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v3.26.1

Business Segment Information (Tables) | 12 Months Ended
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Feb. 28, 2026
Segment Reporting [Abstract] |
Segment Information | Segment information is as follows:
| Beer |  | Wine and Spirits |  | Corporate Operations and Other |  | Consolidated
(in millions) |  |  |  |  |  |  |
For the Year Ended February 28, 2026 |  |  |  |  |  |  |
Net sales | $ | 8,315.2 |  |  | $ | 823.8 |  |  | $ | — |  |  | $ | 9,139.0 |
Cost of product sold (1) | (3,953.7) |  |  | (491.9) |  |  | — |  |  |
Marketing | (774.9) |  |  | (92.5) |  |  | — |  |  |
% Net sales | 9.3 | % |  | 11.2 | % |  |  |  |
General and administrative expenses (1) | (425.6) |  |  | (228.9) |  |  | (228.3) |  |  |
Comparable operating income (loss) (1) | 3,161.0 |  |  | 10.5 |  |  | (228.3) |  |  | 2,943.2 |
Operating margin | 38.0 | % |  | 1.3 | % |  |  |  |
Comparable adjustments (2) |  |  |  |  |  |  | (221.8) |
Operating income (loss) |  |  |  |  |  |  | 2,721.4 |
Income (loss) from unconsolidated investments (3) |  |  |  |  |  |  | 9.0 |
Interest expense, net (4) |  |  |  |  |  |  | (352.6) |
Income (loss) before income taxes |  |  |  |  |  |  | $ | 2,377.8 |
Capital expenditures | $ | 762.4 |  |  | $ | 107.4 |  |  | $ | 5.2 |  |  | $ | 875.0 |
Depreciation and amortization | $ | 330.9 |  |  | $ | 67.1 |  |  | $ | 22.0 |  |  | $ | 420.0 |
% Net sales | 4.0 | % |  | 8.1 | % |  |  |  |
For the Year Ended February 28, 2025 |  |  |  |  |  |  |
Net sales | $ | 8,539.8 |  |  | $ | 1,668.9 |  |  | $ | — |  |  | $ | 10,208.7 |
Cost of product sold (1) | (3,973.7) |  |  | (926.6) |  |  | — |  |  |
Marketing | (769.0) |  |  | (162.2) |  |  | — |  |  |
% Net sales | 9.0 | % |  | 9.7 | % |  |  |  |
General and administrative expenses (1) | (402.7) |  |  | (255.0) |  |  | (244.6) |  |  |
Comparable operating income (loss) (1) | 3,394.4 |  |  | 325.1 |  |  | (244.6) |  |  | 3,474.9 |
Operating margin | 39.7 | % |  | 19.5 | % |  |  |  |
Comparable adjustments (2) |  |  |  |  |  |  | (3,120.0) |
Operating income (loss) |  |  |  |  |  |  | 354.9 |
Income (loss) from unconsolidated investments (3) |  |  |  |  |  |  | (26.3) |
Interest expense, net (4) |  |  |  |  |  |  | (411.4) |
Income (loss) before income taxes |  |  |  |  |  |  | $ | (82.8) |
Capital expenditures | $ | 991.5 |  |  | $ | 177.0 |  |  | $ | 45.6 |  |  | $ | 1,214.1 |
Depreciation and amortization | $ | 341.1 |  |  | $ | 84.2 |  |  | $ | 21.7 |  |  | $ | 447.0 |
% Net sales | 4.0 | % |  | 5.0 | % |  |  |  |
For the Year Ended February 29, 2024 |  |  |  |  |  |  |
Net sales | $ | 8,162.6 |  |  | $ | 1,799.2 |  |  | $ | — |  |  | $ | 9,961.8 |
Cost of product sold (1) | (3,948.4) |  |  | (963.1) |  |  | — |  |  |
Marketing | (688.5) |  |  | (165.0) |  |  | — |  |  |
% Net sales | 8.4 | % |  | 9.2 | % |  |  |  |
General and administrative expenses (1) | (431.3) |  |  | (272.4) |  |  | (247.6) |  |  |
Comparable operating income (loss) (1) | 3,094.4 |  |  | 398.7 |  |  | (247.6) |  |  | 3,245.5 |
Operating margin | 37.9 | % |  | 22.2 | % |  |  |  |
Comparable adjustments (2) |  |  |  |  |  |  | (75.8) |
Operating income (loss) |  |  |  |  |  |  | 3,169.7 |
Income (loss) from unconsolidated investments (3) |  |  |  |  |  |  | (511.8) |
Interest expense, net (4) |  |  |  |  |  |  | (436.1) |
Income (loss) before income taxes |  |  |  |  |  |  | $ | 2,221.8 |
Capital expenditures | $ | 947.9 |  |  | $ | 185.6 |  |  | $ | 135.6 |  |  | $ | 1,269.1 |
Depreciation and amortization | $ | 323.9 |  |  | $ | 88.8 |  |  | $ | 16.5 |  |  | $ | 429.2 |
% Net sales | 4.0 | % |  | 4.9 | % |  |  |  |
(1)Amounts are determined and presented on a non-GAAP basis and are intended to reflect our core operations.
(3) | Income (loss) from unconsolidated investments consists of:
|  |  | For the Years Ended |  |
|  |  | February 28, 2026 |  | February 28, 2025 |  | February 29, 2024 |  |  |  |
|  | (in millions) |  |  |  |  |  |  |  |  |
|  | Equity in earnings (losses) from other equity method investees and related activities | $ | 15.5 |  |  | $ | 23.1 |  |  | $ | 31.0 |  |  |  |  |
|  | Unrealized net gain (loss) on securities measured at fair value | (5.0) |  |  | (47.9) |  |  | (85.4) |  |  |  |  |
|  | Equity method investments impairment | (1.5) |  |  | (8.7) |  |  | (136.1) |  |  |  |  |
|  | Net gain in connection with Exchangeable Shares | — |  |  | 7.2 |  |  | — |  |  |  |  |
|  | Equity in earnings (losses) from Canopy and related activities | — |  |  | — |  |  | (321.3) |  |  |  |  |
|  |  | $ | 9.0 |  |  | $ | (26.3) |  |  | $ | (511.8) |  |  |  |  |
(4) | Interest expense, net consists of:
|  |  | For the Years Ended |  |  |  |
|  |  | February 28, 2026 |  | February 28, 2025 |  | February 29, 2024 |  |  |  |
|  | (in millions) |  |  |  |  |  |  |  |  |
|  | Interest expense | $ | (361.6) |  |  | $ | (418.4) |  |  | $ | (443.6) |  |  |  |  |
|  | Interest income | 10.4 |  |  | 7.0 |  |  | 8.2 |  |  |  |  |
|  | Loss on extinguishment of debt | (1.4) |  |  | — |  |  | (0.7) |  |  |  |  |
|  |  | $ | (352.6) |  |  | $ | (411.4) |  |  | $ | (436.1) |  |  |  |  |
Comparable Adjustments | Comparable Adjustments that impacted comparability in our segment operating income (loss) for each period are as follows:
| For the Years Ended
| February 28, 2026 |  | February 28, 2025 |  | February 29, 2024
(in millions) |  |  |  |  |
Cost of product sold |  |  |  |  |
Strategic business reconfiguration costs | $ | (4.8) |  |  | $ | (10.7) |  |  | $ | — |
Flow through of inventory step-up | (4.1) |  |  | (10.2) |  |  | (3.6) |
Net gain (loss) on undesignated commodity derivative contracts | 23.6 |  |  | (0.3) |  |  | (44.2) |
Settlements of undesignated commodity derivative contracts | 3.4 |  |  | 26.8 |  |  | 15.0 |
Other gains (losses) | — |  |  | 0.6 |  |  | — |
Comparable Adjustments, Cost of product sold | 18.1 |  |  | 6.2 |  |  | (32.8) |
Selling, general, and administrative expenses |  |  |  |  |
2025 Restructuring Initiative | (72.2) |  |  | (49.7) |  |  | — |
Transition services agreements activity | (35.7) |  |  | (22.6) |  |  | (24.9) |
Strategic business reconfiguration costs | (10.4) |  |  | (29.6) |  |  | (46.3) |
Chief Executive Officer severance and transition benefits | (7.8) |  |  | — |  |  | — |
Insurance recoveries | — |  |  | — |  |  | 55.1 |
Other gains (losses) (i) | 27.9 |  |  | (14.6) |  |  | (11.8) |
Comparable Adjustments, selling, general, and administrative expenses | (98.2) |  |  | (116.5) |  |  | (27.9) |
Goodwill and intangible assets impairment | — |  |  | (2,797.7) |  |  | — |
Asset impairment and related expenses | (109.8) |  |  | (478.0) |  |  | — |
Gain (loss) on sale of business | (31.9) |  |  | 266.0 |  |  | (15.1) |
Comparable Adjustments, Operating income (loss) | $ | (221.8) |  |  | $ | (3,120.0) |  |  | $ | (75.8) |
(i) | Primarily includes the following: |  |  |  |  |  |
|  | For the Years Ended |
|  | February 28, 2026 |  | February 28, 2025 |  | February 29, 2024 |
| (in millions) |  |  |  |  |  |
| Gain (loss) on sale of assets | $ | 3.0 |  |  | $ | — |  |  | $ | — |  |
| Net loss on foreign currency as a result of the resolution of various tax examinations and assessments | $ | — |  |  | $ | (20.7) |  |  | $ | — |  |
| Decreases in estimated fair values of contingent liabilities associated with prior period acquisitions | $ | 25.6 |  |  | $ | 7.0 |  |  | $ | 2.0 |  |
| Net loss from changes in the indemnification of liabilities associated with prior period divestitures | $ | — |  |  | $ | — |  |  | $ | (12.7) |  |
Geographic Data | Geographic data is as follows:
| For the Years Ended
| February 28, 2026 |  | February 28, 2025 |  | February 29, 2024
(in millions) |  |  |  |  |
Net sales |  |  |  |  |
U.S. | $ | 9,005.7 |  | $ | 10,016.4 |  | $ | 9,748.1
Non-U.S. (1) | 133.3 |  | 192.3 |  | 213.7
| $ | 9,139.0 |  | $ | 10,208.7 |  | $ | 9,961.8
(1)Consists primarily of Canada, New Zealand, Australia, and Italy for the year ended February 28, 2026, primarily of Canada and Italy for the year ended February 28, 2025, and primarily of Canada and New Zealand for the year ended February 29, 2024.
| February 28, 2026 |  | February 28, 2025
(in millions) |  |  |
Long-lived tangible assets |  |  |
U.S. | $ | 900.9 |  | $ | 898.9
Non-U.S. (primarily Mexico) | 7,620.0 |  | 6,510.9
| $ | 8,520.9 |  | $ | 7,409.8

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