Constellation Brands (NYSE: STZ) is a beverage alcohol company that produces, imports, and markets beer, wine, and spirits in the United States and select international markets. Revenue is generated through the sale of branded alcohol products across two operating divisions: Beer and Wine and Spirits, reported as three segments: Beer, Wine and Spirits, and Corporate Operations and Other (FY2026 10-K, filed 2026-04-22). The Beer segment holds an exclusive perpetual brand license to produce, import, market, and sell its imported beer portfolio in the U.S. The Wine and Spirits segment focuses on higher-end wine and spirits brands, with Kim Crawford ranked 8th among the top 100 higher-end wine brands in the U.S. as of FY2026. The company operates breweries in Mexico, wineries in the U.S. (primarily California), New Zealand, and Italy, and distilleries in the U.S. In FY2026, the company divested its mainstream wine brands for $845.9 million in cash proceeds and sold the SVEDKA brand for $409.2 million, both proceeds directed toward debt repayment, share repurchases, and capital expenditures.

Revenue model

Transactional sales of branded beer, wine, and spirits products to distributors and retailers. The Beer segment operates under an exclusive perpetual brand license to produce and distribute its imported beer portfolio in the U.S. The Wine and Spirits segment sells higher-end wine and spirits brands primarily in the U.S., with additional sales in Australia, Canada, Italy, New Zealand, and other markets.

Products and services

Beer segment: high-end imported beer brands and alternative beverage alcohol (ABA) products. Wine and Spirits segment: Kim Crawford, Ruffino, Robert Mondavi Winery, The Prisoner Wine Company, Mount Veeder, Sea Smoke, Schrader Cellars, My Favorite Neighbor, High West, Casa Noble, Mi CAMPO, Nelson's Green Brier. The company also operates a Glass Plant that produces glass packaging. Mainstream wine brands and SVEDKA were divested in FY2026.

Customers and end markets

U.S. consumer beverage alcohol market, with a focus on higher-end and premium price tiers. Products distributed through wholesalers and retailers. International sales in Australia, Canada, Italy, New Zealand, and other major world markets.

Value-chain role

Vertically integrated producer and brand owner. Operates breweries in Mexico (Nava, Obregón, and Veracruz facilities), wineries in the U.S., New Zealand, and Italy, and distilleries in the U.S. Sources grapes from independent growers and owns vineyard holdings in the U.S., New Zealand, and Italy. Also operates a Glass Plant producing glass bottles. Purchases corn starch, sugars, malt, hops, yeast, grapes, grain, and packaging materials including glass, aluminum, and cardboard.

Geographic exposure

Primarily the United States. Beer production facilities in Mexico. Wine operations in the U.S. (primarily California), New Zealand, and Italy. Distillery operations in the U.S. Wine and spirits also sold in Australia, Canada, Italy, New Zealand, and other major world markets.

Source: SEC 10-K, filed 2026-04-22

Industry: Beverages Peers: Vintage Wine Estates, Inc. Splash Beverage Group Inc Crimson Wine Group Ltd Duckhorn Portfolio, Inc. Amaze Holdings Inc Iconic Brands, Inc. MGP Ingredients Inc Willamette Valley Vineyards Inc