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Side-by-side financial comparison of GRAPHIC PACKAGING HOLDING CO (GPK) and Constellation Brands (STZ). Click either name above to swap in a different company.
Constellation Brands is the larger business by last-quarter revenue ($2.2B vs $2.1B, roughly 1.1× GRAPHIC PACKAGING HOLDING CO). Constellation Brands runs the higher net margin — 22.6% vs 3.4%, a 19.2% gap on every dollar of revenue. On growth, GRAPHIC PACKAGING HOLDING CO posted the faster year-over-year revenue change (0.2% vs -9.8%). Over the past eight quarters, Constellation Brands's revenue compounded faster (1.9% CAGR vs -3.5%).
Graphic Packaging International is a Fortune 500 corporation based in Atlanta, Georgia, United States. It designs and manufactures packaging solutions for commercial products. GPI manufactures paperboard and folding cartons for a wide range of popular consumer goods, particularly beverages and packaged food. The company operates paperboard mills in Kalamazoo, Michigan; Macon, Georgia; Middletown, Ohio; Prosperity, South Carolina; Texarkana, Texas; and West Monroe, Louisiana, that use recycled...
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.
GPK vs STZ — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $2.1B | $2.2B |
| Net Profit | $71.0M | $502.8M |
| Gross Margin | 14.1% | 53.2% |
| Operating Margin | 7.4% | 31.1% |
| Net Margin | 3.4% | 22.6% |
| Revenue YoY | 0.2% | -9.8% |
| Net Profit YoY | -48.6% | -18.4% |
| EPS (diluted) | $0.24 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $2.1B | $2.2B | ||
| Q3 25 | $2.2B | $2.5B | ||
| Q2 25 | $2.2B | $2.5B | ||
| Q1 25 | $2.1B | $2.2B | ||
| Q4 24 | $2.1B | $2.5B | ||
| Q3 24 | $2.2B | $2.9B | ||
| Q2 24 | $2.2B | $2.7B | ||
| Q1 24 | $2.3B | $2.1B |
| Q4 25 | $71.0M | $502.8M | ||
| Q3 25 | $142.0M | $466.0M | ||
| Q2 25 | $104.0M | $516.1M | ||
| Q1 25 | $127.0M | $-375.3M | ||
| Q4 24 | $138.0M | $615.9M | ||
| Q3 24 | $165.0M | $-1.2B | ||
| Q2 24 | $190.0M | $877.0M | ||
| Q1 24 | $165.0M | $392.4M |
| Q4 25 | 14.1% | 53.2% | ||
| Q3 25 | 19.6% | 52.8% | ||
| Q2 25 | 18.7% | 50.4% | ||
| Q1 25 | 20.6% | 51.5% | ||
| Q4 24 | 21.4% | 52.1% | ||
| Q3 24 | 22.3% | 51.8% | ||
| Q2 24 | 21.2% | 52.7% | ||
| Q1 24 | 23.0% | 48.6% |
| Q4 25 | 7.4% | 31.1% | ||
| Q3 25 | 10.7% | 35.2% | ||
| Q2 25 | 8.8% | 28.4% | ||
| Q1 25 | 10.5% | -6.9% | ||
| Q4 24 | 11.4% | 32.2% | ||
| Q3 24 | 12.6% | -42.1% | ||
| Q2 24 | 14.5% | 35.4% | ||
| Q1 24 | 12.4% | 29.4% |
| Q4 25 | 3.4% | 22.6% | ||
| Q3 25 | 6.5% | 18.8% | ||
| Q2 25 | 4.7% | 20.5% | ||
| Q1 25 | 6.0% | -17.3% | ||
| Q4 24 | 6.6% | 25.0% | ||
| Q3 24 | 7.5% | -41.1% | ||
| Q2 24 | 8.5% | 32.9% | ||
| Q1 24 | 7.3% | 18.3% |
| Q4 25 | $0.24 | — | ||
| Q3 25 | $0.48 | — | ||
| Q2 25 | $0.34 | — | ||
| Q1 25 | $0.42 | — | ||
| Q4 24 | $0.46 | — | ||
| Q3 24 | $0.55 | — | ||
| Q2 24 | $0.62 | — | ||
| Q1 24 | $0.53 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $261.0M | $152.4M |
| Total DebtLower is stronger | $5.0B | $10.3B |
| Stockholders' EquityBook value | $3.3B | $7.7B |
| Total Assets | $11.8B | $21.7B |
| Debt / EquityLower = less leverage | 1.51× | 1.33× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $261.0M | $152.4M | ||
| Q3 25 | $120.0M | $72.0M | ||
| Q2 25 | $120.0M | $73.9M | ||
| Q1 25 | $129.0M | $68.1M | ||
| Q4 24 | $157.0M | $73.7M | ||
| Q3 24 | $126.0M | $64.6M | ||
| Q2 24 | $125.0M | $73.8M | ||
| Q1 24 | $136.0M | $152.4M |
| Q4 25 | $5.0B | $10.3B | ||
| Q3 25 | $5.5B | $10.3B | ||
| Q2 25 | $5.4B | $11.2B | ||
| Q1 25 | $5.7B | $10.7B | ||
| Q4 24 | $5.1B | $10.7B | ||
| Q3 24 | $5.4B | $11.1B | ||
| Q2 24 | $4.9B | $11.1B | ||
| Q1 24 | $4.9B | $11.6B |
| Q4 25 | $3.3B | $7.7B | ||
| Q3 25 | $3.3B | $7.5B | ||
| Q2 25 | $3.2B | $7.3B | ||
| Q1 25 | $3.2B | $6.9B | ||
| Q4 24 | $3.0B | $7.8B | ||
| Q3 24 | $3.0B | $7.9B | ||
| Q2 24 | $2.8B | $10.3B | ||
| Q1 24 | $2.9B | $9.7B |
| Q4 25 | $11.8B | $21.7B | ||
| Q3 25 | $11.9B | $21.4B | ||
| Q2 25 | $11.8B | $22.3B | ||
| Q1 25 | $11.5B | $21.7B | ||
| Q4 24 | $11.1B | $22.8B | ||
| Q3 24 | $11.2B | $23.1B | ||
| Q2 24 | $10.8B | $26.1B | ||
| Q1 24 | $11.3B | $25.7B |
| Q4 25 | 1.51× | 1.33× | ||
| Q3 25 | 1.67× | 1.37× | ||
| Q2 25 | 1.68× | 1.54× | ||
| Q1 25 | 1.80× | 1.55× | ||
| Q4 24 | 1.71× | 1.37× | ||
| Q3 24 | 1.79× | 1.41× | ||
| Q2 24 | 1.75× | 1.08× | ||
| Q1 24 | 1.73× | 1.19× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $521.0M | $616.9M |
| Free Cash FlowOCF − Capex | — | $370.9M |
| FCF MarginFCF / Revenue | — | 16.7% |
| Capex IntensityCapex / Revenue | — | 11.1% |
| Cash ConversionOCF / Net Profit | 7.34× | 1.23× |
| TTM Free Cash FlowTrailing 4 quarters | — | $1.8B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $521.0M | $616.9M | ||
| Q3 25 | $227.0M | $852.1M | ||
| Q2 25 | $267.0M | $637.2M | ||
| Q1 25 | $-174.0M | $594.7M | ||
| Q4 24 | $489.0M | $685.2M | ||
| Q3 24 | $187.0M | $1.2B | ||
| Q2 24 | $161.0M | $690.5M | ||
| Q1 24 | $3.0M | $433.2M |
| Q4 25 | — | $370.9M | ||
| Q3 25 | — | $634.8M | ||
| Q2 25 | — | $444.4M | ||
| Q1 25 | — | $312.1M | ||
| Q4 24 | — | $456.8M | ||
| Q3 24 | — | $854.0M | ||
| Q2 24 | — | $315.2M | ||
| Q1 24 | — | $76.0M |
| Q4 25 | — | 16.7% | ||
| Q3 25 | — | 25.6% | ||
| Q2 25 | — | 17.7% | ||
| Q1 25 | — | 14.4% | ||
| Q4 24 | — | 18.5% | ||
| Q3 24 | — | 29.3% | ||
| Q2 24 | — | 11.8% | ||
| Q1 24 | — | 3.6% |
| Q4 25 | — | 11.1% | ||
| Q3 25 | — | 8.8% | ||
| Q2 25 | — | 7.7% | ||
| Q1 25 | — | 13.1% | ||
| Q4 24 | — | 9.3% | ||
| Q3 24 | — | 11.2% | ||
| Q2 24 | — | 14.1% | ||
| Q1 24 | — | 16.7% |
| Q4 25 | 7.34× | 1.23× | ||
| Q3 25 | 1.60× | 1.83× | ||
| Q2 25 | 2.57× | 1.23× | ||
| Q1 25 | -1.37× | — | ||
| Q4 24 | 3.54× | 1.11× | ||
| Q3 24 | 1.13× | — | ||
| Q2 24 | 0.85× | 0.79× | ||
| Q1 24 | 0.02× | 1.10× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
GPK
| Americas Paperboard Packaging | $1.4B | 68% |
| Other | $667.0M | 32% |
STZ
| Beer | $2.0B | 90% |
| Constellation Wines And Spirits | $213.1M | 10% |
