Constellation Brands produces and markets beer, wine, and spirits in the U.S., with beer representing roughly 91% of net sales. The beer business is built entirely on a portfolio of Mexican import brands sold exclusively in the U.S. — Modelo Especial, the Corona family, Pacifico, and Victoria. Modelo Especial is the #1 selling beer in the U.S. by dollar sales. Constellation holds a perpetual, exclusive right to import, market, and sell these brands across all 50 U.S. states. Beer is brewed at Constellation-owned breweries in Nava and Obregón, Mexico, with a third brewery under construction in Veracruz, then sold to wholesale distributors who supply retailers and on-premise accounts. Constellation targets 1–2% annual price increases and its brands command a premium over domestic beers. Beer operating margins are in the high-30s percent range, driven by volume, pricing, and fixed cost absorption across the brewery base. Capital spending has been concentrated on modular brewery capacity expansion in Mexico. The wine and spirits segment (~9% of net sales) has been deliberately shrunk via the divestiture of mainstream wine brands, and now centers on higher-end labels like Kim Crawford, Ruffino, The Prisoner Wine Company, Robert Mondavi Winery, and spirits brands like High West whiskey and Mi CAMPO tequila. Wine and spirits are sold through wholesale distributors, with a growing direct-to-consumer channel through winery tasting rooms. Beer growth is driven by distribution expansion, brand extensions, and heavy marketing investment concentrated in live sports.