Constellation Brands (STZ) FY2026 results: revenue $9.1 billion, down 10.5% on the year

Constellation Brands is an international producer and marketer of beer, wine and spirits, with operations in the United States, Mexico, New Zealand and Italy. Its brands include Modelo Especial, Corona Extra, Pacifico, Victoria, Kim Crawford, Ruffino, The Prisoner Wine Company, Robert Mondavi Winery, Mi CAMPO and High West. The company is headquartered in Rochester, New York, and is a Delaware corporation incorporated in 1972 as the successor to a business founded in 1945. Results are reported in three segments, Beer, Wine and Spirits, and Corporate Operations and Other, with Beer much the larger of the two operating businesses. The financial year ends at the end of February. It had about 9,400 employees at 28 February 2026, including about 1,100 through an equally owned joint venture with Owens-Illinois, and the headcount moves through the year with the grape crushing seasons.

Beer

The filing describes the company as the number one brewer and seller of imported beer in the United States market, as the second-largest beer company there, and as the owner of the top beer brand by dollar sales, Modelo Especial. It holds the exclusive right to import, market and sell its beer brands in all 50 states. The portfolio runs across the Modelo brand family, including Modelo Especial, Modelo Chelada, Modelo Negra and Modelo Oro; the Corona brand family, including Corona Extra, Corona Familiar, Corona Light, Corona Non-Alcoholic and Corona Sunbrew; Pacifico; and the Victoria brand family including Vicky Chamoy, plus other brands such as Austin Cocktails and HOPWTR. The company reports that Corona Extra was the second largest imported beer and fifth best-selling beer overall, and that Pacifico and Victoria were the two fastest growing major imported beer brands. Launches in fiscal 2026 included Corona Sunbrew nationally, Modelo Chelada Limón y Sal non-alcoholic, and Modelo Noche Especial, a seasonal amber lager and the company's first limited time offering.

Wine and Spirits

This is now a portfolio of exclusively higher-end brands, after a multi-year repositioning. In June 2025 the company sold, and in certain instances exclusively licensed the trademarks of, a portion of the wine and spirits business centred on its then-owned mainstream wine brands, together with the associated inventory, wineries, vineyards and offices. The wine is supported by grapes bought from independent growers, mainly in the United States and New Zealand, and by vineyard holdings in the United States, New Zealand and Italy. They are marketed mainly in the United States and also sold in Australia, Canada, Italy and New Zealand. Brands include Kim Crawford, Ruffino, My Favorite Neighbor, Mount Veeder, Sea Smoke, Schrader Cellars, Casa Noble, Mi CAMPO, High West and Nelson's Green Brier. The company reports five of the 100 top-selling higher-end wine brands in the United States, with Kim Crawford in eighth place.

Where it is made

Two breweries operate, at Nava and Obregón, with a third under construction in Veracruz. More than $700 million went on modular capacity addition work at the breweries in fiscal 2026, and the company states that it expects to spend about $800 million on capital expenditure in fiscal 2027, almost entirely on the same activities. On the wine side it runs nine wineries in the United States, using grapes grown principally in the Napa, Sonoma and Central Coast regions of California and the Willamette Valley in Oregon, plus two wineries in New Zealand and six in Italy. Grapes are normally harvested and crushed from August to November in the United States and Italy, and from February to May in New Zealand. Three distilleries in the United States produce the spirits, and because certain wines and spirits must be aged for multiple years, inventories can be larger relative to sales than in many other businesses.

How it gets to the shelf

In the United States the products are primarily distributed by wholesale distributors, with separate distribution networks for the beer portfolio and for the wine and spirits portfolio. In states where the government acts as the distributor, products go through state alcohol beverage control agencies, which set the retail prices and require a listing before the products can be sold in that state. State governments also affect what consumers pay through taxes. Packaging materials are the largest cost component of beer production, and glass bottles the largest part of that.

From Constellation Brands' annual report on Form 10-K for the year ended 28 February 2026. The filing

Written from the 10-K filed 22 April 2026: read the full 10-K.