STZ · 10-Q · 2026Q3 · Full report

Trade Policy and Tariffs

CONSTELLATION BRANDS, INC. · 2026-10-07 · Importance 32 · Surprise 24

U.S. tariffs on certain imports, including aluminum and derivatives, and retaliatory measures by other countries—including Canadian federal and provincial tariffs and boycotts on certain U.S. products—negatively affected Fiscal 2026 results and are expected to remain a headwind in Fiscal 2027. In April 2026, the U.S. removed beer made from malt, including the company’s beer products, from Section 232 aluminum and derivative tariffs that had applied at varying rates since February 2025. Lower tariffs reduced Beer cost of product sold by $24.1 million in Second Quarter 2027 and $8.2 million in Six Months 2027 versus the prior-year periods; U.S. tariff-claims recoveries also benefited Wine and Spirits.

Key facts

• In April 2026, the U.S. government removed beer made from malt, including Constellation Brands' beer products, from Section 232 aluminum and aluminum-derivative tariffs that had applied at various rates since February 2025. source
• U.S. tariffs on certain imports, including aluminum and aluminum derivatives, and tariffs and other actions by other countries on U.S. goods negatively affected Constellation Brands' Fiscal 2026 results and are expected to continue negatively affecting Fiscal 2027. source