Constellation Suggests Hispanic Headwinds Could Be Moderating; Analysts Debate Lowered Guidance

Dear Client: Last night your editors had the chance to pore over Constellation Brand’s 11-page CEO/CFO commentary on the fiscal and fourth quarter ’26 results, fitted with a Constellation Beer helmet for efficiency and inspiration (Victoria and Pacifico go in ours).  For those who missed yesterday’s breaking news on earnings, check it out here. If for some reason your internet is on the fritz, a quick recap before we dive into CEO/CFO commentary: Fiscal Q4 beer depletions were up 0.6%