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Constellation Brands, Inc.

STZ

Filing: SEC 10-Q
Period: Quarter ended 2025-11-30
Basis: Editorial filing; Read original SEC 10-Q ↗

Sankey diagram of Constellation Brands, Inc.. A complete text table follows the diagram.

Constellation Has Become a Mexican Beer Company With a Luxury Wine Sidecar

Modelo, Corona and Pacifico now generate nine of every ten sales dollars after mainstream wine and spirits divestitures

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Source & review

Read original SEC 10-Q ↗

SEC accession: 0000016918-26-000005
Filed: Date not recorded
Reviewed: 2026-07-28
Status: Individual filing review complete

How to read these figures

Every displayed amount is an exact reported sales figure. The beer share and descriptive percentages are arithmetic based on those reported amounts; the portfolio framing is an editorial interpretation of the disclosed divestiture and premiumization strategy.

Labels and narrative explain the filing. A category marked “arithmetic bridge” or “residual” is calculated from reported totals, rather than a separately reported line.

Constellation holds an exclusive perpetual license to produce its Mexican beer portfolio and sell it in the United States.
Modelo Especial is the #1 U.S. beer brand by dollar sales; Corona and Pacifico reinforce the high-end imported franchise.
Beer produced a 38.0% comparable operating margin, versus 15.8% for the remaining wine and spirits portfolio.
The company sold mainstream wine brands for $845.9M and divested SVEDKA, then redirected proceeds partly toward debt reduction.
Removing lower-margin brands lifted the consolidated gross margin even as quarterly sales fell 10%.

View accessible tables

Financial categories · Quarter ended 2025-11-30 · Millions of USD
Category	Stage	Value	Notes
Constellation net sales	1	$2.2B	A beverage portfolio reshaped around beer
Imported beer	2	$2.0B	90% of company sales
Higher-end wine & spirits	2	$213M	10% of company sales
Wine	3	$175M	Kim Crawford, Robert Mondavi, The Prisoner
Spirits	3	$38.6M	High West, Casa Noble and Mi CAMPO

Financial flows · Millions of USD
From	To	Value
Constellation net sales	Imported beer	$2.0B
Constellation net sales	Higher-end wine & spirits	$213M
Higher-end wine & spirits	Wine	$175M
Higher-end wine & spirits	Spirits	$38.6M