Constellation Brands

The beer business historically delivered highly consistent depletions growth and cash generation. In 2025 the stride broke as tariff headwinds and demand softness led management to trim outlook, and retail share leadership rotated at the top of the category.

That said, cash flows remain robust, beer retains category leadership in the U.S. high‑end, and capacity additions provide medium‑term volume headroom. The portfolio shift away from lower‑end wine and SVEDKA should also reduce volatility over time.

Predictability is good for a consumer staples name, albeit below its own recent trend until macro and policy conditions normalize.