset Management, L.P. $342,629,716 2,463,367 2.04% Shares
FMR LLC $336,963,756 2,422,631 2.01% Shares
HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC $332,672,680 2,391,780 1.98% Shares
CITADEL ADVISORS LLC $298,727,209 2,147,726 1.78% Shares
BNP PARIBAS FINANCIAL MARKETS $287,983,898 2,070,486 1.71% Shares
VAN ECK ASSOCIATES CORP $273,920,369 1,969,375 1.63% Shares
NORGES BANK $249,014,774 1,790,314 1.48% Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP $190,761,935 1,371,500 1.14% Put option
Balyasny Asset Management L.P. $185,186,095 1,331,412 1.10% Shares
JANE STREET GROUP, LLC $181,090,451 1,301,966 1.08% Shares
DIMENSIONAL FUND ADVISORS LP $158,491,215 1,139,488 0.94% Shares
Qube Research & Technologies Ltd $158,080,792 1,136,536 0.94% Shares
MILLENNIUM MANAGEMENT LLC $135,878,690 976,912 0.81% Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP $121,481,206 873,400 0.72% Call option
Capital International Investors $116,084,853 834,601 0.69% Shares
VANGUARD FIDUCIARY TRUST CO $109,693,746 788,653 0.65% Shares
Capital Research Global Investors $106,097,435 762,797 0.63% Shares
CITADEL ADVISORS LLC $93,621,479 673,100 0.56% Call option
PZENA INVESTMENT MANAGEMENT LLC $83,358,584 599,314 0.50% Shares
BlackRock, Inc. $71,056,074 510,864 0.42% Shares
JANE STREET GROUP, LLC $70,657,720 508,000 0.42% Call option
JANE STREET GROUP, LLC $70,532,539 507,100 0.42% Put option
GOLDMAN SACHS GROUP INC $69,896,063 502,524 0.42% Shares
MASSACHUSETTS FINANCIAL SERVICES CO /MA/ $68,200,000 490,330 0.41% Shares
NORDEA INVESTMENT MANAGEMENT AB $64,931,826 475,308 0.39% Shares
AVIVA PLC $56,312,534 404,864 0.34% Shares
Swiss National Bank $54,412,008 391,200 0.32% Shares
Mitsubishi UFJ Asset Management Co., Ltd. $47,489,324 341,432 0.28% Shares
Assenagon Asset Management S.A. $47,036,343 338,172 0.28% Shares
ALLIANCEBERNSTEIN L.P. $45,053,700 300,358 0.27% Shares
WOLVERINE TRADING, LLC $44,188,986 323,800 0.26% Call option
Vanguard Global Advisers, LLC $41,988,767 301,882 0.25% Shares
RHUMBLINE ADVISERS $41,729,673 300,020 0.25% Shares
BOOTHBAY FUND MANAGEMENT, LLC $41,629,637 299,300 0.25% Call option
HighTower Advisors, LLC $41,597,334 299,068 0.25% Shares
VANGUARD ASSET MANAGEMENT, Ltd $40,749,754 292,974 0.24% Shares
BANK OF AMERICA CORP /DE/ $40,100,759 288,308 0.24% Shares
VICTORY CAPITAL MANAGEMENT INC $40,003,814 287,611 0.24% Shares
California Public Employees Retirement System $39,198,761 281,823 0.23% Shares
Sumitomo Mitsui Trust Group, Inc. $39,131,720 281,341 0.23% Shares
Legal & General Group Plc $38,706,383 278,283 0.23% Shares
Man Group plc $38,604,569 277,551 0.23% Shares
Holocene Advisors, LP $38,306,360 275,407 0.23% Shares
FIRST TRUST ADVISORS LP $37,149,023 267,086 0.22% Shares
FORT WASHINGTON INVESTMENT ADVISORS INC /OH/ $36,668,714 263,633 0.22% Shares
CAMBIAR INVESTORS LLC $35,671,717 256,465 0.21% Shares
WOLVERINE TRADING, LLC $34,881,732 255,600 0.21% Put option
Point72 Asset Management, L.P. $34,466,502 247,800 0.21% Call option
CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM $34,381,935 247,192 0.20% Shares
CANADA PENSION PLAN INVESTMENT BOARD $32,614,101 234,482 0.19% Shares
Diamond Hill Capital Management, LLC (Investment Advisor) $31,581,914 227,061 0.19% Shares
ENVESTNET ASSET MANAGEMENT INC $31,040,236 223,167 0.18% Shares
BARCLAYS PLC $30,601,331 220,011 0.18% Shares
CITIGROUP INC $30,599,800 220,000 0.18% Put option
Night Squared LP $29,762,478 213,980 0.18% Shares
AMERICAN CENTURY COMPANIES INC $29,055,205 208,895 0.17% Shares
Schonfeld Strategic Advisors LLC $28,379,366 204,036 0.17% Shares
Hook Mill Capital Partners, LP $28,006,884 201,358 0.17% Shares
Framtiden Holdings Management Co LLC $27,818,000 165,000 0.17% Shares
Empyrean Capital Partners, LP $25,216,739 181,298 0.15% Shares
Walleye Trading LLC $23,853,935 171,500 0.14% Call option
Cable Car Capital, LP $23,659,209 170,100 0.14% Shares
SCOPUS ASSET MANAGEMENT, L.P. $23,436,665 168,500 0.14% Shares
CITIGROUP INC $22,435,217 161,300 0.13% Call option
Squarepoint Ops LLC $22,355,658 160,728 0.13% Shares
Capital International, Inc./CA/ $22,290,285 160,258 0.13% Shares
EDMOND DE ROTHSCHILD HOLDING S.A. $22,254,400 160,000 0.13% Shares
EP Wealth Advisors, LLC $22,233,600 159,850 0.13% Shares
CONFLUENCE INVESTMENT MANAGEMENT LLC $22,142,530 159,196 0.13% Shares
RAYMOND JAMES FINANCIAL INC $22,035,939 158,429 0.13% Shares
PRINCIPAL FINANCIAL GROUP INC $22,029,631 158,384 0.13% Shares
Junto Capital Management LP $21,683,296 155,894 0.13% Shares
National Pension Service $21,231,254 152,644 0.13% Shares
Ceredex Value Advisors LLC $19,750,780 142,000 0.12% Shares
CORDA Investment Management, LLC. $19,611,551 140,999 0.12% Shares
Gotham Asset Management, LLC $19,505,286 140,235 0.12% Shares
AEGON ASSET MANAGEMENT UK Plc $19,123,623 137,491 0.11% Shares
CAPITAL INTERNATIONAL SARL $18,866,168 135,640 0.11% Shares
UBS Group AG $17,813,813 128,074 0.11% Shares
Point72 Asset Management, L.P. $17,747,884 127,600 0.11% Put option
Weiss Asset Management LP $17,721,874 127,413 0.11% Shares
LPL Financial LLC $17,687,032 127,162 0.11% Shares
STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM $17,374,288 124,914 0.10% Shares
AIA Group Ltd $17,056,189 122,627 0.10% Shares
HARRIS ASSOCIATES L P $17,010,707 122,300 0.10% Shares
Toroso Investments, LLC $16,814,013 121,876 0.10% Shares
Toroso Investments, LLC $16,803,528 121,800 0.10% Call option
SCS Capital Management LLC $16,687,528 119,976 0.10% Shares
DAVIDSON INVESTMENT ADVISORS $16,076,602 115,584 0.10% Shares
COERENTE CAPITAL MANAGEMENT $15,580,722 112,019 0.09% Shares
BNP PARIBAS ASSET MANAGEMENT Holding S.A. $15,491,427 111,377 0.09% Shares

Company insiders 72 insiders · 23 officers · 25 directors

Insider Role Last activity Shares owned Buys 12m Sells 12m Net 12m
Nicholas I. Fink President & CEO July 10, 2026 M 3,476 0 0 $0
William A Newlands President & CEO May 1, 2025 M 15,102 0 0 $0
Jon Moramarco CEO, Constell. International June 30, 2009 D 71,255 0 0 $0
Alexander Berk CEO, Constell. Beers & Spirits May 31, 2009 D 60,278 0 0 $0
Jose F Fernandez CEO, Constell Wines N. Amer. April 6, 2009 A 62,409 0 0 $0
Stephen Brian Millar CEO, Constellation Wines Aug. 4, 2005 M 2,296 0 0 $0
Garth Hankinson EVP & CFO July 15, 2025 A 13,799 0 0 $0
David Eric Klein Exec Vice Pres. & CFO Jan. 9, 2020 C 45,356 0 0 $0
Robert P Ryder Executive VP & CFO May 1, 2015 M 89,381 0 0 $0
Thomas S Summer Executive VP & CFO April 18, 2007 A 0 0 0 $0
James O. Bourdeau EVP & Chief Legal Officer July 21, 2025 S 9,438 0 0 $0
Samuel J Glaetzer EVP & Pres. Wine and Spirits May 13, 2025 S 3,126 0 0 $0
Michael Mcgrew EVP, Chief Com, CSR, Incl Off May 1, 2025 M 2,549 0 0 $0
Mallika Monteiro EVP, MD, Beer & Interim CGSO May 1, 2025 M 6,526 0 0 $0
James A. Sabia Jr. EVP & Pres. Beer May 1, 2025 M 17,787 0 0 $0
Paula Kristine Erickson EVP & Chief HR Officer April 25, 2025 A 0 0 $0
Kaneenat Kristann Carey EVP & Chief HR Officer Nov. 13, 2024 S 2,391 0 0 $0
Yuri Hermida EVP, Chief Growth & Strategy Oct. 7, 2024 A 0 0 $0
Robert Lee Hanson EVP & Pres. Wine and Spirits Jan. 18, 2024 G 11,716 0 0 $0
Thomas Michael Kane EVP & Chief HR Officer May 1, 2022 M 5,984 0 0 $0
Paul F Hetterich EVP & Chair Beer April 5, 2022 A 57,845 0 0 $0
John A Wright Exec. Vice President May 10, 2016 M 107,280 0 0 $0
Keith W Wilson Executive Vice President June 14, 2013 M 26,760 0 0 $0
Edith Morgan Flatley Director July 22, 2026 A 187 0 0 $0
Garza Jose Manuel Madero Director July 22, 2026 A 2,882 0 0 $0
Christy Clark Director July 22, 2026 A 3,922 0 0 $0
Luca Zaramella Director July 22, 2026 A 1,617 0 0 $0
Ernesto M Hernandez Director July 22, 2026 A 3,681 0 0 $0
Jennifer Daniels Director July 22, 2026 A 4,505 0 0 $0
Christopher J Baldwin Director July 22, 2026 A 3,825 0 0 $0
Robert Sands Director July 22, 2026 A 9,714 0 0 $0
Richard Sands Director July 22, 2026 A 1,114 0 0 $0
William T Giles Director July 22, 2026 A 3,080 0 0 $0
Daniel J Mccarthy Director July 22, 2026 A 4,849 0 0 $0
Judy Schmeling Director July 17, 2024 A 6,285 0 0 $0
Susan S Johnson Director July 21, 2023 A 2,988 0 0 $0
Jeremy S G Fowden Director July 10, 2023 M 19,480 0 0 $0
James A Locke III Director July 10, 2023 M 469 0 0 $0
Frederic Cumenal Director July 20, 2016 A 511 0 0 $0
Jeananne K Hauswald Director May 20, 2015 M 16,808 0 0 $0
Mark Zupan Director July 23, 2014 A 21,407 0 0 $0
Paul L Smith Director July 24, 2013 A 14,487 0 0 $0
Peter M Perez Director Jan. 19, 2010 D 3,631 0 0 $0
Peter H Soderberg Director July 23, 2009 A 9,670 0 0 $0
Thomas C Mcdermott Director July 17, 2008 A 17,541 0 0 $0
George Bresler Director July 28, 2005 A 5,368 0 0 $0
RSS 2015 BUSINESS MANAGEMENT LLC 10% owner Nov. 22, 2016 J 0 0 $0
RHT 2015 BUSINESS MANAGEMENT LLC 10% owner Nov. 22, 2016 J 0 0 $0
RCT 2015 BUSINESS MANAGEMENT LLC 10% owner Nov. 22, 2016 J 0 0 $0
RSS Business Management LLC 10% owner Nov. 22, 2016 J 0 0 $0

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

Activists & 5%+ owners 6 positions

Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.

Filer Filed Stake Status Purpose Filing
Richard Sands, Robert Sands, Abigail Bennett, Zachary Stern, Astra Legacy LLC, AJB Business Holdings LP, ZMSS Business Holdings LP, RSS 2015 Business Holdings LP, RES Master LLC, RSS Master LLC, RCT 2020 Investments LLC, WildStar Partners LLC, RES Business Holdings LP, SER Business Holdings LP, RHT 2015 Business Holdings LP, RSS Business Holdings LP, SSR Business Holdings LP, RCT 2015 Business Holdings LP, MAS Business Holdings LP, NSDT 2009 STZ LLC, NSDT 2011 STZ LLC, RSS Business Management LLC, SSR Business Management LLC, LES Lauren Holdings LLC, MES Mackenzie Holdings LLC, Sands Family Foundation ×12 filings May 12, 2023 Initial filing SEC
Constellation Brands, Inc. ×12 filings Dec. 20, 2004 Initial filing M&A / sale SEC
Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person Oct. 18, 2001 Initial filing SEC
Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person Oct. 18, 2001 Initial filing SEC
Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person Sept. 7, 2001 Initial filing Passive investment SEC
Undisclosed reporting person April 20, 2001 Initial filing M&A / sale SEC

Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.

ETF ownership Held by 182 ETFs

Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.

Fund Weight Units As of Source
FTXG · First Trust Exchange-Traded Fund VI 3.75% 6,294 NS June 30, 2026 N-PORT
STNC · Hennessy Funds Trust 3.10% 18,167 NS April 30, 2026 N-PORT
OMAH · Tidal Trust III 2.90% 138,596 NS April 30, 2026 N-PORT
RSPS · Invesco Exchange-Traded Fund Trust 2.69% 50,516 SH Aug. 21, 2026 Daily
CAMX · ADVISORS' INNER CIRCLE FUND 2.61% 11,000 NS April 30, 2026 N-PORT
CVRD · Madison ETFs Trust 2.52% 5,800 NS June 30, 2026 N-PORT
MVFD · Northern Lights Fund Trust IV 2.30% 17,992 NS May 31, 2026 N-PORT
QDIV · Global X Funds 1.67% 3,946 NS May 31, 2026 N-PORT
QLTY · GMO ETF Trust 1.53% 498,171 NS May 31, 2026 N-PORT
DIVD · EA Series Trust 1.19% 1,325 NS April 30, 2026 N-PORT
SPGP · Invesco Exchange-Traded Fund Trust 0.97% 164,623 SH Aug. 21, 2026 Daily
LGRO · ALPS ETF Trust 0.91% 8,808 NS May 31, 2026 N-PORT
CGVV · Capital Group Equity ETF Trust I 0.88% 8,720 NS May 31, 2026 N-PORT
FSTA · FIDELITY COVINGTON TRUST 0.87% 80,160 NS April 30, 2026 N-PORT
FXG · First Trust Exchange-Traded AlphaDE… 0.85% 13,306 NS April 30, 2026 N-PORT
IYK · iShares Trust 0.84% 88,689 SH Aug. 21, 2026 Daily
VDC · VANGUARD WORLD FUND 0.79% 525,665 SH Aug. 19, 2026 Daily
UGE · ProShares Trust 0.71% 598 NS May 31, 2026 N-PORT
GXPS · Global X Funds 0.69% 2,964 NS May 31, 2026 N-PORT
COWZ · Pacer Funds Trust 0.63% 727,466 NS April 30, 2026 N-PORT
QQWZ · Pacer Funds Trust 0.62% 1,848 NS April 30, 2026 N-PORT
LQAI · Exchange Listed Funds Trust 0.59% 79 NS April 30, 2026 N-PORT
AVMV · AMERICAN CENTURY ETF TRUST 0.55% 24,791 NS May 31, 2026 N-PORT
ABCS · EA Series Trust 0.52% 428 NS May 29, 2026 N-PORT
KXI · iShares Trust 0.49% 39,729 SH Aug. 21, 2026 Daily
EBI · RBB Fund Trust 0.47% 21,993 NS May 31, 2026 N-PORT
SIXL · EXCHANGE TRADED CONCEPTS TRUST 0.41% 5,538 NS May 31, 2026 N-PORT
AKAF · ETF Series Solutions 0.40% 84 NS May 31, 2026 N-PORT
FVD · First Trust Exchange-Traded Fund 0.38% 221,489 NS June 30, 2026 N-PORT
FBCV · FIDELITY COVINGTON TRUST 0.37% 3,809 NS April 30, 2026 N-PORT
VOE · VANGUARD INDEX FUNDS 0.35% 940,087 SH Aug. 19, 2026 Daily
SPXD · DBX ETF Trust 0.33% 161 NS May 31, 2026 N-PORT
HWSM · HOTCHKIS & WILEY FUNDS /DE/ 0.33% 65 NS June 30, 2026 N-PORT
CAPE · DoubleLine ETF Trust 0.32% 5,512 NS June 30, 2026 N-PORT
QUVU · Hartford Funds Exchange-Traded Trust 0.30% 3,329 NS April 30, 2026 N-PORT
BSCU · Invesco Exchange-Traded Self-Indexe… 0.29% 8,019,000 Aug. 21, 2026 Daily
IMCV · iShares Trust 0.27% 23,933 SH Aug. 21, 2026 Daily
EQIN · Columbia ETF Trust I 0.26% 4,590 NS April 30, 2026 N-PORT
HDV · iShares Trust 0.25% 286,492 SH Aug. 21, 2026 Daily
BSCR · Invesco Exchange-Traded Self-Indexe… 0.25% 11,320,000 Aug. 21, 2026 Daily
AVIE · AMERICAN CENTURY ETF TRUST 0.22% 166 NS May 31, 2026 N-PORT
AVMC · AMERICAN CENTURY ETF TRUST 0.21% 6,045 NS May 31, 2026 N-PORT
REVS · Columbia ETF Trust I 0.20% 3,713 NS April 30, 2026 N-PORT
DFLV · Dimensional ETF Trust 0.20% 76,834 NS April 30, 2026 N-PORT
AVLV · AMERICAN CENTURY ETF TRUST 0.20% 188,797 NS May 31, 2026 N-PORT
DFVE · DoubleLine ETF Trust 0.20% 472 NS June 30, 2026 N-PORT
VO · VANGUARD INDEX FUNDS 0.20% 3,171,503 SH Aug. 19, 2026 Daily
PFIG · Invesco Exchange-Traded Fund Trust … 0.18% 235,000 Aug. 21, 2026 Daily
GSEW · Goldman Sachs ETF Trust 0.18% 22,912 NS May 31, 2026 N-PORT
RSP · Invesco Exchange-Traded Fund Trust 0.18% 1,312,750 SH Aug. 21, 2026 Daily