Risk Sleuth
STZ · 10-K filed 22 Apr 2026 · year to 28 Feb 2026

Constellation Brands

33 named things its latest annual report says its results depend on, each in the company's own words. 17 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Beer wholesaler (unnamed, largest customer)

earns from · approximately one-quarter of our consolidated net salesnamed as a risk
We have an exclusive arrangement with one wholesaler that generates a large portion of our branded U.S. wine and spirits net sales, and we have one wholesaler for our beer portfolio which, through multiple entities, represents approximately one-quarter of our consolidated net sales.Risk factors (Item 1A)

Wine and spirits wholesaler (unnamed, exclusive)

earns from · a large portion of our branded U.S. wine and spirits net salesnamed as a risk
We have an exclusive arrangement with one wholesaler that generates a large portion of our branded U.S. wine and spirits net sales, and we have one wholesaler for our beer portfolio which, through multiple entities, represents approximately one-quarter of our consolidated net sales.Risk factors (Item 1A)

Hispanic consumers

earns fromnamed as a risk
•changes in immigration laws, regulations, policies, and enforcement impacting consumers, particularly Hispanic consumers;Risk factors (Item 1A)

Suppliers

U.S. glass container supplier (unnamed)

depends onnamed as a risk
In the U.S., glass bottles have only a small number of producers, and one producer supplies a majority of our glass container requirements for our U.S. wine and spirits operations.Risk factors (Item 1A)

Aluminum can suppliers (unnamed)

depends onnamed as a risk
Meanwhile, we have two aluminum can suppliers that provide all of our total annual requirements for our beer brands, with one of those suppliers providing a majority of our aluminum can requirements.Risk factors (Item 1A)

Partners and platforms

Owens-Illinois Glass Plant joint venture

depends on · approximately 60% of the total annual glass bottle supply for our beer brandsnamed as a risk
The Glass Plant supplies approximately 60% of the total annual glass bottle supply for our beer brands.Business (Item 1)

Other companies

Canopy Growth

named as a risk
We have recognized significant impairment losses and/or write-offs in connection with acquired and divested businesses and investments, such as our recent Wine and Spirits and Canopy-related impairments, and we may do so again in the future.Risk factors (Item 1A)

Competitors

Anheuser-Busch InBev

competes with
Beer Anheuser-Busch InBev, The Boston Beer Company, Heineken, Mark Anthony, Molson CoorsBusiness (Item 1)

Also named by CCK, TAP

Places

Veracruz Brewery

operates in · approximately $800 millionnamed as a risk
Modular capacity addition activities continue at our breweries, with initial production at the Veracruz Brewery expected to commence around the middle of Fiscal 2027.Risk factors (Item 1A)

United States

concentrated innamed as a risk
Our business depends upon consumers’ consumption of our products, and sales of our beer brands in the U.S. represent the vast majority of our business.Risk factors (Item 1A)

Also named by ABBV, ADP, AJG, AMGN, APA, AXGN, AXP, BALL and 139 more

Mexico

operates innamed as a risk
We currently operate two breweries located in Nava and Obregón, with a third brewery under construction in Veracruz.Business (Item 1)

Also named by AAP, AME, AMRC, ANET, AOS, ARES, AYI, AZO and 83 more

California

operates innamed as a risk
California has endured and may continue to experience prolonged drought conditions which have resulted in the imposition of certain restrictions on water usage that could recur.Risk factors (Item 1A)

Also named by A, AAON, AFRM, ALK, ALLY, AN, ARE, AVAV and 88 more

New Zealand

operates innamed as a risk
Various diseases, pests, fungi, viruses, drought, frosts, wildfires, and certain other weather conditions or the effects of climate conditions, such as smoke taint sustained during the 2020 U.S. West Coast wildfires or the late frost experienced in New Zealand in calendar 2021, could affect the quality and quantity of barley, hops, grapes, and other agricultural raw materials available and decrease the supply and quality of our products.Risk factors (Item 1A)

Also named by AJG, ARWR, RYN

U.S.-Mexico border

depends onnamed as a risk
A prolonged closure or restriction of the border between the U.S. and Mexico, particularly at key product and supply crossing points, could result in temporary or longer-term disruptions of sales, consumption, and trade patterns, supply chains, production processes, and/or operations.Risk factors (Item 1A)

Hazards

Earthquakes (seismic activity)

operates innamed as a risk
Several of our vineyards and production and distribution facilities, including certain California and Oregon wineries, are in areas prone to seismic activity.Risk factors (Item 1A)

Also named by AAPL, AMKR, AN, ANET, APP, BRO, CDNS, CEG and 37 more

Wildfires

operates innamed as a risk
Additionally, we have various vineyards and wineries in California and Oregon which have experienced wildfires, landslides, and/or severe winter storms.Risk factors (Item 1A)

Also named by AAON, AMRC, AZO, BRK/B, CCI, CDNS, CINF, CNP and 17 more

Drought

operates innamed as a risk
A substantial reduction in water supplies could result in material losses of crops, such as corn, barley, hops, or grapes as well as grape vines which could lead to a shortage of our product supply.Risk factors (Item 1A)

Also named by AESI, AM, AWK, BF/B, BMI, CEG, EOG, ES and 8 more

Commodities and inputs

Aluminum

exposed to its pricenamed as a risk
As of February 28, 2026, exposures to commodity price risk which we are currently hedging include aluminum, corn, diesel fuel, and natural gas prices.Market risk (Item 7A)

Also named by AAON, ACHR, ALSN, AYI, BA, BALL, BF/B, BWA and 59 more

Natural gas

exposed to its pricenamed as a risk
We may be impacted by increases in global energy prices or reduced supply, particularly for crude oil and natural gas, including as a result of geopolitical events and tensions, wars, and military conflicts,Risk factors (Item 1A)

Also named by AA, ADM, AEE, AEP, AES, AESI, AGX, ALB and 132 more

Diesel fuel

exposed to its pricenamed as a risk
As of February 28, 2026, exposures to commodity price risk which we are currently hedging include aluminum, corn, diesel fuel, and natural gas prices.Market risk (Item 7A)

Also named by ADM, BLDR, BTU, CAH, CHD, CHRW, COST, CP and 43 more

Mexican peso

exposed to its pricenamed as a risk
As of February 28, 2026, we had exposures to foreign currency risk primarily related to the Mexican peso, New Zealand dollar, Canadian dollar, and euro.Market risk (Item 7A)

Also named by AYI, AZO, BAX, CCK, CDRE, CP, DCH, EZPW and 14 more

Corn

exposed to its pricenamed as a risk
As of February 28, 2026, exposures to commodity price risk which we are currently hedging include aluminum, corn, diesel fuel, and natural gas prices.Market risk (Item 7A)

Also named by ADM, BF/B, CAG, CALM, CL, DE, FLO, FPI and 10 more

Glass bottles

exposed to its pricenamed as a risk
For our beer brands, packaging materials are the largest cost component of production, with glass bottles representing the largest cost component of our packaging materials.Business (Item 1)

Also named by BALL, BF/B

Grapes

exposed to its price
We enter into purchase agreements with a majority of these growers with pricing that generally varies year-to-year and is largely based on then-current market prices.Business (Item 1)

Regulators

Canadian provinces

subject tonamed as a risk
•retaliatory or other tariffs and actions imposed on certain U.S. goods, including restrictions on beverage alcohol sales from U.S. producers imposed by some Canadian provinces; andRisk factors (Item 1A)

State alcohol beverage control agencies

earns from
In addition, in states where the government acts as the distributor, we distribute our products through state alcohol beverage control agencies, which set the retail prices of our products.Business (Item 1)

Laws and programs

U.S.-Mexico-Canada Agreement (USMCA)

subject tonamed as a risk
•significant additional changes in U.S. trade policy and actions which include threatened, new, and increased tariffs imposed by the U.S. government on other countries, such as tariffs on aluminum and aluminum derivative product imports and other product imports from certain countries, including Mexico, Italy and the rest of the European Union, and New Zealand, and the ongoing review of the U.S.-Mexico-Canada Agreement;Risk factors (Item 1A)

Also named by GM, GNRC, LII, R

U.S. aluminum tariffs

subject tonamed as a risk
•significant additional changes in U.S. trade policy and actions which include threatened, new, and increased tariffs imposed by the U.S. government on other countries, such as tariffs on aluminum and aluminum derivative product imports and other product imports from certain countries, including Mexico, Italy and the rest of the European Union, and New Zealand, and the ongoing review of the U.S.-Mexico-Canada Agreement;Risk factors (Item 1A)

Also named by CELH

U.S. tariffs on imports from Mexico, Italy, and New Zealand

subject tonamed as a risk
Significant new or increased tariffs, import and excise duties, or other taxes on or impacting beverage alcohol products, including raw and packaging materials, particularly on imports from Mexico, Italy, and New Zealand, and any additional retaliatory tariffs and actions imposed by those governments on product imports from the U.S., could have a material adverse effect on our business, liquidity, financial condition, and/or results of operations.Risk factors (Item 1A)

Mexico water rights law reform

subject tonamed as a risk
Mexico recently reformed certain laws related to water rights, which altered the country’s regulatory framework governing water resources.Risk factors (Item 1A)

OB3 Act

subject tonamed as a risk
We are monitoring impacts of the OB3 Act that are expected to negatively impact our effective tax rate for Fiscal 2027 as well as developments around Pillar Two because such changes, when enacted by various jurisdictions in which we do business, may significantly increase our taxes in these jurisdictions.Risk factors (Item 1A)

Beer trademark sub-license

depends on
Within the Beer segment, we have an exclusive sub-license to use trademarks related to our beer brands in the U.S.Business (Item 1)

Technology

GLP-1 drugs

named as a risk
•reduced consumption of beverage alcohol products, including as a result of consumers participating in fewer social occasions, stricter laws, such as those relating to consumption or driving while under the influence of alcohol, or consumer dietary preference changes, weight loss regimens and pharmaceuticals, including GLP-1 drugs, or consumers substituting legalized cannabis or hemp-derived or other similar products in lieu of beverage alcohol;Risk factors (Item 1A)

Also named by BF/B, DXCM