Constellation Brands: FY26 Q4 earnings call, Apr 9, 2026

While the consumer landscape remains dynamic, I firmly believe that we are well-positioned to continue delivering for our consumers, employees, distributors, and shareholders over the…

…ability to execute going forward. We will continue to be insights-driven and consumer-obsessed, lean into our strengths in beer, allocate capital with discipline, and generate…

…this business, in our iconic brand portfolio, our route to market, in consumer-led marketing, our best-in-class operations, and most importantly, our talented people. These strengths…

…fiscal 2026. It was a year that required agility and focus as consumers continued to navigate a tough economic backdrop with more selective shopping behavior,…

…limited visibility. Things have been very volatile in terms of what the consumer reaction has been, and our continuing research suggests that the consumer is…

In wine and spirits, our efforts to reshape the portfolio are gaining traction with strong contributions from brands like Kim Crawford and Mi Campo. Lastly,…

…You're right. We've guided to 37%-38% margins. I'll tell you what the headwinds are and then what we're doing to offset those headwinds. You rightfully…

…category pressures, channel headwinds, the timing of our cost deleveraging, and distributor inventory rebalancing. Starting with the category headwinds, we've seen a material downgrade in…

…We additionally, as you saw in our materials, will have relief from aluminum tariffs this year. As it relates to beyond FY 2027, we're not…

…to well over 400 million cases, nearly double the size of Modelo Especial, and made it the number one selling beer brand by dollars in…

…in the takeaway. It was probably most notable in the state of California, which is part of the reason you've seen very strong Circana data…

…think are important for the long run. It's continuing to do the dividend. More importantly, we've continued to return dollars to shareholders. Over $900 million…