Here are 1-2 brief analogies for Constellation Brands (STZ):

1. Like a Diageo (DEO) or Pernod Ricard (RI) for the North American alcohol market, managing a broad portfolio of popular beer, wine, and spirits brands.

2. The Coca-Cola (KO) or PepsiCo (PEP) of alcoholic beverages, owning a portfolio of well-known beer, wine, and spirits brands.

• Beer: Offers a portfolio of high-end imported beer brands for the U.S. market, primarily including Corona and Modelo Especial.
• Wine: Produces and markets a diverse range of premium wine brands, such as Robert Mondavi, Kim Crawford, and Meiomi.
• Spirits: Provides consumers with a selection of premium distilled spirits brands, including Svedka Vodka and Casa Noble Tequila.

• Southern Glazer's Wine and Spirits, LLC (private company)

  This single customer accounted for approximately 13% of Constellation Brands' consolidated net sales in fiscal year 2024. No other customer accounted for 10% or more of net sales in fiscal years 2024, 2023, or 2022.

Bill Newlands, President and Chief Executive Officer

Bill Newlands has been President and Chief Executive Officer of Constellation Brands since March 2019, having joined the company in 2015 as Executive Vice President and Chief Growth Officer. His prior roles include President, North America at Beam, Inc., where he led the company to become one of the fastest-growing in its category. He also served as President, Beam Spirits U.S.; President, Beam Wine Estates; President and CEO, Allied Domecq Wines USA; CEO and Board Director at wine.com; and Managing Director, U.S. and Global Marketing Officer at LVMH Chandon Estates. Newlands is a director of Hormel Foods Corporation, a global branded food company, since November 2018 and has been its Lead Director since January 2023.

Garth Hankinson, Chief Financial Officer

Garth Hankinson was promoted to Executive Vice President and Chief Financial Officer of Constellation Brands in January 2020. He joined Constellation Brands in 2001 and has held various senior leadership roles, including Senior Vice President, Corporate Development. In this capacity, he oversaw financial planning, reporting and analysis, as well as mergers, acquisitions, venture investments, and strategic alliances. Before joining Constellation Brands, Hankinson worked in strategy and finance at Xerox and Citi for more than eight years.

Sam Glaetzer, Executive Vice President and President, Wine & Spirits Division

Sam Glaetzer was appointed Executive Vice President and President, Wine & Spirits Division at Constellation Brands in March 2024. He brings over 30 years of experience in the global wine and spirits industry. Glaetzer joined Constellation Brands in 2014 as Managing Director of its New Zealand and Australian operations. His previous roles within the company include SVP of Global Operations & Head of International Sales, Wine & Spirits Division, and SVP of Global Operations, Wine & Spirits. Prior to Constellation Brands, he served as Director, New Zealand at Treasury Wine Estates. He has extensive knowledge in brand management, supply chain optimization, and cross-functional team leadership, and has been involved in acquisition integrations and divestitures.

Jim Sabia, Executive Vice President and President, Beer Division

Jim Sabia is Constellation's Executive Vice President and President, Beer Division. He is responsible for the day-to-day general management of U.S. commercial and operations functions for the company's beer business. Sabia joined Constellation Brands in 2007, initially leading the marketing efforts of the spirits business. He previously served as the company's Executive Vice President and Managing Director, Beer Division.

Mallika Monteiro, Executive Vice President, Chief Growth & Digital Officer and Managing Director, Beer Brands

Mallika Monteiro serves as Constellation's Executive Vice President, Chief Growth & Digital Officer and Managing Director, Beer Brands. In this role, she oversees all aspects of brand marketing and advertising, trade marketing and merchandising, and field, lifestyle, and experiential marketing for the company's high-end beer brands. Monteiro joined Constellation in 2016 as Vice President, Beer Innovation.

Constellation Brands (STZ) faces two clear emerging threats:

• Legalization and Mainstreaming of Cannabis Products: As cannabis becomes increasingly legalized and socially accepted across more regions, particularly in the form of beverages and edibles, it poses a direct substitute threat to alcohol consumption. Consumers may increasingly choose cannabis products for relaxation, socializing, or recreation, potentially diverting sales from Constellation Brands' core beer, wine, and spirits portfolio. While Constellation Brands has made a significant investment in Canopy Growth (a cannabis company) to participate in this market, the fundamental shift in consumer preference and competition from a new legal substance could still impact its traditional alcohol business.
• Accelerating Consumer Shift Towards Alcohol Moderation and the Growth of the No-Low (NOLO) Alcohol Category: There is a clear and growing global trend, particularly among younger demographics, to reduce overall alcohol consumption for health, wellness, and lifestyle reasons. This trend is fueling rapid growth in the no-alcohol and low-alcohol beverage categories (e.g., non-alcoholic beers, wines, and spirits). While Constellation Brands has introduced some NOLO products (e.g., Corona Sunbrew 0.0%), a sustained and accelerating shift towards moderation could significantly impact the sales volume of its full-strength, higher-ABV core brands, such as Corona and Modelo Especial.

Constellation Brands (STZ) operates in the beer, wine, and spirits segments, with a strategic focus on high-end and premium brands in the United States and internationally. The addressable markets for their main products are as follows:

U.S. Beer Market

• The U.S. beer market was estimated to be between USD 106.84 billion and USD 130.07 billion in 2024. It is projected to reach approximately USD 123.68 billion by 2030, USD 191.71 billion by 2030, or USD 189.71 billion by 2033, depending on the source.
• In 2024, the U.S. beer market generated a revenue of USD 130.07 billion. Another estimate places the U.S. beer market at USD 117 billion in 2024.
• The premium segment of the beer market is experiencing growth, reflecting consumer demand for high-end products.

U.S. Wine Market

• The U.S. wine market was valued at approximately USD 75.27 billion in 2024. Other estimates for 2024/2025 range from USD 79.8 billion to USD 89.9 billion.
• Projections indicate the U.S. wine market could reach between USD 118.35 billion and USD 119.6 billion by 2030-2034. One source provides a higher projection, stating the U.S. wine market is valued at USD 352.34 billion in 2025 and is forecast to reach USD 394.57 billion by 2030.

U.S. Spirits Market

• The U.S. spirits market was valued at approximately USD 83.41 billion in 2024 and is projected to reach USD 107.84 billion by 2029. Other estimates place the market size at USD 120.34 billion in 2025, expected to reach USD 136.87 billion by 2030. In 2022, the U.S. spirits market size was USD 122.6 billion.
• The U.S. white spirits market specifically was valued at USD 16.50 billion in 2024, estimated to reach USD 17.65 billion in 2025, and projected to reach USD 30.33 billion by 2033.
• Premiumization trends are a significant driver in the U.S. spirits market, with consumers showing increasing interest in premium and super-premium alcoholic beverages.

Global Premium and Luxury Alcoholic Beverage Markets

• The global premium spirits market was valued at USD 211.1 billion in 2023 and is poised to grow to USD 510.11 billion by 2032.
• The global luxury wines and spirits market was valued at USD 867.9 billion in 2024 and is projected to reach USD 1523.8 billion by 2035.
• The global premium alcoholic beverage market is valued at USD 467.4 billion in 2025 and is projected to reach USD 1,115.6 billion by 2035.

Constellation Brands (STZ) is expected to drive future revenue growth over the next two to three years through several key strategies:

1. Sustained Strong Volume Growth in the Beer Business: Constellation Brands anticipates best-in-class annual net sales growth of approximately 7-9% for its Beer Business over the medium term, primarily fueled by strong volume growth due to consistent high consumer demand for its brands. This growth is expected to come from the distribution of its largest brands, supported by spring shelf reset gains, continued consumer support, and innovation through brand extensions, new product introductions, and new pack sizes. The beer business has demonstrated strong performance, achieving its 56th consecutive quarter of volume growth.
2. Focus on Premiumization and High-End Portfolio: The company's strategy involves continuing to drive its iconic high-end portfolio across its beer, wine, and spirits segments. This focus on premium offerings aims to capitalize on consumer trends towards higher-value products. While the Wine & Spirits business has undergone significant transformation, doubling its number of fine wine and craft spirits brands since fiscal year 2019, it is expected to achieve sequential improvement in top-line and profitability, targeting 1-3% net sales growth over the medium term.
3. Consumer-Led Innovation: Constellation Brands emphasizes consumer-led innovation as a strategic foundation for continued growth. This includes developing new products and brand extensions that align with evolving consumer tastes and emerging beverage trends, particularly within the beer segment.
4. Disciplined Incremental Pricing: Strategic pricing adjustments are expected to contribute to revenue growth. The company has implemented disciplined incremental pricing, such as in the fall of fiscal 2025, aligning with expectations of 1-2% pricing for its beer business. These prudent pricing efforts have also contributed to margin improvement in the wine and spirits segment.
5. Strategic Marketing Investments and Brand Building: Ongoing investment in marketing effectiveness and brand health is crucial for maintaining and expanding market share. Constellation Brands has highlighted its commitment to marketing efforts for key brands like Modelo Especial and Corona Extra, which have shown resilience and continued to gain market share. Enhanced marketing actions are anticipated to yield additional benefits, particularly for the beer business.

Share Repurchases

• Constellation Brands has a $4 billion share repurchase authorization that was approved around April 2025 for a three-year period.
• In Fiscal Year 2025, the company returned approximately $1.9 billion to shareholders through share repurchases and quarterly dividends.
• As of the first half of fiscal 2026, $604 million in share repurchases have been executed under the $4 billion authorization.

Share Issuance

• The number of Class A Common Stock shares outstanding as of August 31, 2025, was 0.176 billion, reflecting a 3.3% decline year-over-year.
• Constellation Brands' shares outstanding decreased by 1.35% in 2025 to 0.181 billion, and by 4.46% in 2024 to 0.184 billion.
• In 2023, shares outstanding slightly increased by 0.99% to 0.193 billion from 2022.

Outbound Investments

• Constellation Brands completed the divestiture of primarily mainstream wine brands, including Woodbridge, Meiomi, and Robert Mondavi Private Selection, to The Wine Group in June 2025 to focus on a higher-growth, higher-margin portfolio.
• The company made several acquisitions, including Sea Smoke in May 2024, Austin Cocktails in April 2022, and Booker in November 2021, all for undisclosed amounts.
• In April 2024, Constellation Brands converted its common shares in Canopy Growth Corporation into non-voting, non-participating exchangeable shares and exchanged a C$81.2 million promissory note for additional exchangeable shares, signaling an intent not to deploy additional investment in Canopy.

Capital Expenditures

• Constellation Brands' capital expenditures averaged $1.082 billion annually for fiscal years 2021 to 2025.
• Capital expenditures were $1.269 billion in Fiscal Year 2024 and $1.214 billion in Fiscal Year 2025.
• For Fiscal Year 2026, expected capital expenditures are approximately $1.2 billion, with about $1 billion specifically allocated to Mexico beer operations for modular development of new breweries and expansions of existing facilities.