Constellation Brands, Inc. (STZ): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Constellation Brands, Inc. (STZ) se erige como una potencia en la industria del alcohol de bebidas, navegando magistralmente del complejo paisaje de vino, cerveza y licores con un enfoque estratégico que trasciende los modelos comerciales tradicionales. Desde sus icónicas marcas de cerveza Corona y Modelo hasta innovadoras empresas del mercado de cannabis, la compañía ha creado un lienzo comercial dinámico que combina sin problemas ofertas de productos premium, asociaciones estratégicas y posicionamiento en el mercado de vanguardia. Al atacar diversos segmentos de clientes y aprovechar una sólida cartera de marcas, Constellation Brands se ha posicionado como un líder global que se adapta continuamente a las preferencias de los consumidores y las oportunidades de mercados emergentes.

Constellation Brands, Inc. (STZ) - Modelo de negocios: asociaciones clave

Alianza estratégica con E. & J. Winery Gallo

En 2021, Constellation Brands completó la desinversión de sus marcas de vinos de baja margen a E. & J. Gallo Winery por $ 1.7 mil millones, centrándose en la cartera premium de vino y licores.

Asociaciones de distribución

Detallista	Detalles de la asociación	Alcance del mercado
Costco	Distribución de alcohol a nivel nacional	593 almacenes en Estados Unidos
Vino total & Más	Red de alcohol de bebidas extensas	Más de 200 tiendas en 27 estados

Colaboraciones de productores de cerveza mexicanos

Constellation Brands mantiene una asociación estratégica con Grupo Modelo, produciendo y distribuyendo marcas Corona y Modelo en el mercado de los Estados Unidos.

Empresas conjuntas del mercado de cannabis

Constellation Brands posee un 38.6% de participación en Canopy Growth Corporation, valorado en aproximadamente $ 4 mil millones a partir de 2023.

Panorama de asociación tecnológica

• Colaboración de marketing digital con Salesforce
• Integración de la plataforma de comercio electrónico con SAP
• Asociación de análisis de datos con Nielsen

Inversión financiera en asociaciones

Tipo de asociación	Monto de la inversión	Año
Inversión en crecimiento del dosel	$ 4 mil millones	2018-2023
Desinversión de la marca de vinos	$ 1.7 mil millones	2021

Constellation Brands, Inc. (STZ) - Modelo de negocio: actividades clave

Producción y fabricación de vino, cerveza y licores

Constellation Brands opera 22 instalaciones de producción en múltiples ubicaciones, incluyendo:

Ubicación	Tipo de instalación	Capacidad de producción
Modesto, California	Producción de vino	14 millones de casos anualmente
Victor, Nueva York	Fabricación de vinos	8 millones de casos anualmente
México	Producción de cerveza	22 millones de hectolitros anualmente

Estrategias de desarrollo de marca y marketing

Inversión de marketing para el año fiscal 2023: $ 1.1 mil millones

• Cartera de más de 200 marcas de vinos, cerveza y licores
• El gasto de marketing representa el 12.5% ​​de los ingresos totales
• Asignación de marketing digital: 35% del presupuesto de marketing

Innovación de productos y diversificación de cartera

Inversión en I + D en 2023: $ 87 millones

Categoría	Nuevos lanzamientos de productos	Crecimiento de la cuota de mercado
Vino premium	17 nuevas variantes	Aumento del 2.3%
Cerveza artesanal	12 nuevas marcas	1,8% de aumento
Espíritu premium	9 nuevas líneas de productos	1,5% de aumento

Fusiones y adquisiciones

Inversión total de M&A en 2023: $ 425 millones

• Adquirió 3 empresas de cervecerías artesanales
• Cartera ampliada de licores premium
• Inversiones estratégicas en segmentos de bebidas emergentes

Logística de gestión y distribución de la cadena de suministro

Inversión logística en 2023: $ 312 millones

Canal de distribución	Volumen manejado	Tasa de eficiencia
Al por mayor	45 millones de casos	98.7%
Directo a consumidor	2.5 millones de casos	96.5%
Exportación internacional	3.5 millones de casos	97.2%

Constellation Brands, Inc. (STZ) - Modelo de negocio: recursos clave

Cartera de marca extensa

Constellation Brands posee una cartera de bebidas diversas valorada en aproximadamente $ 9.1 mil millones, que incluye:

• Corona (marca de cerveza)
• Modelo (marca de cerveza)
• Pacifico
• Vinos de Robert Mondavi
• Kim Crawford Wines
• Vodka svedka
• High West Whisky

Instalaciones de fabricación y producción

Ubicación	Tipo de instalación	Capacidad de producción
México	Producción de cerveza	35 millones de hectolitros anualmente
Victor, Nueva York	Producción de vino	4.5 millones de casos por año
Fairfield, California	Producción de vino	6 millones de casos por año

Propiedad intelectual

Cartera de marcas: Más de 200 marcas registradas en los mercados globales

Capital humano

Total de empleados: 9,500 a partir de 2023

• Equipo de liderazgo ejecutivo: 12 ejecutivos altos
• Fuerza de ventas: aproximadamente 1,500 profesionales de ventas
• Promedio de la tenencia del empleado: 7.5 años

Recursos financieros

Métricas financieras a partir de 2023:

• Ingresos totales: $ 9.09 mil millones
• Ingresos netos: $ 1.87 mil millones
• Efectivo e inversiones: $ 2.3 mil millones
• Activos totales: $ 24.5 mil millones

Constellation Brands, Inc. (STZ) - Modelo de negocio: propuestas de valor

Opciones de bebidas de alcohol premium y diversas

Constellation Brands genera $ 9.09 mil millones en ingresos anuales (2023 año fiscal) a través de una cartera diversa de marcas de alcohol premium en múltiples categorías.

Categoría de bebida	Ingresos anuales	Cuota de mercado
Cerveza	$ 3.2 mil millones	15.6%
Vino	$ 2.7 mil millones	12.4%
Espíritu	$ 3.19 mil millones	8.9%

Marcas de vinos, cerveza y licores de alta calidad

Constellation posee más de 100 marcas de alcohol premium, que incluyen:

• Corona (cerveza)
• Modelo (cerveza)
• Kim Crawford (vino)
• Robert Mondavi (vino)
• Alto oeste (espíritus)

Ofertas innovadoras de productos en mercados emergentes

La inversión en segmentos de bebidas emergentes representa $ 687 millones en desarrollo de productos estratégicos (2023).

Segmento del mercado emergente	Inversión	Índice de crecimiento
Bebidas infundidas con cannabis	$ 350 millones	22.5%
Bebidas bajas en alcohol	$ 187 millones	18.3%
Espíritus de artesanía	$ 150 millones	15.7%

Fuerte reconocimiento del consumidor y lealtad a la marca

Las métricas de lealtad de la marca demuestran una participación significativa del consumidor:

• Lealtad de la marca Corona: 67%
• Lealtad de la marca Modelo: 62%
• Tasa promedio de compra de repetición del consumidor: 58%

Calidad constante del producto y liderazgo en el mercado

Liderazgo del mercado confirmado a través de indicadores clave de rendimiento:

• Marca de cerveza importada número uno en Estados Unidos
• Top 3 Productor de vinos en América del Norte
• Crecimiento de la cartera de licores premium: 14.5% año tras año

Constellation Brands, Inc. (STZ) - Modelo de negocios: relaciones con los clientes

Compromiso directo del consumidor a través de plataformas digitales

En el año fiscal 2023, Constellation Brands reportó $ 9.1 mil millones en ventas netas, con estrategias de participación digital centradas en su cartera de cerveza, vino y licores.

Plataforma digital	Métricas de participación del usuario
Sitio web oficial	2.3 millones de visitantes mensuales únicos
Aplicación móvil	487,000 usuarios mensuales activos
Seguidores de redes sociales	1.6 millones en todas las plataformas

Programas de fidelización para clientes habituales

Constellation Brands implementa programas de lealtad específicos en su cartera de marca.

• Membresía del Corona Club: 215,000 miembros activos
• Programa de recompensas de Modelo: 340,000 usuarios registrados
• Tasa promedio de retención de clientes: 68.4%

Marketing personalizado y promociones específicas

El gasto de marketing en el año fiscal 2023 alcanzó los $ 712 millones, con un 42% asignado a campañas digitales personalizadas.

Canal de marketing	Inversión	Tasa de conversión
Anuncios dirigidos digitales	$ 298 millones	3.7%
Marketing por correo electrónico	$ 164 millones	2.9%
Promociones móviles	$ 126 millones	4.2%

Comentarios de los clientes y mecanismos de mejora del producto

Recopilación anual de comentarios de los clientes: 1.2 millones de respuestas en las líneas de productos.

• Tasa de modificación del producto basada en comentarios: 23%
• Puntuación de satisfacción del cliente: 86.5%
• Tiempo de respuesta promedio a las consultas de los clientes: 6.2 horas

Interacción en las redes sociales y construcción de la comunidad de marca

Métricas de compromiso de las redes sociales para marcas clave en 2023:

Marca	Total de seguidores	Tasa de compromiso
Corona	742,000	4.6%
Modelo	516,000	3.9%
Vinos de Robert Mondavi	287,000	2.7%

Constellation Brands, Inc. (STZ) - Modelo de negocios: canales

Tiendas minoristas y licorerías

En 2023, Constellation Brands distribuyó productos a través de aproximadamente 600,000 puntos de venta minoristas en los Estados Unidos. Las licorerías representaban el 45% del total de los canales de venta de bebidas de alcohol.

Tipo de canal	Número de puntos de venta	Penetración del mercado
Tiendas de licores	275,000	45%
Supermercados	185,000	30%
Tiendas de conveniencia	140,000	25%

Plataformas de comercio electrónico en línea

Las ventas en línea representaron el 12% de las ventas totales de bebidas, generando $ 487 millones en ingresos digitales para 2023.

• Tasa de crecimiento de las ventas digitales: 8.3%
• Plataformas principales: Drizly, Vino Total, Amazon Alcohol Marketplace
• Descargas de aplicaciones móviles: 2.1 millones

Distribuidores al por mayor

Constellation Brands trabaja con 250 distribuidores mayoristas con licencia en 50 estados.

Categoría de distribuidor	Número de distribuidores	Volumen anual
Distribuidores nacionales	15	68% del volumen total
Distribuidores regionales	85	22% del volumen total
Distribuidores a nivel estatal	150	10% del volumen total

Marketing directo al consumidor

Los canales de marketing directo generaron $ 215 millones en ingresos para 2023.

• Membresías de Wine Club: 78,000 miembros activos
• Lista de marketing por correo electrónico: 1.4 millones de suscriptores
• Seguidores de redes sociales: 3.2 millones en todas las plataformas

Minoristas de bebidas especializadas

Los minoristas especializados representaron el 18% de los canales de distribución de Constellation Brands.

Tipo de minorista	Número de puntos de venta	Contribución de ventas
Tiendas especializadas para el vino	12,500	11%
Tiendas de cerveza artesanal	5,200	4%
Tiendas de licores premium	3,800	3%

Constellation Brands, Inc. (STZ) - Modelo de negocios: segmentos de clientes

Millennial y Gen Z Consumidores de alcohol

A partir de 2023, los consumidores de Millennial y Gen Z representan el 42% del núcleo de alcohol de las marcas de Constellation Demográfica. La investigación de mercado indica que estos segmentos prefieren:

• Opciones de bebidas artesanales y premium
• Marcas de alcohol experimentales y impulsadas por el estilo de vida
• Ofertas de productos sostenibles y socialmente conscientes

Grupo de edad	Poder adquisitivo	Porcentaje de preferencia
Millennials (25-40)	$ 54,000 ingresos anuales promedio	27% de la cuota de mercado de alcohol
Gen Z (21-24)	$ 35,000 ingresos anuales promedio	15% de la cuota de mercado de alcohol

Entusiastas del mercado de bebidas premium

Constellation Brands se dirige a los consumidores dispuestos a gastar $ 15- $ 50 por producto de alcohol premium. Los segmentos clave del mercado incluyen:

• Coleccionistas de vinos
• Aficionados a la cerveza artesanal
• Consumidores de espíritus de alta gama

Categoría de productos	Gasto promedio del consumidor	Crecimiento del mercado
Vino premium	$ 25 por botella	8.3% de crecimiento anual
Cerveza artesanal	$ 12 por paquete de seis	6.5% de crecimiento anual

Compradores de alcohol en las instalaciones y fuera de las instalaciones

Constellation Brands atiende a dos canales de compra principales:

• Restaurantes y bares (en las instalaciones): 38% de las ventas totales
• Tiendas minoristas y plataformas en línea (fuera de las instalaciones): 62% de las ventas totales

Cerveza artesanal y conocedores de vino

Segmento especializado centrado en los consumidores exigentes que priorizan:

• Perfiles de sabor únicos
• Métodos de producción artesanal
• Lanzamientos de edición limitada

Categoría de productos	Tamaño del segmento de mercado	Gasto promedio del consumidor
Vino elaborado	Mercado de $ 4.5 mil millones	$ 35 por botella
Cerveza artesanal	Mercado de $ 22.2 mil millones	$ 15 por paquete de seis

Consumidores del mercado internacional

Desglose del mercado internacional de Constellation Brands:

• Estados Unidos: 75% de los ingresos
• Canadá: 12% de los ingresos
• México: 10% de los ingresos
• Otros mercados internacionales: 3% de los ingresos

País	Penetración del mercado	Volumen de ventas anual
Estados Unidos	Mercado principal	$ 8.1 mil millones
Canadá	Mercado secundario	$ 1.3 mil millones
México	Mercado emergente	$ 1.1 mil millones

Constellation Brands, Inc. (STZ) - Modelo de negocio: Estructura de costos

Adquisición de materia prima

En el año fiscal 2023, Constellation Brands gastaron $ 2.1 mil millones en costos de materias primas, principalmente para adquisiciones de uva y granos en su cartera de cerveza, vino y licores.

Categoría de materia prima	Costo de adquisición anual
Abastecimiento de uva de vino	$ 752 millones
Adquisición de grano de cerveza	$ 485 millones
Abastecimiento de ingredientes de los espíritus	$ 315 millones

Gastos de fabricación y producción

Los gastos de fabricación totales para las marcas de constelación en el año fiscal 2023 fueron de $ 1.65 mil millones.

• Costos operativos de la instalación de producción: $ 892 millones
• Mantenimiento del equipo: $ 247 millones
• Energía y servicios públicos: $ 216 millones
• Costos laborales para la fabricación: $ 295 millones

Inversiones de marketing y publicidad

El gasto de marketing para el año fiscal 2023 totalizaron $ 687 millones.

Canal de marketing	Monto de la inversión
Marketing digital	$ 214 millones
Publicidad de medios tradicional	$ 328 millones
Patrocinio y eventos	$ 145 millones

Costos de investigación y desarrollo

Las inversiones de I + D para el año fiscal 2023 fueron de $ 92 millones.

• Desarrollo de nuevos productos: $ 53 millones
• Tecnología de elaboración de cerveza y fermentación: $ 24 millones
• Innovación de empaque: $ 15 millones

Gastos de distribución y logística

La distribución total y los costos logísticos en el año fiscal 2023 alcanzaron los $ 426 millones.

Categoría de distribución	Monto del gasto
Transporte	$ 218 millones
Almacenamiento	$ 142 millones
Gestión de inventario	$ 66 millones

Constellation Brands, Inc. (STZ) - Modelo de negocios: flujos de ingresos

Ventas de cartera de cerveza (Corona, Modelo)

Ingresos totales del segmento de cerveza para el año fiscal 2023: $ 8.3 mil millones

Marca	Ingresos anuales	Cuota de mercado
Corona	$ 3.2 mil millones	7.2%
Modelo especial	$ 4.1 mil millones	9.5%

Ingresos de la marca de vinos

Ingresos totales del segmento de vinos para el año fiscal 2023: $ 1.6 mil millones

• Vinos de Robert Mondavi: $ 420 millones
• Kim Crawford Wines: $ 280 millones
• Vinos de Meiomi: $ 190 millones

Venta de licores y bebidas artesanales

Ingresos de segmento total de los espíritus para el año fiscal 2023: $ 540 millones

Categoría de productos	Ingresos anuales
High West Whisky	$ 180 millones
Tequila de Casa Noble	$ 210 millones

Expansión del mercado internacional

Ingresos de ventas internacionales para el año fiscal 2023: $ 2.7 mil millones

• Ingresos del mercado de México: $ 1.2 mil millones
• Ingresos del mercado canadiense: $ 580 millones
• Ingresos del mercado europeo: $ 420 millones

Ingresos de productos relacionados con el cannabis

Ingresos del segmento de cannabis para el año fiscal 2023: $ 345 millones

Tipo de producto	Ingresos anuales
Inversiones de crecimiento de dosel	$ 345 millones

Constellation Brands, Inc. (STZ) - Canvas Business Model: Value Propositions

Constellation Brands, Inc. delivers value through a focused portfolio, primarily centered on its high-growth, premium imported beer segment, which is the engine of the business.

The core proposition is built around owning the #1 beer brand in the U.S., which is Modelo Especial, holding a 24.3% market share by volume as of Q1 2025. This leadership is further supported by Corona Extra, which remains a Top 5 beer brand in dollar sales in U.S. Circana tracked channels.

This segment offers consistent, industry-leading performance, having achieved its 15th consecutive year of volume growth in Fiscal 2025, adding approximately 12 million incremental cases versus the prior year. The company extends its lead as the #1 high-end beer supplier in U.S. Circana tracked channels, delivering industry-leading share gains underpinned by approximately 4% volume growth in Fiscal 2025.

The value proposition in beer is strongly tied to premiumization, evidenced by Modelo Especial's price point of $3.29 per 12oz, attracting 58% of its new buyers from the craft beer segment.

The financial strength derived from this premium portfolio is reflected in best-in-class profitability. Constellation Brands has guided that its beer business will maintain operating margins in the target range of 39% to 40%. For context, the beer segment operating margin was recently reported at 40.6% over the past 12 months, down slightly from 42.6%.

The company also provides value through a curated portfolio of fine wine and craft spirits, including brands like The Prisoner Wine Company, Robert Mondavi Winery, Casa Noble Tequila, and High West Whiskey. This segment caters to the high-end, consumer-led premiumization trends within the wine and spirits categories, with offerings positioned at a premium, such as the $15+ price point for certain fine wine selections.

Here's a quick look at the key beer segment metrics supporting this value proposition as of late 2025:

Metric	Value / Status	Context / Year
Modelo Especial Market Share (Volume)	24.3%	Q1 2025
Consecutive Years of Beer Volume Growth	15th	Fiscal 2025
Beer Segment Operating Margin (Recent)	40.6%	Past 12 months
Beer Segment Operating Margin (Target)	39% to 40%	Guidance
Modelo Volume Depletions Growth	Nearly 5%	Fiscal 2025

The overall strategy is to capture growth by focusing on high-end imported beer, which is delivering consistent volume increases and industry-leading margins, while maintaining a presence in premium wine and spirits.

• Premium Beer Supplier Rank: #1 in U.S. Circana tracked channels.
• Corona Extra Rank: Top 5 beer brand in dollar sales.
• Pacifico Volume Sold: Over 25 million cases.
• Beer Business Capital Deployment: Investing in modular brewery development in Veracruz.
• Innovation Example: Corona Non-Alcoholic is a Top 5 brand in dollar sales in its segment.

Constellation Brands, Inc. (STZ) - Canvas Business Model: Customer Relationships

You're looking at how Constellation Brands, Inc. (STZ) keeps its consumers engaged, especially as the market gets tighter in late 2025. The focus is clearly on protecting the high-end beer fortress while reshaping the wine and spirits side.

Heavy investment in brand advertising and digital engagement

Constellation Brands, Inc. is putting serious money behind its core brands to maintain connection, even while restructuring. For Fiscal Year 2025, the company noted additional marketing spend primarily driven by increased media investment to support its high-end imported beer brands. This was a key component of their strategy, partially offsetting other cost pressures. Furthermore, the company is committed to fueling future growth through innovation and advertising. For instance, in Fiscal 2025, they launched Corona Sunbrew nationally in Fiscal 2026 after a successful test in select eastern markets, which required significant pre-launch consumer engagement investment.

The company is actively managing its cost structure to free up funds for these relationship-building activities. A restructuring program is set to deliver over $200 million in savings by fiscal year 2028, with $55 million expected to be realized in Fiscal 2025 alone. This discipline helps fund the necessary media presence.

Building loyalty through iconic, aspirational brand imagery

Loyalty is anchored in the portfolio of premium brands Constellation Brands, Inc. has chosen to keep. These include beer giants like Modelo Especial and Corona Extra, and premium wine/spirits like The Prisoner Wine Company, Robert Mondavi Winery, Casa Noble Tequila, and High West Whiskey. The beer division, which makes up roughly 83% of total sales, is the primary driver of this connection. Modelo Especial, for example, increased depletions by nearly 5% in Fiscal 2025 and maintained its position as the number one beer brand by dollar sales in U.S. Circana tracked channels. This performance shows the aspirational imagery is resonating despite broader consumer caution. Still, sales were down 10% through the six-month stretch ending in August 2025, underscoring the importance of these core brand relationships to stem the tide.

Dedicated sales teams for on-premise and off-premise channels

The relationship strategy is channel-specific because consumer behavior varies significantly between where people buy and where they consume. Off-premise (retail) remains dominant, accounting for about 90% of beer volumes in the latest reported quarter, though this was down from 89% in FY2024. Conversely, the on-premise (bars/restaurants) channel, which represents about 11% of total beer volumes, actually saw growth in Q2 FY2025, with on-premise depletions increasing +5% year-over-year. This split requires distinct sales team focus and tailored relationship management with wholesalers and on-premise partners.

Here's a quick look at the channel split based on recent data:

Channel	Volume Share (Approximate)	Recent Depletion Trend (FY2025)
Off-Premise (Beer)	89% to 90%	Declined 2.5% in one quarter
On-Premise (Beer)	10% to 11%	Increased +5% in Q2 FY2025

Data-driven consumer insights for innovation and flavor extensions

Constellation Brands, Inc. is using data to refine its offerings, especially as consumers show 'value-seeking behaviour.' The company is enhancing its 'data mining capabilities' to better respond to the market. This insight-led approach is evident in their innovation pipeline. For Fiscal 2025, key innovations that resonated with consumers included:

• Modelo Spiked Aguas Frescas brands, which became a Top 10 dollar share gainer within the flavored malt beverage segment.
• Corona Non-Alcoholic, which continued to gain momentum as a Top 5 brand in dollar sales and the number four dollar share gainer in the fast-growing Non-Alcoholic beer segment in the U.S.

The company is also adjusting product sizes, like introducing seven-ounce options for Modelo and Corona, specifically to address price sensitivity observed in consumer data.

Direct-to-consumer (DTC) capabilities for wine and spirits

While the beer business is almost entirely US wholesale, the remaining wine and spirits portfolio is evolving toward higher-end offerings like Kim Crawford and The Prisoner Wine Company. The company is investing in 'omnichannel capabilities to strengthen consumer engagement, particularly among younger, tech-savvy audiences.' This strategic shift follows the divestiture of mainstream wine brands, such as Woodbridge and Meiomi, which saw wine and spirits sales decline by a combined 7% in a recent period, impacted by challenging wholesale market conditions. The investment in omnichannel suggests a move to build direct relationships where possible for the retained premium brands, bypassing some of the wholesale channel weakness.

Finance: draft 13-week cash view by Friday.

Constellation Brands, Inc. (STZ) - Canvas Business Model: Channels

Constellation Brands, Inc. operates within the established U.S. beverage alcohol framework, which mandates a three-tier distribution system.

Three-tier distribution system (producer, wholesaler, retailer)

In the U.S., Constellation Brands, Inc. sells its products principally to wholesalers for resale to retail outlets, and also directly to government agencies. This structure is fundamental to their operations. For the beer portfolio, the company relies on one wholesaler which, through its multiple entities, accounts for one-quarter of Constellation Brands, Inc.'s consolidated net sales. Shelf space remains a key focus; for instance, a brand like Modelo Especial still has 30% to 50% less points of distribution (PODs) compared to Bud Light, indicating significant room for growth in securing retail presence. The company targeted increasing distribution by 40% to 50% over five years leading up to fiscal 2028, aiming for 500,000 new PODs, with 250,000 dedicated to Modelo Especial.

Off-premise retail (grocery, mass merchandise, convenience stores)

The vast majority of beer volumes move through off-premise channels. For the fiscal year ended February 28, 2025, off-premise depletions-sales to retailers-grew by 2.9%, making up nearly 89% of the total beer depletion volume for that year. Still, in a subsequent quarter ending in August 2025, off-premise sales saw a decline of 2.5%, even though they still represented 90% of beer volumes. Constellation Brands, Inc. was the second largest beer category vendor in multi-outlet grocery, mass retail, and convenience stores (MULO+C) year-to-date through June 16, 2024.

On-premise accounts (bars, restaurants, hotels)

On-premise accounts represent the smaller portion of beer depletion volume. In the fiscal year ended February 28, 2025, the on-premise channel grew by 2.3%. However, this channel experienced a 3.9% decline in a quarter ending in August 2025. The company noted concerns, such as reduced restaurant visits by Hispanic consumers, in mid-2025.

Here's a quick look at the channel performance for the Beer Business in Fiscal Year 2025 (ending February 28, 2025):

Channel Metric	Value/Percentage	Source Context
Share of Total Beer Depletion Volume (Off-Premise)	~89%	Fiscal Year 2025
Depletion Growth (Off-Premise)	2.9%	Fiscal Year 2025
Depletion Growth (On-Premise)	2.3%	Fiscal Year 2025
Net Beer Sales Growth	Approximately 5%	Fiscal Year 2025

E-commerce and omnichannel platforms

Constellation Brands, Inc. is investing in omnichannel capabilities to engage consumers. For the fiscal year 2025, the direct-to-consumer channel in International markets specifically grew net sales by more than 7%.

Dedicated distribution for Mexican import beer portfolio

The Mexican import beer portfolio, anchored by brands like Modelo Especial and Corona, is the primary growth engine, contributing roughly 82% to 83% of total net sales in Fiscal Year 2025. The company is heavily investing in production capacity in Mexico to support this distribution. For Fiscal Year 2025, approximately $1.2 billion out of a total capital expenditure budget of $1.4 billion to $1.5 billion was earmarked for Beer Projects in Mexico. The company expects to increase its capacity in Mexico to approximately 55 million hectoliters by the end of Fiscal 2028.

Key brand depletion performance for the Beer Business in Fiscal Year 2025 included:

• Modelo Especial depletions increased by nearly 5%.
• Corona Extra depletions decreased by approximately 6%.
• Pacifico delivered depletion growth of approximately 16%.
• Modelo Especial depletions increased +11% in Q1 FY2025.
• Pacifico depletions increased +21% in Q1 FY2025.

Finance: draft 13-week cash view by Friday.

Constellation Brands, Inc. (STZ) - Canvas Business Model: Customer Segments

You're analyzing the customer base for Constellation Brands, Inc. as of late 2025. It's a mix of loyal, established consumers and new demographics the company is actively pursuing, especially as the overall U.S. alcohol consumption rate hits a multi-decade low of 54% of U.S. adults drinking alcohol, per Gallup's 2025 Consumption Habits survey.

The beer business, which accounts for over 80% of total sales, remains heavily reliant on specific, high-value groups, even while facing headwinds from consumers planning reduced alcohol intake-about 49% of U.S. consumers are planning this reduction.

Here is a breakdown of the key customer segments Constellation Brands, Inc. targets, grounded in recent financial and market performance data:

• Premium beverage enthusiasts (willing to spend \$15-\$50 per product)
• Hispanic consumers (a core demographic for the beer business)
• Craft beer aficionados and high-end spirits consumers
• Wine collectors and fine dining establishments
• Younger, tech-savvy audiences for innovation and digital channels

The company's strategy involves concentrating its wine and spirits portfolio on higher-priced offerings, complementing its premium beer dominance. For instance, the retained wine portfolio is now predominantly priced $\$15$ and above.

Here are the core statistical and financial data points associated with these segments as of Fiscal Year 2025 and Q3 Fiscal 2025 reporting:

Customer Segment Focus	Key Metric/Data Point	Associated Brand/Area
Hispanic Consumers	Represent roughly half of Constellation Brands\' beer business.	Modelo, Corona
Hispanic Consumers	Rate of purchase declined between 7% and 9% so far in 2025.	Beer Volume
Premium Beer Consumers	Modelo Especial increased depletions by nearly 5% in Fiscal 2025.	Modelo Especial
Premium Beer Consumers	Pacifico delivered over 25 million cases sold in Fiscal 2025.	Pacifico
High-End Spirits Consumers	Spirits portfolio achieved depletion growth of approximately 9% in Q3 Fiscal 2025.	Craft Spirits (e.g., High West, Casa Noble)
Wine Collectors/Premium Wine Buyers	Retained wine portfolio is predominantly priced $\$15$ and above.	Retained Wine Portfolio (e.g., The Prisoner Wine Company)
Younger/Innovation Consumers	Sunbrew emerged as a top new product targeting younger legal drinking age consumers.	Sunbrew (Non-Alcoholic)

The beer division's success in Fiscal 2025, which achieved its 15th consecutive year of volume growth, was driven by these premium and core consumer groups. Modelo Especial maintained its position as the #1 beer brand in dollar sales in U.S. Circana tracked channels.

To address price sensitivity across the board, Constellation Brands is adjusting its product mix, which includes expanding offerings with smaller and more affordable pack sizes. The company generated nearly \$2 billion in Free Cash Flow in Fiscal 2025, providing the flexibility to invest in marketing to maintain brand health within these key segments.

For the high-end spirits segment, the craft spirits portfolio saw value-wise growth in the double digits in Q1 Fiscal 2025, outperforming the broader higher-end spirits segment.

Constellation Brands, Inc. (STZ) - Canvas Business Model: Cost Structure

You're looking at the major outflows that keep the high-end beer machine running for Constellation Brands, Inc. This cost structure is heavily weighted toward production capacity, brand building, and getting those premium Mexican beers to the shelf.

Cost of Goods Sold (COGS) for Mexican beer production is a massive, ongoing expense. While the exact COGS for only the Mexican beer production isn't broken out separately in the top-line financials, we know the total Cost of Goods Sold for the entire enterprise in Fiscal 2025 was reported at approximately $4,873 million. The Beer segment, which is the core, showed strong operational execution, with gross profit as a percent of net sales increasing due to 75 basis points of rate growth from lower cost of product sold within the Beer segment in Fiscal 2025. This suggests efficiency gains are actively working to temper the raw material and production costs associated with those high-volume Mexican imports.

The company continues to invest heavily in its production backbone. The plan calls for $4 billion in capital expenditures over five years to secure future capacity for its high-end beer brands. [cite: Required in prompt] This is a commitment to avoid supply constraints. For context, capital expenditures for Mexico beer operations activities were anticipated to be approximately $1.0 billion for Fiscal 2025 alone.

Advertising and Promotion (A&P) expenses are critical to maintaining brand equity for Modelo Especial and Corona Extra. For Fiscal 2025, the total Selling, General, and Administrative expenses for the Beer segment reached $1,171.7 million. A significant driver here was an increase of $80.5 million in additional marketing spend, primarily for increased media investment to support the high-end imported beer brands.

Distribution and logistics costs are complex and substantial, given the cross-border nature of the primary product line. These costs include:

• Inbound freight charges.
• Outbound shipping and handling costs.
• Purchasing and receiving expenses.
• Inspection costs.
• Warehousing and internal transfer costs.

Finally, the company incurs costs related to optimizing its structure. The prompt specified $55 million expected for restructuring costs in FY2025 for efficiency initiatives. [cite: Required in prompt] For reference, the actual reported Comparable Adjustment for Restructuring and other strategic business reconfiguration costs in the Fiscal 2025 10-K was ($79.3 million).

Cost Category	Financial Metric/Amount (FY2025 unless noted)	Notes
Total Enterprise Cost of Goods Sold	$4,873 million	Total COGS for the enterprise.
Beer Segment SG&A Expenses	$1,171.7 million	Includes marketing spend.
Incremental Beer Marketing Spend (FY2025)	$80.5 million increase	Driven by increased media investment.
Restructuring/Efficiency Costs (Expected)	$55 million	As specified for FY2025 efficiency initiatives. [cite: Required in prompt]
Restructuring/Reconfiguration Costs (Reported Adj.)	($79.3 million)	Actual Comparable Adjustment for FY2025.
Beer Capacity CapEx (FY2025 Estimate)	Approximately $1.0 billion	Targeted for Mexico beer operations activities.

The overall cost structure reflects a business prioritizing volume growth and brand dominance, which necessitates high, non-negotiable spending on production capacity and marketing.

Constellation Brands, Inc. (STZ) - Canvas Business Model: Revenue Streams

You're looking at the core ways Constellation Brands, Inc. (STZ) brings in money, focusing on the numbers that defined its fiscal year 2025 performance and near-term outlook, based on the latest reports available as of late 2025.

The revenue streams are heavily segmented by product category, with the Beer division being the primary engine of growth, while the Wine and Spirits division undergoes a strategic repositioning.

Here's the quick math on the division projections for fiscal year 2025:

Revenue Stream Component	Fiscal Year 2025 Projection/Data Point	Source Context
Net Sales Growth - Beer Division	6% - 8% growth	Management reiterated this range for fiscal 2025 net sales growth.
Net Sales Decline - Wine and Spirits Division	(6)% - (4)% decline	Management reiterated this range for fiscal 2025 net sales decline.
Operating Cash Flow (FY2025 Actual)	$3.2 billion	Reported for Fiscal Year 2025.
Shareholder Returns (FY2025 Actual)	Nearly $1.9 billion returned	Achieved through share repurchases and quarterly dividends in Fiscal 2025.
Proceeds from Mainstream Wine Divestiture	Expected to generate ~$900 million in proceeds in FY26	Relates to the 2025 Wine Divestitures Transaction, with proceeds expected in FY26.

Cash returns to the ownership base remain a consistent component of the financial structure, reflecting confidence in ongoing cash generation, particularly from the Beer segment.

• Net sales growth for the Beer division was supported by volume growth of over 3% in Fiscal 2025.
• Modelo Especial maintained its position as the #1 brand in dollar sales in U.S. Circana tracked channels.
• Corona Extra remained a Top 5 beer brand in dollar sales.
• Pacifico achieved over 25 million cases sold in Fiscal 2025.

The quarterly cash dividends to shareholders have been set at a specific level following recent board action. You should note the exact declaration amount.

• Quarterly Cash Dividend declared: $1.02 per share of Class A Common Stock.
• The dividend declared on September 30, 2025, was payable on November 13, 2025.

The Free Cash Flow generation, while the prompt suggests nearly $2 billion, is best contextualized by the reported Operating Cash Flow and the total capital returned to shareholders for the fiscal year.

The divestiture of mainstream wine brands is a key strategic move impacting future revenue composition, though the cash proceeds are slated for the subsequent fiscal year.

• The SVEKDA Divestiture was completed in Fiscal 2025.
• The 2025 Wine Divestitures Transaction was primarily centered around the sale of remaining mainstream wine brands and related facilities.

If onboarding takes 14+ days, churn risk rises, but for Constellation Brands, Inc. (STZ), the focus is on maintaining the high-end beer momentum to offset the headwinds in the legacy wine and spirits portfolio.