CONSTELLATION BRANDS, INC. (STZ)

Constellation Brands, Inc. is an international producer and marketer of beer, wine, and spirits with operations in the U.S., Mexico, New Zealand, and Italy, headquartered in Rochester, New York, and incorporated in Delaware in 1972 as successor to a business founded in 1945. The company holds the exclusive right to import, market, and sell its beer brands throughout all 50 U.S. states, and is the #1 brewer and seller of imported beer in the U.S., the second-largest beer company overall, and a leader in the high-end (imported and above-premium) segment, with Modelo Especial as the top-selling beer brand in the U.S.; other beer brands include Corona Extra, Corona Non-Alcoholic, Corona Sunbrew, Modelo Chelada, Modelo Negra, Pacifico, and Victoria, along with newer offerings such as Austin Cocktails and HOPWTR. Beer production takes place at breweries in Nava and Obregón, Mexico, with a third under construction in Veracruz, supported by a glass-manufacturing joint venture with Owens-Illinois.

In its Wine and Spirits segment, the company has repositioned its portfolio to focus exclusively on higher-end brands intended for long-term growth, including Kim Crawford, Ruffino, The Prisoner Wine Company, Robert Mondavi Winery, Mi CAMPO, High West, Casa Noble, Schrader Cellars, and Sea Smoke, produced across nine wineries in the U.S., two in New Zealand, and six in Italy, plus three U.S. distilleries, with grapes sourced from roughly 120 U.S. and 25 New Zealand/Italy independent growers and about 10,000 acres of owned or leased vineyard land; in fiscal 2026 the company completed divestitures of certain mainstream wine brands, wineries, and vineyards to sharpen this premiumization focus. Products are sold primarily in the U.S., with wine and spirits also marketed in Australia, Canada, Italy, New Zealand, and other global markets, mainly through wholesale distributors and, in control states, through state alcohol beverage agencies, with a Corporate Operations and Other segment covering corporate functions and venture capital investments. The company competes in the highly competitive beverage alcohol industry against firms including Anheuser-Busch InBev, Heineken, Molson Coors, Boston Beer, Mark Anthony, Deutsch Family Wine & Spirits, GALLO, Treasury Wine Estates, Bacardi, Brown-Forman, Diageo, Pernod Ricard, and Suntory Global Spirits, competing on quality, price, brand recognition, and distribution strength while serving wholesale distributors and retailers as its primary customers, and it continues to invest heavily in brewery modular capacity expansion and consumer-led product innovation to sustain its leadership position in the U.S. beer market and reposition its wine and spirits business toward premium growth.