Constellation Brands generates revenue through two reportable business segments that operate at fundamentally different margin profiles and growth trajectories. The Beer Business is the dominant revenue and profit engine, producing $8.54 billion in FY2025 net sales, up 5% from $8.16 billion in FY2024, with segment operating income of $3.39 billion and a 39.7% operating margin—up 180 basis points from 37.9% in the prior year. This margin expansion reflects pricing power on high-end Mexican imports, supply chain efficiencies that delivered approximately $220 million in enterprise-wide cost savings, and the operating leverage of a vertically integrated production network. The beer business sells Corona Extra, Corona Light, Modelo Especial, Modelo Negra, Pacifico, and Victoria in the United States, with Modelo Especial having become the #1 beer by dollar sales in U.S. tracked channels. FY2025 beer shipments reached 431.8 million case equivalents (24-pack, 12-ounce basis), up 3.3% from 418.1 million in FY2024, while depletions grew 2.9%. Modelo Especial depletions grew approximately 5%, Pacifico surged nearly 20%, and Modelo Chelada brands grew over 2%, while Corona Extra declined nearly 3%. The company operates three breweries in Mexico—the Nava facility in Coahuila (the world's largest brewery), the Obregon facility in Sonora (acquired for $600 million in 2016), and the Veracruz facility under development—with total capacity of approximately 47 million hectoliters and plans to reach 55 million hectoliters by FY2028. Capital expenditures for beer operations totaled $1.21 billion in FY2025 and are guided at $1.2 billion for FY2026, with approximately $3 billion planned for FY2025-FY2028. The Wine and Spirits Business generated $1.67 billion in FY2025 net sales, down 7% from $1.80 billion in FY2024, with segment operating income of $325 million and a 19.5% operating margin—down 270 basis points from 22.2%. This decline reflects broader marketplace deceleration, U.S. wholesale underperformance, and portfolio reshaping. The wine portfolio includes Robert Mondavi, Kim Crawford, The Prisoner Wine Company, Meiomi, and Ruffino, while spirits brands include Casa Noble Tequila, High West Whiskey, and Mi CAMPO Tequila. The company has announced plans to divest remaining mainstream wine brands (those priced below $15), retaining only premium and luxury offerings. The FY2025 wine and spirits results include the impact of the SVEDKA Vodka divestiture completed January 6, 2025, and the 2025 Wine Divestitures Transaction. Corporate Operations and Other recorded an operating loss of $245 million in FY2025, down slightly from $248 million in FY2024. The company's cost structure reflects significant fixed costs: FY2025 cost of product sold was $4.89 billion, selling, general, and administrative expenses were $1.95 billion, and depreciation and amortization totaled $447 million. Interest expense was $411 million, down from $436 million in FY2024. The company's capital allocation prioritizes beer capacity expansion, with $1.21 billion in FY2025 capital expenditures primarily directed to Mexico brewery projects. Shareholder returns totaled $1.83 billion in FY2025: $1.12 billion in share repurchases and $732 million in dividends. The company maintains a quarterly dividend of $1.01 per Class A share ($4.04 annualized), yielding approximately 2.92% at the current share price.